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Document 1/28/26 , 5:28 PM EX - 99 2 a2021q1ex99.htm MDU RESOURCES GROUP , INC . EX 99 MDU RESOURCES GROUP , INC . Building a Strong America® NEWS RELEASE - MDU Resources Doubles First Quarter Earnings , Narrows EPS Guidance BISMARCK , N.D. — May 5 , 2021 - MDU Resources Group , Inc. ( NYSE : MDU ) today reported first quarter earnings of $ 52.1 million , or 26 cents per share , compared to first quarter 2020 earnings of $ 25.1 million , or 13 cents per share . " Our businesses are off to a very strong start in 2021 , " said David L. Goodin , president and CEO of MDU Resources . " We had record earnings at our construction services and pipeline businesses , increased natural gas sales volumes at our utility operations and a stronger start to the year at our construction materials business . With the strong first quarter results and our expectation of continuing robust demand for our products and services , we are raising the lower end of our 2021 earnings guidance . " As we continue Building a Strong America , we are well - positioned to capitalize on a federal infrastructure funding package and believe it will provide substantial longer - term opportunities across our two platforms of businesses . " Business Unit Highlights Regulated Energy Delivery The electric and natural gas utility earned $ 46.9 million in the first quarter , compared to $ 43.7 million in the first quarter of 2020. Rate relief in several natural gas utility jurisdictions contributed to the increase in earnings , as well as higher natural gas sales volumes . Natural gas sales volumes were 1.8 % higher and electric sales volumes were 2.2 % lower compared to the first quarter last year . The company's electric and natural gas systems continued to perform well , providing safe and reliable service to customers during extreme winter conditions experienced in February across the country . Earnings at the pipeline business were a record $ 8.9 million for the first quarter , compared to $ 7.4 million in the first quarter last year . The earnings increase is primarily the result of higher customer demand for natural gas storage services . The company continues to await approval from the Federal Energy Regulatory Commission for its North Bakken Expansion project , a planned pipeline extension in North Dakota that would be able to transport 250 million cubic feet of natural gas per day and reduce flaring in the Bakken . The project is supported by long - term agreements with non - affiliated customers . The company expected final regulatory approval in the first quarter and is adjusting its construction schedule to reflect the delay , which will result in a later in - service date for the project . Construction Materials and Services The construction services business had record first quarter earnings of $ 29.8 million , compared to $ 16.8 million in first quarter 2020 . Results in 2020 included a negative $ 6.7 million , after tax , out - of - period adjustment to correct revenue recognition on a construction contract . The company continues to see particularly strong demand for high tech and utility - related construction services . Its backlog of work at March 31 set a first quarter record at $ 1.273 billion , compared to $ 1.267 billion at March 31 last year . 1 https://www.sec.gov/Archives/edgar/data/67716/000006771621000023/a2021q1ex99.htm 1/13