MDU Reaps Profits from Busy Natural Gas Pipeline, T&D Systems

May 3, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Energy services provider MDU Resources Group Incorporated (NYSE:MDU) (Bismarck, North Dakota) enjoyed strong results in its regulated pipeline business during the first quarter, complemented by higher retail sales volumes for electricity and natural gas. The company is building out many of its busiest pipeline and transmission & distribution (T&D) systems.

Industrial Info is tracking about $1.3 billion worth of active and planned projects from MDU, the bulk of which is attributed to natural gas pipeline projects. MDU's first-quarter net income was reported to be $100.9 million, compared with $38.3 million in first-quarter 2023. The company's sharpest growth was in its pipelines business, which saw record-high transportation volumes for the first quarter, as well as strong demand for storage services.