26
MDU RESOURCES G ROUP, INC.
Stockholder Return Comparison
representation of peer companies was selected based generally
comparison of five-year total stockholder return
(In dollars)
on each business line's relative share of the company's total
$100 invested December 31, 2002, in MDU Resources was worth
assets. The graph shows stockholder return performance for both
$272.50 at year-end 2007.
the old and new peer groups.
$350
New peer group issuers are Alliant Energy Corp.,
300
Berry Petroleum Co., Black Hills Corp., Comstock Resources Inc.,
Dycom Industries Inc., EMCOR Group Inc., Encore Acquisition Co.,
250
Equitable Resources Inc., Granite Construction Inc.,
200
Martin Marietta Materials Inc., National Fuel Gas Co.,
Northwest Natural Gas Co., NSTAR, OGE Energy Corp.,
150
ONEOK Inc., Quanta Services Inc., Questar Corp., SCANA Corp.,
100
Southwest Gas Corp., St. Mary Land & Exploration Co.,
Swift Energy Co., U.S. Concrete Inc., Vectren Corp.,
02
03
04
05
06
07
Vulcan Materials Co. and Whiting Petroleum Corp.
MDU Resources
S&P 500
Old peer group issuers are Allegheny Energy Inc., Allete Inc.,
New Peer Group
Alliant Energy Corp., Black Hills Corp., Comstock Resources Inc.,
Old Peer Group
Equitable Resources Inc., Martin Marietta Materials Inc.,
Newfield Exploration Co., NICOR Inc., OGE Energy Corp.,
2002
2003
2004
2005
2006
2007
ONEOK Inc., Quanta Services Inc., Questar Corp., SCANA Corp.,
MDU Resources
$100.00 $142.64 $164.34 $206.56 $248.07 $272.50
Stone Energy Corp., TECO Energy Inc., UGI Corp., Vectren Corp.,
S&P 500
100.00
128.68
142.69
149.70
173.34
182.86
Vulcan Materials Co. and XTO Energy Inc.
New Peer Group
100.00
129.42
161.86
196.17
244.66
272.87
Old Peer Group
100.00
132.20
166.55
218.40
263.85
312.12
When the compensation committee established the old peer
group in 2001, it included 27 companies, a number of which have
since merged into other companies and are excluded from the old
All data is indexed to December 31, 2002, for MDU Resources,
peer group for the entire period shown in the performance graph.
the S&P 500 and the peer groups. Total stockholder return
These companies are Florida Rock Industries Inc., Hanson PLC
is calculated using the December 31 price for each year. It is
ADR (delisted), Louis Dreyfus Natural Gas Corp., KeySpan Corp.,
assumed that all dividends are reinvested in stock at the
Kinder Morgan Inc., Peoples Energy Corp. and Pogo Producing Co.
frequency paid, and the returns of each component peer issuer
In August 2006, the compensation committee selected a new peer
of the group are weighted according to the issuer's stock market
group for 2007 with 30 companies. Four of these have since
capitalization at the beginning of the period.
merged into other companies and are excluded from the new peer
Beginning in 2007, a new peer group was established. The
group for the entire period shown in the performance graph.
change was made to better reflect the company's current mix
These companies are Florida Rock Industries Inc., Hanson PLC
of businesses and to expand the size of the peer group in order
ADR (delisted), Houston Exploration Co. and Infrasource Services
to reduce the impact of any one company on the peer group's
Inc. A fifth peer member, NRG Energy Inc., was removed as the
performance, as well as to address changes that have occurred
company decided to sell its domestic independent power
at several of the old peer companies. Some of the companies in
production assets.
the old peer group have been acquired and others have experienced
significant growth in stock market capitalization, causing a
lack of comparability as returns are weighted based on market
capitalization. The new peer group is comprised of entities
representing the company's various lines of business. The
