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Black Hills Corp. Reports 20 Percent Increase In 2012 Third Quarter Adjusted Earnings Per Share, Reaffirms 2012 Earnings Guidance And Initiates 2013 Earnings Guidance

2012 EARNINGS GUIDANCE REAFFIRMED

Black Hills reaffirms expected 2012 earnings per share from continuing operations, as adjusted, to be in the range of $1.90 to $2.10, as previously issued on May 3, 2012. Assuming normal weather in the fourth quarter, earnings for the year are expected to be in the upper half of the guidance range.

2013 EARNINGS GUIDANCE INITIATED

Black Hills expects 2013 earnings per share from continuing operations, as adjusted, to be in the range of $2.20 to $2.40 per share based on the following assumptions:

  • Capital spending of $440 million to $470 million, including oil and gas capital expenditures of $90 million to $105 million;
  • Normal operations and weather conditions within our utility service territories that impact customer usage, and planned construction, maintenance and/or capital investment projects;
  • Successful completion of rate cases for electric and gas utilities;
  • No significant unplanned outages at any of our power generation facilities;
  • Oil and natural gas production in the range of 9.3 to 10.3 Bcf equivalent;
  • Oil and natural gas annual average NYMEX prices of $3.62 per MMBtu for natural gas and $91.78 per Bbl for oil; production-weighted average well-head prices of $2.56 per MMBtu and $81.61 per Bbl of oil, and average hedged prices received of $2.69 per MMBtu and $84.92 per Bbl;
  • Oil and natural gas depletion expense in the range of $1.35 to $1.55 per Mcfe;
  • Exclusion of mark-to-market changes on certain interest rate swaps;
  • No equity financing in 2013 except for approximately $3 million from the dividend reinvestment program; and
  • No significant acquisitions or divestitures.

CONFERENCE CALL AND WEBCAST

Black Hills Corp. will host a live conference call and webcast at 11 a.m. EST on Thursday, Nov. 8, 2012, to discuss the company’s financial and operating performance.

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