MDU says 2016 was a successful year, 2017 also looks good

May 10, 2017

MDU Resources Group annual shareholder's meeting.
Credit Dave Thompson / Prairie Public

Bismarck-based MDU Resources Group had a good year in 2016 – and its President and CEO believes 2017 will be strong as well.

In 2016, MDU’s construction business – which includes Knife River Construction – earned just under $137 million, while its energy businesses brought in nearly $93 million.

President and CEO David Goodin told the MDU annual stockholders meeting in Bismarck -- MDU Resources Group has focused on its two business platforms – the regulated energy delivery business and construction.

"Our tag line is 'Building a Strong America,'" Goodin said in an interview.

Goodin says MDU sold off its oil exploration business – Fidelity Resources – as well as the Dickinson diesel refinery – and that helped the bottom line.

"Strong business execution, earnings growth year over year, exiting Fidelity, exiting refining, taking less commodity risk within our business mix, those factors all added together strengthen our balance sheet as well," Goodin told the shareholders. "We had a 'negative watch' on us from S & P earlier in 2016, but it was removed, and now we're on stable ratings from both Fitch and S & P."

Goodin said 2017 is also looking like a good year.

"It's very timely, in that our nation's talking about infrastructure needs all the time," Goodin told Prairie Public. "We're very well positioned in that business, particularly."