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The Public Service Company That Seems To Be An Investment Company
Now They Want Another Rate Increase To Cover Their Gas Investments
Did They Need to Build a Diesel Refinery? Did They Need a Oil and Gas Exploration Company?
Did They Need To Do a Billion Dollar Offering?
MDU - And Their Rate Increases

MDU - And They Get A Rate Increase
executives dont seem to be suffering for doing a billion dollar offering
And the company stock valuation is down by over half - year over year!

MDU - Salaries

MDU - Breaking Up Is Hard To Do

MDU - 2014 Stock Debt Offering MDU - First Quarter 2015
MDU - Refinery Loss MDU - Financial Key Statistics

MDU - Second Quarter 2015
MDU - Third Quarter 2015

Fidelity Shuts Down 11/2015 "Fidelity Loss Of $790 Mil. In 2015"
MDU - Fourth Quarter 2015 MDU - First Quarter 2016

Fidelity Had Two Floors In This Denver Sky Scraper
Fidelity Dropping Out

MDU - Flashback Nov.2014 - Build A Second Refinery

The History Of MDU
By the 1980s, when the revenue from the utility operations began to plateau, it reorganized into MDU Resources and
 began an aggressive program of diversification into closely related but unregulated industries.
This diversification program has succeeded to the point  where the utility operations are no longer the company's main source of revenue.

MDU - History

 Did They Need to Build a Diesel Refinery? 
Apparently Not
MDU - Sells Refinery June 2016
Of all the upstream, midstream, downstream operations, you have engaged the one most price bound.
There is a reason no new refineries have been built in this country, you need huge daily capacity to make a buck.
MDU - Refinery Loss

The Largest Refineries In The United States

Bucking The Trend

Qatif - 800,000 Barrels $1.2 Billion - MDU - 20,000 Barrels - $450 Million
Qatif Saudi Aribia Production Facility Being Built - Completed In 2004 - 800,000 bbls a day

According to the press release from Chicago Iron & Bridge Qatif was constructed for $1.1 billion

GOSP Was Built By CB&I Chicago

When 10 years later MDU Resources & Partner Spent $450 Million to Build a 20,000 bbl a Day Refinery at
Dickinson North Dakota - It Was Over Budget and Over Schedule and Showing a Loss in All of 2015.
In Fact A $27.5 Million Dollar Loss In 12 Months - Came Online May 2015.
Hundreds Of Millions Down The E&P - Liquids Rabbit Hole - The data to indulge was based on What ?
Media Hype - Political Hype - Bar Room Hype

Over Cost Refinery Refinery Loss

Saudi Arabia - Ghawar Field Boom Or Bust

Did They Need a Oil and Gas Exploration Company?
Apparently Not!
Fidelity Exploration and Production Up For Sale

Flashback May 2014 - The State Of Bakken Investments

Did They Need To Do a Billion Dollar Offering?
October 2014 - But while less than the industry average, the company's debt — and the debt of Centennial Energy Holdings Inc., a holding company for its nonutility operations
 — was downgraded by Fitch Ratings in June. The downgrade was “supported by concerns about the increased business risk associated with the ongoing expansion
 into the higher risk upstream business at Centennial and its impact on the risk profile on both companies,”
Fitch Ratings said in a statement accompanying the downgrade in June.
The ratings agency also cited a decline in the company's free cash flow due to higher spending on upstream operations as another driver behind the downgrade.
Just last month, the company cut its earnings outlook for the full year, citing challenges with the Paradox Basin.
MDU - 2014 Stock Debt Offering

Centennial Energy Holdings Inc.

Do They Need A Rate Increase?
Do you ever wish you had a business where every one of your customers has to send you money for everyday of every month, of every year.
Wether you buy any of their product or not? I Do.
Isnt it funny natural gas is at a all time low and MDU was created as a public energy provider and natural gas is being burned off into
the prarie sky and they seem to buy and do everything but what the core of the company was or is or should have been.
For all the money threw at high risk they seem to have overlooked what it is that they do,
Natural Gas.

Certainly someone at MDU is or has or should be looking at long term data of decline and production of the bakken and other plays!
Drilling Deeper - 2014
Drilling Deeper - 2015
They should be asking for a rate decrease and a pay decrease of their executives.
No one asked them to indulge in risk without dilligence.
The Rate Increase & The AARP

MDU Rate Increases

The AARP also objects to MDU’s proposal to increase its fixed monthly charge and phase out its charge based on usage.
Coffman said the group believes the usage charge should remain in place to be fair to small users and give customers more control over their bills.
 He noted that if the PSC approves the settlement agreement in its current form, the fixed monthly charge will jump to $19.60 –
 more than double what it was two years ago, before the commission approved an increase from $9 to $15 in April 2014.
The Rate Increase Scaled Back

 MDU Resources - Month Chart
Feeling The Squeeze

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