BISMARCK, N.D.--(BUSINESS WIRE)--The MDU Resources Group (NYSE: MDU) board of directors today increased the company’s quarterly common stock dividend to 17.25 cents per share, for an annualized dividend of 69 cents per share. The previous quarterly dividend was 16.75 cents per share.
This is the 22nd consecutive year that MDU Resources has increased its common stock dividend. MDU Resources has paid dividends for 75 consecutive years, stretching back to 1937.
“We are very proud of MDU Resources’ long record of delivering on our commitment to shareholders, and to be among the small number of companies that have produced such consistent results,” said Harry J. Pearce, chairman of the board.
“Our diversified business strategy continues to demonstrate its value. Our exploration and production business is on track to achieve its increased oil production target, our utility business is experiencing good growth, our pipeline business is expanding its midstream presence, and our construction businesses are seeing encouraging signs of a market upswing,” he said.
“Most important, we have the financial strength — a strong balance sheet, and good liquidity and credit rating — to support continued growth for shareholders,” Pearce said.
The board of directors also declared dividends on preferred stock as follows:
- $1.12-1/2 per share on 4.50 percent Series Preferred
- $1.17-1/2 per share on 4.70 percent Series Preferred
- $1.27-1/2 per share on 5.10 percent Series Preferred
The dividends are payable Jan. 1, 2013, to stockholders of record Dec. 13, 2012.
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, including regulated utilities and pipelines, exploration and production, and construction materials and services companies. For more information about MDU Resources, see the company's website at www.mdu.com or contact the Investor Relations Department at firstname.lastname@example.org.