Form 8-K - Current report

0000067716false00000677162024-11-212024-11-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 21, 2024

MDU Resources Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware			1-03480			30-1133956
(State or other jurisdiction of			(Commission File Number)			(IRS Employer Identification No.)
incorporation)

1200 West Century Avenue

P.O. Box 5650

Bismarck, North Dakota

(Address of principal executive offices)

58506
(Zip Code)

Registrant’s telephone number, including area code: [phone]

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

MDU

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

Item 7.01. Regulation FD Disclosure.

    On November 21, 2024, MDU Resources Group, Inc. (the "Company") issued a press release announcing its five-year capital investment plan. A copy of the press release, which the Company is furnishing to the Securities and Exchange Commission, is attached as Exhibit 99 and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits. The following exhibits are being furnished as part of this report.

Exhibit Number    Description

99    Press release issued November 21, 2024, announcing five-year capital investment plan.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MDU RESOURCES GROUP, INC.
Date  November 21, 2024			By /s/ Jason L. Vollmer
			Jason L. Vollmer
			Vice President, Chief Financial
			Officer and Treasurer

3

MDU Resources Group Announces Increased Capital Investment Plan for 2025-2029

BISMARCK, ND – Nov. 21, 2024 – MDU Resources Group, Inc. (NYSE: MDU) announced today that it plans to make capital investments totaling $3.1 billion from 2025 through 2029, a 15% increase from 2024-2028.

“Our planned $3.1 billion capital investment from 2025 through 2029 reflects our commitment to providing safe and reliable service to our electric, natural gas and pipeline customers,” said Nicole Kivisto, MDU Resources president and CEO. “By increasing our investments in electric and natural gas, we aim to support our growing customer base and modernize our infrastructure. At the same time, we will continue to optimize our pipeline operations and complete key projects driven by increasing customer demand. These strategic investments ensure we provide safe, reliable service while adapting to evolving market conditions.”

Capital Expenditures
			Forecast												Actual + 2024 Forecast			Forecast
			2024			2025			2026			2027			2020-2024			2025-2029
(in millions)
Electric			$114			$154			$494			$205			$589			$1,178
Natural Gas Distribution			303			310			258			293			1,170			1,410
Pipeline			128			69			59			95			607			473
Total*			$545			$533			$811			$593			$2,366			$3,061
*Excludes “Other” category

MDU Resources plans to increase investments in its electric and natural gas distribution segments by 47% over the next five years compared to 2020-2024. These investments will focus on constructing electric transmission lines, substations, and natural gas delivery infrastructure to support a customer base expected to grow 1%-2% annually. Additionally, the Company will replace and modernize existing electric and natural gas utility infrastructure to ensure continued safe and reliable service.

The combined rate base for the electric and natural gas distribution segments is expected to grow 7%-8% on a compounded annual basis over the next five years, increasing from the previously projected 7% growth rate.

MDU Resources’ planned capital investments over the next five years at the pipeline business will continue to support customer growth and the completion of a number of in-progress projects.

MDU Resources continually reviews its capital program and communicates modifications as needed. With the increase in the Company’s capital program, the need for equity issuance to support growth is now anticipated in 2026, earlier than the previously projected 2027. The company remains committed to a long-term EPS growth target of 6%-8% with the enhanced capital investment plan. Actual expenditures may differ from estimates because of changes in load growth, regulatory decisions or other factors.

1

---

Forward-Looking Statements

This 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 MDU Resources anticipates will or may occur in the future, including but not limited to capital investments, equity capital market raises and EPS growth targets, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in MDU Resources’ filings with the U.S. Securities and Exchange Commission (the “SEC”). These forward-looking statements are based largely on MDU Resources’ expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond its control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in MDU Resources’ most recent Annual Report on Form 10-K and subsequent filings with the SEC. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update the forward-looking statements, whether due to new information, future events, or otherwise.

About MDU Resources Group, Inc.

MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, provides essential products and services through its regulated electric and natural gas distribution and pipeline segments. Founded in 1924 as a small electric utility, MDU Resources has grown to serve approximately 1.19 million customers across eight states and is celebrating its 100th anniversary. Learn more at www.mdu.com/100th-anniversary. The Company operates in the Pacific Northwest and Midwest, constructing and operating infrastructure that delivers natural gas and electricity that energizes homes and businesses. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at [e-mail].

Investor Contact: Brent Miller, assistant treasurer, 701-530-1730

Media Contact: Byron Pfordte, manager of integrated communications, 208-377-6050

2

Cover page	Nov. 21, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 21, 2024
Entity Registrant Name	MDU Resources Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	1-03480
Entity Tax Identification Number	30-1133956
Entity Address, Address Line One	1200 West Century Avenue
Entity Address, Address Line Two	P.O. Box 5650
Entity Address, City or Town	Bismarck
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58506
City Area Code	701
Local Phone Number	530-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	MDU
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000067716
Amendment Flag	false

---