4
MDU RESOURCES G ROUP, INC.
This underscores the strength of our
are discussed in our first sustainability
We can explain integrity simply: doing the
diversified business strategy. Our balanced
report, which we recently prepared.
right thing, even when nobody is watching
portfolio of businesses reduces our
Environmentalism is just one part of
to make sure you do. Unfortunately, it
exposure to weakness in any one market
sustainability, which actually means
isn't always so simple to put into practice
segment and helps provide consistency to
"meeting the needs of the present
in a world of complex laws, regulations and
our cash flow and earnings. These are
without compromising the ability of future
human nature. To guide employees, we
important advantages that single-industry
generations to meet their own needs."
provide them with an educational program
companies do not enjoy.
Thus, our report is a broad discussion of
called "Leading with Integrity." It includes
our commitment to be responsible members
extensive online training and refresher
Even more important -- and certainly with
of the communities in which we operate.
courses, as well as mechanisms for
longer-lasting impact -- is the national
confidentially reporting concerns about
debate related to climate change and our
A summary of the sustainability report
conduct that doesn't meet our standards.
energy future. Reducing greenhouse gas
begins on page 5 of this annual report.
The year ahead
emissions is a critical priority. At the same
We also encourage you to read the full
As you can tell, we are proud of the results
time, we need to find ways to meet
report, which is posted on our company's
we have delivered in 2007. We thank our
tomorrow's energy needs. And, perhaps
Web site at www.mdu.com. The report
employees for that performance, and we
most challenging, we need to find solutions
communicates our core values and
are confident that they will help make
that are affordable for all of us.
the social and economic impact that
2008 another very good year.
MDU Resources has on the markets and
Our nation's public policy must balance
communities we serve. The report also
Although the housing market is expected
our needs for affordable energy, a vibrant
characterizes certain initiatives and core
to remain weak, our past experience is that
economy and a healthy environment.
competencies within MDU Resources
these economic cycles tend to be offset
If we do not keep these in balance, we are
and our business units that are essential
by improvements in our other businesses.
simply trading one problem for another.
to our long-term success.
We expect to grow in many areas, including
Responsibility and integrity
natural gas and oil production, natural gas
One key principle is woven throughout
Our employees embrace the responsibility
pipeline throughput and aggregate reserves.
the sustainability report -- integrity. This
to operate our businesses in a manner
The Las Vegas market remains very strong
principle is so important to us that "with
that minimizes environmental impacts.
for our construction services group, which
integrity" are the first two words of our
The company encourages their efforts
carried an excellent work backlog into
vision statement. The vision statement is
with annual environmental integrity awards
2008. Finally, we will realize the full-year
our commitment to giving shareholders
that recognize outstanding achievements
benefits of the Cascade acquisition.
superior value; to being the supplier of
in environmental stewardship and in
choice; and to creating a safe workplace.
reclamation and habitat enhancement.
We raised the bar again in 2007, and our
But most of all, it is our promise that how
expectations are still growing.
There isn't enough space here to list all of
we achieve these results is even more
our environmental efforts, but many of them
important than the achievement.
Harry J. Pearce
$.56
$.52
Chairman of the Board
$.49
$.47
1 year
$.44
10%
3 year
18%
5 year
22%
Terry D. Hildestad
President and Chief Executive Officer
10 year
15%
February 20, 2008
20 year
16%
03
04
05
06
07
dividends
total shareholder returns
(per common share)
