Mdu Resources Group (MDU) Q3 2026 Earnings Report

The call was broadly constructive, supported by operating income growth, strong Electric Utility performance, data center load expansion, regulatory progress, the Bakken East final investment decision, and reaffirmed 2026 guidance. These positives were tempered by lower quarterly earnings, increased losses in the Natural Gas Distribution and Other categories, lower Pipeline earnings, the discontinued renewable natural gas project, and unresolved Bakken East financing and regulatory matters.

MDU Resources reaffirmed its 2026 earnings per share guidance range of $0.93 to $1.00, assuming normal weather, economic and operating conditions, continued customer growth, successful execution of its capital investment plans, and constructive regulatory outcomes for the remainder of the year; its long term earnings per share growth objective remains at 6% to 8%. The Bakken East Pipeline project has an estimated capital investment range of between $2.8 and $3.1 billion, is designed to transport 1.4 billion cubic feet per day of natural gas in 2 phases, with in-service dates of late 2029 and late 2030, along a 350-mile route with 4 new compressor stations and additional compression at 2 existing facilities. The company expects to file about 3 to 5 rate cases annually, has over 1 gigawatt of data center loads signed, under ESAs, with approximately 280 megawatts currently online and additional volumes expected to ramp online over the next few years, and plans to release its new 5 year capital expenditures forecast later this month.