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 Southwest'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 2018

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 Justin Olson	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 Alice Stebbins
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 09/30/2019
	Commissioner Bruce Breslow	Rep.	Term ends 09/30/2021
	Executive Director Stephanie Mullen
FERC
Up to five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
	Chairman Kevin J. McIntyre	Rep.	Term ends 06/30/2023
	Commissioner Cheryl A. LaFleur	Dem.	Term ends 06/30/2019
	Commissioner Robert F. Powelson	Rep.	Term ends 06/30/2020
	Commissioner Neil Chatterjee	Rep.	Term ends 06/30/2021
	Commissioner Richard Glick	Dem.	Term ends 06/30/2022
	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. 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	0.3	0.3	100	7.88	9.30	59.06
Docket No. 15-10001  (SNV)	GIR		10/01/15	01/01/16	1.3	1.3	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	0.1	0.1	100	7.88	9.30	59.06
Docket No. 16-09022  (SNV)	GIR		09/30/16	01/01/17	0.7	0.7	100	6.46	10.00	42.74
Docket No. 17-06002  (SNV) [3]	VIER		06/01/17	01/01/18	0.8	0.8	100	6.55	10.00	42.74
Docket No. 17-09029  (NNV)	GIR		09/29/17	01/01/18	(0.2)	(0.2)	100	7.88	9.30	59.06
Docket No. 17-09029  (SNV)	GIR		09/29/17	01/01/18	4.4	4.4	100	6.46	10.00	42.74
ARIZONA
Docket No. G-0155A-16-0107	GRC	11/30/2015	05/02/16	04/01/17	32.0	16.0	50.0	7.4	9.5	51.7
Docket No. G-0155A-10-0458	COYL		02/28/17	06/01/17	1.8	1.8	100	8.95	9.50	52.30
Docket No. G-0155A-16-0107 [5]	COYL		02/28/18	06/01/18	2.4	TBD	TBD	TBD	TBD	TBD
Docket No. G-0155A-16-0107 [6]	VSP		02/28/18	06/01/18	3.0	TBD	TBD	TBD	TBD	TBD
CALIFORNIA
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	8.18	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
Advice Letter No. 1058 (SCA)	Attrition		11/30/17	01/01/18	2.0	2.0	100	6.83	10.10	55.00
Advice Letter No. 1058 (NCA/SLT)	Attrition		11/30/17	01/01/18	0.8	0.8	100	8.18	10.10	55.00
FERC
Docket No. RP14-540	GRC	08/31/14	02/28/14	09/01/14	9.0	2.4	27	[8]	[8]	[8]
Docket No. CP14-509 (2015 Elko Expansion)	Expansion		06/27/14	01/06/16	6.0	6.0	100	[9]	[9]	[9]
Docket No. CP17-471 (2018 Expansion)	Expansion		07/05/17	TBD	2.6	TBD	TBD	[9]	[9]	[9]
[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; Expansion = Pipeline Expansion Project
[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] 2018 COYL margin pending ACC approval, expected May 2018
[6] 2018 VSP margin pending ACC approval, expected May 2018
[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
[9] Stipulation in Docket No. RP14-540 authorized a pre-tax rate of return of 11.50 percent.

SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)		2017			2016		2015		2014		2013		2012		2011			2010		2009		2008
Results of Consolidated Operations
Contribution to net income - gas operations		$	156,818		$	119,423	$	111,625	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747
Contribution to net income - construction services			38,360			32,618		26,692		24,254		21,151		16,712		20,867			12,495		8,062		7,226
Contribution to net income - Corporate and administrative			(1,337	)		-		-		-		-		-		-			-		-		-
Net income		$	193,841		$	152,041	$	138,317	$	141,126	$	145,320	$	133,331	$	112,287		$	103,877	$	87,482	$	60,973
Basic earnings per share		$	4.04		$	3.20	$	2.94	$	3.04	$	3.14	$	2.89	$	2.45		$	2.29	$	1.95	$	1.40
Diluted earnings per share		$	4.04		$	3.18	$	2.92	$	3.01	$	3.11	$	2.86	$	2.43		$	2.27	$	1.94	$	1.39
Average common shares			47,965			47,469		46,992		46,494		46,318		46,115		45,858			45,405		44,752		43,476
Average shares (assuming dilution)			47,991			47,814		47,383		46,944		46,758		46,555		46,291			45,823		45,062		43,775
Results of Natural Gas Operations
Gas operating revenues		$	1,302,308		$	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
Net cost of gas sold			355,045			397,121		563,809		505,356		436,001		479,602		613,489			736,175		866,630		1,055,977
Operating margin			947,263			924,291		890,830		876,731		864,153		842,126		789,877			775,732		748,213		735,418
Operations and maintenance expense			410,745			401,724		393,199		383,732		384,914		369,979		358,498			354,943		348,942		338,660
Depreciation and amortization			201,922			233,463		213,455		204,144		193,848		186,035		175,253			170,456		166,850		166,337
Taxes other than income taxes			57,946			52,376		49,393		47,252		45,551		41,728		40,949			38,869		37,318		36,780
Operating income			276,650			236,728		234,783		241,603		239,840		244,384		215,177			211,464		195,103		193,641
Other income (deductions)			13,036			8,276		2,292		7,165		12,261		4,165		(5,404	)		4,016		6,590		(13,469	)
Net interest deductions			69,733			66,997		64,095		68,299		62,555		66,957		68,777			75,113		74,091		83,096
Net interest deductions on subordinated debentures			-			-		-		-		-		-		-			1,912		7,731		7,729
Income before income taxes			219,953			178,007		172,980		180,469		189,546		181,592		140,996			138,455		119,871		89,347
Income tax expense			63,135			58,584		61,355		63,597		65,377		64,973		49,576			47,073		40,451		35,600
Contribution to consolidated net income		$	156,818		$	119,423	$	111,625	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747

SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)	2017			2016			2015			2014			2013			2012			2011			2010			2009			2008
ASSETS
Net utility plant	$	4,523,650		$	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
Other property and investments		428,180			342,343			313,531			326,743			260,871			242,096			192,004			134,648			115,860			124,781
Restricted cash		-			-			-			821			-			-			12,785			37,781			49,769			-
Current assets		657,032			533,307			558,174			606,611			494,672			458,417			461,632			445,894			417,632			438,076
Noncurrent assets		628,204			573,505			595,895			615,739			323,523			443,750			390,642			293,434			288,528			274,220
Total assets	$	6,237,066		$	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
CAPITALIZATION
Common stock equity	$	1,005,052		$	952,235		$	945,455		$	899,534		$	888,507		$	876,555		$	869,226		$	855,114		$	839,061		$	816,285
Accumulated other comprehensive income (loss), net		(47,682	)		(48,008	)		(50,268	)		(50,175	)		(41,698	)		(50,745	)		(49,331	)		(30,784	)		(22,250	)		(19,426	)
Retained earnings		857,398			759,263			699,221			639,164			567,714			484,369			406,125			343,131			285,316			240,982
Noncontrolling interest		(2,365	)		(2,217	)		(2,083	)		(2,257	)		(2,128	)		(1,681	)		(989	)		(465	)		(41	)		-
Subordinated debentures		-			-			-			-			-			-			-			-			100,000			100,000
Redeemable noncontrolling interest		-			22,590			16,108			20,042			-			-			-			-			-			-
Long-term debt, less current maturities		1,798,576			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
Total capitalization		3,610,979			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
LIABILITIES
Current maturities of long-term debt		25,346			50,101			19,475			19,192			11,105			50,137			322,618			75,080			1,327			7,833
Current liabilities		790,535			578,274			515,570			450,925			423,059			484,992			524,950			521,881			472,903			502,062
Deferred income taxes and investment tax credits		476,960			840,653			769,445			723,688			674,411			616,184			557,118			466,628			436,113			387,539
Other deferred credits and other long-term liabilities		1,333,246			878,252			894,558			876,810			662,877			759,873			715,432			628,927			624,506			599,635
Total liabilities		2,626,087			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
Total capitalization and liabilities	$	6,237,066		$	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
GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)		2017			2016			2015			2014			2013			2012			2011			2010			2009			2008
From operating activities	$	309,216		$	507,224		$	497,500		$	288,534		$	265,290		$	344,441		$	216,745		$	342,522		$	371,416		$	261,322
From investing activities		(557,384	)		(446,238	)		(416,727	)		(328,645	)		(304,189	)		(296,886	)		(289,234	)		(178,685	)		(265,850	)		(237,093	)
From financing activities		267,090			(63,339	)		(74,159	)		23,413			44,947			(43,453	)		(2,327	)		(107,779	)		(81,744	)		(34,704	)
Net change in cash	$	18,922		$	(2,353	)	$	6,614		$	(16,698	)	$	6,048		$	4,102		$	(74,816	)	$	56,058		$	23,822		$	(10,475	)

GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)	2017			2016			2015			2014			2013			2012			2011			2010			2009			2008
Distribution	$	5,600,769		$	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
General		396,252			382,084			365,865			356,072			324,490			310,936			291,639			279,402			270,825			228,282
Transmission		363,396			349,981			312,996			312,300			313,306			301,505			295,103			274,646			271,467			262,271
Intangible		232,566			226,754			205,782			198,457			171,193			150,396			144,135			135,330			127,188			122,227
Construction work in progress		125,248			111,177			119,805			74,332			101,413			74,178			44,894			37,489			45,872			70,041
Other		36,661			36,410			34,914			34,680			33,612			33,014			33,186			33,267			33,376			32,326
Accumulated depreciation & amortization		(2,231,242	)		(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	)
Net utility plant	$	4,523,650		$	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
OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)		2017			2016			2015			2014			2013			2012			2011			2010			2009			2008
Distribution	$	186,860		$	188,064		$	181,249		$	170,377		$	174,129		$	166,356		$	157,855		$	157,220		$	159,282		$	151,586
Administrative and general		154,993			143,006			137,868			137,951			131,366			124,874			123,357			120,942			112,526			106,851
Customer accounts		48,937			51,024			51,071			50,200			53,809			55,894			57,414			60,187			60,896			63,788
Transmission		13,744			13,666			14,779			15,792			15,864			14,207			12,353			9,622			9,338			10,172
Production and storage expenses		5,256			4,889			5,052			4,960			5,054			4,500			4,492			4,215			3,985			3,398
Customer service and informational		935			1,050			3,165			4,440			4,677			4,142			2,962			2,646			2,484			2,523
Sales		20			25			15			12			15			6			65			111			431			342
Total operations and maintenance expenses	$	410,745		$	401,724		$	393,199		$	383,732		$	384,914		$	369,979		$	358,498		$	354,943		$	348,942		$	338,660

GAS OPERATIONS SEGMENT
	AT DECEMBER 31,
CUSTOMERS BY CLASS	2017			2016			2015			2014			2013			2012			2011			2010			2009			2008
Residential		1,932,332			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
Small commercial		80,047			79,437			78,833			78,230			77,848			76,800			76,633			76,746			77,416			78,190
Large commercial		1,016			1,042			1,043			1,086			1,076			1,118			1,433			1,185			1,263			1,314
Industrial / Other		332			318			318			341			333			308			320			328			320			343
Transportation		929			905			879			833			812			739			715			643			646			550
Total customers		2,014,656			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
ANNUAL CUSTOMER GROWTH RATE		1.5	%		1.4	%		1.3	%		1.4	%		1.5	%		0.9	%		1.2	%		0.7	%		0.3	%		0.3	%

SYSTEM THROUGHPUT BY CLASS	YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)	2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Residential		67,427		68,463		65,542		61,738		74,133		65,505		71,877		70,470		66,974		70,499
Small commercial		29,767		29,452		28,512		27,658		29,804		27,067		30,392		30,094		29,423		31,455
Large commercial		9,256		9,095		9,228		9,439		10,276		11,658		11,226		11,183		11,724		12,512
Industrial / Other		3,382		3,028		3,097		3,238		5,021		4,783		5,021		5,892		7,262		9,770
Transportation		97,441		97,056		103,571		90,669		103,792		99,809		94,154		99,860		104,389		116,419
Total system throughput		207,273		207,094		209,950		192,742		223,026		208,822		212,670		217,499		219,772		240,655

OPERATING MARGIN BY CLASS*	YEAR ENDED DECEMBER 31,
(In thousands)	2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Residential	$	657,574	$	640,157	$	623,828	$	612,641	$	601,076	$	582,619	$	549,844	$	537,980	$	513,299	$	503,397
Small commercial		144,096		142,490		136,344		136,272		133,474		132,964		129,946		127,802		129,103		128,827
Large commercial		22,232		22,450		22,249		23,412		25,171		26,421		20,248		20,936		21,879		22,536
Industrial / Other		7,495		7,177		6,937		6,477		7,735		8,706		8,772		9,515		10,302		12,586
Transportation		115,866		112,017		101,472		97,929		96,697		91,416		81,067		79,499		73,630		68,072
Total operating margin	$	947,263	$	924,291	$	890,830	$	876,731	$	864,153	$	842,126	$	789,877	$	775,732	$	748,213	$	735,418
* Includes allocations of miscellaneous, unbilled, and other operating revenues.

SOUTHWEST GAS CORPORATION
MARKET PRICE PER SHARE	2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
High	$	86.87	$	79.58	$	63.68	$	64.20	$	56.03	$	46.08	$	43.20	$	37.25	$	29.48	$	33.29
Low		72.32		53.51		50.78		47.21		42.02		39.01		32.12		26.28		17.08		21.11
Close  [1]		80.48		76.62		55.16		61.81		55.91		42.41		42.49		36.67		28.53		25.22

	2017			2016			2015			2014			2013			2012			2011			2010			2009			2008
COMMON SHARES OUTSTANDING (in thousands)  [1]		48,090			47,482			47,378			46,523			46,356			46,148			45,956			45,599			45,092			44,192
DIVIDEND YIELD  [1]		2.5	%		2.3	%		2.9	%		2.4	%		2.4	%		2.8	%		2.5	%		2.7	%		3.3	%		3.6	%
DIVIDENDS DECLARED PER SHARE  [2]	$	1.98		$	1.80		$	1.62		$	1.46		$	1.32		$	1.18		$	1.06		$	1.00		$	0.95		$	0.90
PRICE / EARNINGS RATIO  [1]		19.92			23.94			18.76			20.33			17.81			14.67			17.34			16.01			14.63			18.01
RETURN ON EQUITY - TOTAL COMPANY  [2]		11.2	%		9.3	%		8.9	%		9.7	%		10.6	%		10.4	%		9.3	%		9.1	%		8.1	%		6.0	%
RETURN ON EQUITY - GAS SEGMENT ONLY  [2]		10.0	%		7.7	%		7.6	%		8.5	%		9.6	%		9.6	%		8.0	%		8.5	%		7.8	%		5.6	%
BOOK VALUE PER SHARE  [1]	$	37.74		$	35.03		$	33.65		$	32.03		$	30.51		$	28.39		$	26.68		$	25.60		$	24.44		$	23.48

GAS OPERATIONS SEGMENT
	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON	2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Actual		1,478		1,613		1,512		1,416		1,918		1,740		2,002		1,998		1,824		1,902
Ten-year average		1,733		1,771		1,792		1,816		1,876		1,866		1,888		1,876		1,882		1,893

	2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
NUMBER OF GAS SEGMENT EMPLOYEES  [1]		2,285		2,247		2,219		2,196		2,220		2,245		2,298		2,349		2,423		2,447
CUSTOMERS / EMPLOYEE  [1]		882		883		881		879		858		836		809		782		753		743
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]	$	207	$	206	$	204	$	202	$	206	$	200	$	196	$	196	$	194	$	188
WEIGHTED AVERAGE COST OF GAS (per therm)  [2]	$	0.44	$	0.37	$	0.44	$	0.55	$	0.42	$	0.42	$	0.58	$	0.62	$	0.71	$	0.84
CONSTRUCTION EXPENDITURES (in thousands)  [2]	$	560,448	$	457,120	$	438,289	$	350,025	$	314,578	$	308,951	$	305,542	$	188,379	$	212,919	$	279,254
[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 12-31-17				Twelve Months Ended 12-31-16
Southern Nevada
Commercial		9,580,642	$	10,986,943		9,590,463	$	10,688,604
Industrial		5,176,130		4,674,822		5,176,153		4,462,734
Power Generation		40,529,032		15,504,665		42,614,707		13,886,616
Southern Nevada Totals		55,285,804	$	31,166,430		57,381,323	$	29,037,954
Northern Nevada    (1)
Commercial		2,007,146	$	1,450,850		1,728,781	$	1,168,961
Industrial		6,756,991		3,019,937		6,384,799		2,934,087
Power Generation		4,526,184		2,767,807		3,393,787		2,228,373
Resale		10,141,671		29,552,987		10,099,226		30,035,775
Northern Nevada Totals		23,431,992	$	36,791,581		21,606,593	$	36,367,196

(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 12-31-17				Twelve Months Ended 12-31-16
Southern Arizona
Commercial		1,376,307	$	3,811,908		1,206,500	$	3,471,753
Industrial		1,820,390		1,360,157		1,908,390		1,591,308
Power Generation		1,716,488		3,706,291		1,702,340		3,664,324
Irrigation		858,689		2,086,022		765,729		2,600,354
Southern Arizona Totals		5,771,874	$	10,964,378		5,582,959	$	11,327,739
Central Arizona
Commercial		4,641,724	$	12,513,797		4,192,241	$	11,369,246
Industrial		4,076,645		9,844,410		4,035,707		10,046,971
Power Generation		394,842		746,871		702,883		1,241,927
Irrigation		2,459,152		4,239,177		2,435,732		3,915,154
Central Arizona Totals		11,572,363	$	27,344,255		11,366,563	$	26,573,298

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin
	DEKATHERMS		OPERATING		DEKATHERMS		OPERATING
DIVISION/CUSTOMER TYPE	TRANSPORTED		MARGIN		TRANSPORTED		MARGIN
	Twelve Months Ended 12-31-17				Twelve Months Ended 12-31-16
Southern California
Commercial		481,364	$	698,011		399,343	$	586,602
Industrial		249,678		345,558		184,248		273,878
Power Generation		647,589		661,747		535,058		647,019
Southern California Totals		1,378,631	$	1,705,316		1,118,649	$	1,507,499
Total Company    (1)
Commercial		18,087,183	$	29,461,509		17,117,328	$	27,285,166
Industrial		18,079,834		19,244,884		17,689,297		19,308,978
Power Generation		47,814,135		23,387,381		48,948,775		21,668,259
Resale		10,141,671		29,552,987		10,099,226		30,035,775
Irrigation		3,317,841		6,325,199		3,201,461		6,515,508
TOTAL COMPANY		97,440,664	$	107,971,960		97,056,087	$	104,813,686
(1)  Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.