Black Hills Corp., based in Rapid City, South Dakota, recently issued its third quarter 2017 results, additionally offering earnings guidance updates including news of a dividend increase and plan to discontinue oil and gas work.

The company announced that net income available for common stock totaled $28 million for the quarter, equivalent to $0.50 per diluted share. By comparison, net income a year ago was $14 million.

“Third-quarter operational performance was solid as we continued our post-acquisition transition back to a traditional utility growth strategy,” Black Hills Corp. Chairman and CEO David Emery said.  “Earnings of $0.50 per share in the third quarter increased 4 percent compared to adjusted earnings in the same period last year.

Emery added that the outcome was impacted to recent investments in the firm’s utilities branch and robust performance for power and mining sectors. Additionally, he said, the company’s natural gas numbers dropped, reflecting less demand for irrigation over the past three months. Black Hills made progress in non-core oil and gas assets.

“We are confident in our ability to deliver long-term shareholder value despite our near-term earnings challenges,” Emery said. “In addition, our board of directors authorized the sale of all remaining oil and gas assets and the exit of the business … Given our intent to divest the oil and gas business, we plan to report the segment as discontinued operations beginning with fourth quarter results.”