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SummaryBlack 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.ScopeThe 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 buyThe 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 ContentsTable of Contents 2List of Tables 4List of Figures 5Company Snapshot 7Key Information 7Company Overview 7Black Hills Corporation, Valuation and Financial Data 8Black Hills Corporation, Share Price Performance 8Share Price Performance, Q4, 2015-Q4, 2016 8Black Hills Corporation, Key Valuation Metrics 9Key Valuation Metrics, Q4, 2015-Q4, 2016 9Black Hills Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 10Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11Black Hills Corporation, Quarterly E&P Costs Trends 12Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12Black Hills Corporation, Quarterly Production Trends 13Black Hills Corporation, Total Oil and Gas Production 13Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 14Black Hills Corporation, Crude Oil Production 15Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 15Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 16Black Hills Corporation, Natural Gas Production 17Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 17Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 18Black Hills Corporation, Valuation and Financial Data, 2012-2016 19Black Hills Corporation, Share Price Performance, 2012-2016 19Share Price Performance, 2012-2016 19Key Valuation Metrics, 2012-2016 20Black Hills Corporation, Production and Reserves Trends 21Total Oil and Gas, Reserves and Production 21Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 21Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 23Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 25Crude Oil/Liquids Production and Reserve 26Crude Oil/Liquids Production and Reserve Trend, 2012-2016 26Crude Oil Production and Reserves By Country/Region, 2012-2016 27Crude Oil/Liquids Reserve Changes, 2012-2016 28Natural Gas Production and Reserve 29Natural Gas Production and Reserve Trend, 2012-2016 29Natural Gas Production and Reserves, By Country/Region, 2012-2016 31Natural Gas Reserve Changes, 2012-2016 33Total Crude Oil and Natural Gas Reserves Life Index 34Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 34Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 35Black Hills Corporation, E&P Costs Trends 37Allocation of the Upstream Capital Expenditure 37Upstream Capital Expenditure, 2012-2016 37Acquisition Costs By Country/Region, 2012-2016 39Exploration and Development Costs, By Country/Region, 2012-2016 40Oil and Gas Cost Per boe, US$/boe 42Oil and Gas Cost Per boe, US$/boe, 2012-2016 42Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 44Black Hills Corporation, Reserve Replacement Ratio 46Oil and Gas Production Replacement Ratio 46Oil and Gas Production Replacement Ratio, 2012-2016 46Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 49Black Hills Corporation, Results of Oil & Gas Operations Trend 53Oil and Gas Revenue and Expenses 53Oil and Gas Revenue and Expenses, 2012-2016 53Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 55Oil and Gas Revenue and Expenses, Per boe 60Oil and Gas Revenue and Expenses, By boe, 2012-2016 60Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 61Oil and Gas Performance Metrics 65Black Hills Corporation, Land Holdings and Well Data 66Developed and Undeveloped Acreage 66Gross and Net Developed and Undeveloped Acreage, 2012-2016 66Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 67Well Statistics 70Producible Oil and Gas Well, 2012-2016 70Producible Oil and Gas Well, By Country/Region, 2012-2016 71Exploration and Development Wells Drilled, 2012-2016 76Recent Developments 78Black Hills Corporation - Recent Developments 78Jan 30, 2017: Black Hills announces retirement of senior vice president and chief human resources officer 78Jan 09, 2017: Black Hills Energy Files Application for Rehearing, Reargument or Reconsideration of Rate Review Decision 78Dec 15, 2016: Black Hills Names Robert P. Otto To Board Of Directors 80Dec 14, 2016: Black Hills Corp. Names Robert P. Otto to Board of Directors 80Nov 14, 2016: Microsoft announces largest wind energy purchase to date 81Nov 02, 2016: Black Hills Corp. Reports Third Quarter 2016 Results and Updates Earnings Guidance 82Aug 03, 2016: Black Hills Corp. Reports Second Quarter 2016 Results 85Jul 06, 2016: Iowa Utilities Board Approves Customer Notice; Schedules Meetings And New Intervention Date For Black Hills Energy Farm Tap Gas Customers 87May 03, 2016: Black Hills Corp. Reports First Quarter 2016 Results 88Apr 25, 2016: Black Hills Announces Executive Leadership Changes And Officer Appointments 90Appendix 92Methodology 92Coverage 92Secondary Research 92Primary Research 93Data Information Sources 93Company Source 93SEC/Other Regulatory Filings 93Other Sources 93Expert Panel Validation 93Data Definition 94Oil and Gas Reserves 94Units of Measure 94About GlobalData 95Disclosure 95Disclaimer 95List of TablesTable 1: Black Hills Corporation, Key Facts 7Table 2: Black Hills Corporation, Share Price Performance, Q4, 2015-Q4, 2016 8Table 3: Black Hills Corporation, Key Valuation Metrics, Q4, 2015-Q4, 2016 9Table 4: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10Table 5: Black Hills Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11Table 6: Black Hills Corporation, Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12Table 7: Black Hills Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 13Table 8: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14Table 9: Black Hills Corporation, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15Table 10: Black Hills Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16Table 11: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17Table 12: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18Table 13: Black Hills Corporation, Share Price Performance, 2012-2016 19Table 14: Black Hills Corporation, Key Valuation Metrics, 2012-2016 20Table 15: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22Table 16: Black Hills Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 24Table 17: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 25Table 18: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26Table 19: Black Hills Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 27Table 20: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2012-2016 28Table 21: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 30Table 22: Black Hills Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 32Table 23: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2012-2016 33Table 24: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2012-2016 34Table 25: Black Hills Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 36Table 26: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2012-2016 38Table 27: Black Hills Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39Table 28: Black Hills Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 41Table 29: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 43Table 30: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 45Table 31: Black Hills Corporation, Oil and Gas Production Replacement Ratio, %, 2012-2016 47Table 32: Black Hills Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 52Table 33: Black Hills Corporation, Revenue and Expenses, US$ mil, 2012-2016 54Table 34: Black Hills Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 59Table 35: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 60Table 36: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 64Table 37: Black Hills Corporation, Oil and Gas Performance Metrics, 2012-2016 65Table 38: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 66Table 39: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 69Table 40: Black Hills Corporation, Producible Oil and Gas Wells, 2012-2016 70Table 41: Black Hills Corporation, Producible Oil and Gas Wells, By Country/Region, 2012-2016 75Table 42: Black Hills Corporation, Exploratory and Developed Wells, 2012-2016 77List of FiguresFigure 1: Black Hills Corporation, Share Price Performance, USD/Share, Q4, 2015-Q4, 2016 8Figure 2: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9Figure 3: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10Figure 4: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12Figure 5: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17Figure 6: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18Figure 7: Black Hills Corporation, Share Price Performance, USD/Share, 2012-2016 19Figure 8: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 20Figure 9: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 21Figure 10: Black Hills Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 23Figure 11: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 24Figure 12: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 25Figure 13: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26Figure 14: Black Hills Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 27Figure 15: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2016 28Figure 16: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 29Figure 17: Black Hills Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 31Figure 18: Black Hills Corporation, Gas Production, By Country/Region, bcf, 2012-2016 32Figure 19: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2016 33Figure 20: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2012-2016 34Figure 21: Black Hills Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2012-2016 35Figure 22: Black Hills Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2012-2016 35Figure 23: Black Hills Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2012-2016 36Figure 24: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2012-2016 37Figure 25: Black Hills Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39Figure 26: Black Hills Corporation, Development Costs, By Country/Region, US$ mil, 2012-2016 40Figure 27: Black Hills Corporation, Exploration Costs, By Country/Region, US$ mil, 2012-2016 41Figure 28: Black Hills Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 42Figure 29: Black Hills Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 44Figure 30: Black Hills Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 44Figure 31: Black Hills Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 45Figure 32: Black Hills Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 46Figure 33: Black Hills Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 49Figure 34: Black Hills Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 49Figure 35: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 50Figure 36: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 50Figure 37: Black Hills Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 51Figure 38: Black Hills Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 51Figure 39: Black Hills Corporation, Revenue and Expenses, US$ mil, 2012-2016 53Figure 40: Black Hills Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55Figure 41: Black Hills Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55Figure 42: Black Hills Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 56Figure 43: Black Hills Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 56Figure 44: Black Hills Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 57Figure 45: Black Hills Corporation, Production Costs, By Country/Region, US$ mil, 2012-2016 57Figure 46: Black Hills Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 58Figure 47: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 60Figure 48: Black Hills Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2012-2016 61Figure 49: Black Hills Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 61Figure 50: Black Hills Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2012-2016 62Figure 51: Black Hills Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 62Figure 52: Black Hills Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 63Figure 53: Black Hills Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 63Figure 54: Black Hills Corporation, Oil and Gas Performance Metrics, 2012-2016 65Figure 55: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 66Figure 56: Black Hills Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 67Figure 57: Black Hills Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 67Figure 58: Black Hills Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 68Figure 59: Black Hills Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 68Figure 60: Black Hills Corporation, Producible Oil and Gas Wells, 2012-2016 70Figure 61: Black Hills Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 71Figure 62: Black Hills Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 71Figure 63: Black Hills Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 72Figure 64: Black Hills Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 72Figure 65: Black Hills Corporation, Net Productive Gas Wells, By Country/Region, Number, 2012-2016 73Figure 66: Black Hills Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 73Figure 67: Black Hills Corporation, Net Productive Oil Wells, By Country/Region, Number, 2012-2016 74Figure 68: Black Hills Corporation, Exploratory and Developed Wells, 2012-2016 76