Black Hills Corporation (NYSE:BKH) Q4 2018 Earnings Conference Call Transcript

Feb 08, 2019 • 11:00 am ET

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Black Hills Corporation (NYSE:BKH) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Black Hills Corporation Fourth Quarter and Full Year 2018 Earnings Conference Call. My name is Daniel, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following the prepared remarks, there will be a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to Mr. Jerome Nichols, Director of Investor Relations of Black Hills Corporation. Please proceed, sir.

Executive
Jerome E. Nichols

Thank you, Daniel. Good morning, everyone. Welcome to Black Hills Corporation's fourth quarter and full year 2018 earnings conference call. Leading our quarterly earnings discussion today are David Emery, Executive Chairman; Linn Evans, President and Chief Executive Officer; and Rich Kinzley, Senior Vice President and Chief Financial Officer.

During our earnings discussion today some of the comments we make may contain forward-looking statements as defined by the Securities and Exchange Commission and there are a number of uncertainties inherent in such comments. Although we believe that our expectations and beliefs are based on reasonable assumptions, actual results may differ materially. We direct you to our earnings release, Slide 2 of the investor presentation on our website and our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission prove us to some of the factors that could cause future results to differ materially from our expectations.

I will now turn the call over to David Emery for a few comments.

Executive
David R. Emery

Thanks, Jerome. Good morning, everyone. We appreciate your attendance on the call today. As most of you are likely aware Linn Evans succeeded me as CEO effective January 1st, and I'm going to continue to serve as Executive Chairman of the Board until May 1st of 2020, which follows the expiration of my current three-year board term. In light of that CEO succession, this will be my last earnings call. And today I plan to just make a few introductory comments, and then I'll turn it over to Linn Evans and Rich Kinzley to review results and answer all your questions.

2018 was a transformational year for Black Hills. We made great progress on a number of key strategic initiatives during the year that positions us extremely well for future success as we focus on the customer and growth as an electric and gas utility. Linn and Rich will provide the details for the year, but I think a few of our achievements deserve special mention. We completed our exited oil and gas business during the year, that's our final business that was not directly related to our utilities.

We developed and disclosed comprehensive long-term capital investment plans for both our electric and natural gas utilities. Those will ensure our ability to serve customers safely, reliably, and affordably and also provide our shareholders with earnings growth that is well above industry average for years to come. We continued our track record now of 49 consecutive annual dividend