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MDU Resources Group, Inc. reports developments for a regulated energy delivery business built around electric utility service, natural gas distribution and pipeline operations. Its utility operations provide electric and gas service across parts of the Pacific Northwest, Midwest, Rocky Mountain and northern Great Plains, while its pipeline business operates a natural gas transportation and storage network.
Recurring news includes quarterly earnings, weather effects on utility demand, capital-investment plans, common-stock dividend actions and updates from the pipeline segment. Company releases also address financing capacity and project planning tied to energy delivery infrastructure.
MDU Resources Group has declared a quarterly dividend of 22.25 cents per share on its common stock, consistent with the previous quarter. This dividend will be payable on April 1 to stockholders of record as of March 9, 2023. MDU Resources operates in regulated energy delivery and construction materials and services, and is included in both the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats indices.
MDU Resources Group reported 2022 GAAP earnings of $367.5 million ($1.81 per share), slightly down from $378.1 million in 2021. Adjusted earnings for 2022 were $380.2 million ($1.87 per share). In Q4 2022, GAAP earnings reached $117.1 million (57 cents/share), up from $86.5 million (42 cents/share) in Q4 2021. The company plans to spin off its construction materials subsidiary, Knife River Corporation, and has a backlog of over $3 billion across its construction businesses. Despite operational success, results were impacted by lower investment returns of approximately $21 million for 2022 due to market fluctuations. MDU expects 2023 earnings from energy delivery to be $140 million to $150 million.
MDU Resources Group (NYSE:MDU) announced a cooperation agreement with Corvex Management LP, appointing James H. Gemmel as a non-voting observer to its board, pending FERC approval. The board will expand by one director upon approval, with Gemmel fulfilling the new role. This collaboration aligns with MDU's efforts to spin off its Knife River construction materials business and strategically review MDU Construction Services Group. The anticipated 2023 Annual Meeting of Stockholders is scheduled for May 9, where Gemmel may be nominated for re-election. Corvex's engagement reflects a commitment to enhance shareholder value through these initiatives.
MDU Resources Group (NYSE: MDU) has announced its year-end 2022 earnings conference call, scheduled for February 9, 2023, at 2 p.m. EST. The company will disclose its year-end financial results prior to the opening of U.S. markets on the same day. The earnings call will be available via webcast on MDU's website under the 'Investor Relations' section.
As a member of the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats indices, MDU is engaged in providing essential products and services through its regulated energy delivery and construction materials businesses.
MDU Resources Group has appointed Nathan W. Ring as the new chief financial officer of its subsidiary Knife River Corporation, effective after the planned separation of Knife River, expected in the second quarter of 2023. Ring, currently vice president of business development at Knife River, brings over 20 years of experience within the company. This strategic leadership change aims to strengthen Knife River's financial management ahead of its transition to an independent, publicly traded entity.
MDU Resources Group is advancing its plan to spin off its construction materials business, Knife River Corporation. A confidential draft registration statement has been submitted to the SEC, targeting completion of the spinoff in the second quarter of 2023. This follows the August announcement of the separation intent. The company is also conducting a strategic review of its construction services, expected to finalize in the first half of 2023, with financial advice sourced from J.P. Morgan Securities and PJT Partners.
MDU Resources Group plans to invest $3.5 billion from 2023 to 2027, marking a 27% increase in capital expenditures compared to the past five years. This investment aims to enhance electric transmission, distribution infrastructure, and natural gas transportation systems. The company anticipates a 6%-7% annual growth rate for its electric and natural gas utilities and a 1%-2% growth in customer bases. Key projects include the Jamestown-to-Ellendale transmission project, estimated at $439 million.
MDU Resources Group, Inc. (NYSE: MDU) has announced the appointment of German Carmona Alvarez to its board of directors. Carmona, who serves as global president at John Wood Group PLC, brings extensive experience in digital transformation, finance, and human capital management. His expertise is expected to aid in maximizing shareholder value, particularly during the upcoming spinoff of Knife River Corporation, planned to be tax-free for MDU shareholders in 2023. Carmona will also contribute to the Compensation Committee and Nominating and Governance Committee.
On November 17, 2022, MDU Resources Group announced the appointment of Brian R. Gray as president of Knife River Corporation, effective January 1, 2023, while David C. Barney will continue as CEO. This announcement follows MDU's plan, disclosed on August 4, to spin off Knife River as an independent, publicly traded company within 2023. Both leaders have extensive experience, with Barney having 36 years at Knife River and Gray leading significant acquisitions in the Northwest Region.
MDU Resources Group announced an increase in its quarterly dividend to 22.25 cents per share, marking the 32nd consecutive year of dividend growth. The annualized dividend now stands at 89 cents per share, up from the previous 21.75 cents. This positions MDU among fewer than 82 U.S.-listed companies with such a long history of increasing dividends. The upcoming payment date is January 1, 2023, for stockholders on record by December 8, 2022.