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Black Hills to sell more than 90% of oil, gas assets for $75M on planned exit

Black Hills Corp. as of Jan. 29 has either closed or entered into deals to sell more than 90% of its oil and gas assets for about $75 million, according to a Feb. 1 earnings release.

The company plans to conclude the sale of all its remaining oil and gas assets by midyear 2018, according to the release. Black Hills has also started to report the segment as discontinued operations on its fourth-quarter 2017 earnings release.

The sales are part of the company's planned exit of the business, which its board authorized on Nov. 1, 2017. Black Hills has retained advisers to support the ongoing asset sale efforts.

The South Dakota-based utility provides natural gas and electricity to 1.2 million customers in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.