MDU Resources

What MDU Resources does

MDU Resources Group, Inc. is a pure-play regulated energy delivery business headquartered in Bismarck, North Dakota, operating across eight states since its founding in 1924. The company delivers electricity and natural gas utility services to more than 1.2 million customers through four wholly-owned regulated subsidiaries: Montana-Dakota Utilities Co. (Montana, North Dakota, South Dakota, Wyoming), Cascade Natural Gas Corporation (Oregon, Washington), Great Plains Natural Gas Co. (western Minnesota, southeastern North Dakota), and Intermountain Gas Company (southern Idaho). Through its WBI Energy subsidiary, MDU Resources also operates approximately 3,800 miles of regulated natural gas pipeline infrastructure with capacity to transport 2.6 billion cubic feet per day, including ownership of the largest natural gas storage field in North America adjacent to the Bakken play.

The company's revenue model is built on regulated rate structures approved by state utility commissions, generating subscription-style recurring revenue from residential, commercial, and industrial utility customers. Pipeline revenue derives from transportation fees charged to shippers moving natural gas from producing basins to end markets, with 14 interconnecting points providing access to other regions. Following the 2023 spinoff of Knife River Corporation and October 2024 spinoff of Everus Construction Group, MDU Resources has consolidated around regulated energy delivery and pipeline operations. The company is pursuing significant capital deployment with a $3.4 billion plan for 2026-2030 targeting 7-8% annual rate base growth and 6-8% long-term EPS growth, anchored by the Bakken East Pipeline project ($2.7-3.2 billion), 580 MW of signed data center power agreements including a 430 MW commitment to Applied Digital's Polaris Forge 3 AI factory, and a 49% stake in Badger Wind Farm that brought the renewable portfolio to 39%.

MDU Resources maintains an 87-year record of uninterrupted dividend payments with 31 consecutive years of dividend increases, holds investment-grade credit ratings affirmed with stable outlooks by Fitch Ratings in 2026, and is listed on the NYSE under ticker MDU. The company serves as an essential infrastructure provider across the Rocky Mountain and northern Great Plains regions, with operations governed by exclusive service territory franchises that create structural barriers to entry. Strategic positioning now emphasizes serving emerging hyperscale AI data center electricity demand, expanding pipeline capacity to transport growing Bakken production, and renewable energy integration through wind generation investments.

Name

MDU Resources

Legal name

MDU Resources Group, Inc.

Website

https://mdu.com

Company type

Public

Founded year

1924

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

MDU Resources is a pure-play regulated energy delivery business headquartered in Bismarck, North Dakota, serving 1.2 million electric and natural gas utility customers across eight states and operating 3,800 miles of natural gas pipeline infrastructure in the Rocky Mountain and northern Great Plains regions.

Ownership category

akta.pro rank

Product category

Multi-State Regulated Utility Services

NAICS

Natural Gas Distribution (221210), Pipeline Transportation of Natural Gas (48621)

SIC

Natural Gas Distribution (4924), Natural Gas Transmission (4922)

akta.pro primary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

Keywords

• Regulated utility services
• Natural gas distribution
• Electric utility distribution
• Pipeline transportation services
• Energy delivery infrastructure

Headquarters

HQ city

Bismarck

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Electric Utility Services: Generation, transmission and distribution of electricity to approximately 145,000 customers in Montana, North Dakota, South Dakota and Wyoming through Montana-Dakota Utilities Co. Revenue derived from regulated rates approved by state utility commissions.
2. Natural Gas Distribution: Distribution of natural gas to approximately 1 million customers through Cascade Natural Gas Corporation (Oregon, Washington), Great Plains Natural Gas Co. (western Minnesota, southeastern North Dakota), Intermountain Gas Company (southern Idaho), and Montana-Dakota Utilities Co. Revenue derived from regulated rates approved by state utility commissions.
3. Pipeline Transportation Services: Natural gas transportation and underground storage services through WBI Energy's approximately 3,800-mile pipeline system. Revenue from transportation fees charged to shippers moving natural gas from producing basins to end markets.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

MDU Resources Group is a pure-play regulated energy delivery company that provides regulated electric service to approximately 145,000 customers and regulated natural gas distribution service to approximately 1 million customers across Montana, North Dakota, South Dakota, Wyoming, Minnesota, Idaho, Oregon, and Washington through Montana-Dakota Utilities Co., Cascade Natural Gas Corporation, Great Plains Natural Gas Co., and Intermountain Gas Company. Through WBI Energy, it also operates approximately 3,800 miles of regulated natural gas pipeline with 2.6 Bcf/day of transportation capacity and the largest natural gas storage field in North America adjacent to the Bakken play.

Product overview

MDU Resources is a pure-play regulated energy delivery business offering a portfolio of utility and pipeline services. The company operates two core product lines: Electric and Natural Gas Utilities serving over 1.2 million customers across eight states through four subsidiaries (Cascade Natural Gas Corporation, Great Plains Natural Gas Co., Intermountain Gas Company, and Montana-Dakota Utilities Co.), and Pipeline operations through WBI Energy providing natural gas transportation through approximately 3,800 miles of regulated pipeline systems with capacity to transport 2.6 billion cubic feet of natural gas per day. The company does not offer a unified software platform but rather distinct regulated utility and pipeline service offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• Electric Service (Montana-Dakota Utilities Co.)

Quantifiable outcome

• Served over 1.2 million utility customers across eight states
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• Applied Digital CorporationcoreStrategic or Co-development Partner · 22 June 2026Montana-Dakota Utilities Co., a subsidiary of MDU Resources, signed an electric service agreement with Applied Digital Corporation to provide up to 430 megawatts of power to Polaris Forge 3, an AI factory near Center, North Dakota. Initial operations expected to begin in August 2027. The agreement requires North Dakota Public Service Commission approval and includes provision for Applied Digital to purchase energy directly from the market. The campus is expected to create approximately 200 full-time jobs.
• WBI Energy Transmission (Bakken Pipeline)coreStrategic or Co-development Partner · 9 May 2026WBI Energy Transmission, a subsidiary of MDU Resources, leads the Bakken East Pipeline project to construct approximately 400 miles of natural gas pipeline from Watford City to Fargo at an estimated cost of $1.2 billion to $1.6 billion. North Dakota approved up to $500 million in state funding as a financial backstop. The pipeline will transport approximately 1 billion cubic feet per day of natural gas.
• State of North DakotacoreStrategic or Co-development Partner · 8 May 2026State of North Dakota committed to a firm 10-year agreement of $50 million annually as part of the Bakken East Pipeline binding open season. The state commitment represents approximately 40% of the 1.4 Bcf/day submitted interest that was secured under precedent agreements.
• Grid United (North Plains Connector)majorStrategic or Co-development Partner · 13 November 2025MDU Resources Group signed a memorandum of understanding with North Plains Connector LLC, part of Grid United, to secure 150 MW of capacity on the North Plains Connector HVDC transmission project. The project aims to improve regional electrical grid reliability and resilience, with operations expected to begin in 2032.
• Badger Wind FarmmajorStrategic or Co-development Partner · 14 February 2025MDU Resources announced plans to invest $294 million for a 49% ownership stake in Badger Wind Farm, a renewable energy project in North Dakota. The investment was deemed prudent and cost-effective for customers by regulators, boosting the company's renewable portfolio to 39%.

Scale indicators21 records

Recent moves10 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@mduresourcesgroupinc.3400
• Facebookfacebook.com/mduresourcesgroup
• LinkedInlinkedin.com/company/mdu-resources-group-inc.
• Instagraminstagram.com/mduresources
• Xx.com/mduresources

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A14 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MDU Resources