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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000067716-02-000006.txt : 20020414
<SEC-HEADER>0000067716-02-000006.hdr.sgml : 20020414
ACCESSION NUMBER:		0000067716-02-000006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020124
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20020125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDU RESOURCES GROUP INC
		CENTRAL INDEX KEY:			0000067716
		STANDARD INDUSTRIAL CLASSIFICATION:	GAS & OTHER SERVICES COMBINED [4932]
		IRS NUMBER:				410423660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03480
		FILM NUMBER:		02516758

	BUSINESS ADDRESS:	
		STREET 1:		918 EAST DIVIDE AVENUE
		CITY:			BISMARCK
		STATE:			ND
		ZIP:			58506-5650
		BUSINESS PHONE:		7012227900

	MAIL ADDRESS:	
		STREET 1:		918 EAST DIVIDE AVENUE
		CITY:			BISMARCK
		STATE:			ND
		ZIP:			58506-5650

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONTANA DAKOTA UTILITIES CO
		DATE OF NAME CHANGE:	19850429
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>newsrel8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>



         UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549



                            FORM 8-K



                         CURRENT REPORT


              PURSUANT TO SECTION 13 OR 15(d) OF
               THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported) January 24, 2002

                    MDU Resources Group, Inc.
     (Exact name of registrant as specified in its charter)


        Delaware                 1-3480            41-0423660
(State of other jurisdiction  (Commission       (IRS Employer
    of incorporation)          File Number)   Indentification No.)


                       Schuchart Building
                     918 East Divide Avenue
                          P.O. Box 5650
                Bismarck, North Dakota 58506-5650
            (Address of principal executive offices)
                           (Zip Code)


 Registrant's telephone number, including area code (701) 222-7900




Item 5. Other Events.

     Incorporated by reference is a press release issued by MDU
Resources Group, Inc. on January 24, 2002, attached as Exhibit 99.


Item 7. Financial Statements and Exhibits.

     (c) Exhibits.

         Exhibit 99 - Press release issued January 24, 2002
         regarding earnings for 2001.




                           SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.


                                MDU RESOURCES GROUP, INC.

Date: January 24, 2002         By: /s/ Warren L. Robinson
                                    Warren L. Robinson
                                    Executive Vice President,
                                    Treasurer and Chief
                                    Financial Officer



                           EXHIBIT INDEX

Exhibit Number                          Description of Exhibit

     99                                 Press release issued
                                        January 24, 2002 regarding
                                        earnings for 2001.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exhibit99.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>



               MDU Resources Reports Record Earnings

BISMARCK, ND - January 24, 2002 - MDU Resources Group, Inc.
(NYSE:MDU) announced record earnings of $155.1 million, or $2.29
per common share, diluted, for the year ended December 31, 2001,
compared to $110.3 million, or $1.80 per common share, diluted,
for 2000.

 "I am especially pleased with the earnings performance of our
company this year.  Despite a slowed economy and weather that was
warmer than normal, we were able to continue growing our
earnings," said Martin A. White, chairman of the board, president
and chief executive officer of MDU Resources.  "Despite the
economic downturn, we remain optimistic about our growth
strategies," said White.  "Our geographic diversity as well as the
diversity of our business lines is proving to be an advantage as
we continue to build on our expertise.  As a result, over the past
five years, the company has experienced a compound annual earnings
per share growth rate of approximately 17 percent. The energy and
infrastructure products and services that we provide are essential
to a strong America and are in demand even when the economy slows,
making our company a solid, long-term investment."

The company expects 2002 earnings per share to be in the
approximate range of $2.05 to $2.30, including the benefit of a
nonrecurring gain from a compromise agreement discussed later in
this release.  Earnings for 2002 reflect expectations of a return
to more normal natural gas prices at levels significantly below
the average NYMEX natural gas price of $4.38 that was experienced
during 2001.  This change in natural gas prices from 2001 to 2002,
combined with the current weakening in the economy, has put
downward pressure on 2002 earnings.

                    ANNUAL PERFORMANCE SUMMARY

Electric
Electric earnings increased to $18.7 million, an increase of $1
million over those of a year ago.  Higher average realized
wholesale electric prices and decreased interest rates were
largely responsible for the earnings gains.  However, these gains
were somewhat offset by higher operation and maintenance expenses
and expenses associated with an extended maintenance outage at an
electric power supplier's generation facility.

Natural Gas Distribution
The natural gas distribution segment earnings decreased $4.1
million to $.7 million, largely the result of weather in the
fourth quarter which was 22 percent warmer than a year ago.

Utility Services
The utility services segment earnings were $12.9 million, an
increase of $4.3 million over those of 2000.  Acquisitions made
since the comparable period last year and slightly higher
operating margins from existing operations were largely
responsible for the improved earnings.

Pipeline and Energy Services
Earnings totaled $16.4 million compared to $10.5 million in 2000
at the company's pipeline and energy services segment, a $5.9
million improvement.  A significant contribution to these results
stemmed from record throughput on the pipeline and gathering
systems, both at higher average rates.  Also adding to the
earnings improvement was the absence in 2001 of an asset
impairment recognized in 2000 in the amount of $3.9 million after-
tax, and the net effect of the sale in 2001 of certain smaller non-
strategic properties.  Partially offsetting these gains were the
absence in 2001 of a $6.7 million increase to net income in 2000
relating to certain regulatory proceedings and higher operation
and maintenance expenses incurred in 2001 in connection with the
expansion of the gathering systems.  The write-off of an
investment in the second quarter of 2001 and expenses incurred for
corporate development costs in connection with the pursuit of
electric generation opportunities in Brazil also somewhat offset
the earnings increase.

Natural Gas and Oil Production
Earnings of $63.2 million were up 64 percent over those of 2000
largely due to higher natural gas and oil production as well as
higher average prices than those of a year ago.  For 2001,
realized natural gas prices averaged 30 percent higher than in
2000, while realized oil prices averaged 7 percent more.  These
increases were somewhat offset by higher operating costs, in large
part due to the continued development of the company's coalbed
natural gas reserves and costs associated with production from
other new locations.

Combined natural gas and oil production in 2001 increased by 30
percent from the prior year, primarily due to an aggressive
drilling program in coalbeds in the Powder River Basin and other
operated properties in the Rocky Mountain Region.  During 2001,
the company drilled over 600 new wells in its coalbed fields and
in other operated fields in Montana and Colorado.

Construction Materials and Mining
Total earnings reached $43.2 million in 2001, compared to $30.1
million for the same period last year in the construction
materials and mining segment.  The increase resulted from
acquisitions made since the comparable period last year and
improved margins at existing operations.  Included in 2001
earnings is the effect of a one-time gain of $6.2 million from the
sale of coal properties, including final settlement cost
adjustments.  Partially offsetting the earnings improvement was
the loss of earnings from the coal operations as a result of the
sale of these properties in early 2001 and higher acquisition
related interest costs.

Corporate News
For the second consecutive year, MDU Resources was named to the
Forbes magazine "Platinum List of America's 400 Best Big
Companies."  According to Forbes, the search for the Platinum 400
starts with a universe of over 1,000 publicly traded corporations,
with at least $1 billion in annual revenues, a level which MDU
Resources first reached in 1999.  To make the Platinum 400,
"companies were selected based on their composite scores for long-
and short-term growth and return on capital, plus other
performance and valuation measures," Forbes said.

In January of 2002, Fidelity Oil Co. (FOC), one of our natural gas
and oil production subsidiaries, entered into a compromise
agreement with the former operator of certain of FOC's oil
production properties in southeastern Montana.  The compromise
agreement resolved litigation involving the interpretation and
application of contractual provisions regarding net proceeds
interests paid by the former operator to FOC for a number of years
prior to 1998.  The terms of the compromise agreement are
confidential.  As a result of the compromise agreement, our
natural gas and oil production segment will reflect a non-
recurring gain in its financial results for the first quarter 2002
of approximately $16.6 million after-tax.  As part of the
settlement, FOC gave the former operator a full and complete
release, and FOC is not asserting any such claim against the
former operator for periods after 1997.

The company will host a webcast on January 24, 2002, beginning at
12 noon CST to discuss year-end results and earnings guidance for
the coming year.  The event can be accessed at www.mdu.com.
Listeners should go to the Web site up to 15 minutes before the
event to register and download any necessary audio software.

                              OUTLOOK

The following information highlights the key growth strategies,
projections and certain assumptions for MDU Resources Group, Inc.
over the next few years and other matters for each of its six
major business segments.  Many of these highlighted points are
"forward-looking statements."  There is no assurance that the
company's projections, including estimates for growth and
increases in revenues and earnings, will in fact be achieved.
Please refer to assumptions contained in this section as well as
the various important factors listed at the end of this document
under the heading "Safe Harbor for Forward-looking Statements."
Changes in such assumptions and factors could cause actual future
results to differ materially from the company's targeted growth,
revenue and earnings projections.

MDU Resources
* Earnings per share, diluted, for 2002 are projected in the
  $2.05 to $2.30 range.  Excluding the benefit of the compromise
  agreement previously mentioned, earnings per share from
  operations are projected to be in the approximate range of
  $1.85 to $2.10.
* The company expects the percentage of 2002 earnings per share
  from operations, excluding the benefit of the compromise
  agreement, by quarter to be in the following approximate
  ranges:
       -    First Quarter - 10 to 15 percent
       -    Second Quarter - 20 to 25 percent
       -    Third Quarter - 35 to 40 percent
       -    Fourth Quarter - 25 to 30 percent
* The company's long-term growth goals on compound annual
  earnings per share from operations are in the range of 10
  percent to 12 percent.  However, the general weakening of the
  economy has added uncertainty in the ability of the company to
  achieve this goal particularly in the early years of the
  planning cycle.
* The company expects to issue and sell equity from time to time
  to keep its debt at the nonregulated businesses at no more than
  40 percent of total capitalization.
* The company anticipates investing approximately $540 million in
  capital expenditures during 2002, including potential future
  acquisitions.
* The company estimates that the benefit resulting solely from
  the discontinuance of goodwill amortization would be 5 to 6
  cents per common share in 2002.

Electric
* Due to growing electric demand, a 40-megawatt gas turbine power
  plant may be added in the three to five year planning horizon.
* Currently, the company is working with the state of North
  Dakota to determine the feasibility of constructing a 500-
  megawatt lignite-fired power plant in western North Dakota.
  The first preliminary decision is expected in December 2002.

Natural Gas Distribution
* Annual natural gas throughput for 2002 is expected to be
  approximately 58 million decatherms, with about 40 million
  decatherms from sales and 18 million decatherms from
  transportation.

Utility Services
* Revenues for this segment are expected to exceed $500 million
  in 2002.
* This segment's goal is to achieve compound annual revenue and
  earnings growth rates of approximately 20 percent to 25 percent
  over the next five years.  However, the general weakening of
  the economy has added uncertainty in the ability of the company
  to achieve this goal particularly in the early years of the
  planning cycle.

Pipeline and Energy Services
* In 2002, natural gas throughput from this segment, including
  both transportation and gathering, is expected to increase by
  approximately 10 percent.
* A 247-mile pipeline to transport additional gas to market and
  enhance the use of the company's storage facilities is
  currently under regulatory review.  Depending upon the timing
  of the receipt of the necessary regulatory approval,
  construction completion could occur as early as late 2002 to
  mid-2003.
* The company continues to pursue electric generation
  opportunities in Brazil.  These projects are targeted toward a
  niche market where we expect to provide energy on a contract
  basis in order to reduce risk.  Our first project, a 200-
  megawatt gas fired generating facility is on schedule to begin
  production during the second quarter of 2002.

Natural Gas and Oil Production
* Combined natural gas and oil production at this segment is
  expected to be approximately 30 percent higher in 2002 than in
  2001.
* Natural gas prices in the Rocky Mountain Region for February
  through December 2002 reflected in the company's 2002 earnings
  estimates are in the range of $2.25 to $2.75 per Mcf.  The
  company's estimates for natural gas prices on the NYMEX for
  February through December 2002 reflected in the company's 2002
  earnings estimates are in the range of $2.75 to $3.25 per Mcf.
  During 2001, more than half of this segment's natural gas
  production was priced using Rocky Mountain prices.
* NYMEX crude oil prices reflected in the company's 2002 earnings
  estimates are in the range of $20 to $24 per barrel for 2002.
* This segment has hedged a portion of its 2002 production.  The
  company has entered into a swap agreement and fixed price
  forward sales representing approximately 10 percent to
  15 percent of 2002 estimated annual natural gas production.
  The natural gas swap is at an average NYMEX price of $4.34 per
  Mcf.  The company has also entered into oil swap agreements at
  average NYMEX prices in the range of $24.80 to $25.25 per
  barrel, representing approximately 20 percent to 25 percent of
  the company's 2002 estimated annual oil production.

Construction Materials and Mining
* Excluding the effects of potential future acquisitions,
  aggregate volumes are expected to increase by approximately 5
  percent to 10 percent in 2002 and asphalt and ready-mixed
  concrete volumes are expected to remain high at levels
  comparable to 2001.
* This segment's goal is to achieve compound annual revenue and
  earnings growth rates of approximately 10 percent to 20 percent
  over the next five years.  However, the general weakening of
  the economy has added uncertainty in the ability of the company
  to achieve this goal particularly in the early years of the
  planning cycle.

Safe Harbor for Forward-looking Statements
The information in this release includes certain forward-looking
statements, including earnings per share guidance, growth
strategies, business opportunities, sales volume increases and
natural gas and oil commodity price estimates and statements by
the chairman of the board, president and chief executive officer
of MDU Resources, within the meaning of Section 21E of the
Securities Exchange Act of 1934.  Although the company believes
that its expectations are based on reasonable assumptions, actual
results may differ materially.  Important factors that could cause
actual results to differ materially from those in the forward-
looking statements include natural gas and oil commodity prices,
prevailing governmental policies and regulatory actions with
respect to allowed rates of return, financings, or industry and
rate structures, acquisition and disposal of assets or facilities,
operation and construction of plant facilities, recovery of
purchased power and purchased gas costs, present or prospective
generation and availability of economic supplies of natural gas.
Other important factors include the level of governmental
expenditures on public projects and the timing of such projects,
changes in anticipated tourism levels, the effects of competition
(including but not limited to electric retail wheeling and
transmission costs and prices of alternate fuels and system
deliverability costs), drilling successes in natural gas and oil
operations, the ability to contract for or to secure necessary
drilling rig contracts and to retain employees to drill for and
develop reserves, ability to acquire natural gas and oil
properties, the availability of economic expansion or development
opportunities, political and economic risks, economic disruptions
caused by terrorist activities, changes in and compliance with
environmental and safety laws and policies, weather conditions,
population growth rates and demographic patterns, market demand
for energy from plants or facilities, changes in tax rates or
policies, unanticipated project delays or changes in project
costs, unanticipated changes in operating expenses or capital
expenditures, labor negotiations or disputes, changes in credit
ratings or capital market conditions, inflation rates, inability
of the various counterparties to meet their contractual
obligations, changes in accounting principles and/or the
application of such principles to the company, changes in
technology and legal proceedings, and the ability to effectively
integrate the operations of acquired companies.  For further
discussion refer to the company's most recent Form 10-Q at
Item 2 - Management's Discussion and Analysis - Safe Harbor
for Forward-looking Statements.

MDU Resources Group, Inc. provides energy, value-added natural
resource products and related services that are essential to our
country's energy, transportation and communication infrastructure.
MDU Resources includes electric and natural gas utilities, a
natural gas pipeline, utility services, natural gas and oil
production, construction materials and mining, and energy
services.  For more information about MDU Resources, see the
company's Web site at www.mdu.com or contact the investor
relations department at investor@mduresources.com.

                          * * * * * * * *
Contacts:
Warren L. Robinson - Executive Vice President, Treasurer and Chief
Financial Officer
(701) 222-7991 or
Cathi Christopherson - Vice President, Corporate Communications
(701) 222-7959


                             MDU RESOURCES GROUP, INC.
                              COMPARATIVE HIGHLIGHTS



                                    THREE MONTHS ENDED   TWELVE MONTHS ENDED
                                        DECEMBER 31,          DECEMBER 31,
                                      2001      2000        2001       2000
                                    -------- --------   ---------- -----------
Revenues (in millions):
  Electric                          $   39.7 $   42.8   $    168.8 $     161.6
  Natural gas distribution              54.6    116.7        255.4       233.1
  Utility services                     128.0     62.1        364.8       169.4
  Pipeline and energy services          42.1    217.2        531.1       636.8
  Natural gas and oil production        40.3     46.5        209.8       138.3
  Construction materials and mining    210.4    159.9        806.9       631.4
  Intersegment eliminations            (30.8)   (37.3)      (113.2)      (96.9)
                                    -------- --------   ---------- -----------
    Total                           $  484.3 $  607.9   $  2,223.6 $   1,873.7
                                    ======== ========   ========== ===========

Operating Income (in millions):
  Electric                          $    6.5 $   11.4   $     38.7 $      38.8
  Natural gas distribution               4.0      8.5          3.6         9.5
  Utility services                       6.9      6.1         25.2        16.6
  Pipeline and energy services           6.9     11.0         30.4        28.8
  Natural gas and oil production        10.6     24.8        103.9        66.5
  Construction materials and mining     11.3      8.7         71.5        56.8
                                    -------- --------   ---------- -----------
    Total                           $   46.2 $   70.5   $    273.3 $     217.0
                                    ======== ========   ========== ===========

Net Income (in millions)            $   29.0 $   36.6   $    155.9 $     111.0
                                    ======== ========   ========== ===========

Earnings on Common Stock
(in millions):
  Electric                          $    3.5 $    5.6   $     18.7 $      17.7
  Natural gas distribution               2.3      5.0           .7         4.8
  Utility services                       3.6      3.2         12.9         8.6
  Pipeline and energy services           6.8      3.9         16.4        10.5
  Natural gas and oil production         6.7     15.1         63.2        38.6
  Construction materials and mining      5.9      3.6         43.2        30.1
                                    -------- --------   ---------- -----------
    Total                           $   28.8 $   36.4   $    155.1 $     110.3
                                    ======== ========   ========== ===========

Earnings Per Common Share:
  Basic                             $    .42 $    .57   $     2.31 $      1.80
  Diluted                           $    .42 $    .56   $     2.29 $      1.80

Weighted Average Common Shares
  Outstanding (in millions):
    Basic                               68.7     64.3         67.3        61.1
    Diluted                             69.1     64.8         67.9        61.4


Electric (thousand kWh):
  Retail sales                       537,447  569,192    2,177,886   2,161,280
  Sales for resale                   249,181  249,732      898,178     930,318

Natural Gas Distribution (Mdk):
  Sales                               11,862   15,379       36,479      36,595
  Transportation                       4,543    5,314       14,338      14,314

Pipeline and Energy Services (Mdk):
  Transportation                      23,977   22,126       97,199      86,787
  Gathering                           17,186   13,693       61,136      41,717

Natural Gas and Oil Production:
  Natural gas (MMcf)                  10,950    9,024       40,591      29,222
  Oil (000's of barrels)                 550      454        2,042       1,882

Construction Materials and Mining
(000's):
  Aggregates (tons)                    7,614    4,805       27,565      18,315
  Asphalt (tons)                       1,496      727        6,228       3,310
  Ready-mixed concrete (cubic yards)     626      473        2,542       1,696
  Coal (tons)                            ---      921        1,171       3,111




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