MDU Resources Group Inc (MDU) 2024 Q4 法說會逐字稿

Hello, my name is Constantine and I will be your conference facilitator.

您好，我叫康斯坦丁，我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the MDU Resources Group year-end 2024 earnings conference call. (Operator Instructions)

現在，我歡迎大家參加MDU資源集團2024年年終收益電話會議。（操作員指令）

The webcast can be accessed at www.mdu.com. Under the Investors headings, select Events and Presentations and click Year-End 2024 Earnings Conference Call. After the conclusion of the webcast, a replay will be available at the same location.

您可在 www.mdu.com 上觀看網路直播。在“投資者”標題下，選擇“活動和演示”，然後點擊“2024 年年終收益電話會議”。網路直播結束後，將在同一地點提供重播。

I would now like to turn the conference over to Jason Vollmer, Chief Financial Officer of MDU Resources Group.

現在，我想將會議交給 MDU 資源集團財務長 Jason Vollmer。

Thank you, Mr. Vollmer. You may now begin your conference.

謝謝你，沃爾默先生。您現在可以開始您的會議了。

Thank you, operator. Welcome, everyone to our year-end 2024 earnings conference call.

謝謝您，接線生。歡迎大家參加我們 2024 年年終收益電話會議。

You can find our earnings release and supplemental materials for this call on our website, at www.mdu.com, under the Investors tab.

您可以在我們的網站 www.mdu.com 的「投資者」標籤下找到本次電話會議的收益報告和補充資料。

Leading the discussion today, with me, is Nicole Kivisto, President and CEO of MDU Resources. Also with us, today, to answer questions, following our prepared remarks are Rob Johnson, President of WBI Energy, and Garret Senger, our Chief Utilities Officer.

今天與我一起主持討論的是 MDU Resources 總裁兼執行長 Nicole Kivisto。今天，在發表準備好的演講後，WBI Energy 總裁 Rob Johnson 和我們的首席公用事業長 Garret Senger 也將與我們一起回答問題。

During the call, we will make certain forward-looking statements within the meaning of the Federal Securities' laws. For more information about the risks and uncertainties that could cause our actual results to vary from any forward-looking statements, please refer to our most recent SEC filings.

在電話會議期間，我們將根據聯邦證券法做出某些前瞻性陳述。有關可能導致我們的實際結果與任何前瞻性陳述不同的風險和不確定因素的更多信息，請參閱我們最近的 SEC 文件。

We may also refer to certain non-GAAP information. For the definition and a reconciliation of any non-GAAP information to the appropriate GAAP metric, please reference our earnings release.

我們也可能參考某些非 GAAP 資訊。有關任何非 GAAP 資訊的定義以及與適當的 GAAP 指標的調節，請參閱我們的收益報告。

With the completion of the Everus Construction Group spinoff, occurring October 31, we reported results of Everus' discontinued operations. And our prior period results have been restated to reflect the completion of both the Everus and Knife River spinoffs.

隨著 10 月 31 日 Everus 建築集團分拆的完成，我們報告了 Everus 停止營運的結果。並且，我們已重述前期業績，以反映 Everus 和 Knife River 分拆的完成。

I will provide consolidated financial results later during the call, which will reflect this change.

我稍後將在電話會議中提供綜合財務結果，以反映這一變化。

But first, I want to turn the call over to Nicole for her remarks. Nicole?

但首先，我想將電話轉給妮可，請她發表評論。妮可？

Thank you, Jason and thank you, everyone for spending time with us today and for your continued interest in MDU Resources.

謝謝 Jason，也謝謝大家今天抽空與我們在一起，也謝謝大家對 MDU Resources 的持續關注。

2024 was truly a transformational year for our company, during which we celebrated our 100th anniversary, completed the spinoff of Everus Construction Group, and also provided tremendous value to our stockholders. I am extremely proud of our team.

2024 年對我們公司來說確實是轉型的一年，在這一年中，我們慶祝了公司成立 100 週年，完成了 Everus Construction Group 的分拆，同時也為我們的股東提供了巨大的價值。我為我們的團隊感到無比自豪。

We have reached our stated goal of becoming a pure-play regulated energy delivery business and believe we have positioned MDU Resources for continued growth and future success.

我們已經實現了成為純粹的受監管能源輸送企業的既定目標，並相信我們已為 MDU Resources 的持續成長和未來成功做好了準備。

Underpinning all of this is the continued strong performance of our business. Our adjusted earnings per share from continuing operations increased 22%, year over year, to $0.90 per share.

這一切的基礎是我們業務持續強勁的表現。我們的調整後持續經營每股盈餘年增 22%，達到每股 0.90 美元。

Our Pipeline segment, again, achieved record earnings in 2024, a 45% increase year over year, driven by record transportation volumes and increased storage revenue.

我們的管道部門在 2024 年再次實現創紀錄的收益，年增 45%，這得益於創紀錄的運輸量和增加的儲存收入。

Our Electric segment also experienced earnings growth in 2024, driven largely by rate relief.

我們的電力部門在 2024 年也實現了獲利成長，這主要得益於利率下調。

These achievements underscore our unwavering commitment to delivering safe and reliable service and sustainable growth, with our dedicated employees playing a pivotal role in our continued success. We believe our business remains poised for compelling long-term growth prospects.

這些成就凸顯了我們對提供安全可靠的服務和永續發展的堅定承諾，而我們敬業的員工在我們持續成功中發揮關鍵作用。我們相信，我們的業務仍將擁有強勁的長期成長前景。

At our utility, our combined retail customer base grew by 1.4%, which reinforces our company's need to proactively manage our utility infrastructure to meet the demands of our growing customer base. We also saw 6.8% rate-based growth in 2024.

在我們的公用事業公司，我們的綜合零售客戶群成長了 1.4%，這強化了我們公司主動管理公用事業基礎設施以滿足不斷增長的客戶群需求的需求。我們也看到 2024 年基於利率的成長率達到 6.8%。

We continue to see data center opportunities, including the 580 megawatts of data center load we have under signed electric service agreements. Of that total, 180 megawatts is currently online, with the balance starting to come online in 2025 and expected to continue through the next few years.

我們繼續看到資料中心的機會，包括我們簽署的電力服務協議下的 580 兆瓦資料中心負載。其中，目前已投入使用 180 兆瓦，其餘發電量將於 2025 年開始投入使用，預計將持續未來幾年。

Our current approach is to serve these large customer opportunities with a capital-light business model, which not only benefits our earnings and returns but also provides cost savings to our retail customers.

我們目前的做法是採用輕資本業務模式來服務這些大客戶機會，這不僅有利於我們的獲利和回報，而且還為我們的零售客戶節省成本。

On the regulatory front, we remain very active with several ongoing actions, including a natural gas rate case filed in Wyoming on October 31, where we are requesting an annual increase of $2.6 million or 14%.

在監管方面，我們仍然非常活躍，正在採取幾項行動，包括 10 月 31 日在懷俄明州提起的天然氣費率案，我們要求每年增加 260 萬美元或 14%。

On November 7, the North Dakota Public Service Commission approved our natural gas rate case settlement, with final rates effective December 1.

11 月 7 日，北達科他州公共服務委員會批准了我們的天然氣費率案和解方案，最終費率將於 12 月 1 日生效。

On December 11, a multi-party settlement agreement was filed in our Washington multi-year natural gas case, with rates proposed to be effective March 1, 2025, and March 1, 2026.

12 月 11 日，我們在華盛頓多年期天然氣案中提交了一份多方和解協議，擬議費率分別於 2025 年 3 月 1 日和 2026 年 3 月 1 日生效。

On January 14, the Montana Public Service Commission approved our interim rate increase request after reconsideration, with interim rates effective February 1, and subject to refund as we finalize the general rate case outcome.

1 月 14 日，蒙大拿州公共服務委員會經過重新考慮後批准了我們的臨時費率上調請求，臨時費率將於 2 月 1 日起生效，並且在我們最終確定一般費率案件結果後將予以退款。

Our focus remains on delivering safe and reliable electric and natural gas services to our expanding customer base, with active efforts to seek regulatory recovery for our investments.

我們仍致力於為不斷擴大的客戶群提供安全可靠的電力和天然氣服務，並積極努力尋求監管對我們投資的恢復。

As mentioned at our Pipeline segment, we achieved record earnings and record transportation volumes for the third consecutive year. This segment is executing well on our core strategy and delivering solid results driven by strategic expansion, increased demand for transportation and storage services, and continued benefit from new transportation and storage services rates that were effective August 1 of 2023.

正如我們在管道部門所提到的，我們連續第三年實現了創紀錄的收益和創紀錄的運輸量。該部門在我們的核心策略上執行良好，並在策略擴張、運輸和倉儲服務需求增加以及 2023 年 8 月 1 日生效的新運輸和倉儲服務費率的持續受益的推動下取得了穩健的業績。

We remain committed to investing in future expansion projects to meet increasing customer demand for services, including strong interest from industrial customers and power generation projects, like the recently signed agreement to serve a new electric generation facility being developed in northwest North Dakota. We are targeting an in-service date of late 2028 to begin serving gas to that facility.

我們仍致力於投資未來的擴建項目，以滿足客戶日益增長的服務需求，包括工業客戶和發電項目的濃厚興趣，例如最近簽署的為北達科他州西北部正在開發的新發電設施提供服務的協議。我們的目標是在 2028 年底投入使用並開始向該設施輸送天然氣。

On November 1, we closed on the purchase of a 28-mile natural gas pipeline lateral in northwestern North Dakota. The lateral extends our pipeline system to a natural gas processing plant in the Bakken.

11 月 1 日，我們完成了北達科他州西北部一條 28 英里長的天然氣管道的購買。這條支線將我們的管道系統延伸至巴肯的天然氣處理廠。

Our Wahpeton Expansion project in eastern North Dakota, which provides approximately 20 million cubic feet of natural gas transportation capacity per day, was placed in service on December 1.

我們位於北達科他州東部的瓦佩頓擴建工程於 12 月 1 日投入使用，該工程每天可提供約 2,000 萬立方英尺的天然氣運輸能力。

We also held a non-binding open season for a potential Bakken East Pipeline project, which could consist of 375 miles of pipeline construction from western North Dakota to eastern North Dakota. This open season concluded on January 31, and we are currently evaluating those results.

我們還為潛在的巴肯東輸油管項目舉行了非約束性開放期，該項目可能包括從北達科他州西部到北達科他州東部的 375 英里輸油管建設。本次開放季於 1 月 31 日結束，我們目前正在評估結果。

We are initiating 2025 earnings per share guidance in the range of $0.88 to $0.98 per share. This range reflects continued strong performance across our segments, coming off a very strong performance in 2024 -- as previously stated -- while also accounting for the absence of non-recurring items we experienced, in 2024, in dis-synergies from the Everus spinoff. Which, together, total approximately $0.04 per share of impact, when comparing 2024 to 2025 guidance.

我們預計 2025 年每股收益將在 0.88 美元至 0.98 美元之間。這一範圍反映了我們各個部門繼續保持強勁的表現，並在 2024 年取得了非常強勁的表現——如前所述——同時也考慮到了我們在 2024 年因 Everus 分拆而產生的不協同效應中沒有經歷的非經常性項目。與 2024 年和 2025 年的指導方針相比，總計每股影響約為 0.04 美元。

As we look ahead, we are focused on our core strategy, with a commitment to customers and communities, operational excellence, returns-focused initiatives, and an employee-driven culture.

展望未來，我們將專注於我們的核心策略，致力於服務客戶和社區、追求卓越營運、注重回報的舉措以及以員工為導向的文化。

We believe we are also well positioned for growth into the future, with an anticipated capital investment of $3.1 billion, over the next five years; 7% to 8% utility rate-based growth; and customer growth in the 1% to 2%, annually.

我們相信，我們也為未來的成長做好了準備，未來五年預計資本投資將達到 31 億美元；基於公用事業費率的成長為 7% 至 8%；每年客戶數量成長率達到 1% 到 2%。

We also anticipate long-term EPS growth of 6% to 8%, rebasing that number off of 2025 to reflect our new pure-play regulated structure, while targeting a 60% to 70% annual dividend payout ratio.

我們也預期長期每股盈餘成長率為 6% 至 8%，並將該數字從 2025 年調整為反映我們新的純粹監管結構，同時將年度股息支付率定為 60% 至 70%。

We are looking forward with great optimism. The prospects for continued customer and system growth in our electric and natural gas utilities and the strong performance of our pipeline, with consistent demand for pipeline services, are all promising as we move into 2025.

我們滿懷樂觀地期待著。隨著我們邁入 2025 年，我們的電力和天然氣公用事業的客戶和系統持續成長的前景、我們管道的強勁表現以及對管道服務的持續需求都是令人樂觀的。

As always, MDU Resources is committed to operating with integrity and with a focus on safety. We remain dedicated to creating superior shareholder value, as we continue providing essential products and services to our customers, while being a great and safe place to work.

像往常一樣，MDU Resources 致力於誠信經營並專注於安全。我們將繼續致力於創造卓越的股東價值，繼續為客戶提供必需的產品和服務，同時成為一個良好且安全的工作場所。

I will now turn the call back over to Jason for the financial update. Jason?

現在我將把電話轉回給傑森，讓他報告一下財務最新情況。傑森？

Thank you, Nicole.

謝謝你，妮可。

I'm excited to share our results for 2024.

我很高興與大家分享我們 2024 年的成果。

This morning, we announced full-year earnings of $281.1 million or $1.37 per share, on a GAAP basis, compared to 2023 GAAP earnings of $414.7 million or $2.03 per share. It's important to note that certain costs associated with the spinoffs of both Knife River in May of 2023 and Everus in October of 2024 are reported as discontinued operations in our GAAP-based results.

今天上午，我們宣布，根據 GAAP 計算，全年收益為 2.811 億美元，即每股 1.37 美元，而 2023 年 GAAP 收益為 4.147 億美元，即每股 2.03 美元。值得注意的是，2023 年 5 月 Knife River 和 2024 年 10 月 Everus 的分拆相關的某些成本在我們基於 GAAP 的結果中被報告為停止營運。

2024 income from continuing operations was $181.1 million or $0.88 per share compared to $330.1 million or $1.62 per share in 2023. As a reminder, we experienced a gain on the retained shares of Knife River in 2023 of $186.6 million, net of tax, which was reported in continuing operations in 2023.

2024 年持續經營收入為 1.811 億美元，即每股 0.88 美元，而 2023 年為 3.301 億美元，即每股 1.62 美元。提醒一下，我們在 2023 年保留的 Knife River 股份收益為 1.866 億美元（稅後），這筆收益已在 2023 年的持續經營業務中報告。

To provide financial results that more closely correlate with and better outline the strength of our ongoing business operations, we're also reporting adjusted income from continuing operations. For more information on the adjustments, please see the first table on our earnings release.

為了提供與我們持續經營業務更密切相關且更好地概述其實力的財務結果，我們還報告了來自持續經營業務的調整後收入。有關調整的更多信息，請參閱我們的收益報告的第一個表格。

Adjusted income from continuing operations, for 2024, was $184.4 million or $0.90 per share, a 22% increase when compared to the 2023 adjusted income from continuing operations of $150.8 million or $0.74 per share.

2024 年調整後持續經營收入為 1.844 億美元或每股 0.90 美元，較 2023 年調整後持續經營收入 1.508 億美元或每股 0.74 美元增長 22%。

As we turn to our individual segments, our electric utility reported earnings of $74.8 million compared to $71.6 million in 2023. The increase was largely the result of higher retail sales revenue from rate relief in North Dakota, South Dakota, and Montana. Lower volumes from the majority of customers, largely due to cooler weather in the second quarter of 2024 and higher operation and maintenance expense, partially offset the increase.

當我們轉向各個部門時，我們的電力公司報告的收益為 7,480 萬美元，而 2023 年的收益為 7,160 萬美元。成長的主要原因是北達科他州、南達科他州和蒙大拿州的稅率減免導致零售收入增加。大多數客戶的銷售量下降，主要是由於 2024 年第二季天氣寒冷以及營運和維護費用增加，部分抵消了成長。

Total earnings impact from data center loads in 2024 was approximately $3 million.

2024 年資料中心負載對總收益的影響約為 300 萬美元。

Our Natural Gas business reported earnings of $46.9 million compared to $48.5 million in 2023. The decrease was largely due to higher operation and maintenance expense and higher depreciation and amortization expense, primarily due to increased asset additions. These decreases were partially offset by higher retail sales revenue due to rate relief in North Dakota and South Dakota.

我們的天然氣業務報告收益為 4,690 萬美元，而 2023 年為 4,850 萬美元。下降主要是由於營運和維護費用增加以及折舊和攤銷費用增加，這主要是由於資產增加所致。由於北達科他州和南達科他州的稅率減免，零售收入增加，部分抵消了這些下降。

The Pipeline segment posted a third consecutive year of record earnings, totaling $68 million in 2024, which compares to $46.9 million last year.

管道部門連續第三年創下獲利記錄，2024 年總計 6,800 萬美元，而去年為 4,690 萬美元。

Earnings increase was driven by record transportation volumes, primarily from growth projects placed in service in November of 2023 and throughout 2024. Higher storage-related revenue and a full year of new transportation and storage rates, which were effective in August of 2023, further drove that increase.

獲利成長主要得益於創紀錄的運輸量，這主要來自於 2023 年 11 月和整個 2024 年投入使用的成長項目。更高的儲存相關收入和全年的新運輸和儲存費率（於 2023 年 8 月生效）進一步推動了這一成長。

The business also benefited from proceeds received in a customer settlement that was recorded in other income, as well as a decrease in the company's effective state income tax rate. Increase was offset, in part, by higher operation and maintenance expense and higher depreciation and amortization expense due to growth projects placed in service, as I previously mentioned.

該業務還受益於記錄在其他收入中的客戶和解收益，以及公司有效州所得稅率的下降。正如我之前提到的，由於成長項目的投入，更高的營運和維護費用以及更高的折舊和攤提費用部分抵消了這一增長。

And finally, MDU Resources continues to maintain a strong balance sheet and ample access to working capital to finance our operations throughout our peak seasons. Business momentum is strong as we start 2025 and we will continue to provide updates regarding our 2025 guidance and outlook, as we progress throughout the year.

最後，MDU Resources持續保持強勁的資產負債表和充足的營運資金，為我們在旺季的營運提供資金。2025 年伊始，業務勢頭強勁，隨著全年進展，我們將繼續提供 2025 年指導和展望的更新。

That summarizes the financial highlights for 2024. We appreciate your interest in and commitment to MDU Resources and ask that we now open the line for questions.

這總結了 2024 年的財務亮點。我們感謝您對 MDU Resources 的關注和承諾，並懇請我們現在開通問答熱線。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine) 。

Hi, everybody.

大家好。

Maybe, to start off, how should we interpret the change in guidance around equity issuance from no-planned equity until 2027 to the current language of no near-term equity issuance? Is there a change there?

或許，首先，我們該如何解讀股票發行指引的變化，從 2027 年之前無計畫發行股票，到目前的近期不發行股票？那裡有變化嗎？

Ryan, this is Jason. I'll take that one.

瑞安，這是傑森。我要那個。

No real change from what we talked about in November. So we had originally talked about 2027 at our Investor Day last spring. And then, when we updated our capital forecast in November and increased that amount of capital, especially when you see some additional capital in 2026, we did change that target there to say: now, we don't expect any equity issuance in 2025, in our current forecast, but we would look to see some to facilitate the growth projects we're looking to put in place in 2026.

與我們 11 月談論的內容相比，沒有什麼實際變化。因此，我們最初在去年春天的投資者日上談到了 2027 年。然後，當我們在 11 月更新資本預測並增加資本金額時，尤其是當您看到 2026 年有一些額外資本時，我們確實改變了那個目標：現在，在我們目前的預測中，我們預計 2025 年不會發行任何股票，但我們希望看到一些股票發行，以促進我們希望在 2026 年實施的項目增長。

Okay.

好的。

And then, in terms of the northwest North Dakota gas potential or pipeline expansion, can you provide a little more color around what the customers there, capital volumes, and the earnings contribution in 2028 or any way to frame that opportunity?

然後，就北達科他州西北部的天然氣潛力或管道擴建而言，您能否提供更多關於那裡的客戶、資本量和 2028 年的盈利貢獻的信息，或者任何可以描述這一機會的方式？

I can start with that and then, turn it over to Rob to add a little bit of color as well.

我可以從那裡開始，然後將其交給 Rob，讓他也添加一點顏色。

But I think you're asking about the Bakken East open season that was recently completed or which project are you talking about?

但我認為您問的是最近完成的巴肯東開放季或您談論的是哪個項目？

No. The project in 2028. The new customer.

不。該計畫於2028年實施。新顧客。

Oh. The new customer that we signed on.

哦。我們簽約的新客戶。

That project is to serve a natural gas-powered electric-generating station in northwest North Dakota. And you will see the capital increase in 2028 at our Pipeline segment.

該項目將為北達科他州西北部的一座天然氣發電站提供服務。您將會在 2028 年看到我們管道部門的資本增加。

So the punch line there is it is baked into our overall five-year capital budget and would be anticipated in our overall guidance, on an EPS basis of 6% to 8%.

因此，關鍵在於它已納入我們整體五年資本預算中，並且預計在我們的整體指導中，每股收益將達到 6% 至 8%。

Is there any color around the amount of capital for that expansion or opportunity?

此次擴張或機會所需的資本金額具體是什麼？

We haven't quantified that specifically. But, as you will note, there is a step change as you look at the outer years of the capital and so, you can get your arms around a range, if you look at the step change on the capitol.

我們還沒有具體量化這一點。但是，正如您所注意到的，當您觀察首都的外圍時，會發現一個階躍變化，因此，如果您觀察國會大廈的階躍變化，您就可以大致了解一個範圍。

Okay.

好的。

And then, in terms of the current guidance for '25, you mentioned the $0.04 of impact from dis-synergies, any other numbers you could speak to to quantify the step change on year-over-year earnings outlook?

然後，就 25 年的當前指導方針而言，您提到了協同效應造成的 0.04 美元的影響，還有其他數字可以量化同比盈利前景的變化嗎？

I can step in there.

我可以介入那裡。

On the $0.04 that Nicole mentioned in her remarks, that's actually a combination of not just dis-synergies but, also, what we saw as some one-time impacts.

關於妮可在評論中提到的 0.04 美元，這實際上不僅是協同效應的結合，也是我們所看到的一些一次性影響的結合。

You may have noted, in my comments, I talked about a customer settlement that we had in 2024, which is a non-recurring type of item. We had some changes to what we see as a tax rate, on a state basis, that, resulted in some repricing of [deferreds], just based on where we invested capital the last several years.

您可能已經注意到，在我的評論中，我談到了我們在 2024 年達成的客戶結算，這是一種非經常性項目。我們對州稅率進行了一些調整，這導致了（遞延債務）的重新定價，這只是基於我們過去幾年的資本投資地點。

So part of that relates to 2024, as far as an impact to non-recurring items that we saw during the year. And then, part of that would be related to -- as we look forward into some dis-synergies, in that.

因此，就我們在年內看到的對非經常性項目的影響而言，這部分與 2024 年有關。然後，其中的一部分將與我們預期的一些不協同效應有關。

Again, neither one of these are very significant. In total, we're talking about a $0.04 change. You can break that out, seeing a couple cents in 2024 related to the impact from the non-recurring items and, probably, a couple cents in 2025, as we look at that related to the dis-synergies (inaudible).

再說一遍，這兩者都不是很重要。總的來說，我們談論的是 0.04 美元的變化。您可以將其分解開來，看到 2024 年的幾美分與非經常性項目的影響有關，而 2025 年可能也會有幾美分，因為我們會看到這與不協同效應有關（聽不清楚）。

Now, are there any other drivers that you wanted to highlight, in terms of the year-to-year comparison?

現在，就逐年比較而言，還有其他什麼驅動因素您想要強調嗎？

Overall, I think where we start is we're coming off of a 22% increase on a year-over-year basis so we feel like that's certainly setting the bar pretty high, from a growth perspective.

總的來說，我認為我們的起點是年成長 22%，因此從成長的角度來看，我們覺得這無疑設定了相當高的標準。

So we did see some tremendous results.

因此我們確實看到了一些顯著的成果。

The pipeline that we've mentioned here, a little bit, already, the growth that we saw there. Storage was a huge impact in that business. The utility continued to perform very well, as well, within that.

我們在這裡提到的管道，已經體現出我們在那裡看到的成長。儲存對該業務產生了巨大影響。在這種環境下，該實用程式仍繼續表現良好。

But, certainly, some outsized growth, I think in 2024, given the 22% increase compared to adjusted numbers.

但我認為，2024 年肯定會出現一些超額成長，因為與調整後的數字相比，成長率為 22%。

So as we look forward, we still see -- if you look at, probably towards, the midpoint of our range -- some growth on a year-over-year basis. We do think our long-term 6% to 8% growth rate is the right number for us.

因此，展望未來，我們仍然會看到——如果你看一下，可能朝著我們範圍的中點——同比會有一些增長。我們確實認為 6% 到 8% 的長期成長率對我們來說是正確的數字。

We've look over the long term. But we've just had a tremendous amount of success, here, the last couple of years and excited about where we're headed into the next few years.

我們已經著眼於長遠。但在過去的幾年裡，我們取得了巨大的成功，我們對未來幾年的發展方向感到興奮。

The only thing I would add to that, Ryan, would be: as we look at our historic ability to execute on what we've told investors, I think we've got a good track record there.

瑞安，我唯一想補充的是：回顧我們履行對投資人承諾的歷史能力，我認為我們在這方面有著良好的記錄。

And when we look at these businesses, in total, we have delivered about an 8% compound annual growth rate over the last five years.

當我們回顧這些業務時，我們發現過去五年間我們的複合年增長率達到了 8% 左右。

So again, Jason alluded to a one year year-over-year increase of 22%. If you look at that, over the long term, know that we've delivered about 8% in these businesses over the last five years.

因此，傑森再次提到，年增 22%。如果你從長期來看，就會知道過去五年我們在這些業務上的獲利成長率約為 8%。

So that also gives us some confidence as we look ahead on that 6% to 8% EPS growth.

因此，當我們展望 6% 至 8% 的每股盈餘成長時，這也給了我們一些信心。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

It's Brian Russo on for Julian.

布萊恩·魯索代替朱利安。

Hi, Brian.

你好，布萊恩。

Hello. Could you, maybe -- if we could break down the 2025 guidance, maybe more detailed, the $0.10 range. Directionally, what could get you to the high end versus the low end? I assume you get a full year of the [ESAs], for the data centers in North Dakota. I would think that the [MYRP], on the cascade side, would help the gas. But maybe there's other rate relief timing there.

你好。你能不能——如果我們能詳細地分解一下 2025 年的指導方針，也許更詳細一點，0.10 美元的範圍。從方向來看，什麼能讓你達到高端而不是低階？我估計你會得到北達科他州資料中心整整一年的 [ESA]。我認為，級聯方面的 [MYRP] 會對氣體有所幫助。但或許還有其他利率下調的時機。

And then, could you quantify what normal storage margins are or what the year-over-year step down versus the solid 2024 at the Pipeline segment?

然後，您能否量化正常的儲存利潤率是多少，或者與管道部門的 2024 年穩健成長相比，年減幅度是多少？

Maybe I'll start and then, Jason can weigh in with some commentary as well.

也許我先開始，然後傑森也可以發表一些評論。

But as we look at that guidance range, what I'm hearing you ask is: How do we range-bound this? So how could we, maybe, get to the higher end of that range? And what would be some of the key drivers?

但當我們查看該指導範圍時，我聽到您問的是：我們如何確定該範圍？那麼，我們要如何才能達到這個範圍的高端呢？哪些是關鍵驅動因素？

As we think about this, you heard me talk in the presentation about storage, we did have a very strong storage year here in 2024.

當我們思考這個問題時，您聽到我在演示中談到存儲，我們在 2024 年確實度過了非常強勁的存儲年。

Now, could that continue and provide some upside or give us some benefit to be in the higher end of that range next year? Certainly, if we continue to see a strong storage here, that could provide opportunity there.

那麼，這種情況能否持續下去，並帶來一些好處，或者讓我們明年能夠進入這個範圍的高端？當然，如果我們繼續看到這裡強勁的儲存量，那麼這可能會提供機會。

As we noted in our news release, we do plan for normal weather. So certainly, outside of normal weather, provides some volume opportunity within our utility business.

正如我們在新聞稿中指出的那樣，我們確實為正常天氣做好了計劃。因此，除了正常天氣之外，還可以為我們的公用事業業務提供一些銷售機會。

You mentioned the rate case activity, we have a settlement that is on file. We expect to hear from the Washington Commission this month on that. We do have that factored in, already, into the range that we have provided.

您提到了費率案件活動，我們已經記錄了和解協議。我們期待本月聽到華盛頓委員會對此的回應。我們確實已經將這一因素考慮在內了，並且已經將其納入了我們提供的範圍中。

But certainly, there are some gives-and-takes.

但可以肯定的是，雙方都有一定的妥協。

O&M would be another thing that I point to. We'll continue to try to move forward and contain O&M where we can. And that also provides some room within that overall range.

我要指出的另一件事是 O&M。我們將繼續努力向前邁進，並盡可能地控制 O&M。這也為整體範圍提供了一些空間。

Jason, anything else that you would point to?

傑森，您還有什麼要指出的嗎？

I think those are all good points.

我認為這些都是很好的觀點。

You mentioned, again, on the rate filing. Just one thing to note there too.

您再次提到了利率備案。還有一件事要注意。

We expect rates on the Washington case to take effect in March, based on current assumption. We're still working with the commission on the right timing within that. So again, not a full year of benefit for that in 2025 but a partial year on that. But again, excited about getting that case behind us, here.

根據目前的假設，我們預計華盛頓案的利率將於 3 月生效。我們仍在與委員會合作，尋找合適的時機。因此，再說一遍，2025 年的受益不是全年，而是部分年份。但是，我們再次為這個案子得到解決而感到興奮。

You also mentioned, I think, the [ESAs,] Brian, what we see on that front, from serving electric load on the data center side -- we are serving 180 megawatts, currently -- we do expect to see more of that begin to ramp in during the year. So changes in timing of when some of that ramps in could move that around a little bit.

我認為，您還提到了 [ESA] Brian，我們在這方面看到的是，從資料中心方面的電力負荷來看 - 我們目前提供的是 180 兆瓦 - 我們確實預計年內會看到更多的電力開始增加。因此，改變其中一些成長的時間可能會稍微影響這種情況。

But again, the 580 megawatts that we have under contract to serve now, I just want to make clear that's going to take a couple of years to ramp all of that into our business here.

但是，我再說一遍，我們現在根據合約要提供的 580 兆瓦電力，我只想明確說明，要將所有這些電力都投入到我們的業務中，還需要幾年的時間。

So some of that will begin in 2025. So timing on that would have some impact on that range as well.

其中一些將於 2025 年開始。因此，時間安排也會對該範圍產生一定影響。

Okay, great.

好的，太好了。

And any insight into the Bakken East non-binding MOU? I know you said you're evaluating the results but what would be the next steps? And are there any preliminary investment, dollar amounts, that you'd like to convey? We've heard some very large industry-wide projections of nearly $1 billion for the project. Just curious.

對巴肯東部非約束性諒解備忘錄有什麼見解？我知道您說過正在評估結果，但下一步該怎麼做？您想要告知初步投資金額嗎？我們聽說整個產業對該項目的投資預計非常高，接近 10 億美元。只是好奇。

And is what you're seeing in the pipeline last year and your outlook -- is it just increasing the dynamics, just increasing the chance of the Bakken East to move forward?

去年看到的規劃和展望是否只會增加動力、增加巴肯東部地區向前發展的機會？

I will certainly start here and ask Rob to provide some commentary as well.

我肯定會從這裡開始，並請 Rob 也提供一些評論。

I'll start by saying one of the things that we talk about with investors is we really like the strategic position of our assets within the Bakken. And not only our ability to connect to other pipe but our access to storage and that. You know this is our bread and butter, in terms of the location here.

首先我想說，我們與投資者談論的一件事是，我們非常喜歡我們的資產在巴肯的戰略地位。我們不僅具有連接其他管道的能力，而且還有存取儲存空間的能力。您知道，就地理位置而言，這是我們的生計來源。

We did, as we've mentioned, complete the non-binding open season and are very pleased with the results and overall level of the interest that we received on the project, to date.

正如我們所提到的，我們確實完成了非約束性開放期，並且對迄今為止我們在該專案上獲得的結果和整體關注程度感到非常滿意。

You're asking about next steps. Next steps would be to evaluate these results and move forward and work with those that have submitted to get those indications to more of a binding. So we would move to a binding level of commitment and seek that from the customers before making a decision on the overall project.

您詢問的是下一步的行動。下一步將是評估這些結果，並繼續與已提交的結果合作，以使這些跡象更具約束力。因此，在對整個專案做出決定之前，我們會採取具有約束力的承諾措施並尋求客戶的同意。

I think it goes without saying this project would be incremental to the five-year forecasts that we have in front of investors, today.

我認為，不言而喻，這個項目將對我們今天向投資者提出的五年預測產生增量作用。

You're asking about the sizing. Really, this is going to depend on the length of the pipe, how much customer interest we have. And so at this point, we have not come out with any borders around the overall level of investment. And some of that will be predicated on level of binding interest.

你問的是尺寸。實際上，這取決於管道的長度以及客戶的興趣程度。所以就目前而言，我們還沒有對整體投資水準設定任何界限。其中一些將取決於約束利益的程度。

So with that being said, I'm looking to Rob and Jason to see if they would have anything they would want to add to that.

話雖如此，我還是希望 Rob 和 Jason 能對此做出補充。

No. Nicole, I think you summarized it well.

不。妮可，我認為你總結得很好。

Like you said, very pleased with the results of the open season. And, now, it will be just to finalize the details around the project itself and determine overall size and length, like you mentioned.

正如您所說，我對開放賽季的結果非常滿意。現在，只需敲定項目本身的細節並確定總體規模和長度，正如您所說。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

This marks the last call for questions. (Operator Instructions)

這是最後一次提問。（操作員指令）

The webcast can be accessed at www.mdU.com. Under the Investors heading, select Events and Presentations and click Year-End 2024 Earnings Conference Call. After the conclusion of the webcast, a replay will be available at the same location.

您可在 www.mdU.com 上觀看網路直播。在“投資者”標題下，選擇“活動和演示”，然後點擊“2024 年年終收益電話會議”。網路直播結束後，將在同一地點提供重播。

At this time, there are no further questions. I would now like to turn the conference back over to management for closing remarks.

目前，沒有其他問題。現在，我想將會議交還給管理階層，由他們作結束語。

All right. Thank you, everyone for your interest in MDU Resources. We are looking forward to 2025 and beyond.

好的。感謝大家對 MDU Resources 的關注。我們展望 2025 年及以後。

We appreciate your continued interest in our company and we'll keep you posted, as we move forward.

我們感謝您對我們公司的持續關注，我們將隨時向您通報最新進展。

Thank you for joining the call today.

感謝您今天的電話會議。

Operator, back to you.

接線員，回到你身邊。

This concludes today's MDU Resources group conference call.

今天的 MDU 資源集團電話會議到此結束。

Thank you very much for your participation. You may now disconnect.

非常感謝您的參與。您現在可以斷開連線。