WBI Energy Reaches Positive Final Investment Decision to Build Bakken East Pipeline

BISMARCK, N.D., Sept. 30, 2026 /PRNewswire/ -- The board of directors of MDU Resources Group, Inc. (NYSE: MDU) today reached a positive Final Investment Decision (FID) for MDU Resources subsidiary, WBI Energy, to construct its previously-proposed Bakken East Pipeline Project. Based on secured customer commitments and the anticipated strategic and economic benefits for North Dakota and the broader region, the company has decided to proceed with construction of the Bakken East Pipeline with an initial design capacity of 1.4 Bcf per day. The project is being designed with the flexibility to accommodate anticipated future growth. The approximately 350-mile pipeline will run from the Bakken region in western North Dakota to a location near Fargo in eastern North Dakota.

"Reaching FID on the Bakken East Pipeline Project marks a significant milestone in our commitment to expanding critical natural gas infrastructure in the region. The project will serve the growing demand for natural gas transportation, enable production from the Bakken region to serve customers in central and eastern North Dakota, and further enhance security and reliability of our existing pipeline system" said Nicole A. Kivisto, President and CEO of MDU Resources Group. "We are pleased with the overwhelming support for this project from customers who have committed to utilizing capacity on the Bakken East Pipeline Project. We believe this pipeline is a win-win for the state, local communities and our company."

Construction is expected to occur over construction seasons in 2028 – 2030, with the facilities placed in service in two phases. The first phase, from the Bakken to central North Dakota, is expected to be complete in late 2029. The second phase, to an existing WBI Energy compressor station near Mapleton, ND, has a target completion date of late 2030.

The project is estimated to cost between $2.7 and $3.2 billion. When completed, the project will include additions and modifications at three existing WBI Energy compressor stations and the construction of four new compressor stations.

The North Dakota Industrial Commission voted unanimously in August 2025 to support the project with a firm capacity commitment of $50 million per year for 10 years. This commitment reinforces the strategic importance of the project to regional energy infrastructure and economic development.

"We believe this is a transformational project that will meet the growing needs of Bakken producers as well as natural gas end users across North Dakota," WBI Energy president Rob Johnson said. "We've been working on Bakken East since early 2025 and look forward to continuing to work with landowners, regulators and other stakeholders to advance this exciting project."

The company is actively evaluating debt and equity financing structures to fund the project, including potential partnership agreements.

About MDU Resources Group, Inc.
MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, cost-effective and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at [email protected].

Investor Contact:  Brent Miller, treasurer, 701-530-1730
Media Contact:     Byron Pfordte, MDU Resources director of integrated communications, 208-377-6050 
                               Mark Snider, WBI Energy senior PR representative, 208-377-6006

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events or developments that the company anticipates will or may occur in the future are forward-looking statements based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," and "predicts," in each case related to such things as growth estimates, stockholder value creation, the company's "CORE" strategy, capital expenditures, financial guidance, trends, objectives, goals, dividend payout ratio targets, earnings per share growth targets, customer rates, regulatory approvals, sustainability, strategies and other such matters. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission.

While made in good faith, these forward-looking statements are based largely on the company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE MDU Resources Group, Inc.