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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.
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MDU Resources Group sets a methane emissions reduction target of 30% by 2035 for its natural gas utility segment. The company's sustainability report also highlights a 40% reduction in greenhouse gas emissions intensity from owned electric generating facilities and top rankings in customer satisfaction.
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David L. Goodin, the president and CEO of MDU Resources Group, Inc., will retire on Jan. 5, 2023, after a 40-year career with the company. Nicole A. Kivisto, the current president and CEO of MDU Resources' electric and natural gas utility companies, will succeed Goodin as president and CEO on Jan. 6. Goodin has been credited with leading MDU Resources through significant strategic initiatives, growing subsidiary companies, and positioning the remaining corporation as a regulated energy delivery business. The board of directors unanimously selected Kivisto due to her strategic vision, shareholder focus, core values, and experience in regulated energy operations.
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MDU Resources Group, Inc. (NYSE: MDU) declares a quarterly dividend of 12.5 cents per share, representing a 66% payout ratio based on 2023 earnings guidance. The board also sets a long-term dividend payout ratio target of 60% to 70% of regulated energy delivery earnings. The dividend is payable on Oct. 1 to stockholders of record on Sept. 14.
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MDU Resources Group, Inc. plans to pursue a potential tax-advantaged separation of its construction services business from the company to enhance value for stockholders. The construction services group has experienced record-breaking performance and is expected to generate revenue of $2.8 billion to $3.0 billion in 2023. MDU Resources also anticipates additional project opportunities from federal infrastructure investments and the energy transition in the U.S.
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Knife River Corporation completes spinoff from MDU Resources Group, becomes independent public company
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FAQ
What is the current stock price of MDU Resources Group (MDU)?
The current stock price of MDU Resources Group (MDU) is $18.34 as of November 15, 2024.
What is the market cap of MDU Resources Group (MDU)?
The market cap of MDU Resources Group (MDU) is approximately 3.7B.
What are the core businesses of MDU Resources Group, Inc.?
MDU Resources operates in five segments: Electric, Natural Gas Distribution, Pipeline, Construction Services, and Everus Construction Group.
What recent projects has MDU Resources Group, Inc. undertaken?
Recent projects include the Wahpeton Expansion project, which involves constructing a natural gas pipeline expansion in eastern North Dakota.
What is the significance of the planned spinoff of Everus Construction Group?
The spinoff aims to create two independent, publicly traded companies, allowing MDU Resources to focus on being a pure-play regulated energy delivery business.
What regions does MDU Resources serve?
MDU Resources serves customers in Montana, North Dakota, South Dakota, Wyoming, Idaho, Minnesota, Oregon, and Washington.
What is the historical background of MDU Resources Group, Inc.?
MDU Resources was founded in 1924 as a small electric utility serving rural communities in Montana and North Dakota. It has since grown into a multibillion-dollar corporation.
How does MDU Resources contribute to infrastructure development?
MDU Resources provides essential products and services that support energy and transportation infrastructure, including electricity, natural gas, and construction services.
What is the financial outlook for MDU Resources?
MDU Resources has a strong financial condition, with strategic investments in infrastructure projects and a focus on sustainable growth and shareholder value.
What is the status of the Heskett Unit IV project?
The Heskett Unit IV, an 88-megawatt natural gas-fired electric generating facility, is expected to be online in the second quarter.
How does MDU Resources ensure reliability in its services?
MDU Resources continually invests in modernizing its infrastructure and expanding its regulated pipeline system to provide reliable services to its customers.
Where can I find more information about MDU Resources?
For more information, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
MDU Resources Group, Inc.
NYSE:MDU
MDU Rankings
MDU Stock Data
3.73B
203.89M
0.63%
75.91%
2.71%
Conglomerates
Mining & Quarrying of Nonmetallic Minerals (no Fuels)
United States of America
BISMARCK