MDU Resources Group Joins Fortune 500 List

Though revenue set a record last year, MDU reported a 32 percent drop in profits, following five consecutive record-setting years. The company said its full-year net income slipped to $293 million, or $1.59 per share, compared with $431.4 million, or $2.36 per share, in 2007.

The company attributed the loss to a $84.2 million charge related to low energy prices.

MDU said it expects 2009 earnings of $1.05 to $1.30 per share, less than analysts' projected $1.57 per share, because of a drop in oil and gas prices. Its first quarter earnings report is expected May 1.

MDU subsidiaries include Bismarck's Montana-Dakota Utilities, Seattle-based Cascade Natural Gas Corp., and Idaho-based Intermountain Gas Co. MDU also is a partner in the coal-fired Big Stone II power plant proposed for northeastern South Dakota.

The Fortune 500 list was established in 1955.

"We're excited by it," Matteson said of making the list. "It's something the company has been aiming for, for a long time."