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MDU Resources Group, Inc. (NYSE: MDU) is a diversified energy and infrastructure company that plays a vital role in the U.S. economy. Founded in 1924, the company started as a small electric utility serving rural communities in Montana and North Dakota. Today, MDU Resources is a multibillion-dollar corporation providing essential products and services that support energy and transportation infrastructure across the country.
The company operates in five key segments:
- Electric: Generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming.
- Natural Gas Distribution: Distributes natural gas in the above states as well as Idaho, Minnesota, Oregon, and Washington.
- Pipeline: Offers natural gas transportation and underground storage services through a regulated pipeline system in the Rocky Mountain and Northern Great Plains regions of the U.S.
- Construction Services: Provides a broad range of construction services through its electrical, mechanical, and transmission and distribution specialty contracting services.
- Everus Construction Group: Recently rebranded and expected to spin off as an independent company, offering a full spectrum of construction services across the U.S.
MDU Resources is committed to delivering value-added natural resource products and related services that are vital to energy and transportation infrastructure. Some of the company's recent achievements include:
- Approval of the Wahpeton Expansion project by the Federal Energy Regulatory Commission, allowing for the construction and operation of a natural gas pipeline expansion in eastern North Dakota.
- Completion of a strategic plan to spin off MDU Construction Services Group, Inc., rebranded as Everus Construction Group, to create two independent, publicly traded companies.
- Record earnings from its pipeline and construction services businesses, demonstrating robust growth and performance.
The company's financial condition remains strong, with strategic investments in infrastructure modernization and expansion projects. MDU Resources is poised for continued growth as a pure-play regulated energy delivery business post-spinoff, focusing on providing reliable, affordable services to its 1.2 million customers.
MDU Resources Group, Inc. is a member of the S&P MidCap 400 Index and continues to leverage its nearly century-long legacy of reliable service, innovation, and community commitment to drive shareholder value and economic growth.
MDU Resources Group (NYSE: MDU) has announced that its subsidiary, Montana-Dakota Utilities Co., will acquire a 49% ownership stake in the Badger Wind Farm, representing 122.5 MW of the project's total 250 MW generation capacity. The investment, valued at $294 million, is subject to regulatory approval from the North Dakota Public Service Commission.
The company previously secured a Power Purchase Agreement for 150 MW, which will be reduced to 27.5 MW upon closing of this ownership purchase. This strategic investment aligns with MDU's 2024 Integrated Resource Plan and was selected as the least-cost option for customers. The acquisition will significantly alter MDU's generation mix, increasing renewables from 29% to 39%, while reducing coal from 31% to 26% and gas from 40% to 35%.
MDU Resources Group (NYSE: MDU) has appointed Darrel T. Anderson as its new vice chair of the board of directors, effective immediately. Anderson, who has been an independent director since 2023 and chairs the Board's Compensation and Human Capital Committee, brings over 28 years of experience in the regulated utility industry.
Anderson previously served as president and CEO of IDACORP and Idaho Power Company, and currently serves as chairman of the board of Gemstone Holdings. The appointment is part of a planned succession process, emphasizing the company's commitment to board succession planning and governance best practices.
MDU Resources, a member of the S&P SmallCap 600 index, provides regulated electric and natural gas distribution services across eight states, serving more than 1.2 million customers. Founded in 1924, the company is celebrating its 100th anniversary and operates throughout the Pacific Northwest and Midwest.
MDU Resources Group (NYSE: MDU) has declared a quarterly dividend of 13.0 cents per share on its common stock, maintaining the same rate as the previous quarter. The dividend will be paid on April 1, 2025, to stockholders of record as of March 13, 2025.
MDU Resources, a member of the S&P SmallCap 600 index, is celebrating its 100th anniversary since its founding in 1924 as a small electric utility. The company provides essential services through regulated electric and natural gas distribution and pipeline segments, serving over 1.2 million customers across eight states in the Pacific Northwest and Midwest regions.
Knife River (NYSE: KNF) reported record financial results for Q4 and full-year 2024. The company achieved full-year revenue of $2.89 billion (up 2%), net income of $201.7 million (up 10%), and adjusted EBITDA of $463 million (up 7%).
Q4 2024 highlights include revenue of $657.2 million (up 2%), net income of $23.3 million (up 12%), and adjusted EBITDA of $81.2 million (up 12%). The company's backlog stands at $746 million, 13% higher than last year.
The company announced its pending acquisition of Strata for $454 million, expected to close in H1 2025. For 2025, Knife River provided guidance of $3.0-3.2 billion in revenue and $485-535 million in adjusted EBITDA, excluding the Strata acquisition impact.
MDU Resources Group reported strong financial performance for 2024, with net income of $281.1 million. The company's regulated energy delivery earnings increased 13.6% year-over-year to $189.7 million. Notable achievements include record annual pipeline transportation volumes (up 8.1%) and utility rate base growth of 6.8%.
Key segment performance includes: Electric utility earnings up 4.5% to $74.8 million, Pipeline segment earnings up 45% to $68.0 million, and Natural Gas Distribution earnings at $46.9 million. The company successfully completed the spinoff of Everus Construction Group on October 31, 2024.
Looking ahead, MDU Resources provided 2025 guidance with expected earnings per share of $0.88 to $0.98, planning $533 million in capital investment. The company's long-term strategy targets 7-8% compound annual growth in utility rate base and 6-8% in earnings per share.
Knife River (NYSE: KNF), a construction materials and contracting services company, has scheduled its fourth quarter and full-year 2024 earnings conference call for February 13, 2025, at 11 a.m. EST. The company will release its financial results before the NYSE market opens on the same day.
The earnings call will be accessible through a live webcast on the company's investor relations website, with presentation slides available. Participants can join via phone using the following details: Domestic: 1-800-549-8228, International: 1-289-819-1520, Conference ID: 23801. An on-demand replay will be available after the call.
MDU Resources Group (NYSE: MDU) has announced it will host its year-end 2024 earnings conference call on February 6, 2025, at 2 p.m. ET. The company will release its year-end financial results prior to the U.S. market opening on the same day. The webcast will be accessible through the company's website at www.mdu.com under the 'Investors' section, specifically in the 'Events & Presentations' area. A replay of the webcast will be made available at the same location after the call concludes.
Knife River (NYSE: KNF) has announced a definitive agreement to acquire Strata for $454 million, representing a high single-digit multiple based on Strata's projected 2025 Adj. EBITDA. Founded in 1910, Strata is a vertically integrated construction materials provider with over 75 aggregates locations, 28 ready-mix plants, three asphalt plants, and extensive rail assets in North Dakota and northwestern Minnesota.
The acquisition, expected to close in first half 2025, will be financed through cash on hand and long-term debt issuance. Knife River expects the deal to be accretive to its Adj. EBITDA margin within the first year. Strata, which employs over 900 team members during peak season, will integrate into Knife River's Central Segment, expanding the company's service territory in a familiar region.
Knife River (NYSE: KNF) has appointed Glenn R. Pladsen as Vice President and Chief Excellence Officer, effective January 1, 2025. Pladsen will lead core elements of the company's 'Competitive EDGE' strategy, focusing on EBITDA Margin Improvement, Discipline, Growth, and Excellence. In his current role as vice president of support services, Pladsen has been instrumental in launching Process Improvement Teams (PIT Crews) and the Knife River Training Center. The expanded role aims to achieve industry-leading safety performance and excellence across commercial and operational initiatives.
NorthWestern Energy (Nasdaq: NWE) has elected David L. Goodin to its board of directors, effective December 1, 2024. Goodin brings over 40 years of utility industry experience from MDU Resources Group, where he served as president and CEO until January 2024. The appointment temporarily increases the board to ten members, returning to nine on January 1, 2025, following Tony Clark's planned resignation. Goodin's extensive background includes leadership roles at MDU's Utility Group, Cascade Natural Gas, and various industry boards including Edison Electric Institute and American Gas Association.
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