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Tanner asked about the year-over-year headwinds embedded in MDU Resources Group's 2026 EPS guidance, noting that even 6% growth would place them at the top end of the range, and inquired about the timeline for the Bakken East Pipeline project's Final Investment Decision (FID) and its integration into the capital expenditure plan, including details on contract negotiations and the open season.

Answer

CFO Jason Vollmer explained that while the 2026 guidance midpoint might not meet the long-term 6%-8% EPS growth rate, the company anticipates growth driven by rate case activity and the Badger Wind Farm acquisition, acknowledging some impact from equity issuance. President and CEO Nicole Kivisto elaborated on the Bakken East Pipeline, stating the binding open season closes mid-March, followed by finalizing design, executing customer agreements, and then making an FID. She noted the FERC pre-filing was in December 2025, with a final 7C filing targeted for Q3 2026, expressing satisfaction with customer interest.

Tanner from Jefferies inquired about the year-over-year headwinds impacting MDU Resources' 2026 EPS guidance, specifically noting that a 6% growth rate would place them at the higher end of the projected range. He also sought clarification on the ongoing contract negotiations for the Bakken East Pipeline and requested a timeline for key milestones like the Final Investment Decision (FID) and its integration into the capital expenditure plan.

Answer

Jason Vollmer, CFO, explained that while the company targets 6%-8% long-term EPS growth, the 2026 guidance reflects partial impacts from rate case activity, benefits from the Badger Wind Farm, and effects of equity issuance. Nicole Kivisto, President and CEO, detailed the Bakken East Pipeline's next steps, including the binding open season through mid-March, continued customer discussions, finalizing project design, executing agreements, and making an FID, with a FERC 7C filing planned for Q3 2026, expressing satisfaction with customer interest.

Tanner from Future Investing asked for insight into Robinhood's crypto pricing strategy, noting that the take rate has been increasing despite the platform offering competitive prices.

Answer

CFO Jason Warnick explained that the company continuously experiments to balance customer value with shareholder returns and is exploring more compelling pricing for high-volume traders. CEO Vladimir Tenev added that the new 'Smart Exchange Routing' feature provides customers more options and direct order book access, enhancing the value proposition.