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    SEC Form 10-Q filed by MDU Resources Group Inc.

    5/8/25 8:38:00 AM ET
    $MDU
    Mining & Quarrying of Nonmetallic Minerals (No Fuels)
    Industrials
    Get the next $MDU alert in real time by email
    mdu-20250331
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    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
    FORM 10-Q
    ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2025
    OR
    ☐
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from _____________ to ______________
    Commission file number 1-03480
    MDU RESOURCES GROUP, INC.
    (Exact name of registrant as specified in its charter)
    Delaware30-1133956
    (State or other jurisdiction of
    incorporation or organization)
    (I.R.S. Employer Identification No.)

    1200 West Century Avenue
    P.O. Box 5650
    Bismarck, North Dakota 58506-5650
    (Address of principal executive offices)
    (Zip Code)
    (701) 530-1000
    (Registrant's telephone number, including area code)
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each classTrading symbol(s)Name of each exchange on which registered
    Common Stock, par value $1.00 per shareMDUNew York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
    Large Accelerated Filer
    ☒
    Accelerated Filer
    ☐
    Non-Accelerated Filer
    ☐
    Smaller Reporting Company
    ☐
    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. ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.
    Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of May 1, 2025: 204,331,170 shares.
    1


    Index
    Page
    Definitions
    3
    Introduction
    5
    Part I -- Financial Information
    Item 1. Financial Statements
    6
    Consolidated Statements of Income -- Three Months Ended March 31, 2025 and 2024
    6
    Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2025 and 2024
    7
    Consolidated Balance Sheets -- March 31, 2025 and 2024, and December 31, 2024
    8
    Consolidated Statements of Equity -- Three Months Ended March 31, 2025 and 2024
    9
    Consolidated Statements of Cash Flows -- Three Months Ended March 31, 2025 and 2024
    10
    Notes to Consolidated Financial Statements
    11
    1. Basis of presentation
    11
    2. New accounting standards
    12
    3. Discontinued operations
    12
    4. Seasonality of operations
    14
    5. Receivables and allowance for expected credit losses
    14
    6. Inventories and natural gas in storage
    14
    7. Earnings per share
    15
    8. Revenue from contracts with customers
    16
    9. Regulatory assets and liabilities
    18
    10. Environmental allowances and obligations
    19
    11. Fair value measurements
    19
    12. Debt
    22
    13. Cash flow information
    23
    14. Business segment data
    23
    15. Employee benefit plans
    25
    16. Regulatory matters
    26
    17. Commitments and contingencies
    27
    Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
    29
    Item 3. Quantitative and Qualitative Disclosures About Market Risk
    46
    Item 4. Controls and Procedures
    46
    Part II -- Other Information
     
    Item 1. Legal Proceedings
    47
    Item 1A. Risk Factors
    47
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    47
    Item 5. Other Information
    47
    Item 6. Exhibits
    47
    Exhibits Index
    48
    Signatures
    49

    2

    Index
    Definitions
    The following abbreviations and acronyms used in this Form 10-Q are defined below:
    Abbreviation or Acronym
    2024 Annual Report
    Company's Annual Report on Form 10-K for the year ended December 31, 2024
    AFUDCAllowance for funds used during construction
    Applied DigitalApplied Digital Corporation
    ASCFASB Accounting Standards Codification
    ASUFASB Accounting Standards Update
    Big Stone Station475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership)
    CascadeCascade Natural Gas Corporation, an indirect wholly-owned subsidiary of MDU Energy Capital
    CentennialCEHI, LLC, a direct wholly-owned subsidiary of the Company, formerly known as Centennial Energy Holdings, Inc., prior to the separation of Knife River from the Company. References to Centennial's historical business and operations refer to the business and operations of Centennial Energy Holdings, Inc.
    Centennial CapitalCentennial Holdings Capital LLC, a direct wholly-owned subsidiary of Centennial
    CODMChief Operating Decision Maker
    CompanyMDU Resources Group, Inc.
    COVID-19Coronavirus disease 2019
    Coyote CreekCoyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation
    Coyote Station427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
    CWIPConstruction work in progress, costs associated with the construction of new utility facilities recorded on the balance sheet until these facilities are placed in service
    DC Circuit CourtDistrict of Columbia Circuit Court
    dkDecatherm
    EPAUnited States Environmental Protection Agency
    EverusEverus Construction Group, Inc., a wholly-owned subsidiary of the Company prior to the separation from the Company, that was established in conjunction with the proposed separation of Everus Construction
    Everus ConstructionEverus Construction, Inc., a direct wholly-owned subsidiary of Centennial prior to the separation from the Company, formerly known as MDU Construction Services Group, Inc. prior to March 12, 2024
    Exchange ActSecurities Exchange Act of 1934, as amended
    FASBFinancial Accounting Standards Board
    FERCFederal Energy Regulatory Commission
    FidelityFidelity Exploration & Production Company, an indirect wholly-owned subsidiary of Centennial (previously referred to as the Company's exploration and production segment)
    GAAPAccounting principles generally accepted in the United States of America
    GHGGreenhouse gas
    Holding Company ReorganizationThe internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota
    IntermountainIntermountain Gas Company, an indirect wholly-owned subsidiary of MDU Energy Capital
    IRAInflation Reduction Act of 2022
    IRPIntegrated Resource Plan
    JETx345-kV transmission line from Jamestown, North Dakota to Ellendale, North Dakota (50 percent ownership)
    kWhKilowatt-hour
    3

    Index
    kVKilovolt
    MAOPMaximum allowable operating pressure
    MDU Energy CapitalMDU Energy Capital, LLC, a direct wholly-owned subsidiary of the Company
    MDUR NewcoMDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company
    MDUR Newco SubMDUR Newco Sub, Inc., a direct, wholly-owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization
    MISOMidcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana
    MMcfMillion cubic feet
    MMdkMillion dk
    Montana-DakotaMontana-Dakota Utilities Co., a direct wholly-owned subsidiary of MDU Energy Capital
    MTPSCMontana Public Service Commission
    MWMegawatt
    NDDEQNorth Dakota Department of Environmental Quality
    NDPSCNorth Dakota Public Service Commission
    NERCNorth American Electric Reliability Corporation
    ODEQOregon Department of Environmental Quality
    OPUCOregon Public Utility Commission
    PHMSAPipeline and Hazardous Materials Safety Administration
    RNGRenewable natural gas
    SBCCState Building Code Council
    SDPUCSouth Dakota Public Utilities Commission
    SECUnited States Securities and Exchange Commission
    Securities ActSecurities Act of 1933, as amended
    SOFRSecured Overnight Financing Rate
    SPPSouthwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States
    TSAIn connection with the separation of Everus, the Company and Everus entered into a Transition Services Agreement whereby each party will provide certain post-separation services on a transitional basis
    VIEVariable interest entity
    Washington DOEWashington State Department of Ecology
    WBI Energy WBI Energy, Inc., an indirect wholly-owned subsidiary of Centennial
    WBI Energy TransmissionWBI Energy Transmission, Inc., an indirect wholly-owned subsidiary of Centennial
    WUTCWashington Utilities and Transportation Commission
    WYPSCWyoming Public Service Commission
    4

    Index
    Introduction
    Montana-Dakota was incorporated under the state laws of Delaware in 1924. The Company was incorporated under the state laws of Delaware in 2018. Upon the completion of the Holding Company Reorganization, Montana-Dakota became a subsidiary of the Company. Its principal executive offices are located at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650, telephone (701) 530-1000.
    Through a strategy focusing on its "CORE," the Company strives to deliver superior value and achieve industry-leading performance as a pure-play regulated energy delivery company, while pursuing organic growth opportunities. The Company's "CORE" strategy prioritizes customers and communities, operational excellence, returns focused initiatives and an employee driven culture. The Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services. These businesses are regulated by state public service commissions and/or the FERC.
    On October 31, 2024, the Company completed the separation of Everus, its former construction services business, resulting in Everus becoming an independent, publicly-traded company. The Company's board of directors approved the distribution of all the outstanding shares of Everus common stock to the Company's stockholders. Stockholders of the Company received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution. The separation of Everus was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares.
    The historical results of operation for Everus are presented as discontinued operations, net of tax, in the Company's Consolidated Financial Statements, except for allocated general corporate overhead costs of the Company, which did not meet the criteria for discontinued operations and are reflected in Other.
    As of March 31, 2025, the Company was organized into three reportable business segments. These business segments include: electric, natural gas distribution and pipeline. The Company's business segments are determined based on the Company's method of internal reporting, which generally segregates the business activities by differences in products and services. The internal reporting of these segments is defined based on the reporting and review process used by the Company's chief executive officer.
    The Company, through its wholly-owned subsidiary, MDU Energy Capital, owns Montana-Dakota, Cascade and Intermountain. The electric segment is comprised of Montana-Dakota while the natural gas distribution segment is comprised of Montana-Dakota, Cascade and Intermountain.
    The Company, through its wholly-owned subsidiary, Centennial, owns WBI Energy and Centennial Capital. WBI Energy is the pipeline segment and Centennial Capital is reflected in the Other category.
    For more information on the Company's business segments, see Note 14 of the Notes to Consolidated Financial Statements.
    5

    Index
    Part I -- Financial Information
    Item 1. Financial Statements
    MDU Resources Group, Inc.
    Consolidated Statements of Income
    (Unaudited)
    Three Months Ended
     March 31,
     20252024
     (In thousands, except per share amounts)
    Operating revenues 
    $674,833 $588,275 
    Operating expenses:  
    Purchased natural gas sold317,157 258,602 
    Electric fuel and purchased power43,748 39,723 
    Operation and maintenance
    111,047 107,614 
    Depreciation and amortization
    51,261 49,767 
    Taxes, other than income38,757 35,913 
    Total operating expenses561,970 491,619 
    Operating income112,863 96,656 
    Other income4,997 11,909 
    Interest expense26,822 26,511 
    Income before income taxes91,038 82,054 
    Income taxes8,571 7,319 
    Income from continuing operations82,467 74,735 
    Discontinued operations, net of tax(502)26,163 
    Net income$81,965 $100,898 
    Earnings per share - basic:  
    Income from continuing operations$.40 $.37 
    Discontinued operations, net of tax— .13 
    Earnings per share - basic$.40 $.50 
    Earnings per share - diluted:  
    Income from continuing operations$.40 $.37 
    Discontinued operations, net of tax— .12 
    Earnings per share - diluted$.40 $.49 
    Weighted average common shares outstanding - basic204,142 203,779 
    Weighted average common shares outstanding - diluted204,959 204,187 
    The accompanying notes are an integral part of these consolidated financial statements.
    6

    Index
    MDU Resources Group, Inc.
    Consolidated Statements of Comprehensive Income
    (Unaudited)
    Three Months Ended
     March 31,
     20252024
     (In thousands)
    Net income$81,965 $100,898 
    Other comprehensive income:
    Postretirement liability adjustment:
    Amortization of postretirement liability losses included in net periodic benefit credit, net of tax of $18 and $34 for the three months ended in 2025 and 2024, respectively
    118 104 
    Net unrealized gain (loss) on available-for-sale investments:
    Net unrealized gain (loss) on available-for-sale investments arising during the period, net of tax of $19 and $(10) for the three months ended in 2025 and 2024, respectively
    71 (36)
    Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $1 and $2 for the three months ended in 2025 and 2024, respectively
    3 6 
    Net unrealized gain (loss) on available-for-sale investments74 (30)
    Other comprehensive income192 74 
    Comprehensive income attributable to common stockholders$82,157 $100,972 
    The accompanying notes are an integral part of these consolidated financial statements.
    7

    Index
    MDU Resources Group, Inc.
    Consolidated Balance Sheets
    (Unaudited)
     March 31, 2025March 31, 2024December 31, 2024
    Assets(In thousands, except shares and per share amounts)
    Current assets:   
    Cash, cash equivalents and restricted cash
    $59,541 $72,724 $66,904 
    Receivables, net269,246 239,259 274,303 
    Current regulatory assets143,341 158,614 215,436 
    Inventories18,457 13,784 44,940 
    Prepayments and other current assets50,966 65,077 64,676 
    Current assets of discontinued operations— 770,486 — 
    Total current assets541,551 1,319,944 666,259 
    Noncurrent assets:   
    Property, plant and equipment7,617,007 7,174,730 7,554,063 
    Less accumulated depreciation and amortization
    2,238,371 2,114,539 2,209,771 
    Net property, plant and equipment5,378,636 5,060,191 5,344,292 
    Goodwill345,736 345,736 345,736 
    Regulatory assets312,008 414,433 322,350 
    Investments117,599 108,574 115,459 
    Other265,944 238,149 244,722 
    Noncurrent assets of discontinued operations— 352,844 — 
    Total noncurrent assets 6,419,923 6,519,927 6,372,559 
    Total assets$6,961,474 $7,839,871 $7,038,818 
    Liabilities and Stockholders' Equity   
    Current liabilities:   
    Long-term debt due within one year$161,700 $60,700 $161,700 
    Accounts payable109,133 113,333 150,070 
    Regulatory liabilities due within one year140,165 90,115 137,167 
    Taxes payable65,218 58,654 43,372 
    Dividends payable26,563 25,044 26,511 
    Accrued compensation18,175 16,018 35,264 
    Other accrued liabilities113,622 119,863 124,514 
    Current liabilities of discontinued operations— 439,096 — 
    Total current liabilities 634,576 922,823 678,598 
    Noncurrent liabilities:   
    Long-term debt2,031,976 2,193,697 2,130,910 
    Deferred income taxes429,825 455,403 441,320 
    Regulatory liabilities463,879 523,484 459,170 
    Asset retirement obligations410,715 388,451 406,351 
    Other247,367 193,241 231,895 
    Noncurrent liabilities of discontinued operations — 181,831 — 
    Total noncurrent liabilities 3,583,762 3,936,107 3,669,646 
    Commitments and contingencies
    Stockholders' equity:
       
    Common stock
    Authorized - 500,000,000 shares, $1.00 par value
    Shares issued - 204,331,170 at March 31, 2025, 203,888,237 at
    March 31, 2024 and 203,934,578 at December 31, 2024
    204,331 203,888 203,935 
    Other paid-in capital1,470,512 1,466,551 1,473,738 
    Retained earnings1,084,899 1,328,812 1,029,699 
    Accumulated other comprehensive loss(16,606)(18,310)(16,798)
    Total stockholders' equity2,743,136 2,980,941 2,690,574 
    Total liabilities and stockholders' equity $6,961,474 $7,839,871 $7,038,818 
    The accompanying notes are an integral part of these consolidated financial statements.
    8

    Index
    MDU Resources Group, Inc.
    Consolidated Statements of Equity
    (Unaudited)
    Other
    Paid-in
    Capital
    Retained EarningsAccumu-lated
    Other
    Compre-hensive
    Loss
    Common Stock
    SharesAmountTotal
     (In thousands, except shares)
    At December 31, 2024
    203,934,578 $203,935 $1,473,738 $1,029,699 $(16,798)$2,690,574 
    Net income
    — — — 81,965 — 81,965 
    Other comprehensive income
    — — — — 192 192 
    Dividends declared on common stock
    — — — (26,765)— (26,765)
    Stock-based compensation
    — — 1,646 — — 1,646 
    Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings396,592 396 (4,872)— — (4,476)
    At March 31, 2025
    204,331,170 $204,331 $1,470,512 $1,084,899 $(16,606)$2,743,136 

    Other
    Paid-in
    Capital
    Retained EarningsAccumu-lated
    Other
    Compre-hensive
    Loss
    Common Stock
    SharesAmountTotal
     (In thousands, except shares)
    At December 31, 2023
    203,689,090 $203,689 $1,466,235 $1,253,693 $(18,384)$2,905,233 
    Net income
    — — — 100,898 — 100,898 
    Other comprehensive income
    — — — — 74 74 
    Dividends declared on common stock
    — — — (25,779)— (25,779)
    Stock-based compensation
    — — 3,173 — — 3,173 
    Issuance of common stock
    — — (35)— — (35)
    Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings
    199,147 199 (2,822)— — (2,623)
    At March 31, 2024
    203,888,237 $203,888 $1,466,551 $1,328,812 $(18,310)$2,980,941 
    The accompanying notes are an integral part of these consolidated financial statements.
    9

    Index
    MDU Resources Group, Inc.
    Consolidated Statements of Cash Flows
    (Unaudited)
    Three Months Ended
    March 31,
     20252024
     (In thousands)
    Operating activities:  
    Net income$81,965 $100,898 
    (Loss) income from discontinued operations, net of tax
    (502)26,163 
    Income from continuing operations82,467 74,735 
    Adjustments to reconcile net income to net cash provided by operating activities:  
    Depreciation and amortization
    51,261 49,767 
    Deferred income taxes(13,687)866 
    Provision for credit losses3,152 2,698 
    Amortization of debt issuance costs309 228 
    Employee stock-based compensation costs1,646 2,829 
    Pension and postretirement benefit plan net periodic benefit credit(267)(964)
    Unrealized losses (gains) on investments470 (2,594)
    Losses on sales of assets71 6 
    Changes in current assets and liabilities, net of acquisitions: 
    Receivables15,128 12,130 
    Inventories26,590 29,063 
    Other current assets92,739 36,300 
    Accounts payable(28,034)(32,658)
    Other current liabilities(11,324)(3,571)
    Pension and postretirement benefit plan contributions(385)(8)
    Other noncurrent changes(2,162)(24,813)
    Net cash provided by continuing operations217,974 144,014 
    Net cash (used in) provided by discontinued operations(502)21,083 
    Net cash provided by operating activities217,472 165,097 
    Investing activities:  
    Capital expenditures(93,034)(116,986)
    Net proceeds from sale or disposition of property
    — 10 
    Salvage value, net of cost of removal
    869 31 
    Investments(2,574)(2,580)
    Proceeds from investment cost basis withdrawal
    — 9,000 
    Net cash used in continuing operations(94,739)(110,525)
    Net cash used in discontinued operations— (6,739)
    Net cash used in investing activities(94,739)(117,264)
    Financing activities:  
    Repayment of short-term borrowings— (95,000)
    Issuance of long-term debt— 89,200 
    Repayment of long-term debt(99,104)(623)
    Debt issuance costs(5)(527)
    Costs of issuance of common stock
    — (35)
    Dividends paid(26,511)(25,904)
    Tax withholding on stock-based compensation(4,476)(2,623)
    Net cash used in continuing operations(130,096)(35,512)
    Net cash used in discontinued operations— — 
    Net cash used in financing activities(130,096)(35,512)
    (Decrease) increase in cash, cash equivalents and restricted cash(7,363)12,321 
    Cash, cash equivalents and restricted cash - beginning of year66,904 76,975 
    Cash, cash equivalents and restricted cash - end of period *
    $59,541 $89,296 
    *Includes cash of discontinued operations of $16.6 million at March 31, 2024.
    The accompanying notes are an integral part of these consolidated financial statements.
    10

    Index
    MDU Resources Group, Inc.
    Notes to Consolidated
    Financial Statements
    March 31, 2025 and 2024
    (Unaudited)
    Note 1 - Basis of presentation
    The accompanying consolidated interim financial statements were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Interim financial statements do not include all disclosures provided in annual financial statements and, accordingly, these financial statements should be read in conjunction with those appearing in the 2024 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses.
    On October 31, 2024, the Company completed the separation of Everus, its former construction services business, resulting in Everus becoming an independent, publicly-traded company. The Company's board of directors approved the distribution of all the outstanding shares of Everus common stock to the Company's stockholders. Stockholders of the Company received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution. The separation of Everus was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares.
    The Company's consolidated financial statements and accompanying notes for the current and prior periods have been restated to present the results of operations and the assets and liabilities of Everus as discontinued operations, other than certain corporate overhead costs of the Company historically allocated to Everus, which are reflected in Other. Also included in discontinued operations in the Consolidated Statements of Income are the supporting activities of Fidelity and certain interest expense related to financing activity associated with the Everus separation. The assets and liabilities of the Company's discontinued operations are included in current assets of discontinued operations, noncurrent assets of discontinued operations, current liabilities of discontinued operations and noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. For more information on discontinued operations, see Note 3.
    Additionally, certain amounts recorded in prior year financial statements have been reclassified to conform to the current year presentation. The Company has reclassified $7.1 million of transmission-related expenses from operation and maintenance to electric fuel and purchased power for the three months ended March 31, 2024, in the Consolidated Statements of Income. These transmission-related expenses are an integral component of the cost of electricity sold to customers and therefore, more appropriately reflected in electric fuel and purchased power than operation and maintenance expense. These reclassifications had no effect on previously reported results of operations or cash flows.
    Management has also evaluated the impact of events occurring after March 31, 2025, up to the date of issuance of these consolidated interim financial statements on May 8, 2025, that would require recognition or disclosure in the Consolidated Financial Statements.
    11

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    Note 2 - New accounting standards
    The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and/or disclosures:
    StandardDescriptionEffective dateImpact on financial statements/disclosures
    Recently issued accounting standards not yet adopted
    ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023
    In December 2023, the FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures.
    Effective for annual reporting periods beginning after 2024 on a prospective basis.The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
    ASU 2024-01 Compensation - Stock Compensation
    In March 2024, the FASB issued improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation.
    Effective for fiscal years beginning after December 15, 2024.
    The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
    ASU 2024-03 Disaggregation of Income Statement Expenses
    In November 2024, the FASB issued guidance to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative; and research and development).
    Effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.
    The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2027.
    Note 3 - Discontinued operations
    On October 31, 2024, the Company completed the separation of Everus, its former construction services segment, into a new independent, publicly-traded company. The Company's board of directors approved the distribution of all the outstanding shares of Everus common stock to the Company's stockholders. Stockholders of the Company received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution. The separation of Everus was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares.
    As a result of the separation, the historical results of operations are shown in discontinued operations, net of tax, except for allocated general corporate overhead costs of the Company, which did not meet the criteria for discontinued operations. The Company’s consolidated financial statements and accompanying notes for prior periods have been restated.
    The Company provided and will provide to Everus and Everus provided and will provide to the Company transition services in accordance with the TSA entered into on October 31, 2024. For the three months ended March 31, 2025, the Company received $1.8 million and paid $13,000 for these related activities. The majority of the transition services are expected to be provided for a period of approximately eighteen months, however, no longer than two years after the separation.
    Separation related costs of $502,000 and $3.7 million, net of tax, were incurred during the three months ended March 31, 2025 and 2024, respectively. Separation costs incurred are presented in Discontinued operations, net of tax in the Consolidated Statements of Income. These charges primarily relate to transaction and third-party support costs, one-time business separation fees and related tax charges.
    12

    Index
    The Company had no assets or liabilities related to the discontinued operations of Everus on its balance sheet as of March 31, 2025 or December 31, 2024. The carrying amounts of the major classes of assets and liabilities of discontinued operations included in the Company's Consolidated Balance Sheet at March 31, 2024 were as follows:
    March 31, 2024
    Assets(In Thousands)
    Current assets:
    Cash, cash equivalents and restricted cash
    $16,572 
    Receivables, net692,887 
    Inventories43,646 
    Prepayments and other current assets17,381 
    Total current assets of discontinued operations770,486 
    Noncurrent assets:
    Net property, plant and equipment118,608 
    Goodwill143,223 
    Other intangible assets, net1,482 
    Investments10,822 
    Operating lease right-of-use assets54,752 
    Other23,957 
    Total noncurrent assets of discontinued operations352,844 
    Total assets of discontinued operations$1,123,330 
    Liabilities
    Current liabilities:
    Accounts payable306,835 
    Taxes payable23,318 
    Accrued compensation31,376 
    Operating lease liabilities due within one year21,397 
    Other accrued liabilities56,170 
    Total current liabilities of discontinued operations439,096 
    Noncurrent liabilities:
    Long-term debt132,000 
    Deferred income taxes6,405 
    Operating lease liabilities33,717 
    Other9,709 
    Total noncurrent liabilities of discontinued operations181,831 
    Total liabilities of discontinued operations$620,927 

    The reconciliation of the major classes of income and expense constituting pretax loss from discontinued operations to the after-tax loss from discontinued operations on the Consolidated Statements of Income were as follows:
    Three Months Ended
    March 31,
    20252024
    (In thousands)
    Operating revenues$— $625,550 
    Operating expenses600 586,259 
    Operating (loss) income(600)39,291 
    Other income— 1,878 
    Interest expense— 2,195 
    (Loss) income from discontinued operations before income taxes
    (600)38,974 
    Income tax (benefit) expense(98)12,811 
    Discontinued operations, net of tax$(502)$26,163 
    13

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    Note 4 - Seasonality of operations
    Some of the Company's operations are highly seasonal and revenues from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Accordingly, the interim results for particular businesses, and for the Company as a whole, may not be indicative of results for the full fiscal year.
    Note 5 - Receivables and allowance for expected credit losses
    Receivables consist primarily of trade receivables from the sale of goods and services net of expected credit losses. The Company's trade receivables are all due in 12 months or less.
    The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable.
    Details of the Company's expected credit losses were as follows:
    ElectricNatural gas
    distribution
    PipelineTotal
     (In thousands)
    At December 31, 2024
    $473 $1,366 $— $1,839 
    Current expected credit loss provision939 2,213 — 3,152 
    Less write-offs charged against the allowance1,036 1,269 — 2,305 
    Credit loss recoveries collected166 252 — 418 
    At March 31, 2025
    $542 $2,562 $— $3,104 
    ElectricNatural gas
    distribution
    PipelineTotal
     (In thousands)
    At December 31, 2023
    $414 $1,189 $— $1,603 
    Current expected credit loss provision782 1,916 — 2,698 
    Less write-offs charged against the allowance659 1,455 — 2,114 
    Credit loss recoveries collected147 314 — 461 
    At March 31, 2024
    $684 $1,964 $— $2,648 
    Note 6 - Inventories and natural gas in storage
    Natural gas in storage is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. The portion of the cost of natural gas in storage expected to be used within 12 months was included in inventories. Inventories on the Consolidated Balance Sheets were as follows:
     March 31, 2025March 31, 2024December 31, 2024
     (In thousands)
    Natural gas in storage (current)$13,579 $9,309 $40,073 
    Fuel stock4,878 4,475 4,867 
    Total$18,457 $13,784 $44,940 
    The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in noncurrent assets - other and was $48.5 million, $50.1 million and $48.5 million at March 31, 2025 and 2024 and December 31, 2024, respectively.
    14

    Index
    Note 7 - Earnings per share
    Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:
    Three Months Ended
    March 31,
    20252024
    (In thousands, except per share amounts)
    Weighted average common shares outstanding - basic204,142 203,779 
    Effect of dilutive performance share awards and restricted stock units817 408 
    Weighted average common shares outstanding - diluted204,959 204,187 
    Earnings per share - basic:
    Income from continuing operations$.40 $.37 
    Discontinued operations, net of tax— .13 
    Earnings per share - basic$.40 $.50 
    Earnings per share - diluted:
    Income from continuing operations$.40 $.37 
    Discontinued operations, net of tax— .12 
    Earnings per share - diluted$.40 $.49 
    Shares excluded from the calculation of diluted earnings per share
    — — 
    Dividends declared per common share
    $.1300 $.1250 
    15

    Index
    Note 8 - Revenue from contracts with customers
    Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.

    As part of the adoption of ASC 606 - Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
    The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs in certain states. The Company has the right to payment when the allowances are sold at auction. Revenue is recognized on a point in time basis within the quarter that the auction is held. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdiction’s regulatory liability for environmental compliance. For more information on the Company’s regulatory assets and liabilities, see Note 9.
    Disaggregation
    In the following tables, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 14.
    Three Months Ended March 31, 2025ElectricNatural gas
    distribution
    PipelineOtherTotal
    (In thousands)
    Residential utility sales
    $39,685 $289,235 $— $— $328,920 
    Commercial utility sales
    48,477 192,331 — — 240,808 
    Industrial utility sales
    9,164 15,462 — — 24,626 
    Other utility sales
    1,850 — — — 1,850 
    Natural gas transportation
    — 17,710 49,253 — 66,963 
    Natural gas storage
    — — 6,030 — 6,030 
    Other
    17,591 23,478 1,362 179 42,610 
    Intersegment eliminations
    (178)(94)(33,337)(178)(33,787)
    Revenues from contracts with customers
    116,589 538,122 23,308 1 678,020 
    Other revenues
    (4,328)1,126 15 — (3,187)
    Total external operating revenues
    $112,261 $539,248 $23,323 $1 $674,833 
    Three Months Ended March 31, 2024ElectricNatural gas
    distribution
    PipelineOtherTotal
    (In thousands)
    Residential utility sales
    $39,222 $263,103 $— $— $302,325 
    Commercial utility sales
    41,515 162,130 — — 203,645 
    Industrial utility sales
    11,349 14,579 — — 25,928 
    Other utility sales
    1,936 — — — 1,936 
    Natural gas transportation
    — 14,591 43,637 — 58,228 
    Natural gas storage
    — — 5,382 — 5,382 
    Other
    15,630 3,201 2,256 37 21,124 
    Intersegment eliminations
    (12)(41)(30,290)(21)(30,364)
    Revenues from contracts with customers
    109,640 457,563 20,985 16 588,204 
    Other revenues
    (1,897)1,921 47 — 71 
    Total external operating revenues
    $107,743 $459,484 $21,032 $16 $588,275 
    Three Months Ended March 31, 2025ElectricNatural gas
    distribution
    PipelineConstruction
    services
    OtherTotal
    Three Months Ended March 31, 2024ElectricNatural gas
    distribution
    PipelineConstruction
    services
    OtherTotal
    16

    Index
    Remaining performance obligations
    The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient that does not require additional disclosures for contracts with an original duration of less than 12 months, to certain firm transportation, storage and non-regulated contracts. The Company's firm transportation and storage contracts included in the remaining performance obligations have weighted average remaining durations of less than five years and two years, respectively.
    At March 31, 2025, the Company's remaining performance obligations were $587.7 million. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $82.6 million within the next 12 months or less; $81.9 million within the next 13 to 24 months; and $423.2 million in 25 months or more.
    17

    Index
    Note 9 - Regulatory assets and liabilities
    The following table summarizes the individual components of unamortized regulatory assets and liabilities:
    Estimated
    Recovery or Refund
    Period as of
    March 31, 2025
    *March 31, 2025March 31, 2024December 31, 2024
    (In thousands)
    Regulatory assets:
    Current:
    Environmental compliance programs
    Up to 1 year
    $56,441 $7,443 $76,964 
    Natural gas costs recoverable through rate adjustments
    Up to 1 year
    51,321 110,481 91,091 
    Conservation programs
    Up to 1 year
    16,902 13,735 19,123 
    Electric fuel and purchased power deferral
    Up to 1 year
    7,109 17,061 9,662 
    Cost recovery mechanisms
    Up to 1 year
    4,806 6,454 5,114 
    Decoupling mechanisms
    Up to 1 year
    4,769 1,046 6,767 
    Other
    Up to 1 year
    1,993 2,394 6,715 
    143,341 158,614 215,436 
    Noncurrent:
    Pension and postretirement benefits**142,065 142,511 142,064 
    Cost recovery mechanisms
    Up to 24 years
    72,764 84,546 76,542 
    Plant costs/asset retirement obligationsOver plant lives46,920 45,702 47,042 
    Manufactured gas plant site remediation-27,443 25,851 27,964 
    Taxes recoverable from customersOver plant lives12,228 12,331 12,221 
    Covid-19 deferred costs
    Up to 3 years
    3,926 3,087 4,167 
    Long-term debt refinancing costs
    Up to 36 years
    1,865 2,453 2,011 
    Natural gas costs recoverable through rate adjustments-— 25,915 — 
    Electric fuel and purchased power deferral
    -— 15,612 4,349 
    Environmental compliance programs
    -— 50,372 — 
    Other
    Up to 14 years
    4,797 6,053 5,990 
    312,008 414,433 322,350 
    Total regulatory assets$455,349 $573,047 $537,786 
    Regulatory liabilities:
    Current:
    Environmental compliance programs
    Up to 1 year
    $65,680 $— $72,387 
    Natural gas costs refundable through rate adjustments
    Up to 1 year
    46,744 54,282 45,427 
    Demand charges
    Up to 1 year
    10,000 8,645 — 
    Provision for rate refund
    Up to 1 year
    3,833 6,517 3,677 
    Margin sharing
    Up to 1 year
    3,562 2,869 4,156 
    Conservation programs
    Up to 1 year
    2,782 3,576 2,082 
    Taxes refundable to customers
    Up to 1 year
    2,087 1,991 2,163 
    Cost recovery mechanisms
    Up to 1 year
    716 5,642 1,720 
    Other
    Up to 1 year
    4,761 6,593 5,555 
    140,165 90,115 137,167 
    Noncurrent:
    Plant removal and decommissioning costsOver plant lives221,349 220,519 217,603 
    Taxes refundable to customersOver plant lives182,742 190,850 185,402 
    Cost recovery mechanisms
    Up to 17 years
    33,373 24,269 30,354 
    Accumulated deferred investment tax creditOver plant lives19,301 16,129 18,788 
    Pension and postretirement benefits**4,862 6,044 4,862 
    Environmental compliance programs-— 63,746 — 
    Other
    Up to 13 years
    2,252 1,927 2,161 
    463,879 523,484 459,170 
    Total regulatory liabilities$604,044 $613,599 $596,337 
    Net regulatory position$(148,695)$(40,552)$(58,551)
    *Estimated recovery or refund period for amounts currently being recovered or refunded in rates to customers.
    **    Recovered as expense is incurred or cash contributions are made.
    18

    Index
    As of March 31, 2025 and 2024, and December 31, 2024, approximately $179.3 million, $191.7 million and $181.2 million, respectively, of regulatory assets were not earning a rate of return but are expected to be recovered from customers in future rates. These assets are largely comprised of the unfunded portion of pension and postretirement benefits, asset retirement obligations, certain pipeline integrity costs and the estimated future cost of manufactured gas plant site remediation.
    The Company is subject to environmental compliance regulations in certain states which require natural gas distribution companies to reduce overall GHG emissions to certain thresholds as established by each applicable state. Compliance with these standards may be achieved through increased energy efficiency and conservation measures, purchased emission allowances and offsets and purchases of low carbon fuels. Emission allowances are allocated by the respective states to the Company at no cost, of which a portion is required to be sold at auction in certain states. The compliance costs for these regulations and the revenues from the sale of the allocated emissions allowances are passed through to customers in rates and the Company has, accordingly, deferred the environmental compliance costs as a regulatory asset and proceeds from the sale of allowances as a regulatory liability.
    For a discussion of the Company's most recent cases by jurisdiction, see Note 16.
    If, for any reason, the Company's regulated businesses cease to meet the criteria for application of regulatory accounting for all or part of their operations, the regulatory assets and liabilities relating to those portions ceasing to meet such criteria would be written off and included in the statement of income or accumulated other comprehensive loss in the period in which the discontinuance of regulatory accounting occurs.
    Note 10 - Environmental allowances and obligations
    The Company's natural gas distribution segment acquires environmental allowances as part of its requirement to comply with environmental regulations in certain states. Allowances are allocated by the respective states to the Company at no cost and additional allowances are required to be purchased as needed based on the requirements in the respective states. The segment records purchased and allocated environmental allowances at weighted average cost under the inventory method of accounting. Environmental allowances are included in Prepayments and other current assets and noncurrent assets - Other on the Consolidated Balance Sheets.
    Environmental compliance obligations, which are based on GHG emissions, are measured at the carrying value of environmental allowances held plus the estimated value of additional allowances necessary to satisfy the compliance obligation. Environmental compliance obligations are included in current liabilities - Other accrued liabilities and noncurrent liabilities - Other on the Consolidated Balance Sheets.
    The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs when the allowances are sold at auction. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdiction’s regulatory liability for environmental compliance.
    As environmental allowances are surrendered, the segment reduces the associated environmental compliance assets and liabilities from the Consolidated Balance Sheets. The expenses and revenues associated with the Company’s environmental allowances and obligations are deferred as regulatory assets and liabilities and recognized as a component of purchased natural gas sold as recovered in customer rates. For more information on the Company’s regulatory assets and liabilities, see Note 9.
    Note 11 - Fair value measurements
    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach.
    The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. The Company anticipates using these investments, which consist of insurance contracts, to satisfy its obligations under its unfunded, nonqualified defined benefit and defined contribution plans for executive officers and certain key management employees and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $61.1 million, $58.8 million and $59.3 million, at March 31, 2025 and 2024, and December 31, 2024, respectively, are classified as Investments on the Consolidated Balance Sheets. The net unrealized loss on these investments was $470,000 for the three months ended March 31, 2025. The net unrealized gain on these investments was $2.6 million for the three months ended March 31, 2024. The change in fair value, which is considered part of the cost of the plan, is classified in Other income on the Consolidated Statements of Income. In the first quarter of 2024 the Company withdrew $9.0 million of its cost basis, which reduced Investments on the Consolidated Balance Sheets.
    19

    Index
    The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities, which include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as Investments on the Consolidated Balance Sheets. Unrealized gains or losses are recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. Details of available-for-sale securities were as follows:
    March 31, 2025CostGross
    Unrealized
    Gains
    Gross
    Unrealized
    Losses
    Fair Value
    (In thousands)
    Mortgage-backed securities$7,997 $18 $299 $7,716 
    U.S. Treasury securities3,869 76 1 3,944 
    Total$11,866 $94 $300 $11,660 
    March 31, 2024CostGross
    Unrealized
    Gains
    Gross
    Unrealized
    Losses
    Fair Value
    (In thousands)
    Mortgage-backed securities$8,072 $4 $507 $7,569 
    U.S. Treasury securities3,756 35 2 3,789 
    Total$11,828 $39 $509 $11,358 
    December 31, 2024CostGross
    Unrealized
    Gains
    Gross
    Unrealized
    Losses
    Fair Value
    (In thousands)
    Mortgage-backed securities$7,933 $4 $383 $7,554 
    U.S. Treasury securities3,945 80 1 4,024 
    Total$11,878 $84 $384 $11,578 
    The Company's assets measured at fair value on a recurring basis were as follows:
     Fair Value Measurements at March 31, 2025, Using 
     Quoted Prices in
    Active Markets
    for Identical
    Assets
    (Level 1)
    Significant
    Other
    Observable
    Inputs
    (Level 2)
    Significant
    Unobservable
    Inputs
    (Level 3)
    Balance at March 31, 2025
    (In thousands)
    Assets:    
    Money market funds$— $13,841 $— $13,841 
    Insurance contracts*— 61,075 — 61,075 
    Available-for-sale securities:
    Mortgage-backed securities— 7,716 — 7,716 
    U.S. Treasury securities— 3,944 — 3,944 
    Total assets measured at fair value$— $86,576 $— $86,576 
    * The insurance contracts invest approximately 58 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 9 percent in target date investments, 7 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 3 percent in cash equivalents, 1 percent in international investments, and 1 percent in real estate.
    20

    Index
     Fair Value Measurements at March 31, 2024, Using 
     Quoted Prices in
    Active Markets
    for Identical
    Assets
    (Level 1)
    Significant
    Other
    Observable
    Inputs
    (Level 2)
    Significant
    Unobservable
    Inputs
    (Level 3)
    Balance at March 31, 2024
    (In thousands)
    Assets:    
    Money market funds$— $6,985 $— $6,985 
    Insurance contracts*— 58,760 — 58,760 
    Available-for-sale securities:
    Mortgage-backed securities— 7,569 — 7,569 
    U.S. Treasury securities— 3,789 — 3,789 
    Total assets measured at fair value$— $77,103 $— $77,103 
    * The insurance contracts invest approximately 57 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 10 percent in target date investments, 8 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 3 percent in cash equivalents, and 1 percent in international investments.
     Fair Value Measurements at December 31, 2024, Using 
    Quoted Prices in
    Active Markets
    for Identical
    Assets
     (Level 1)
    Significant
    Other
    Observable
    Inputs
    (Level 2)
    Significant
    Unobservable
    Inputs
     (Level 3)
    Balance at December 31, 2024
    (In thousands)
    Assets:    
    Money market funds$— $12,879 $— $12,879 
    Insurance contracts*— 59,282 — 59,282 
    Available-for-sale securities:
    Mortgage-backed securities— 7,554 — 7,554 
    U.S. Treasury securities— 4,024 — 4,024 
    Total assets measured at fair value$— $83,739 $— $83,739 
    * The insurance contracts invest approximately 58 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in target date investments, 8 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 4 percent in cash equivalents, and 1 percent in international investments.
    The Company's money market funds are valued at the net asset value of shares held at the end of the period, based on published market quotations on active markets, or using other known sources including pricing from outside sources. The estimated fair value of the Company's mortgage-backed securities and U.S. Treasury securities are based on comparable market transactions, other observable inputs or other sources, including pricing from outside sources. The estimated fair value of the Company's insurance contracts are based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data.
    Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value.
    The Company applies the provisions of the fair value measurement standard to its nonrecurring, non-financial measurements, including long-lived asset impairments. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable.
    21

    Index
    The Company's long-term debt is not measured at fair value on the Consolidated Balance Sheets and the fair value is being provided for disclosure purposes only. The fair value was categorized as Level 2 in the fair value hierarchy and was based on discounted future cash flows using current market interest rates. The estimated fair value of the Company's Level 2 long-term debt was as follows:
     March 31, 2025March 31, 2024December 31, 2024
    (In thousands)
    Carrying amount$2,193,676 $2,254,397 $2,292,610 
    Fair value$1,902,217 $1,966,002 $1,963,396 
    The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values.
    Note 12 - Debt
    Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt agreements, the Company and its subsidiaries must be in compliance with the applicable covenants and certain other conditions, all of which the Company and its subsidiaries, as applicable, were in compliance with at March 31, 2025. In the event the Company or its subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued.
    Montana-Dakota's commercial paper program is supported by a revolving credit agreement. While the amount of commercial paper outstanding does not reduce available capacity under the revolving credit agreement, Montana-Dakota does not issue commercial paper in an aggregate amount exceeding the available capacity under the credit agreement. The commercial paper and revolving credit agreement borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of Montana-Dakota.
    Long-term Debt Outstanding Long-term debt outstanding was as follows:
     
    Weighted
    Average
    Interest
    Rate at
    March 31, 2025
    March 31, 2025March 31, 2024December 31, 2024
     (In thousands)
    Senior Notes due on dates ranging from August 23, 2025 to June 15, 2062
    4.57 %$1,947,000 $1,882,000 $1,947,000 
    Credit agreements due on June 20, 20296.65 %104,900 120,700 169,700 
    Term Loan Agreements due on dates ranging from September 3, 2032 to April 1, 20394.43 %61,600 64,300 65,600 
    Commercial paper supported by revolving credit agreement4.69 %51,100 158,800 81,400 
    Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029
    7.32 %35,000 35,000 35,000 
    Other notes due on dates ranging from May 31, 2028 to November 30, 2038
    6.00 %342 357 346 
    Less unamortized debt issuance costs6,266 6,760 6,436 
    Total long-term debt2,193,676 2,254,397 2,292,610 
    Less current maturities161,700 60,700 161,700 
    Net long-term debt$2,031,976 $2,193,697 $2,130,910 
    22

    Index
    Note 13 - Cash flow information
    Cash expenditures for interest and income taxes were as follows:
    Three Months Ended
     March 31,
     20252024 
     (In thousands)
    Interest, net*
    $19,929 $21,159 
    Income taxes paid (refunded), net$172 $(257)
    *AFUDC - borrowed was $1.8 million and $2.7 million for the three months ended March 31, 2025 and 2024, respectively.
    Noncash investing and financing transactions were as follows:
    March 31, 2025March 31, 2024December 31, 2024
    (In thousands)
    Right-of-use assets obtained in exchange for new operating lease liabilities
    $129 $532 $1,787 
    Property, plant and equipment additions in accounts payable
    $23,917 $32,309 $36,820 
    Note 14 - Business segment data
    The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's CODM, the chief executive officer. The Company's operations are located within the United States.
    The Company's CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess the performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.
    The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services.
    The pipeline segment provides natural gas transportation and underground storage services through a FERC regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection.
    The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability and other coverages. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to Everus, Fidelity and the refining business which do not meet the criteria for income (loss) from discontinued operations.
    Discontinued operations includes Everus' operations and certain associated separation costs. Discontinued operations also includes the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above.
    23

    Index
    The information below follows the same accounting policies as described in Note 2 of the Notes to Consolidated Financial Statements in the 2024 Annual Report. Information on the Company's segments was as follows:
    Three Months Ended March 31, 2025ElectricNatural gas distributionPipelineOtherConsolidated
    (In thousands)
    Operating revenues:
    External operating revenues$112,261 $539,248 $23,323 $1 $674,833 
    Intersegment operating revenues178 94 33,337 178 33,787 
    Operation and maintenance:
    External operation and maintenance28,407 63,484 19,239 (83)111,047 
    Intersegment operation and maintenance178 94 14 178 464 
    Purchased natural gas sold:
    External purchased natural gas sold— 317,157 — — 317,157 
    Intersegment purchased natural gas sold— 33,323 — — 33,323 
    Electric fuel and purchased power43,748 — — — 43,748 
    Depreciation and amortization17,183 26,122 7,956 — 51,261 
    Taxes, other than income4,815 30,628 3,314 — 38,757 
    Other income:
    External other income992 3,301 307 397 4,997 
    Intersegment other income— — 123 986 1,109 
    Interest expense:
    External interest expense7,887 14,876 3,121 938 26,822 
    Intersegment interest expense— — 1,109 — 1,109 
    Income tax expense (benefit)(3,731)12,301 5,127 (5,126)8,571 
    Income from continuing operations
    14,944 44,658 17,210 5,655 82,467 
    Discontinued operations, net of tax— — — (502)(502)
    Net income$14,944 $44,658 $17,210 $5,153 $81,965 
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    Three Months Ended March 31, 2024ElectricNatural gas distributionPipelineOtherConsolidated
    (In thousands)
    Operating revenues:
    External operating revenues$107,743 $459,484 $21,032 $16 $588,275 
    Intersegment operating revenues12 41 30,290 21 30,364 
    Purchased natural gas sold:
    External purchased natural gas sold— 258,602 — — 258,602 
    Intersegment purchased natural gas sold— 30,245 — — 30,245 
    Electric fuel and purchased power39,723 — — — 39,723 
    Operation and maintenance:
    External operation and maintenance23,530 59,330 18,414 6,340 107,614 
    Intersegment operation and maintenance12 41 45 21 119 
    Depreciation and amortization16,616 25,478 7,119 554 49,767 
    Taxes, other than income5,086 27,591 3,094 142 35,913 
    Other income:
    External other income1,982 8,170 769 988 11,909 
    Intersegment other income— — 123 4,388 4,511 
    Interest expense:
    External interest expense7,495 15,660 2,193 1,163 26,511 
    Intersegment interest expense— — 1,781 2,730 4,511 
    Income tax expense (benefit)(594)10,678 4,510 (7,275)7,319 
    Income from continuing operations
    17,869 40,070 15,058 1,738 74,735 
    Discontinued operations, net of tax— — — 26,163 26,163 
    Net income$17,869 $40,070 $15,058 $27,901 $100,898 
    A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:
    Three Months Ended
    March 31,
    2025 2024 
    (In thousands)
    Operating revenues reconciliation:
    Total reportable segment operating revenues$708,441 $618,602 
    Other revenue179 37 
    Elimination of intersegment operating revenues(33,787)(30,364)
    Total consolidated operating revenues$674,833 $588,275 
    Note 15 - Employee benefit plans
    Pension and other postretirement plans
    The Company has noncontributory qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees.
    Components of net periodic benefit cost for the Company's pension benefit plans were as follows:
    Three Months Ended
    March 31,
    20252024
    (In thousands)
    Components of net periodic benefit cost:
    Interest cost$3,303 $3,200 
    Expected return on assets(3,645)(4,028)
    Amortization of net actuarial loss1,193 1,037 
    Net periodic benefit cost$851 $209 
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    Components of net periodic benefit credit for the Company's other postretirement benefit plans were as follows:
    Three Months Ended
    March 31,
    20252024
    (In thousands)
    Components of net periodic benefit credit:
    Service cost$99 $126 
    Interest cost462 459 
    Expected return on assets(1,292)(1,329)
    Amortization of prior service credit
    (290)(330)
    Amortization of net actuarial gain(80)(72)
    Net periodic benefit credit, including amount capitalized(1,101)(1,146)
    Less amount capitalized18 22 
    Net periodic benefit credit$(1,119)$(1,168)

    The components of net periodic benefit cost (credit), other than the service cost component, are included in Other income on the Consolidated Statements of Income. The service cost component is included in Operation and maintenance expense on the Consolidated Statements of Income.
    Nonqualified defined benefit plans
    In addition to the qualified defined benefit pension plans reflected in the table at the beginning of this note, the Company also has unfunded, nonqualified defined benefit plans for executive officers and certain key management employees. The Company's net periodic benefit cost for these plans was $716,000 and $733,000 for the three months ended March 31, 2025 and 2024, respectively. The components of net periodic benefit cost for these plans are included in Other income on the Consolidated Statements of Income.
    Note 16 - Regulatory matters
    The Company regularly reviews the need for electric and natural gas rate changes in each of the jurisdictions in which service is provided. The Company files for rate adjustments to seek recovery of operating costs and capital investments, as well as reasonable returns as allowed by regulators. Certain regulatory proceedings and cases may also contain recurring mechanisms that can have an annual true-up. Examples of these recurring mechanisms include: infrastructure riders, transmission trackers, renewable resource cost adjustment riders, as well as weather normalization and decoupling mechanisms. The following paragraphs summarize the Company's significant open regulatory proceedings and cases by jurisdiction including updates to those reported in the 2024 Annual Report and should be read in conjunction with previous filings. The Company is unable to predict the ultimate outcome of these matters, the timing of final decisions of the various regulators and courts, or the effect on the Company's results of operations, financial position or cash flows.

    MTPSC
    On July 15, 2024, Montana-Dakota filed a request with the MTPSC for a natural gas general rate increase of approximately $9.4 million annually or 11.1 percent above current rates. The requested increase is primarily to recover investments in system upgrades and pipeline replacement projects enhancing the reliability, safety and integrity of the natural gas system, as well as increased costs to operate and maintain that system. On October 15, 2024, the MTPSC denied Montana-Dakota's request for an interim rate increase of approximately $8.0 million annually or 10.2 percent above current rates. On October 25, 2024, Montana-Dakota filed a motion for reconsideration of the interim rate increase. On January 14, 2025, the MTPSC approved an interim increase of approximately $7.7 million with interim rates effective on and after February 1, 2025. On April 3, 2025, an all-party settlement agreement was filed reflecting an annual revenue increase of $7.3 million or 8.6 percent overall. This matter is pending before the MTPSC.

    WUTC
    On March 29, 2024, Cascade filed a request with the WUTC for a multi-year natural gas general rate increase of $43.8 million or 11.6 percent effective March 1, 2025 and $11.7 million or 2.8 percent to be effective March 1, 2026. Multi-year filings are now required by Washington law that went into effect on January 1, 2022. The requested increase is primarily to recover infrastructure investments necessary to provide safe and reliable service and higher operating costs due to inflation. On December 11, 2024, a multi-party settlement agreement was filed reflecting rate increases of $29.8 million or 7.9 percent to be effective March 1, 2025, and $10.8 million or 2.6 percent to be effective March 1, 2026. On February 24, 2025, the WUTC approved the multi-party settlement agreement with year one rates effective on and after March 5, 2025. On April 30, 2025, Cascade filed a revision to decrease revenues by $3.7 million or 0.5 percent effective June 1, 2025. The reduction was driven by forecasted plant that was not placed in service by December 31, 2024. This matter is pending before the WUTC.
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    WYPSC
    On October 31, 2024, Montana-Dakota filed a request with the WYPSC for a natural gas general rate increase of approximately $2.6 million annually or 14.0 percent above current rates. The requested increase is primarily to recover investments in system upgrades and pipeline replacement projects enhancing the reliability, safety and integrity of the natural gas system, as well as increased costs to operate and maintain that system. This matter is pending before the WYPSC.

    Note 17 - Commitments and contingencies
    The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories.
    At March 31, 2025 and 2024, and December 31, 2024, the Company accrued liabilities, which have not been discounted, of $24.3 million, $22.8 million and $24.1 million, respectively. The Company also recorded corresponding receivables of $541,000 at March 31, 2025. The receivable amounts were not material at March 31, 2024 and December 31, 2024. The Company recorded regulatory assets of $22.7 million, $21.6 million and $22.9 million, at March 31, 2025 and 2024, and December 31, 2024, respectively, related to the accrued liabilities. The accruals are for contingencies resulting from litigation, regulatory and environmental matters. This includes amounts that have been accrued for matters discussed in Environmental matters within this note. The Company will continue to monitor each matter and adjust accruals as might be warranted based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company's financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred.
    Environmental matters
    The Company is a party to claims for the cleanup of environmental contamination at certain manufactured gas plant sites. There were no material changes to the Company's environmental matters that were previously reported in the 2024 Annual Report.

    Purchase Commitments
    The Company has entered in various commitments largely consisting of contracts for natural gas and coal supply; purchased power; natural gas transportation and storage; information technology; and environmental compliance instruments. Certain of these contracts are subject to variability in volume and price. The purchase commitments at March 31, 2025, under these contracts for the twelve month periods ending March 31, were:

    20262027202820292030
    Thereafter
    (In thousands)
    Purchase Commitments
    $978,800 $265,100 $171,300 $136,500 $109,900 $657,200 
    The Company's purchase commitments decreased from those reported in the 2024 Annual Report due to an anticipated decrease in electric supply contracts as a result of the Badger Wind, LLC purchase and sale agreement at the Company's electric segment.
    On February 13, 2025, Montana-Dakota entered into a definitive purchase and sale agreement with Badger Wind, LLC, a subsidiary of Orsted Onshore North America, LLC. Pursuant to the terms of the agreement, Montana-Dakota will purchase a 49 percent undivided ownership interest in a wind project being constructed and located in North Dakota that is anticipated to have a net generating capacity of approximately 250 MW for a purchase price of $294.0 million, which would represent 122.5 MW of wind generation to be owned by Montana-Dakota. The purchase agreement is contingent on regulatory approval from the NDPSC. This transaction would reduce Montana-Dakota's purchase requirements under the existing power purchase agreement with Badger Wind, LLC, dated November 4, 2024.
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    Guarantees
    The Company and certain subsidiaries have outstanding letters of credit to third parties related to insurance policies and other agreements, some of which are guaranteed by other subsidiaries of the Company. At March 31, 2025, the fixed maximum amounts guaranteed under these letters of credit aggregated $14.0 million, all of which have scheduled expiration of the maximum amounts in 2025. There were no amounts outstanding under the previously mentioned letters of credit at March 31, 2025. In the event of default under these letter of credit obligations, the Company or subsidiary guaranteeing the letter of credit would be obligated for reimbursement of payments made under the letter of credit.
    In the normal course of business, the Company and its subsidiaries have surety bonds. In the event the Company or its subsidiaries do not fulfill a bonded obligation, the Company or its subsidiaries would be responsible to the surety bond company for completion of the bonded contract or obligation. At March 31, 2025, approximately $15.6 million of surety bonds were outstanding, which were not reflected on the Consolidated Balance Sheet.
    Leases
    The Company's leases primarily include operating leases for equipment, buildings, easements and vehicles. The Company leases certain equipment to third parties through its utility business, which are considered short-term operating leases with terms of less than 12 months. Lease revenue was not material for the three months ended March 31, 2025 or 2024. At March 31, 2025, the Company had no lease receivables.
    Variable interest entities
    The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary.
    Fuel Contract Coyote Station entered into a coal supply agreement with Coyote Creek that provides for the purchase of coal necessary to supply the coal requirements of the Coyote Station for the period May 2016 through December 2040. Coal purchased under the coal supply agreement is reflected in Inventories on the Consolidated Balance Sheets and is recovered from customers as a component of electric fuel and purchased power.
    The coal supply agreement creates a variable interest in Coyote Creek due to the transfer of all operating and economic risk to the Coyote Station owners, as the agreement is structured so that the price of the coal will cover all costs of operations, as well as future reclamation costs. The Coyote Station owners are also providing a guarantee of the value of the assets of Coyote Creek as they would be required to buy the assets at book value should they terminate the contract prior to the end of the contract term and are providing a guarantee of the value of the equity of Coyote Creek in that they are required to buy the entity at the end of the contract term at equity value. Although the Company has determined that Coyote Creek is a VIE, the Company has concluded that it is not the primary beneficiary of Coyote Creek because the authority to direct the activities of the entity is shared by the four unrelated owners of the Coyote Station, with no primary beneficiary existing. As a result, Coyote Creek is not required to be consolidated in the Company's financial statements.
    At March 31, 2025, the Company's exposure to loss as a result of the Company's involvement with the VIE, based on the Company's ownership percentage, was $25.0 million.
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    Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
    The Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services. Through a strategy focusing on its "CORE," the Company strives to deliver superior value and achieve industry-leading performance as a pure-play regulated energy delivery company, while pursuing organic growth opportunities. The Company's "CORE" strategy prioritizes customers and communities, operational excellence, returns focused initiatives and an employee driven culture.
    Strategic Initiatives On October 31, 2024, the Company completed the separation of Everus, its former construction services business, resulting in Everus becoming an independent, publicly-traded company. The Company's board of directors approved the distribution of all the outstanding shares of Everus common stock to the Company's stockholders. Stockholders of the Company received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution. The separation of Everus was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares.

    The Company incurred costs in connection with the strategic initiatives in 2024 and 2025, as noted in the Business Segment Financial and Operating Data section. The majority of the separation costs have already been incurred due to the separation of Everus in October 2024, as previously discussed.
    Based on the Company becoming a pure-play regulated energy delivery business, the Company's board of directors established a long-term dividend payout ratio target of 60 percent to 70 percent of regulated energy delivery earnings. The Company has an 87-year history of uninterrupted dividend payments to stockholders and remains committed to paying a competitive dividend.
    Market Trends The Company continues to manage the inflationary pressures experienced throughout the United States, including the impact that inflation, higher interest rates, changes in tariffs, commodity price volatility and supply chain disruptions may have on its business and customers and proactively looks for ways to lessen the impact to its business. The Company has observed supply chain improvements in lead times for certain commodities. Although the Company has started to see some reduction to interest rates, they remain elevated and have resulted in and may continue to result in increased borrowing costs on new debt, impacts to the Company's asset valuations and negatively impacting the purchasing power of its customers.
    For more information on possible impacts to the Company's businesses, see the Outlook for each segment below, Part II, Item 1A. Risk Factors in this quarterly report and Part I, Item 1A. Risk Factors in the 2024 Annual Report.
    Cautionary Note Regarding Forward-Looking Statements
    This Quarterly Report on Form 10-Q 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 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, strategies and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in the Company's filings with the SEC.
    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 Part II, Item 1A. Risk Factors in this quarterly report, Part I, Item 1A. Risk Factors in the 2024 Annual Report and subsequent filings with the SEC. 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.
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    Consolidated Earnings Overview
    The following table summarizes the contribution to the consolidated income by each of the Company's business segments.
    Three Months Ended
    March 31,
     2025 2024 
    (In millions, except per share amounts)
    Electric$15.0 $17.9 
    Natural gas distribution44.7 40.1 
    Pipeline17.2 15.1 
    Other5.6 1.6 
    Income from continuing operations82.5 74.7 
    Discontinued operations, net of tax(.5)26.2 
    Net income$82.0 $100.9 
    Earnings per share - basic:  
    Income from continuing operations$.40 $.37 
    Discontinued operations, net of tax— .13 
    Earnings per share - basic$.40 $.50 
    Earnings per share - diluted:  
    Income from continuing operations$.40 $.37 
    Discontinued operations, net of tax— .12 
    Earnings per share - diluted$.40 $.49 
    On October 31, 2024, the Company completed the separation of Everus, its former construction services business, into a new independent publicly-traded company. As a result of the separation, the historical results of operations for Everus are shown in discontinued operations, net of tax, except for allocated general corporate overhead costs of the Company, which did not meet the criteria for discontinued operations and are reflected in Other. Also included in discontinued operations are certain strategic initiative costs associated with the separation of Everus.
    Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024 The Company's consolidated earnings decreased $18.9 million. The decrease in earnings is primarily due to the absence of income from discontinued operations in 2025, partially offset by increased earnings at the natural gas distribution and pipeline businesses.
    •The electric business earnings decrease was largely the result of higher operation and maintenance expense, primarily due to higher contract services related to electric generation station outage-related costs, increased software expenses and higher payroll-related costs, and lower investment returns on nonqualified benefit plans. The decrease in net income was partially offset by increased retail sales revenue due to higher volumes to residential customers, primarily due to colder weather, and higher volumes to a data center near Ellendale, North Dakota.
    •The natural gas distribution earnings improvement was largely the result of higher retail sales revenue due to rate relief in Washington, Montana and South Dakota, as well as increased volumes due to colder weather. These increases were partially offset by higher operation and maintenance expense, lower interest income and lower investment returns on nonqualified benefit plans.
    •The earnings increase at the pipeline business was driven by growth projects placed in service throughout 2024 and customer demand for short-term firm capacity contracts. Higher storage-related revenue further drove the increase. The increase was offset in part by higher operation and maintenance expense, primarily attributable to payroll-related costs. The business also incurred higher depreciation expense due to growth projects placed in service, as previously discussed, and lower investment returns on nonqualified benefit plans.
    •Other experienced lower operation and maintenance expense, primarily a result of corporate overhead costs classified as continuing operations allocated to Everus in 2024, which are not included in Other in 2025.
    •As previously discussed, the Company was adversely impacted by the absence of income from discontinued operations in 2025.
    A discussion of key financial data from the Company's business segments follows.
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    Business Segment Financial and Operating Data
    The following sections include key financial and operating data for each of the Company's business segments. Also included are highlights on key growth strategies, projections and certain assumptions for the Company and its subsidiaries and other matters of the Company's business segments.
    The Company's CODM, the chief executive officer of MDU Resources Group, Inc., regularly reviews discrete financial information of each reportable segment and uses net income to assess performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.
    For information pertinent to various commitments and contingencies, see the Notes to Consolidated Financial Statements. For a summary of the Company's business segments, see Note 14 of the Notes to Consolidated Financial Statements.
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    Electric and Natural Gas Distribution
    Strategy and challenges The electric and natural gas distribution segments provide electric and natural gas distribution services to customers, as discussed in Note 14. Both segments strive to be top performing utility companies with a commitment to customers and communities, operational excellence, returns focused initiatives and an employee driven culture. The segments provide safe, reliable, competitively priced and environmentally responsible energy service to customers while focusing on growth and expansion opportunities within and beyond its existing territories. The Company is focused on cultivating organic growth while managing operating costs and monitoring opportunities for these segments to retain, grow and expand their customer base through extensions of existing operations, including building and upgrading electric generation, transmission and distribution, and natural gas systems, and through selected acquisitions of companies and properties with similar operating and growth objectives at prices that will provide stable cash flows and an opportunity to earn a competitive return on investment. The continued efforts to create operational improvements and efficiencies across both segments promotes the Company's business integration strategy. The primary factors that impact the results of these segments are the ability to earn authorized rates of return; weather; climate change laws, regulations and initiatives; competitive factors in the energy industry; population growth; and economic conditions in the segments' service areas.
    The electric and natural gas distribution segments are subject to extensive regulation in the jurisdictions where they conduct operations with respect to costs, timely recovery of investments and permitted returns on investment. The Company is focused on modernizing utility infrastructure to meet the varied energy needs of both its customers and communities while ensuring the delivery of safe, reliable, affordable and environmentally responsible energy. The segments continue to invest in facility upgrades to be in compliance with existing and known future regulations. To assist in the reduction of regulatory lag in obtaining revenue increases to align with increased investments, tracking mechanisms have been implemented in certain jurisdictions. The Company also seeks rate adjustments for operating costs and capital investments, as well as reasonable returns on investments not covered by tracking mechanisms. For more information on the Company's tracking mechanisms and recent rate cases, see Note 16 and the 2024 Annual Report.
    These segments are also subject to extensive regulation related to certain operational and environmental compliance, cybersecurity, permit terms and system integrity. Both segments are faced with the ongoing need to actively evaluate cybersecurity processes and procedures related to its transmission and distribution systems for opportunities to further strengthen its cybersecurity protections. There have been cyber and physical attacks within the energy industry on infrastructure, such as substations, and the Company continues to evaluate the safeguards implemented to protect its electric and natural gas utility systems. Implementation of enhancements and additional requirements to protect the Company's infrastructure is ongoing.
    To date, many states have enacted and others are considering, mandatory clean energy standards requiring utilities to meet certain thresholds of renewable and/or carbon-free energy supply. Over the long-term, the Company expects overall electric demand to be positively impacted by increased electrification trends as a means to address economy-wide carbon emission concerns, data center growth and changing customer conservation patterns. Recently, MISO and NERC announced concerns with the reliability of the electric grid due to rapid expansion of renewables and retirement of baseload resources such as coal and the uncertainty of adequate energy production during certain periods of time, while load growth has increased faster than expected. Montana-Dakota filed its 2024 IRP with the NDPSC in July 2024. With MISO's filed changes in resources adequacy at FERC and the adoption of direct loss of load accreditation for generation resources around riskiest hours on the system versus peak load hours, Montana-Dakota is seeing the need to add additional capacity resources to its system in 2028 versus 2034 as identified in its previous IRP. The Company signed a power purchase agreement and ownership purchase agreement with Badger Wind, LLC for 150 MW of output capacity from the 250 MW Badger Wind Project which will reduce the Company's capacity and energy purchase requirements as identified in the 2024 IRP. Montana-Dakota will continue to monitor the progress of these changes, including the impacts associated with the implementation of MISO's direct loss of load accreditation in 2028, and assess the potential impacts they may have on its stakeholders, business processes, results of operations, cash flows and disclosures.
    Revenues are impacted by both customer growth and usage, the latter of which is primarily impacted by weather, as well as impacts associated with commercial and industrial slow-downs, including economic recessions, and energy efficiencies. Very cold winters increase demand for natural gas and to a lesser extent, electricity, while warmer than normal summers increase demand for electricity, especially among residential and commercial customers. Average consumption among both electric and natural gas customers has tended to decline as more efficient appliances and furnaces are installed, and as the Company has implemented conservation programs. Natural gas weather normalization and decoupling mechanisms in certain jurisdictions have been implemented to largely mitigate the effect that would otherwise be caused by variations in volumes sold to these customers due to weather and changing consumption patterns on the Company's distribution margins.
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    In late summer and fall of 2023, electric fuel and purchased power prices increased across Montana-Dakota's integrated system. This was caused by transmission congestion in northwest North Dakota due to delays in additional SPP transmission line build-out, as well as additional load growth in the Bakken region. Electric fuel and purchased power prices remained elevated through January 2024. Montana-Dakota and MISO each filed a complaint with FERC against SPP related to this issue, which were denied in September 2024. In October 2024, Montana-Dakota and MISO filed with FERC for rehearing on FERC's decision to deny these complaints. Both rehearing requests were denied by operation of law in November 2024. FERC ultimately reaffirmed their prior position and denied the Montana-Dakota and MISO rehearing requests through commission action in March 2025. In January 2025, Montana-Dakota and MISO each filed a petition for review of the FERC decision with the United States Court of Appeals for the Eighth Circuit. To assist in the recovery of the higher electric fuel and purchased power costs, Montana-Dakota filed waiver requests with the NDPSC and SDPUC, which were approved deferring the increased costs to the annual fuel clause adjustment. In Montana, the waiver request is filed monthly and was unopposed by the MTPSC. Effective April 1, 2024, as approved by the NDPSC, Montana-Dakota started recovery in North Dakota of these increased costs over a period of two years rather than one year, which will lessen the impact to customers and allow more time for Montana-Dakota's FERC complaint to mature and have greater certainty of the outcome. In South Dakota and Montana, Montana-Dakota started recovery of these costs over a one-year period effective July 1, 2024. In December 2024, Montana-Dakota filed a request with the NDPSC for authorization to defer external legal expenses related to this congestion litigation and record those deferred expenses into a regulatory asset.
    The Company continues to proactively monitor and work with its manufacturers to reduce the effects of increased pricing and lead times on delivery of certain raw materials and equipment used in electric generation, transmission and distribution system and natural gas pipeline projects. Long lead times are attributable to increased demand for steel products from pipeline companies as they continue pipeline system safety and integrity replacement projects driven by PHMSA regulations, as well as delays in the manufacturing and shipping of electrical equipment and increased demand for electrical equipment due to regulatory activity and grid expansion. The Company has been able to minimize the effects by working closely with suppliers or obtaining additional suppliers, as well as modifying project plans to accommodate extended lead times and increased costs. The Company expects these delays and inflationary pressures to continue. The Company also continues to monitor the impact tariffs will have on its costs. Tariff increases on raw materials could negatively affect the Company's construction projects and maintenance work. For additional discussion regarding risks and uncertainties, see Part II, Item 1A. Risk Factors in this quarterly report and Part I, Item 1A. Risk Factors in the 2024 Annual Report.
    The ability to grow through acquisitions is subject to significant competition and acquisition premiums. In addition, the ability of the segments to grow their service territory and customer base is affected by regulatory constraints, the economic environment of the markets served, population changes and competition from other energy providers and fuel. The construction of new electric generating facilities, transmission lines and other service facilities is subject to increasing costs and lead times, extensive permitting procedures, and federal and state legislative and regulatory initiatives, which may necessitate increases in electric energy prices. As the industry continues to expand the use of renewable energy sources, the need for additional transmission infrastructure is growing. As part of MISO's long range transmission plan, in August 2022, the Company announced its intent to develop, construct and co-own JETx with Otter Tail Power Company in central North Dakota. On October 6, 2023, the FERC issued an order approving the Company's request for CWIP Incentive Rate and Abandoned Plant Incentive treatment on this project. Montana-Dakota and Otter Tail Power Company received approval of a Certificate of Public Convenience and Necessity from the NDPSC on November 20, 2024 on this project.
    Earnings overview - The following information summarizes the performance of the electric segment.
    Three Months Ended
    March 31,
     2025 2024 Variance
    (In millions)
    Operating revenues$112.4 $107.7 4.4 %
    Operating expenses:  
    Electric fuel and purchased power43.7 39.7 10.1 %
    Operation and maintenance28.6 23.5 21.7 %
    Depreciation and amortization
    17.2 16.6 3.6 %
    Taxes, other than income4.8 5.1 (5.9)%
    Total operating expenses94.3 84.9 11.1 %
    Operating income18.1 22.8 (20.6)%
    Other income1.0 2.0 (50.0)%
    Interest expense7.9 7.5 5.3 %
    Income before income taxes11.2 17.3 (35.3)%
    Income tax benefit(3.8)(.6)533.3 %
    Net income$15.0 $17.9 (16.2)%
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    Operating statisticsThree Months Ended
    March 31,
    2025 2024 
    Revenues (millions)
    Retail sales:
    Residential$38.2 $38.4 
    Commercial45.2 40.2 
    Industrial8.8 11.1 
    Other1.7 1.9 
    93.9 91.6 
    Other18.5 16.1 
    $112.4 $107.7 
    Volumes (million kWh)
    Retail sales:
    Residential370.7 337.1 
    Commercial723.9 486.5 
    Industrial116.7 140.5 
    Other20.2 20.1 
    1,231.5 984.2 
    Average cost of electric fuel and purchased power per kWh$.027 $.031 
    Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024 Electric earnings decreased $2.9 million as a result of:
    •Revenue increased $4.7 million.
    ◦Largely due to:
    ▪Higher fuel and purchased power costs of $4.0 million recovered in customer rates and offset in expense, as described below.
    ▪Higher retail sales volumes of $1.8 million, driven primarily by higher residential volumes, largely due to colder weather than last year, and higher commercial volumes from the data center as further discussed in the Outlook section.
    ◦Partially offset by lower renewable tracker revenues associated with higher production tax credits offset in income tax benefit, as described below.
    •Electric fuel and purchased power increased $4.0 million, largely the result of higher retail sales volumes, partially offset by lower commodity prices.
    •Operation and maintenance increased $5.1 million.
    ◦Largely the result of:
    ▪Higher contract services related to electric generation station outage-related costs of $1.3 million.
    ▪Increased software and insurance expenses.
    ▪Higher payroll-related costs of $1.0 million.
    •Depreciation and amortization increased $600,000, largely due to increased property, plant, and equipment balances as a result of transmission projects placed in service to improve reliability and update aging infrastructure.
    •Taxes, other than income decreased $300,000, largely as a result of lower property tax and lower payroll tax.
    •Other income decreased $1.0 million, primarily resulting from lower returns on the Company's nonqualified benefit plan investments of $900,000.
    •Interest expense increased $400,000, largely the result of lower AFUDC.
    •Income tax benefit increased $3.2 million, largely due to higher production tax credits of $2.0 million driven by higher wind production, and lower income before income taxes.
    34

    Index
    Earnings overview - The following information summarizes the performance of the natural gas distribution segment.
    Three Months Ended
    March 31,
     2025 2024 Variance
    (In millions)
    Operating revenues$539.3 $459.5 17.4 %
    Operating expenses:  
    Purchased natural gas sold350.5 288.8 21.4 %
    Operation and maintenance63.6 59.3 7.3 %
    Depreciation and amortization
    26.1 25.5 2.4 %
    Taxes, other than income30.6 27.6 10.9 %
    Total operating expenses470.8 401.2 17.3 %
    Operating income68.5 58.3 17.5 %
    Other income3.3 8.2 (59.8)%
    Interest expense14.8 15.7 (5.7)%
    Income before income taxes57.0 50.8 12.2 %
    Income tax expense12.3 10.7 15.0 %
    Net income$44.7 $40.1 11.5 %
    Operating statisticsThree Months Ended
    March 31,
    2025 2024 
    Revenues (millions)
    Retail sales:
    Residential$291.6 $263.9 
    Commercial189.6 162.1 
    Industrial15.7 14.6 
    496.9 440.6 
    Transportation and other42.4 18.9 
    $539.3 $459.5 
    Volumes (MMdk)
    Retail sales:
    Residential31.8 30.0 
    Commercial21.9 19.9 
    Industrial1.7 1.8 
    55.4 51.7 
    Transportation sales:
    Commercial.8 .7 
    Industrial48.4 56.2 
    49.2 56.9 
    Total throughput104.6 108.6 
    Average cost of natural gas per dk
    $6.33 $5.59 
    Heating degree days (% colder (warmer) than prior year)1
    Idaho
    5.5 %(14.7)%
    Minnesota
    16.1 %(19.9)%
    Montana
    8.3 %(7.0)%
    North Dakota2
    12.3 %(16.0)%
    Oregon2
    2.2 %(10.5)%
    South Dakota2
    10.6 %(11.4)%
    Washington2
    2.8 %(3.4)%
    Wyoming
    10.0 %(14.0)%
    1Heating Degree days are a measure of the daily temperature demand for energy heating.
    2Weather normalization or decoupling mechanisms are in place that minimize the weather impact.
    35

    Index
    Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024 Natural gas distribution earnings increased $4.6 million as a result of:
    •Revenue increased $79.8 million.
    ◦Largely due to:
    ▪Higher purchased natural gas sold of $61.7 million, including net environmental compliance costs, as described below.
    ▪Rate relief of $6.8 million in Washington, Montana and South Dakota.
    ▪Higher revenue-based taxes recovered in rates of $3.7 million offset in expense, as described below.
    ▪Higher retail sales volumes of $3.3 million, which includes higher volumes to commercial and residential customer classes, largely due to colder weather, offset in part by weather normalization and decoupling mechanisms in certain jurisdictions.
    ▪Higher conservation revenues of $1.7 million that were offset in expense, as described below.
    ▪Higher transportation revenues of $900,000.
    •Purchased natural gas sold increased $61.7 million, largely due to net environmental compliance costs of $37.4 million, higher volumes of natural gas purchased of $20.8 million and higher commodity costs of $3.5 million.
    •Operation and maintenance increased $4.3 million.
    ◦Due in large part to:
    ▪Higher conservation related costs which are recovered in rates, as discussed above.
    ▪Higher costs associated with MAOP projects.
    ▪Higher payroll-related costs of $400,000.
    •Depreciation and amortization increased $600,000, of which $1.6 million resulted from increased property, plant, and equipment balances related to growth and replacement projects placed in service, partially offset by lower regulatory amortizations and lower depreciation rates implemented from rates cases in North Dakota, Montana and South Dakota of $400,000.
    •Taxes, other than income increased $3.0 million, primarily from higher revenue-based taxes, as described above.
    •Other income decreased $4.9 million.
    ◦Primarily due to:
    ▪The absence of $2.2 million of interest income associated with prior year renewable natural gas projects.
    ▪Lower interest on regulatory deferral balances.
    ▪Lower returns of $1.3 million on the Company's nonqualified benefit plans.
    •Interest expense decreased $900,000, primarily from lower long-term interest expense, largely due to lower long-term debt balances.
    •Income tax expense increased $1.6 million, primarily the result of higher income before income taxes.
    Outlook In 2024, the utility business experienced rate base growth of 6.8 percent and expects these segments will grow rate base by approximately 7 percent to 8 percent annually over the next five years on a compound basis. Operations are spread across eight states where the Company expects customer growth to be higher than the national average. In 2024, these segments experienced retail customer growth of approximately 1.4 percent and the Company expects customer growth to continue to average 1 percent to 2 percent per year. This customer growth, along with system upgrades and replacements needed to supply safe and reliable service, will require investments in new and replacement electric and natural gas systems.
    These segments are exposed to energy price volatility and may be impacted by changes in oil and natural gas exploration and production activity. Rate schedules in the jurisdictions in which the Company's natural gas distribution segment operates contain clauses that permit the Company to file for rate adjustments for changes in the cost of purchased natural gas. Although changes in the price of natural gas are passed through to customers and have minimal impact on the Company's earnings, the natural gas distribution segment's customers benefit from lower natural gas prices through the Company's utilization of storage and fixed price contracts.
    36

    Index
    Existing and proposed emissions reduction plans from the EPA could require the owners of Coyote Station to incur significant new costs. The EPA's GHG and mercury emissions standards finalized in May 2024 would require additional pollution controls to operate beyond 2031 and 2027, respectively, with a potential extension to add pollution controls that may be granted. If the owners decide to incur such costs, the costs could, dependent on determination by state regulatory commissions on approval to recover such costs from customers, negatively impact the Company's results of operations, financial position and cash flows. In December 2024, the EPA issued a final decision on the NDDEQ's Regional Haze state implementation plan, maintaining the proposed disapproval of the state's conclusion that no additional controls are warranted during this implementation period. The EPA did not issue a federal implementation plan in place of the state plan and would have two years from state plan disapproval to either propose a federal plan or approve a new state plan. Coyote Station co-owners filed a petition for review with the Eighth Circuit Court of Appeals in January 2025, challenging EPA's NDDEQ state plan disapproval, and filed a petition for reconsideration with the EPA in February 2025. In March 2025, the EPA announced the agency is restructuring the regulations for implementing the Regional Haze Program. In March 2025, the Eight Circuit Court of Appeals granted a request by the EPA to hold the petition of review proceeding in abeyance for a period of 120 days so that the EPA could review the previous administration's findings and actions. The Company is one of four owners of Coyote Station and cannot make a unilateral decision on the plant's future; therefore, the Company could be negatively impacted by decisions of the other owners. The joint owners continue to collaborate in analyzing data and weighing decisions that impact the plant and its employees as well as each company's customers and communities served.
    On February 13, 2025, Montana-Dakota entered into a definitive purchase and sale agreement with Badger Wind, LLC, a subsidiary of Orsted Onshore North America, LLC. Pursuant to the terms of the agreement, Montana-Dakota will purchase a 49 percent undivided ownership interest in a wind project being constructed and located in North Dakota that is anticipated to have a net generating capacity of approximately 250 MW for a purchase price of $294.0 million, which would represent 122.5 MW of wind generation to be owned by Montana-Dakota. The purchase agreement is contingent on regulatory approval from the NDPSC. This transaction would reduce Montana-Dakota's purchase requirements under the existing power purchase agreement with Badger Wind, LLC, dated November 4, 2024.
    In March 2023, the Company began to provide power for Applied Digital's data center near Ellendale, North Dakota. At full capacity, the data center requires 180 MW of electricity, which is the equivalent of about 28 percent of the Company's generation portfolio. Applied Digital's load is purchased from the MISO market and does not impact other customers' power supply. An electric service agreement to serve an additional 350 MW data center load with Applied Digital in the Company's service territory was approved by the NDPSC. A portion of the additional data center load is expected to be online in 2025.
    On August 5, 2024, the Company filed a request with the SDPUC seeking approval on an electric service agreement to provide up to 50 MW of electricity to a data center near Leola, South Dakota. Construction of the data center and approval of the electric service agreement is pending development of new local siting requirements for data center loads by McPherson County in South Dakota, which is expected mid-2025.
    The Infrastructure Investment and Jobs Act, commonly known as the Bipartisan Infrastructure Law, was enacted in the fourth quarter of 2021 and is providing long-term opportunities by designating funds for investments such as upgrades to electric and grid infrastructure, transportation systems, and electric vehicle infrastructure. In addition, the IRA provides $369 billion in new funding for clean energy programs. These programs include new tax incentives for solar, battery storage and hydrogen development along with funding to expand the production of electric vehicles and the build out of infrastructure to support electric vehicles. The Company is pursuing various opportunities under the Grid Resilience and Innovative Partnerships Program, which is part of the Infrastructure Investment and Jobs Act, and is also pursuing a biogas property at the Knott Landfill site in Bend, Oregon which may qualify for an investment tax credit and clean fuel production credits as part of the IRA. The Company will continue to monitor additional opportunities from these legislative items.
    Legislation and rulemaking The Company continues to monitor legislation and rulemaking related to clean energy standards that may impact its segments. Below are some of the specific actions the Company is monitoring.
    •In May 2024, the EPA published four final rules, three of which will impose stricter standards on GHG emissions from existing coal-fired and new natural gas-fired generation units, require a further reduction of mercury emissions from coal-fired generation units, and impose additional regulations around the storage and management of coal ash. In March 2025, the EPA announced reconsideration of the Electric Generation and Greenhouse Gas Rule, Mercury and Air Toxics Standards Rule, and Effluent Limitations Guidelines Rule.
    The Electric Generation and Greenhouse Gas Rule establishes GHG emissions standards for new natural gas-fired electric generating units and existing coal units. It is anticipated this rule could affect Montana-Dakota's jointly owned coal-fired units. The joint owners continue to evaluate compliance options. This rule is currently being challenged before the DC Circuit Court. Montana-Dakota is participating in this challenge. Though the case has been fully briefed and oral argument has taken place, the EPA has requested the court hold the case in abeyance in order to allow new leadership to review the underlying rule, which was granted by the court in February 2025.
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    Index
    The Mercury and Air Toxics Standards Rule tightens mercury emissions and non-mercury metals emissions standards for coal-fired generation facilities. The stricter mercury emissions limit for lignite-fired units will require Coyote Station to increase existing emission controls. In addition, Big Stone Station and Coyote Station must install particulate matter continuous emissions monitoring systems to monitor compliance with the revised non-mercury metals emission standard. In March 2025, the Coyote Station and Big Stone Station co-owners submitted requests to the EPA for a two-year Presidential exemption from compliance. In April 2025, a Presidential executive order was released granting certain facilities a two-year compliance extension, including Coyote Station and Big Stone Station. Compliance with the revised emission standards and monitoring requirements must now be demonstrated by July 8, 2029. This rule is likewise being challenged in the DC Circuit Court.
    The Legacy Coal Combustion Residuals Rule requires utilities to evaluate older coal ash disposal units at certain inactive and active electric generating facilities. Montana-Dakota must complete facility evaluations by February 8, 2027, to determine if legacy ash is present and assess the extent of ash on site. If legacy ash is present, Montana-Dakota must monitor and evaluate for potential impacts and may need to conduct additional closure and remediation. The cost of additional remediation or closure activities may be material. This rule also faces challenge in the DC Circuit Court.
    The fourth rule, the Effluent Limitations Guidelines Rule is not expected to have impacts on any owned or co-owned Montana-Dakota facilities.
    If the costs to comply with these rules are not fully recoverable from customers, they could have a material adverse effect on the Company's results of operations and cash flows.
    •In Oregon, the Climate Protection Program Rule was approved in December 2021, which required natural gas companies to significantly reduce GHG emissions from customer use of natural gas starting in 2022. This rule was ultimately invalidated due to a procedural issue by the Oregon Court of Appeals, with final judgment issued in February 28, 2024.
    In July 2024, the ODEQ released the proposed new Climate Protection Program Rule, which was adopted by the Oregon Environmental Quality Commission in November 2024. Like the prior rule, natural gas companies are required to significantly reduce GHG emissions 50 percent below the baseline by 2035 and 90 percent below the baseline by 2050. Each year, ODEQ will distribute compliance instruments to the Company at no cost and will decline annually in step with the reduction from baseline. The first compliance period is three years, from 2025 to 2027, with compliance demonstrations required by December 9 of the year following the end of a compliance period. Compliance periods are two years in length thereafter. The Company intends to meet its obligations through surrendering no cost emissions allowances and will fill remaining compliance obligations by investing in additional customer conservation and energy efficiency programs, purchasing community climate investment credits, and low carbon fuel projects such as RNG and purchasing associated environmental attributes. Cascade is evaluating customer bill impacts from the new rule.
    Cascade began incurring expenses in 2022 to comply with the prior Climate Protection Program Rule. The OPUC has authorized Cascade, through a deferred accounting order, to collect $4.2 million in actual 2022 and 2023 costs related to the prior Climate Protection Program Rule. The average residential customer will experience a monthly bill increase of $1.75 or 2.4 percent. Cascade also expects the compliance costs for the new Climate Protection Program Rule to be recovered through customer rates. In August 2024, the Company filed a request for reauthorization of the use of deferred accounting for costs related to the decarbonization programs in Oregon. Due to the timing of regulatory recovery, future compliance obligation purchases could impact the Company's operating cash flow.
    •In Washington, the Climate Commitment Act requires natural gas distribution companies to reduce overall GHG emissions 45 percent below 1990 levels by 2030, 70 percent below 1990 levels by 2040 and 95 percent below 1990 levels by 2050. The Company must demonstrate that it has met GHG emissions reduction goals through a combination of on-site emissions reductions and the use of approved allowances and offsets. Some emissions allowances are allocated by the Washington DOE to the Company at no cost and a portion of these are required to be sold at auction to generate revenue for the benefit of customers.
    The Company expects compliance costs for these regulations will be recovered through customer rates. It is projected customer bills could increase substantially as a result of the legislation. The WUTC has approved Cascade’s request for a deferred accounting order, which allowed Cascade to collect $20.6 million in compliance costs within a ten month recovery period from June 1, 2024 through March 31, 2025. Due to the timing of regulatory recovery, the purchase of allowances could impact the Company's operating cash flow.
    •The Washington SBCC in November and December 2023, adopted residential and commercial building code amendments that will significantly limit the use of natural gas for space and water heating in new and retrofitted commercial and multifamily buildings and proposed the review of similar restrictions in the future for residential buildings. These amendments came after previous, similar state building code amendments were stayed by the SBCC after legal challenge by Cascade, along with two other local natural gas distribution companies in Washington and a coalition of homeowners, builders, and suppliers. Cascade did not believe such revisions addressed the issues which existed in the initial amendments. In May 2024, the Company filed a joint complaint seeking declaratory and injunctive relief under federal law against the Washington SBCC's adoption of the Washington State Energy Code.
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    Initiative Measure No. 2066, which was approved by voters, prohibits the Washington State Energy Code from "in any way prohibit, penalize, or discourage the use of gas for any form of heating, or for uses related to any appliance or equipment, in any building." In an oral decision issued in March 2025, the King County Superior Court ruled Initiative Measure No. 2066 unconstitutional. The Building Industry Association of Washington plans to appeal the King County Superior Court decision.
    •In March 2024, the SEC issued Final Rule 33-11275 - The Enhancement and Standardization of Climate-Related Disclosures for Investors. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. In March 2025, the SEC withdrew its defense of the rules.
    Pipeline
    Strategy and challenges The pipeline segment provides natural gas transportation, underground storage and energy-related services, including cathodic protection, as discussed in Note 14. The segment focuses on utilizing its extensive expertise in the design, construction and operation of energy infrastructure and related services to increase market share and profitability through optimization of existing operations, organic growth and investments in energy-related assets within or in close proximity to its current operating areas. The segment focuses on the continual safety and reliability of its systems, which entails building, operating and maintaining safe natural gas pipelines and facilities. The segment continues to evaluate growth opportunities including the expansion of natural gas facilities; incremental pipeline projects; and expansion of energy-related services leveraging on its core competencies. In support of this strategy, the Company completed the following growth projects in 2024:
    •In March 2024, the 2023 Line Section 27 Expansion project was placed in service and increased system capacity by 175 MMcf of natural gas per day.
    •In July 2024, the Line Section 28 Expansion project was placed in service and increased system capacity by 137 MMcf of natural gas per day.
    •In November 2024, the Company closed on the purchase of a 28-mile natural gas pipeline lateral in northwestern North Dakota.
    •In December 2024, the Wahpeton Expansion Project was placed in service and increased system capacity by approximately 20 MMcf of natural gas per day.
    The segment is exposed to natural gas and oil price volatility including fluctuations in basis differentials. Legislative and regulatory initiatives on increased pipeline safety regulations and environmental matters such as the reduction of methane emissions could also impact the price and demand for natural gas.
    The pipeline segment is subject to extensive regulation related to certain operational and environmental compliance, cybersecurity, permit terms and system integrity. The Company continues to actively evaluate cybersecurity processes and procedures, including changes in the industry's cybersecurity regulations, for opportunities to further strengthen its cybersecurity protections. Implementation of enhancements and additional requirements is ongoing. The segment reviews and secures existing permits and easements, as well as new permits and easements as necessary, to meet current demand and future growth opportunities on an ongoing basis.
    Tariff increases on raw materials could negatively affect the Company's construction projects and maintenance work. The Company continues to monitor the impact tariffs will have on its costs. The Company continues to actively manage the national supply chain challenges by working with its manufacturers and suppliers to help mitigate some of these risks on its business. The segment regularly experiences extended lead times on raw materials that are critical to the segment's construction and maintenance work which could delay maintenance work and construction projects potentially causing lost revenues and/or increased costs. The Company is partially mitigating these challenges by planning for extended lead times further in advance. The segment is currently experiencing inflationary pressures with increased raw material and contract services costs. The Company expects supply chain challenges and inflationary pressures to continue. For additional discussion regarding risks and uncertainties, see Part II, Item 1A. Risk Factors in this quarterly report and Part I, Item 1A. Risk Factors in the 2024 Annual Report.
    The segment focuses on the recruitment and retention of a skilled workforce to remain competitive and provide services to its customers. The industry in which it operates relies on a skilled workforce to construct energy infrastructure and operate existing infrastructure in a safe manner. A shortage of skilled personnel can create a competitive labor market which could increase costs incurred by the segment. Competition from other pipeline companies can also have a negative impact on the segment.
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    Index
    Earnings overview - The following information summarizes the performance of the pipeline segment.
    Three Months Ended
    March 31,
     2025 2024 Variance
     (In millions)
    Operating revenues$56.7 $51.3 10.5 %
    Operating expenses:
    Operation and maintenance19.3 18.5 4.3 %
    Depreciation and amortization
    8.0 7.1 12.7 %
    Taxes, other than income3.3 3.1 6.5 %
    Total operating expenses30.6 28.7 6.6 %
    Operating income26.1 22.6 15.5 %
    Other income.4 .9 (55.6)%
    Interest expense4.2 3.9 7.7 %
    Income before income taxes22.3 19.6 13.8 %
    Income tax expense5.1 4.5 13.3 %
    Net income$17.2 $15.1 13.9 %
    Operating statisticsThree Months Ended
    March 31,
    2025 2024 
    Transportation volumes (MMdk)143.5 147.6 
    Customer natural gas storage balance (MMdk):
    Beginning of period44.1 37.7 
    Net withdrawal(22.0)(14.3)
    End of period22.1 23.4 
    Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024 Pipeline earnings increased $2.1 million as a result of:
    •Revenues increased $5.4 million as a result of:
    ◦Increased demand revenue, largely due to:
    ▪Growth projects placed in service throughout 2024 of $3.8 million.
    ▪Increased usage of short-term natural gas transportation contracts of $1.8 million.
    ▪Partially offset by the expiration of certain contracts.
    ◦Higher storage-related revenues of $1.3 million.
    ◦Partially offset by lower non-regulated project revenue of $900,000.
    ◦Operation and maintenance increased $800,000.
    ◦Primarily from:
    ▪Higher payroll-related costs of $1.5 million.
    ▪Higher other costs including insurance and materials.
    ▪Partially offset by lower non-regulated project costs of $600,000.
    •Depreciation and amortization increased $900,000 driven largely by higher property, plant and equipment balances related to growth projects placed in service as previously discussed.
    •Taxes, other than income were comparable to the same period in the prior year.
    •Other income decreased $500,000, primarily due to lower investment returns on the Company's non-qualified benefit plans.
    •Interest expense increased $300,000, primarily from higher debt balances to fund capital expenditures.
    •Income tax expense increased $600,000, largely due to higher income before taxes, partially offset by a decrease in the state effective tax rate largely due to growth in North Dakota.
    Outlook The Company has continued to experience the effect of associated natural gas production in the Bakken, which has provided opportunities for organic growth projects and increased transportation demand. The completion of organic growth projects has contributed to higher volumes of natural gas the Company transports through its system. Bakken natural gas production is currently at or near record levels and the outlook remains positive with continued growth expected due to new oil wells and increasing gas to oil ratios.
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    Index
    Increases in national and global natural gas supply have moderated pressure on natural gas prices and price volatility. While the Company believes there will continue to be varying pressures on natural gas production levels and prices, the long-term outlook for natural gas prices continues to provide growth opportunities for supply and demand related projects and seasonal pricing differentials provide opportunities for natural gas storage services.
    The Company continues to monitor, evaluate and implement additional GHG emissions reduction strategies, including increased monitoring frequency and emission source control technologies to minimize potential risk.
    In 2024, the EPA published several final rules related to GHG emissions from the oil and natural gas industry. These rules update, strengthen and expand standards to reduce GHG emissions and other air pollutants from new and existing oil and gas facilities, revise the GHG reporting rules and incorporate the Waste Emissions Charge provisions from the IRA. In first quarter 2025, Congress passed a resolution of disapproval overturning the Waste Emissions Charge regulations and President Trump signed the resolution, eliminating the rule. Also, the EPA Administrator announced "31 Historic Actions to Power the Great American Comeback" which includes plans for reconsideration of several EPA rules related to GHG emissions from the oil and natural gas industry. The Company continues to comply with rules as they remain effective, and to monitor and assess these rulemakings and the potential impacts they may have on its business processes, current and future projects, results of operations and disclosures.
    The Company continues to focus on improving existing operations and on growth opportunities through organic expansion projects in all areas in which it operates, which includes additional projects with local distribution companies, Bakken area producers, electric generation customers and industrial customers in various stages of development, including:

    •Expecting to begin construction in the second quarter of 2025 on the Minot Expansion Project, to meet the needs of a local distribution company in north central North Dakota. The project will add approximately 7 MMcf of natural gas transportation capacity per day. The project is supported by a long-term customer agreement and is expected to be in service in the fourth quarter of 2025.
    •Line Section 32 Expansion project which will serve a new electric generation facility in northwest North Dakota. The project consists of approximately 20 miles of pipe and ancillary facilities and is designed to increase natural gas transportation capacity by 190 MMcf per day, which is supported by a long-term customer agreement. The project is dependent on regulatory approvals and targeted to be in service in late 2028.
    •Potential Bakken East Pipeline project, which could consist of 375 miles of pipeline construction from western North Dakota to the eastern part of the state. A non-binding open season for the project concluded on January 31, 2025. The Company is actively working with interested parties to determine the feasibility of the project.
    •Potential Baker Storage Field Enhancement and associated transportation expansion project, which will increase the firm storage deliverability and transportation from the Company's Baker Storage Field in southeastern Montana. The storage enhancement project includes the purchase of additional cushion gas, construction of new storage wells and well lines and a new compressor station. The transportation expansion project includes the construction of new pipeline and compression. A binding open season for this capacity began in April 2025 and concludes in May 2025.
    See Capital Expenditures within this section for information on the expenditures related to these growth projects.
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    Other
    Three Months Ended
    March 31,
     2025 2024 Variance
    (In millions)
    Operating revenues$.2 $— 100.0 %
    Operating expenses:
    Operation and maintenance.1 6.4 (98.4)%
    Depreciation and amortization
    — .6 (100.0)%
    Taxes, other than income— .1 (100.0)%
    Total operating expenses.1 7.1 (98.6)%
    Operating income (loss).1 (7.1)101.4 %
    Other income1.4 5.3 (73.6)%
    Interest expense1.0 3.9 (74.4)%
    Income (loss) before income taxes.5 (5.7)(108.8)%
    Income tax benefit(5.1)(7.3)(30.1)%
    Income from continuing operations5.6 1.6 250.0 %
    Discontinued operations, net of tax
    (.5)26.2 (101.9)%
    Net income$5.1 $27.8 (81.7)%
    On October 31, 2024, the company completed the separation of Everus, its former construction services business, into a new independent publicly-traded company. As a result of the separation, the historical results of operations for Everus are shown in discontinued operation, net of tax, except for allocated general corporate overhead costs of the Company which did not meet the criteria for discontinued operations. Also included in discontinued operations are strategic initiative costs associated with the separation of Everus.
    Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024.
    Other reported decreased net income of $22.7 million compared to the same period in 2024. The decrease was primarily due to the absence of income from discontinued operations in 2025. Partially offsetting the decrease in net income was lower operation and maintenance expense, primarily a result of corporate overhead costs classified as continuing operations allocated to Everus in 2024, which are not included in Other in 2025.
    Also included in Other is insurance activity at the company's captive insurer, annualized income tax adjustments of the holding company, and general and administrative costs and interest expense previously allocated to the exploration and production and refining business that did not meet the criteria for discontinued operations.

    Intersegment Transactions
    Amounts presented in the preceding tables will not agree with the Consolidated Statements of Income due to the Company's elimination of intersegment transactions. The amounts related to these items were as follows:
    Three Months Ended
    March 31,
     2025 2024 
     (In millions)
    Intersegment transactions:
    Operating revenues$33.8 $30.3 
    Operation and maintenance$.5 $.1 
    Purchased natural gas sold$33.3 $30.2 
    Other income
    $1.1 $4.5 
    Interest expense
    $1.1 $4.5 
    For more information on intersegment eliminations, see Note 14.
    Liquidity and Capital Commitments
    At March 31, 2025, the Company had cash, cash equivalents and restricted cash of $59.5 million and available borrowing capacity of $580.0 million under the outstanding credit facilities of the Company and its subsidiaries. The Company expects to meet its obligations for debt maturing within one year and its other operating and capital requirements from various sources, including internally generated funds; credit facilities and commercial paper of the Company and its subsidiaries, as described in Capital resources; and issuance of debt and equity securities if necessary.
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    Cash flows
    Three Months Ended
    March 31,
     2025 2024 
    (In millions)
    Net cash provided by (used in):
    Operating activities$217.5 $165.1 
    Investing activities(94.8)(117.3)
    Financing activities(130.1)(35.5)
    (Decrease) increase in cash, cash equivalents and restricted cash(7.4)12.3 
    Cash, cash equivalents and restricted cash -- beginning of year
    66.9 77.0 
    Cash, cash equivalents and restricted cash -- end of period
    $59.5 $89.3 
    Operating activities 
    Three Months Ended
    March 31,
     2025 2024 Variance
    (In millions)
    Components of net cash provided by operating activities:
    Net income$82.0 $100.9 $(18.9)
    (Loss) income from discontinued operations, net of tax
    (.5)26.2 (26.7)
    Income from continuing operations82.5 74.7 7.8 
    Adjustments to reconcile net income to net cash provided by operating activities43.0 52.8 (9.8)
    Changes in current assets and liabilities, net of acquisitions:
    Receivables15.1 12.1 3.0 
    Inventories26.6 29.1 (2.5)
    Other current assets92.7 36.3 56.4 
    Accounts payable(28.0)(32.6)4.6 
    Other current liabilities(11.3)(3.6)(7.7)
    Pension & postretirement benefit plan contributions(.4)— (.4)
    Other noncurrent changes(2.2)(24.8)22.6 
    Net cash provided by continuing operations
    218.0 144.0 74.0 
    Net cash (used in) provided by discontinued operations(.5)21.1 (21.6)
    Net cash provided by operating activities$217.5 $165.1 $52.4 
    The changes in cash flows from operating activities generally follow the results of operations, as discussed in Business Segment Financial and Operating Data, and are affected by changes in working capital.
    The increase in cash flows provided by operating activities in 2025 from 2024 was largely driven by the collection of purchased gas cost balances, including net environmental compliance costs, at the natural gas distribution business. Partially offsetting these items was lower cash provided by discontinued operations due to separation of Everus in October 2024.
    Investing activities
    Three Months Ended
    March 31,
     2025 2024 Variance
    (In millions)
    Components of net cash used in investing activities:
    Capital expenditures$(93.0)$(117.0)$24.0 
    Salvage value, net of cost of removal.8 — .8 
    Investments(2.6)(2.5)(.1)
    Proceeds from investment cost basis withdrawal
    — 9.0 (9.0)
    Net cash used in continuing operations(94.8)(110.5)15.7 
    Net cash used in discontinued operations— (6.8)6.8 
    Net cash used in investing activities$(94.8)$(117.3)$22.5 
    The cash used in investing activities decreased as compared to 2024, primarily due to lower capital expenditures at the natural gas distribution and electric businesses and the absence of cash used in discontinued operations in 2024. This was partially offset by the absence of the receipt of proceeds from the withdrawal of cost basis from insurance policies in 2024.
    43

    Index
    Financing activities
    Three Months Ended
    March 31,
     2025 2024 Variance
    (In millions)
    Components of net cash used in financing activities:
    Repayment of short-term borrowings$— $(95.0)$95.0 
    Issuance of long-term debt— 89.2 (89.2)
    Repayment of long-term debt(99.1)(.6)(98.5)
    Debt issuance costs— (.5).5 
    Dividends paid(26.5)(25.9)(.6)
    Tax withholding on stock-based compensation(4.5)(2.7)(1.8)
    Net cash used in continuing operations(130.1)(35.5)(94.6)
    Net cash used in discontinued operations— — — 
    Net cash used in financing activities$(130.1)$(35.5)$(94.6)
    The increase in cash used in financing activities in 2025 from 2024 was largely due to higher repayment and lower issuance of long-term debt, primarily related to the revolving credit agreements at the natural gas distribution business. Partially offsetting these items was the absence of the 2024 repayment of short-term borrowings at the natural gas distribution business.
    Capital expenditures
    Capital expenditures for the first three months of 2025 and 2024 were $79.8 million and $103.6 million, respectively. Capital expenditures allocated to the Company's business segments are estimated to be approximately $536.3 million for 2025, a slight increase from what was previously reported in the 2024 Annual Report. Capital expenditure estimates have been updated to accommodate project timeline and scope changes made thus far in 2025.
    Planned utility investments in the Company's estimated capital expenditures for 2025 include construction of electric transmission lines and substations, as well as natural gas delivery infrastructure, to serve a customer base that is expected to continue growing at 1 percent to 2 percent annually over the next five years, construction of JETx, power generation projects, and replacement and modernization of existing electric and natural gas utility infrastructure to ensure continued safe and reliable service to customers. At the pipeline business, the Company will focus on system growth to expand natural gas transmission capacity. For more information on the Company's growth projects, see Business Segment Financial and Operating Data. Other estimated capital expenditures include those for system upgrades, routine replacements, service extensions, RNG infrastructure projects, routine equipment maintenance and replacements, land and building improvements, pipeline and natural gas storage projects, transmission opportunities, environmental upgrades, and other growth opportunities.
    The Company continues to evaluate potential future acquisitions and other growth opportunities that would be incremental to the outlined capital program; however, they are dependent upon the availability of economic opportunities and, as a result, capital expenditures may vary significantly from the estimate previously discussed. The Company continuously monitors its capital expenditures for project delays and changes in economic viability and adjusts as necessary. It is anticipated that all of the funds required for capital expenditures for 2025 will be funded by various sources, including internally generated funds; credit facilities and commercial paper of the Company and its subsidiaries, as described later; and issuance of debt and equity securities if necessary.
    44

    Index
    Capital resources
    The Company requires significant cash to support and grow its businesses. The primary sources of cash other than cash generated from operating activities are cash from revolving credit facilities, the issuance of long-term debt and the sale of equity securities.
    Debt resources
    Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt instruments, the Company and its subsidiaries must be in compliance with the applicable covenants and certain other conditions, all of which the Company and its subsidiaries, as applicable, were in compliance with at March 31, 2025. In the event the Company and its subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued. As of March 31, 2025, the Company had investment grade credit ratings at all entities issuing debt. For more information on the covenants, certain other conditions and cross-default provisions, see Part II, Item 6 in this document and Part II, Item 8 in the 2024 Annual Report.
    The following table summarizes the outstanding revolving credit facilities of the Company and its subsidiaries at March 31, 2025:
    CompanyFacility Facility
    Limit
     Amount
    Outstanding
     Letters
    of Credit
     Expiration
    Date
    (In millions)
    Montana-Dakota Utilities Co.Commercial paper/Revolving credit agreement(a)$200.0  $51.1 $—  10/18/28
    Cascade Natural Gas CorporationRevolving credit agreement $175.0 (b)$21.4  $2.2 (c)6/20/29
    Intermountain Gas CompanyRevolving credit agreement $175.0 
    (b)
    $83.5  $— 6/20/29
    MDU Resources Group, Inc.Revolving credit agreement$200.0 
    (d)
    $— $11.8 (c)5/31/28
    (a)The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Montana-Dakota on stated conditions, up to a maximum of $250.0 million). At March 31, 2025, there were no amounts outstanding under the revolving credit agreement.
    (b)Certain provisions allow for increased borrowings, up to a maximum of $225.0 million.
    (c)Outstanding letter(s) of credit reduce the amount available under the credit agreement.
    (d)Certain provisions allow for increased borrowings, up to a maximum of $250.0 million.
    The Montana-Dakota commercial paper program is supported by a revolving credit agreement. While the amount of commercial paper outstanding does not reduce available capacity under the revolving credit agreement, Montana-Dakota does not issue commercial paper in an aggregate amount exceeding the available capacity under the credit agreement. The commercial paper and revolving credit agreement borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of Montana-Dakota.
    Total equity as a percent of total capitalization was 56 percent at both March 31, 2025 and 2024 and 54 percent at December 31, 2024. This ratio is calculated as the Company's total equity, divided by the Company's total capital. Total capital is the Company's total debt, including debt in discontinued operations, short-term borrowings and long-term debt due within 12 months, plus total equity. Management believes this ratio is an indicator of how the Company is financing its operations, as well as its financial strength.
    Material cash requirements
    There were no material changes in the Company's remaining contractual obligations related to estimated interest payments, asset retirement obligations and uncertain tax positions for 2025 from those reported in the 2024 Annual Report except for decreases in purchase commitments due to an anticipated decrease in electric supply contracts at the Company's electric segment. For more information on the Company's contractual obligations on long-term debt and operating leases, see Part II, Item 7 in the 2024 Annual Report. For more information on the Company's purchase commitments, see Note 17.

    Material short-term cash requirements of the Company include repayment of outstanding borrowings and interest payments on those agreements, payments on operating lease agreements, payment of obligations on purchase commitments and asset retirement obligations.
    Material long-term cash requirements of the Company include repayment of outstanding borrowings and interest payments on those agreements, payments on operating lease agreements, payment of obligations on purchase commitments and asset retirement obligations.
    45

    Index
    Defined benefit pension plans
    The Company has noncontributory qualified defined benefit pension plans for certain employees. Various actuarial assumptions are used in calculating the benefit expense (income) and liability (asset) related to these plans, as such costs of providing these benefits bear the risk of changes as they are dependent upon assumptions of future conditions.

    There were no material changes to the Company's noncontributory qualified defined benefit pension plans from those reported in the 2024 Annual Report. For more information, see Note 15 and Part II, Item 7 in the 2024 Annual Report.
    New Accounting Standards
    For information regarding new accounting standards, see Note 2, which is incorporated by reference.
    Critical Accounting Estimates
    The Company's critical accounting estimates include impairment testing of goodwill; regulatory assets expected to be recovered in rates charged to customers; actuarially determined benefit costs; and tax provisions. There were no material changes in the Company's critical accounting estimates from those reported in the 2024 Annual Report. For more information on critical accounting estimates, see Part II, Item 7 in the 2024 Annual Report.
    Item 3. Quantitative and Qualitative Disclosures About Market Risk
    There were no material changes in the Company's market risks from those reported in the 2024 Annual Report.
    Item 4. Controls and Procedures
    Evaluation of disclosure controls and procedures
    The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. The Company's disclosure controls and other procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. The Company's disclosure controls and other procedures are designed to provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including the Company's chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure. The Company's management, with the participation of the Company's chief executive officer and chief financial officer, has evaluated the effectiveness of the Company's disclosure controls and other procedures as of the end of the period covered by this report. Based upon that evaluation, the chief executive officer and the chief financial officer have concluded that, as of the end of the period covered by this report, such controls and procedures were effective at a reasonable assurance level.
    Changes in internal controls
    No change in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
    46

    Index
    Part II -- Other Information
    Item 1. Legal Proceedings
    There were no material changes to the Company's legal proceedings in Part 1, Item 3 - Legal Proceedings in the 2024 Annual Report.
    Item 1A. Risk Factors
    Please refer to the Company's risk factors that are disclosed in Part I, Item 1A. Risk Factors in the 2024 Annual Report that could be materially harmful to the Company's business, prospects, financial condition or financial results if they occur. At March 31, 2025, there were no material changes to the Company's risk factors provided in Part I, Item 1A. Risk Factors in the 2024 Annual Report other than as set forth below.
    Tariffs and changes in trade policy could negatively impact the Company's operations.
    The United States government has recently implemented changes to trade policy and introduced tariffs on a range of products from certain countries, in addition to applying baseline tariffs on imports from most countries. These actions have created uncertainty in global markets and have increased and may continue to increase the cost of raw materials, commodities, supplies and equipment purchased by the Company. Additionally, the tariff and trade policy changes could cause supply chain disruptions and delays in sourcing materials and equipment which could delay large capital projects and negatively impact the Company’s financial condition and results of operations. If the Company's regulators do not determine the increased costs are prudent, or otherwise disallow certain costs, it could affect the Company’s ability to recover the cost increases through rates or on a timely basis which could adversely affect the Company's financial condition and results of operations.
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    The following table includes information with respect to the Company's purchase of equity securities:
    ISSUER PURCHASES OF EQUITY SECURITIES
    Period

    Total Number
    of Shares
    (or Units)
    Purchased (1)

    Average Price
    Paid per Share
    (or Unit)

    Total Number of Shares
    (or Units) Purchased
    as Part of Publicly
    Announced Plans
    or Programs (2)

    Maximum Number (or
    Approximate Dollar
    Value) of Shares (or
    Units) that May Yet Be
    Purchased Under the
    Plans or Programs (2)
    January 1 through January 31, 2025
    — $— — — 
    February 1 through February 28, 2025
    265,964 $16.83 — — 
    March 1 through March 31, 2025
    — $— — — 
    Total265,964 $16.83 — — 
    (1) Represents shares of common stock withheld by the Company to pay taxes in connection with the vesting of shares granted pursuant to the Long-Term Performance-Based Incentive Plan.
    (2) Not applicable. The Company does not currently have in place any publicly announced plans or programs to repurchase equity securities.
    Item 5. Other Information
    During the three months ended March 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
    Item 6. Exhibits
    See the index to exhibits immediately preceding the signature page to this report.
    47

    Index
    Exhibits Index
    Incorporated by Reference
    Exhibit NumberExhibit DescriptionFiled
    Herewith
    FormPeriod
    Ended
    ExhibitFiling
    Date
    File Number
    *10(a)
    Badger Wind Purchase and Sale Agreement between Badger Wind, LLC, and Montana-Dakota Utilities Co., dated February 13, 2025.
    8-K
    10.12/14/251-03480
    31(a)
    Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    X
    31(b)
    Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    X
    **32
    Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    X
    101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
    101.SCHXBRL Taxonomy Extension Schema Document
    101.CALXBRL Taxonomy Extension Calculation Linkbase Document
    101.DEFXBRL Taxonomy Extension Definition Linkbase Document
    101.LABXBRL Taxonomy Extension Label Linkbase Document
    101.PREXBRL Taxonomy Extension Presentation Linkbase Document
    104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
    *Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished as a supplement to the SEC upon request.
    **Furnished Herewith
    48

    Index
    Signatures
    Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
      MDU RESOURCES GROUP, INC.
        
    DATE:May 8, 2025BY:/s/ Jason L. Vollmer
       Jason L. Vollmer
       
    Chief Financial Officer
        
        
      BY:
    /s/ Stephanie A. Sievert
       
    Stephanie A. Sievert
       
    Chief Accounting and Regulatory Affairs Officer


    49
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      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Everus Construction Group Set to Join S&P SmallCap 600

      NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Everus Construction Group Inc. (NYSE:ECG) will be added to the S&P SmallCap 600 effective prior to the opening of trading on Friday, November 1, replacing Clearwater Paper Corp. (NYSE:CLW), which will be removed from the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 4. S&P SmallCap 600 constituent MDU Resources Group Inc. (NYSE:MDU) is spinning off Everus Construction Group in a transaction expected to be completed on November 1. Following the spin-off, the parent company MDU Resources Group will remain in the S&P SmallCap 600 but will change its Global Industry Classification Standard (GICS) sector from Industrials to 

      10/29/24 5:57:00 PM ET
      $CLW
      $MDU
      $SPGI
      Paper
      Basic Materials
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • DocuSign Set to Join S&P MidCap 400 and MDU Resources Group to Join S&P SmallCap 600

      NEW YORK, Oct. 7, 2024 /PRNewswire/ -- DocuSign Inc. (NASD:DOCU) will replace MDU Resources Group Inc. (NYSE:MDU) in the S&P MidCap 400, and MDU Resources Group will replace Chuy's Holdings Inc. (NASD:CHUY) in the S&P SmallCap 600 effective prior to the opening of trading on Friday, October 11. S&P 500 constituent Darden Restaurants Inc. (NYSE:DRI) is acquiring Chuy's Holdings in a deal expected to be completed soon, pending final closing conditions. MDU Resources announced its intention to spin-off a company later this month. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action Company Name Ti

      10/7/24 6:06:00 PM ET
      $CHUY
      $DOCU
      $DRI
      $MDU
      Restaurants
      Consumer Discretionary
      Computer Software: Prepackaged Software
      Technology