MDU Resources Group: Successful Realignment and Promising Results in the Third Quarter of 2024

The recent conference call for the release of MDU Resources Group's quarterly results provided investors and interested parties with key insights into the company's ongoing realignment and growth potential. Moderated by CFO Jason Vollmer, the event focused on the transition towards becoming a pure, regulated service provider in the energy supply sector. In her opening remarks, Nicole Kivisto, CEO and President of MDU Resources, reflected on the strategic changes and looked optimistically to the future. With the successful spin-off of Everus Construction Group on October 31, one year after the separation from Knife River, the company has completed its transformation. Kivisto expressed pride in the employees who not only contributed to the strategic initiatives but also maintained operations at a high level continuously. The third quarter of 2024 shone with positive results. Particularly impressive were the results in the utility sector, supported by targeted price adjustments and increased investments in infrastructure. The pipeline segment also achieved record profits, driven by increased demand for transport and storage services. A growing customer base and regulatory activities underscore MDU Resources' commitment to proactively managing infrastructure projects. While the company concluded new power supply agreements for data centers in South Dakota and North Dakota, significant steps were also taken in gas application proceedings in Montana, South Dakota, and Washington. The pipeline activities contribute significantly to success. A critical expansion project commenced operation during the quarter, increasing capacity by 137 million cubic feet of natural gas per day. The completion of another pipeline lateral acquisition in North Dakota further strengthens MDU Resources' position. With an optimistic full-year forecast that even exceeds previous expectations, the company anticipates a promising year-end. Expansions and consistent demand for services promise further long-term growth and solid returns.