Knife River Corp

Index

Note 16 -Related-party transactions

Transition services agreements

As part of the Separation, MDU Resources provided transition services to Knife River and Knife River is providing transition services to MDU Resources in accordance with the Transition Services Agreement entered into on May 30, 2023. The Company paid $40,000 and $1.3 million for the three months ended and $1.3 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively, related to these activities, which were reflected in selling, general and administrative expenses on the Consolidated Statements of Operations. The Company received $14,000 and $407,000 for the three months ended and $152,000 and $684,000 for the nine months ended September 30, 2024 and 2023, respectively, related to these activities, which were reflected in other income on the Consolidated Statements of Operations. The majority of the transition services were completed over a period ofone year after the Separation. The Company expects minimal continued services by Knife River to MDU Resources through May 2025.

For additional information on the presentation of related-party transactions, see Note 2.