Analyst Report: MDU Resources Group Inc
Summary
MDU Resources Group Inc. is a natural gas utility with smaller electric utility operations. Through WBI, the company transports gas and controls 3,800 miles of pipeline in the Northern Plains and maintains one of the largest underground storage fields in North America. Through its four regulated utilities it provides generation, transmission, and distribution of electricity to 145,000 customers and gas to about 1 million customers. Utility service regions spread across eight states-WY, SD, MN, ND, ID, MT, WA, and OR. Compared with peers, the company has relatively modest generating capacity of about 700 MW. Its 2024 generation fuel mix is about 40% gas, 31% coal, and 29% renewable. Once its 2025 joint venture wind farm becomes fully operational, the fuel mix is projected to be 35% natural gas, 26% coal, and 39% renewables.
The company was founded in in 1924 as a small utility until it branched out into the construction industry. It spun off two construction service companies in 2023 and 2024. Restated 2024 operating revenues were $1.8 billion, of which about 70% was from natural gas distribution and 24% was fr
