MDU Resources
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.
- Company typePublic
- Founded1924
- HeadquartersBismarck, United States
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
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.
MDU Resources firmographics
Firmographics- 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
MDU Resources industry classification
Industry- 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
Where MDU Resources is headquartered
LocationHeadquarters
- HQ city
- Bismarck
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
MDU Resources business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Regulated utility rates approved by state utility commissions |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels4 records
MDU Resources product offering
Product offeringCore 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
Companies that use MDU Resources
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles5 records
MDU Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
MDU Resources partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and major.
- Applied Digital CorporationcoreMontana-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)coreWBI 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 DakotacoreState 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)majorMDU 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 FarmmajorMDU 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
MDU Resources competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
MDU Resources social profiles
Digital presenceMDU Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
MDU Resources leadership team
Management profileNumber of profiles
Profiles11 records
MDU Resources subsidiaries and ownership
Company hierarchySubsidiaries6 records
MDU Resources funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MDU Resources M&A and investment
M&A and investmentM&A14 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MDU Resources
What does MDU Resources do?
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.
Is MDU Resources a public or private company?
MDU Resources is a public company. It is classified as public and is currently operating.
When was MDU Resources founded?
MDU Resources was founded in 1924. It employs 5,001 to 10,000 people.
Where is MDU Resources based?
MDU Resources is headquartered in Bismarck, United States, in the North America region.
How does MDU Resources make money?
Three revenue lines are on record. Electric Utility Services are the primary driver. The others are natural Gas Distribution and pipeline Transportation Services.
Does MDU Resources have an API?
No public API is recorded for MDU Resources.
What industry is MDU Resources in?
MDU Resources's product category is Multi-State Regulated Utility Services. Its primary akta.pro industry code is TLAGADAA, Local Distribution Company (LDC) Natural Gas Distribution Utilities. Its NAICS code is 221210 and its SIC code is 4924.