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MDU-Resources comapny Knife River loads a concrete truck before its trip to a construction site. MDU Resources posted 4th quarter losses. (Image: born1945 via Flickr - CC3)
MDU-Resources comapny Knife River loads a concrete truck before its trip to a construction site. MDU Resources posted 4th quarter losses. (Image: born1945 via Flickr - CC3)

MDU Resources profits down in 2015; new refinery loses money

BISMARCK, N.D. — MDU Resources Group Inc. has reported a decrease in profits for 2015 due to losses at its North Dakota refinery and warmer winter weather that cut natural gas and electricity sales.

The Bismarck-based energy, mining and construction company says its profits for ongoing operations in 2015 were $180 million, down from $205.5 million in 2014.

MDU and Indianapolis-based Calumet Specialty Products Partners’ $430 million Dakota Prairie Refinery near Dickinson began selling fuel in May but lost money due to low fuel prices and a slowdown in North Dakota oil activity. MDU says its share of the loss from the refinery was $20.5 million.

MDU is the parent company of Montana-Dakota Utilities. The company says warmer-than-normal temperatures across its eight-state service territory decreased natural gas and electricity sales by $7.2 million.

In related news, MDU Resources Group lays off workers, cuts other positions.

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