MDU Has Huge Quarter; Raises Guidance

Press release. Comments at earnings central.

From the press release:

“This is our strongest first quarter performance since 2008,” said David L. Goodin, president and chief executive officer of MDU Resources. “All of our businesses are performing well and are executing their growth plans.

“Our exploration and production business increased oil production 46 percent from the same period last year,” Goodin said. “Just as important, we have achieved an important goal of balancing our oil and natural gas production. Each contributed about 46 percent of production, with natural gas liquids making up the remainder.”

The Bakken continues to be the largest oil play for Fidelity Exploration & Production Company, with first quarter oil production increasing 63 percent from the first quarter of 2012. Continuing success in the company's Paradox Basin asset, where production grew substantially from the same quarter a year previous, also was a significant contributor to the company's overall production growth.

Fidelity plans to invest about $400 million this year, about half of that in the Bakken, with a target of increasing year-over-year oil production by 25 to 30 percent, on top of the 36 percent increase achieved in 2012.