The latest Fortune 500 is out, and North Dakota has a company on the list, which tracks the largest corporations in America based on revenue.
MDU Resources has rejoined the list of the nation’s biggest corporations at No. 486, after a nearly decade-long absence. It last appeared on the Fortune 500 in 2010, when it ranked 498. It was 524 last year.
“We are proud of the good work our employees do, safely providing essential products and services that are Building a Strong America,” said David L. Goodin, president and CEO of MDU Resources. “Our company’s continued growth, recognized by our listing on the Fortune 500, makes it clear that our two-platform business model of regulated energy delivery and construction materials and services is a successful formula.”
MDU’s revenue increased 16.3 percent last year to $5.53 billion, from 5.33 billion, fueling its rise in the rankings. MDU was the only North Dakota company to make the 2021 list.
The company began in 1924 as a small utility serving farm communities in the MonDak, as well as towns in South Dakota and Wyoming. Today it operates in 46 states and has 16,000 employees during peak construction season.
MDU Resources is the parent company for Montana Dakota Utilities and several other utility companies, which collectively have 1.1 million utility customers across eight states.
Other subsidiaries include WBI Energy, a midstream company providing transportation, underground storage and gathering services in five states. That company just received FERC approval for a natural gas pipeline expansion that begins in Tioga.
Knife River, a construction materials company serving 15 states, is a top 10 producer of aggregates in America and MDU Construction Services specializes in constructing and maintaining utility lines, external lighting, gas pipelines, and other infrastructure. It operates in 43 states.
MDU Resources used to own an oil and gas exploration and production business as well, but it sold that in 2008.