MDU Resources Group Inc (NYSE: MDU) is a regulated energy utility company that operates electric and natural gas distribution businesses alongside a natural gas pipeline segment. Revenue comes from regulated utility rates charged to residential, commercial, and industrial customers for electricity delivery and natural gas distribution, plus pipeline transportation fees. The company operates across multiple states in the northern and western United States, with subsidiaries including Cascade Natural Gas Corporation serving natural gas customers. MDU's 10-K filed 2026-02-20 (accession 000006771626000014) identifies three continuing business segments: Electric, Natural Gas Distribution, and Pipeline, with a construction materials business previously separated as Knife River. The company owns partial interests in generation assets including a 22.7 percent stake in Big Stone Station, a 475-MW coal-fired facility, and a 49.0 percent stake in the 250-MW Badger Wind Farm near Wishek, North Dakota. Capital-intensive regulated utility economics with returns set by state regulators.

Revenue model

Regulated utility rates approved by state public utility commissions for electric delivery and natural gas distribution; pipeline transportation and storage fees; rate structures cover capital recovery and authorized returns on rate base.

Products and services

Electric utility service; natural gas distribution; natural gas pipeline transportation; partial ownership in generation assets including coal-fired and wind generation facilities.

Customers and end markets

Residential, commercial, and industrial electricity and natural gas customers in the northern and western United States; pipeline customers requiring natural gas transportation.

Value-chain role

Regulated energy utility and pipeline operator; distributes electricity and natural gas to end customers; transports natural gas via pipeline infrastructure.

Geographic exposure

Northern and western United States, including operations in North Dakota, South Dakota, and states served by Cascade Natural Gas Corporation.

Source: SEC 10-K, filed 2026-02-20

Industry: Mining & Quarrying of Nonmetallic Minerals (No Fuels) Peers: AECOM Ameresco Inc MasTec Inc Comfort Systems USA Inc WillScot Holdings Corp EMCOR Group Inc Fluor Corp Quanta Services Inc Valmont Industries Inc