MDU Resources Group Inc (MDU) 2025 Q1 法說會逐字稿

Hello. My name is Ina, and I will be your conference facilitator.

你好。我的名字是 Ina，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 2025 First Quarter Earnings Conference Call. (Operator Instructions) The webcast can be accessed at www.mdu.com under the Investors heading, select Events and Presentations and click Q1 2025 Earnings Call. After the conclusion of the webcast, a replay will be available at the same location.

現在，我歡迎大家參加 MDU 資源集團 2025 年第一季財報電話會議。（操作員說明）您可在 www.mdu.com 的“投資者”標題下訪問網絡廣播，選擇“活動和演示”，然後單擊“2025 年第一季收益電話會議”。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. Thank you. Mr. Vollmer, you may begin your conference.

現在，我想將會議交給 MDU 資源集團財務長 Jason Vollmer。謝謝。沃爾默先生，您可以開始您的會議了。

Thank you, operator, and I'd like to welcome everyone to our first quarter 2025 earnings conference call. You can find our earnings release and supplemental materials for this call on our website at www.mdu.com under the Investors tab.

謝謝接線員，歡迎大家參加我們 2025 年第一季財報電話會議。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 today's discussion along with me is Nicole Kivisto, President and CEO of MDU Resources. During our call, we will make certain forward-looking statements within the meaning of the securities laws -- 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.

與我一起主持今天討論的是 MDU Resources 總裁兼執行長 Nicole Kivisto。在電話會議期間，我們將根據證券法—聯邦證券法的含義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性的更多信息，請參閱我們最近向美國證券交易委員會提交的文件。

I will provide consolidated financial results later during the call. But first, I'll turn the call over to Nicole for her remarks. Nicole?

我稍後將在電話會議中提供合併財務結果。但首先，我會把電話轉給妮可，請她發表評論。妮可？

Thank you, Jason, and thank you, everyone, for joining us today and for your continued interest in MDU Resources. We are off to a strong start in 2025. This morning, we reported income from continuing operations of $82.5 million or $0.40 per share for the first quarter, a 10.4% increase compared to this time last year. Our pipeline and natural gas distribution segments grew earnings by 13.9% and 11.5%, respectively, year-over-year, driving our solid first quarter performance.

謝謝傑森，也謝謝大家今天的參與以及對 MDU Resources 的持續關注。2025 年，我們將迎來一個強勁的開局。今天上午，我們報告第一季持續經營收入為 8,250 萬美元，即每股 0.40 美元，比去年同期成長 10.4%。我們的管道和天然氣分銷部門的收益分別年增 13.9% 和 11.5%，推動了我們第一季的穩健表現。

I am extremely proud of our employees whose dedication to our core strategy continues to deliver excellent performance and positions MDU Resources with compelling long-term growth prospects. Our utility experienced 1.4% combined retail customer growth compared to a year ago, which is in line with our 1% to 2% annual projected growth rate. This growth reinforces our need to invest in our utility infrastructure to meet the demands of our growing customer base.

我為我們的員工感到非常自豪，他們對我們核心策略的奉獻精神繼續帶來卓越的業績，並為 MDU Resources 帶來了引人注目的長期成長前景。與一年前相比，我們的公用事業的綜合零售客戶成長率為 1.4%，與我們預期的 1% 至 2% 的年增長率一致。這種成長強化了我們投資公用事業基礎設施的必要性，以滿足不斷成長的客戶群的需求。

At our Electric segment, we signed a purchase agreement to acquire a 49% ownership interest in the Badger Wind Farm during the quarter which equates to 122.5 megawatts of the project's total 258 megawatts of generation capacity. The purchase is contingent on certain regulatory approvals, and we have filed an advanced determination of prudence with the North Dakota Public Service Commission for this project.

在我們的電力部門，我們在本季度簽署了一項購買協議，收購 Badger 風電場 49% 的所有權，相當於該項目總發電量 258 兆瓦中的 122.5 兆瓦。此次購買取決於某些監管部門的批准，我們已就該項目向北達科他州公共服務委員會提交了一份審慎的預先裁定。

We also anticipate filing general rate cases in Montana and Wyoming at our electric segment yet this year. From a legislative perspective, wildfire prevention and liability limitation bills have passed in three of our four electric states, Wyoming, North Dakota and Montana. While we remain focused on designing processes to prevent wildfires in our service territory, this legislation provides greater certainty going forward and limits liability.

我們也預計今年將在蒙大拿州和懷俄明州的電力部門提起一般費率訴訟。從立法角度來看，我們四個電力州中的三個州，即懷俄明州、北達科他州和蒙大拿州，已經通過了野火預防和責任限制法案。雖然我們仍然專注於設計防止服務區域內發生野火的流程，但這項立法為未來提供了更大的確定性並限制了責任。

We continue to see data center opportunities, including the 580 megawatts of data center load we have undersigned electric service agreements. Of that total, 180 megawatts is currently online with an additional 100 megawatts expected to come online late this year and the balance expected to continue through the next few years.

我們繼續看到資料中心的機會，包括我們已簽署電力服務協議的 580 兆瓦資料中心負載。其中，目前已投入使用的發電量為 180 兆瓦，另有 100 兆瓦預計將於今年稍後投入使用，剩餘的發電量預計將在未來幾年持續使用。

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 other retail customers. At our natural gas distribution segment, rate relief was a strong contributor to the quarterly results. In Washington, we received a final order approving our multiyear rate case with year 1 rates effective March 5, 2025, and year 2 rates effective March 1, 2026.

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，而且還為我們的其他零售客戶節省了成本。在我們的天然氣分銷部門，利率下調對季度業績貢獻巨大。在華盛頓，我們收到了最終命令，批准我們的多年期利率案，第一年的利率於 2025 年 3 月 5 日生效，第二年的利率於 2026 年 3 月 1 日生效。

Subsequently, we did file a revision to decrease revenue slightly due to forecasted plant that was not placed in service by December 31, 2024. In Montana, we received approval of interim rates effective February 1 and also filed a settlement agreement on April 3, 2025. In Wyoming, we have reached a settlement in principle in our rate case there and anticipate filing that settlement in the near term.

隨後，我們確實提交了一份修訂報告，由於預測工廠未在 2024 年 12 月 31 日之前投入使用，因此收入略有減少。在蒙大拿州，我們獲得了自 2 月 1 日起生效的臨時稅率的批准，並於 2025 年 4 月 3 日提交了和解協議。在懷俄明州，我們已就當地利率案件達成原則和解，並預計在近期提交和解文件。

We also anticipate filing a general rate case in Idaho yet in the second quarter. On to our Pipeline segment, we achieved record first quarter earnings, up 13.9% from the first quarter of 2024. This segment is executing well on our core strategy and delivering strong results driven by strategic expansion and increased demand for transportation and storage services.

我們也預計將於第二季在愛達荷州提起一般稅率訴訟。在管道部門，我們實現了創紀錄的第一季收益，比 2024 年第一季成長了 13.9%。該部門在我們的核心策略上執行良好，並在策略擴張和運輸及倉儲服務需求成長的推動下取得了強勁的業績。

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. In January 2025, we completed a nonbinding open season for our proposed Bakken East pipeline project that could run approximately 375 miles from the Bakken region to Eastern North Dakota. This project would provide much-needed takeaway capacity to meet the forecasted natural gas production growth in the region and provide natural gas transportation service to industrial, power generation and local distribution companies.

我們將繼續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。2025 年 1 月，我們完成了擬議的巴肯東管道項目的非約束性開放期，該項目從巴肯地區延伸至北達科他州東部約 375 英里。該項目將提供急需的輸送能力，以滿足該地區預測的天然氣產量成長，並為工業、發電和當地配送公司提供天然氣運輸服務。

Currently, we are engaged in planning and discussions with potential customers and landowners along the proposed route, and we are targeting an in-service date of late 2029 for the first phase of this project and late 2030 for the second phase.

目前，我們正在與擬建路線沿線的潛在客戶和土地所有者進行規劃和討論，目標是該計畫第一階段的投入使用日期為 2029 年底，第二階段的投入使用日期為 2030 年底。

As a reminder, this project is not currently in our five-year capital forecast and would be incremental should we determine to proceed. Additionally, in April, we announced a binding open season for the Baker storage field enhancement and transportation expansion project. The proposed project could add 72 million cubic feet per day of new firm natural gas storage deliverability and transportation service.

提醒一下，該專案目前不在我們的五年資本預測中，如果我們決定繼續進行，將會是增量的。此外，我們在四月宣布了貝克儲存場增強和運輸擴建項目的具有約束力的開放期。擬議的項目可增加每天 7,200 萬立方英尺的天然氣儲存能力和運輸服務。

The open season runs through May 20, 2025. Looking at the full year for MDU Resources, we are affirming our 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 strong first quarter. And we look ahead, we are focused on our core strategy, which emphasizes customers and communities’ operational excellence, returns focused and employee-driven.

開放期持續至 2025 年 5 月 20 日。縱觀 MDU Resources 全年業績，我們預計每股收益在 0.88 美元至 0.98 美元之間。這一範圍反映了我們各部門在第一季強勁表現的基礎上繼續保持強勁表現。展望未來，我們專注於我們的核心策略，強調客戶和社區的卓越營運、回報導向和員工驅動。

We believe we are well positioned for growth into the future with anticipated capital investment of $3.1 billion over the next five years, 7% to 8% compound annual utility rate base growth and customer growth expected in the 1% to 2% range annually. We also anticipate a long-term EPS growth rate of 6% to 8% while targeting a 60% to 70% annual dividend payout ratio.

我們相信，我們已為未來的成長做好了準備，預計未來五年的資本投資將達到 31 億美元，年複合公用事業費率基準成長率為 7% 至 8%，預計每年客戶成長率將在 1% 至 2% 之間。我們也預期長期每股盈餘成長率為 6% 至 8%，同時目標年度股利支付率為 60% 至 70%。

As always, MDU Resources is committed to operating with integrity and with a focus on safety. We remain dedicated to delivering value as a leading energy provider and employer of choice. I will now turn the call back over to Jason for the financial update. Jason?

MDU Resources 一如既往地致力於誠信經營並專注於安全。作為領先的能源供應商和首選雇主，我們始終致力於創造價值。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, and I'm pleased to share the details of our first quarter results.

謝謝你，妮可，我很高興分享我們第一季業績的詳細資訊。

This morning, we announced first quarter earnings of $82 million or $0.40 per diluted share compared to first quarter 2024 earnings of $100.9 million or $0.49 per diluted share. First quarter income from continuing operations was $82.5 million or $0.40 per share compared to $74.7 million or $0.37 per share in the prior year. As we look at our individual businesses, our electric utility reported first quarter earnings of $15 million compared to $17.9 million for the same period in 2024. Retail sales revenue increased due to higher volumes for residential customers due to colder weather and from higher data center volumes.

今天上午，我們宣布第一季收益為 8,200 萬美元，即每股攤薄收益 0.40 美元，而 2024 年第一季收益為 1.009 億美元，即每股攤薄收益 0.49 美元。第一季持續經營利潤為 8,250 萬美元，即每股 0.40 美元，而去年同期為 7,470 萬美元，即每股 0.37 美元。縱觀我們的各個業務，我們的電力公司報告第一季的收益為 1500 萬美元，而 2024 年同期的收益為 1790 萬美元。由於天氣寒冷導致住宅客戶使用量增加以及資料中心使用量增加，零售收入增加。

This increase was more than offset by higher operation and maintenance expense, largely from higher contract services for outage-related costs at two electric generating stations, increased software and insurance expenses and higher payroll-related costs. Lower returns on nonqualified benefit plan investments also impacted results.

這一增長被更高的營運和維護費用所抵消，主要是因為兩個發電站的停電相關成本的合約服務增加、軟體和保險費用增加以及工資相關成本增加。非合格福利計劃投資報酬率較低也影響了績效。

Our natural gas utility segment reported earnings of $44.7 million in the first quarter, an 11.5% increase over the first quarter of 2024, which was $40.1 million. The improvement was largely the result of higher retail sales revenue due to rate relief in Washington, Montana and South Dakota as well as increased volumes due to colder weather. These increases were partially offset by higher operation and maintenance expense and lower investment returns on nonqualified benefit plans.

我們的天然氣公用事業部門第一季的收益為 4,470 萬美元，比 2024 年第一季的 4,010 萬美元成長 11.5%。這項改善主要得益於華盛頓、蒙大拿和南達科他州電費減免導致零售收入增加，以及天氣轉冷導致銷量增加。這些成長被更高的營運和維護費用以及較低的非合格福利計劃投資回報部分抵消。

The Pipeline segment posted record first quarter earnings of $17.2 million compared to $15.1 million in the first quarter last year. The earnings increase was driven by growth projects placed in service throughout 2024 and customer demand for short-term firm capacity contracts. Higher storage-related revenue further drove the increase.

管道部門第一季獲利創歷史新高，達到 1,720 萬美元，去年第一季的獲利為 1,510 萬美元。獲利成長的動力來自於2024年投入使用的成長項目以及客戶對短期固定容量合約的需求。儲存相關收入的增加進一步推動了成長。

Partially offsetting the increase was higher operation and maintenance expense, primarily higher payroll-related costs. The business also incurred higher depreciation expense due to the growth projects we previously discussed and lower investment returns on nonqualified benefit plans.

部分抵銷了成長的是營運和維護費用的增加，主要是與工資相關的成本的增加。由於我們之前討論過的成長項目和非合格福利計劃的投資回報率較低，該業務還產生了更高的折舊費用。

Finally, MDU Resources continues to manage a strong balance sheet and maintain ample access to working capital to finance its operations throughout our peak seasons. While we have no equity needs in 2025 based on our current capital plan, our $3.1 billion capital investment program over the next five years will likely require some access to the equity capital markets.

最後，MDU Resources 繼續保持強勁的資產負債表，並保持充足的營運資金，以在旺季為其營運提供資金。雖然根據我們目前的資本計劃，我們在 2025 年沒有股權需求，但我們未來五年 31 億美元的資本投資計劃可能需要進入股權資本市場。

As such, we plan to reestablish an ATM program in the near term to meet those future needs. Business momentum is strong as we closed out the first quarter of 2025, and we will continue to provide updates regarding our 2025 guidance and outlook as we progress throughout the year. That summarizes the financial highlights for the quarter. We appreciate your interest in and commitment to MDU Resources and ask that we now open the line for questions. Operator?

因此，我們計劃在短期內重新建立 ATM 程序以滿足未來的需求。2025 年第一季結束時，業務勢頭強勁，我們將在全年繼續提供有關 2025 年指導和展望的最新資訊。這總結了本季的財務亮點。我們感謝您對 MDU Resources 的關注和承諾，並請我們現在開通問答熱線。操作員？

(Operator Instructions) Chris Ellinghaus, Siebert Williams Shank.

（操作員指示）Chris Ellinghaus、Siebert Williams Shank。

Nicole, the large customer load strategy that you guys are deploying being capital-light. Are the rates that you're -- or the tariffs that you're seeing demanded from the large customers not accretive for new resources and what you're seeing?

妮可，你們正在部署的大客戶負載策略是輕資本的。您所看到的費率或大客戶要求的關稅是否不能增加新資源？

Yes. Chris, and thanks for the question. So as we think about our opportunity on the data center front. I would describe what we have right now in terms of 580 megawatts of ESAs. 530 of that is in our Ellendale location. And there was a unique opportunity there to serve that load in a capital-light manner because we had a situation where there was basically constrained area or pocket within our system where there was a generation that was not getting to market.

是的。克里斯，謝謝你的提問。因此，當我們思考資料中心方面的機會時。我會用 580 兆瓦的 ESA 來描述我們目前擁有的電力，其中 530 兆瓦位於我們的 Ellendale 地區。並且，這是一個以輕資本方式滿足這一負荷的獨特機會，因為我們的情況是，我們的系統內基本上存在受限區域或區域，其中有一代產品無法進入市場。

So how I would describe that opportunity is it was best for us to think about that on a capital-light manner because, one, it was accretive incrementally right away, as I mentioned in the script, to our earnings and ROE, but also provided benefit because that transmission then cost was shared with this large customer and that benefit then went back to our retail customer base.

因此，我該如何描述這個機會呢？我們最好以輕資本的方式來考慮這個問題，因為首先，正如我在腳本中提到的那樣，它可以立即逐步增加我們的收益和 ROE，而且還能帶來好處，因為傳輸成本與這個大客戶分攤，而好處又回到了我們的零售客戶群。

So that strategy and that particular pocket was the right strategy for that time. I will say is we continue to evaluate in conversations with other customers, if it would make sense to look at incremental generation. Of course, that is going to have to make sense for us financially, it will have to make sense for our regulators and also certainly not have impact to our overall retail customer base.

所以那個策略和那個特定的策略是當時正確的策略。我想說的是，我們會在與其他客戶的對話中繼續評估，看看增量發電是否有意義。當然，這對我們的財務狀況來說必須有意義，對我們的監管機構也必須有意義，而且肯定不會對我們的整體零售客戶群產生影響。

So we continue to look for opportunities to think differently going forward. But currently, today, we like the model that we have.

因此，我們將繼續尋找機會，以不同的方式思考未來。但目前，今天，我們喜歡我們擁有的模型。

Okay. There's an awful lot of potential disruption to the economy. Have you got any thoughts that certainly, there's some potential disruption to the Bakken, certainly with the oil price that they are in the type of will resource that the Bakken is. Have you got any thoughts on how it might affect particularly North Dakota?

好的。這可能會對經濟造成極大破壞。您是否認為，巴肯地區肯定會受到一些潛在的干擾，尤其是考慮到油價，巴肯地區是資源類型之一。您是否認為這可能會對北達科他州產生特別的影響？

Yes, I would say, overall, Chris, the way we look at the Bakken play is this is a long-term play. And I guess, what I would describe as a couple of things in terms of how that relates to MDU Resources in total.

是的，我想說，總的來說，克里斯，我們看待巴肯金礦的方式是，這是一場長期行動。我想，我會描述一些與 MDU 資源整體上有何關係的事情。

One would be, and we've shared in the past with investors how you look at that gas to oil ratio increasing over time. It certainly is an oil play. It's very important to the state of North Dakota. And so as you can imagine, the seat is very interested in the Bakken region in totality. But as it relates specifically to MDU Resources, one of the things that we see is that there is more need for takeaway capacity, and we've talked to investors about that in the past. And one of the drivers is because the gas to oil ratio has been increasing over time.

一是，我們過去曾與投資者分享過如何看待天然氣與石油的比率隨時間推移而上升。這確實是一場石油之戰。這對北達科他州來說非常重要。因此，你可以想像，該席位對整個巴肯地區非常感興趣。但就 MDU Resources 而言，我們看到的情況之一是，對外銷能力的需求增加，我們過去也曾與投資者討論過這個問題。其中一個驅動因素是天然氣與石油的比例一直在增加。

So yes, the pricing environment does ebb and flow, but we do believe long term in what's happening in the Bakken and believe that there are long-term benefits not only producer push benefits from -- but customer pull. Industrial demand has invested. We've talked about natural gas-fired generation being a driver for growth in the future. All of those fundamentals, we still think hold.

所以，是的，定價環境確實會起伏不定，但我們確實相信巴肯地區長期的發展，並且相信這不僅會帶來生產者推動的利益，還會帶來消費者拉動的利益。工業需求已投入。我們已經討論過天然氣發電將成為未來成長的動力。我們仍然認為所有這些基本面都是成立的。

Okay. So your thought is the gas side is at least in the long term, more of an offset to whatever kind of pressures there might be on oil in the near term?

好的。所以您認為天然氣至少長期來看可以抵銷短期內石油可能面臨的壓力嗎？

Yes. For the most part, I would say you summarized that right. I mean, yes, go ahead, Jason, are you going to add to that?

是的。就總體而言，我想說你總結得非常正確。我的意思是，是的，繼續吧，傑森，你還要補充嗎？

Yes. I was going to say, certainly, even if the projections that we see from whether it's North Dakota Pipeline Authority or other places would show that even if oil stays relatively flat. So again, not a lot of drilling. But you're going to see the gas to oil ratio continue to climb where gas continues to be a benefit here. Again, gas is not the target in the Bakken oil is the target. So that does have some impact on the capital dollars flowing into drilling opportunities.

是的。我想說的是，當然，即使我們從北達科他州管道管理局或其他地方看到的預測表明，即使石油價格保持相對穩定。所以再說一遍，不需要進行太多的鑽孔。但你會看到天然氣與石油的比率持續攀升，而天然氣在這裡仍然具有優勢。再說一遍，巴肯地區的目標是石油，而不是天然氣。因此，這確實對流入鑽探機會的資本產生了一定的影響。

But gas is an ever-increasing commodity being produced in the Bakken, and we think that's going to provide long-term benefits, both for our pipeline business and our utility customers with a low-cost source of natural gas.

但天然氣是巴肯地區產量不斷增加的商品，我們認為這將為我們的管道業務和公用事業客戶帶來長期利益，為他們提供低成本的天然氣來源。

Sure. There's also some concern about sort of housing starts and I guess that's really more of a residential type of concern.

當然。人們也對新屋開工情況有些擔憂，我想這實際上更多的是一種住宅方面的擔憂。

So just thinking about your service areas and what might be impacted. I was kind of curious your thoughts on this. One of your higher growth areas is Boise. And just given the type of economic development in Boise, would you be thinking that, that area is somewhat insulated from economic sensitivity given the types of large customer growth that is taking place there and therefore, the residential growth that you benefit from might be more or less economically sensitive?

所以只需考慮您的服務領域以及可能受到影響的內容。我有點好奇你對此的想法。你們其中一個成長較快的地區是博伊西。考慮到博伊西的經濟發展類型，您是否會認為，由於那裡正在發生的大型客戶成​​長，該地區在某種程度上不受經濟敏感性的影響，因此，您所受益的住宅成長可能或多或少具有經濟敏感性？

Yes, I would say that's fair. I mean, Chris, the way I would look at this is over time, as we think about the customer growth rate, whether -- and again, I would say we look at this from an overall perspective, we have been riding in that range of 1% to 2%.

是的，我認為這很公平。我的意思是，克里斯，我看待這個問題的方式是，隨著時間的推移，當我們考慮客戶成長率時，無論——再說一次，我想說，我們從整體的角度來看待這個問題，我們一直處於 1% 到 2% 的範圍內。

Within that 1% to 2%, and that has carried through periods of slowdown and acceleration. And so economic conditions obviously do matter. But I would say fundamentally, we have been able to kind of stay within that range.

在 1% 到 2% 之間，經歷了放緩和加速的時期。因此，經濟狀況顯然很重要。但我想說，從根本上來說，我們已經能夠保持在該範圍內。

Now as it relates to Idaho specific, you are correct. We have we thought about that market, we have certainly seen that as being one of the faster-growing areas within our service territory. And again, that has ebbed and flowed a little bit, but continues to rise to the top in terms of one of our higher customer addition areas.

現在，就愛達荷州的具體情況而言，你是對的。我們已經考慮過這個市場，並且確實將其視為我們服務範圍內成長最快的領域之一。雖然這一趨勢有所起伏，但就我們較高的客戶增加領域之一而言，它仍然處於領先地位。

That all being said, as you know, rate base is also certainly a consideration as we think about earnings potential within the utility. And so I would take you back to as we think about our ability to grow rate base within our utility, we're still very focused on achieving that 7% to 8% rate base growth, which ultimately drives earnings growth as we think about the forward look.

話雖如此，正如您所知，當我們考慮公用事業的盈利潛力時，費率基礎肯定也是一個考慮因素。因此，我想讓您回想一下，當我們考慮我們在公用事業中提高利率基數的能力時，我們仍然非常專注於實現 7% 到 8% 的利率基數增長，從長遠來看，這最終將推動盈利增長。

Okay. That's helpful. Jason, can I ask you sort of an accounting question here. In your restated number versus last year's reported. Obviously, you're pulling out construction services as discontinued.

好的。這很有幫助。傑森，我可以在這裡問你一個會計問題嗎？與去年報告的數字相比，您重新陳述的數字是多少？顯然，您正在將建築服務視為已停止的服務。

But what else goes in here? I mean, we can do the math of pulling out what you reported for Construction Services last year, but it's incremental to that. What's the incremental part versus what you were -- on a reported basis last year?

但這裡還有什麼呢？我的意思是，我們可以計算您去年報告的建築服務情況，但這只是增量數據。與去年報告的數據相比，增量部分是多少？

Yes. So if we look back to last year, there's a couple of things when you look at the restated numbers. So it would be accounting for, as you mentioned, Everus being pulled out as a discontinued operation, we would also have probably some costs still continuing as we went through the process of separating Knife River or the year before that some of that would flow through as continuing -- or discontinued operations in the prior year. And even going back as far as when we separated the previous businesses before like Fidelity, if you remember that for the business in the past, there are a few things that end up in discontinued operations that flow through those numbers.

是的。因此，如果我們回顧去年，當你看到重述的數字時，你會發現幾件事。因此，正如您所提到的，Everus 被作為一項已停止的業務退出，我們可能還會有一些成本繼續存在，因為我們在分離 Knife River 的過程中，或者在前一年，其中一些成本將作為持續的或已停止的業務流入前一年。甚至追溯到我們之前分離富達等業務的時候，如果你還記得過去的業務，那麼有一些業務最終會停止運營，並影響到這些數字。

The bulk of what's there is going to be Everus related. I think if you look at just the regulated energy delivery earnings we posted last year, divide that out by our number of shares that would have gotten you in that probably $0.35, $0.36 range per share. Our number that we're showing now is $0.37 for the prior year. So there's not a lot of impacts in there outside of the Everus transaction to be the biggest piece of it.

其中的大部分內容都與 Everus 有關。我認為，如果你只看我們去年公佈的受監管能源輸送收益，將其除以我們的股票數量，你就能得到每股 0.35 美元或 0.36 美元左右的收益。我們現在顯示的數字是去年的 0.37 美元。因此，除了 Everus 交易是其中最大的部分之外，其他影響並不大。

Is any portion of that your assessment of the dis-synergies of the separation?

其中有任何一部分是您對分離不協同效應的評估嗎？

No. The dis-synergies actually -- those are costs that would be end up flowing through O&M on the remaining businesses here. So that actually is in continuing operations and is reflected in the $0.40 that we showed for the quarter here, this 2025.

不。實際上是不協同效應——這些成本最終會透過營運和維護流向這裡剩餘的業務。因此，這實際上是在持續經營，並反映在我們在此顯示的 2025 年季度的 0.40 美元中。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

It's Brian Russo on for Julian. Just if we could just focus on the electric segment first the earnings were down year-over-year, yet you did report retail electric volumes up 25%. I was just wondering if maybe we could unpack kind of the deposit drivers like sales versus some of the negative drivers like the outages and maybe quantify what the lower returns on the nonqualified plans look like? It just seemed like retail volumes were so strong that I'm surprised it was down as much as it was year-over-year.

布萊恩·魯索 (Brian Russo) 取代朱利安 (Julian)。如果我們先關注電力領域，其收益同比下降，但您報告的零售電力量卻增加了 25%。我只是想知道我們是否可以分析一下存款驅動因素（例如銷售額）與一些負面驅動因素（例如停電），並量化非合格計劃的較低迴報率是什麼樣的？零售量似乎非常強勁，我很驚訝它同比下降幅度如此之大。

Yes. Thanks, Brian. I can jump in and field some of those, and we'll quantify some as we can along the way here. But for the most part, if you look at the electric on a year-over-year basis, if you think back to our previous few years, we've been through a lot of rate case activity in the electric side of the business. And we really didn't have much of that, that would have been incremental in Q1 of this year, right?

是的。謝謝，布萊恩。我可以參與並解決其中的一些問題，我們將在過程中盡可能量化一些問題。但在大多數情況下，如果你逐年回顧電力產業，回想一下過去幾年，你會發現我們在電力業務方面經歷了許多費率案例活動。而我們確實沒有太多這樣的成長，這應該是今年第一季的增量，對嗎？

So that was -- those rates were primarily put in effect in prior years. So we did not have a significant amount of what I'll call, regulatory rate relief in Q1 versus prior year on that one. What we did have is, of course, some higher O&M, which you would expect as we've seen payroll increases and general cost increases along the way.

所以這些稅率主要是在前幾年實施的。因此，與去年同期相比，我們在第一季並沒有享受到所謂的大幅監管利率減免。當然，我們的 O&M 確實有所增加，這是可以預料的，因為我們已經看到工資增加和一般成本增加。

And some of that O&M was related to the generating station outages, as you mentioned as well, and I can cover off on that in a minute. I think generally speaking, if you look at the increase in volume, you may remember last year in the first part of the year, our data center customer, the 180 megawatts that's currently in service was not online at that point in time. They had some outages on their end. So they were not taking as much power. So a lot of that retail electric volume increase was really that data center now being online for the full first quarter where it had not been for the first quarter and actually a little bit in the second quarter last year as well.

正如您所提到的，其中一些 O&M 與發電站停運有關，我可以在一分鐘內講到這一點。我認為總體而言，如果你看一下容量的成長，你可能會記得去年上半年，我們的資料中心客戶，目前投入使用的 180 兆瓦電力當時尚未上線。他們那邊出現了一些中斷。所以他們沒有消耗那麼多的電力。因此，零售電力量的成長很大程度上是因為資料中心現在整個第一季都處於上線狀態，而去年第一季並沒有，實際上第二季也有一點上線。

As far as the outages that we saw, we did have a planned outage in our estimates this year as we thought about setting guidance, that was for our Kyle station. So that was an outage that we knew was going to have sort of impact for us here as we went through the year and really probably largely gets completed by the end of Q2. The other one was an unplanned outage actually at colon facilities that we have and that was again, unplanned outage we had a little bit of an impact from there.

就我們所看到的停電而言，當我們考慮制定指導方針時，我們在今年的估計中確實有一次計劃停電，那是針對我們的凱爾站的。所以，我們知道這次停電會對我們全年產生一定的影響，並且很可能在第二季末基本結束。另一起事故是我們的結腸設施發生了意外停電，這次意外停電對我們造成了一些影響。

So all of those things, though, I think as we set our guidance earlier in the year and as we've reaffirmed our guidance range here today, those are all included in those numbers. So I didn't expect to see a big impact. The other item that you had asked all was the nonqualified benefit plan. So again, if remember the equity markets in the first part of last year had an equity and debt markets, I guess, probably had a pretty strong return profile and there are some assets set aside here to cover liabilities for these nonqualified plans that we do end up seeing some income statement impact too.

所以，我認為，所有這些因素都包含在這些數字中，正如我們在今年早些時候設定的指導方針以及我們今天在這裡重申的指導範圍一樣。所以我沒想到會看到這麼大的影響。大家詢問的另一件事是非合格福利計畫。所以，再說一次，如果還記得去年上半年的股票市場和債券市場，我猜，可能有一個相當強勁的回報狀況，並且這裡留出了一些資產來彌補這些非合格計劃的負債，我們最終也會看到一些損益表的影響。

What we really saw was just a different performance in the investments in the first quarter here than we saw in the first quarter of last year. So not a significant impact. If you would see it as a driver in each of the segments. It was quantify it probably in total, somewhere in the neighborhood of $0.01 per share for the entire organization, not just for electric but across all of our segments.

我們真正看到的是，今年第一季的投資表現與去年第一季有所不同。所以影響不大。如果您將其視為每個細分市場的驅動因素。總體而言，整個公司的每股收益約為 0.01 美元，不僅限於電力部門，還包括我們所有的部門。

But overall, I guess, not significantly different than what we would have seen previously. So hopefully, that answers your question.

但總的來說，我想，與我們之前看到的並沒有太大的不同。希望這能回答你的問題。

Yes, that's helpful. And then just maybe to follow on, now that you have the 180 megawatts from applied digital online for the year, of course. Is North Dakota in the sharing band this year versus not last year, while that ESA volumes ramped up?

是的，這很有幫助。然後也許可以繼續跟進，當然，現在你已經從今年的應用數字在線中獲得了 180 兆瓦的電力。今年北達科他州是否處於共享區間，而去年則沒有，而 ESA 數量卻增加了？

Yes. So our ESA does have some band around sharing, and I would hesitate to give you an answer on that right now because it really will depend on how our performance is throughout the year, not just on a quarter-by-quarter basis. So we do an annual filing on that with the state as we look through that piece.

是的。因此，我們的 ESA 確實有一些共享的區間，我現在不太願意就此給出答案，因為這實際上取決於我們全年的表現，而不僅僅是按季度表現。因此，我們在審查該部分內容時，每年都會向州政府提交一份文件。

So depending on performance of the electric throughout the year, we can probably update you with that later in the year. But we haven't been in a situation in prior years where we have had to share some with the state in North Dakota, which again is a good measure pros that may not be familiar if we get above a 10% ROE, we end up having to share some of that back with our customers and we get to keep a portion of it as well.

因此，根據全年電力狀況，我們可能會在今年稍後向您更新情況。但是前幾年我們還沒有遇到過這種情況，我們不得不與北達科他州分享一些收益，這又是一個很好的衡量標準，如果我們的 ROE 超過 10%，我們最終必須與我們的客戶分享一部分收益，我們也可以保留其中的一部分。

So that's a good position to be in, and we have been in that in the past, whether we're going to be in there in 2025 are not yet to be determined.

所以這是一個很好的位置，我們過去也曾處於這個位置，但我們是否會在 2025 年達到這個位置還有待確定。

Okay. Great. And then on the Bakken -- I'm sorry, the pipeline segment, the Bakken East project. Are you more confident in that in successful development following the conclusion of the open season? And then what are the next milestones assuming a late 2029 and 2030 Phase I, Phase II start?

好的。偉大的。然後是巴肯——對不起，是管道段，巴肯東計畫。開放期結束後，您是否對成功開發更有信心？那麼，假設第一階段、第二階段分別於 2029 年底和 2030 年啟動，下一個里程碑是什麼？

Yes. I would characterize it as conversations continue. So you heard us on last quarter call, talk about that we continue conversations with customers, and that is certainly what we are doing. And so those conversations will really inform us in terms of overall route timing, et cetera.

是的。我認為對話仍在繼續。所以您在上個季度的電話會議上聽到我們說我們將繼續與客戶對話，而這正是我們正在做的事情。因此，這些對話將真正為我們提供有關整體路線時間等方面的資訊。

And so I would characterize it probably as we did really last quarter. We're encouraged by the feedback that we're getting from customers. But on the same token, we want to be mindful of making sure that we continue to work with them on overall route design, et cetera.

因此，我可能會將其描述為我們上個季度所做的事情。我們從客戶那裡得到的回饋令我們感到鼓舞。但同樣，我們要注意確保繼續與他們合作進行整體路線設計等。

So that's how I would summarize it. I think we -- what I would say, though, is we like our strategic position in terms of our pipeline, our access to storage, our access to other pipelines as well. So more to follow as we know more. And as I mentioned previously, this is not currently in our five-year capital forecast and to the extent that we get new information and get more clarity here, we will certainly be providing that to investors as we move forward.

這就是我的總結。我想說的是，我們喜歡我們在管道、儲存存取以及其他管道存取方面的戰略地位。隨著我們了解更多，我們將進行更多跟進。正如我之前提到的，這目前不在我們的五年資本預測中，如果我們獲得新的資訊並獲得更清晰的解釋，我們肯定會在未來向投資者提供這些資訊。

(Operator Instructions) Ryan Levine, Citi.

（操作員指示）Ryan Levine，花旗銀行。

A couple of questions. On Bakken East, recognizing production outlooks continue to evolve and you did the open season in January. Would there be a more comprehensive or an updated open season anticipated? Or do you think these are bespoke one-off conversations are enough to inform your commercial project?

有幾個問題。在巴肯東部，認識到生產前景持續變化，並且您在一月份進行了開放季節。是否會有更全面或更新的開放季節？或者您認為這些客製化的一次性對話足以為您的商業項目提供資訊？

Yes, Ryan, I can jump in here a little bit, and Nicole can certainly add it along the way, too. I think this is the next step, right? So we are really working with the individuals that respond the company has responded to our original open season to really understand what's the timing, what's the need, what's the amount that they may be looking at for deliverability, then it would proceed to more of a formal agreement after that.

是的，瑞恩，我可以在這裡稍微插播一點，妮可當然也可以在過程中補充一些內容。我認為這是下一步，對嗎？因此，我們確實在與那些對我們最初的開放期做出回應的公司的個人合作，以真正了解時間安排、需求以及他們可能希望交付的數量，然後才會達成更正式的協議。

Whether we actually go forward with binding open season or whether we'd actually move forward with impressive agreements in some cases with various parties. Those are things that would happen down the road. So right now, I think this is really setting the stage, but eventually, we'll want to get to a point where we have a route. We have a design. We have a size. We have kind of a final cost estimate that we'd look at, which gets us to being able to really enter into firm agreements here and then being able to subsequently file FERC approval at some point in the future as well.

我們是否真的會繼續實施具有約束力的開放期，或者在某些情況下我們是否真的會與各方達成令人印象深刻的協議。這些都是將來會發生的事。所以現在，我認為這確實在奠定基礎，但最終，我們希望達到有路線的地步。我們有一個設計。我們有尺寸。我們有一個最終的成本估算，這將使我們能夠在這裡真正達成堅定的協議，然後能夠在未來的某個時候提交聯邦能源管理委員會的批准。

And what role does the recent tariffs play in terms of the commercial attractiveness of Bakken East? How material are the current tariff proposals or current tariffs that are in place to the cost structure for that project?

那麼，最近的關稅對巴肯東區的商業吸引力有何影響？目前的關稅提案或現行關稅對該項目的成本結構有多大影響？

Yes. If we look at the current tariffs today, and again, it's early in the trade discussions process right now and certainly tariffs. I mean I think there was announcements today, I have a chance to catch up yet, but as far as potential deals getting done in certain areas. But it's early in that process.

是的。如果我們看看今天的現行關稅，再說一遍，現在正處於貿易談判過程的早期階段，當然還有關稅。我的意思是，我認為今天有公告，我有機會了解情況，但就某些領域可能達成的交易而言。但這個過程還處於早期階段。

I would say this, when you look at a large project like this, there's a lot of components to it, right? There is securing right away. There is engineering and design, I think some of those things we can do in-house some will have to hire third parties. The materials piece of that is certainly an important part of that. But even with some tariffs on piece of the materials pipe as an example or whatever the measurements would be to go along with that that will have some impact, but it's probably not -- it's probably something we can plan for and design around as we look at that and be able to get final numbers in place to put in front of someone for an approval. So I don't see that as something that would derail the projects as we look at it today.

我想說的是，當你看到像這樣的大型專案時，它有很多組成部分，對嗎？馬上就能確保安全。有工程和設計，我認為其中一些事情我們可以在內部完成，而有些則必須聘請第三方。其中材料部分無疑是重要的一部分。但即使對材料管道徵收一些關稅，或者任何與之相關的測量都會產生一些影響，但可能不會——這可能是我們可以在考慮這一點時進行規劃和設計的事情，並且能夠獲得最終的數字，提交給某人批准。因此，我認為從今天的角度來看，這不會破壞專案。

Okay. And then unrelated in terms of wildfire legislation in some of the states that you operate, how do you see that impacting your potential legislation impacting future wildfire mitigation plans or any type of derisking effort that the company may be pursuing?

好的。然後，與您經營的某些州的野火立法無關，您認為這會如何影響您潛在的立法，影響未來的野火緩解計劃或公司可能正在進行的任何類型的降低風險的努力？

Yes. Good question, Ryan. So essentially, as I mentioned on the call, we did get legislation passed in three of our states I would say, as it relates to our mitigation plans, the company certainly was already proactive and had plans in place to do what we could to prevent on an overall basis.

是的。問得好，瑞安。因此，從本質上講，正如我在電話中提到的那樣，我們確實在三個州通過了立法，因為它與我們的緩解計劃有關，公司當然已經採取了積極主動的措施，並製定了計劃，盡我們所能從總體上進行預防。

So what I see in terms of benefits of this legislation really is going to be that we can formalize those plans more officially with folks. And obviously, that formalization of the plan is dependent on the state. So state by state, I can talk to you about that. There's a little bit of variations between the states.

因此，我認為這項立法的真正好處在於，我們可以與民眾更正式地正式確定這些計劃。顯然，該計劃的正式化取決於國家。我可以逐州地跟你們討論這個問題。各州之間存在一些差異。

But once we've done that, then that kind of proves then to that regulatory body that we have done our part. And then ultimately, the benefit gets to limiting liability if something were indeed to happen. But obviously, our first most -- biggest priority, I guess, I should say, would be prevention in the first place and the company is active in doing what we can.

但一旦我們做到了這一點，那就可以向監管機構證明我們已經盡了自己的責任。最終，如果確實發生了什麼事情，其好處就是限制責任。但顯然，我想說，我們的首要任務是預防，公司正在積極盡我們所能。

Great. And then just two quick clarifying questions. I think you had mentioned the potential ATM filing. Is there a size anticipated? And then in terms of your 6% to 8% EPS growth, but what's your starting point that you're growing off of that? Is that actual '24? Or could you just clarify the starting point for the long-term growth rate?

偉大的。然後只需快速澄清兩個問題。我認為您曾提到潛在的 ATM 備案。有預計的尺寸嗎？那麼就您的每股盈餘成長 6% 到 8% 而言，您的成長起點是什麼？那是真的 '24 嗎？還是您能否明確一下長期成長率的起點？

Yes. No, it's a great question. Well, I'll start with the ATM question first. So we have not determined the size yet. Again, we are working through that process. We're looking forward to future needs. Again, right now, our current capital plan would show we do not have any equities in 2025.

是的。不，這是一個很好的問題。好吧，我先從 ATM 問題開始。所以我們還沒確定尺寸。再次強調，我們正在努力完成這個過程。我們期待未來的需求。再說一次，現在，我們目前的資本計畫表明我們在 2025 年沒有任何股權。

We would see some potentially starting in 2026 as we've talked about before. So as we look through, typically, an ATM program, probably got about a three-year time horizon to it. So we try to size it to an appropriate amount to maybe offset our needs during that time period. But that's yet to determine. We'll follow up with public filings on that later this year.

正如我們之前談到的，我們可能會在 2026 年開始看到一些變化。因此，我們來看，通常 ATM 程式的周期大概是三年。因此，我們嘗試將其調整到適當的數量，以抵消我們在那段時間內的需求。但這尚未確定。我們將在今年稍後跟進此事並提交公開文件。

And the second question on the 6% to 8% long-term growth rate. Maybe help me with the last part of that question again, Ryan?

第二個問題是關於6%至8%的長期成長率。也許您可以再幫我解答一下這個問題的最後部分，瑞安？

Just to clarify the starting point, was that off of the in '24 estimate or the actual results.

只是為了澄清起點，這是基於 24 年的估計還是實際結果。

Yes so I think what we have said when we came out with that guidance range in February of this year was we were basing it off of 2025, where we expect to be only for the reason that if you look back historically, given the spin-offs and the transaction costs that we had as part of our last few years, I've kind of made the historical look back kind of noisy on that front from a public standpoint.

是的，所以我認為，當我們在今年 2 月提出該指導範圍時，我們所說的是以 2025 年為基準的，我們預計這一數字的唯一原因是，如果回顧歷史，考慮到過去幾年我們的分拆和交易成本，從公眾的角度來看，我在這方面的歷史回顧有點喧鬧。

So I would tell you that it's probably the same range if you use the adjusted 2024 number. It's going to you can use either one of you up in the same spot. So I think from that perspective, we would -- I'd be comfortable saying it's based on that adjusted 2024 number, and we're on the 2025 range we put out this year.

因此，我會告訴您，如果您使用調整後的 2024 年數字，它可能是相同的範圍。你們可以在同一個地方使用你們中的任何一個人。因此，我認為從這個角度來看，我們可以——我可以放心地說，這是基於調整後的 2024 年數字，而我們正處於今年推出的 2025 年範圍內。

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，請他們發表結束語。

All right. Thank you again for joining us today. We appreciate your interest in and support of MDU Resources and look forward to connecting with you throughout the year.

好的。再次感謝您今天加入我們。我們感謝您對 MDU Resources 的關注和支持，並期待全年與您保持聯繫。

And with that, I'll turn the call back over to you, operator.

說完這些，我將把電話轉回給您，接線生。

Thank you. And this concludes today's MDU Resources Group Conference Call. Thank you for your participation. You may now disconnect.

謝謝。今天的 MDU 資源集團電話會議到此結束。感謝您的參與。您現在可以斷開連線。