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TheStreet Open House

MDU Resources Group's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Doran Schwartz

Thank you, and good morning everyone. Welcome to our earnings release conference call. And before I turn the presentation over to Terry Hildestad, our President and Chief Executive Officer, I'd like to mention that this conference call is being broadcast live to the public over the Internet and slides will accompany our remarks. If you'd like to view the slides, go to our website at www.mdu.com and follow the link to the conference call. Our earnings release is also available on our website.

During the course of this presentation, we will make certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that it's expectations and beliefs are based on reasonable assumptions, actual results may differ materially. For a discussion of factors that may cause actual results to differ, refer to Item 1A, Risk Factors in our most recent Form 10-K, and the Risk Factor section in our most recent Form 8-K. Our format today will include formal remarks by Terry followed by a Q&A session.

Other members of our management team, who will be available to answer questions during the Q&A session of the conference call today are Steve Bietz, President and CEO of WBI Energy; Dave Goodin, President and CEO of Montana-Dakota, Great Plains Natural Gas, Cascade Natural Gas and Intermountain Gas; John Harp, CEO of Knife River Corporation and MDU Construction Services; Kent Wells, President and CEO of Fidelity Exploration & Production; Bill Schneider, Executive Vice President of Bakken Development; and Nicole Kivisto, Vice President, Controller, and Chief Accounting Officer for MDU Resources.

And with that, I'll turn the presentation over to Terry for his formal remarks. Terry?

Terry Hildestad

Thank you, Doran. Good morning. Thank you for joining us today to discuss our second quarter results. Earnings for the quarter were $53.9 million or $0.29 a share. The results included $15 million after tax reversal of a natural gas gathering arbitration charge, as well as $5.1 million income from disposed operation.

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