MDU Resources is a regulated energy delivery company serving customers across the northern Great Plains and Pacific Northwest. MDU completed a multi-year transformation into a pure-play regulated utility by spinning off its construction materials subsidiary (Knife River) in mid-2023 and its construction services subsidiary (Everus) in late 2024. MDU operates three segments: Electric, Natural Gas Distribution, and Pipeline. The electric business serves roughly 146,500 retail customers across North Dakota, Montana, South Dakota, and Wyoming, generating and distributing power from a mix of coal, natural gas, wind, and purchased wholesale electricity. The natural gas distribution business serves over 1 million retail customers across eight states through three subsidiaries, with revenues heavily weighted toward residential and commercial heating, making it a seasonal, weather-driven business. The pipeline segment is anchored by WBI Energy Transmission, which operates over 3,800 miles of natural gas transmission and storage lines serving utilities, industrials, and marketers. MDU's business model centers on investing capital in regulated infrastructure and earning approved returns through state commission and FERC-approved tariffs. MDU targets 7–8% compound annual utility rate base growth, supported by a $3.1B capital plan for 2026–2030. A notable growth driver is 580 MW of data center load under signed agreements in North Dakota, currently served through a capital-light approach using existing generation capacity. The pipeline segment is also pursuing the Bakken East project, a potential ~350-mile pipeline across North Dakota that is still in commercial development.