MDU Resources Group, Inc. (NYSE:MDU) Q4 2021 Earnings Conference Call February 10, 2022 2:00 PM ET Company Participants Dave Goodin ??? President & Chief Executive Officer David Barney ??? President & Chief Executive Officer???Knife River Corporation Jeff Thiede ??? President & Chief Executive Officer???MDU Construction Services Group Jason Vollmer ??? Vice President & Chief Financial Officer Conference Call Participants Dariusz Lozny ??? Bank of America Ryan Levine ??? Citi Brian Russo ??? Sidoti Andrew L ...

Financial Data and Key Metrics Changes - The company reported third quarter earnings of $139.3 million, or $0.68 per share, compared to $153.1 million, or $0.76 per share in the same quarter of 2020 [7] - Year-to-date earnings reached $291.6 million, or $1.44 per share, compared to $277.9 million, or $1.39 per share in the prior year [7] Business Segment Data and Key Metrics Changes - Construction services reported third quarter earnings of $23.1 million, down from $29.8 million in the prior year, with EBITDA decreasing by $10.9 million to $35.9 million [8] - The construction materials business reported earnings of $96.3 million, down from $107.3 million, with EBITDA decreasing by $13.4 million to $158.9 million due to lower asphalt sales and margins [9][10] - The combined utility business reported net income of $5.2 million, compared to a net loss of $800,000 in the third quarter of 2020, with the electric utility segment earning $20.6 million, up from $16.8 million [11] - The natural gas segment reported a seasonal loss of $15.4 million, an improvement of $2.2 million from the previous year [13] - The pipeline business earned $10.6 million, compared to $8 million in the same quarter of 2020, primarily due to higher AFUDC on the North Bakken Expansion project [14] Market Data and Key Metrics Changes - The utility operations experienced a 1.7% customer growth since the same period in 2020 [17] - The electric retail sales volumes increased by 11.1% due to warmer weather and more businesses being open compared to the previous year [12] Company Strategy and Development Direction - The company is focused on regulatory recovery for costs associated with providing electric and natural gas services to a growing customer base [16] - Construction is set to begin on the Heskett Station Unit 4, expected to be operational in early 2023, to replace generation loss from retiring coal-fired units [18] - The North Bakken Expansion project is expected to be in service in early 2022, with a capacity to transport 250 million cubic feet of natural gas per day [19] - The company is actively seeking acquisition opportunities to enhance market share in construction operations [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for a strong end to 2021 and beyond, despite headwinds faced by construction businesses [15] - The company adjusted its earnings per share guidance to a range of $1.90 to $2.05, reflecting third quarter results and expectations for the fourth quarter [35] - Management highlighted the potential benefits from the American Rescue Plan Act funds and federal infrastructure plans for construction businesses [35] Other Important Information - The construction services group ended the quarter with a backlog of $1.27 billion, slightly down from the previous year's record [27] - Knife River's backlog as of September 30 was $651.7 million, a 14% increase from the prior year's $571.3 million [32] - The company is building a training center to enhance skills for current employees and newcomers to the construction industry [30] Q&A Session Summary Question: Comments on the materials segment and visibility on American Rescue Plan Act disbursements - Management indicated that states are beginning to allocate funds, with expectations to see some funds in the marketplace as early as next year [38][39] Question: Increase in bidding opportunities in certain regions - Increased bidding is noted in regions like Idaho, Oregon, and Montana, with tight margins due to high competition [41][42] Question: Revenue guidance adjustment - The adjustment is primarily due to timing issues with mega projects not being replaced immediately [43][44] Question: Estimate change on a construction contract - The estimate change was due to delays and increased labor and material costs on a specific project [52][53] Question: Interest in expansion opportunities on the North Bakken pipeline - Increased activity in the Bakken is noted, with potential interest due to new methane rules [55][60] Question: Undergrounding opportunity on the West Coast - The company is well positioned for a multi-year effort to underground power lines in California [62] Question: Industry-wide price adjustments due to labor and material costs - The company has been able to increase pricing on aggregates and ready-mix, but asphalt oil margins were significantly impacted [91]

NOV. 4, 2021 THIRD QUARTER EARNINGS CALL JASON VOLLMER Vice President & Chief Financial Officer ISTED FORWARD-LOOKING STATEMENTS During the course of this presentation, we will make certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations and beliefs are based on reasonable assumptions, actual results may differ materially. For a discussion of factors that may cause actual results to differ, refer to It ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ For the quarterly period ended September 30, 2021 Commission file number 1-03480 OR MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Financial Performance - Second quarter earnings per share (EPS) were $0.50 [4] - Net earnings were $100.2 million [4] - Construction Services reported record second quarter earnings of $28.9 million [8] - Construction Materials reported earnings of $51.4 million [9] Segment Results - Electric & Natural Gas Utility reported earnings of $9.6 million [5], impacted by higher operating expenses and lower investment returns - Pipeline reported earnings of $9.2 million [7], driven by higher AFUDC, partially offset by higher operation and maintenance expense - Construction Services achieved record second quarter revenues of $525.6 million [8, 12], up from $497.2 million in 2020 [8] - Construction Materials reported second quarter revenues of $633.8 million [9, 13], up from $621.1 million in 2020 [9] Outlook and Guidance - The company expects to grow rate base of Electric & Natural Gas Utility by 5% compounded annually over the next five years [10] - Construction Services expects 2021 revenue in a range of $2.1 billion to $2.3 billion [12] - Construction Materials expects 2021 revenue in a range of $2.1 billion to $2.3 billion [13] - The company affirmed 2021 EPS guidance of $2.00 - $2.15 [14]

MDU Resources Group, Inc. (NYSE:MDU) Q2 2021 Earnings Conference Call August 5, 2021 2:00 PM ET Company Participants Jason Vollmer - Vice President and Chief Financial Officer Dave Goodin - President and Chief Executive Officer Dave Barney - President and Chief Executive Officer, Knife River Corporation Jeff Thiede - President and Chief Executive Officer, MDU Construction Services Group Nicole Kivisto - President and Chief Executive Officer, Utility Group Trevor Hastings - President and Chief Executive Offi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number 1-03480 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

MDU Resources Group, Inc. (NYSE:MDU) Q1 2021 Results Conference Call May 6, 2021 2:00 PM ET Company Participants Jason Vollmer - VP & CFO Dave Goodin - President and CEO Dave Barney - President and CEO, Knife River Corporation Jeff Thiede - President and CEO, MDU Construction Services Group Nicole Kivisto - President and CEO, Utility Group Trevor Hastings - President and CEO, WBI Energy Stephanie Barth - VP, Chief Accounting Officer and Controller Conference Call Participants Dariusz Lozny - Bank of America ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the quarterly period ended March 31, 2021 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number 1-03480 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number 1-03480 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...