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	form8k040816.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.azcc.gov
	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://puc.nv.gov
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 2016

ARIZONA
Five members, elected statewide to four-year staggered terms. Governor appoints replacements, if position is vacated.
	Chairman Doug Little	Rep.	Term ends 01/2019
	Commissioner Bob Stump	Rep.	Term ends 01/2017
	Commissioner Bob Burns	Rep.	Term ends 01/2017
	Commissioner Andy Tobin	Rep.	Term ends 01/2017
	Commissioner Tom Forese	Rep.	Term ends 01/2019
	Executive Director Jodi Jerich

CALIFORNIA
Five members, appointed to six-year staggered terms by Governor and confirmed by Senate.
	President Michael Picker	Dem.	Term ends 12/31/2020
	Commissioner Michel P. Florio	Dem.	Term ends 12/31/2016
	Commissioner Catherine J. K. Sandoval	Dem.	Term ends 12/31/2016
	Commissioner Carla J. Peterman	Dem.	Term ends 12/31/2018
	Commissioner Liane M. Randolph	Dem.	Term ends 12/31/2020
	Executive Director Timothy Sullivan

NEVADA
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
	Chairman Paul A. Thomsen	Dem.	Term ends 09/30/2019
	Commissioner David Noble	Ind.	Term ends 09/30/2016
	Commissioner Alaina Burtenshaw	Dem.	Term ends 09/30/2017
	Executive Director Stephanie Mullen

FERC
Up to five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
	Chairman Norman C. Bay	Dem.	Term ends 06/30/2018
	Commissioner Cheryl A. LaFleur	Dem.	Term ends 06/30/2019
	Commissioner Tony Clark	Rep.	Term ends 06/30/2016
	Commissioner Colette D. Honorable	Dem.	Term ends 06/30/2017
	Vacant	Rep.
	Secretary Kimberly D. Bose

SUMMARY OF KEY REGULATORY FILINGS

					ADDITIONAL			ADDITIONAL			PERCENT		OVERALL			RATE OF
					MARGIN			MARGIN			AUTHORIZED		RATE OF			RETURN ON			COMMON
	FILING	TEST	FILING	EFFECTIVE	REQUESTED			AUTHORIZED			OF REQUESTED		RETURN			COMMON EQUITY			EQUITY
JURISDICTION	TYPE [1]	PERIOD	DATE	DATE	($mm)			($mm) [2]			AMOUNTS		GRANTED			GRANTED			RATIO
NEVADA
Docket No. 09-04003 (NNV)	GRC	11/30/08	04/03/09	11/01/09		1.3			(0.5	)	NM			8.29			10.15			47.09
Docket No. 09-04003 (SNV)	GRC	11/30/08	04/03/09	11/01/09		26.6			17.6			66		7.40			10.15			47.09
Docket No. 09-06016 (SNV)	VIER		06/15/09	11/01/09		(1.5	)		(1.5	)		100		7.40			10.15			47.09
Docket No. 10-06008 (SNV)	VIER		06/04/10	11/01/10		(1.1	)		(1.1	)		100		7.25			10.15			47.09
Docket No. 11-06003 (SNV)	VIER		06/03/11	11/01/11		1.9			1.9			100		7.26			10.15			47.09
Docket No. 12-04005 (NNV) [3]	GRC	11/30/11	04/04/12	04/09/13		2.0			0.7			34		7.88			9.30			59.06
Docket No. 12-04005 (SNV) [3]	GRC	11/30/11	04/04/12	04/09/13		24.9			6.7			27		6.56			10.00			42.74
Docket No. 13-06006 (SNV)	VIER		06/04/13	01/01/14		(0.1	)		(0.1	)		100		6.52			10.00			42.74
Docket No. 14-06004 (SNV)	VIER		06/04/14	01/01/15		(0.4	)		(0.4	)		100		6.47			10.00			42.74
Docket No. 14-10002 (NNV)	GIR		10/01/14	01/01/15		0.2			0.2			100		7.88			9.30			59.06
Docket No. 14-10002 (SNV)	GIR		10/01/14	01/01/15		1.9			1.9			100		6.47			10.00			42.74
Docket No. 15-06007 (SNV)	VIER		06/04/15	01/01/16		(0.1	)		(0.1	)		100		6.46			10.00			42.74
Docket No. 15-10001 (NNV)	GIR		10/01/15	01/01/16		0.5			0.5			100		7.88			9.30			59.06
Docket No. 15-10001 (SNV)	GIR		10/01/15	01/01/16		3.3			3.3			100		6.46			10.00			42.74
ARIZONA
Docket No. G-0155A-07-0504	GRC	04/30/07	08/31/07	12/01/08		49.3			33.5			68		8.86			10.00			43.44
Docket No. G-0155A-10-0458	GRC	06/30/10	11/12/10	01/01/12		73.2			52.6			72		8.95			9.50			52.30
Docket No. G-0155A-10-0458	COYL		02/28/13	06/01/13		0.6			0.6			100		8.95			9.50			52.30
Docket No. G-0155A-10-0458	COYL		02/28/14	06/01/14		1.5			1.5			100		8.95			9.50			52.30
Docket No. G-0155A-10-0458	COYL		02/27/15	06/01/15		2.5			2.5			100		8.95			9.50			52.30
Docket No. G-0155A-10-0458 [4]	COYL		02/29/16	06/01/16		3.7		TBD			TBD		TBD			TBD			TBD
CALIFORNIA
Application 07-12-022 (SCA)	GRC	12/31/09	12/21/07	01/01/09		7.1			2.4			34		7.87			10.50			47.00
Application 07-12-022 (NCA/SLT)	GRC	12/31/09	12/21/07	01/01/09		2.0			0.8			39		8.99			10.50			47.00
Advice Letter No. 829 (SCA)	Attrition		10/30/09	01/01/10		1.7			1.7			100		7.87			10.50			47.00
Advice Letter No. 829 (NCA/SLT)	Attrition		10/30/09	01/01/10		1.0			1.0			100		8.99			10.50			47.00
Advice Letter No. 857 (SCA)	Attrition		12/01/10	01/01/11		1.7			1.7			100		7.87			10.50			47.00
Advice Letter No. 857 (NCA/SLT)	Attrition		12/01/10	01/01/11		0.5			0.5			100		8.99			10.50			47.00
Advice Letter No. 877 (SCA)	Attrition		11/22/11	01/01/12		(0.3	)		(0.3	)		100		6.42			9.88			50.00
Advice Letter No. 877 (NCA/SLT)	Attrition		11/22/11	01/01/12		0.2			0.2			100		8.50			9.88			50.00
Advice Letter No. 904 (SCA)	Attrition		11/29/12	01/01/13		1.1			1.1			100		6.10			9.35			50.00
Advice Letter No. 904 (NCA/SLT)	Attrition		11/29/12	01/01/13		(0.0	)		(0.0	)		100		7.77			9.35			50.00
Application 12-12-024 (SCA)	GRC	12/31/14	12/20/12	06/12/14		5.6			1.9			34		6.83			10.10			55.00
Application 12-12-024 (NCA/SLT)	GRC	12/31/14	12/20/12	06/12/14		6.0			5.2			87		8.18			10.10			55.00
Advice Letter No. 960 (SCA)	Attrition		11/26/14	01/01/15		1.8			1.8			100		6.83			10.10			55.00
Advice Letter No. 960 (NCA/SLT)	Attrition		11/26/14	01/01/15		0.7			0.7			100		8.18			10.10			55.00
Advice Letter No. 995 (SCA)	Attrition		11/30/15	01/01/16		1.8			1.8			100		6.83			10.10			55.00
Advice Letter No. 995 (NCA/SLT)	Attrition		11/30/15	01/01/16		0.7			0.7			100		6.83			10.10			55.00
Advice Letter No. 996 (SCA)[5]	Attrition		11/30/15	01/01/16		1.7			1.7			100		6.83			10.10			55.00
FERC
Docket No. RP09-406	GRC	08/31/09	02/27/09	09/01/09		3.9			0.9			22		[6	]		[6	]		[6	]
Docket No. RP14-540	GRC	08/31/14	02/28/14	09/01/14		9.0			2.4			27		[6	]		[6	]		[6	]

[1] GRC = General Rate Case; VIER = Variable Interest Expense Recovery Mechanism; GIR=Gas Infrastructure Replacement; COYL=Customer Owned Yard Lines;
Attrition = Annual Attrition Filing and Automatic Trigger Mechanism for Cost of Capital
[2] Authorized amounts do not include the effect of lower depreciation rates, which contribute to an increase in operating income
[3] Original decision dated November 7, 2012 authorized $1.2 mm in NNV and $5.8 mm in SNV
[4] 2016 COYL margin pending ACC approval, expected May 2016
[5] Adjustment to 2016 Attrition to recover the revenue requirement associated with the Victor Valley transmission replacement
[6] Stipulation - Not Identified in Order

SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)		2015		2014		2013		2012		2011			2010		2009		2008			2007		2006
Results of Consolidated Operations
Contribution to net income - gas operations		$	111,625	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494	$	71,473
Contribution to net income - construction services			26,692		24,254		21,151		16,712		20,867			12,495		8,062		7,226			10,752		12,387
Net income		$	138,317	$	141,126	$	145,320	$	133,331	$	112,287		$	103,877	$	87,482	$	60,973		$	83,246	$	83,860

Basic earnings per share		$	2.94	$	3.04	$	3.14	$	2.89	$	2.45		$	2.29	$	1.95	$	1.40		$	1.97	$	2.07
Diluted earnings per share		$	2.92	$	3.01	$	3.11	$	2.86	$	2.43		$	2.27	$	1.94	$	1.39		$	1.95	$	2.05

Average outstanding common shares			46,992		46,494		46,318		46,115		45,858			45,405		44,752		43,476			42,336		40,566
Average shares outstanding (assuming dilution)			47,383		46,944		46,758		46,555		46,291			45,823		45,062		43,775			42,714		40,975

Results of Natural Gas Operations
Gas operating revenues		$	1,454,639	$	1,382,087	$	1,300,154	$	1,321,728	$	1,403,366		$	1,511,907	$	1,614,843	$	1,791,395		$	1,814,766	$	1,727,394
Net cost of gas sold			563,809		505,356		436,001		479,602		613,489			736,175		866,630		1,055,977			1,086,194		1,033,988
Operating margin			890,830		876,731		864,153		842,126		789,877			775,732		748,213		735,418			728,572		693,406
Operations and maintenance expense			393,199		383,732		384,914		369,979		358,498			354,943		348,942		338,660			331,208		320,803
Depreciation and amortization			213,455		204,144		193,848		186,035		175,253			170,456		166,850		166,337			157,090		146,654
Taxes other than income taxes			49,393		47,252		45,551		41,728		40,949			38,869		37,318		36,780			37,553		34,994
Operating income			234,783		241,603		239,840		244,384		215,177			211,464		195,103		193,641			202,721		190,955
Other income (deductions)			2,292		7,165		12,261		4,165		(5,404	)		4,016		6,590		(13,469	)		4,850		10,049
Net interest deductions			64,095		68,299		62,555		66,957		68,777			75,113		74,091		83,096			86,436		85,567
Net interest deductions on subordinated debentures			-		-		-		-		-			1,912		7,731		7,729			7,727		7,724
Income before income taxes			172,980		180,469		189,546		181,592		140,996			138,455		119,871		89,347			113,408		107,713
Income tax expense			61,355		63,597		65,377		64,973		49,576			47,073		40,451		35,600			40,914		36,240
Contribution to consolidated net income		$	111,625	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494	$	71,473

SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
ASSETS
Net utility plant		$	3,891,085		$	3,658,383		$	3,486,108		$	3,343,794		$	3,218,944		$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104
Other property and investments			313,531			326,743			260,871			242,096			192,004			134,648			115,860			124,781			143,097			136,242
Restricted cash			-			821			-			-			12,785			37,781			49,769			-			-			-
Current assets			558,174			606,611			494,672			458,417			461,632			445,894			417,632			438,076			502,459			501,624
Noncurrent assets			595,895			615,739			323,523			443,750			390,642			293,434			288,528			274,220			179,332			178,995
Total assets		$	5,358,685		$	5,208,297		$	4,565,174		$	4,488,057		$	4,276,007		$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965
CAPITALIZATION
Common stock equity		$	945,455		$	899,534		$	888,507		$	876,555		$	869,226		$	855,114		$	839,061		$	816,285		$	776,755		$	741,658
Accumulated other comprehensive income (loss), net			(50,268	)		(50,175	)		(41,698	)		(50,745	)		(49,331	)		(30,784	)		(22,250	)		(19,426	)		(12,850	)		(13,666	)
Retained earnings			699,221			639,164			567,714			484,369			406,125			343,131			285,316			240,982			219,768			173,433
Noncontrolling interest			(2,083	)		(2,257	)		(2,128	)		(1,681	)		(989	)		(465	)		(41	)		-			-			-
Subordinated debentures			-			-			-			-			-			-			100,000			100,000			100,000			100,000
Redeemable noncontrolling interest			16,108			20,042			-			-			-			-			-			-			-			-
Long-term debt, less current maturities			1,551,204			1,631,374			1,381,327			1,268,373			930,858			1,124,681			1,169,357			1,185,474			1,266,067			1,286,354
Total capitalization			3,159,637			3,137,682			2,793,722			2,576,871			2,155,889			2,291,677			2,371,443			2,323,315			2,349,740			2,287,779
LIABILITIES
Current maturities of long-term debt			19,475			19,192			11,105			50,137			322,618			75,080			1,327			7,833			38,079			27,545
Current liabilities			515,570			450,925			423,059			484,992			524,950			521,881			472,903			502,062			489,853			468,519
Deferred income taxes and investment tax credits			769,445			723,688			674,411			616,184			557,118			466,628			436,113			387,539			347,497			308,493
Other deferred credits and other long-term liabilities			894,558			876,810			662,877			759,873			715,432			628,927			624,506			599,635			445,019			392,629
Total liabilities			2,199,048			2,070,615			1,771,452			1,911,186			2,120,118			1,692,516			1,534,849			1,497,069			1,320,448			1,197,186
Total capitalization and liabilities		$	5,358,685		$	5,208,297		$	4,565,174		$	4,488,057		$	4,276,007		$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965



GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
From operating activities		$	497,500		$	288,534		$	265,290		$	344,441		$	216,745		$	342,522		$	371,416		$	261,322		$	320,594		$	253,245
From investing activities			(416,727	)		(328,645	)		(304,189	)		(296,886	)		(289,234	)		(178,685	)		(265,850	)		(237,093	)		(306,396	)		(277,980	)
From financing activities			(74,159	)		23,413			44,947			(43,453	)		(2,327	)		(107,779	)		(81,744	)		(34,704	)		(5,347	)		15,989
Net change in cash		$	6,614		$	(16,698	)	$	6,048		$	4,102		$	(74,816	)	$	56,058		$	23,822		$	(10,475	)	$	8,851		$	(8,746	)

GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
Distribution		$	4,935,730		$	4,655,640		$	4,410,598		$	4,224,560		$	4,048,078		$	3,847,731		$	3,716,881		$	3,615,253		$	3,419,799		$	3,153,399
General			365,865			356,072			324,490			310,936			291,639			279,402			270,825			228,282			219,126			219,527
Transmission			312,996			312,300			313,306			301,505			295,103			274,646			271,467			262,271			256,696			243,989
Intangible			205,782			198,457			171,193			150,396			144,135			135,330			127,188			122,227			119,312			117,251
Construction work in progress			119,805			74,332			101,413			74,178			44,894			37,489			45,872			70,041			61,419			78,402
Other			34,914			34,680			33,612			33,014			33,186			33,267			33,376			32,326			30,815			31,136
Accumulated depreciation & amortization			(2,084,007	)		(1,973,098	)		(1,868,504	)		(1,750,795	)		(1,638,091	)		(1,535,429	)		(1,431,106	)		(1,347,093	)		(1,261,867	)		(1,175,600	)
Net utility plant		$	3,891,085		$	3,658,383		$	3,486,108		$	3,343,794		$	3,218,944		$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104


OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
Distribution		$	181,249		$	170,377		$	174,129		$	166,356		$	157,855		$	157,220		$	159,282		$	151,586		$	148,130		$	142,194
Administrative and general			137,868			137,951			131,366			124,874			123,357			120,942			112,526			106,851			101,100			98,363
Customer accounts			51,071			50,200			53,809			55,894			57,414			60,187			60,896			63,788			67,453			67,472
Transmission			14,779			15,792			15,864			14,207			12,353			9,622			9,338			10,172			8,346			8,276
Production and storage expenses			5,052			4,960			5,054			4,500			4,492			4,215			3,985			3,398			3,071			2,927
Customer service and informational			3,165			4,440			4,677			4,142			2,962			2,646			2,484			2,523			2,842			1,285
Sales			15			12			15			6			65			111			431			342			266			286
Total operations and maintenance expenses		$	393,199		$	383,732		$	384,914		$	369,979		$	358,498		$	354,943		$	348,942		$	338,660		$	331,208		$	320,803

GAS OPERATIONS SEGMENT

	AT DECEMBER 31,
CUSTOMERS BY CLASS		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
Residential			1,874,852			1,849,555			1,824,008			1,796,929			1,780,155			1,758,557			1,744,481			1,738,202			1,732,573			1,704,456
Small commercial			78,833			78,230			77,848			76,800			76,633			76,746			77,416			78,190			77,970			76,962
Large commercial			1,043			1,086			1,076			1,118			1,433			1,185			1,263			1,314			1,310			1,219
Industrial / Other			318			341			333			308			320			328			320			343			347			370
Transportation			879			833			812			739			715			643			646			550			594			630
Total customers			1,955,925			1,930,045			1,904,077			1,875,894			1,859,256			1,837,459			1,824,126			1,818,599			1,812,794			1,783,637

ANNUAL CUSTOMER GROWTH RATE			1.3	%		1.4	%		1.5	%		0.9	%		1.2	%		0.7	%		0.3	%		0.3	%		1.6	%		4.1	%

SYSTEM THROUGHPUT BY CLASS	YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Residential			65,542		61,738		74,133		65,505		71,877		70,470		66,974		70,499		69,806		67,760
Small commercial			28,512		27,658		29,804		27,067		30,392		30,094		29,423		31,455		31,067		30,986
Large commercial			9,228		9,439		10,276		11,658		11,226		11,183		11,724		12,512		12,756		12,826
Industrial / Other			3,097		3,238		5,021		4,783		5,021		5,892		7,262		9,770		10,353		14,924
Transportation			103,571		90,669		103,792		99,809		94,154		99,860		104,389		116,419		112,842		117,524
Total system throughput			209,950		192,742		223,026		208,822		212,670		217,499		219,772		240,655		236,824		244,020

OPERATING MARGIN BY CLASS*	YEAR ENDED DECEMBER 31,
(In thousands)		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Residential		$	623,828	$	612,641	$	601,076	$	582,619	$	549,844	$	537,980	$	513,299	$	503,397	$	497,703	$	466,990
Small commercial			136,344		136,272		133,474		132,964		129,946		127,802		129,103		128,827		129,080		126,020
Large commercial			22,249		23,412		25,171		26,421		20,248		20,936		21,879		22,536		22,483		21,257
Industrial / Other			6,937		6,477		7,735		8,706		8,772		9,515		10,302		12,586		13,852		17,075
Transportation			101,472		97,929		96,697		91,416		81,067		79,499		73,630		68,072		65,454		62,064
Total operating margin		$	890,830	$	876,731	$	864,153	$	842,126	$	789,877	$	775,732	$	748,213	$	735,418	$	728,572	$	693,406


* Includes allocations of miscellaneous, unbilled, and other operating revenues.

SOUTHWEST GAS CORPORATION

MARKET PRICE PER SHARE		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
High		$	63.68		$	64.20		$	56.03		$	46.08		$	43.20		$	37.25		$	29.48		$	33.29		$	39.95		$	39.37
Low			50.78			47.21			42.02			39.01			32.12			26.28			17.08			21.11			26.45			26.09
Close [1]			55.16			61.81			55.91			42.41			42.49			36.67			28.53			25.22			29.77			38.37


		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
COMMON SHARES OUTSTANDING (in thousands) [1]			47,378			46,523			46,356			46,148			45,956			45,599			45,092			44,192			42,806			41,770
DIVIDEND YIELD [1]			2.9	%		2.4	%		2.4	%		2.8	%		2.5	%		2.7	%		3.3	%		3.6	%		2.9	%		2.1	%
DIVIDENDS DECLARED PER SHARE [2]		$	1.62		$	1.46		$	1.32		$	1.18		$	1.06		$	1.00		$	0.95		$	0.90		$	0.86		$	0.82
PRICE / EARNINGS RATIO [1]			18.76			20.33			17.81			14.67			17.34			16.01			14.63			18.01			15.11			18.54
RETURN ON EQUITY - TOTAL COMPANY [2]			8.9	%		9.7	%		10.6	%		10.4	%		9.3	%		9.1	%		8.1	%		6.0	%		8.8	%		10.3	%
RETURN ON EQUITY - GAS SEGMENT ONLY [2]			7.6	%		8.5	%		9.6	%		9.6	%		8.0	%		8.5	%		7.8	%		5.6	%		8.1	%		9.2	%
BOOK VALUE PER SHARE [1]		$	33.65		$	32.03		$	30.51		$	28.39		$	26.68		$	25.60		$	24.44		$	23.48		$	22.98		$	21.58


GAS OPERATIONS SEGMENT

	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
Actual			1,512			1,416			1,918			1,740			2,002			1,998			1,824			1,902			1,850			1,826
Ten-year average			1,792			1,816			1,876			1,866			1,888			1,876			1,882			1,893			1,936			1,961


		2015			2014			2013			2012			2011			2010			2009			2008			2007			2006
NUMBER OF GAS SEGMENT EMPLOYEES [1]			2,219			2,196			2,220			2,245			2,298			2,349			2,423			2,447			2,538			2,525
CUSTOMERS / EMPLOYEE [1]			881			879			858			836			809			782			753			743			714			706
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]		$	204		$	202		$	206		$	200		$	196		$	196		$	194		$	188		$	186		$	185
WEIGHTED AVERAGE COST OF GAS (per therm) [2]		$	0.44		$	0.55		$	0.42		$	0.42		$	0.58		$	0.62		$	0.71		$	0.84		$	0.81		$	0.79
CONSTRUCTION EXPENDITURES (in thousands) [2]		$	438,289		$	350,025		$	314,578		$	308,951		$	305,542		$	188,379		$	212,919		$	279,254		$	312,412		$	305,914

[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 12-31-15				Twelve Months Ended 12-31-14
Southern Nevada
Commercial		9,243,286	$	8,547,515		8,915,272	$	8,647,745
Industrial		4,877,250		3,458,453		4,526,123		3,167,429
Power Generation		50,309,524		14,810,785		39,733,611		13,785,449
Southern Nevada Totals		64,430,060	$	26,816,753		53,175,006	$	25,600,623



Northern Nevada (1)
Commercial		1,652,217	$	950,113		1,414,962	$	779,760
Industrial		6,470,845		1,865,591		6,518,169		1,759,512
Power Generation		3,859,454		2,496,822		2,881,356		1,819,232
Resale		9,311,325		24,609,914		9,703,759		23,970,330
Northern Nevada Totals		21,293,841	$	29,922,440		20,518,246	$	28,328,834






(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 12-31-15				Twelve Months Ended 12-31-14
Southern Arizona
Commercial		1,038,182	$	3,013,539		979,524	$	2,830,493
Industrial		1,867,048		1,247,404		1,627,938		1,508,195
Power Generation		1,641,668		3,389,808		1,531,908		3,298,010
Irrigation		900,846		2,649,594		958,955		2,416,811
Southern Arizona Totals		5,447,744	$	10,300,345		5,098,325	$	10,053,509



Central Arizona
Commercial		4,015,282	$	10,188,893		3,761,712	$	9,754,824
Industrial		4,058,930		9,812,982		3,760,460		8,861,325
Power Generation		671,326		1,161,296		783,277		1,327,156
Irrigation		2,503,783		4,069,054		2,542,795		4,017,509
Central Arizona Totals		11,249,321	$	25,232,225		10,848,244	$	23,960,814

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin


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

	Twelve Months Ended 12-31-15				Twelve Months Ended 12-31-14
Southern California
Commercial		466,943	$	707,751		461,257	$	639,872
Industrial		152,915		224,836		158,448		215,398
Power Generation		529,916		638,132		409,604		509,101
Southern California Totals		1,149,774	$	1,570,719		1,029,309	$	1,364,371




Total Company (1)
Commercial		16,415,910	$	23,407,811		15,532,727	$	22,652,694
Industrial		17,426,988		16,609,266		16,591,138		15,511,859
Power Generation		57,011,888		22,496,843		45,339,756		20,738,948
Resale		9,311,325		24,609,914		9,703,759		23,970,330
Irrigation		3,404,629		6,718,648		3,501,750		6,434,320
TOTAL COMPANY		103,570,740	$	93,842,482		90,669,130	$	89,308,151






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

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