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Black Hills Corporation Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2016

 Published On: Jun, 2017 |    No of Pages: 95 |  Published By: GlobalData | Format: PDF
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Summary

Black Hills Corporation (BHC) is a vertically-integrated energy company which offers electricity and natural gas. The company produces, transmits, and distributes electricity; and sells natural gas on retail and wholesale basis. It generates electricity from natural gas, coal, diesel oil, and wind sources. BHC acquires, explores for, develops, and produces crude oil and natural gas assets in the Rocky Mountain region; produces low-sulfur sub-bituminous coal at its coal mine in Wyoming, and sells that coal to electric generation facilities including its own regulated and non-regulated generating plants; and acquires, develops, and operates non-regulated power plants. It serves residential, commercial, industrial, and municipal customers in South Dakota, Arkansas, Nebraska, Colorado, Kansas, Montana, Iowa, and Wyoming. BHC is headquartered in Rapid City, South Dakota, the US.

Black Hills Corporation Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Black Hills Corporation, Valuation and Financial Data 8
Black Hills Corporation, Share Price Performance 8
Share Price Performance, Q4, 2015-Q4, 2016 8
Black Hills Corporation, Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Black Hills Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11
Black Hills Corporation, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Black Hills Corporation, Quarterly Production Trends 13
Black Hills Corporation, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 14
Black Hills Corporation, Crude Oil Production 15
Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 15
Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 16
Black Hills Corporation, Natural Gas Production 17
Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 17
Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 18
Black Hills Corporation, Valuation and Financial Data, 2012-2016 19
Black Hills Corporation, Share Price Performance, 2012-2016 19
Share Price Performance, 2012-2016 19
Key Valuation Metrics, 2012-2016 20
Black Hills Corporation, Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 23
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 26
Crude Oil Production and Reserves By Country/Region, 2012-2016 27
Crude Oil/Liquids Reserve Changes, 2012-2016 28
Natural Gas Production and Reserve 29
Natural Gas Production and Reserve Trend, 2012-2016 29
Natural Gas Production and Reserves, By Country/Region, 2012-2016 31
Natural Gas Reserve Changes, 2012-2016 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 35
Black Hills Corporation, E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2012-2016 37
Acquisition Costs By Country/Region, 2012-2016 39
Exploration and Development Costs, By Country/Region, 2012-2016 40
Oil and Gas Cost Per boe, US$/boe 42
Oil and Gas Cost Per boe, US$/boe, 2012-2016 42
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 44
Black Hills Corporation, Reserve Replacement Ratio 46
Oil and Gas Production Replacement Ratio 46
Oil and Gas Production Replacement Ratio, 2012-2016 46
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 49
Black Hills Corporation, Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2012-2016 53
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 55
Oil and Gas Revenue and Expenses, Per boe 60
Oil and Gas Revenue and Expenses, By boe, 2012-2016 60
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 61
Oil and Gas Performance Metrics 65
Black Hills Corporation, Land Holdings and Well Data 66
Developed and Undeveloped Acreage 66
Gross and Net Developed and Undeveloped Acreage, 2012-2016 66
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 67
Well Statistics 70
Producible Oil and Gas Well, 2012-2016 70
Producible Oil and Gas Well, By Country/Region, 2012-2016 71
Exploration and Development Wells Drilled, 2012-2016 76
Recent Developments 78
Black Hills Corporation - Recent Developments 78
Jan 30, 2017: Black Hills announces retirement of senior vice president and chief human resources officer 78
Jan 09, 2017: Black Hills Energy Files Application for Rehearing, Reargument or Reconsideration of Rate Review Decision 78
Dec 15, 2016: Black Hills Names Robert P. Otto To Board Of Directors 80
Dec 14, 2016: Black Hills Corp. Names Robert P. Otto to Board of Directors 80
Nov 14, 2016: Microsoft announces largest wind energy purchase to date 81
Nov 02, 2016: Black Hills Corp. Reports Third Quarter 2016 Results and Updates Earnings Guidance 82
Aug 03, 2016: Black Hills Corp. Reports Second Quarter 2016 Results 85
Jul 06, 2016: Iowa Utilities Board Approves Customer Notice; Schedules Meetings And New Intervention Date For Black Hills Energy Farm Tap Gas Customers 87
May 03, 2016: Black Hills Corp. Reports First Quarter 2016 Results 88
Apr 25, 2016: Black Hills Announces Executive Leadership Changes And Officer Appointments 90
Appendix 92
Methodology 92
Coverage 92
Secondary Research 92
Primary Research 93
Data Information Sources 93
Company Source 93
SEC/Other Regulatory Filings 93
Other Sources 93
Expert Panel Validation 93
Data Definition 94
Oil and Gas Reserves 94
Units of Measure 94
About GlobalData 95
Disclosure 95
Disclaimer 95

List of Tables
Table 1: Black Hills Corporation, Key Facts 7
Table 2: Black Hills Corporation, Share Price Performance, Q4, 2015-Q4, 2016 8
Table 3: Black Hills Corporation, Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Table 4: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Table 5: Black Hills Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11
Table 6: Black Hills Corporation, Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Table 7: Black Hills Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 13
Table 8: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14
Table 9: Black Hills Corporation, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15
Table 10: Black Hills Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16
Table 11: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17
Table 12: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18
Table 13: Black Hills Corporation, Share Price Performance, 2012-2016 19
Table 14: Black Hills Corporation, Key Valuation Metrics, 2012-2016 20
Table 15: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22
Table 16: Black Hills Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 24
Table 17: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 25
Table 18: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26
Table 19: Black Hills Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 27
Table 20: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2012-2016 28
Table 21: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 30
Table 22: Black Hills Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 32
Table 23: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2012-2016 33
Table 24: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2012-2016 34
Table 25: Black Hills Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 36
Table 26: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2012-2016 38
Table 27: Black Hills Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39
Table 28: Black Hills Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 41
Table 29: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 43
Table 30: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 45
Table 31: Black Hills Corporation, Oil and Gas Production Replacement Ratio, %, 2012-2016 47
Table 32: Black Hills Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 52
Table 33: Black Hills Corporation, Revenue and Expenses, US$ mil, 2012-2016 54
Table 34: Black Hills Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 59
Table 35: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 60
Table 36: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 64
Table 37: Black Hills Corporation, Oil and Gas Performance Metrics, 2012-2016 65
Table 38: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 66
Table 39: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 69
Table 40: Black Hills Corporation, Producible Oil and Gas Wells, 2012-2016 70
Table 41: Black Hills Corporation, Producible Oil and Gas Wells, By Country/Region, 2012-2016 75
Table 42: Black Hills Corporation, Exploratory and Developed Wells, 2012-2016 77

List of Figures
Figure 1: Black Hills Corporation, Share Price Performance, USD/Share, Q4, 2015-Q4, 2016 8
Figure 2: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9
Figure 3: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Figure 4: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12
Figure 5: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17
Figure 6: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18
Figure 7: Black Hills Corporation, Share Price Performance, USD/Share, 2012-2016 19
Figure 8: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 20
Figure 9: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 21
Figure 10: Black Hills Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 23
Figure 11: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 24
Figure 12: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 25
Figure 13: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26
Figure 14: Black Hills Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 27
Figure 15: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2016 28
Figure 16: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 29
Figure 17: Black Hills Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 31
Figure 18: Black Hills Corporation, Gas Production, By Country/Region, bcf, 2012-2016 32
Figure 19: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2016 33
Figure 20: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2012-2016 34
Figure 21: Black Hills Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2012-2016 35
Figure 22: Black Hills Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2012-2016 35
Figure 23: Black Hills Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2012-2016 36
Figure 24: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2012-2016 37
Figure 25: Black Hills Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39
Figure 26: Black Hills Corporation, Development Costs, By Country/Region, US$ mil, 2012-2016 40
Figure 27: Black Hills Corporation, Exploration Costs, By Country/Region, US$ mil, 2012-2016 41
Figure 28: Black Hills Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 42
Figure 29: Black Hills Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 44
Figure 30: Black Hills Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 44
Figure 31: Black Hills Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 45
Figure 32: Black Hills Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 46
Figure 33: Black Hills Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 49
Figure 34: Black Hills Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 49
Figure 35: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 50
Figure 36: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 50
Figure 37: Black Hills Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 51
Figure 38: Black Hills Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 51
Figure 39: Black Hills Corporation, Revenue and Expenses, US$ mil, 2012-2016 53
Figure 40: Black Hills Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55
Figure 41: Black Hills Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55
Figure 42: Black Hills Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 56
Figure 43: Black Hills Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 56
Figure 44: Black Hills Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 57
Figure 45: Black Hills Corporation, Production Costs, By Country/Region, US$ mil, 2012-2016 57
Figure 46: Black Hills Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 58
Figure 47: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 60
Figure 48: Black Hills Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2012-2016 61
Figure 49: Black Hills Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 61
Figure 50: Black Hills Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2012-2016 62
Figure 51: Black Hills Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 62
Figure 52: Black Hills Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 63
Figure 53: Black Hills Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 63
Figure 54: Black Hills Corporation, Oil and Gas Performance Metrics, 2012-2016 65
Figure 55: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 66
Figure 56: Black Hills Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 67
Figure 57: Black Hills Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 67
Figure 58: Black Hills Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 68
Figure 59: Black Hills Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 68
Figure 60: Black Hills Corporation, Producible Oil and Gas Wells, 2012-2016 70
Figure 61: Black Hills Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 71
Figure 62: Black Hills Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 71
Figure 63: Black Hills Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 72
Figure 64: Black Hills Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 72
Figure 65: Black Hills Corporation, Net Productive Gas Wells, By Country/Region, Number, 2012-2016 73
Figure 66: Black Hills Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 73
Figure 67: Black Hills Corporation, Net Productive Oil Wells, By Country/Region, Number, 2012-2016 74
Figure 68: Black Hills Corporation, Exploratory and Developed Wells, 2012-2016 76

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