Risk Sleuth
MDU · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

MDU Resources Group

33 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Montana-Dakota Utilities

earns from · 19 percent of WBI Energy Transmission's subscribed firm transportation contract demand
WBI Energy Transmission transports substantially all of Montana-Dakota's natural gas, primarily utilizing firm transportation agreements, which for 2025 represented 19 percent of WBI Energy Transmission's subscribed firm transportation contract demand.Business (Item 1)

WBI Energy third-party customer

earns from · approximately 17 percent of its 2025 revenue
WBI Energy had one third-party customer that accounted for approximately 17 percent of its 2025 revenue.Business (Item 1)

Data center customer

earns fromnamed as a risk
In mid-2023 a data center began operating in the Company's service territory which led to an increase in retail sales revenue and volumes.Business (Item 1)

Suppliers

Black Hills Power, Inc.

depends on · up to 49,000 kW of capacity annually
Montana-Dakota has a power supply contract with Black Hills Power, Inc. to purchase up to 49,000 kW of capacity annually through December 31, 2028.Business (Item 1)

Coyote Creek

depends on · approximately 1.5 million tons per contract year
The owners of Coyote Station, including Montana-Dakota, have a contract with Coyote Creek for coal supply to the Coyote Station that expires December 2040.Business (Item 1)

Navajo Transitional Energy Company, LLC

depends on · approximately 1.5 million tons per contract year
The owners of Big Stone Station, including Montana-Dakota, have a coal supply agreement with Navajo Transitional Energy Company, LLC to meet all of the Big Stone Station's fuel requirements through 2026.Business (Item 1)

Wyodak Resources Development Corp.

depends on · approximately 585,000 tons
Montana-Dakota has a coal supply agreement with Wyodak Resources Development Corp., to supply the coal requirements of Wygen III at contracted pricing through June 1, 2060.Business (Item 1)

Partners and platforms

MISO

depends on · approximately 60 percent of its net kWh needs
In 2025, Montana-Dakota purchased approximately 60 percent of its net kWh needs for its interconnected system through the MISO market.Business (Item 1)

Also named by CNP, WEC

Other companies

SOFR

exposed to its price · approximately 12.2 percent of the outstanding debtnamed as a risk
As of December 31, 2025, approximately 12.2 percent of the outstanding debt recorded on the balance sheet consisted of variable interest rate facilities (which uses SOFR as the benchmark rate).Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Jointly owned coal-fired generation facilities

named as a risk
The Company has an ownership interest in three coal-fired electric generating facilities jointly with other co-owners who have varying ownership interests in the facilities.Risk factors (Item 1A)

Agriculture industry

earns fromnamed as a risk
The Company provides natural gas and electric utility service for some states and communities that are economically affected by the agriculture industry.Risk factors (Item 1A)

Places

Washington

concentrated in · 35%
The percentage of the natural gas distribution operations' retail sales revenues by jurisdiction was as follows:Business (Item 1)

Also named by AAON, ALK, BBSI, COST

Montana

concentrated in · 20%
The percentage of electric retail revenues by jurisdiction was as follows:Business (Item 1)

Also named by CHRD, CLMT, GBCI, HL

Idaho

concentrated in · 24%
The percentage of the natural gas distribution operations' retail sales revenues by jurisdiction was as follows:Business (Item 1)

Also named by CTRE, GBCI, RYN

North Dakota

concentrated in · 67%
The percentage of electric retail revenues by jurisdiction was as follows:Business (Item 1)

Also named by APLD, CHRD

Bakken

depends onnamed as a risk
The Company has benefited from associated natural gas production in the Bakken, which has provided opportunities for organic growth projects.Risk factors (Item 1A)

Also named by CVX, HESM, WTTR

Bremerton Gasworks Superfund Site

named as a risk
However, the Company is involved in certain claims relating to the Bremerton Gasworks Superfund Site.Business (Item 1)

Hazards

Wildfire

named as a risk
Despite the Company's wildfire mitigation initiatives, a wildfire could be ignited, spread and cause damages, which would subject the Company to significant liability.Risk factors (Item 1A)

Also named by A, AEP, ARE, BKH, CB, CRC, EVRG, PNW and 2 more

Commodities and inputs

Coal

exposed to its price · 85 percent of the increases or decreases from the base coal pricenamed as a risk
Montana-Dakota's results of operations reflect 95 percent of the increases or decreases from the base purchased power costs and also reflect 85 percent of the increases or decreases from the base coal price, which is also recovered through the Electric Power Supply Cost Adjustment in Wyoming.Business (Item 1)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Natural gas

exposed to its pricenamed as a risk
Prolonged depressed prices for oil and natural gas could negatively affect the growth, results of operations, cash flows and asset values of the Company's electric, natural gas and pipeline businesses.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk
The costs associated with compliance with PHMSA rules related to pipeline integrity and other similar programs, maintaining the aging infrastructure and capital expenditures for new or replacement infrastructure could cause rate volatility and/or regulatory lag in some jurisdictions.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Transportation Security Administration (TSA)

subject tonamed as a risk
TSA cybersecurity directives for pipeline operators introduces heightened compliance obligations.Risk factors (Item 1A)

Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more

North American Electric Reliability Corporation (NERC)

subject tonamed as a risk
NERC issues comprehensive regulations and standards surrounding the security of bulk power systems and continually updates these requirements, as well as establishing new requirements with which the utility industry must comply.Risk factors (Item 1A)

Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, NEE and 5 more

Federal Energy Regulatory Commission (FERC)

subject to
Under the Natural Gas Act, as amended, WBI Energy Transmission is subject to the jurisdiction of the FERC regarding certificate, rate, service and accounting matters, and at December 31, 2025, its net plant investment was $1.0 billion.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

North Dakota Public Service Commission (NDPSC)

subject to
Retail electric rates, service, accounting and certain securities issuances are subject to regulation by the MTPSC, NDPSC, SDPUC and WYPSC.Business (Item 1)

Washington Utilities and Transportation Commission (WUTC)

subject to
The natural gas distribution operations are subject to regulation by the IPUC, MNPUC, MTPSC, NDPSC, OPUC, SDPUC, WUTC and WYPSC regarding retail rates, service, accounting and certain securities issuances.Business (Item 1)

Oregon Public Utility Commission (OPUC)

subject to
In Oregon, Cascade has a decoupling mechanism in place approved by the OPUC until January 1, 2030, with a review which is to be completed by September 30, 2029.Business (Item 1)

Laws and programs

U.S. import tariffs

exposed to its pricenamed as a risk
Imposed and proposed tariffs could significantly increase the prices and delivery lead times on raw materials and finished products that are critical to the Company and its customers.Risk factors (Item 1A)

Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more

EPA Coal Combustion Residuals Rule

subject tonamed as a risk
Existing environmental laws and regulations may be revised and new laws and regulations seeking to protect the environment have been adopted such as the Climate Commitment Act in Washington and the Climate Protection Program Rule in Oregon, requiring natural gas distribution companies to reduce overall GHG emissions, and the EPA's Coal Combustion Residuals Rule, potentially requiring additional management and remediation of electric generation coal ash facilities, and other future rules may be adopted or become applicable to the Company.Risk factors (Item 1A)

Also named by AES, D, ETR, LNT, NI, PEG, PNW, SO and 1 more

Production tax credits

subject tonamed as a risk
These facilities generate production tax credits used to reduce the Company's federal income tax liability.Risk factors (Item 1A)

Also named by BKH, LNT, WEC

Washington Climate Commitment Act

subject tonamed as a risk
Existing environmental laws and regulations may be revised and new laws and regulations seeking to protect the environment have been adopted such as the Climate Commitment Act in Washington and the Climate Protection Program Rule in Oregon, requiring natural gas distribution companies to reduce overall GHG emissions, and the EPA's Coal Combustion Residuals Rule, potentially requiring additional management and remediation of electric generation coal ash facilities, and other future rules may be adopted or become applicable to the Company.Risk factors (Item 1A)

Also named by DINO

Oregon Climate Protection Program

subject tonamed as a risk
Existing environmental laws and regulations may be revised and new laws and regulations seeking to protect the environment have been adopted such as the Climate Commitment Act in Washington and the Climate Protection Program Rule in Oregon, requiring natural gas distribution companies to reduce overall GHG emissions, and the EPA's Coal Combustion Residuals Rule, potentially requiring additional management and remediation of electric generation coal ash facilities, and other future rules may be adopted or become applicable to the Company.Risk factors (Item 1A)

Also named by DINO

Knife River and Everus separations (IRS Section 355)

subject tonamed as a risk
In the event the IRS were to prevail in such challenge, the Company and its stockholders could be subject to significant U.S. federal income tax liability.Risk factors (Item 1A)