MDU Resources Group, Inc. (NYSE:MDU) Q1 2024 Results Conference Call May 2, 2024 2:00 PM ET Company Participants Jason Vollmer - Vice President, Chief Financial Officer and Treasurer Nicole Kivisto - President and CEO Jeff Thiede - President and Chief Executive Officer of Everus Garret Senger - Chief Utilities Officer Stephanie Sievert - Vice President, Chief Accounting Officer and Controller Rob Johnson - President of WBI Energy Conference Call Participants Ryan Levine - Citi Operator Hello, everyone. My n ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 30-1133956 (I.R.S. Employer Identification No.) 1200 West Century Avenue P.O. Box 5650 Bismarck, North Dakota 58506-5650 (Address of principal executive offices) (Zip Code) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, ...

MDU Resources Reports Strong First Quarter Results; Affirms 2024 Guidance BISMARCK, N.D. — May 2, 2024 — MDU Resources Group, Inc. (NYSE: MDU) today reported strong first quarter results from its utility, pipeline and construction services businesses, and it affirmed its 2024 guidance. "Thanks to the continued dedication and hard work of our employees providing essential services to our customers, we finished the first quarter with strong performance across our businesses," said Nicole A. Kivisto, president ...

BISMARCK, N.D., May 2, 2024 /PRNewswire/ -- Pipeline has record first quarter earnings, up 82%. Utility first quarter earnings up 4%. Everus reports 8% earnings increase, record first quarter EBITDA and all-time record backlog. 2024 guidance affirmed: Regulated energy delivery earnings in the range of $170 million to $180 million; Everus revenues of $2.9 billion to $3.1 billion with EBITDA of $220 million to $240 million. MDU Resources Group, Inc. (NYSE: MDU) today reported strong first quarter results fr ...

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, 2023 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 ...

Financial Data and Key Metrics - Full year 2023 earnings were $414.7 million or $2.03 per share on a GAAP basis, compared to $367.5 million or $1.81 per share in 2022 [20] - Income from continuing operations in 2023 was $480.4 million or $2.36 per share, compared to $250.8 million or $1.23 per share in 2022 [20] - Adjusted income from continuing operations for 2023 was $305.1 million or $1.50 per share, compared to $254.5 million or $1.25 per share in 2022 [32] - The pipeline business posted record earnings of $46.9 million in 2023, a 33% increase from $35.3 million in 2022 [38] Business Line Performance - The combined utility business reported record earnings of $120.1 million in 2023, up from $102.3 million in 2022 [4] - Electric Utility earnings increased to $71.6 million in 2023 from $57.1 million in 2022, driven by higher retail sales revenue and transmission interconnect upgrades [4] - The natural gas utility business reported earnings of $48.5 million in 2023, up from $45.2 million in 2022, primarily due to higher retail sales revenues and investment returns [21] - Construction Services business reported record revenues of $2.85 billion and record earnings of $137.2 million in 2023, compared to $2.7 billion and $124.8 million in 2022 [22] - EBITDA for Construction Services increased 15% year-over-year to $222.7 million in 2023 [22] Market and Operational Data - The pipeline business achieved record annual transportation volumes in 2023, with a capacity of approximately 2.6 billion cubic feet of natural gas per day, reflecting a 6.6% annual growth rate over the previous 5 years [1] - The company plans to invest $405 million in the pipeline business over the next 5 years to expand natural gas transportation capacity [1] - The utility business serves 1.2 million customers, with rate base growth of 8.5% in 2023 and customer growth of 1.3% [29] - The company expects to grow rate base by approximately 7% compounded annually over the next 5 years and plans to invest $2.3 billion in utility infrastructure [29] Strategic Direction and Industry Competition - The company is transitioning to a pure-play regulated energy delivery business, with the spin-off of Knife River completed and the Construction Services spin-off expected by late 2024 [25] - The company is focusing on system growth in its pipeline business, with several expansion projects expected to be in service by 2024 [1] - Construction Services is well-positioned to benefit from increased bidding opportunities due to funding from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act [30] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about growth opportunities in regulated delivery projects and the strong demand for Construction Services [47] - The company initiated 2024 earnings guidance for regulated energy delivery businesses in the range of $170 million to $180 million [18] - Construction Services revenue guidance for 2024 is in the range of $2.9 billion to $3.1 billion, with EBITDA guidance of $220 million to $240 million [30] - The company expects to file multiyear rate cases in Washington and rate cases in Montana, Oregon, and Wyoming during 2024 [28] Other Important Information - The Heskett Unit IV natural gas-fired electric generating facility is expected to be fully operational by Q2 2024 after operational setbacks [17] - Interim natural gas rates in North Dakota were implemented on January 1, 2024, increasing revenues by $10.1 million or 6.5% [16] - The company maintains a strong balance sheet and ample access to working capital to finance operations [40] Q&A Session Summary Question: Update on MISO Tranche 1 transmission projects - The project is progressing within the $220 million capital budget, with expenditures expected in 2026 and 2027, and the property to be in service by 2028 [65][66] Question: Outlook for renewable-related customers - The company has picked up more renewable work in the Midwest and Southwest, with several projects targeted for backlog in the current quarter [50] Question: Impact of severe weather in California - The company has experienced some labor hour impacts due to severe weather but has also captured storm work opportunities in the Midwest [51] Question: Comparison of current guidance to prior years - Management views the current guidance as enthusiastic, reflecting strong demand for services and consistent backlog [54] Question: Timing of pipeline expansion projects - The Line Section 27 expansion is expected to come online in Q1 2024, and the Wahpeton expansion is expected in November 2024 [77] Question: Impact of Heskett Unit IV delay on power costs - Elevated costs from the January winter weather event will flow through fuel clause adjustments but are unrelated to Heskett [79][80] Question: Drivers of lower EBITDA guidance for Construction Services in 2024 - The guidance reflects new project starts and timing, with confidence in achieving record performance levels [81]

MDU Resources Group Inc. (NYSE:MDU) Q3 2023 Earnings Conference Call November 2, 2023 2:00 PM ET Company Participants Jason Vollmer - VP, CFO & Treasurer Dave Goodin - President, CEO & Director Jeff Thiede - President & CEO of MDU Construction Services Group, Inc Nicole Kivisto - CEO & President of Cascade Natural Gas Corp, Intermountain Gas Co & Montana-Dakota Utilities Co. Dariusz Lozny - Bank of America Chris Ellinghaus - Siebert Williams Shank Ryan Levine - Citi Brian Russo - Sidoti Operator Hello. My n ...

For the transition period from _____________ to ______________ Commission file number 1-03480 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered p ...

MDU Resources Group, Inc. (NYSE:MDU) Q2 2023 Results Conference Call August 3, 2023 2:00 PM ET Company Participants Jason Vollmer - Vice President, Chief Financial Officer and Treasurer Dave Goodin - President and CEO Stephanie Barth - Vice President, Chief Accounting Officer and Controller, MDU Resources Nicole Kivisto - President and CEO, Utility Group Rob Johnson - President, WBI Energy Jeff Thiede - President and CEO, MDU Construction Services Group Conference Call Participants Dariusz Lozny - Bank of A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number 1-03480 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...