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Natural gas distribution supplies most of MDU Resources Group, Inc.’s revenue. Montana-Dakota, Cascade and Intermountain buy gas from suppliers and deliver it through their networks to households and businesses, principally for heating. Customers pay for the gas and delivery; some larger businesses buy their own gas and pay only for transportation. Washington and Idaho account for most gas retail revenue.
Electricity is the next-largest business. Montana-Dakota generates power and delivers electricity to homes and businesses, with retail revenue concentrated in North Dakota. It sells generation into the MISO wholesale market and buys power there to serve customers; market purchases supply most of its interconnected system’s electricity needs. The smaller WBI Energy pipeline business earns mainly from regulated natural gas transportation and underground storage, including contracts under which customers reserve fixed volumes at fixed prices.
Weather strongly influences heating and electricity use. State regulators control utility retail rates, while the Federal Energy Regulatory Commission oversees interstate power transmission, wholesale power operations and WBI Energy Transmission. These businesses depend on regulatory approval of rates that allow them to recover operating and infrastructure costs and earn a return; recovery can be delayed or denied.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
MDU depends on Black Hills Corporation for part of the electricity capacity serving its Sheridan-area customers; both also sell regulated electricity and gas to utility customers. Watch the Black Hills Power contract supplying up to 49,000 kW annually through December 31, 2028.
Avista Corporation offers a regional comparison for MDU: both supply utility customers across Washington, Idaho, Oregon and Montana. Avista's gas and electric rate decisions in those states are worth watching, especially Washington and Idaho, which together supplied 59% of MDU's 2025 gas-distribution retail sales revenue.
Northwest Natural Holding Company shares MDU's exposure to Pacific Northwest households and businesses that buy gas for heating. Watch its NW Natural business for customers choosing electric heating instead of gas—a competitive pressure MDU's heating business also faces.
Spire Inc. gives MDU holders a comparison for both regulated gas sales to customers and the pipelines and storage that support gas delivery. Its Missouri heating-gas sales and Alabama fees for transporting large customers' own gas offer separate windows into businesses MDU also runs.
Atmos Energy Corporation resembles MDU in selling regulated gas to customers while operating pipelines and underground storage to support delivery. Watch Atmos Pipeline-Texas, which supplies most of the gas delivered to Mid-Tex, for a comparison with MDU's reliance on WBI Energy to transport substantially all of Montana-Dakota's gas.
ONE GAS, INC. is a close comparison for MDU's largest revenue business: selling regulated gas to households and businesses and transporting gas for customers. Its customer demand in Oklahoma, Kansas and Texas provides a comparison for MDU's gas distribution, rather than its electricity or pipeline operations.
Southwest Gas Holdings, Inc. faces the same rate-recovery question as MDU's gas utilities: both buy gas, sell it to households and businesses, and transport customer-owned gas at regulated rates. Watch the timing and size of Southwest Gas's approved rate increases, which can materially affect its gas-distribution results.
NiSource Inc. offers a comparison for MDU's regulated gas and electricity earnings, with both receiving payment from utility customers at regulated rates. NiSource derives substantially all its revenue and earnings from those businesses, making their results the relevant comparison rather than its new-business development.
New Jersey Resources Corp matches two important parts of MDU: regulated gas sales to residential and commercial customers, plus gas transportation and storage. Watch its NJNG customer business and Storage and Transportation results separately; its clean-energy and energy-trading businesses are not the tie to MDU here.
Chesapeake Utilities provides a comparison across MDU's regulated gas distribution, gas transportation and electricity businesses, but serves different regions. Its Regulated Energy results are the closest match, rather than its propane sales and other unregulated energy services.
Alliant Energy Corporation shares MDU's exposure to northern U.S. utility customers buying regulated electricity and gas or paying to have gas transported. Watch Alliant's Iowa and Wisconsin retail utility results as a regional comparison, not as a direct supply link to MDU.
Ameren Corporation offers MDU holders a comparison for regulated electricity and gas service, plus the businesses that move power over transmission lines under FERC regulation. Watch Ameren's transmission investment and rate decisions in MISO, where MDU also sells generation and buys electricity for its customers.
Fed Interest Rate Decision
MDU Resources’ electricity, natural-gas and pipeline businesses need substantial financing, so the Fed’s decision on short-term interest rates can affect what the company pays to borrow or refinance debt.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is higher than expected, debt that reprices and new borrowing may cost more, leaving less cash for MDU Resources to fund utility and pipeline operations and investment.
If it comes in below expectations
If the policy rate is lower than expected, debt that reprices and new borrowing may cost less, easing MDU Resources’ financing burden and leaving more cash for its utility and pipeline operations and investment.
ONE GAS, INC. earningsOGS
ONE Gas's report offers a read on household and business demand for delivered gas, the demand backdrop for MDU Resources' largest business.
Read ONE Gas's gas-distribution revenue alongside earnings, and note its explanation of weather and customer use. Steady use and earnings would indicate support from household and business customers; declines in both would signal softer demand to watch for at MDU Resources, although the two companies serve different markets.
Southwest Gas Holdings, Inc. earningsSWX
Southwest Gas's report will show whether approved gas-rate increases are reaching earnings in time, a useful comparison for MDU Resources' own rate-recovery challenge.
Compare Southwest Gas's approved rate increases with its gas-distribution earnings. If earnings improve as the increases take effect, approved revenue is helping cover the cost of service; if earnings remain under pressure, delays or costs may still be eroding recovery, a risk MDU Resources also needs to watch.
Black Hills Corporation earningsBKH
Black Hills' report gives a view of the power business supplying part of the electricity capacity for MDU Resources' Sheridan-area customers.
Watch Black Hills' power-business results and any discussion of generation supply or available capacity. Steady operations and supply would be reassuring about the backdrop at a provider MDU Resources relies on; signs of strain would merit attention, but would not establish performance under MDU's contract.
Atmos Energy Corporation earningsATO
Atmos Energy's report shows how its pipelines and storage support gas delivery, offering a comparison for MDU Resources' gas-distribution and pipeline businesses.
Read Atmos Energy's pipeline results alongside its gas-distribution results. Strength in both would show that pipeline delivery and customer-facing gas service are working together in its own territory; weaker pipeline results would flag a business to watch at MDU Resources, but Atmos's Texas operations do not establish how MDU's WBI Energy is performing.
MDU Resources Group, Inc. earningsThis company
Natural-gas distribution is MDU Resources' largest revenue business, and this report will show whether customer deliveries translate into earnings after gas costs and rate recovery.
Read natural-gas distribution earnings alongside retail and transportation revenue, then check whether purchased-gas costs are being recovered through rates. If revenue and earnings both hold up, MDU Resources is turning customer service into profit; if revenue rises but earnings lag, costs or delays in rate recovery are absorbing the growth.
Northwest Natural Holding Company earningsNWN
Northwest Natural's report can show whether Pacific Northwest households are sticking with gas heat, a competitive pressure for MDU Resources in overlapping states.
Read Northwest Natural's gas-customer numbers alongside residential gas use. If both hold up, households there are still using gas; if both fall, competition from electric heating may be growing, a trend to watch in MDU Resources' Washington and Oregon businesses but not assume across all its territories.
Ameren Corporation earningsAEE
Ameren's report shows how transmission investment and rate decisions affect utilities in MISO, where MDU Resources also buys and sells electricity.
Watch Ameren's transmission investment and whether regulators approve revenue that allows it to recover those costs. Approved investment with a clear recovery path shows how grid expansion can support utility income; delays or limits would signal regulatory lag, but would not directly establish MDU Resources' own rates.
