CORRECTED POST: MDU Earnings For Calendar Year 2013

FOR CALENDAR YEAR 2013

From the press release.

For the year, 2013: $1.53/share compared to $1.16 in 2012.

Consolidated GAAP earnings, 2013: $1.47/share; versus a loss of one (1) cent/share in 2012. 

4Q13: 48 cents (I believe analysts forecast 41 cents). Compares to to 40 cents 4Q12.

From the press release:

Adjusted earnings grew 32 percent for the year to the highest level since 2008 and shareholders experienced a total annual return of 48 percent in 2013, so this has been a very successful year, said David L. Goodin, president and CEO of MDU Resources.

All of our businesses are operating exceptionally well. Our focus on substantial capital investment to grow our businesses is having an impact and with the added investments planned for this year, we expect to continue the momentum. We also successfully executed on more than $100 million in sales of non-strategic assets in 2013 and plan to maintain our focus on the efficient use of capital.

The companys (sic) exploration and production business achieved its growth target for oil production with a 30 percent increase, despite bitterly cold December temperatures that impacted operations across North Dakotas oil fields.

Over the past two years, Fidelity Exploration & Production Companys (sic) oil production has increased 77 percent. Nearly 60 percent of Fidelitys (sic) 4.8 million net barrels in 2013 came from the Bakken. Production also grew 221 percent in the prolific Paradox basin in Utah, where two back-to-back high-producing wells have highlighted the potential of this developing play.

A major portion of Fidelitys (sic) $440 million 2014 drilling program will again be targeted at further development in the Bakken and Paradox areas. Two rigs are working in each of the plays. In addition, Fidelity recently acquired an additional 35,000 acres in the Paradox basin, bringing the acreage total there to approximately 130,000 net acres of leaseholds. The new acreage is on trend with our current Paradox acreage position and the geology is similar. The company continues to have an option to earn an additional 20,000 acres in the play.

The company is initiating adjusted earnings guidance for 2014 in the range of $1.45 to $1.60 per share.