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Business segment data
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business segment data Business segment data
The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's CODM, the chief executive officer. The Company's operations are located within the United States.
The Company's CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess the performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.
The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services.
The pipeline segment provides natural gas transportation and underground storage services through a FERC regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection.
The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability and other coverages. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to Everus, Fidelity and the refining business which do not meet the criteria for income (loss) from discontinued operations.
Discontinued operations includes Everus' operations and certain associated separation costs. Discontinued operations also includes the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above.
The information below follows the same accounting policies as described in Note 2 of the Notes to Consolidated Financial Statements in the 2024 Annual Report. Information on the Company's segments was as follows:
Three Months Ended June 30, 2025ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$97,886 $206,794 $46,507 $(1)$351,186 
Intersegment operating revenues140 92 9,796 180 10,208 
Purchased natural gas sold:
External purchased natural gas sold— 96,057 — — 96,057 
Intersegment purchased natural gas sold— 9,751 — — 9,751 
Electric fuel and purchased power34,891 — — — 34,891 
Operation and maintenance:
External operation and maintenance29,823 60,456 22,352 256 112,887 
Intersegment operation and maintenance140 92 45 180 457 
Depreciation and amortization17,393 26,471 7,989 — 51,853 
Taxes, other than income4,648 16,935 3,583 — 25,166 
Other income:
External other income2,726 5,095 1,616 508 9,945 
Intersegment other income— — 90 1,061 1,151 
Interest expense:
External interest expense7,614 13,745 3,135 951 25,445 
Intersegment interest expense— — 1,151 — 1,151 
Income tax expense (benefit)(4,254)(4,170)4,337 4,742 655 
Income (loss) from continuing operations10,497 (7,356)15,417 (4,381)14,177 
Discontinued operations, net of tax— — — (397)(397)
Net income (loss)
$10,497 $(7,356)$15,417 $(4,778)$13,780 
Three Months Ended June 30, 2024ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$99,173 $201,445 $43,851 $2 $344,471 
Intersegment operating revenues48 35 9,035 20 9,138 
Purchased natural gas sold:
External purchased natural gas sold— 94,591 — — 94,591 
Intersegment purchased natural gas sold— 8,825 — — 8,825 
Electric fuel and purchased power36,692 — — — 36,692 
Operation and maintenance:
External operation and maintenance23,100 54,919 19,079 2,857 99,955 
Intersegment operation and maintenance48 35 210 20 313 
Depreciation and amortization16,220 25,548 7,318 604 49,690 
Taxes, other than income4,530 16,358 3,007 74 23,969 
Other income:
External other income2,065 5,350 2,729 219 10,363 
Intersegment other income— — 332 4,071 4,403 
Interest expense:
External interest expense7,226 15,364 2,708 1,202 26,500 
Intersegment interest expense— — 1,071 3,332 4,403 
Income tax expense (benefit)(2,057)(3,803)5,295 3,760 3,195 
Income (loss) from continuing operations
15,527 (5,007)17,259 (7,537)20,242 
Discontinued operations, net of tax— — — 40,194 40,194 
Net income (loss)
$15,527 $(5,007)$17,259 $32,657 $60,436 
Six Months Ended June 30, 2025ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$210,147 $746,041 $69,831 $— $1,026,019 
Intersegment operating revenues318 187 43,132 358 43,995 
Purchased natural gas sold:
External purchased natural gas sold— 413,214 — — 413,214 
Intersegment purchased natural gas sold— 43,074 — — 43,074 
Electric fuel and purchased power78,639 — — — 78,639 
Operation and maintenance:
External operation and maintenance58,230 123,939 41,592 173 223,934 
Intersegment operation and maintenance318 187 58 358 921 
Depreciation and amortization34,576 52,593 15,945 — 103,114 
Taxes, other than income9,463 47,563 6,897 — 63,923 
Other income:
External other income3,718 8,396 1,923 905 14,942 
Intersegment other income— — 213 2,047 2,260 
Interest expense:
External interest expense15,501 28,621 6,256 1,889 52,267 
Intersegment interest expense— — 2,260 — 2,260 
Income tax expense (benefit)(7,985)8,131 9,464 (384)9,226 
Income from continuing operations25,441 37,302 32,627 1,274 96,644 
Discontinued operations, net of tax— — — (899)(899)
Net income$25,441 $37,302 $32,627 $375 $95,745 
Six Months Ended June 30, 2024ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$206,916 $660,930 $64,883 $17 $932,746 
Intersegment operating revenues60 76 39,325 42 39,503 
Purchased natural gas sold:
External purchased natural gas sold— 353,192 — — 353,192 
Intersegment purchased natural gas sold— 39,071 — — 39,071 
Electric fuel and purchased power76,415 — — — 76,415 
Operation and maintenance:
External operation and maintenance46,631 114,249 37,494 9,196 207,570 
Intersegment operation and maintenance59 76 254 43 432 
Depreciation and amortization32,836 51,026 14,436 1,158 99,456 
Taxes, other than income9,616 43,950 6,102 215 59,883 
Other income:
External other income4,047 13,521 3,498 1,207 22,273 
Intersegment other income— — 455 8,459 8,914 
Interest expense:
External interest expense14,722 31,024 4,901 2,365 53,012 
Intersegment interest expense— — 2,852 6,062 8,914 
Income tax expense (benefit)(2,652)6,876 9,805 (3,515)10,514 
Income (loss) from continuing operations
33,396 35,063 32,317 (5,799)94,977 
Discontinued operations, net of tax— — — 66,357 66,357 
Net income$33,396 $35,063 $32,317 $60,558 $161,334 
A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2025 2024 2025 2024 
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues$361,215 $353,587 $1,069,656 $972,190 
Other revenue179 22 358 59 
Elimination of intersegment operating revenues(10,208)(9,138)(43,995)(39,503)
Total consolidated operating revenues$351,186 $344,471 $1,026,019 $932,746