Spreadsheet: 98b1bced-571b-4323-bc4b-8da132852d76
Sheet: Sheet1

Unnamed: 0 | MDU Resources Group, Inc. | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Unnamed: 8 | Unnamed: 9 | Unnamed: 10 | Unnamed: 11 | Unnamed: 12 | Unnamed: 13 | Unnamed: 14 | Unnamed: 15 | Unnamed: 16 | Unnamed: 17 | Unnamed: 18 | Unnamed: 19 | Unnamed: 20
 | KEY FINANCIAL DATA AND EARNINGS
 | Years ended December 31, | 2004 |  | 2003 |  | 2002 |  | 2001 |  | 2000 |  | 1999 |  | 1998 |  | 1997 |  | 1996 |  | 1995
 | Selected financial data (000's)
 | Operating revenues........………………….....................… | 2719257 |  | 2352189 |  | 2031537 |  | 2223632 |  | 1873671 |  | 1279809 |  | 896627 |  | 607674 |  | 514701 |  | 464246
 | Operating income..................................…….......……….. | 320718 |  | 312072 |  | 266117 |  | 273268 |  | 216987 |  | 159751 |  | 70943 | ** | 111561 |  | 111525 |  | 90576
 | Earnings on common stock...........…………............……. | 206382 |  | 174607 |  | 147688 |  | 155087 |  | 110262 |  | 83308 |  | 33330 | ** | 53835 |  | 44683 |  | 40841
 | Total assets................................………................………. | 3733521 |  | 3380592 |  | 2996921 |  | 2675978 |  | 2358981 |  | 1806648 |  | 1488713 |  | 1113892 |  | 1089173 |  | 1056479
 | Net capital expenditures...........…………..........……….. | 387432 |  | 473637 |  | 400378 |  | 388007 |  | 529920 |  | 231371 |  | 325642 |  | 117634 |  | 100900 |  | 114801
 | Total capitalization.......................…………..........………. | 2554454 |  | 2390086 |  | 2119503 |  | 1909780 |  | 1625627 |  | 1249578 |  | 980706 |  | 701557 |  | 648140 |  | 591569
 | Capitalization ratios
 | Common equity.........……........………………..…………. | 0.65 |  | 0.6 |  | 0.6 |  | 0.58 |  | 0.54 |  | 0.54 |  | 0.56 |  | 0.55 |  | 0.54 |  | 0.57
 | Preferred stocks.............................……….............……… | 0.01 |  | 0.01 |  | 0.01 |  | 0.01 |  | 0.01 |  | 0.01 |  | 0.02 |  | 0.02 |  | 0.03 |  | 0.03
 | Long-term debt...................……….......................……….. | 0.34 |  | 0.39 |  | 0.39 |  | 0.41 |  | 0.45 |  | 0.45 |  | 0.42 |  | 0.43 |  | 0.43 |  | 0.4
 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1
 | Profitability indicators
 | Return on average common equity...………..........……… | 0.132 |  | 0.13 |  | 0.125 |  | 0.153 |  | 0.143 |  | 0.139 |  | 0.065 | ** | 0.146 |  | 0.13 |  | 0.123
 | Return on average invested capital.………............……… | 0.094 |  | 0.089 |  | 0.086 |  | 0.101 |  | 0.095 |  | 0.096 |  | 0.055 | ** | 0.103 |  | 0.095 |  | 0.092
 | Fixed charges including preferred dividends……………. | 4.7x |  | 4.7x |  | 4.8x |  | 5.3x |  | 4.1x |  | 4.3x |  | 2.5x | ** | 3.4x |  | 2.7x |  | 3.0x
 | Earnings on common stock (000's)
 | Electric...................................................……….....……… | 12790 |  | 16950 |  | 15780 |  | 18717 |  | 17733 |  | 15973 |  | 13908 |  | 12441 |  | 11436 |  | 12000
 | Natural gas distribution................………................…….. | 2182 |  | 3869 |  | 3587 |  | 677 |  | 4741 |  | 3192 |  | 3501 |  | 4514 |  | 4892 |  | 1604
 | Utility services……………………………………………….. | -5650 |  | 6170 |  | 6371 |  | 12910 |  | 8607 |  | 6505 |  | 3272 |  | 947 |  | 0 |  | 0
 | Pipeline and energy services………………………………. | 8944 |  | 18158 |  | 19097 |  | 16406 |  | 10494 |  | 20972 |  | 18651 |  | 9955 |  | 1649 |  | 7804
 | Natural gas and oil production........……………………….. | 110779 |  | 70767 | * | 53192 |  | 63178 |  | 38574 |  | 16207 |  | -30501 | ** | 15867 |  | 15185 |  | 8614
 | Construction materials and mining…………........………… | 50707 |  | 54261 | * | 48702 |  | 43199 |  | 30113 |  | 20459 |  | 24499 |  | 10111 |  | 11521 |  | 10819
 | Independent power production…………...…………........………… | 26309 |  | 11415 |  | 307 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 | Other...................................................……….....……… | 321 |  | 606 |  | 652 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  | 206382 |  | 182196 | * | 147688 |  | 155087 |  | 110262 |  | 83308 |  | 33330 | ** | 53835 |  | 44683 |  | 40841
 | Cumulative effect of accounting change | 0 |  | -7589 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  | 206382 |  | 174607 |  | 147688 |  | 155087 |  | 110262 |  | 83308 |  | 33330 |  | 53835 |  | 44683 |  | 40841
 | * Before cumulative effect of the change in accounting for asset retirement obligations required by the adoption of SFAS No. 143.
 | ** Reflects $39.9 million or 52 cents per common share in noncash after-tax write-downs of natural gas and oil properties.