newsfilter
← Latest News
PR Newswire·

MDU Resources Reports First Quarter 2026 Results; Progress on Proposed Bakken East Pipeline

MDU
  • MDU Resources Group reported a consolidated net income of $80.8 million ($0.39 diluted EPS) for the first quarter of 2026.
  • Milder weather conditions negatively impacted results by approximately $0.03 per share due to lower retail volumes.
  • The company affirmed its 2026 earnings per share guidance in the range of $0.93 to $1.00.
  • A successful binding open season for the proposed Bakken East Pipeline Project secured interest for 1.4 billion cubic feet per day, with 40% under precedent agreements.
  • Projected capital investment for the Bakken East Pipeline is estimated at $2.7 billion to $3.2 billion, which would be incremental to the current $3.1 billion forecast.
  • The Electric Utility Segment earned $14.5 million, with higher interest expense and depreciation from the Badger Wind Farm offsetting revenue gains from rate recovery mechanisms.
  • The Natural Gas Distribution Segment earned $44.2 million, where lower volumes from warmer weather were largely offset by rate relief across multiple jurisdictions.
  • The Pipeline Segment earned $15.3 million, impacted by lower storage withdrawals and higher operating expenses, partially offset by strong transportation demand.
  • Regulatory updates include approved rate increases in Montana, Wyoming, Idaho, and Washington, with additional filings anticipated in North Dakota, Oregon, and Minnesota.
  • The company issued 4.3 million new shares for $81.3 million in March 2026 as part of its equity funding plan to support capital expenditures.
  • Bakken East Pipeline Phase One is targeted for completion in November 2029, with Phase Two targeted for November 2030.
  • The Line Section 32 Expansion Project received a FERC Section 7(c) application filing in March 2026, with construction expected to finish in late 2028.
  • Total capital expenditures for 2026 are estimated at $565 million across electric, natural gas distribution, and pipeline segments.
  • Market price per share reached $20.72 as of March 31, 2026, representing 149.2% of the book value per share of $13.89.