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.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) 502-8400	FAX: (202) 208-2268

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

SUMMARY OF COMMISSIONER STATUS BY JURISDICTION

March 2017

ARIZONA
Five members, elected statewide to four-year staggered terms.  Governor appoints replacements, if position is vacated.
	Chairman Tom Forese	Rep.	Term ends 01/2019
	Commissioner Doug Little	Rep.	Term ends 01/2019
	Commissioner Bob Burns	Rep.	Term ends 01/2021
	Commissioner Andy Tobin	Rep.	Term ends 01/2021
	Commissioner Boyd Dunn	Rep.	Term ends 01/2021
	Executive Director Ted Vogt
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 Carla J. Peterman	Dem.	Term ends 12/31/2018
	Commissioner Liane M. Randolph	Dem.	Term ends 12/31/2020
	Commissioner Martha Guzman-Aceves	Dem.	Term ends 12/31/2022
	Commissioner Clifford L. Rechtschaffen	Dem.	Term ends 12/31/2022
	Executive Director Timothy Sullivan
NEVADA
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
	Chairman Joe Reynolds	Rep.	Term ends 09/30/2020
	Commissioner Ann C. Pongracz	Dem.	Term ends 09/30/2017
	Commissioner Paul A. Thomsen	Dem.	Term ends 09/30/2019
	Executive Director Stephanie Mullen
FERC
Up to five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
	Acting Chairman Cheryl A. LaFleur	Dem.	Term ends 06/30/2019
	Commissioner Colette D. Honorable	Dem.	Term ends 06/30/2017
	Vacant
	Vacant
	Vacant
	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) [3]	VIER		06/15/09	11/01/09		0.0			0.0			100		7.40		10.15		47.09
Docket No. 10-06008  (SNV) [3]	VIER		06/04/10	11/01/10		(1.1	)		(1.1	)		100		7.25		10.15		47.09
Docket No. 11-06003  (SNV) [3]	VIER		06/03/11	11/01/11		0.1			0.1			100		7.26		10.15		47.09
Docket No. 12-04005  (NNV) [4]	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) [4]	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) [3]	VIER		06/04/13	01/01/14		(0.1	)		(0.1	)		100		6.52		10.00		42.74
Docket No. 14-06004  (SNV) [3]	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) [3]	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
Docket No. 16-06003  (SNV) [3]	VIER		06/03/16	01/01/17		0.0			0.0			100		6.46		10.00		42.74
Docket No. 16-09022  (NNV)	GIR		09/30/16	01/01/17		0.6			0.6			100		7.88		9.30		59.06
Docket No. 16-09022  (SNV)	GIR		09/30/16	01/01/17		3.9			3.9			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	COYL		02/29/16	06/01/16		3.7			3.7			100		8.95		9.50		52.30
Docket No. G-0155A-10-0458 [5]	COYL		02/28/17	06/01/17		1.8		TBD			TBD		TBD		TBD		TBD
Docket No. G-0155A-16-0107 [6]	GRC	11/30/2015	05/02/16	TBD		32.0		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)[7]	Attrition		11/30/15	01/01/16		1.7			1.7			100		6.83		10.10		55.00
Advice Letter No 1024 (SCA)	Attrition		11/30/16	01/01/17		1.9			1.9			100		6.83		10.10		55.00
Advice Letter No. 1024(NCA/SLT)	Attrition		11/30/16	01/01/17		0.8			0.8			100		8.18		10.10		55.00
Advice Letter No. 1025 (SCA)[7]	Attrition		11/30/16	01/01/17		0.2			0.2			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		[8]		[8]		[8]
Docket No. RP14-540	GRC	08/31/14	02/28/14	09/01/14		9.0			2.4			27		[8]		[8]		[8]
[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] Represents the net change in margin resulting from the Average Variable Interest Rate (AVIR)
[4] Original decision dated November 7, 2012 authorized $1.2 mm in NNV and $5.8 mm in SNV
[5] 2017 COYL margin pending ACC approval, expected May 2017
[6] Arizona General Rate Case pending ACC approval, expected April 2017
[7] Adjustments to 2016 (AL 996) and 2017 (AL 1025) Attrition to recover the revenue requirement associated with the Victor Valley transmission replacement
[8] Stipulation - Not Identified in Order

SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)		2016		2015		2014		2013		2012		2011			2010		2009		2008			2007
Results of Consolidated Operations
Contribution to net income - gas operations		$	119,423	$	111,625	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494
Contribution to net income - construction services			32,618		26,692		24,254		21,151		16,712		20,867			12,495		8,062		7,226			10,752
Net income		$	152,041	$	138,317	$	141,126	$	145,320	$	133,331	$	112,287		$	103,877	$	87,482	$	60,973		$	83,246
Basic earnings per share		$	3.20	$	2.94	$	3.04	$	3.14	$	2.89	$	2.45		$	2.29	$	1.95	$	1.40		$	1.97
Diluted earnings per share		$	3.18	$	2.92	$	3.01	$	3.11	$	2.86	$	2.43		$	2.27	$	1.94	$	1.39		$	1.95
Average outstanding common shares			47,469		46,992		46,494		46,318		46,115		45,858			45,405		44,752		43,476			42,336
Average shares outstanding (assuming dilution)			47,814		47,383		46,944		46,758		46,555		46,291			45,823		45,062		43,775			42,714
Results of Natural Gas Operations
Gas operating revenues		$	1,321,412	$	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
Net cost of gas sold			397,121		563,809		505,356		436,001		479,602		613,489			736,175		866,630		1,055,977			1,086,194
Operating margin			924,291		890,830		876,731		864,153		842,126		789,877			775,732		748,213		735,418			728,572
Operations and maintenance expense			401,724		393,199		383,732		384,914		369,979		358,498			354,943		348,942		338,660			331,208
Depreciation and amortization			233,463		213,455		204,144		193,848		186,035		175,253			170,456		166,850		166,337			157,090
Taxes other than income taxes			52,376		49,393		47,252		45,551		41,728		40,949			38,869		37,318		36,780			37,553
Operating income			236,728		234,783		241,603		239,840		244,384		215,177			211,464		195,103		193,641			202,721
Other income (deductions)			8,276		2,292		7,165		12,261		4,165		(5,404	)		4,016		6,590		(13,469	)		4,850
Net interest deductions			66,997		64,095		68,299		62,555		66,957		68,777			75,113		74,091		83,096			86,436
Net interest deductions on subordinated debentures			-		-		-		-		-		-			1,912		7,731		7,729			7,727
Income before income taxes			178,007		172,980		180,469		189,546		181,592		140,996			138,455		119,871		89,347			113,408
Income tax expense			58,584		61,355		63,597		65,377		64,973		49,576			47,073		40,451		35,600			40,914
Contribution to consolidated net income		$	119,423	$	111,625	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494

SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)		2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
ASSETS
Net utility plant		$	4,131,971		$	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
Other property and investments			342,343			313,531			326,743			260,871			242,096			192,004			134,648			115,860			124,781			143,097
Restricted cash			-			-			821			-			-			12,785			37,781			49,769			-			-
Current assets			533,307			558,174			606,611			494,672			458,417			461,632			445,894			417,632			438,076			502,459
Noncurrent assets			573,505			595,895			615,739			323,523			443,750			390,642			293,434			288,528			274,220			179,332
Total assets		$	5,581,126		$	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
CAPITALIZATION
Common stock equity		$	952,235		$	945,455		$	899,534		$	888,507		$	876,555		$	869,226		$	855,114		$	839,061		$	816,285		$	776,755
Accumulated other comprehensive income (loss), net			(48,008	)		(50,268	)		(50,175	)		(41,698	)		(50,745	)		(49,331	)		(30,784	)		(22,250	)		(19,426	)		(12,850	)
Retained earnings			759,263			699,221			639,164			567,714			484,369			406,125			343,131			285,316			240,982			219,768
Noncontrolling interest			(2,217	)		(2,083	)		(2,257	)		(2,128	)		(1,681	)		(989	)		(465	)		(41	)		-			-
Subordinated debentures			-			-			-			-			-			-			-			100,000			100,000			100,000
Redeemable noncontrolling interest			22,590			16,108			20,042			-			-			-			-			-			-			-
Long-term debt, less current maturities			1,549,983			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
Total capitalization			3,233,846			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
LIABILITIES
Current maturities of long-term debt			50,101			19,475			19,192			11,105			50,137			322,618			75,080			1,327			7,833			38,079
Current liabilities			578,274			515,570			450,925			423,059			484,992			524,950			521,881			472,903			502,062			489,853
Deferred income taxes and investment tax credits			840,653			769,445			723,688			674,411			616,184			557,118			466,628			436,113			387,539			347,497
Other deferred credits and other long-term liabilities			878,252			894,558			876,810			662,877			759,873			715,432			628,927			624,506			599,635			445,019
Total liabilities			2,347,280			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
Total capitalization and liabilities		$	5,581,126		$	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
GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)			2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
From operating activities		$	507,224		$	497,500		$	288,534		$	265,290		$	344,441		$	216,745		$	342,522		$	371,416		$	261,322		$	320,594
From investing activities			(446,238	)		(416,727	)		(328,645	)		(304,189	)		(296,886	)		(289,234	)		(178,685	)		(265,850	)		(237,093	)		(306,396	)
From financing activities			(63,339	)		(74,159	)		23,413			44,947			(43,453	)		(2,327	)		(107,779	)		(81,744	)		(34,704	)		(5,347	)
Net change in cash		$	(2,353	)	$	6,614		$	(16,698	)	$	6,048		$	4,102		$	(74,816	)	$	56,058		$	23,822		$	(10,475	)	$	8,851

GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)	2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
Distribution	$	5,198,531		$	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
General		382,084			365,865			356,072			324,490			310,936			291,639			279,402			270,825			228,282			219,126
Transmission		349,981			312,996			312,300			313,306			301,505			295,103			274,646			271,467			262,271			256,696
Intangible		226,754			205,782			198,457			171,193			150,396			144,135			135,330			127,188			122,227			119,312
Construction work in progress		111,177			119,805			74,332			101,413			74,178			44,894			37,489			45,872			70,041			61,419
Other		36,410			34,914			34,680			33,612			33,014			33,186			33,267			33,376			32,326			30,815
Accumulated depreciation & amortization		(2,172,966	)		(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	)
Net utility plant	$	4,131,971		$	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
OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)		2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
Distribution	$	188,064		$	181,249		$	170,377		$	174,129		$	166,356		$	157,855		$	157,220		$	159,282		$	151,586		$	148,130
Administrative and general		143,006			137,868			137,951			131,366			124,874			123,357			120,942			112,526			106,851			101,100
Customer accounts		51,024			51,071			50,200			53,809			55,894			57,414			60,187			60,896			63,788			67,453
Transmission		13,666			14,779			15,792			15,864			14,207			12,353			9,622			9,338			10,172			8,346
Production and storage expenses		4,889			5,052			4,960			5,054			4,500			4,492			4,215			3,985			3,398			3,071
Customer service and informational		1,050			3,165			4,440			4,677			4,142			2,962			2,646			2,484			2,523			2,842
Sales		25			15			12			15			6			65			111			431			342			266
Total operations and maintenance expenses	$	401,724		$	393,199		$	383,732		$	384,914		$	369,979		$	358,498		$	354,943		$	348,942		$	338,660		$	331,208

GAS OPERATIONS SEGMENT
	AT DECEMBER 31,
CUSTOMERS BY CLASS		2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
Residential			1,902,227			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
Small commercial			79,437			78,833			78,230			77,848			76,800			76,633			76,746			77,416			78,190			77,970
Large commercial			1,042			1,043			1,086			1,076			1,118			1,433			1,185			1,263			1,314			1,310
Industrial / Other			318			318			341			333			308			320			328			320			343			347
Transportation			905			879			833			812			739			715			643			646			550			594
Total customers			1,983,929			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
ANNUAL CUSTOMER GROWTH RATE			1.4	%		1.3	%		1.4	%		1.5	%		0.9	%		1.2	%		0.7	%		0.3	%		0.3	%		1.6	%
SYSTEM THROUGHPUT BY CLASS		YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)			2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
Residential			68,463			65,542			61,738			74,133			65,505			71,877			70,470			66,974			70,499			69,806
Small commercial			29,452			28,512			27,658			29,804			27,067			30,392			30,094			29,423			31,455			31,067
Large commercial			9,095			9,228			9,439			10,276			11,658			11,226			11,183			11,724			12,512			12,756
Industrial / Other			3,028			3,097			3,238			5,021			4,783			5,021			5,892			7,262			9,770			10,353
Transportation			97,056			103,571			90,669			103,792			99,809			94,154			99,860			104,389			116,419			112,842
Total system throughput			207,094			209,950			192,742			223,026			208,822			212,670			217,499			219,772			240,655			236,824
OPERATING MARGIN BY CLASS*		YEAR ENDED DECEMBER 31,
(In thousands)			2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
Residential		$	640,157		$	623,828		$	612,641		$	601,076		$	582,619		$	549,844		$	537,980		$	513,299		$	503,397		$	497,703
Small commercial			142,490			136,344			136,272			133,474			132,964			129,946			127,802			129,103			128,827			129,080
Large commercial			22,450			22,249			23,412			25,171			26,421			20,248			20,936			21,879			22,536			22,483
Industrial / Other			7,177			6,937			6,477			7,735			8,706			8,772			9,515			10,302			12,586			13,852
Transportation			112,017			101,472			97,929			96,697			91,416			81,067			79,499			73,630			68,072			65,454
Total operating margin		$	924,291		$	890,830		$	876,731		$	864,153		$	842,126		$	789,877		$	775,732		$	748,213		$	735,418		$	728,572
* Includes allocations of miscellaneous, unbilled, and other operating revenues.

SOUTHWEST GAS CORPORATION
MARKET PRICE PER SHARE		2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
High		$	79.58		$	63.68		$	64.20		$	56.03		$	46.08		$	43.20		$	37.25		$	29.48		$	33.29		$	39.95
Low			53.51			50.78			47.21			42.02			39.01			32.12			26.28			17.08			21.11			26.45
Close  [1]			76.62			55.16			61.81			55.91			42.41			42.49			36.67			28.53			25.22			29.77
			2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
COMMON SHARES OUTSTANDING (in thousands)  [1]			47,482			47,378			46,523			46,356			46,148			45,956			45,599			45,092			44,192			42,806
DIVIDEND YIELD  [1]			2.3	%		2.9	%		2.4	%		2.4	%		2.8	%		2.5	%		2.7	%		3.3	%		3.6	%		2.9	%
DIVIDENDS DECLARED PER SHARE  [2]		$	1.80		$	1.62		$	1.46		$	1.32		$	1.18		$	1.06		$	1.00		$	0.95		$	0.90		$	0.86
PRICE / EARNINGS RATIO  [1]			23.94			18.76			20.33			17.81			14.67			17.34			16.01			14.63			18.01			15.11
RETURN ON EQUITY - TOTAL COMPANY  [2]			9.3	%		8.9	%		9.7	%		10.6	%		10.4	%		9.3	%		9.1	%		8.1	%		6.0	%		8.8	%
RETURN ON EQUITY - GAS SEGMENT ONLY  [2]			7.7	%		7.6	%		8.5	%		9.6	%		9.6	%		8.0	%		8.5	%		7.8	%		5.6	%		8.1	%
BOOK VALUE PER SHARE  [1]		$	35.03		$	33.65		$	32.03		$	30.51		$	28.39		$	26.68		$	25.60		$	24.44		$	23.48		$	22.98
GAS OPERATIONS SEGMENT
	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON			2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
Actual			1,613			1,512			1,416			1,918			1,740			2,002			1,998			1,824			1,902			1,850
Ten-year average			1,771			1,792			1,816			1,876			1,866			1,888			1,876			1,882			1,893			1,936
			2016			2015			2014			2013			2012			2011			2010			2009			2008			2007
NUMBER OF GAS SEGMENT EMPLOYEES  [1]			2,247			2,219			2,196			2,220			2,245			2,298			2,349			2,423			2,447			2,538
CUSTOMERS / EMPLOYEE  [1]			883			881			879			858			836			809			782			753			743			714
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]		$	206		$	204		$	202		$	206		$	200		$	196		$	196		$	194		$	188		$	186
WEIGHTED AVERAGE COST OF GAS (per therm)  [2]		$	0.37		$	0.44		$	0.55		$	0.42		$	0.42		$	0.58		$	0.62		$	0.71		$	0.84		$	0.81
CONSTRUCTION EXPENDITURES (in thousands)  [2]		$	457,120		$	438,289		$	350,025		$	314,578		$	308,951		$	305,542		$	188,379		$	212,919		$	279,254		$	312,412
[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 12-31-16				Twelve Months Ended 12-31-15
Southern Nevada
Commercial		9,590,463	$	10,688,604		9,243,286	$	8,547,515
Industrial		5,176,153		4,462,734		4,877,250		3,458,453
Power Generation		42,614,707		13,886,616		50,309,524		14,810,785
Southern Nevada Totals		57,381,323	$	29,037,954		64,430,060	$	26,816,753
Northern Nevada (1)
Commercial		1,728,781	$	1,168,961		1,652,217	$	950,113
Industrial		6,384,799		2,934,087		6,470,845		1,865,591
Power Generation		3,393,787		2,228,373		3,859,454		2,496,822
Resale		10,099,226		30,035,775		9,311,325		24,609,914
Northern Nevada Totals		21,606,593	$	36,367,196		21,293,841	$	29,922,440
(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 12-31-16				Twelve Months Ended 12-31-15
Southern Arizona
Commercial		1,206,500	$	3,471,753		1,038,182	$	3,013,539
Industrial		1,908,390		1,591,308		1,867,048		1,247,404
Power Generation		1,702,340		3,664,324		1,641,668		3,389,808
Irrigation		765,729		2,600,354		900,846		2,649,594
Southern Arizona Totals		5,582,959	$	11,327,739		5,447,744	$	10,300,345
Central Arizona
Commercial		4,192,241	$	11,369,246		4,015,282	$	10,188,893
Industrial		4,035,707		10,046,971		4,058,930		9,812,982
Power Generation		702,883		1,241,927		671,326		1,161,296
Irrigation		2,435,732		3,915,154		2,503,783		4,069,054
Central Arizona Totals		11,366,563	$	26,573,298		11,249,321	$	25,232,225

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin
	DEKATHERMS		OPERATING		DEKATHERMS		OPERATING
DIVISION/CUSTOMER TYPE	TRANSPORTED		MARGIN		TRANSPORTED		MARGIN
	Twelve Months Ended 12-31-16				Twelve Months Ended 12-31-15
Southern California
Commercial		399,343	$	586,602		466,943	$	707,751
Industrial		184,248		273,878		152,915		224,836
Power Generation		535,058		647,019		529,916		638,132
Southern California Totals		1,118,649	$	1,507,499		1,149,774	$	1,570,719
Total Company (1)
Commercial		17,117,328	$	27,285,166		16,415,910	$	23,407,811
Industrial		17,689,297		19,308,978		17,426,988		16,609,266
Power Generation		48,948,775		21,668,259		57,011,888		22,496,843
Resale		10,099,226		30,035,775		9,311,325		24,609,914
Irrigation		3,201,461		6,515,508		3,404,629		6,718,648
TOTAL COMPANY		97,056,087	$	104,813,686		103,570,740	$	93,842,482
(1)  Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.