UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2003

Commission File Number 1-7850

SOUTHWEST GAS CORPORATION
(Exact name of registrant as specified in its charter)

California
(State or other jurisdiction of
incorporation or organization)

5241 Spring Mountain Road
Post Office Box 98510
Las Vegas, Nevada
(Address of principal executive offices)

88-0085720
(I.R.S. Employer
Identification No.)

89193-8510
(Zip Code)

Registrant's telephone number, including area code: (702) 876-7237

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No |_|

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes |X| No |_|

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.

Common Stock, $1 Par Value, 34,035,635 shares as of November 3, 2003.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of dollars, except par value)

	SEPTEMBER 30, 2003			DECEMBER 31, 2002
ASSETS	(Unaudited)
Utility plant:
Gas plant	$	2,957,206		$	2,779,960
Less: accumulated depreciation		(941,068	)		(869,908	)
Acquisition adjustments, net		2,579			2,714
Construction work in progress		26,690			66,693

Net utility plant		2,045,407			1,979,459

Other property and investments		87,578			87,391

Current assets:
Cash and cash equivalents		6,788			19,392
Accounts receivable, net of allowances		72,750			130,695
Accrued utility revenue		28,000			65,073
Income taxes receivable, net		6,396			--
Deferred income taxes		7,982			3,084
Prepaids and other current assets		46,413			43,524

Total current assets		168,329			261,768

Deferred charges and other assets		60,171			49,310

Total assets	$	2,361,485		$	2,377,928

CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 45,000,000 shares; issued
and outstanding - 33,943,918 and 33,289,015 shares)	$	35,574	$	34,919
Additional paid-in capital		503,194		487,788
Retained earnings		56,657		73,460

Total equity		595,425		596,167
Mandatorily redeemable preferred trust securities		--		60,000
Subordinated debentures due to Southwest Gas Capital II (Note 3)		100,000		--
Long-term debt, less current maturities		1,104,091		1,092,148

Total capitalization		1,799,516		1,748,315

Current liabilities:
Current maturities of long-term debt		7,067		8,705
Short-term debt		--		53,000
Accounts payable		54,117		88,309
Customer deposits		41,895		34,313
Income taxes payable, net		--		10,969
Accrued general taxes		34,783		28,400
Accrued interest		19,141		21,137
Deferred purchased gas costs		22,430		26,718
Other current liabilities		39,214		41,630

Total current liabilities		218,647		313,181

Deferred income taxes and other credits:
Deferred income taxes and investment tax credits		250,561		229,358
Other deferred credits		92,761		87,074

Total deferred income taxes and other credits		343,322		316,432

Total capitalization and liabilities	$	2,361,485	$	2,377,928

The accompanying notes are an integral part of these statements.

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,						TWELVE MONTHS ENDED SEPTEMBER 30,
	2003			2002			2003			2002			2003			2002
Operating revenues:
Gas operating revenues	$	167,827		$	167,187		$	733,192		$	834,817		$	1,014,275		$	1,165,437
Construction revenues		52,335			56,676			146,107			149,670			201,446			203,186

Total operating revenues		220,162			223,863			879,299			984,487			1,215,721			1,368,623

Operating expenses:
Net cost of gas sold		72,398			70,060			358,908			449,345			472,942			618,610
Operations and maintenance		66,012			65,924			196,502			196,259			264,431			261,558
Depreciation and amortization		34,345			33,015			101,183			96,052			135,341			126,709
Taxes other than income taxes		9,075			8,673			27,530			26,482			35,613			34,253
Construction expenses		46,617			49,528			129,358			132,325			179,101			180,106

Total operating expenses		228,447			227,200			813,481			900,463			1,087,428			1,221,236

Operating income (loss)		(8,285	)		(3,337	)		65,818			84,024			128,293			147,387

Other income and (expenses):
Net interest deductions		(18,935	)		(19,784	)		(58,709	)		(59,710	)		(78,970	)		(79,661	)
Net interest deductions on subordinated debentures		(750	)		--			(750	)		--			(750	)		--
Preferred securities distributions		(1,442	)		(1,368	)		(4,180	)		(4,106	)		(5,549	)		(5,475	)
Other income (deductions)		978			(2,629	)		2,575			(10,684	)		17,588			(6,545	)

Total other income and (expenses)		(20,149	)		(23,781	)		(61,064	)		(74,500	)		(67,681	)		(91,681	)

Income (loss) before income taxes		(28,434	)		(27,118	)		4,754			9,524			60,612			55,706
Income tax expense (benefit)		(11,027	)		(10,982	)		726			3,374			18,769			18,581

Net income (loss)	$	(17,407	)	$	(16,136	)	$	4,028		$	6,150		$	41,843		$	37,125

Basic earnings (loss) per share	$	(0.51	)	$	(0.49	)	$	0.12		$	0.19		$	1.25		$	1.13

Diluted earnings (loss) per share	$	(0.51	)	$	(0.49	)	$	0.12		$	0.19		$	1.24		$	1.12

Dividends paid per share	$	0.205		$	0.205		$	0.615		$	0.615		$	0.82		$	0.82

Average number of common shares outstanding		33,852			33,065			33,653			32,862			33,545			32,752
Average shares outstanding (assuming dilution)		--			--			33,911			33,132			33,816			33,028

The accompanying notes are an integral part of these statements.

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of dollars)
(Unaudited)

	NINE MONTHS ENDED SEPTEMBER 30,						TWELVE MONTHS ENDED SEPTEMBER 30,
	2003			2002			2003			2002
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$	4,028		$	6,150		$	41,843		$	37,125
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization		101,183			96,052			135,341			126,709
Deferred income taxes		16,305			(497	)		1,118			1,434
Changes in current assets and liabilities:
Accounts receivable, net of allowances		57,945			69,412			13,220			17,963
Accrued utility revenue		37,073			34,701			1,072			(3,099	)
Deferred purchased gas costs		(4,288	)		112,029			(6,098	)		140,860
Accounts payable		(34,192	)		(57,527	)		2,477			(17,725	)
Accrued taxes		(10,982	)		2,995			20,020			(5,235	)
Other current assets and liabilities		85			(5,755	)		10,603			80
Other		265			(7,285	)		(3,975	)		(5,422	)

Net cash provided by operating activities		167,422			250,275			215,621			292,690

CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions		(163,899	)		(197,582	)		(249,168	)		(271,463	)
Other		3,685			21,284			6,386			25,879

Net cash used in investing activities		(160,214	)		(176,298	)		(242,782	)		(245,584	)

CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net		13,675			14,774			17,075			17,916
Issuance of subordinated debentures, net		96,393			--			96,393			--
Retirement of preferred trust securities		(60,000	)		--			(60,000	)