Mdu Resources Group Stock Earnings Reports

MDU Resources reported Q1 2026 earnings of $80.8 million, or $0.39 per share, roughly flat year-over-year with a ~ $0.03 per-share headwind from milder winter weather. Key positives included contributions from rate relief, the first full quarter of the Badger Wind Farm, continued pipeline demand, and ramping data center load. The company completed a binding open season for the proposed Bakken East pipeline and received ~1.4 billion cubic feet per day of interest, ~40% of which is under signed precedent agreements. MDU now estimates the potential Bakken East project at approximately $2.7–$3.2 billion of incremental capital (in addition to the existing $3.1 billion capital plan). The company has 580 MW of signed data center electric service agreements (180 MW online; remainder phasing on through 2028) and is pursuing a capital-light approach today while retaining flexibility to invest in generation/substation/transmission if future agreements require it. Regulatory progress: several utility rate actions in effect (Wyoming, interim Montana, Idaho, Washington) and additional rate filings planned (North Dakota, Minnesota, multi-year Washington). Pipeline regulatory milestones include a FERC Section 7(c) filing for the Align Section 32 expansion; other pipeline projects (Minot) remain in development. Management affirmed 2026 EPS guidance of $0.93–$1.00 and reiterated a long-term EPS growth target of 6–8% and a targeted dividend payout ratio of 60–70%. Financing for Bakken East is undecided; management said all financing options will be considered, with preference to retain a majority stake if partners are used. The company also completed issuance of ~4.3 million shares in March 2026 for proceeds of ~$81.3 million (settlement of forward sales related to Dec 2025 follow-on). Overall, investors should weigh strong commercial interest in Bakken East and accelerating data center demand against the sizable incremental capital requirement and the timing/structure risk of financing and final investment decision.