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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) reported third quarter earnings of $139.3 million or 68 cents per share, down from $153.1 million or 76 cents per share in the same quarter of 2020. For the first nine months of 2021, earnings reached $291.6 million, an increase from $277.9 million in 2020. The company adjusted its EPS guidance for the year to $1.90 to $2.05 due to challenges in the construction sector. As of Sept. 30, the construction backlog stood at $1.92 billion, a 3% increase year-over-year.
MDU Resources Group, Inc. (NYSE: MDU) will host a webcast for its third quarter 2021 earnings conference call on Nov. 4, following the release of financial results. The call will begin at 2 p.m. EDT and will be accessible via www.mdu.com. Audio replays will be available until Nov. 18. MDU Resources, part of the S&P MidCap 400, provides essential products and services through its regulated energy and construction materials segments.
MDU Resources Group declared a quarterly dividend of 21.25 cents per share, consistent with the prior quarter. This dividend is scheduled for payment on October 1 to stockholders of record by September 9. MDU is recognized as a Fortune 500 company and is part of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats indices, emphasizing its solid financial standing and commitment to returning value to shareholders.
MDU Resources Group reported second-quarter earnings of $100.2 million, or 50 cents per share, matching last year's results. For the first half of 2021, earnings increased to $152.3 million, or 76 cents per share, up from $124.8 million in 2020. The company anticipates full-year earnings per share between $2.00 and $2.15. Notably, construction services achieved record earnings, while regulated energy delivery faced higher operating expenses. MDU's construction materials backlog grew to $912 million as of June 30, indicating strong demand.
Montana-Dakota Utilities and WBI Energy, subsidiaries of MDU Resources Group (NYSE: MDU), announced a natural gas pipeline expansion project in eastern North Dakota. This project aims to enhance natural gas supply to Wahpeton and extend service to Kindred. The expansion involves a 60-mile pipeline with a capacity of 20 million cubic feet per day, costing approximately $75 million. Construction is expected to start in early 2024, with service commencing late 2024, addressing the local demand for firm natural gas service.
WBI Energy, a subsidiary of MDU Resources Group (NYSE: MDU), commenced construction on the North Bakken Expansion project in North Dakota, enabling the transport of 250 million cubic feet of natural gas per day. Following approval from the Federal Energy Regulatory Commission on July 8, this $260 million project will enhance WBI's capacity to over 2.4 billion cubic feet daily and is projected to reduce natural gas flaring. The expansion includes 63 miles of 24-inch pipeline and is expected to create up to 450 jobs during peak construction, with completion anticipated by year-end.
MDU Resources Group will host a webcast for its second quarter 2021 earnings conference call on August 5, 2021, at 2 p.m. EDT. This follows the release of its financial results. Investors can access the call via www.mdu.com, with options for audio and webcast replays available until August 19, 2021. The company is recognized as a Fortune 500 entity and is part of the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats indices.
WBI Energy, a subsidiary of MDU Resources Group (NYSE: MDU), received a certificate from FERC for the North Bakken Expansion project, which will increase natural gas transport capacity by 250 million cubic feet per day.
The $260 million project involves 62 miles of 24-inch and 20 miles of 12-inch pipelines in North Dakota and is projected to create up to 450 jobs during peak construction. Completion is expected by the end of the year, pending a notice to proceed from FERC within 30 days.
MDU Resources Group has been recognized in the 2021 Fortune 500, ranking No. 486, highlighting its status as one of the largest U.S. companies based on 2020 revenues. The company, headquartered in Bismarck, North Dakota, operates in 46 states with approximately 16,000 employees during peak construction. MDU's dual business model focuses on regulated energy delivery and construction materials, contributing to its growth and acclaim. President David L. Goodin emphasized the importance of their workforce in providing essential services.
MDU Resources Group has declared a quarterly dividend of 21.25 cents per share, consistent with the previous quarter. The dividend is scheduled for payment on July 1, 2021, to stockholders on record as of June 10, 2021. This decision reinforces MDU's position as a member of the S&P High-Yield Dividend Aristocrats index, highlighting its commitment to returning value to shareholders. For additional details, visit www.mdu.com.
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