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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K


CURRENT REPORT


PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported) November 21, 2023


MDU Resources Group Inc
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer Identification No.)
incorporation)
Delaware1-0348030-1133956

1200 West Century Avenue
P.O. Box 5650
Bismarck, North Dakota 58506-5650
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code (701) 530-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:
(Title of each class)(Trading 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01. Regulation FD Disclosure.

    On November 21, 2023, MDU Resources Group, Inc. (the "Company") issued a press release announcing its five-year capital investment plan. A copy of the press release, which the Company is furnishing to the Securities and Exchange Commission, is attached as Exhibit 99 and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

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

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




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SIGNATURE

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

MDU RESOURCES GROUP, INC.
 
Date  November 21, 2023
By /s/ Jason L. Vollmer
Jason L. Vollmer
Vice President, Chief Financial
Officer and Treasurer
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mdurlogoa.jpg
MDU Resources Announces Five-Year Capital Investment Plan
BISMARCK, N.D. — Nov. 21, 2023 — MDU Resources Group, Inc. (NYSE: MDU) announced today that it plans to make capital investments totaling $2.8 billion from 2024 through 2028.

“Our capital investment plans over the next five years are heavily focused on our regulated energy delivery businesses, with a 15% increase in planned spending as compared to the previous five years,” said David L. Goodin, president and CEO of MDU Resources. “We plan to expand our energy delivery systems to meet growing demand while upgrading existing infrastructure to ensure continued reliable and safe service to our customers. As we expect to complete the spinoff of our construction services business late next year, our planned capital investments for that business are limited to 2024.”

On Nov. 2, MDU Resources announced it intends to pursue a tax-free spinoff of its construction services subsidiary, MDU Construction Services Group. MDU Resources intends to become a pure-play regulated energy delivery business consisting of electric and natural gas utilities and a natural gas pipeline business.

Capital Expenditures
Forecast
Actual + 2023 Forecast
Forecast
2023
2024
2025
2026
2019-2023
2024-2028
(in millions)
Regulated energy delivery
Electric
$102
$113
$154
$199
$532
$880
Natural gas distribution
256
337
301
288
1,066
1,423
Pipeline
134
107
77
42
564
405
492
557
532
529
2,162
2,708
Construction services*
38
52
0
0
248
52
Total**
$530
$609
$532
$529
$2,410
$2,760
*Assumes proposed tax-free spinoff completed in late 2024
**Excludes “Other” category, as well as assumed net proceeds from the sale or disposition of property

MDU Resources plans to increase investments in its electric and natural gas utilities 44% over the next five years as compared to 2019-23. Planned investments 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%-2% annually over the next five years.
•Construction of a Midwest Independent System Operator-approved 345-kilovolt transmission line project from Jamestown, North Dakota, to Ellendale, North Dakota, in partnership with Otter Tail Power Company.
•Replacing and modernizing certain existing electric and natural gas utility infrastructure to ensure continued safe and reliable service to customers.
Rate base for the utilities is expected to grow 6%-7% on a compounded annual basis over the next five years.

MDU Resources’ planned capital investments at the pipeline business will focus on system growth to expand natural gas transmission capacity. A number of projects are included in the planned investments, including the Wahpeton Expansion project in North Dakota that is expected to be constructed in 2024.
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In 2024, MDU Resources plans to invest $52 million in MDU Construction Services Group, primarily on normal replacements and upgrades of the equipment that is used in the transmission and distribution, and electrical and mechanical services the company performs.

MDU Resources continually reviews its capital program and modifies it as needed. Actual expenditures may differ from estimates because of changes in load growth, regulatory decisions or other factors. The company provides periodic updates about its capital investments.

Acquisitions are not included in, and would be incremental to, MDU Resources’ capital investment plan.

Forward-Looking Statements
Information in this release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “continue,” “expect,” “estimate,” “forecast,” “may,” “will,” “would” or the negative thereof, and similar expressions, are intended to identify such forward-looking statements. The forward-looking statements in this release, including information about capital expenditure forecasts; expected projects; key growth strategies; projections; certain assumptions and strategies of MDU Resources; the planned spinoff of MDU Construction Services Group and the expected timing of the spinoff; statements regarding the company’s planned investments, including customer growth rates; and statements by the president and CEO of MDU Resources, are expressed in good faith and are believed by the company to have a reasonable basis, but they are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially, refer to Item 1A — Risk Factors in MDU Resources’ most recent Form 10-K and Form 10-Q and subsequent filings with the SEC.

About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides essential products and services through its regulated energy delivery and construction services businesses. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.

Investor Contact: Brent Miller, assistant treasurer, 701-530-1730
Media Contact: Laura Lueder, manager of communications and public relations, 701-530-1095
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v3.23.3
Cover page
Nov. 21, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 21, 2023
Entity Registrant Name MDU Resources Group Inc
Entity Incorporation, State or Country Code DE
Entity File Number 1-03480
Entity Tax Identification Number 30-1133956
Entity Address, Address Line One 1200 West Century Avenue
Entity Address, Address Line Two P.O. Box 5650
Entity Address, City or Town Bismarck
Entity Address, State or Province ND
Entity Address, Postal Zip Code 58506-5650
City Area Code 701
Local Phone Number 530-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $1.00 per share
Trading Symbol MDU
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000067716
Amendment Flag false
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