Mdu Resources Group Inc 10-Q for FY2025 Q1

Mdu Resources Group Inc (MDU)

10-Q 2025-05-08 For: 2025-03-31

Added on April 12, 2026

About this 10-Q

Mdu Resources Group Inc filed this 10-Q on May 8, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $674.83M; up 14.7% from $588.28M a year earlier
Net income: $81.97M; down 18.8% from net income of $100.9M a year earlier
Diluted EPS: $0.40; down 18.4% from $0.49 a year earlier

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Delaware						30-1133956
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	MDU	New York Stock Exchange


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐


Index
			Page
Definitions			3
Introduction			5
Part I -- Financial Information
Item 1. Financial Statements			6
Consolidated Statements of Income -- Three Months Ended March 31, 2025 and 2024			6
Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2025 and 2024			7
Consolidated Balance Sheets -- March 31, 2025 and 2024, and December 31, 2024			8
Consolidated Statements of Equity -- Three Months Ended March 31, 2025 and 2024			9
Consolidated Statements of Cash Flows -- Three Months Ended March 31, 2025 and 2024			10
Notes to Consolidated Financial Statements			11
1. Basis of presentation			11
2. New accounting standards			12
3. Discontinued operations			12
4. Seasonality of operations			14
5. Receivables and allowance for expected credit losses			14
6. Inventories and natural gas in storage			14
7. Earnings per share			15
8. Revenue from contracts with customers			16
9. Regulatory assets and liabilities			18
10. Environmental allowances and obligations			19
11. Fair value measurements			19
12. Debt			22
13. Cash flow information			23
14. Business segment data			23
15. Employee benefit plans			25
16. Regulatory matters			26
17. Commitments and contingencies			27

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			29
Item 3. Quantitative and Qualitative Disclosures About Market Risk			46
Item 4. Controls and Procedures			46
Part II -- Other Information
Item 1. Legal Proceedings			47
Item 1A. Risk Factors			47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			47
Item 5. Other Information			47
Item 6. Exhibits			47
Exhibits Index			48
Signatures			49


Abbreviation or Acronym
2024 Annual Report			Company's Annual Report on Form 10-K for the year ended December 31, 2024
AFUDC			Allowance for funds used during construction
Applied Digital			Applied Digital Corporation
ASC			FASB Accounting Standards Codification
ASU			FASB Accounting Standards Update
Big Stone Station			475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership)
Cascade			Cascade Natural Gas Corporation, an indirect wholly-owned subsidiary of MDU Energy Capital
Centennial			CEHI, LLC, a direct wholly-owned subsidiary of the Company, formerly known as Centennial Energy Holdings, Inc., prior to the separation of Knife River from the Company. References to Centennial's historical business and operations refer to the business and operations of Centennial Energy Holdings, Inc.
Centennial Capital			Centennial Holdings Capital LLC, a direct wholly-owned subsidiary of Centennial
CODM			Chief Operating Decision Maker
Company			MDU Resources Group, Inc.
COVID-19			Coronavirus disease 2019
Coyote Creek			Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation
Coyote Station			427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
CWIP			Construction work in progress, costs associated with the construction of new utility facilities recorded on the balance sheet until these facilities are placed in service
DC Circuit Court			District of Columbia Circuit Court
dk			Decatherm
EPA			United States Environmental Protection Agency
Everus			Everus Construction Group, Inc., a wholly-owned subsidiary of the Company prior to the separation from the Company, that was established in conjunction with the proposed separation of Everus Construction
Everus Construction			Everus Construction, Inc., a direct wholly-owned subsidiary of Centennial prior to the separation from the Company, formerly known as MDU Construction Services Group, Inc. prior to March 12, 2024
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
Fidelity			Fidelity Exploration & Production Company, an indirect wholly-owned subsidiary of Centennial (previously referred to as the Company's exploration and production segment)
GAAP			Accounting principles generally accepted in the United States of America
GHG			Greenhouse gas
Holding Company Reorganization			The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota
Intermountain			Intermountain Gas Company, an indirect wholly-owned subsidiary of MDU Energy Capital
IRA			Inflation Reduction Act of 2022
IRP			Integrated Resource Plan
JETx			345-kV transmission line from Jamestown, North Dakota to Ellendale, North Dakota (50 percent ownership)
kWh			Kilowatt-hour


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


kV			Kilovolt
MAOP			Maximum allowable operating pressure
MDU Energy Capital			MDU Energy Capital, LLC, a direct wholly-owned subsidiary of the Company
MDUR Newco			MDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company
MDUR Newco Sub			MDUR Newco Sub, Inc., a direct, wholly-owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization
MISO			Midcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana
MMcf			Million cubic feet
MMdk			Million dk
Montana-Dakota			Montana-Dakota Utilities Co., a direct wholly-owned subsidiary of MDU Energy Capital
MTPSC			Montana Public Service Commission
MW			Megawatt
NDDEQ			North Dakota Department of Environmental Quality
NDPSC			North Dakota Public Service Commission
NERC			North American Electric Reliability Corporation
ODEQ			Oregon Department of Environmental Quality
OPUC			Oregon Public Utility Commission
PHMSA			Pipeline and Hazardous Materials Safety Administration
RNG			Renewable natural gas
SBCC			State Building Code Council
SDPUC			South Dakota Public Utilities Commission
SEC			United States Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
SOFR			Secured Overnight Financing Rate
SPP			Southwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States
TSA			In connection with the separation of Everus, the Company and Everus entered into a Transition Services Agreement whereby each party will provide certain post-separation services on a transitional basis
VIE			Variable interest entity
Washington DOE			Washington State Department of Ecology
WBI Energy			WBI Energy, Inc., an indirect wholly-owned subsidiary of Centennial
WBI Energy Transmission			WBI Energy Transmission, Inc., an indirect wholly-owned subsidiary of Centennial
WUTC			Washington Utilities and Transportation Commission
WYPSC			Wyoming Public Service Commission


MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months Ended
	March 31,
		2025		2024
		(In thousands, except per share amounts)
Operating revenues		$	674,833	$	588,275
Operating expenses:
Purchased natural gas sold		317,157		258,602
Electric fuel and purchased power		43,748		39,723
Operation and maintenance		111,047		107,614
Depreciation and amortization		51,261		49,767
Taxes, other than income		38,757		35,913
Total operating expenses		561,970		491,619
Operating income		112,863		96,656
Other income		4,997		11,909
Interest expense		26,822		26,511
Income before income taxes		91,038		82,054
Income taxes		8,571		7,319
Income from continuing operations		82,467		74,735
Discontinued operations, net of tax		(502)		26,163
Net income		$	81,965	$	100,898
Earnings per share - basic:
Income from continuing operations		$	.40	$	.37
Discontinued operations, net of tax		—		.13
Earnings per share - basic		$	.40	$	.50
Earnings per share - diluted:
Income from continuing operations		$	.40	$	.37
Discontinued operations, net of tax		—		.12
Earnings per share - diluted		$	.40	$	.49
Weighted average common shares outstanding - basic		204,142		203,779
Weighted average common shares outstanding - diluted		204,959		204,187


MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
	March 31, 2025		March 31, 2024		December 31, 2024
Assets	(In thousands, except shares and per share amounts)
Current assets:
Cash, cash equivalents and restricted cash	$	59,541	$	72,724	$	66,904
Receivables, net	269,246		239,259		274,303
Current regulatory assets	143,341		158,614		215,436
Inventories	18,457		13,784		44,940
Prepayments and other current assets	50,966		65,077		64,676
Current assets of discontinued operations	—		770,486		—
Total current assets	541,551		1,319,944		666,259
Noncurrent assets:
Property, plant and equipment	7,617,007		7,174,730		7,554,063
Less accumulated depreciation and amortization	2,238,371		2,114,539		2,209,771
Net property, plant and equipment	5,378,636		5,060,191		5,344,292
Goodwill	345,736		345,736		345,736
Regulatory assets	312,008		414,433		322,350
Investments	117,599		108,574		115,459
Other	265,944		238,149		244,722

Noncurrent assets of discontinued operations	—		352,844		—
Total noncurrent assets	6,419,923		6,519,927		6,372,559
Total assets	$	6,961,474	$	7,839,871	$	7,038,818
Liabilities and Stockholders' Equity
Current liabilities:
Long-term debt due within one year	$	161,700	$	60,700	$	161,700
Accounts payable	109,133		113,333		150,070
Regulatory liabilities due within one year	140,165		90,115		137,167
Taxes payable	65,218		58,654		43,372
Dividends payable	26,563		25,044		26,511
Accrued compensation	18,175		16,018		35,264
Other accrued liabilities	113,622		119,863		124,514

Current liabilities of discontinued operations	—		439,096		—
Total current liabilities	634,576		922,823		678,598
Noncurrent liabilities:
Long-term debt	2,031,976		2,193,697		2,130,910
Deferred income taxes	429,825		455,403		441,320
Regulatory liabilities	463,879		523,484		459,170
Asset retirement obligations	410,715		388,451		406,351
Other	247,367		193,241		231,895
Noncurrent liabilities of discontinued operations	—		181,831		—
Total noncurrent liabilities	3,583,762		3,936,107		3,669,646
Commitments and contingencies
Stockholders' equity:
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 204,331,170 at March 31, 2025, 203,888,237 at March 31, 2024 and 203,934,578 at December 31, 2024	204,331		203,888		203,935
Other paid-in capital	1,470,512		1,466,551		1,473,738
Retained earnings	1,084,899		1,328,812		1,029,699
Accumulated other comprehensive loss	(16,606)		(18,310)		(16,798)

Total stockholders' equity	2,743,136		2,980,941		2,690,574
Total liabilities and stockholders' equity	$	6,961,474	$	7,839,871	$	7,038,818


MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
				Other Paid-in Capital		Retained Earnings		Accumu-lated Other Compre-hensive Loss
	Common Stock
	Shares	Amount								Total
	(In thousands, except shares)
At December 31, 2024	203,934,578	$	203,935	$	1,473,738	$	1,029,699	$	(16,798)	$	2,690,574
Net income	—	—		—		81,965		—		81,965
Other comprehensive income	—	—		—		—		192		192
Dividends declared on common stock	—	—		—		(26,765)		—		(26,765)
Stock-based compensation	—	—		1,646		—		—		1,646
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings	396,592	396		(4,872)		—		—		(4,476)
At March 31, 2025	204,331,170	$	204,331	$	1,470,512	$	1,084,899	$	(16,606)	$	2,743,136


MDU Resources Group, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	March 31,
	2025		2024
	(In thousands)
Operating activities:
Net income	$	81,965	$	100,898
(Loss) income from discontinued operations, net of tax	(502)		26,163
Income from continuing operations	82,467		74,735
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,261		49,767
Deferred income taxes	(13,687)		866
Provision for credit losses	3,152		2,698
Amortization of debt issuance costs	309		228
Employee stock-based compensation costs	1,646		2,829
Pension and postretirement benefit plan net periodic benefit credit	(267)		(964)
Unrealized losses (gains) on investments	470		(2,594)
Losses on sales of assets	71		6
Changes in current assets and liabilities, net of acquisitions:
Receivables	15,128		12,130
Inventories	26,590		29,063
Other current assets	92,739		36,300
Accounts payable	(28,034)		(32,658)
Other current liabilities	(11,324)		(3,571)
Pension and postretirement benefit plan contributions	(385)		(8)
Other noncurrent changes	(2,162)		(24,813)
Net cash provided by continuing operations	217,974		144,014
Net cash (used in) provided by discontinued operations	(502)		21,083
Net cash provided by operating activities	217,472		165,097
Investing activities:
Capital expenditures	(93,034)		(116,986)

Net proceeds from sale or disposition of property	—		10
Salvage value, net of cost of removal	869		31
Investments	(2,574)		(2,580)
Proceeds from investment cost basis withdrawal	—		9,000

Net cash used in continuing operations	(94,739)		(110,525)
Net cash used in discontinued operations	—		(6,739)
Net cash used in investing activities	(94,739)		(117,264)
Financing activities:

Repayment of short-term borrowings	—		(95,000)
Issuance of long-term debt	—		89,200
Repayment of long-term debt	(99,104)		(623)
Debt issuance costs	(5)		(527)
Costs of issuance of common stock	—		(35)
Dividends paid	(26,511)		(25,904)

Tax withholding on stock-based compensation	(4,476)		(2,623)
Net cash used in continuing operations	(130,096)		(35,512)
Net cash used in discontinued operations	—		—
Net cash used in financing activities	(130,096)		(35,512)
(Decrease) increase in cash, cash equivalents and restricted cash	(7,363)		12,321
Cash, cash equivalents and restricted cash - beginning of year	66,904		76,975
Cash, cash equivalents and restricted cash - end of period *	$	59,541	$	89,296
*Includes cash of discontinued operations of $16.6 million at March 31, 2024.


Standard	Description	Effective date	Impact on financial statements/disclosures


Recently issued accounting standards not yet adopted
ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023	In December 2023, the FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures.	Effective for annual reporting periods beginning after 2024 on a prospective basis.	The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
ASU 2024-01 Compensation - Stock Compensation	In March 2024, the FASB issued improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation.	Effective for fiscal years beginning after December 15, 2024.	The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
ASU 2024-03 Disaggregation of Income Statement Expenses	In November 2024, the FASB issued guidance to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative; and research and development).	Effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.	The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2027.


	Electric		Natural gas distribution		Pipeline		Total
	(In thousands)
At December 31, 2024	$	473	$	1,366	$	—	$	1,839
Current expected credit loss provision	939		2,213		—		3,152
Less write-offs charged against the allowance	1,036		1,269		—		2,305
Credit loss recoveries collected	166		252		—		418
At March 31, 2025	$	542	$	2,562	$	—	$	3,104


Three Months Ended March 31, 2025	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	39,685	$	289,235	$	—	$	—	$	328,920
Commercial utility sales	48,477		192,331		—		—		240,808
Industrial utility sales	9,164		15,462		—		—		24,626
Other utility sales	1,850		—		—		—		1,850
Natural gas transportation	—		17,710		49,253		—		66,963
Natural gas storage	—		—		6,030		—		6,030
Other	17,591		23,478		1,362		179		42,610
Intersegment eliminations	(178)		(94)		(33,337)		(178)		(33,787)
Revenues from contracts with customers	116,589		538,122		23,308		1		678,020
Other revenues	(4,328)		1,126		15		—		(3,187)
Total external operating revenues	$	112,261	$	539,248	$	23,323	$	1	$	674,833


	Estimated Recovery or Refund Period as of March 31, 2025	*	March 31, 2025		March 31, 2024		December 31, 2024
			(In thousands)
Regulatory assets:
Current:
Environmental compliance programs	Up to 1 year		$	56,441	$	7,443	$	76,964
Natural gas costs recoverable through rate adjustments	Up to 1 year		51,321		110,481		91,091
Conservation programs	Up to 1 year		16,902		13,735		19,123
Electric fuel and purchased power deferral	Up to 1 year		7,109		17,061		9,662
Cost recovery mechanisms	Up to 1 year		4,806		6,454		5,114
Decoupling mechanisms	Up to 1 year		4,769		1,046		6,767
Other	Up to 1 year		1,993		2,394		6,715
			143,341		158,614		215,436
Noncurrent:
Pension and postretirement benefits	**		142,065		142,511		142,064
Cost recovery mechanisms	Up to 24 years		72,764		84,546		76,542
Plant costs/asset retirement obligations	Over plant lives		46,920		45,702		47,042
Manufactured gas plant site remediation	-		27,443		25,851		27,964
Taxes recoverable from customers	Over plant lives		12,228		12,331		12,221
Covid-19 deferred costs	Up to 3 years		3,926		3,087		4,167
Long-term debt refinancing costs	Up to 36 years		1,865		2,453		2,011
Natural gas costs recoverable through rate adjustments	-		—		25,915		—
Electric fuel and purchased power deferral	-		—		15,612		4,349
Environmental compliance programs	-		—		50,372		—
Other	Up to 14 years		4,797		6,053		5,990
			312,008		414,433		322,350
Total regulatory assets			$	455,349	$	573,047	$	537,786
Regulatory liabilities:
Current:
Environmental compliance programs	Up to 1 year		$	65,680	$	—	$	72,387
Natural gas costs refundable through rate adjustments	Up to 1 year		46,744		54,282		45,427
Demand charges	Up to 1 year		10,000		8,645		—
Provision for rate refund	Up to 1 year		3,833		6,517		3,677
Margin sharing	Up to 1 year		3,562		2,869		4,156
Conservation programs	Up to 1 year		2,782		3,576		2,082
Taxes refundable to customers	Up to 1 year		2,087		1,991		2,163
Cost recovery mechanisms	Up to 1 year		716		5,642		1,720
Other	Up to 1 year		4,761		6,593		5,555
			140,165		90,115		137,167
Noncurrent:


March 31, 2025	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	7,997	$	18	$	299	$	7,716
U.S. Treasury securities	3,869		76		1		3,944
Total	$	11,866	$	94	$	300	$	11,660


March 31, 2024	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	8,072	$	4	$	507	$	7,569
U.S. Treasury securities	3,756		35		2		3,789
Total	$	11,828	$	39	$	509	$	11,358


December 31, 2024	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	7,933	$	4	$	383	$	7,554
U.S. Treasury securities	3,945		80		1		4,024
Total	$	11,878	$	84	$	384	$	11,578


Three Months Ended March 31, 2024	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	39,222	$	263,103	$	—	$	—	$	302,325
Commercial utility sales	41,515		162,130		—		—		203,645
Industrial utility sales	11,349		14,579		—		—		25,928
Other utility sales	1,936		—		—		—		1,936
Natural gas transportation	—		14,591		43,637		—		58,228
Natural gas storage	—		—		5,382		—		5,382
Other	15,630		3,201		2,256		37		21,124
Intersegment eliminations	(12)		(41)		(30,290)		(21)		(30,364)
Revenues from contracts with customers	109,640		457,563		20,985		16		588,204
Other revenues	(1,897)		1,921		47		—		71
Total external operating revenues	$	107,743	$	459,484	$	21,032	$	16	$	588,275


	Fair Value Measurements at March 31, 2025, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at March 31, 2025
	(In thousands)
Assets:
Money market funds	$	—	$	13,841	$	—	$	13,841
Insurance contracts*	—		61,075		—		61,075
Available-for-sale securities:
Mortgage-backed securities	—		7,716		—		7,716
U.S. Treasury securities	—		3,944		—		3,944

Total assets measured at fair value	$	—	$	86,576	$	—	$	86,576


* The insurance contracts invest approximately 58 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 9 percent in target date investments, 7 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 3 percent in cash equivalents, 1 percent in international investments, and 1 percent in real estate.


	Fair Value Measurements at December 31, 2024, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2024
	(In thousands)
Assets:
Money market funds	$	—	$	12,879	$	—	$	12,879
Insurance contracts*	—		59,282		—		59,282
Available-for-sale securities:
Mortgage-backed securities	—		7,554		—		7,554
U.S. Treasury securities	—		4,024		—		4,024

Total assets measured at fair value	$	—	$	83,739	$	—	$	83,739


	Weighted Average Interest Rate at March 31, 2025		March 31, 2025		March 31, 2024		December 31, 2024
			(In thousands)
Senior Notes due on dates ranging from August 23, 2025 to June 15, 2062	4.57	%	$	1,947,000	$	1,882,000	$	1,947,000
Credit agreements due on June 20, 2029	6.65	%	104,900		120,700		169,700
Term Loan Agreements due on dates ranging from September 3, 2032 to April 1, 2039	4.43	%	61,600		64,300		65,600
Commercial paper supported by revolving credit agreement	4.69	%	51,100		158,800		81,400
Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029	7.32	%	35,000		35,000		35,000
Other notes due on dates ranging from May 31, 2028 to November 30, 2038	6.00	%	342		357		346
Less unamortized debt issuance costs			6,266		6,760		6,436

Total long-term debt			2,193,676		2,254,397		2,292,610
Less current maturities			161,700		60,700		161,700
Net long-term debt			$	2,031,976	$	2,193,697	$	2,130,910


Three Months Ended March 31, 2025	Electric		Natural gas distribution		Pipeline		Other		Consolidated
	(In thousands)
Operating revenues:
External operating revenues	$	112,261	$	539,248	$	23,323	$	1	$	674,833
Intersegment operating revenues	178		94		33,337		178		33,787
Operation and maintenance:
External operation and maintenance	28,407		63,484		19,239		(83)		111,047
Intersegment operation and maintenance	178		94		14		178		464
Purchased natural gas sold:
External purchased natural gas sold	—		317,157		—		—		317,157
Intersegment purchased natural gas sold	—		33,323		—		—		33,323
Electric fuel and purchased power	43,748		—		—		—		43,748
Depreciation and amortization	17,183		26,122		7,956		—		51,261
Taxes, other than income	4,815		30,628		3,314		—		38,757
Other income:
External other income	992		3,301		307		397		4,997
Intersegment other income	—		—		123		986		1,109
Interest expense:
External interest expense	7,887		14,876		3,121		938		26,822
Intersegment interest expense	—		—		1,109		—		1,109
Income tax expense (benefit)	(3,731)		12,301		5,127		(5,126)		8,571
Income from continuing operations	14,944		44,658		17,210		5,655		82,467
Discontinued operations, net of tax	—		—		—		(502)		(502)
Net income	$	14,944	$	44,658	$	17,210	$	5,153	$	81,965


	2026		2027		2028		2029		2030		Thereafter
	(In thousands)
Purchase Commitments	$	978,800	$	265,100	$	171,300	$	136,500	$	109,900	$	657,200


Operating statistics	Three Months Ended
	March 31,
	2025		2024
Revenues (millions)
Retail sales:
Residential	$	38.2	$	38.4
Commercial	45.2		40.2
Industrial	8.8		11.1
Other	1.7		1.9
	93.9		91.6
Other	18.5		16.1
	$	112.4	$	107.7
Volumes (million kWh)
Retail sales:
Residential	370.7		337.1
Commercial	723.9		486.5
Industrial	116.7		140.5
Other	20.2		20.1
	1,231.5		984.2
Average cost of electric fuel and purchased power per kWh	$	.027	$	.031


Company	Facility		Facility Limit			Amount Outstanding		Letters of Credit			Expiration Date
			(In millions)
Montana-Dakota Utilities Co.	Commercial paper/Revolving credit agreement	(a)	$	200.0		$	51.1	$	—		10/18/28
Cascade Natural Gas Corporation	Revolving credit agreement		$	175.0	(b)	$	21.4	$	2.2	(c)	6/20/29
Intermountain Gas Company	Revolving credit agreement		$	175.0	(b)	$	83.5	$	—		6/20/29
MDU Resources Group, Inc.	Revolving credit agreement		$	200.0	(d)	$	—	$	11.8	(c)	5/31/28


(a)The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Montana-Dakota on stated conditions, up to a maximum of $250.0 million). At March 31, 2025, there were no amounts outstanding under the revolving credit agreement. (b)Certain provisions allow for increased borrowings, up to a maximum of $225.0 million. (c)Outstanding letter(s) of credit reduce the amount available under the credit agreement. (d)Certain provisions allow for increased borrowings, up to a maximum of $250.0 million.


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares (or Units) Purchased (1)	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2)
January 1 through January 31, 2025	—	$	—	—	—
February 1 through February 28, 2025	265,964	$	16.83	—	—
March 1 through March 31, 2025	—	$	—	—	—
Total	265,964	$	16.83	—	—


(1) Represents shares of common stock withheld by the Company to pay taxes in connection with the vesting of shares granted pursuant to the Long-Term Performance-Based Incentive Plan. (2) Not applicable. The Company does not currently have in place any publicly announced plans or programs to repurchase equity securities.


*Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished as a supplement to the SEC upon request.
**Furnished Herewith


		MDU RESOURCES GROUP, INC.

DATE:	May 8, 2025	BY:	/s/ Jason L. Vollmer
			Jason L. Vollmer
			Chief Financial Officer


		BY:	/s/ Stephanie A. Sievert
			Stephanie A. Sievert
			Chief Accounting and Regulatory Affairs Officer