SOUTHWEST GAS CORP - FORM 8-K - EX-99 - 10-YEAR STATISTICAL REPORT

Attached files

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8-K - CURRENT REPORT ON FORM 8-K - SOUTHWEST GAS CORP	form8-kstatereport41111.htm

RATEMAKING JURISDICTIONS AND REGULATORY AGENCIES

The Company is subject to regulation by the Arizona Corporation Commission (ACC), the Public Utilities Commission of Nevada (PUCN) and the California Public Utilities Commission (CPUC). These commissions regulate public utility rates, practices, facilities, and service territories in their respective states.

The Federal Energy Regulatory Commission (FERC) regulates a wholly owned subsidiary of the Company, Paiute Pipeline Company (Paiute), and the rates it charges for transportation of gas directly to certain end-users and the transportation and storage of gas to various local distribution companies for resale in northern Nevada and northern California.

Shown below is a list of the Company's ratemaking jurisdictions and the corresponding regulatory agency having jurisdiction:

Ratemaking Jurisdiction	Regulatory Agency
Arizona:	Arizona Corporation Commission
	1200 West Washington	Web site: www.cc.state.az.us
	Phoenix, AZ 85007-2996
	(602) 542-4251	FAX: (602) 542-2129

California:	California Public Utilities Commission
Northern	505 Van Ness Avenue	Web site: www.cpuc.ca.gov
Southern	San Francisco, CA 94102-3298
South Lake Tahoe	(415) 703-2782	FAX: (415) 703-1758

Nevada:	Public Utilities Commission of Nevada
Northern	1150 East William Street	Web site: http://pucweb1.state.nv.us/pucn
Southern	Carson City, NV 89701-3109
	(775) 684-6101	FAX: (775) 684-6110

Nevada/California:	Federal Energy Regulatory Commission
Paiute	888 First Street, N.E.	Web site: www.ferc.gov
	Washington, DC 20426
	(202) 502-6088	FAX: (202) 208-2106

A list of the commissioners appointed or elected to the various regulatory agencies follows this page.

SUMMARY OF COMMISSIONER STATUS BY JURISDICTION

March 2011

ARIZONA
Five members, elected statewide to four-year staggered terms. Governor appoints replacements, if position is vacated.
	Chairman Gary Pierce	Rep.	Term ends 12/31/2014
	Commissioner Sandra D. Kennedy	Rep.	Term ends 12/31/2013
	Commissioner Paul Newman	Rep.	Term ends 12/31/2013
	Commissioner Bob Stump	Rep.	Term ends 12/31/2013
	Commissioner Brenda Burns	Rep.	Term ends 12/31/2014
	Executive Director Ernest G. Johnson

CALIFORNIA
Five members, appointed to six-year staggered terms by Governor and confirmed by Senate.
	President Michael R. Peevey	Dem.	Term ends 12/31/2014
	Commissioner Timothy Alan Simon	Rep.	Term ends 12/31/2013
	Commissioner Mark Ferron	Dem.	Term ends 12/31/2017
	Commissioner Mike Florio	Dem.	Term ends 12/31/2017
	Commissioner Catherine J. K. Sandoval	Dem.	Term ends 12/31/2017
	Executive Director Paul Clanon

NEVADA
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
	Chairman Alaina Burtenshaw	Ind.	Term ends 9/30/2013
	Commissioner Rebecca Wagner	Rep.	Term ends 9/30/2011
	Commissioner Luis F. Valera	Rep.	Term ends 9/30/2012
	Executive Director Crystal Jackson

FERC
Five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
	Chairman Jon Wellinghoff	Dem.	Term ends 6/30/2013
	Commissioner Marc Spitzer	Rep.	Term ends 6/30/2011
	Commissioner John R. Norris	Dem.	Term ends 6/30/2012
	Commissioner Cheryl A. LaFleur	Dem	Term ends 6/30/2014
	Commissioner Philip D. Moeller	Rep.	Term ends 6/30/2015
	Secretary Kimberly D. Bose

ANALYSIS OF GENERAL RATE CASE DECISIONS FOR THE YEARS 2005 TO PRESENT


									PERCENT		OVERALL		RATE OF
									AUTHORIZED		RATE		RETURN ON
			ADDITIONAL			ADDITIONAL			OF		OF		COMMON
	FILING	EFFECTIVE	MARGIN			MARGIN			REQUESTED		RETURN		EQUITY
JURISDICTION	DATE	DATE	REQUESTED			AUTHORIZED			AMOUNTS		GRANTED		GRANTED
			($mm)			($mm)

NEVADA
Docket No. 06-05019 (So. NV)	05/15/06	11/01/06		2.5			2.5			100		7.64		10.50
Docket No. 07-05015 (So. NV)	05/15/07	11/01/07		1.3			1.3			100		7.76		10.50
Docket No. 08-05008 (So. NV)	05/15/08	11/01/08		(0.8	)		(0.8	)		100		7.79		10.50
Docket No. 09-04003 (No. NV)	04/03/09	11/01/09		1.3			(0.5	)	NM			8.29		10.15
Docket No. 09-04003 (So. NV)	04/03/09	11/01/09		26.6			17.6			66		7.40		10.15
Docket No. 09-06016 (So. NV)	06/15/09	11/01/09		(1.5	)		(1.5	)		100		7.40		10.15
Docket No. 10-06008 (So. NV)	06/04/10	11/01/10		(2.4	)		(2.4	)		100		7.40		10.15

ARIZONA
Docket No. G-0155A-04-0876	12/09/04	03/01/06		66.9			49.3			74		8.40		9.50
Docket No. G-0155A-07-0504	08/31/07	12/01/08		49.3			33.5			68		8.86		10.00
Docket No. G-0155A-10-0458	11/12/10	Pending		73.2

CALIFORNIA
Advice Letter No. 722 (So. CA)	11/01/04	01/01/05		1.6			1.6			100		8.74		10.38
Advice Letter No. 722 (No. CA)	11/01/04	01/01/05		0.3			0.3			100		8.74		10.38
Advice Letter No. 747-A (So. CA)	11/23/05	04/13/06		3.4			2.2			65		8.74		10.38
Advice Letter No. 747-A (No. CA)	11/23/05	04/13/06		1.1			0.8			72		8.74		10.38
Advice Letter No. 769 (So. CA)	11/17/06	01/01/07		2.3			2.3			100		8.74		10.38
Advice Letter No. 769 (No. CA)	11/17/06	01/01/07		0.4			0.4			100		8.74		10.38
Advice Letter No. 789 (So. CA)	11/01/07	01/01/08		1.7			1.7			100		8.74		10.38
Advice Letter No. 789 (No. CA)	11/01/07	01/01/08		0.4			0.4			100		8.74		10.38
Application 07-12-022 (So. CA)	12/21/07	01/01/09		7.1			2.4			34		7.87		10.50
Application 07-12-022 (No. CA)	12/21/07	01/01/09		(0.1	)		(1.0	)	NM			8.99		10.50
Application 07-12-022 (So. Lake Tahoe)	12/21/07	01/01/09		2.1			1.8			86		8.99		10.50
Advice Letter No. 829 (So. CA)	10/30/09	01/01/10		1.7			1.7			100		7.87		10.50
Advice Letter No. 829 (No. CA)	10/30/09	01/01/10		0.4			0.4			100		8.99		10.50
Advice Letter No. 829 (SLT)	10/30/09	01/01/10		0.6			0.6			100		8.99		10.50
Advice Letter No. 857 (So. CA)	12/01/10	01/01/11		1.7			1.7			100		7.87		10.50
Advice Letter No. 857 (No. CA)	12/01/10	01/01/11		0.4			0.4			100		8.99		10.50
Advice Letter No. 857 (SLT)	12/01/10	01/01/11		0.1			0.1			100		8.99		10.50

FERC
Docket No. RP05-163	01/28/05	08/01/05		1.7			(2.5	)	NM			[1]		[1]
Docket No. RP09-406	02/27/09	09/01/09		3.9			0.9			22		[1]		[1]


[1] Stipulation - Not Identified in Order

SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)	2010		2009		2008			2007		2006		2005		2004		2003		2002		2001
Results of Consolidated Operations
Contribution to net income - gas operations	$	91,382	$	79,420	$	53,747		$	72,494	$	71,473	$	33,670	$	48,354	$	34,211	$	39,228	$	32,626
Contribution to net income - construction services		12,495		8,062		7,226			10,752		12,387		10,153		8,421		4,291		4,737		4,530
Net income	$	103,877	$	87,482	$	60,973		$	83,246	$	83,860	$	43,823	$	56,775	$	38,502	$	43,965	$	37,156

Basic earnings per share	$	2.29	$	1.95	$	1.40		$	1.97	$	2.07	$	1.15	$	1.61	$	1.14	$	1.33	$	1.16
Diluted earnings per share	$	2.27	$	1.94	$	1.39		$	1.95	$	2.05	$	1.14	$	1.60	$	1.13	$	1.32	$	1.15

Average outstanding common shares		45,405		44,752		43,476			42,336		40,566		38,132		35,204		33,760		32,953		32,122
Average shares outstanding (assuming dilution)		45,823		45,062		43,775			42,714		40,975		38,467		35,488		34,041		33,233		32,398

Results of Natural Gas Operations
Gas operating revenues	$	1,511,907	$	1,614,843	$	1,791,395		$	1,814,766	$	1,727,394	$	1,455,257	$	1,262,052	$	1,034,353	$	1,115,900	$	1,193,102
Net cost of gas sold		736,175		866,630		1,055,977			1,086,194		1,033,988		828,131		645,766		482,503		563,379		677,547
Operating margin		775,732		748,213		735,418			728,572		693,406		627,126		616,286		551,850		552,521		515,555
Operations and maintenance expense		354,943		348,942		338,660			331,208		320,803		314,437		290,800		266,862		264,188		253,026
Depreciation and amortization		170,456		166,850		166,337			157,090		146,654		137,981		130,515		120,791		115,175		104,498
Taxes other than income taxes		38,869		37,318		36,780			37,553		34,994		39,040		37,669		35,910		34,565		32,780
Operating income		211,464		195,103		193,641			202,721		190,955		135,668		157,302		128,287		138,593		125,251
Other income (expense)		4,016		6,590		(13,469	)		4,850		10,049		5,087		1,611		2,955		3,108		7,694
Net interest deductions		75,113		74,091		83,096			86,436		85,567		81,595		78,137		76,251		78,505		78,746
Net interest deductions on subordinated debentures		1,912		7,731		7,729			7,727		7,724		7,723		7,724		2,680		-		-
Preferred securities distributions		-		-		-			-		-		-		-		4,180		5,475		5,475
Income before income taxes		138,455		119,871		89,347			113,408		107,713		51,437		73,052		48,131		57,721		48,724
Income tax expense		47,073		40,451		35,600			40,914		36,240		17,767		24,698		13,920		18,493		16,098
Contribution to consolidated net income	$	91,382	$	79,420	$	53,747		$	72,494	$	71,473	$	33,670	$	48,354	$	34,211	$	39,228	$	32,626

SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)	2010			2009			2008			2007			2006			2005			2004			2003			2002			2001
ASSETS
Net utility plant	$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104		$	2,489,147		$	2,335,992		$	2,175,736		$	2,034,459		$	1,825,571
Other property and investments		134,648			115,860			124,781			143,097			136,242			118,094			99,879			87,443			87,391			92,511
Restricted cash		37,781			49,769			-			-			-			-			-			-			-			-
Current assets		445,894			417,632			438,076			502,459			501,624			542,660			431,993			281,087			261,768			400,149
Deferred charges and other assets		293,434			288,528			274,220			179,332			178,995			78,525			70,252			63,840			49,310			51,381
Total assets	$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965		$	3,228,426		$	2,938,116		$	2,608,106		$	2,432,928		$	2,369,612
CAPITALIZATION
Common stock equity	$	855,114		$	839,061		$	816,285		$	776,755		$	741,658		$	669,206		$	605,070		$	546,383		$	522,707		$	504,533
Accumulated other comprehensive income (loss), net		(30,784	)		(22,250	)		(19,426	)		(12,850	)		(13,666	)		(41,645	)		(10,892	)		-			-			-
Retained earnings		343,131			285,316			240,982			219,768			173,433			123,574			111,498			84,084			73,460			56,667
Noncontrolling interest		(465	)		(41	)		-			-			-			-			-			-			-			-
Preferred securities		-			-			-			-			-			-			-			-			60,000			60,000
Subordinated debentures		-			100,000			100,000			100,000			100,000			100,000			100,000			100,000			-			-
Long-term debt, less current maturities		1,124,681			1,169,357			1,185,474			1,266,067			1,286,354			1,224,898			1,162,936			1,121,164			1,092,148			796,351
Total capitalization		2,291,677			2,371,443			2,323,315			2,349,740			2,287,779			2,076,033			1,968,612			1,851,631			1,748,315			1,417,551
LIABILITIES
Current maturities of long-term debt		75,080			1,327			7,833			38,079			27,545			83,215			29,821			6,435			8,705			307,641
Current liabilities		521,881			472,903			502,062			489,853			468,519			537,738			453,210			303,977			304,476			345,400
Deferred income taxes		466,628			436,113			387,539			347,497			308,493			234,739			281,743			277,332			229,358			217,804
Other deferred credits		628,927			624,506			599,635			445,019			392,629			296,701			204,730			168,731			142,074			81,216
Total liabilities		1,692,516			1,534,849			1,497,069			1,320,448			1,197,186			1,152,393			969,504			756,475			684,613			952,061
Total capitalization and liabilities	$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965		$	3,228,426		$	2,938,116		$	2,608,106		$	2,432,928		$	2,369,612



GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)	2010			2009			2008			2007			2006			2005			2004			2003			2002			2001
From operating activities	$	342,522		$	371,416		$	261,322		$	320,594		$	253,245		$	214,036		$	124,135		$	187,122		$	281,329		$	103,848
From investing activities		(178,685	)		(265,850	)		(237,093	)		(306,396	)		(277,980	)		(254,120	)		(272,458	)		(249,300	)		(243,373	)		(246,462	)
From financing activities		(107,779	)		(81,744	)		(34,704	)		(5,347	)		15,989			57,763			143,086			60,815			(49,187	)		154,727
Net change in cash	$	56,058		$	23,822		$	(10,475	)	$	8,851		$	(8,746	)	$	17,679		$	(5,237	)	$	(1,363	)	$	(11,231	)	$	12,113

GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)	2010			2009			2008			2007			2006			2005			2004			2003			2002			2001
Distribution	$	3,847,731		$	3,716,881		$	3,615,253		$	3,419,799		$	3,153,399		$	2,917,959		$	2,706,089		$	2,496,708		$	2,293,655		$	2,104,006
General		279,402			270,825			228,282			219,126			219,527			213,906			206,837			197,693			198,093			188,997
Transmission		274,646			271,467			262,271			256,696			243,989			239,872			233,841			215,907			196,997			187,393
Intangible		135,330			127,188			122,227			119,312			117,251			115,893			112,036			108,215			73,892			66,339
Construction work in progress		37,489			45,872			70,041			61,419			78,402			54,287			31,967			33,543			66,693			50,491
Other		33,267			33,376			32,326			30,815			31,136			31,130			31,141			19,979			20,037			18,096
Accumulated depreciation & amortization		(1,535,429	)		(1,431,106	)		(1,347,093	)		(1,261,867	)		(1,175,600	)		(1,083,900	)		(985,919	)		(896,309	)		(814,908	)		(789,751	)
Net utility plant	$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104		$	2,489,147		$	2,335,992		$	2,175,736		$	2,034,459		$	1,825,571


OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)	2010			2009			2008			2007			2006			2005			2004			2003			2002			2001
Distribution	$	157,220		$	159,282		$	151,586		$	148,130		$	142,194		$	134,271		$	126,396		$	115,983		$	111,091		$	108,083
Administrative and general		120,942			112,526			106,851			101,100			98,363			104,662			90,111			79,128			74,286			67,542
Customer accounts		60,187			60,896			63,788			67,453			67,472			63,715			60,180			58,458			60,160			57,874
Transmission		9,622			9,338			10,172			8,346			8,276			7,515			7,612			7,264			8,759			9,065
Production and storage expenses		4,215			3,985			3,398			3,071			2,927			3,074			5,114			4,657			7,221			7,151
Customer service and informational		2,646			2,484			2,523			2,842			1,285			1,064			1,047			782			1,539			1,511
Sales		111			431			342			266			286			136			340			590			1,132			1,800
Total operations and maintenance expenses	$	354,943		$	348,942		$	338,660		$	331,208		$	320,803		$	314,437		$	290,800		$	266,862		$	264,188		$	253,026

GAS OPERATIONS SEGMENT
	AT DECEMBER 31,
CUSTOMERS BY CLASS		2010		2009		2008		2007		2006		2005*		2004		2003**		2002		2001
Residential			1,758,557		1,744,481		1,738,202		1,732,573		1,704,456		1,635,115		1,537,434		1,456,857		1,382,406		1,325,534
Small commercial			76,746		77,416		78,190		77,970		76,962		75,549		72,953		71,466		70,267		69,546
Large commercial			1,185		1,263		1,314		1,310		1,219		1,222		1,221		1,270		1,271		1,288
Industrial / Other			328		320		343		347		370		386		383		397		415		418
Transportation			643		646		550		594		630		590		665		596		625		505
Total customers			1,837,459		1,824,126		1,818,599		1,812,794		1,783,637		1,712,862		1,612,656		1,530,586		1,454,984		1,397,291

ANNUAL CUSTOMER GROWTH RATE			1%		0%		0%		2%		4%		6%		5%		5%		4%		4%

SYSTEM THROUGHPUT BY CLASS	YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)		2010		2009		2008		2007		2006		2005		2004		2003		2002		2001
Residential			70,470		66,974		70,499		69,806		67,760		65,047		66,717		59,305		58,821		58,994
Small commercial			30,094		29,423		31,455		31,067		30,986		30,007		30,384		27,915		28,027		27,997
Large commercial			11,183		11,724		12,512		12,756		12,826		11,184		10,490		10,042		12,150		10,759
Industrial / Other			5,892		7,262		9,770		10,353		14,924		15,654		16,386		15,731		22,406		28,377
Transportation			99,860		104,389		116,419		112,842		117,524		127,396		125,827		133,690		132,515		126,820
Total system throughput			217,499		219,772		240,655		236,824		244,020		249,288		249,804		246,683		253,919		252,947


OPERATING MARGIN BY CLASS***	YEAR ENDED DECEMBER 31,
(In thousands)		2010		2009		2008		2007		2006		2005		2004		2003		2002		2001
Residential		$	537,980	$	513,299	$	503,397	$	497,703	$	466,990	$	422,643	$	413,977	$	360,591	$	352,883	$	324,627
Small commercial			127,802		129,103		128,827		129,080		126,020		114,252		114,834		104,353		105,268		100,403
Large commercial			20,936		21,879		22,536		22,483		21,257		17,111		17,399		16,907		17,973		16,089
Industrial / Other			9,515		10,302		12,586		13,852		17,075		15,489		15,043		15,977		22,652		23,446
Transportation			79,499		73,630		68,072		65,454		62,064		57,631		55,033		54,022		53,745		50,990
Total operating margin		$	775,732	$	748,213	$	735,418	$	728,572	$	693,406	$	627,126	$	616,286	$	551,850	$	552,521	$	515,555

*		Includes 19,000 customers associated with the acquisition of the South Lake Tahoe properties in April 2005.
**		Includes 9,000 customers associated with the acquisition of Black Mountain Gas Company in October 2003.
***		Includes allocations of miscellaneous, unbilled, and other operating revenues.

SOUTHWEST GAS CORPORATION

MARKET PRICE PER SHARE	2010		2009		2008		2007		2006		2005		2004		2003		2002		2001
High	$	37.25	$	29.48	$	33.29	$	39.95	$	39.37	$	28.07	$	26.15	$	23.64	$	25.35	$	24.67
Low		26.28		17.08		21.11		26.45		26.09		23.53		21.50		19.30		18.10		18.61
Close [1]		36.67		28.53		25.22		29.77		38.37		26.40		25.40		22.45		23.45		22.35

	2010		2009		2008		2007		2006		2005		2004		2003		2002		2001
COMMON SHARES OUTSTANDING (in thousands) [1]		45,599		45,092		44,192		42,806		41,770		39,328		36,794		34,232		33,289		32,493
DIVIDEND YIELD [1]		2.7%		3.3%		3.6%		2.9%		2.1%		3.1%		3.2%		3.7%		3.5%		3.7%
DIVIDENDS DECLARED PER SHARE [2]	$	1.00	$	0.95	$	0.90	$	0.86	$	0.82	$	0.82	$	0.82	$	0.82	$	0.82	$	0.82
PRICE / EARNINGS RATIO [1]		16.01		14.63		18.01		15.11		18.54		22.96		15.78		19.69		17.63		19.27
RETURN ON EQUITY - TOTAL COMPANY [2]		9.1%		8.1%		6.0%		8.8%		10.3%		5.9%		8.5%		6.3%		7.5%		6.8%
RETURN ON EQUITY - GAS SEGMENT ONLY [2]		8.5%		7.8%		5.6%		8.1%		9.2%		4.8%		7.6%		5.9%		7.1%		6.2%
BOOK VALUE PER SHARE [1]	$	25.60	$	24.44	$	23.48	$	22.98	$	21.58	$	19.10	$	19.18	$	18.42	$	17.91	$	17.27

GAS OPERATIONS SEGMENT
	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON	2010		2009		2008		2007		2006		2005		2004		2003		2002		2001
Actual		1,998		1,824		1,902		1,850		1,826		1,735		1,953		1,772		1,912		1,963
Ten-year average		1,876		1,882		1,893		1,936		1,961		1,956		1,913		1,931		1,963		1,970

	2010		2009		2008		2007		2006		2005		2004		2003		2002		2001
NUMBER OF GAS SEGMENT EMPLOYEES [1]		2,349		2,423		2,447		2,538		2,525		2,590		2,548		2,550		2,546		2,507
CUSTOMERS / EMPLOYEE [1]		782		753		743		714		706		661		633		600		571		557
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]	$	196	$	194	$	188	$	186	$	185	$	191	$	187	$	182	$	188	$	188
WEIGHTED AVERAGE COST OF GAS (per therm) [2]	$	0.62	$	0.71	$	0.84	$	0.81	$	0.79	$	0.71	$	0.57	$	0.46	$	0.38	$	0.55
CONSTRUCTION EXPENDITURES (in thousands) [2]	$	188,379	$	212,919	$	279,254	$	312,412	$	305,914	$	258,547	$	274,748	$	228,288	$	263,576	$	248,352
[1] At December 31,
[2] For the year ended December 31,

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


		DEKATHERMS		OPERATING		DEKATHERMS		OPERATING
DIVISION/CUSTOMER TYPE		TRANSPORTED		MARGIN		TRANSPORTED		MARGIN

		Twelve Months Ended 12-31-10				Twelve Months Ended 12-31-09
Southern Nevada
	Commercial		6,394,779	$	7,142,082		6,703,382	$	6,326,408
	Industrial		2,851,951		2,380,290		3,032,768		2,374,551
	Power Generation		51,995,313		12,883,468		57,349,174		12,146,568
Southern Nevada Totals			61,242,043	$	22,405,840		67,085,324	$	20,847,527



Northern Nevada (1)
	Commercial		2,029,910	$	785,051		2,052,072	$	700,316
	Industrial		6,022,861		1,922,775		5,545,510		1,829,562
	Power Generation		7,972,646		4,251,927		6,537,801		3,291,330
	Resale		6,870,762		19,871,541		9,806,701		20,946,342
Northern Nevada Totals			22,896,179	$	26,831,294		23,942,084	$	26,767,550






(1)	Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


	DEKATHERMS		OPERATING		DEKATHERMS		OPERATING
DIVISION/CUSTOMER TYPE	TRANSPORTED		MARGIN		TRANSPORTED		MARGIN

	Twelve Months Ended 12-31-10				Twelve Months Ended 12-31-09
Southern Arizona
Commercial		621,393	$	1,314,947		1,833,717	$	3,311,105
Industrial		1,652,171		1,587,177		1,541,680		1,813,295
Power Generation		1,744,768		2,920,348		62,469		98,501
Irrigation		392,352		450,850		352,252		356,058
Southern Arizona Totals		4,410,684	$	6,273,322		3,790,118	$	5,578,959



Central Arizona
Commercial		2,715,240	$	5,576,953		1,883,264	$	3,605,774
Industrial		3,128,734		5,986,228		3,154,112		6,259,401
Power Generation		778,773		1,101,038		-		-
Irrigation		1,989,851		2,902,846		1,910,552		2,721,456
Central Arizona Totals		8,612,598	$	15,567,065		6,947,928	$	12,586,631

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


		DEKATHERMS		OPERATING		DEKATHERMS		OPERATING
DIVISION/CUSTOMER TYPE		TRANSPORTED		MARGIN		TRANSPORTED		MARGIN

		Twelve Months Ended 12-31-10				Twelve Months Ended 12-31-09
Southern California
	Commercial		505,265	$	563,323		526,308	$	571,290
	Industrial		307,537		325,212		317,043		322,762
	Power Generation		1,885,643		1,131,627		1,780,586		1,086,889
Southern California Totals			2,698,445	$	2,020,162		2,623,937	$	1,980,941




Total Company (1)
	Commercial		12,266,587	$	15,382,356		12,998,743	$	14,514,893
	Industrial		13,963,254		12,201,682		13,591,113		12,599,571
	Power Generation		64,377,143		22,288,408		65,730,030		16,623,288
	Resale		6,870,762		19,871,541		9,806,701		20,946,342
	Irrigation		2,382,203		3,353,696		2,262,804		3,077,514
TOTAL COMPANY			99,859,949	$	73,097,683		104,389,391	$	67,761,608






(1)	Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.

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