Black Hills Corporation Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2015

 Published On: May, 2016 |    No of Pages: 96 |  Published By: GlobalData | Format: PDF
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Summary

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 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Black Hills Corporation, Valuation and Financial Data 9
Black Hills Corporation, Share Price Performance 9
Share Price Performance, Q4, 2014-Q4, 2015 9
Black Hills Corporation, Key Valuation Metrics 10
Key Valuation Metrics, Q4, 2014-Q4, 2015 10
Black Hills Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12
Black Hills Corporation, Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13
Black Hills Corporation, Quarterly Production Trends 14
Black Hills Corporation, Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15
Black Hills Corporation, Crude Oil Production 16
Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16
Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17
Black Hills Corporation, Natural Gas Production 18
Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18
Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19
Black Hills Corporation, Valuation and Financial Data, 2011-2015 20
Black Hills Corporation, Share Price Performance, 2011-2015 20
Share Price Performance, 2011-2015 20
Key Valuation Metrics, 2011-2015 21
Black Hills Corporation, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27
Crude Oil Production and Reserves By Country/Region, 2011-2015 28
Crude Oil/Liquids Reserve Changes, 2011-2015 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2011-2015 31
Natural Gas Production and Reserves, By Country/Region, 2011-2015 32
Natural Gas Reserve Changes, 2011-2015 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36
Black Hills Corporation, E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2011-2015 38
Acquisition Costs By Country/Region, 2011-2015 39
Exploration and Development Costs, By Country/Region, 2011-2015 41
Oil and Gas Cost Per boe, US$/boe 43
Oil and Gas Cost Per boe, US$/boe, 2011-2015 43
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45
Black Hills Corporation, Reserve Replacement Ratio 47
Oil and Gas Production Replacement Ratio 47
Oil and Gas Production Replacement Ratio, 2011-2015 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49
Black Hills Corporation, Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2011-2015 53
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54
Oil and Gas Revenue and Expenses, Per boe 59
Oil and Gas Revenue and Expenses, By boe, 2011-2015 59
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60
Oil and Gas Performance Metrics 64
Black Hills Corporation, Land Holdings and Well Data 65
Developed and Undeveloped Acreage 65
Gross and Net Developed and Undeveloped Acreage, 2011-2015 65
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66
Well Statistics 69
Producible Oil and Gas Well, 2011-2015 69
Producible Oil and Gas Well, By Country/Region, 2011-2015 70
Exploration and Development Wells Drilled, 2011-2015 74
Exploration and Development Wells Drilled, By Country/Region, 2011-2015 76
Recent Developments 77
Black Hills Corporation - Recent Developments 77
Apr 25, 2016: Black Hills Announces Executive Leadership Changes And Officer Appointments 77
Feb 02, 2016: Black Hills Reports 2015 Fourth Quarter And Full Year Results 78
Dec 14, 2015: Black Hills Names Linn Evans President And COO To Advance Growth Strategies 85
Dec 14, 2015: Black Hills Corp. Names Linn Evans President and COO to Advance Growth Strategies 86
Nov 03, 2015: Black Hills Reports Third Quarter 2015 Results And Provides 2016 Earnings Guidance 86
Sep 30, 2015: Black Hills Seeks Cost Of Service Gas Program In Five States 91
Sep 18, 2015: Cheyenne Prairie Generating Station Achieves Safety Record 92
Aug 31, 2015: Stellar Energy to Supply Turbine Inlet Air Conditioning System for Colorado’s Pueblo Airport Generating Station 92
Aug 11, 2015: Black Hills Names Mark A. Schober To Board Of Directors 93
May 15, 2015: Black Hills Corp.'s Neil Simpson Complex Achieves Significant Safety Milestone 93
Appendix 94
Methodology 94
Coverage 94
Secondary Research 94
Primary Research 94
Data Information Sources 95
Company Source 95
SEC/Other Regulatory Filings 95
Other Sources 95
Expert Panel Validation 95
Data Definition 95
Oil and Gas Reserves 95
Units of Measure 96
About GlobalData 96
Disclosure 96
Disclaimer 96

List of Tables
Table 1: Black Hills Corporation, Key Facts 8
Table 2: Black Hills Corporation, Share Price Performance, Q4, 2014-Q4, 2015 9
Table 3: Black Hills Corporation, Key Valuation Metrics, Q4, 2014-Q4, 2015 10
Table 4: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11
Table 5: Black Hills Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12
Table 6: Black Hills Corporation, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13
Table 7: Black Hills Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14
Table 8: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15
Table 9: Black Hills Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16
Table 10: Black Hills Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17
Table 11: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18
Table 12: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19
Table 13: Black Hills Corporation, Share Price Performance, 2011-2015 20
Table 14: Black Hills Corporation, Key Valuation Metrics, 2011-2015 21
Table 15: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23
Table 16: Black Hills Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25
Table 17: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26
Table 18: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Table 19: Black Hills Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29
Table 20: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 30
Table 21: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Table 22: Black Hills Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33
Table 23: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 34
Table 24: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35
Table 25: Black Hills Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37
Table 26: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38
Table 27: Black Hills Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40
Table 28: Black Hills Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42
Table 29: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44
Table 30: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46
Table 31: Black Hills Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 47
Table 32: Black Hills Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52
Table 33: Black Hills Corporation, Revenue and Expenses, US$ mil, 2011-2015 53
Table 34: Black Hills Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58
Table 35: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59
Table 36: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63
Table 37: Black Hills Corporation, Oil and Gas Performance Metrics, 2011-2015 64
Table 38: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65
Table 39: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68
Table 40: Black Hills Corporation, Producible Oil and Gas Wells, 2011-2015 69
Table 41: Black Hills Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 73
Table 42: Black Hills Corporation, Exploratory and Developed Wells, 2011-2015 75
Table 43: Black Hills Corporation, Exploratory and Developed Wells, By Country/Region, 2011-2015 76

List of Figures
Figure 1: Black Hills Corporation, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9
Figure 2: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10
Figure 3: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11
Figure 4: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13
Figure 5: Black Hills Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14
Figure 6: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15
Figure 7: Black Hills Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16
Figure 8: Black Hills Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17
Figure 9: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18
Figure 10: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19
Figure 11: Black Hills Corporation, Share Price Performance, USD/Share, 2011-2015 20
Figure 12: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21
Figure 13: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22
Figure 14: Black Hills Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24
Figure 15: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24
Figure 16: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26
Figure 17: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Figure 18: Black Hills Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28
Figure 19: Black Hills Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 28
Figure 20: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2015 30
Figure 21: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Figure 22: Black Hills Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32
Figure 23: Black Hills Corporation, Gas Production, By Country/Region, bcf, 2011-2015 32
Figure 24: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2015 34
Figure 25: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35
Figure 26: Black Hills Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36
Figure 27: Black Hills Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36
Figure 28: Black Hills Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2011-2015 37
Figure 29: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38
Figure 30: Black Hills Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 31: Black Hills Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 32: Black Hills Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 41
Figure 33: Black Hills Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 41
Figure 34: Black Hills Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43
Figure 35: Black Hills Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45
Figure 36: Black Hills Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45
Figure 37: Black Hills Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46
Figure 38: Black Hills Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47
Figure 39: Black Hills Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49
Figure 40: Black Hills Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49
Figure 41: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50
Figure 42: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50
Figure 43: Black Hills Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51
Figure 44: Black Hills Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51
Figure 45: Black Hills Corporation, Revenue and Expenses, US$ mil, 2011-2015 53
Figure 46: Black Hills Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 47: Black Hills Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 48: Black Hills Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55
Figure 49: Black Hills Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55
Figure 50: Black Hills Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56
Figure 51: Black Hills Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 56
Figure 52: Black Hills Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57
Figure 53: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59
Figure 54: Black Hills Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 55: Black Hills Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 56: Black Hills Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 57: Black Hills Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 58: Black Hills Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62
Figure 59: Black Hills Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62
Figure 60: Black Hills Corporation, Oil and Gas Performance Metrics, 2011-2015 64
Figure 61: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65
Figure 62: Black Hills Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66
Figure 63: Black Hills Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66
Figure 64: Black Hills Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67
Figure 65: Black Hills Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67
Figure 66: Black Hills Corporation, Producible Oil and Gas Wells, 2011-2015 69
Figure 67: Black Hills Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70
Figure 68: Black Hills Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70
Figure 69: Black Hills Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71
Figure 70: Black Hills Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71
Figure 71: Black Hills Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72
Figure 72: Black Hills Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72
Figure 73: Black Hills Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73
Figure 74: Black Hills Corporation, Exploratory and Developed Wells, 2011-2015 74


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