MDU Resources Reports Second Quarter 2026 Results; Advances Infrastructure Growth Opportunities
Rhea-AI Summary
MDU Resources (NYSE: MDU) reported second quarter 2026 consolidated net income of $21.3 million, up 55.5% from $13.7 million a year earlier, with diluted earnings per share rising 42.9% to $0.10. For the first six months, net income increased to $102.1 million from $95.7 million and diluted EPS to $0.49 from $0.47.
The company highlighted strong electric utility performance, with segment net income up to $14.7 million from $10.4 million, supported by Badger Wind Farm earnings of $3.3 million, new and interim rates, and an 8.2% increase in retail electric sales volumes, including data center demand. The natural gas distribution segment narrowed its typical seasonal loss to $3.9 million from $7.4 million, helped by new rates, 6.7% higher retail gas volumes and 1.6% customer growth, partly offset by higher interest expense.
The pipeline segment earned about $14.4 million versus $15.4 million, as lower other income and higher depreciation were only partially offset by stronger transportation revenue. Development of the proposed Bakken East Pipeline Project continued, with executed precedent agreements totaling nearly 1.2 billion cubic feet per day of firm transportation, optionality for nearly all original open season interest, and ongoing design for 1.4 billion cubic feet per day of capacity. A FERC Section 7(c) application is now anticipated in the fourth quarter of 2026, with projected in-service dates for Phase One in late 2029 and Phase Two in late 2030, and an estimated project cost of $2.7 billion to $3.2 billion.
Regulatory activity included a North Dakota electric general rate case seeking an annual revenue increase of approximately $34.5 million, interim rates requested at about $26.3 million from Sept. 1, 2026, and a new electric service agreement with Applied Digital Corp. for the 430-megawatt Polaris Forge 3 AI facility, pending commission approval. Montana interim electric rates reflecting an annual increase of about $10.4 million remain in effect with a $10.0 million settlement pending, and Wyoming electric rates reflect an approved $5.8 million annual increase effective April 1, 2026. On the gas side, MDU Resources filed a Washington multiyear rate case seeking $25.1 million and $18.1 million of annual revenue increases in years one and two, respectively, and a $12.2 million settlement is pending in Oregon.
For the six months ended June 30, 2026, operating revenues were $981.2 million versus $1,026.0 million, operating income was $163.6 million versus $143.2 million, and net cash provided by operating activities was $265.3 million compared with $334.9 million. The company outlined a 2026–2030 net capital program totaling an estimated $3.1 billion, including $1,082 million for electric, $1,352 million for natural gas distribution and $643 million for pipeline, and noted that potential Bakken East Pipeline investment would be incremental. MDU Resources reaffirmed its 2026 earnings guidance, expecting EPS between $0.93 and $1.00, based on assumptions including normal conditions, continued customer growth, execution of capital plans and constructive regulatory outcomes, and reiterated its long-term EPS growth objective of 6% to 8%.
Positive
- Net income +55.5% YoY to $21.3 million in Q2 2026
- Diluted EPS +42.9% YoY to $0.10 in Q2 2026
- Electric segment net income rose to $14.7M from $10.4M
- Natural gas segment loss improved to $3.9M from $7.4M
- Bakken East precedent agreements for nearly 1.2 Bcf/d firm capacity
- 2026 EPS guidance reaffirmed at $0.93–$1.00 range
Negative
- Pipeline segment earnings declined to ~$14.4M from $15.4M
- Operating cash flow fell to $265.3M from $334.9M year-to-date
- Interest expense increased to $64.2M from $52.2M year-to-date
- Bakken East capex projected at $2.7–$3.2 billion, incremental to plan
- Investing cash outflows rose to $196.1M from $174.4M year-to-date
News Explained
Bakken East has customer commitments but remains before final investment decision and FERC filing; its projected $2.7 billion–$3.2 billion build is not complete.
For the proposed Bakken East Pipeline Project, MDU says a final investment decision is expected before its anticipated
That sequence places the project in development rather than at the disclosed final-investment-decision or regulatory-filing milestones, while financing options remain under evaluation for the projected
Separately, the Line Section 32 Expansion Project has reached the FERC filing milestone, with its application filed in
MDU's pipeline FERC rate case, filed on
Market Reaction – MDU
Following this news, MDU has gained 4.10%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 17 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $20.84.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 07 | 1Q26 earnings | Positive | +0.7% | Quarterly results affirmed guidance and advanced Bakken East Pipeline development. |
| May 05 | 1Q26 earnings | Positive | -0.3% | Knife River reported revenue growth, backlog expansion, and full-year guidance. |
| Feb 17 | 4Q25 earnings | Positive | -2.5% | Knife River reported record quarterly results and completed multiple acquisitions. |
| Nov 06 | 3Q25 earnings | Positive | +4.7% | MDU reported stronger pipeline performance and narrowed annual guidance. |
| Aug 07 | 2Q25 earnings | Negative | -6.7% | MDU reported lower earnings and updated guidance amid operating challenges. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
MDU's earnings-tagged history showed mixed reactions, including a positive 0.72% move after its prior-quarter results and a negative 6.69% move after its prior second-quarter report.
Key Terms
precedent agreements regulatory
open season technical
ferc section 7(c) regulatory
production tax credits financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Consolidated net income of
$21.3 million 55.5% from the same quarter last year - Earnings per share of
$0.10 42.9% year-over-year - Continued progress on proposed Bakken East Pipeline Project
- 2026 guidance reaffirmed; earnings per share in the range of
$0.93 $1.00
"We delivered solid second quarter results while continuing to position the company for long-term growth," said Nicole A. Kivisto, president and CEO of MDU Resources. "Our utility businesses benefited from new rates, customer growth and investments such as Badger Wind Farm, while our pipeline business continued advancing strategic projects that have the potential to create meaningful value over time. We are especially encouraged by the continued advancement of our proposed Bakken East Pipeline Project. We believe our progress with customer commitments demonstrates the project's strategic value. We also remain encouraged by development activity across our service territory, including data center opportunities and growing infrastructure demand."
The following summarizes the company's results for the three and six months ended June 30:
Three Months Ended June 30: | Six Months Ended June 30: | |||
2026 | 2025 | 2026 | 2025 | |
(In millions, except per share amounts) | ||||
Net income | $ 21.3 | $ 13.7 | $ 102.1 | $ 95.7 |
Earnings per share, diluted | $ .10 | $ .07 | $ .49 | $ .47 |
"Our employees continue to demonstrate a commitment to safety, reliability, operational excellence and customer service," Kivisto added. "Their efforts are helping us navigate a dynamic operating environment while advancing important infrastructure investments that support customers and communities.
Proposed Bakken East Pipeline Project Update
The proposed Bakken East Pipeline Project continues to advance through engineering, environmental review and pre-filing activities. With recently signed precedent agreements, we now have executed agreements with all customers that submitted binding open season interest totaling nearly 1.2 billion cubic feet per day of firm natural gas transportation capacity, with a negotiated option in place that may increase the contracted volumes to nearly all of the original interest from our binding open season. The company continues to design the project for 1.4 billion cubic feet per day of transportation capacity. Overall project design is being finalized based on confirmed customer volumes and delivery locations before a final investment decision is made, which is expected ahead of a FERC Section 7(c) application.
This application is now anticipated to be filed in the fourth quarter of 2026. The proposed in-service dates of Phase One in late 2029 and Phase Two in late 2030, remain. As development progresses, the company continues to evaluate all financing options to support the projected
Electric Utility Segment
Strong earnings growth driven by Badger Wind recovery, implementation of new and interim rates and increased volumes
- Badger Wind Farm contributed
$3.3 million Montana interim rates and newWyoming electric rates contributed positively to results- Retail sales volumes increased
8.2%
The electric segment earned
Approach to Data Centers
Our approach to serving data center customers, is grounded in protecting existing customers and ensuring that growth creates value for the communities we serve. Data center customers are responsible for paying the costs associated with connecting to and being served by the electric system, including infrastructure and energy-related expenses. Through careful planning, regulatory oversight and cost-allocation mechanisms, we ensure that existing customers are not subsidizing the costs of serving these new customers. At the same time, the additional revenue generated from serving data center customers can help support the electric system and contribute to reducing certain fixed costs by allocating them across a broader customer base. This current approach creates benefits for all customers.
Regulatory Update:
North Dakota :- Filed an electric general rate case on June 30, 2026, requesting an annual revenue increase of approximately
$34.5 million $26.3 million - Entered into an electric service agreement (ESA) in June with Applied Digital Corp. to serve Polaris Forge 3, an AI Factory near
Center, North Dakota . At full capacity, the campus would require 430 megawatts of electricity. Approval of the ESA and other regulatory filings by the North Dakota Public Service Commission is pending. - In June, the North Dakota Public Service Commission approved the route permit for the
Jamestown -to-Ellendale Transmission Project (JETx). The project is expected to enhance reliability, improve resiliency, reduce transmission congestion and support access to lower-cost energy across the region.
- Filed an electric general rate case on June 30, 2026, requesting an annual revenue increase of approximately
Montana : Interim electric rates reflecting an annual increase of approximately$10.4 million $10.0 million Wyoming : General rate case settlement was approved for an annual increase of$5.8 million
Natural Gas Distribution Segment
New rates and higher retail sales volumes support improved year-over-year results, offset by interest expense increases
- Positive contributions from new rates in
Idaho ,Washington ,Montana andWyoming - Retail sales volumes increased
6.7% - Continued customer growth of
1.6% year-over-year - Increased interest expense due to higher long-term debt balances
The natural gas distribution segment reported a seasonal second quarter loss of
Regulatory Update:
Washington : Filed a multiyear natural gas rate case with the Washington Utilities and Transportation Commission requesting an annual revenue increase of$25.1 million $18.1 million Oregon : A multi-party settlement agreement of$12.2 million Minnesota : General rate case filing is anticipated later this year.
Pipeline Segment
Strategic growth initiatives continue to advance
- Continued development of the proposed Bakken East Pipeline Project
- Progress on additional growth projects
- Strong transportation demand across the system
The pipeline segment earned approximately
Strategic Project Updates:
- Proposed Bakken East Pipeline Project: Development activities continued during the quarter as the company advanced customer agreements, engineering work and regulatory activities. We have executed precedent agreements totaling nearly 1.2 billion cubic feet per day, with a negotiated option in place for nearly all of the original interest from our binding open season. The company continues engineering, environmental, cultural resource and stakeholder engagement activities while evaluating financing and partnership opportunities. Development activities remain focused on creating long-term value while advancing a strategically significant infrastructure project for
North Dakota and the broader region. - Line Section 32 Expansion Project: The project remains on schedule following the filing of a FERC 7(c) application in March 2026. The filing represents an important regulatory milestone as the project advances toward its targeted late-2028 in-service date, subject to regulatory approvals.
- Minot Industrial Project: Development activities for this potential project continue under agreements currently extended through late 2026. The proposed project could consist of an approximately 90-mile pipeline from Tioga,
North Dakota toMinot, North Dakota and ancillary facilities to support anticipated industrial demand in the area.
Regulatory Update:
- FERC rate case filed on May 29, 2026, requesting updated transportation and storage services rates. The filing seeks a
$31 million 30% of the requested revenue increase is due to proposed new depreciation and amortization rates. FERC accepted and suspended the proposed rates on June 30, 2026, with rates to become effective Dec. 1, 2026, subject to refund and the outcome of hearing procedures if a settlement with our customers and FERC is not reached.
Guidance
MDU Resources is reaffirming guidance and expects earnings per share to be in the range of
The expected 2026 results are based on several assumptions, including normal weather, economic and operating conditions for the remainder of the year, continued customer growth, successful execution of approved capital investment programs and constructive regulatory outcomes.
The company's long-term earnings-per-share growth objective remains
Conference Call
MDU Resources will webcast its second quarter 2026 earnings conference call today at 2 p.m. ET. The webcast can be accessed through the Investors section of the company's website. A replay will be available following the call.
About MDU Resources Group, Inc.
MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, cost-effective and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at investor@mduresources.com.
Investor Contact: Brent Miller, treasurer, 701-530-1730
Media Contact: Byron Pfordte, director of integrated communications, 208-377-6050
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events or developments that the company anticipates will or may occur in the future are forward-looking statements based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," and "predicts," in each case related to such things as growth estimates, stockholder value creation, the company's "CORE" strategy, capital expenditures, financial guidance, trends, objectives, goals, dividend payout ratio targets, earnings per share growth targets, customer rates, regulatory approvals, sustainability, strategies and other such matters. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission.
While made in good faith, these forward-looking statements are based largely on the company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Consolidated Statements of Income | |||||
Three Months Ended | Six Months Ended | ||||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
(In millions, except per share amounts) | |||||
(Unaudited) | |||||
Operating revenues | $ 375.2 | $ 351.2 | $ 981.2 | $ 1,026.0 | |
Operating expenses: | |||||
Purchased natural gas sold | 93.5 | 96.0 | 332.9 | 413.2 | |
Electric fuel and purchased power | 38.6 | 34.9 | 84.7 | 78.6 | |
Operation and maintenance | 114.1 | 112.8 | 228.9 | 223.9 | |
Depreciation and amortization | 55.2 | 51.8 | 109.4 | 103.1 | |
Taxes, other than income | 25.9 | 25.3 | 61.7 | 64.0 | |
Total operating expenses | 327.3 | 320.8 | 817.6 | 882.8 | |
Operating income | 47.9 | 30.4 | 163.6 | 143.2 | |
Other income | 6.2 | 9.9 | 8.8 | 14.9 | |
Interest expense | 31.5 | 25.4 | 64.2 | 52.2 | |
Income before income taxes | 22.6 | 14.9 | 108.2 | 105.9 | |
Income tax expense | 3.3 | .8 | 8.0 | 9.3 | |
Income from continuing operations | 19.3 | 14.1 | 100.2 | 96.6 | |
Discontinued operations, net of tax | 2.0 | (.4) | 1.9 | (.9) | |
Net income | $ 21.3 | $ 13.7 | $ 102.1 | $ 95.7 | |
Earnings per share – basic: | |||||
Income from continuing operations | $ .09 | $ .07 | $ .48 | $ .47 | |
Discontinued operations, net of tax | .01 | — | .01 | — | |
Earnings per share – basic | $ .10 | $ .07 | $ .49 | $ .47 | |
Earnings per share – diluted: | |||||
Income from continuing operations | $ .09 | $ .07 | $ .48 | $ .47 | |
Discontinued operations, net of tax | .01 | — | .01 | — | |
Earnings per share – diluted | $ .10 | $ .07 | $ .49 | $ .47 | |
Weighted average common shares outstanding – basic | 209.6 | 204.3 | 207.5 | 204.2 | |
Weighted average common shares outstanding – diluted | 211.7 | 205.2 | 209.3 | 205.1 | |
Selected Cash Flows Information | ||
Six Months Ended | ||
June 30, | ||
2026 | 2025 | |
(In millions) | ||
Net cash provided by operating activities | $ 265.3 | $ 334.9 |
Net cash used in investing activities | (196.1) | (174.4) |
Net cash used in financing activities | (51.1) | (168.6) |
Increase (decrease) in cash, cash equivalents and restricted cash | 18.1 | (8.1) |
Cash, cash equivalents and restricted cash - beginning of year | 28.2 | 66.9 |
Cash, cash equivalents and restricted cash - end of period | $ 46.3 | $ 58.8 |
Capital Expenditures | ||||||
Business Line | 2026 | 2027 | 2028 | 2029 | 2030 | 2026-2030 |
(In millions) | ||||||
Electric | $ 129 | $ 309 | $ 250 | $ 184 | $ 210 | $ 1,082 |
Natural gas distribution | 340 | 295 | 240 | 254 | 223 | 1,352 |
Pipeline | 60 | 70 | 181 | 282 | 50 | 643 |
Total capital expenditures1 | $ 529 | $ 674 | $ 671 | $ 720 | $ 483 | $ 3,077 |
1 Excludes Other category | ||||||
Note: Total capital expenditures is presented on a net basis | ||||||
The capital program is subject to continued review and modification by the company. Actual expenditures may vary from estimates. Investment in the potential Bakken East Pipeline project would be incremental to the outlined capital program.
Electric | Three Months Ended | Six Months Ended | |||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
(In millions) | |||||
Operating revenues1,2 | $ 116.1 | $ 98.1 | $ 237.3 | $ 210.5 | |
Operating expenses: | |||||
Electric fuel and purchased power1 | 38.6 | 34.9 | 84.7 | 78.6 | |
Operation and maintenance | 31.2 | 29.9 | 60.1 | 58.5 | |
Depreciation and amortization | 20.3 | 17.4 | 39.9 | 34.6 | |
Taxes, other than income | 5.4 | 4.7 | 10.9 | 9.5 | |
Total operating expenses | 95.5 | 86.9 | 195.6 | 181.2 | |
Operating income | 20.6 | 11.2 | 41.7 | 29.3 | |
Other income | 1.9 | 2.7 | 2.3 | 3.7 | |
Interest expense | 11.2 | 7.6 | 23.1 | 15.5 | |
Income before income taxes | 11.3 | 6.3 | 20.9 | 17.5 | |
Income tax benefit2 | (3.4) | (4.1) | (8.3) | (7.9) | |
Net income | $ 14.7 | $ 10.4 | $ 29.2 | $ 25.4 | |
Operating Statistics | Three Months Ended | Six Months Ended | |||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
Revenues (millions)1,2 | |||||
Retail sales: | |||||
Residential | $ 35.3 | $ 28.3 | $ 74.4 | $ 66.5 | |
Commercial3 | 48.8 | 41.2 | 95.7 | 86.4 | |
Industrial | 11.0 | 9.1 | 20.9 | 17.9 | |
Other | 2.0 | 1.8 | 4.0 | 3.5 | |
97.1 | 80.4 | 195.0 | 174.3 | ||
Other | 19.0 | 17.7 | 42.3 | 36.2 | |
$ 116.1 | $ 98.1 | $ 237.3 | $ 210.5 | ||
Volumes (million kWh) | |||||
Retail sales: | |||||
Residential | 253.4 | 235.8 | 585.4 | 606.5 | |
Commercial3 | 732.1 | 672.7 | 1,474.0 | 1,396.6 | |
Industrial | 128.7 | 120.0 | 249.4 | 236.7 | |
Other | 20.1 | 20.1 | 39.3 | 40.3 | |
1,134.3 | 1,048.6 | 2,348.1 | 2,280.1 | ||
Average cost of electric fuel and purchased power per kWh | $ .026 | $ .024 | $ .027 | $ .025 | |
The previous tables reflect items that are passed through to customers resulting in minimal impact 1 Electric fuel and purchased power costs, which impact both operating revenues and electric 2 Production tax credits, which impact income tax benefit and operating revenues. 3 Commercial includes the impact from data centers. | |||||
The electric business reported net income of
Natural Gas Distribution | Three Months Ended | Six Months Ended | |||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
(In millions) | |||||
Operating revenues1,2,3 | $ 212.6 | $ 206.9 | $ 675.1 | $ 746.2 | |
Operating expenses: | |||||
Purchased natural gas sold1 | 103.4 | 105.8 | 377.2 | 456.3 | |
Operation and maintenance2 | 60.8 | 60.5 | 126.0 | 124.1 | |
Depreciation and amortization | 26.6 | 26.5 | 53.0 | 52.6 | |
Taxes, other than income3 | 16.8 | 17.0 | 43.3 | 47.6 | |
Total operating expenses | 207.6 | 209.8 | 599.5 | 680.6 | |
Operating income (loss) | 5.0 | (2.9) | 75.6 | 65.6 | |
Other income | 3.8 | 5.1 | 6.1 | 8.4 | |
Interest expense | 15.9 | 13.8 | 32.2 | 28.6 | |
Income (loss) before income taxes | (7.1) | (11.6) | 49.5 | 45.4 | |
Income tax (benefit) expense | (3.2) | (4.2) | 9.2 | 8.1 | |
Net income (loss) | $ (3.9) | $ (7.4) | $ 40.3 | $ 37.3 | |
Operating Statistics | Three Months Ended | Six Months Ended | |||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
Revenues (millions)1,2,3 | |||||
Retail Sales: | |||||
Residential | $ 111.1 | $ 106.1 | $ 370.6 | $ 397.7 | |
Commercial | 63.5 | 63.4 | 213.7 | 253.0 | |
Industrial | 8.7 | 9.4 | 22.1 | 25.1 | |
183.3 | 178.9 | 606.4 | 675.8 | ||
Transportation and other | 29.3 | 28.0 | 68.7 | 70.4 | |
$ 212.6 | $ 206.9 | $ 675.1 | $ 746.2 | ||
Volumes (MMdk) | |||||
Retail sales: | |||||
Residential | 9.1 | 8.5 | 35.6 | 40.3 | |
Commercial | 7.4 | 7.0 | 26.0 | 28.9 | |
Industrial | 1.1 | 1.0 | 2.6 | 2.7 | |
17.6 | 16.5 | 64.2 | 71.9 | ||
Transportation sales: | |||||
Commercial | .3 | .3 | .9 | 1.1 | |
Industrial | 32.4 | 38.1 | 71.3 | 86.5 | |
32.7 | 38.4 | 72.2 | 87.6 | ||
Total throughput | 50.3 | 54.9 | 136.4 | 159.5 | |
Average cost of natural gas per dk | $ 5.88 | $ 6.42 | $ 5.88 | $ 6.35 | |
The previous tables reflect items that are passed through to customers resulting in minimal impact 1 Natural gas costs, which impact operating revenues and purchased natural gas sold. 2 Conservation, which impacts operating revenues and operation and maintenance expense. 3 Revenue-based taxes that impact both operating revenues and taxes, other than income. | |||||
The natural gas distribution business reported a seasonal loss of
Pipeline | Three Months Ended | Six Months Ended | |||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
(In millions) | |||||
Operating revenues | $ 56.7 | $ 56.3 | $ 113.8 | $ 113.0 | |
Operating expenses: | |||||
Operation and maintenance | 22.4 | 22.4 | 43.2 | 41.7 | |
Depreciation and amortization | 8.3 | 7.9 | 16.5 | 15.9 | |
Taxes, other than income | 3.7 | 3.6 | 7.5 | 6.9 | |
Total operating expenses | 34.4 | 33.9 | 67.2 | 64.5 | |
Operating income | 22.3 | 22.4 | 46.6 | 48.5 | |
Other income | .3 | 1.7 | — | 2.1 | |
Interest expense | 4.2 | 4.3 | 8.2 | 8.5 | |
Income before income taxes | 18.4 | 19.8 | 38.4 | 42.1 | |
Income tax expense | 4.0 | 4.4 | 8.7 | 9.5 | |
Net income | $ 14.4 | $ 15.4 | $ 29.7 | $ 32.6 | |
Operating Statistics | Three Months Ended | Six Months Ended | |||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
Transportation volumes (MMdk) | 150.4 | 151.4 | 293.6 | 294.9 | |
Customer natural gas storage balance (MMdk): | |||||
Beginning of period | 27.3 | 22.1 | 37.6 | 44.1 | |
Net injection (withdrawal) | 14.2 | 12.5 | 3.9 | (9.5) | |
End of period | 41.5 | 34.6 | 41.5 | 34.6 | |
The pipeline business reported net income of
Other | |||||
Three Months Ended | Six Months Ended | ||||
June 30, | June 30, | ||||
2026 | 2025 | 2026 | 2025 | ||
(In millions) | |||||
Operating revenues | $ .2 | $ .1 | $ .4 | $ .3 | |
Operating expenses: | |||||
Operation and maintenance | .2 | .4 | .7 | .5 | |
Total operating expenses | .2 | .4 | .7 | .5 | |
Operating loss | — | (.3) | (.3) | (.2) | |
Other income | .6 | 1.6 | 1.7 | 3.0 | |
Interest expense | .6 | .9 | 2.0 | 1.9 | |
Income (loss) before income taxes | — | .4 | (.6) | .9 | |
Income tax (benefit) expense | 5.9 | 4.7 | (1.6) | (0.4) | |
Income (loss) from continuing operations | (5.9) | (4.3) | 1.0 | 1.3 | |
Discontinued operations, net of tax | 2.0 | (.4) | 1.9 | (.9) | |
Net income (loss) | $ (3.9) | $ (4.7) | $ 2.9 | $ .4 | |
For the second quarter of 2026 Other reported a net loss of
Other includes the activities of the captive insurer which insures various types of risks of the company's subsidiaries. Also included in Other is general and administrative costs and interest expense previously allocated to the company's former businesses that did not meet the criteria for discontinued operations. Discontinued operations includes certain costs associated with legacy business activities.
Other Financial Data | ||
June 30, | ||
2026 | 2025 | |
(In millions, except per share amounts) | ||
(Unaudited) | ||
Book value per common share | $ 13.91 | $ 13.37 |
Market price per common share | $ 21.21 | $ 16.67 |
Market value as a percent of book value | 152.5 % | 124.7 % |
Total assets | $ 7,712 | $ 6,946 |
Total equity | $ 2,927 | $ 2,732 |
Total debt | $ 2,577 | $ 2,182 |
Capitalization ratios: | ||
Total equity | 53.2 % | 55.6 % |
Total debt | 46.8 % | 44.4 % |
100.0 % | 100.0 % | |
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SOURCE MDU Resources Group, Inc.