Southwest Gas 8-K Regulation FD Disclosure

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) 542-3977
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 2013

ARIZONA
Five members, elected statewide to four-year staggered terms.  Governor appoints replacements, if position is vacated.
	Chairman Bob Stump	Rep.	Term ends 01/2017
	Commissioner Susan Bitter Smith	Rep.	Term ends 01/2017
	Commissioner Bob Burns	Rep.	Term ends 01/2017
	Commissioner Brenda Burns	Rep.	Term ends 01/2015
	Commissioner Gary Pierce	Rep.	Term ends 01/2015
	Executive Director Jodi Jerich
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 Mark Ferron	Dem.	Term ends 01/01/2015
	Commissioner Mike Florio	Dem.	Term ends 01/01/2017
	Commissioner Carla Peterman	Dem.	Term ends 01/01/2018
	Commissioner Catherine J. K. Sandoval	Dem.	Term ends 01/01/2017
	Executive Director Paul Clanon
NEVADA
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
	Chairman Alaina Burtenshaw	Dem.	Term ends 9/30/2013
	Commissioner David Noble	Ind.	Term ends 09/30/2016
	Commissioner Rebecca Wagner	Rep.	Term ends 9/30/2015
	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 Tony Clark	Rep.	Term ends 6/30/2016
	Commissioner Cheryl A. LaFleur	Dem.	Term ends 6/30/2014
	Commissioner Philip D. Moeller	Rep.	Term ends 6/30/2015
	Commissioner John R. Norris	Dem.	Term ends 6/30/2017
	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)			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) [2]	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) [2]	GRC	11/30/11	04/04/12	04/09/13		24.9			6.7			27		6.56		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
CALIFORNIA
Application No. 02-02-012 (SCA)	GRC	12/31/03	02/13/02	05/08/03		5.7			3.6			63		9.17		10.90		42.00
Application No. 02-02-012 (NCA)	GRC	12/31/03	02/13/02	05/08/03		4.4			3.8			87		9.17		10.90		42.00
Advice Letter No. 722  (SCA)	Attrition		11/01/04	01/01/05		1.6			1.6			100		8.74		10.38		42.00
Advice Letter No. 722  (NCA)	Attrition		11/01/04	01/01/05		0.3			0.3			100		8.74		10.38		42.00
Advice Letter No. 747-A  (SCA)	Attrition		11/23/05	04/13/06		3.4			2.2			65		8.74		10.38		42.00
Advice Letter No. 747-A  (NCA)	Attrition		11/23/05	04/13/06		1.1			0.8			72		8.74		10.38		42.00
Advice Letter No. 769  (SCA)	Attrition		11/17/06	01/01/07		2.3			2.3			100		8.74		10.38		42.00
Advice Letter No. 769  (NCA)	Attrition		11/17/06	01/01/07		0.4			0.4			100		8.74		10.38		42.00
Advice Letter No. 789  (SCA)	Attrition		11/01/07	01/01/08		1.7			1.7			100		8.74		10.38		42.00
Advice Letter No. 789  (NCA)	Attrition		11/01/07	01/01/08		0.4			0.4			100		8.74		10.38		42.00
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. 904/905  (SCA)	Attrition		11/29/12	01/01/13		1.1			1.1			100		6.10		9.35		50.00
Advice Letter No. 904/905  (NCA/SLT)	Attrition		11/29/12	01/01/13		(0.0	)		(0.0	)		100		7.77		9.35		50.00
FERC
Docket No. RP05-163	GRC	07/31/05	01/28/05	08/01/05		1.7			(2.5	)	NM			[3]		[3]		[3]
Docket No. RP09-406	GRC	08/31/09	02/27/09	09/01/09		3.9			0.9			22		[3]		[3]		[3]
[1] GRC = General Rate Case; VIER = Variable Interest Expense Recovery Mechanism; Attrition = Annual Attrition Filing and Automatic Trigger Mechanism for Cost of Capital
[2] Original decision dated November 7, 2012 authorized $1.2MM in NNV and $5.8MM in SNV [3] Stipulation - Not Identified in Order

SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)	2012		2011			2010		2009		2008			2007		2006		2005		2004		2003
Results of Consolidated Operations
Contribution to net income - gas operations	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494	$	71,473	$	33,670	$	48,354	$	34,211
Contribution to net income - construction services		16,712		20,867			12,495		8,062		7,226			10,752		12,387		10,153		8,421		4,291
Net income	$	133,331	$	112,287		$	103,877	$	87,482	$	60,973		$	83,246	$	83,860	$	43,823	$	56,775	$	38,502
Basic earnings per share	$	2.89	$	2.45		$	2.29	$	1.95	$	1.40		$	1.97	$	2.07	$	1.15	$	1.61	$	1.14
Diluted earnings per share	$	2.86	$	2.43		$	2.27	$	1.94	$	1.39		$	1.95	$	2.05	$	1.14	$	1.60	$	1.13
Average outstanding common shares		46,115		45,858			45,405		44,752		43,476			42,336		40,566		38,132		35,204		33,760
Average shares outstanding (assuming dilution)		46,555		46,291			45,823		45,062		43,775			42,714		40,975		38,467		35,488		34,041
Results of Natural Gas Operations
Gas operating revenues	$	1,321,728	$	1,403,366		$	1,511,907	$	1,614,843	$	1,791,395		$	1,814,766	$	1,727,394	$	1,455,257	$	1,262,052	$	1,034,353
Net cost of gas sold		479,602		613,489			736,175		866,630		1,055,977			1,086,194		1,033,988		828,131		645,766		482,503
Operating margin		842,126		789,877			775,732		748,213		735,418			728,572		693,406		627,126		616,286		551,850
Operations and maintenance expense		369,979		358,498			354,943		348,942		338,660			331,208		320,803		314,437		290,800		266,862
Depreciation and amortization		186,035		175,253			170,456		166,850		166,337			157,090		146,654		137,981		130,515		120,791
Taxes other than income taxes		41,728		40,949			38,869		37,318		36,780			37,553		34,994		39,040		37,669		35,910
Operating income		244,384		215,177			211,464		195,103		193,641			202,721		190,955		135,668		157,302		128,287
Other income (deductions)		4,165		(5,404	)		4,016		6,590		(13,469	)		4,850		10,049		5,087		1,611		2,955
Net interest deductions		66,957		68,777			75,113		74,091		83,096			86,436		85,567		81,595		78,137		76,251
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
Income before income taxes		181,592		140,996			138,455		119,871		89,347			113,408		107,713		51,437		73,052		48,131
Income tax expense		64,973		49,576			47,073		40,451		35,600			40,914		36,240		17,767		24,698		13,920
Contribution to consolidated net income	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494	$	71,473	$	33,670	$	48,354	$	34,211

SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)	2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
ASSETS
Net utility plant	$	3,343,794		$	3,218,944		$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104		$	2,489,147		$	2,335,992		$	2,175,736
Other property and investments		242,096			192,004			134,648			115,860			124,781			143,097			136,242			118,094			99,879			87,443
Restricted cash		-			12,785			37,781			49,769			-			-			-			-			-			-
Current assets		458,417			461,632			445,894			417,632			438,076			502,459			501,624			542,660			431,993			281,087
Deferred charges and other assets		443,750			390,642			293,434			288,528			274,220			179,332			178,995			78,525			70,252			63,840
Total assets	$	4,488,057		$	4,276,007		$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965		$	3,228,426		$	2,938,116		$	2,608,106
CAPITALIZATION
Common stock equity	$	876,555		$	869,226		$	855,114		$	839,061		$	816,285		$	776,755		$	741,658		$	669,206		$	605,070		$	546,383
Accumulated other comprehensive income (loss), net		(50,745	)		(49,331	)		(30,784	)		(22,250	)		(19,426	)		(12,850	)		(13,666	)		(41,645	)		(10,892	)		-
Retained earnings		484,369			406,125			343,131			285,316			240,982			219,768			173,433			123,574			111,498			84,084
Noncontrolling interest		(1,681	)		(989	)		(465	)		(41	)		-			-			-			-			-			-
Subordinated debentures		-			-			-			100,000			100,000			100,000			100,000			100,000			100,000			100,000
Long-term debt, less current maturities		1,268,373			930,858			1,124,681			1,169,357			1,185,474			1,266,067			1,286,354			1,224,898			1,162,936			1,121,164
Total capitalization		2,576,871			2,155,889			2,291,677			2,371,443			2,323,315			2,349,740			2,287,779			2,076,033			1,968,612			1,851,631
LIABILITIES
Current maturities of long-term debt		50,137			322,618			75,080			1,327			7,833			38,079			27,545			83,215			29,821			6,435
Current liabilities		484,992			524,950			521,881			472,903			502,062			489,853			468,519			537,738			453,210			303,977
Deferred income taxes and investment tax credits		616,184			557,118			466,628			436,113			387,539			347,497			308,493			234,739			281,743			277,332
Other deferred credits		759,873			715,432			628,927			624,506			599,635			445,019			392,629			296,701			204,730			168,731
Total liabilities		1,911,186			2,120,118			1,692,516			1,534,849			1,497,069			1,320,448			1,197,186			1,152,393			969,504			756,475
Total capitalization and liabilities	$	4,488,057		$	4,276,007		$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965		$	3,228,426		$	2,938,116		$	2,608,106
GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)		2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
From operating activities	$	344,441		$	216,745		$	342,522		$	371,416		$	261,322		$	320,594		$	253,245		$	214,036		$	124,135		$	187,122
From investing activities		(296,886	)		(289,234	)		(178,685	)		(265,850	)		(237,093	)		(306,396	)		(277,980	)		(254,120	)		(272,458	)		(249,300	)
From financing activities		(43,453	)		(2,327	)		(107,779	)		(81,744	)		(34,704	)		(5,347	)		15,989			57,763			143,086			60,815
Net change in cash	$	4,102		$	(74,816	)	$	56,058		$	23,822		$	(10,475	)	$	8,851		$	(8,746	)	$	17,679		$	(5,237	)	$	(1,363	)

GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)	2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Distribution	$	4,224,560		$	4,048,078		$	3,847,731		$	3,716,881		$	3,615,253		$	3,419,799		$	3,153,399		$	2,917,959		$	2,706,089		$	2,496,708
General		310,936			291,639			279,402			270,825			228,282			219,126			219,527			213,906			206,837			197,693
Transmission		301,505			295,103			274,646			271,467			262,271			256,696			243,989			239,872			233,841			215,907
Intangible		150,396			144,135			135,330			127,188			122,227			119,312			117,251			115,893			112,036			108,215
Construction work in progress		74,178			44,894			37,489			45,872			70,041			61,419			78,402			54,287			31,967			33,543
Other		33,014			33,186			33,267			33,376			32,326			30,815			31,136			31,130			31,141			19,979
Accumulated depreciation & amortization		(1,750,795	)		(1,638,091	)		(1,535,429	)		(1,431,106	)		(1,347,093	)		(1,261,867	)		(1,175,600	)		(1,083,900	)		(985,919	)		(896,309	)
Net utility plant	$	3,343,794		$	3,218,944		$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104		$	2,489,147		$	2,335,992		$	2,175,736
OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)	2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Distribution	$	166,356		$	157,855		$	157,220		$	159,282		$	151,586		$	148,130		$	142,194		$	134,271		$	126,396		$	115,983
Administrative and general		124,874			123,357			120,942			112,526			106,851			101,100			98,363			104,662			90,111			79,128
Customer accounts		55,894			57,414			60,187			60,896			63,788			67,453			67,472			63,715			60,180			58,458
Transmission		14,207			12,353			9,622			9,338			10,172			8,346			8,276			7,515			7,612			7,264
Production and storage expenses		4,500			4,492			4,215			3,985			3,398			3,071			2,927			3,074			5,114			4,657
Customer service and informational		4,142			2,962			2,646			2,484			2,523			2,842			1,285			1,064			1,047			782
Sales		6			65			111			431			342			266			286			136			340			590
Total operations and maintenance expenses	$	369,979		$	358,498		$	354,943		$	348,942		$	338,660		$	331,208		$	320,803		$	314,437		$	290,800		$	266,862

GAS OPERATIONS SEGMENT
	AT DECEMBER 31,
CUSTOMERS BY CLASS		2012			2011			2010			2009			2008			2007			2006			2005*				2004		2003**
Residential			1,796,929			1,780,155			1,758,557			1,744,481			1,738,202			1,732,573			1,704,456			1,635,115			1,537,434			1,456,857
Small commercial			76,800			76,633			76,746			77,416			78,190			77,970			76,962			75,549			72,953			71,466
Large commercial			1,118			1,433			1,185			1,263			1,314			1,310			1,219			1,222			1,221			1,270
Industrial / Other			308			320			328			320			343			347			370			386			383			397
Transportation			739			715			643			646			550			594			630			590			665			596
Total customers			1,875,894			1,859,256			1,837,459			1,824,126			1,818,599			1,812,794			1,783,637			1,712,862			1,612,656			1,530,586
ANNUAL CUSTOMER GROWTH RATE			0.9	%		1.2	%		0.7	%		0.3	%		0.3	%		1.6	%		4.1	%		6.2	%		5.4	%		5.2	%
SYSTEM THROUGHPUT BY CLASS	YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Residential			65,505			71,877			70,470			66,974			70,499			69,806			67,760			65,047			66,717			59,305
Small commercial			27,067			30,392			30,094			29,423			31,455			31,067			30,986			30,007			30,384			27,915
Large commercial			11,658			11,226			11,183			11,724			12,512			12,756			12,826			11,184			10,490			10,042
Industrial / Other			4,783			5,021			5,892			7,262			9,770			10,353			14,924			15,654			16,386			15,731
Transportation			99,809			94,154			99,860			104,389			116,419			112,842			117,524			127,396			125,827			133,690
Total system throughput			208,822			212,670			217,499			219,772			240,655			236,824			244,020			249,288			249,804			246,683
OPERATING MARGIN BY CLASS***	YEAR ENDED DECEMBER 31,
(In thousands)			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Residential		$	582,619		$	549,844		$	537,980		$	513,299		$	503,397		$	497,703		$	466,990		$	422,643		$	413,977		$	360,591
Small commercial			132,964			129,946			127,802			129,103			128,827			129,080			126,020			114,252			114,834			104,353
Large commercial			26,421			20,248			20,936			21,879			22,536			22,483			21,257			17,111			17,399			16,907
Industrial / Other			8,706			8,772			9,515			10,302			12,586			13,852			17,075			15,489			15,043			15,977
Transportation			91,416			81,067			79,499			73,630			68,072			65,454			62,064			57,631			55,033			54,022
Total operating margin		$	842,126		$	789,877		$	775,732		$	748,213		$	735,418		$	728,572		$	693,406		$	627,126		$	616,286		$	551,850
* 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		2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
High		$	46.08		$	43.20		$	37.25		$	29.48		$	33.29		$	39.95		$	39.37		$	28.07		$	26.15		$	23.64
Low			39.01			32.12			26.28			17.08			21.11			26.45			26.09			23.53			21.50			19.30
Close  [1]			42.41			42.49			36.67			28.53			25.22			29.77			38.37			26.40			25.40			22.45
			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
COMMON SHARES OUTSTANDING (in thousands)  [1]			46,148			45,956			45,599			45,092			44,192			42,806			41,770			39,328			36,794			34,232
DIVIDEND YIELD  [1]			2.8	%		2.5	%		2.7	%		3.3	%		3.6	%		2.9	%		2.1	%		3.1	%		3.2	%		3.7	%
DIVIDENDS DECLARED PER SHARE  [2]		$	1.18		$	1.06		$	1.00		$	0.95		$	0.90		$	0.86		$	0.82		$	0.82		$	0.82		$	0.82
PRICE / EARNINGS RATIO  [1]			14.67			17.34			16.01			14.63			18.01			15.11			18.54			22.96			15.78			19.69
RETURN ON EQUITY - TOTAL COMPANY  [2]			10.4	%		9.3	%		9.1	%		8.1	%		6.0	%		8.8	%		10.3	%		5.9	%		8.5	%		6.3	%
RETURN ON EQUITY - GAS SEGMENT ONLY  [2]			9.6	%		8.0	%		8.5	%		7.8	%		5.6	%		8.1	%		9.2	%		4.8	%		7.6	%		5.9	%
BOOK VALUE PER SHARE  [1]		$	28.39		$	26.68		$	25.60		$	24.44		$	23.48		$	22.98		$	21.58		$	19.10		$	19.18		$	18.42
GAS OPERATIONS SEGMENT
	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Actual			1,740			2,002			1,998			1,824			1,902			1,850			1,826			1,735			1,953			1,772
Ten-year average			1,866			1,888			1,876			1,882			1,893			1,936			1,961			1,956			1,913			1,931
			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
NUMBER OF GAS SEGMENT EMPLOYEES  [1]			2,245			2,298			2,349			2,423			2,447			2,538			2,525			2,590			2,548			2,550
CUSTOMERS / EMPLOYEE  [1]			836			809			782			753			743			714			706			661			633			600
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]		$	200		$	196		$	196		$	194		$	188		$	186		$	185		$	191		$	187		$	182
WEIGHTED AVERAGE COST OF GAS (per therm)  [2]		$	0.42		$	0.58		$	0.62		$	0.71		$	0.84		$	0.81		$	0.79		$	0.71		$	0.57		$	0.46
CONSTRUCTION EXPENDITURES (in thousands)  [2]		$	308,951		$	305,542		$	188,379		$	212,919		$	279,254		$	312,412		$	305,914		$	258,547		$	274,748		$	228,288
[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 12-31-12				Twelve Months Ended 12-31-11
Southern Nevada
	Commercial		7,820,854	$	8,378,605		6,881,666	$	7,303,359
	Industrial		3,724,069		2,920,092		3,057,635		2,268,912
	Power Generation		49,418,614		13,922,930		46,393,997		12,309,467
Southern Nevada Totals			60,963,537	$	25,221,627		56,333,298	$	21,881,738
Northern Nevada      (1)
	Commercial		1,575,187	$	751,408		2,109,933	$	797,616
	Industrial		6,158,791		1,997,924		6,257,400		1,973,075
	Power Generation		4,805,329		2,669,778		2,538,983		1,745,682
	Resale		10,270,375		22,722,529		10,648,020		22,522,572
Northern Nevada Totals			22,809,682	$	28,141,639		21,554,336	$	27,038,945
(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 12-31-12		Twelve Months Ended 12-31-11

Southern Arizona
Commercial	902,408	$	2,406,889	669,936	$	1,457,266
Industrial	875,863		1,039,227	1,636,087		1,221,281
Power Generation	1,727,627		3,554,904	1,752,500		3,090,962
Irrigation	260,008		532,740	358,159		511,505
Southern Arizona Totals	3,765,906	$	7,533,760	4,416,682	$	6,281,014
Central Arizona
Commercial	3,215,738	$	7,582,135	3,073,606	$	6,158,013
Industrial	3,548,257		7,820,972	3,288,711		6,333,363
Power Generation	789,864		1,268,959	721,311		1,012,191
Irrigation	2,273,861		3,697,496	2,167,585		3,131,959
Central Arizona Totals	9,827,720	$	20,369,562	9,251,213	$	16,635,526

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin
	DEKATHERMS	OPERATING	DEKATHERMS	OPERATING
DIVISION/CUSTOMER TYPE	TRANSPORTED	MARGIN	TRANSPORTED	MARGIN
	Twelve Months Ended 12-31-12		Twelve Months Ended 12-31-11

Southern California
	Commercial	525,603	$	663,679	532,208	$	635,874
	Industrial	199,950		218,039	268,424		300,423
	Power Generation	1,717,068		1,066,847	1,798,242		1,080,064
Southern California Totals		2,442,621	$	1,948,565	2,598,874	$	2,016,361
Total Company     (1)
	Commercial	14,039,790	$	19,782,716	13,267,349	$	16,352,128
	Industrial	14,506,930		13,996,254	14,508,257		12,097,054
	Power Generation	58,458,502		22,483,418	53,205,033		19,238,366
	Resale	10,270,375		22,722,529	10,648,020		22,522,572
	Irrigation	2,533,869		4,230,236	2,525,744		3,643,464
TOTAL COMPANY		99,809,466	$	83,215,153	94,154,403	$	73,853,584
(1)	Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.