MDU Resources Group, Inc. filed its third-quarter 2026 earnings release on November 5, 2026, reporting consolidated net income of $14.0 million and announcing a positive final investment decision on the Bakken East Pipeline.

Key Highlights

  • Net income: $14.0 million for the three months ended September 30, 2026, compared with $18.4 million in the same quarter of 2025.
  • Diluted earnings per share: $0.07, down from $0.09 in the third quarter of 2025; adjusted earnings per share of $0.08, compared with $0.09.
  • Full-year 2026 guidance reaffirmed: earnings per share in the range of $0.93 to $1.00.
  • Bakken East Pipeline FID: The board of directors made a positive final investment decision on September 30, 2026; estimated capital investment narrowed to $2.8 billion to $3.1 billion.
  • Electric utility earnings: $26.5 million in the third quarter of 2026, up from $21.5 million in the same quarter of 2025, a 23.6% increase.
  • Knott Landfill project discontinued: A $2.1 million net-of-tax loss was recorded related to Cascade Natural Gas Corporation's decision to discontinue development of the Knott Landfill renewable natural gas project in Bend, Oregon.
  • Nine-month net income: $116.1 million for the nine months ended September 30, 2026, compared with $114.1 million for the same period of 2025.

MDU Resources Reports Mixed Q3 2026 Results Amid Bakken East Milestone

MDU Resources Group, Inc. (NYSE:MDU) reported consolidated net income of $14.0 million for the three months ended September 30, 2026, a decline from $18.4 million in the third quarter of 2025, according to the filing. Diluted earnings per share were $0.07, compared with $0.09 in the prior-year quarter. Adjusted net income, which excludes costs associated with the discontinued Knott Landfill renewable natural gas project and advisory costs related to Bakken East, was $16.6 million, or $0.08 per share. The company reaffirmed its full-year 2026 earnings per share guidance of $0.93 to $1.00.

The electric utility segment was the standout performer, earning $26.5 million in the quarter, up 23.6% from $21.5 million a year earlier, the filing stated. The segment benefited from $7.1 million in additional revenue from new rates approved in North Dakota, Montana, and Wyoming, as well as $3.2 million in earnings from Badger Wind Farm. Total retail electric sales volumes increased 9.3%, with sales to data center customers rising 18.4% compared with the same quarter in 2025. The natural gas distribution segment recorded a seasonal net loss of $20.7 million, wider than the $18.2 million net loss in the third quarter of 2025, as higher operation and maintenance expense, including the $2.1 million Knott Landfill loss, offset benefits from $6.5 million in new rates and a 7.1% increase in retail sales volumes.

The company disclosed that its board of directors reached a positive final investment decision on the Bakken East Pipeline on September 30, 2026, proceeding with the approximately 350-mile pipeline from the Bakken region in western North Dakota to a location near Fargo in eastern North Dakota. The estimated capital investment range was narrowed to $2.8 billion to $3.1 billion from a prior estimate of $2.7 billion to $3.2 billion. The pipeline is designed with an initial capacity of 1.4 billion cubic feet of natural gas per day. Construction is expected during the 2028-2030 construction seasons, with the first phase targeted for completion in late 2029 and the second phase in late 2030, according to the filing.

What Was Disclosed

MDU Resources reported third-quarter 2026 earnings, including consolidated net income of $14.0 million, a reaffirmation of full-year 2026 guidance of $0.93 to $1.00 per share, segment-level results, regulatory updates, and a positive final investment decision on the Bakken East Pipeline with a capital investment range of $2.8 billion to $3.1 billion.