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MDU Resources Subsidiary Announces Name Change

Stocks in this article: MDU

Effective July 1, 2012, the operations of Williston Basin Interstate Pipeline Company, Bitter Creek Pipelines, LLC, and Total Corrosion Solutions, all subsidiary companies of MDU Resources Group, Inc. (NYSE: MDU), changed their name to be part of the newly created WBI Energy, Inc. group of companies. Although all three companies have long been sister companies in the corporation, they operated somewhat separately under WBI Holdings, Inc. In early May 2012, WBI Energy was created to more actively manage all operations under a single overriding brand.

The natural gas transmission pipeline operations will be within WBI Energy Transmission, Inc. and the gathering pipeline and related energy services will be part of WBI Energy Midstream, LLC. The cathodic protection group, formerly known as Total Corrosion Solutions, will be known as WBI Energy Corrosion Services.

“We are proud of what our previous names represented,” said Steven L. Bietz, president and CEO of WBI Energy. “With this name change, we are clearly communicating that we are a single, full-service energy provider – a one-stop shop for energy related services.”

The company’s recent emphasis on further expansion into midstream energy services also supports the name changes. Earlier this year, the company announced plans to study the development of a diesel topping plant in western North Dakota and also purchased a 50 percent interest in an existing natural gas processing facility, a crude oil pipeline gathering system, and a crude oil storage terminal and pipeline, all located in western North Dakota. These new assets operate as a part of the midstream portion of WBI Energy.

“We are executing our strategy to become more liquids-based in the midstream market diversifying our operations into midstream gathering and processing of natural gas liquids and crude oil,” Bietz said. “This strategy complements both our expertise in dry gas gathering, transportation and storage, and our asset base in the Bakken and throughout the Rocky Mountain region. We feel the new naming structure more clearly communicates who we are and what we do.”

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