MDU Resources Group, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis – Q4, 2011

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					              MDU Resources Group, Inc. Oil & Gas Exploration and Production
                        Operations and Cost Analysis – Q4, 2011
        Reference Code: GDGE38965OAR                                                                                   Publication Date: APR 2012

        Company Snapshot                                                               Company Overview
        Key Information                                                                MDU Resources Group, Inc. (MDU Resources) is a diversified
                                                                                       natural resource company. The company, through its
         MDU Resources Group, Inc., Key Facts                                          subsidiaries, operates in three lines of business, namely,
          Web Address                           www.mdu.com                            energy, construction materials and utility resources.
          Financial year-end                    December
          Number of Employees                   8,021
          NYSE                                  MDU
          Source: GlobalData

         Key Ratios
           MDU Resources Group, Inc., Key Ratios                                          MDU Resources Group, Inc., Reserves and
           P/E                                                             18.82          Production, 2007-2011
           EV/EBITDA                                                        8.10
           Return on Equity (%)                                             7.70
           Debt/Equity                                                     51.30
           Operating       profit   margin                                  10.0
           (%)
           Dividend Yield                                                   0.03
           Note: Above ratios are based on share price as of 11-Apr-2012
                                                                                          Source: GlobalData
           Source: GlobalData



           MDU Resources Group, Inc., Share Price                                        MDU Resources Group, Inc., Key Valuation Metrics,
           Performance, USD/Share, Q4, 2010-Q4, 2011                                     EV/Production ($/boed), EV/Proved Reserve ($/boe),
                                                                                         Q4, 2010-Q4, 2011




           Source: GlobalData
                                                                                         Source: GlobalData



             MDU Resources Group, Inc., Key Costs Per boe,                               MDU Resources Group, Inc., Costs Incurred By
                            $/boe, 2011                                                  Type, $m, 2007-2011
          Parameter                                                         2011
          Oil & Gas Finding &                                              295.32
          Development Cost/boe, Annual
          Oil & Gas Finding Cost per boe,                                    9.70
          Annual
          Proved Reserves Acquisition                                       16.13
          Cost per boe, Annual
          Reserve Replacement Cost per                                     233.62
          boe, Annual
         Source: GlobalData                                                              Source: GlobalData




MDU Resources Group, Inc. Operations & Cost Analysis                                                                      Reference Code: GDGE38965OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com                                                                                                                        Page 1
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
       Table of Contents
       Table of Contents ............................................................................................................................................................................... 2
          List of Tables .................................................................................................................................................................................. 4
          List of Figures ................................................................................................................................................................................. 5
       MDU Resources Group, Inc., Valuation and Financial Data ............................................................................................................... 8
          MDU Resources Group, Inc., Share Price Performance ................................................................................................................. 8
             Share Price Performance, Q4, 2010-Q4, 2011 ........................................................................................................................... 8
          MDU Resources Group, Inc., Key Valuation Metrics ...................................................................................................................... 9
             Key Valuation Metrics, Q4, 2010-Q4, 2011 ................................................................................................................................. 9
          MDU Resources Group, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced ....................................................... 10
             Results of Oil & Gas Operations Per boe Produced, Q4, 2010-Q4, 2011 ................................................................................. 10
             Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2010-Q4, 2011........................................................................... 11
       MDU Resources Group, Inc., Quarterly Production Trends.............................................................................................................. 12
          MDU Resources Group, Inc., Total Oil and Gas Production ......................................................................................................... 12
             Total Crude Oil and Natural Gas Production Trend, Q4, 2010-Q4, 2011 .................................................................................. 12
             Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................ 13
          MDU Resources Group, Inc., Crude Oil Production...................................................................................................................... 14
             Total Crude Oil Production Trend, Q4, 2010-Q4, 2011 ............................................................................................................. 14
             Crude Oil Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................................................ 15
          MDU Resources Group, Inc., Natural Gas Production.................................................................................................................. 16
             Total Natural Gas Production Trend, Q4, 2010-Q4, 2011 ......................................................................................................... 16
             Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ............................................................................................ 17
       MDU Resources Group, Inc., Valuation and Financial Data, 2007-2011.......................................................................................... 18
          MDU Resources Group, Inc., Share Price Performance, 2007-2011............................................................................................ 18
             Share Price Performance, 2007-2011 ....................................................................................................................................... 18
             Key Valuation Metrics, 2007-2011 ............................................................................................................................................ 19
       MDU Resources Group, Inc., Production and Reserves Trends ...................................................................................................... 20
          Total Oil and Gas, Reserves and Production ................................................................................................................................ 20
             Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011......................................................................... 20
             Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011........................................................ 22
             Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 .............................................................................................. 24
          Crude Oil/Liquids Production and Reserve ................................................................................................................................... 25
             Crude Oil/Liquids Production and Reserve Trend, 2007-2011 .................................................................................................. 25
             Crude Oil Production and Reserves By Country/Region, 2007-2011 ........................................................................................ 26
             Crude Oil/Liquids Reserve Changes, 2007-2011 ...................................................................................................................... 28
          Natural Gas Production and Reserve ........................................................................................................................................... 29
             Natural Gas Production and Reserve Trend, 2007-2011 .......................................................................................................... 29
             Natural Gas Production and Reserves, By Country/Region, 2007-2011 ................................................................................... 30
             Natural Gas Reserve Changes, 2007-2011 .............................................................................................................................. 32
          Total Crude Oil and Natural Gas Reserves Life Index .................................................................................................................. 33
             Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 ........................................................................................... 33
             Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 ........................................................... 34
       MDU Resources Group, Inc., E&P Costs Trends ............................................................................................................................. 36
          Allocation of the Upstream Capital Expenditure............................................................................................................................ 36
             Upstream Capital Expenditure, 2007-2011 ............................................................................................................................... 36
             Acquisition Costs By Country/Region, 2007-2011..................................................................................................................... 37
             Exploration and Development Costs, By Country/Region, 2007-2011 ...................................................................................... 39

MDU Resources Group, Inc. Operations & Cost Analysis                                                                                                                  Reference Code: GDGE38965OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com                                                                                                                                                                                    Page 2
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
          Oil and Gas Cost Per boe, $/boe .................................................................................................................................................. 41
             Oil and Gas Cost Per boe, $/boe, 2007-2011 ........................................................................................................................... 41
             Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 ........................................................................................... 43
       MDU Resources Group, Inc., Reserve Replacement Ratio .............................................................................................................. 46
          Oil and Gas Production Replacement Ratio ................................................................................................................................. 46
             Oil and Gas Production Replacement Ratio, 2007-2011 ........................................................................................................... 46
             Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 ........................................................................... 48
       MDU Resources Group, Inc., Results of Oil & Gas Operations Trend ............................................................................................. 52
          Oil and Gas Revenue and Expenses ............................................................................................................................................ 52
             Oil and Gas Revenue and Expenses, 2007-2011 ..................................................................................................................... 52
             Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 ..................................................................................... 53
          Oil and Gas Revenue and Expenses, Per boe ............................................................................................................................. 58
             Oil and Gas Revenue and Expenses, By boe, 2007-2011 ........................................................................................................ 58
             Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 ........................................................................ 59
          Oil and Gas Performance Metrics ................................................................................................................................................. 63
       MDU Resources Group, Inc., Land Holdings and Well Data ............................................................................................................ 64
          Developed and Undeveloped Acreage ......................................................................................................................................... 64
             Gross and Net Developed and Undeveloped Acreage, 2007-2011........................................................................................... 64
             Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011........................................................... 65
          Well Statistics ............................................................................................................................................................................... 68
             Producible Oil and Gas Well, 2007-2011 .................................................................................................................................. 68
             Producible Oil and Gas Well, By Country/Region, 2007-2011 .................................................................................................. 69
             Exploration and Development Wells Drilled, 2007-2011 ........................................................................................................... 73
             Exploration and Development Wells Drilled, By Country/Region, 2007-2011 ........................................................................... 74
       Rec
				
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Description: MDU Resources Group, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of production, reserves, share price performance, reserve changes, capital expenditures, acreage, performance metrics and results of oil & gas operations.
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