BKH - Earnings call transcript Q4 2020 | Black Hills Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Black Hills Corporation Fourth Quarter and Full Year 2020 Earnings Conference Call. My name is Gigi [ph] 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].

conference recorded this replay reminder, a is for being purposes. As the now to like would presentation to I turn over Mr. Jerome Nichols, Corporation. Black of Director of Investor Relations Hills sir. proceed, Please

Jerome Nichols

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

forward-looking statements our are we contain During inherent discussion make and Securities of today, a comments. uncertainties there defined comments the as Exchange earnings some of in and the such by may Commission number

our of believe we investor website our our direct Form Commission filed differ that factors could reasonable Exchange on cause and presentation and future of Evans. most turn may to We and for Linn a from XX-K I the recent and to the actual results X differ with Although you earnings of beliefs some the are the call based our that materially. expectations. on XX-Q our results expectations to over Form assumptions, will now Slide Securities list release, materially

Linn Evans

Jerome. Good us and thank morning, you today. for joining everyone, you, Thank

of us always it adapted, proud our exemplifying challenges and our seemingly look rallied would organization The and year What those on head guidance. an a financial and stakeholders for XXXX. on. every each XXXX, us strategy, within one deliver I before Like six highlight delivering couldn't to endless we we on I'd XXXX forefront, number rose of delivering of Hills us years resilience team our truly our our as as their as "say performance fellow make an of Slides past that character a together exceeded customer future. ratio. challenge. foundation challenge will Black of ready-to-serve is priority our at every to confront utility health the the refer especially for gave to a and delivering back day. our worked commitment the team focused Hills list strong accomplished. Energy executed high and Hills our kept while and and to long accomplishments the hard, and do" success XXX admired these I Safety customers the health that again we which coworkers, for upon throughout Black is once Black And look build successfully the genuine our As customers believe we a stronger. of concern we prove Black has I'm of we is what the most a of what year four incredible priority team. how how uncertain and to we said through spirit do. at our team I that be our all and And safety, pandemic stronger disruptive team our like safety back this Throughout and and solid Hills our us pleased Energy consistently communities,

goal For injury than demonstrating industry. the the an better the year the produce to our in utility on rate culture utility seventh incident progress consecutive average, safest our safety become

reliability industry-leading infrastructure our with resilient combined advanced reputation for our team customers. our Our of delivering

improve. and strong fourth the Throughout continue service response, results quarter Midwestern occurred, As remarkable impressed. years restoring attitude coworkers financial economies and dedication. and year a We was delivered as my states our produce efficiently a I full the ready-to-serve outages with safely to in

open our growing where the most and to fortunate remained communities operate of are during We territories stable pandemic. in

targets. our now growth safely projects XXXX We collaboration customer deployed that suppliers, $XXX team million, million included and wind and on we investments his systems. our during we to said, contractors energy these modernize program. would, focused increased I'm innovative our Cheyenne, and harden pleased guidance in Wyoming. detail we resource term our constructed announced cover targets outlook. our successfully our and we more solid executed further and capital into with through in dividend $XX planning comments. based earnings We in investment earnings megawatt Rich, will Corriedale and greater XX.X our program. These which initiated and and project, voluntary wind customers Ready in strong clarity customer we area serves Wyoming near Through longer term The long Dakota guidance. provided South have we subscription project our As XXXX Renewable

with also terrific reviews rate single rate regulatory efficiencies our multiple structures how Nebraska streamline applications we our those with provide Commissions Both in and states our continuously approvals consolidation as applications how statewide in a both progress to Wyoming structure. regulatory will interact serve the on and and help These customers our consolidate approving strategies rate states. improve and our We made terms. we into approved constructive Commission's we

social environmental, focus. And also emissions and on In We both pandemic, quantitative support journey. being terms in and power core Throughout report, our greenhouse to during issued both of and published new approved matters we and reliability. a addition intensity. XXXX, states revenue sustainability we increases an our profile the reduce result greater staying In to as and gas always upon and favorable executing reports. We our our time into qualitative debt we equity transparency corporate our grade maintained a announced provide updated ESG financing governance tested goals programmatic a our ratings the and receiving financial to investment riders position credit states, year. strong constructive needs investment for safety

achieve XX% XXXX, For we are operations, by a XXXX baseline. XX% on to track and a electric off our reduction by a XXXX reduction

regarding Dakota how potential detail including investment our developing we meet provide resources year integrated summer to will for our will which goals resource customer plans for currently current the Wyoming, achieve and plans are demand. this South opportunities these resource We and These complete we for and will next options Colorado.

For a utility already to during XXXX of cut years invest plan greenhouse Again, the next we emissions we our to annually We've a five XXXX. billion. total over by over that's gas natural gas utilities, off since Slide one-third by emissions million $XXX intensity baseline. XX% that for XXXX. $X expect gas shows seven by of cut

base $X.X in orange projects represented to billion, fully planned of Our forecast over relates and by bars that the progress. are

will through Slides in details more XX for provide gas capital to additional and transmission add working pipeline are costs, factors, on projects projects, forecast. refined to related generation include plan. incremental appendix projects them and we and additional As Incremental electric projects, the other base our additional we timing, XX our programmatic investment. are investment

is In growth our opportunities. addition, team dedicated pursuing new growth aggressively

growth service territories. technology our moving more demand. within service We are data powering customer into And territories, we are people growing centers our with ready-to-serve and our

the solutions, our we and electric continuous technologies We of of discipline, through gas. our value Across on of renewable including expansion delivering innovative improvement. better technologies reputation products cleaner our continue along such to as focus and efficiency business to drive all and greater culture cost to are adding renewables vehicles, and natural everyday with

in confident are our we future. forward, Looking

to and strong results region I'm continue integrated engaged are executing highly positioned our proven serving all stakeholders. excited work our team, and We with for of alongside a pure-play an delivering utility regulatory jurisdictions constructive our growing strategy as strong well environments. to

we ahead, you, for were affected brighter of all like friends who families our especially by virus. hopeful and deeply are for year a the lives Just

Rich responsive, efficient, our While to more remains learned financial we issue, remain update. enabled. become now are more XXXX the the And pandemic we serious strong. a to I'll turn Rich? technology and over for in business fundamentals what it applying more

Rich Kinzley

in This overcame everyone. guidance. Thanks, slide and above adjusted $X.XX drivers full quarter, higher adjusted impacts see XXXX growth net COVID count. for expenses invested by appendix. were a in impacts Net the net normal which and associated Full were fourth QX, forecast. Linn, compared for and X.X% in and which margin on the and lower COVID the just net fourth came nominal, end we slide of impacts top of excellent These year start credits. and X.X% our share and the includes returns were with XXXX. strong growth, tax an increase in $X.XX we fairly consistent XXXX. Net pandemic, with EPS positive year weather from our the increase XX quarter full driven can estimate capital, good impacts full I'll $X.XX lower new QX, cost on than XX, for you morning the management than the year detailed are our earnings where $X.XX EPS is load year as customer to delivered on of

of drivers are Slides to and income charts XX year net weather our $X.XX was QX, lower XXXX but comparing All illustrating $X.XX full results contain amounts year higher the the the than QX, waterfall to XX these primary taxes. on charts and XXXX. For XXXX. earnings XXXX full of XXXX normal, than

As can contributed our gas growth and both rates territories service new also in and see, in our shows to regulatory our full by when the quarter riders across outcomes in year natural strong driven Customer utilities by XXXX. to and at This growth nicely Wyoming XXXX. from service margins was territories. across you compared our constructive Nebraska margin

related that's full half we by utilities also including for to the the a and one margins increased non-regulated percent electric O&M O&M And only year. COVID. for Our incurred increased year. full the

lower higher in partially income capital which debt term XXXX. result costs was from by expense interest debt We expensing prior year new pension of in It and development to driven program costs pleased a our fund reflecting as Interest offset our short investment balances was XXXX. are due control outstanding. by XXXX really was the capital of borrowing our Other year, the team's O&M lower rates. increased strong to prior in plan offset investment higher year favorable partially program to with by resulting project current rates. issued expense DD&A increase

was higher rate in for to XX.X% Our effective by tax XX.X% driven compared XXXX credits. XXXX, tax

Additional XX earnings through yesterday's ratings find perspective. in of fourth additional excellent details and our shows on operating in flexibility. a and financial debt quarter maturity credit liquidity full lens We're Slide on margin detail financial changes the and shape position also appendix earnings can capital structure, and segment release. be found in gross expenses and can you in year-over-year the year from

equity of help issued million credit capital We ratings. continue investments. XXXX to grade maintain we our investment support to February, Last $XXX solid

You'll note $XXX million aftermarket in our investment offering and to million million and assumptions program plans. issue to our XXXX in XXXX ongoing million the $XX in support $XX in capital guidance expect appendix, our XXXX we through to $XXX to XXXX equity

to our This position. liquidity short debt June, On issuance the notes debt term we a side of enhancing term million issued our X.X% was further $XXX great in out XX-year debt had $XXX credit we cost outstanding debt provides our low until no XXXX. material maturities debt decade. on with next and our At million late end, customers the outcome for year facility,

of we $XXX to liquidity. over of continue maintain million As February, available

remained While range debt XX% to XXXX. XX% to through capitalization in total the

total are targeting ratio a the to We cap mid debt in XXs.

Linn cost continue our per share, end. outlined to providing XX. up and long As our term $X.XX increased $X $X.XX are noted, clarity greater into into XXXX We on guidance earnings slide each our to outlook opportunities as see accordingly we strong management XXXX to on

a of is our second While not issuing year typical guidance practice.

XXXX also We which to Xst, I share, the of Wygen $X.XX provided January new incorporates $X.XX XXXX. contract guidance starting per

X% targets XXXX. grow as a year, XXXX Our from to EPS base approximate and CAGR in newly XXXX to XXXX CAGR. EPS our guidance to initiated XXXX expect XXXX at through we X% Using X%

growth our target. this as term about EPS excited are we We growth opportunities long share

our to average XXXX, proudly XXXX, records dividend we track our dividend an of increases, mark we of at XX, industry. XX consecutive annual annual slide in dividend Moving Since years longest rate increased X.X%. of the on in have our one

increasing interest forward, your through you more payout target. XX% in Hills. thank than In to our we our Looking closing, while anticipate Black dividend annually X% by we maintaining XX% XXXX for

take We complimentary provide strong play attractive outlook with as a an to that, constructive positioned questions. with and across territories. a growth available And are stable and in business factors opportunity. we're investment uniquely paired sustainable your growing with a mix utility pure jurisdictions These

Operator

first comes Credit Weinstein line from question [Operator Suisse. Michael Instructions] from Our of the

is open. Your now line

Michael Weinstein

Hi, guys.

Linn Evans

Hey, good morning. Mike.

Michael Weinstein

understand, talk it capital. just a for at bit for requirements you Could higher higher but little a is this this next But bit lower the year. capital mean, little its little than about there point? original a year, equity looks the plan I expectations

go expect forward would I wondering on $XXX just changes million program? you will how comment if you maybe could a So capital annual financing some there. with plus

Rich Kinzley

increase for XXXX. the disclosed This in Rich, last for Yes. capital hit third Yep. year pretty it extra We at too. able the Mike. is We on previously we spend so in And end then to Mainly, years. did is were you from fourth year than head was what we disclosed first came for higher actually quarter. increase quarter. of two the capital some we what the bit weather favorable, a this

So new the after guidance the in uptick between be explains incremental that's equity for think the year about from year's what issuance this line is away years about should couple And capital. generally we've in then with given slight what XXXX, plan. those you before year's we're next a that. When talked next

dollar each sheet we delivering in about that you dollar. if we'll can If the annual in $XXX we couple incremental million next talked if to the a is to equity those we'll over then I million of I But there think above We years, the equity XXXX, about would capital to So we've CapEx may continue on $XX not had through say, possible. million see. probably the million capital see $X.XX in $X.XX today, see. each based range, how on XXXX for we're issue guess years. It's we'll million, balance And that to need need $XXX before year. to manage $XXX $XX that

Linn Evans

I very do that sure of is would had that. and This add. making capital we I spend also on capital, on that management we're guess, O&M -- is Linn. getting I the quality returns good course our focused

have some XXXX. manage So to we the in time

Michael Weinstein

one and million are or base about about one? a $XXX when we million projects sometime year year And the roughly same announced $XX thinking during to capital incremental each projects the guys thing, that are be to you two talking still the plan, to the ranch

Linn Evans

Mike.

see things sweet good kind of our The and we've Sorry Yes. we to is we're it. interrupt This The you, that Yes. past. how Mike. projects same doing in Lynn. been That's spot. at the

have distribution or gas opportunities transmission with We programmatic spending.

as through think those and we year, through in year as and on next half, the opportunities, we that transmission we IRPs Wyoming have roughly, ERP South We Colorado, and work in the Dakota a and Wyoming. complete on year, Dakota We'll might We we'll our and think And file and to South we're opportunities generate next next for Dakota summer. working IRPs South some the that us. our this Colorado. then Wyoming work

could for goals the orders, D.C. some be aggressive watching think as out good come well. executive we're of course, Of that those how cetera, et opportunity Washington and with us are. We there

Michael Weinstein

With a about at comment little case you could And rate bit case, process in Nebraska a settlement little the bit comment approved? forward? this activity about Maybe going the Colorado point?

Linn Evans

about question Sure. gas in our out of I schedule. reached guess, and We've I'll start with They your file kind around first our with states; talked worked with in the we'll Iowa this anticipate that those case Iowa and a party what's regulators. midyear gas year Kansas both and We've regulators gas. calls. Arkansas previous our Kansas two

think I So too. address I'll that

that. We We're usage. continue customer analyze growth, to seeing good good

We're make the how addressing with gas. watching other companies And we of might did there. we to rates treated Interested course the closely. Arkansas file that formulaic think watching that's were respect finally, Colorado when dismiss how in to we're decisions. that are our watching So as recently, Commission we those year that in rate in Arkansas, need early Colorado there. had then that filed We disappointed in review -- we

there avenue State that case. or two Court Colorado. Court or point is At to end and should to we continue an in Commission how that. case a rehearing, to Should We in court of or of avenues their to that deny decide on re-argument that guess know the we decide RRR, have opportunity requested reconsideration. Once month. to dismiss our by I appeal they front And the us. for they this have path one District

be The other that dismissed. staff the case. the to grounds disappointed working was that been Counsel. very that constructively the Consumer case, In of with We've the would refile it highly don't for think We and Office legal dismissal. was we're

to have still otherwise, certainly the lay you And is reinstate new rider whether about move But to whether we best So file sorry after case scenario down hopeful that Mike. we I in we've before then reconsider the SSIR, that. the we forward. that think to to just our avenues need But and Commission SSIR, we'll a case the safety to system it we're begin asked Commission they'll interrupt or should a Also, we integrity in and case. not, appeal But or that place. that.

there. So to that's mid by good year for that decision us news hope there. We have

Michael Weinstein

an the the setback the the mean, overall itself? Colorado process Is this regulatory you've described with Right. as a relationships think situation, I after setback trying improve past, do Or a you and especially I that major governor, a in the think one? vote to in commission of or minor it's Pueblo improving legislators [ph].

Linn Evans

we the We take it Well, plan for hope minor. We it's minor. relationships that extremely be seriously. to

relatively a commission. new have We

of We been have commissioner has one couple years. there a

The other two are essentially new.

around So hard very that. we're working

have realigned progress. we We relationships. before in been and the the the as hard left -- now Commissioner we our denial, leadership case we've And around very seeing that Colorado, The was those one of on dismissal commission are replaced. past think done working announced

So and for that's on it we really that foster carefully. focus relationship think another continue to us to continue opportunity

executing. are we're And we the long continue it, in do Colorado leadership strategies we to put for have So term. that. We we and around

term So that's we're good relationship. what focused long There's on. that

Michael Weinstein

you. Great. pass I'll next the person on to it now. Thank

Linn Evans

Mike. Thank you,

Operator

Thank you.

line from of next question Dumoulin-Smith Bank comes Our America. of the Julien from

Your is line now open.

Julien Dumoulin-Smith

Congratulations the all on updates of Hey, morning team. here. good

Linn Evans

Good morning.

Julien Dumoulin-Smith

puts term respectively know XX it? think Is just seven X.X that Or numbers trajectory? you those what that you do of midpoint? each where can that And the do CapEx? to you a How call I to understand to in the the think about basis. to try clarify how want if it's you within about dutifully billion I versus Perhaps X.X baseline. off outlook $X I long that the here. Absolutely. of five

Rich Kinzley

I'll his expect take we a Linn and in the to fully in Linn year. Julien, the fill spend can comments, $XXX first least swing as that, million at said blanks. at

fully at So more you our the incremental detail, the have that rider expect in next it of terms terms over base, put we that you spend, years. even the materials the should to in think billion what's incremental of billion. are of But billion the of in $X.X spend what's for growth can in and And of is that in our think same though details billion -- $X.X base we amount terms you should the $X billion $X ratios five kind least $X appendix. for

So that's really our plan.

Linn Evans

think that said our isn't just nicely. I And plan on growth Rich spin. capital based

We working hard have we're other levers on. that

that. as within We such have territories, loads savings, our also to we growing things intensive, the lever we nature, growth serve. Julien. we that and serve data And less are is focused continue we centers of on the seeing reduce cost our that technology How on have, serving capital to that we're O&M the service

continue that to So that's on out reach X% put something target that there. focused we look that X% help to to us

Rich Kinzley

I had down. That since an to But and We seen other into slowing think is population good COVID. COVID service that our territories, XXXX. does we've started. not to trend many seen appear to we've uptick even be that XXXX add during prior one to thing the growth of in

seeing with of flight, look we have that, for So want you our that forward, opportunity to growth as going our if into territories. real call in some much we're urban territory strong nice think we service we're to there it

Julien Dumoulin-Smith

Does saying say expect But just again, midpoint reconcile that X% of to to you factors you not guys, you $X here. answer don't related billion, right specific, want I that this, And few you're there's other at direct right. clarify want relationship. be maybe be to that apology. that may the a sure hearing the that? to The And make a fully with that you X% Right. sales that disintermediate I'm But outset? because there just

Rich Kinzley

the of to. is are to tied there. factors get entirely characterize on X% that just Julien. primary That Certainly lot have not to The X% capitals are we play. other us way to completely going the driver, the is but help There's there plenty tied exactly are to going other not It's a capital. of that things it,

Julien Dumoulin-Smith

it? I If Got right, me. excellent. if All can, permit you

late do You here in now talked some $X guys incremental the IRP that conversation beyond from you some is asking tied the you prior just call, that emission on capital us iteration well now how of here your as the of right? as X.X GHG delineated I'm year? you last How beyond. billion, give targets that to think planning? planning the to these X, On about about And guys

Rich Kinzley

the Julien. this Dakota and some nice thinking ERP IRP Colorado, incremental South five-year for the Wyoming beyond for certainly when and could you're plan, provide Well, even opportunity

tremendous But some in it within there. be five-year well billion. fall And utilities at electric longer think the are we're gas looking could lumpy this us there of There both plan. that opportunity could projects term, and thrust I if even you some $X think could that above

refine As Linn ongoing mentioned, an and to at that'll programmatic also continue look spend, process. just we our that, be

primarily expect at electric utilities programmatic that spend, the So I uptick gas would too. utilities, certainly but within the in

So a And are we when get strong $X of you really five of term, then think years. are opportunities. avenues north billion some number there longer there that can these over where

Julien Dumoulin-Smith

right, All it? excellent. Got

most relate the [ph]? is That really talking to point timeframe but IRP the five-year don't the necessarily is, we're about updates backfilling outlook. So for current the the maybe beyond part opportunities

Rich Kinzley

Julien, is That correct, yes.

Julien Dumoulin-Smith

All Thank guys. it there. leave I'll Excellent. right. you

Rich Kinzley

Thank you

Operator

you. Thank

comes of question from Andrew line next the Scotiabank. Our from Weisel

open. Your line now is

Andrew Weisel

Thank morning, everyone. you. Good

Linn Evans

morning, Good Andrew.

Andrew Weisel

base rate is first growth. My on question

outlook to other cuts? earned explain I delta heard delta, or account migration population cost about be equity you grown that far CapEx and to the or that outlook? help given to You've into rate could other you last things ROEs depreciation. if may to outlook then the a where the related and five to Whatever But base factors? the years. maybe you've X% EPS please? as that like that talk What's relative And needs going growth is historically growth, factor X% how growth does X.X% as the detail

Rich Kinzley

base We I jumped not just EPS is straight target. to did We an growth rate give this that right through Andrew, a target. guess, growth Rich.

billion and years come that I with it's base curve and on think can growth get looks you use curve rate to $X like. up and the back the our that out rate a project -- depreciation beyond, that base remain I it's get help rate strong. to growth to really I think that are opportunities growth, us going these CapEx But the opportunities of you're will to other described see rate there. of combination type end question base as what you just Julien's plus Certainly that five going additional as

Andrew Weisel

enough. Fair Okay.

question on growth. dividend Next the

X% You it factors plus cash function on sheet got the the of plus? pace is Or My growth? count? and depend share the a of that question EPS also and flow does like balance

Rich Kinzley

of above both. All for the

Andrew Weisel

this way. Okay. it Maybe I'll ask

Rich Kinzley

Its going are what are. But we least to grow X% X%. be EPS line than generally less, target, that generally earnings -- I the with at long in growth to would It's term growth or slightly to expect say X% would dividend

Andrew Weisel

the term politicians you're that. question. asked can quite Okay. high a even Obviously, of investors more questions share Then your long increased was thinking lot. But environmentalist, But what on picture you know seeing are level. now we're asking pushback utilities? I risks this from even and latest big previously the about gas owning

do yours for how term in the long specifically? LDCs you So general about think outlook and

Linn Evans

Andrew. about We our LDCs, confident feel pretty

heat And good a I've now Right you primarily where, cold we're now as having example, a our are territories territories. well climates. right sitting is very quite cold of say below We're places gas zero. across Our heard lethal spell where some enough you'll nature that the past currently up. in aren't that serve, keep and without things yourself, natural pumps in to the efficient we of that simply or just be

bands had service So not territories. any our we've within

going conversations certainly aware We are on. of

a programs our And what strategy territory, associations thought outreach communities, leaders, Energy the and to utilities those our have AGA, as a communities those real we leaders also within brings together much very to understand as the legislators. of Black team within course, our we're communities working industry ensure natural of service as with necessity the table. the partnered partnering our We We're within that what value especially across community engaged frankly, executing Hills well. highly with and and do it gas like and

But So we're that were highly closely. LDCs very future the of engaged executing portfolio. our very and we watching strong that within with strategy

Andrew Weisel

financial Sounds there the you. warm and Thank out additional disclosures. good. appreciate Stay

Linn Evans

Thank you, Andrew.

Rich Kinzley

Andrew. Thanks,

Operator

Thank from you. the of Brandon line [Operator Instructions] Our next Lee question comes Mizuho. from

now is line open. Your

Brandon Lee

out Hey, good staying you're morning. Hope warm there?

Linn Evans

Working hard, Brandon.

Brandon Lee

question. quick a Just

that level can current under of So much offset? of how what's structural you gap earnings and your

Rich Kinzley

I sure states what about from we're make I way we moment version certainly you actions capital earning Brandon. that, that's are a where the we taking deploy jurisdiction, think. In an that is returns in under or short of going are look return. solid earning, we we're or for have kind looking at. of to answer our states, perspective, a the answer earning Linn, other cost his of how appropriate gave Well, That's kind that rate of would kind by just If in details some to review. jurisdiction a we're ago

Brandon Lee

kind to I I your lot the in And year, service guess residential, the [ph]? stayed another expect Okay. do open industrial XXXX. commercial XXXX in and then, what classes, of a maybe opposed as territories I throughout service you guess, question because your think various of charges just customer is, coastal versus

Rich Kinzley

incurring, not that's that quite all, COVID incurring. $X.X If slide continues about But The accrued an look allowed longer then, to at costs for extra a sequestration late last impacts states, year no Arkansas. if at going $X.X That's the And May. you we're substantial related the into the exception no the are Brandon, said, for we all most bad territory. fees million. XX were part we've few back million we've and you to and COVID to done debt that bigger -- generally in you're to you a really longer the impacts items. like our well. of our us of that disconnect months only that our managed are at of state see with impacts, that look in begin load that deck, process details total were our generally open stayed waived we fact Due And

on I to end of seen a down our the payment normal of and our January customers end and plans gone lot we've January. December almost have arrearages levels come -- end by of think to of

our load But have back XXXX, didn't way to through we question, in we've worked So compared in XXXX impacts COVID that. XXXX. to load your material original just from impacts

should huge backup not a mover. we believe, a pick obviously, it's So but we little

Linn Evans

heating Now, halfway, we're season. about our through Brandon,

Our first the call loads immaterial. experiencing been the our at we has heating we I'd And look pandemic. impact if say, season what gas

So looks good, pretty actually.

Brandon Lee

Thanks helpful. very That's for Great. time. your

Linn Evans

Thank you.

Operator

I the Evans Thank to further you. would for call At closing turn this to like time, back remarks. Linn I'm questions. showing over no

Linn Evans

our you, for today. thank We're you, team's execution. confident We're everyone, position a our financially. joining Well, really about us very position in great strategically. in a great future. excited I'm Gigi. I'm Thank

very focused, the a doing is through job, pandemic. great team Our especially

deliver of more ability we're for across for have opportunities and and shareholder long territories. to our goals move ESG service our you, our we And results as the about which we customers bright. stakeholders. all term earnings growing is very outlook Our the our seek we see excited territory as the And into

Black So a enjoyable care. day. Take very thank today. Have much for and you interest Hills in your safe, healthy

Operator

Thank for Ladies conference this today's call. participating. and gentlemen, concludes

You may now disconnect.

Black Hills (BKH) 10 Feb 212020 Q4 Earnings call transcript