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Black Hills's Business Segments
Black Hills's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q1 FY2026
Reportable Segments
3
Largest Segment
Gas Utilities
Total Revenue
$ 781
Regions Reported
-
Revenue Share by Reportable Segment - Q1 FY2026
- Gas Utilities69.6%
- Electric Utilities30.9%
- Corporate and Unallocated0%
Revenue by Reportable Segment - Q1 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Gas Utilities | $ 543 | 69.6% |
| Electric Utilities | $ 242 | 30.9% |
| Corporate and Unallocated | $ -4 | - |
Revenue by Product & Service Category - Q1 FY2026
- Alternative revenue and other2.3%
Revenue by Product & Service Category - Q1 FY2026
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Alternative revenue and other | $ 18 | 2.3% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
Description of Black Hills
Black Hills Corporation (BHC) is a diversified energy company based in South Dakota, United States. BHC was founded in 1941 by the Black Hills Power and Light Company (BHPL), primarily to provide electric power to customers in the Black Hills region of South Dakota. Over the years, BHC expanded its operations to include the production and distribution of natural gas, oil, and coal.
Today, Black Hills Corporation is a publicly traded company on the New York Stock Exchange with over 2,000 employees, serving over2 million customers in eight states, including South Dakota, Wyoming, Colorado, Montana, Nebraska, Iowa, Kansas, and Arkansas. The company generates electricity through a mix of sources, including natural gas, coal, hydroelectric, and wind, while its natural gas operations include exploration, production, and transportation.
BHC operates two business segments: Utility and Non-utility. The Utility segment includes the company's power and gas distribution activities, while Non-utility activities are centered around the company's oil and gas production, reserves, and coal-mining activities. BHC's Non-utility segment also includes renewable-energy assets such as wind and hydro facilities.
BHC's operating divisions include Black Hills Power, Black Hills Energy, and Black Hills Exploration and Production, which provide electricity and gas to over 1 million customers, and oil and gas production in the Permian Basin of Texas and New Mexico. The company is also engaged in coal mining activities through the Wyodak Resources Development Corporation, which operates the Wyodak Mine in Wyoming.
In recent years, Black Hills Corporation has made significant investments in renewable energy, with over $1 billion invested in wind energy since 2004. In 2018, the company announced plans to build a wind farm in South Dakota capable of producing 400MW of energy, and in 2020, it announced plans to build an additional 200MW facility.
BHC has also received widespread recognition for its environmental and social initiatives, including being named one of the World's Most Ethical Companies by the Ethisphere Institute for the fifth consecutive year in 2021. Additionally, the company's commitment to sustainability is demonstrated by its goal to achieve an 85% reduction in greenhouse gas emissions by 2035 and net-zero emissions by 2050.
In conclusion, Black Hills Corporation is a diversified energy company operating across eight states with a mix of renewable and nonrenewable energy assets. The company is committed to sustainability and has made significant investments in renewable energy in recent years. Its strong commitment to environmental and social initiatives has earned it recognition as one of the world's most ethical companies.
Today, Black Hills Corporation is a publicly traded company on the New York Stock Exchange with over 2,000 employees, serving over2 million customers in eight states, including South Dakota, Wyoming, Colorado, Montana, Nebraska, Iowa, Kansas, and Arkansas. The company generates electricity through a mix of sources, including natural gas, coal, hydroelectric, and wind, while its natural gas operations include exploration, production, and transportation.
BHC operates two business segments: Utility and Non-utility. The Utility segment includes the company's power and gas distribution activities, while Non-utility activities are centered around the company's oil and gas production, reserves, and coal-mining activities. BHC's Non-utility segment also includes renewable-energy assets such as wind and hydro facilities.
BHC's operating divisions include Black Hills Power, Black Hills Energy, and Black Hills Exploration and Production, which provide electricity and gas to over 1 million customers, and oil and gas production in the Permian Basin of Texas and New Mexico. The company is also engaged in coal mining activities through the Wyodak Resources Development Corporation, which operates the Wyodak Mine in Wyoming.
In recent years, Black Hills Corporation has made significant investments in renewable energy, with over $1 billion invested in wind energy since 2004. In 2018, the company announced plans to build a wind farm in South Dakota capable of producing 400MW of energy, and in 2020, it announced plans to build an additional 200MW facility.
BHC has also received widespread recognition for its environmental and social initiatives, including being named one of the World's Most Ethical Companies by the Ethisphere Institute for the fifth consecutive year in 2021. Additionally, the company's commitment to sustainability is demonstrated by its goal to achieve an 85% reduction in greenhouse gas emissions by 2035 and net-zero emissions by 2050.
In conclusion, Black Hills Corporation is a diversified energy company operating across eight states with a mix of renewable and nonrenewable energy assets. The company is committed to sustainability and has made significant investments in renewable energy in recent years. Its strong commitment to environmental and social initiatives has earned it recognition as one of the world's most ethical companies.
Black Hills Corporation is a diversified energy company, deeply involved in multiple segments that cover the generation and distribution of energy resources, particularly within the United States. Below is an extensive description of the segments, products, and services that Black Hills Corporation offers.
Segments:
1. Regulated Electric Utilities:
- Black Hills Corporation serves customers in Colorado, Wyoming, and South Dakota through its regulated electric utilities segment. This segment is responsible for the generation, transmission, and distribution of electricity. It caters to a broad customer base that includes residential, commercial, and industrial sectors, ensuring a reliable supply of electricity to meet diverse energy needs. The company focuses on maintaining and upgrading infrastructure, ensuring compliance with regulatory standards, and enhancing service reliability.
2. Regulated Gas Utilities:
- In this segment, Black Hills Corporation provides natural gas utility services across several states, including Colorado, Nebraska, Iowa, Kansas, and Wyoming. The company engages in the purchase, transport, and distribution of natural gas. Its operations are pivotal for residential heating, commercial energy needs, and industrial applications. By leveraging state-of-the-art technology and maintaining robust pipelines, Black Hills ensures safe and efficient delivery of natural gas to its consumers.
3. Power Generation:
- This segment encompasses the production of electric power from a diverse array of sources. Black Hills Corporation employs a combination of coal, natural gas, oil, and increasingly, renewable energy resources like wind and solar. By maintaining a balanced portfolio of energy generation methods, the company can adapt to market demands and shifting energy policies, thereby safeguarding energy security for its consumers. Power generated in this segment is primarily sold to wholesale, commercial, and industrial customers.
4. Mining:
- The mining segment is crucial for Black Hills Corporation’s operations, specifically focused on the exploration, development, and production of coal. The coal mined is primarily utilized in electric power generation but can also be sold to various industrial customers. This segments expertise in coal mining ensures a supply of fuel to support the power generation needs of the corporation and its clients. Additionally, Black Hills invests in environmentally responsible practices, including land reclamation to restore mined areas to their natural states.
Products:
1. Electricity:
- As a primary product, Black Hills Corporation provides electricity through its regulated electric utilities segment, generated from a mix of fossil fuels and renewable sources. The focus on diverse generation methods allows the company to meet the different energy needs of its residential, commercial, and industrial customers effectively.
2. Natural Gas:
- Another key product offered is natural gas, which the company supplies to customers through its regulated gas utility operations. The transportation and distribution of this essential energy source are managed to ensure reliability, safety, and efficiency across the service areas.
3. Coal:
- Produced from its mining operations, coal remains a significant product for Black Hills Corporation. It primarily serves the energy sector by fueling coal-fired power plants but is also marketed to industrial customers for various uses, including steel manufacturing and other industrial processes.
4. Renewable Energy:
- In line with growing environmental concerns and market trends, Black Hills Corporation invests in renewable energy generation. This includes wind farms and solar arrays that contribute to the diversified energy mix, providing sustainable alternatives to traditional fossil fuel generation. The renewable energy generated is sold to wholesale, commercial, and industrial customers, promoting a cleaner energy future.
Services:
1. Energy Delivery:
- A core service of Black Hills Corporation is its ability to deliver both electricity and natural gas to customers through its regulated utility segments. This entails maintaining extensive infrastructure, including power lines, substations, and gas pipelines, to ensure the reliable transmission and distribution of energy resources.
2. Power Generation:
- The company excels in providing power generation services that cater to wholesale and commercial clients. By leveraging a mix of generating sources, it can meet varying demand levels and fluctuations within the energy market, providing stability for large consumers of energy.
3. Mining:
- Black Hills Corporation offers specialized mining services that ensure the efficient exploration, development, and production of coal. The company also engages in reclamation services to restore the environmental integrity of land affected by mining operations, thus emphasizing sustainability and responsible resource management.
4. Energy Efficiency:
- To promote conservation and reduce energy consumption, Black Hills Corporation provides an array of energy efficiency programs. These include financial incentives such as rebates for high-efficiency appliances and equipment, free energy audits to help customers identify savings opportunities, and educational resources on how to optimize energy use. Through these initiatives, customers are empowered to reduce their energy bills while contributing to broader sustainability goals.
In summary, Black Hills Corporation operates through a multifaceted approach that encompasses regulated electric and gas utilities, diversified power generation, coal mining, and a commitment to renewable energy. The company offers a range of products and exemplary services designed to meet the energy needs of its consumers while promoting responsible environmental stewardship and energy efficiency.
Segments:
1. Regulated Electric Utilities:
- Black Hills Corporation serves customers in Colorado, Wyoming, and South Dakota through its regulated electric utilities segment. This segment is responsible for the generation, transmission, and distribution of electricity. It caters to a broad customer base that includes residential, commercial, and industrial sectors, ensuring a reliable supply of electricity to meet diverse energy needs. The company focuses on maintaining and upgrading infrastructure, ensuring compliance with regulatory standards, and enhancing service reliability.
2. Regulated Gas Utilities:
- In this segment, Black Hills Corporation provides natural gas utility services across several states, including Colorado, Nebraska, Iowa, Kansas, and Wyoming. The company engages in the purchase, transport, and distribution of natural gas. Its operations are pivotal for residential heating, commercial energy needs, and industrial applications. By leveraging state-of-the-art technology and maintaining robust pipelines, Black Hills ensures safe and efficient delivery of natural gas to its consumers.
3. Power Generation:
- This segment encompasses the production of electric power from a diverse array of sources. Black Hills Corporation employs a combination of coal, natural gas, oil, and increasingly, renewable energy resources like wind and solar. By maintaining a balanced portfolio of energy generation methods, the company can adapt to market demands and shifting energy policies, thereby safeguarding energy security for its consumers. Power generated in this segment is primarily sold to wholesale, commercial, and industrial customers.
4. Mining:
- The mining segment is crucial for Black Hills Corporation’s operations, specifically focused on the exploration, development, and production of coal. The coal mined is primarily utilized in electric power generation but can also be sold to various industrial customers. This segments expertise in coal mining ensures a supply of fuel to support the power generation needs of the corporation and its clients. Additionally, Black Hills invests in environmentally responsible practices, including land reclamation to restore mined areas to their natural states.
Products:
1. Electricity:
- As a primary product, Black Hills Corporation provides electricity through its regulated electric utilities segment, generated from a mix of fossil fuels and renewable sources. The focus on diverse generation methods allows the company to meet the different energy needs of its residential, commercial, and industrial customers effectively.
2. Natural Gas:
- Another key product offered is natural gas, which the company supplies to customers through its regulated gas utility operations. The transportation and distribution of this essential energy source are managed to ensure reliability, safety, and efficiency across the service areas.
3. Coal:
- Produced from its mining operations, coal remains a significant product for Black Hills Corporation. It primarily serves the energy sector by fueling coal-fired power plants but is also marketed to industrial customers for various uses, including steel manufacturing and other industrial processes.
4. Renewable Energy:
- In line with growing environmental concerns and market trends, Black Hills Corporation invests in renewable energy generation. This includes wind farms and solar arrays that contribute to the diversified energy mix, providing sustainable alternatives to traditional fossil fuel generation. The renewable energy generated is sold to wholesale, commercial, and industrial customers, promoting a cleaner energy future.
Services:
1. Energy Delivery:
- A core service of Black Hills Corporation is its ability to deliver both electricity and natural gas to customers through its regulated utility segments. This entails maintaining extensive infrastructure, including power lines, substations, and gas pipelines, to ensure the reliable transmission and distribution of energy resources.
2. Power Generation:
- The company excels in providing power generation services that cater to wholesale and commercial clients. By leveraging a mix of generating sources, it can meet varying demand levels and fluctuations within the energy market, providing stability for large consumers of energy.
3. Mining:
- Black Hills Corporation offers specialized mining services that ensure the efficient exploration, development, and production of coal. The company also engages in reclamation services to restore the environmental integrity of land affected by mining operations, thus emphasizing sustainability and responsible resource management.
4. Energy Efficiency:
- To promote conservation and reduce energy consumption, Black Hills Corporation provides an array of energy efficiency programs. These include financial incentives such as rebates for high-efficiency appliances and equipment, free energy audits to help customers identify savings opportunities, and educational resources on how to optimize energy use. Through these initiatives, customers are empowered to reduce their energy bills while contributing to broader sustainability goals.
In summary, Black Hills Corporation operates through a multifaceted approach that encompasses regulated electric and gas utilities, diversified power generation, coal mining, and a commitment to renewable energy. The company offers a range of products and exemplary services designed to meet the energy needs of its consumers while promoting responsible environmental stewardship and energy efficiency.