MDU RESOURCES GROUP INC entered into Separation and Distribution Agreement with Knife River Corporation (effective 2023-05-30).
“On May 30, 2023, MDU Resources Group, Inc. (the “Company”) entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) with Knife River Corporation (formerly known as Knife River Holding Company) (“Knife River”), pursuant to which the Company agreed to transfer its wholly owned subsidiary KRC Materials, Inc. (formerly known as Knife River Corporation) to Knife River (the “Separation”) and distribute approximately 90% of the outstanding common stock of Knife River to the Company’s stockholders of record as of the close of business on May 22, 2023 (the “Distribution”).”
Rob L. Johnson was appointed as president of WBI Energy, Inc. at MDU RESOURCES GROUP INC.
“Rob L. Johnson was appointed as the president of WBI Energy, Inc., the Company’s natural gas pipeline subsidiary.”
Paul R. Sanderson was appointed as Vice President, Chief Legal Officer, and Secretary at MDU RESOURCES GROUP INC.
“Paul R. Sanderson was appointed as the Vice President, Chief Legal Officer, and Secretary of the Company”
Trevor J. Hastings resigned as Executive Officer at MDU RESOURCES GROUP INC.
“Karl A. Liepitz and Trevor J. Hastings resigned from their positions as executive officers of the Company.”
Karl A. Liepitz resigned as Executive Officer at MDU RESOURCES GROUP INC.
“Karl A. Liepitz and Trevor J. Hastings resigned from their positions as executive officers of the Company.”
Patricia L. Moss resigned as director at MDU RESOURCES GROUP INC.
“Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss resigned from the Company’s board of directors and joined the board of directors of Knife River.”
Thomas Everist resigned as director at MDU RESOURCES GROUP INC.
“Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss resigned from the Company’s board of directors and joined the board of directors of Knife River.”
German Carmona Alvarez resigned as director at MDU RESOURCES GROUP INC.
“Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss resigned from the Company’s board of directors and joined the board of directors of Knife River.”
Karen B. Fagg resigned as director at MDU RESOURCES GROUP INC.
“Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss resigned from the Company’s board of directors and joined the board of directors of Knife River.”
James H. Gemmel was appointed as director at MDU RESOURCES GROUP INC.
“the FERC Approval was received on May 1, 2023, and in accordance with the terms of the Cooperation Agreement, Mr. Gemmel was appointed to the Board on May 9, 2023.”
Earnings Releases
MDU RESOURCES GROUP INC reported first quarter results: net income $38.3 million, EPS 19 cents per share.
“MDU Resources Group, Inc. (NYSE: MDU) today reported first quarter earnings on a generally accepted accounting principles (GAAP) basis of $38.3 million, or 19 cents per share, with adjusted earnings of $46.6 million, or 23 cents per share, compared to first quarter 2022 GAAP earnings of $31.7 million, or 16 cents per share.”
Patricia L. Moss resigned as Director at MDU RESOURCES GROUP INC.
“On April 7, 2023, the Company announced that each of Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss (collectively, the “Prospective Knife River Directors”) are expected to resign as directors of the Company in connection with their anticipated appointment to the board of directors of Knife River Holding Company, in each case conditioned on, and subject to the completion of, the separation and distribution.”
Thomas Everist resigned as Director at MDU RESOURCES GROUP INC.
“On April 7, 2023, the Company announced that each of Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss (collectively, the “Prospective Knife River Directors”) are expected to resign as directors of the Company in connection with their anticipated appointment to the board of directors of Knife River Holding Company, in each case conditioned on, and subject to the completion of, the separation and distribution.”
German Carmona Alvarez resigned as Director at MDU RESOURCES GROUP INC.
“On April 7, 2023, the Company announced that each of Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss (collectively, the “Prospective Knife River Directors”) are expected to resign as directors of the Company in connection with their anticipated appointment to the board of directors of Knife River Holding Company, in each case conditioned on, and subject to the completion of, the separation and distribution.”
Karen B. Fagg resigned as Director at MDU RESOURCES GROUP INC.
“On April 7, 2023, the Company announced that each of Karen B. Fagg, German Carmona Alvarez, Thomas Everist and Patricia L. Moss (collectively, the “Prospective Knife River Directors”) are expected to resign as directors of the Company in connection with their anticipated appointment to the board of directors of Knife River Holding Company, in each case conditioned on, and subject to the completion of, the separation and distribution.”
Brian R. Gray was appointed as Chief Executive Officer of Knife River Corporation at MDU RESOURCES GROUP INC.
“Brian R. Gray, currently President of Knife River, will assume the Chief Executive Officer role at Knife River.”
David C. Barney resigned as Chief Executive Officer of Knife River Corporation at MDU RESOURCES GROUP INC.
“On February 16, 2023, MDU Resources Group, Inc. (the “Company”) announced that David C. Barney will cease serving in his position as Chief Executive Officer of Knife River Corporation (“Knife River”), the Company’s construction materials subsidiary, effective as of March 1, 2023.”
Earnings Releases
MDU RESOURCES GROUP INC reported the fourth quarter results: net income $117.1 million, EPS 57 cents per share.
“In the fourth quarter, the company on a GAAP basis earned $117.1 million, or 57 cents per share”
Earnings Releases
MDU RESOURCES GROUP INC reported 2022 results: net income $367.5 million, EPS $1.81 per share. Guidance initiated.
“MDU Resources Group, Inc. (NYSE: MDU) today reported 2022 earnings on a generally accepted accounting principles (GAAP) basis of $367.5 million, or $1.81 per share”
Material Agreements
MDU RESOURCES GROUP INC entered into Cooperation Agreement with Keith A. Meister and Corvex Management LP (effective 2023-01-24).
“On January 24, 2023, MDU Resources Group, Inc. (“MDU Resources” or the “Company”) entered into a Cooperation Agreement (the “Cooperation Agreement”) with Keith A. Meister and Corvex Management LP (Mr. Meister and Corvex Management LP, together with their respective affiliates, the “Corvex Group”).”
James Gemmel was appointed as non-voting observer (future director subject to FERC approval) at MDU RESOURCES GROUP INC.
“Mr. Gemmel (i) was appointed as a non-voting observer of the Board, effective immediately following the execution of the Cooperation Agreement on January 24, 2023”
German Carmona Alvarez was appointed as Director at MDU RESOURCES GROUP INC.
“On November 17, 2022, the Board of Directors of the Company (the "Board") appointed German Carmona Alvarez to the Board, effective November 17, 2022”
Brian R. Gray was appointed as President of Knife River Corporation at MDU RESOURCES GROUP INC.
“Brian R. Gray, currently President of the Northwest Region of Knife River, will assume the President role at Knife River effective as of January 1, 2023.”
David C. Barney resigned as President of Knife River Corporation at MDU RESOURCES GROUP INC.
“On November 17, 2022, David C. Barney resigned his position as President of Knife River Corporation (“Knife River”) effective as of the end of the day December 31, 2022.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.