Good day, ladies and gentlemen, and welcome to the Black Hills Corporation 2013 Third Quarter Earnings Conference Call. My name is Dominique, and I'll be your coordinator for today. [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.

Thank you, Dominique. Good morning, everyone, and welcome to the Black Hills Corporation 2013 Third Quarter Earnings Call. With me today are David Emery, Chairman, President and Chief Executive Officer; and Tony Cleberg, Executive Vice President and Chief Financial Officer. Before I turn over the call, I need to remind you that during the course of this call, 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 for a list of 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.

Thank you, Jerome. Good morning, everyone. Thanks for joining us today. I will start on the webcast presentation on Slide 3 and we'll conduct this call in a manner similar to our previous quarters. I'll give a quick highlight on the quarter; Tony Cleberg, our CFO, will go through the financials for the quarter; and then I'll talk about the strategic overview and the go-forward information. So moving on to Slide 5, highlights from the third quarter. From a business environment perspective, it was a little cooler in our Electric Utility service territories compared to the prior year. Not a lot, but certainly a little bit cooler. Highlights from the utilities side, several notable accomplishments during the quarter. Black Hills Power, we received approval from the South Dakota Public Utilities Commission for our rate case settlement, which authorized an increase of about 6.4% in annual electric revenue and that was effective June 16. Also for Black Hills Power, we received approval from the PUC for the construction financing rider for our Cheyenne Prairie Generating Station. That was effective April 1, which is -- essentially was the construction date. We now have riders in place in both Wyoming and South Dakota for Cheyenne Prairie. Construction on now plant is ongoing. It's a $222 million, 132-megawatt gas-fired plant in Cheyenne, Wyoming. Progress has been great. All 3 turbines have been delivered to the site and the project continues to be on schedule and within budget. You will notice that in our material this quarter we referred to the project as $222 million. In the past we've shown you $237 million and $222 million, the difference being potential financing costs. With the construction financing riders approved in both Wyoming and South Dakota now, it's a $222 million project. At Colorado Electric, the Colorado…

Thank you, Dave. Good morning. As Dave mentioned, our third quarter performance continued to show strength, strength in terms of a 12% improvement in EPS as adjusted and strength in terms of our balance sheet. We are pleased that over the last 2 quarters, our improved financial performance has been recognized with upgrades by all 3 credit agencies. Moving to Slide 11. We report GAAP earnings and reconcile to earnings as adjusted, a non-GAAP measure. We do this each quarter to isolate special items and report an earnings amount that we feel better communicates our most relevant ongoing performance. During the third quarter of 2013, we only had 1 special item, which was a $0.05 noncash mark-to-market gain on our $250 million of de-designated interest rate swaps. The gain reflected increases in the long-term interest rates. So considering this special item, third quarter earnings per share as adjusted from continuing ops was $0.47, compared to $0.42 in 2012, a 12% improvement. And for the trailing 12 months, the EPS as adjusted was $2.43. This represents a 30% increase over the 4 comparable quarters ending September 30, 2012. Slide 12 displays our third quarter revenue and operating income. As you'll note, we are predominantly a regulated business, generating 79% of our operating income from electric and gas utilities in the third quarter. Looking at our performance during the quarter, operating income as adjusted improved by $1.6 million compared to 2012. The improvements were driven by a better performance in utilities and operation -- Power Generation and Coal Mining, offset by a decline in oil and gas of $2.3 million. I'll get more color on the operating income changes later in my remarks. Slide 13 displays our third quarter income statement. On later slides, I'll discuss segment revenue and operating income in…

Right. Thank you, Tony. Moving on to Slide 23, Strategic Objectives. We've got 5 major strategic objectives focused primarily on being an industry leader in all we do. We want to be a leader in operational performance, earnings growth, the earnings upside opportunities from our oil and gas operations, and of course, our track record of 43 consecutive annual dividend increases. Now, we also plan to maintain our BBB equivalent credit rating, which we've now obtained from all 3 agencies. Slide 24 exhibits exceptional operational performance relative to our peers in several areas: safety, electric reliability and several other efficiency measures. Slide 25 illustrates our superior power plant availability and starting reliability. It also demonstrates that we have an extremely modern generation fleet and that our power plant construction safety record is one of the best in the industry. Slide 26 sets forth our generation by fuel type and also further illustrates the ongoing modernization of our generation fleet as we retire older plants and construct new ones. Slide 27, related to earnings growth. I mean, we expect continued strong earnings growth driven by capital spending to meet our customer needs in our utilities and also to grow our nonregulated energy businesses. Capital spending is projected to be far in excess of depreciation for the next several years. Slide 28 provides some detail on historical and projected capital spending by business segment. You will note, there's been an increase in overall CapEx and also some changes between years for the years 2013 through 2015, as compared to the figures we presented on our Analyst Day last month in New York City. Our board approved our budget last week and also finalized our strategic plan for the next 5 years. And so, with this quarterly release, we've revised those numbers. Overall,…

[Operator Instructions] Your first question comes from Kevin Cole of Credit Suisse. Kevin Cole - Crédit Suisse AG, Research Division: Hope, I guess maybe dissect the E&P guidance a little bit, 13.4 to 14.4 Bcf. I guess, should we think about it broadly? I guess you have 3 categories right? You have the legacy operations, you have the southern Piceance, you have the 2 test wells there plus the 6 appraisal wells you're going to do this year and then some new oil opportunities that you're looking at? I guess, of the 13.4 to 14.4 Bcf, how much of that is the new oil that you mentioned today?

I don't know specifically, Kevin, as a percentage. I'd say a large portion of the growth in production from this year to next year is going to be coming from the Mancos wells. Those are big-volume wells. It doesn't take fairly many to produce a couple of Bcf pretty easily. So the lion's share of the growth in production, it's going to be coming from our Mancos activity. We do have some non-operated interests, as you talked about in the Bakken. Slight increases there, perhaps, and few other plays that we have going on, but on a lion's share of the increase is going to come from the Mancos drilling. Kevin Cole - Crédit Suisse AG, Research Division: I guess, so for 2013, you got it for 9.3 to 10.3. And so I'd imagine if I just subtract the 2 midpoints, that's probably not the right magnitude from the Southern Piceance because of the natural decay of, I guess, decline in E&P from legacy operations, I guess. So If I were to start off with the 9.3 to 10.3 of pre Southern Piceance, given the level of CapEx that you deployed in '13 and '14, that same group of assets that's produced that's resulting in your 2013 production. Where would that be for 2014? I guess it be lower, right? But can you help me with any level of magnitude? Then we I can properly capture the step up from '13 to '14 from Southern Piceance and as well the new oil.

Yes. We haven't disclosed our specific decline on days production, Kevin. Again, I'd say a typical assumption, you can assume, some reasonable decline level, probably less than a 20%, 25% a year kind of a number and that varies pretty widely depending on the types of wells that you're talking about. So it's really difficult to answer that question with any specifics. Again, most of the barrels are going to come from the Mancos wells we drill throughout the year, next year and the 2 that we'll be putting on around the first of the year. Kevin Cole - Crédit Suisse AG, Research Division: Have you indicated for the Southern Piceance wells if you're going to do the 10,000-foot lateral type curve, that's the expectations that you've kind of highlighted?

Yes, Kevin, we've mentioned at our Analyst Day that we drilled the longer laterals and we also included a type curve, which gives you at least a good indication of production rate versus time over the life of those wells. So that should help you a lot, I think, figure out the impact of the Mancos production. Kevin Cole - Crédit Suisse AG, Research Division: For the -- last question, so with the CapEx step up from the Analyst Day to today, was that simply to support the 6 wells in 2014? Or is there any CapEx being aimed anywhere else, like in infrastructure pulled out? Or anything else we should know about?

Kevin, are you talking about oil and gas? Kevin Cole - Crédit Suisse AG, Research Division: Yes, I'm sorry.

Yes. Essentially, some of that's related to the Mancos. Some of it's infrastructure related to the play itself, water, gas, gathering things like that. Again, as I mentioned, we also have a few other things going on, some small non-operated interests in various plays, which are some capital that we didn't have anticipated, say, 6 to 12 months ago. So all added together, none of it at any single large piece, but a few million here and a few million there, basically. Kevin Cole - Crédit Suisse AG, Research Division: Actually, just one last question. So I guess, WPX had another good well, a couple of weeks ago. I guess, on your map that you guys -- is that like on, Slide 60, I guess? Do you know where that well sits on your map? And how indicative do you think that well as to your property?

Yes. It's roughly between their other large well and our acreage block. Still, there's a fairly significant difference between where they're located and where we're located in that. They're deeper and a little more overpressured. So that would suggest the well results were probably be a little bit better than ours. You never know until you drill the wells, but they do have a higher pressure regime than we do in our area. But the well's roughly halfway in between their first big well and our acreage block.

[Operator Instructions] And our next question comes from the line of Chris Turnure of JP Morgan. Christopher Turnure - JP Morgan Chase & Co, Research Division: My question is around the CPUC denial of the Wind RFP for your IPP segment. How significant is that? And do you have a chance when they review it in the comprehensive nature of the long-term resource plan there?

Yes. When you look at that issue, what we tried to do is give an initial 30 megawatts done and approved in order to capture the benefit of the production tax credit, which is set to expire at the end of the year. Expansion of our Busch Ranch site was a very obvious way to do that, that we believe to have some benefits to customers. I think the commission indicated its preference really to deal with those as part of a longer inch resource planning process. If you look into our resource plan, we do show additional increments of wind being added in the out years of the plan. Now, where they come from remains to be seen. Colorado has the competitive bidding resource requirements and we would expect to continue doing that. They also have a cap on how much incremental cost to ratepayers can come from the renewable additions. And absent an extension of the tax credits, it's going to be very difficult to continue adding renewables without having a detriment to customers essentially. So I would say it remains to be seen, but in our Resource Plan, we do show additional acquisition of wind, whether that's self-build or through an RFP process. It's a transaction-by-transaction issue. Christopher Turnure - JP Morgan Chase & Co, Research Division: Okay. And then my follow-up question is on future acreage purchases. Has anything changed over the past months since the Analyst Day? Are there any kind of new opportunities that you can give us a little bit of color on, on that front and what you're looking at?

Yes. We're not actively seeking the increase on a leasehold dramatically. We've mentioned a couple of these exploratory projects that we're always working on. We don't typically disclose them because they're exploratory in nature. One, we don't want to tell people where they're at, because we do buy some leases as we see results. And then two, of their exploration wells, which the likelihood of a success is less than the likelihood of a failure typically in exploration. So we don't typically talk much about those until they're done. But we haven't made any significant change in plans regarding leasehold acquisition in any play since the discussion we had at the Analyst Day.

[Operator Instructions] There are no additional questions at this time. I would like to hand the call back over to Mr. David Emery, Chairman, President and Chief Executive Officer for closing remarks.

Thank you. Well, thanks for your attendance this morning, everyone. We certainly appreciate your continued interest in Black Hills. And for those of you who plan to be at the Edison Electric Institute Financial Conference here in the next week or so. We look forward to seeing you there. Have a great day.

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.