BLACK HILLS CORP /SD/

Overview

Black Hills Corporation is a U.S.-based energy utility whose core businesses are electric and natural gas utilities. Its services include electric generation, transmission and distribution, and natural-gas service and transportation.[1][2] The company serves customers across eight states: Colorado, Montana, South Dakota and Wyoming through its electric utilities, and Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming through its gas utilities.[3][4]

The company describes its mission as “Improving Life with Energy.” [5] For 2025, its reported consolidated revenue was approximately $2.3 billion, and it had about 2,795 employees at year-end.[6][7] [1]+6

Products & services

Black Hills’ utility products are electric service and natural gas service. Its owned electric generation fleet totals 1,386.4 MW of nameplate capacity and includes wind, natural-gas, coal, and diesel facilities; named assets include Busch Ranch I and II, Peak View, Pueblo Airport Generation, Cheyenne Prairie, Neil Simpson CT, Wygen I–III, Neil Simpson II, and Wyodak. Busch Ranch I is rated at 29 MW and Busch Ranch II at 59.4 MW; Busch Ranch II supplies wind energy to Colorado Electric under a power purchase agreement through November 2044.[8][9]

Natural-gas delivery is supported by 4,581 miles of intrastate transmission pipeline, 30,861 miles of distribution mains, and 13,979 miles of service lines at year-end 2025. In Wyoming and Nebraska, eligible customers may choose their natural-gas commodity supplier through the Choice Gas Program while the utility continues to provide distribution delivery.[10][8] Other offerings include Tech Services, which performs electrical-system construction for large industrial customers and construction or maintenance of customer-owned gas infrastructure, and the monthly Service Guard Comfort Plan for residential appliance repair.[11]+2 The reviewed disclosures provide operational measures but do not state product-level revenue or performance percentages.[8][12] [8]+5

Geographic presence

Black Hills Corporation’s operations serve customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Its regulated gas utilities operate in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; its electric utilities operate in Colorado, South Dakota, and Wyoming.[14]+2

The company’s electric generation assets are located in Colorado (Pueblo and Rocky Ford), Wyoming (Cheyenne and Gillette), and South Dakota (Rapid City). Its gas pipeline and distribution infrastructure spans Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming.[17][18] The company is headquartered in Rapid City, South Dakota.[1]

The 2025 filing reports 702 employees in collective-bargaining units across listed utility subsidiaries—257 in electric utilities and 445 in gas utilities—but does not provide a complete workforce distribution by location.[19] Revenue is reported by business segment rather than by state or other geographic region; a geographic revenue breakdown was not identified.[20][21] [14]+9

Business segments

Black Hills reports two segments: **Electric Utilities** and **Gas Utilities**. Electric Utilities includes regulated electric operations in Colorado, South Dakota, and Wyoming, as well as non-regulated power generation and mining businesses. Gas Utilities comprises regulated natural gas utilities in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming.[22][23]

For the six months ended June 30, 2026, Electric Utilities accounted for approximately **37.5%** of external segment revenue ($462.8 million of $1,233.5 million), and Gas Utilities for approximately **62.5%** ($770.7 million). By reportable-segment operating income, their respective contributions were approximately **39.0%** ($120.2 million of $308.2 million) and **61.0%** ($188.0 million).[24]+5 The company also provides a more granular business-unit view; Corporate and Other is presented separately and is not a reportable segment.[25][26] [22]+9

Company history

Black Hills Corporation traces its origins to Deadwood, South Dakota, where the Pilcher Electric Light Company was organized in 1883 by Squire P. Romans, Colonel Pilcher, and Bower. The company itself was incorporated in South Dakota in 1941, the same year its predecessor Black Hills Power & Light began electric service.[27][28] In 2000, a corporate reorganization established Black Hills Corporation as the parent of separately held operating subsidiaries.[29]

The company expanded its utility operations through acquisitions, including Cheyenne Light, Fuel & Power’s electric and gas operations in 2005, Aquila utility businesses in 2008, and SourceGas in 2016.[30]+2 In August 2025, Black Hills and NorthWestern Energy announced an all-stock merger; shareholders approved it in April 2026, while a company update in August 2026 reported that regulatory approval in Montana remained outstanding.[33]+2 [W2][W4][W5][W6][W7][W8][W9][W10][W11][https://www.blackhillsenergy.com/sites/blackhillsenergy.com/files/expanding_the_energy_horizon_oct292019.pdf][https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm][https://ir.blackhillscorp.com/static-files/21f83c93-c0e0-46a8-bee7-e8dacd12b606][https://investors.xcelenergy.com/news-events/news-releases/news-details/2005/Xcel-Energy-Announces-Sale-of-CLFP/default.aspx][https://www.sec.gov/Archives/edgar/data/66960/000114306808000053/f8kilafinal.htm][https://www.sec.gov/Archives/edgar/data/1130464/000113046416000173/exhibit99newsrelease021216.htm][https://ir.blackhillscorp.com/news-releases/news-release-details/black-hills-corp-and-northwestern-energy-combine-all-stock][https://ir.blackhillscorp.com/news-releases/news-release-details/black-hills-corp-and-northwestern-energy-shareholders-approve][https://ir.blackhillscorp.com/news-releases/news-release-details/black-hills-corp-reports-2026-second-quarter-results-and]

Sources

• BLACK HILLS CORP /SD/ — Full financial report (2025 Y)
  12 citations

  [1][2][3][4][8][9][10][11][15][17][18][19]
• ir.blackhillscorp.com[5]
• stockanalysis.com[6]
• www.stocktitan.net[7]
• BLACK HILLS CORP /SD/ — Full financial report (2026 Q 2)
  9 citations

  [12][14][20][21][22][23][24][25][26]
• www.blackhillsenergy.com[13]
• ir.blackhillscorp.com[16]
• www.blackhillsenergy.com[27]
• www.sec.gov[28]
• ir.blackhillscorp.com[29]
• investors.xcelenergy.com[30]
• www.sec.gov[31]
• www.sec.gov[32]
• ir.blackhillscorp.com[33]
• ir.blackhillscorp.com[34]
• ir.blackhillscorp.com[35]