UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) May 1, 2009
SOUTHWEST
GAS CORPORATION
(Exact
name of registrant as specified in its charter)
|
California
|
1-7850
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88-0085720
|
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(State
or other jurisdiction of
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(Commission
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(I.R.S.
Employer
|
|
incorporation
or organization)
|
File
Number)
|
Identification
No.)
|
|
5241
Spring Mountain Road
|
||
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Post
Office Box 98510
|
||
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Las
Vegas, Nevada
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89193-8510
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(Address
of principal executive offices)
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(Zip
Code)
|
Registrant's
telephone number, including area code: (702) 876-7237
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item
7.01 Regulation FD
Disclosure.
On May 1,
2009, Southwest Gas Corporation (the “Company”) released summary statistical
information for each of the ten years in the period ended December 31,
2008. A copy of this information is attached hereto as Exhibit
99.
This Form
8-K and the attached exhibit are provided under Item 7.01 of Form 8-K and are
furnished to, but not filed with, the Securities and Exchange
Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SOUTHWEST
GAS CORPORATION
|
|
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Date:
May 1, 2009
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|
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/s/
ROY R. CENTRELLA
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Roy
R. Centrella
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Vice
President/Controller and
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Chief
Accounting Officer
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EXHIBIT
INDEX
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Exhibit
|
|||
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No.
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Description
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||
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99
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Summary
statistical information as of December 31, 2008 released on May 1,
2009.
|
||
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:
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Ratemaking
Jurisdiction
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Regulatory
Agency
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||
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Arizona:
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Arizona
Corporation Commission
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1200
West Washington
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Web
site: www.cc.state.az.us
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Phoenix,
AZ 85007-2996
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|||
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(602)
542-4251
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FAX: (602)
542-2129
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||
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California:
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California
Public Utilities Commission
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||
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Northern
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505
Van Ness Avenue
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Web
site: www.cpuc.ca.gov
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Southern
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San
Francisco, CA 94102-3298
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||
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South
Lake Tahoe
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(415)
703-2782
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FAX: (415)
703-1758
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Nevada:
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Public
Utilities Commission of Nevada
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||
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Northern
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1150
East William Street
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Web
site: http://pucweb1.state.nv.us/pucn
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Southern
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Carson
City, NV 89701-3109
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||
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(775)
684-6101
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FAX: (775)
684-6110
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Nevada/California:
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Federal
Energy Regulatory Commission
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||
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Paiute
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888
First Street, N.E.
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Web
site: www.ferc.gov
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Washington,
DC 20426
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|||
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(202)
502-6088
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FAX: (202)
208-0147
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A list of
the commissioners appointed or elected to the various regulatory agencies
follows this page.
SUMMARY
OF COMMISSIONER STATUS BY JURISDICTION
April
2009
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ARIZONA
|
|||
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Five
members, elected statewide to four-year staggered
terms. Governor appoints replacements, if position is
vacated.
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|||
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Chairman
Kristin K. Mayes
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Rep.
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Term
ends 12/31/2010
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Commissioner
Sandra D. Kennedy
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Rep.
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Term
ends 12/31/2013
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Commissioner
Paul Newman
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Rep.
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Term
ends 12/31/2013
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Commissioner
Bob Stump
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Rep.
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Term
ends 12/31/2013
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Commissioner
Gary Pierce
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Rep.
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Term
ends 12/31/2010
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Interim
Executive Director Michael P. Kearns
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|||
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CALIFORNIA
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|||
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Five
members, appointed to six-year staggered terms by Governor and confirmed
by Senate.
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|||
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President
Michael R. Peevey
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Dem.
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Term
ends 12/31/2014
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Commissioner
Rachelle Chong
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Rep.
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Term
ends 12/31/2014
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Commissioner
Dian M. Grueneich
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Dem.
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Term
ends 12/31/2010
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Commissioner
John A. Bohn
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Rep.
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Term
ends 12/31/2011
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Commissioner
Timothy Alan Simon
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Rep.
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Term
ends 12/31/2012
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Executive
Director Paul Clanon
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|||
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NEVADA
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|||
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Three
members, appointed to four-year staggered terms by Governor; no
confirmation required.
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|||
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Chairman
Jo Ann P. Kelly
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Ind.
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Term
ends 9/30/2009
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Commissioner
Sam Thompson
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Rep.
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Term
ends 9/30/2012
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Commissioner
Rebecca Wagner
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Rep.
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Term
ends 9/30/2011
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Secretary
Crystal Jackson
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|||
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FERC
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|||
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Five
members, appointed to five-year staggered terms by President and confirmed
by U.S. Senate.
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|||
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Chairman
Jon Wellinghoff
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Dem.
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Term
ends 6/30/2013
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Commissioner
Suedeen G. Kelly
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Dem.
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Term
ends 6/30/2009
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Commissioner
Philip D. Moeller
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Rep.
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Term
ends 6/30/2010
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Commissioner
Marc Spitzer
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Rep.
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Term
ends 6/30/2011
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Vacancy
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|||
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Secretary
Kimberly D. Bose
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|||
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ANALYSIS
OF GENERAL RATE CASE DECISIONS FOR THE YEARS 2003 TO
PRESENT
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||||||||||||||||||||||
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PERCENT
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OVERALL
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RATE
OF
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||||||||||||||||||||
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AUTHORIZED
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RATE
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RETURN
ON
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||||||||||||||||||||
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ADDITIONAL
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ADDITIONAL
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OF
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OF
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COMMON
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||||||||||||||||||
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FILING
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EFFECTIVE
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MARGIN
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MARGIN
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REQUESTED
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RETURN
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EQUITY
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||||||||||||||||
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JURISDICTION
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DATE
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DATE
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REQUESTED
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AUTHORIZED
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AMOUNTS
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GRANTED
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GRANTED
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|||||||||||||||
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($mm)
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($mm)
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|||||||||||||||||||||
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NEVADA
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||||||||||||||||||||||
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Docket
No. 04-3011 (No. NV)
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03/08/04
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09/01/04
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8.6 | 6.4 | 74 | 8.56 | 10.50 | |||||||||||||||
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Docket
No. 04-3011 (So. NV)
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03/08/04
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09/01/04
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18.9 | 7.3 | 39 | 7.45 | 10.50 | |||||||||||||||
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Docket
No. 06-05019 (So. NV)
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05/15/06
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11/01/06
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2.5 | 2.5 | 100 | 7.64 | 10.50 | |||||||||||||||
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Docket
No. 07-05015 (So. NV)
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05/15/07
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11/01/07
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1.3 | 1.3 | 100 | 7.76 | 10.50 | |||||||||||||||
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Docket
No. 08-05008 (So. NV)
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05/15/08
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11/01/08
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(0.8 | ) | (0.8 | ) | 100 | 7.79 | 10.50 | |||||||||||||
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Docket
No. 09-04003 (No. NV)
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04/03/09
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1.7 | ||||||||||||||||||||
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Docket
No. 09-04003 (So. NV)
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04/03/09
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28.8 | ||||||||||||||||||||
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ARIZONA
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||||||||||||||||||||||
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Docket
No. G-0155A-04-0876
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12/09/04
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03/01/06
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66.9 | 49.3 | 74 | 8.40 | 9.50 | |||||||||||||||
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Docket
No. G-0155A-07-0504
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08/31/07
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12/01/08
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49.3 | 33.5 | 68 | 8.86 | 10.00 | |||||||||||||||
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CALIFORNIA
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||||||||||||||||||||||
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Application
02-02-012 (So. CA)
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02/13/02
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05/08/03
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5.7 | 3.6 | 63 | 9.17 | 10.90 | |||||||||||||||
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Application
02-02-012 (No. CA)
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02/13/02
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05/08/03
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4.4 | 3.8 | 86 | 9.17 | 10.90 | |||||||||||||||
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Advice
Letter No. 707 (So. CA)
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03/25/04
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01/01/04
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2.2 | 2.2 | 100 | 9.17 | 10.90 | |||||||||||||||
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Advice
Letter No. 707 (No. CA)
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03/25/04
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01/01/04
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0.8 | 0.8 | 100 | 9.17 | 10.90 | |||||||||||||||
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Advice
Letter No. 722 (So. CA)
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11/01/04
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01/01/05
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1.6 | 1.6 | 100 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 722 (No. CA)
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11/01/04
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01/01/05
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0.3 | 0.3 | 100 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 747-A (So. CA)
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11/23/05
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04/13/06
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3.4 | 2.2 | 65 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 747-A (No. CA)
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11/23/05
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04/13/06
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1.1 | 0.8 | 72 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 769 (So. CA)
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11/17/06
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01/01/07
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2.3 | 2.3 | 100 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 769 (No. CA)
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11/17/06
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01/01/07
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0.4 | 0.4 | 100 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 789 (So. CA)
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11/01/07
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01/01/08
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1.7 | 1.7 | 100 | 8.74 | 10.38 | |||||||||||||||
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Advice
Letter No. 789 (No. CA)
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11/01/07
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01/01/08
|
0.4 | 0.4 | 100 | 8.74 | 10.38 | |||||||||||||||
|
Application
07-12-022 (So. CA)
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12/21/07
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01/01/09
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7.1 | 2.4 | 34 | 7.87 | 10.50 | |||||||||||||||
|
Application
07-12-022 (No. CA)
|
12/21/07
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01/01/09
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(0.1 | ) | (1.0 | ) |
NM
|
8.99 | 10.50 | |||||||||||||
|
Application
07-12-022 (So. Lake Tahoe)
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12/21/07
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01/01/09
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2.1 | 1.8 | 86 | 8.99 | 10.50 | |||||||||||||||
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FERC
|
||||||||||||||||||||||
|
Docket
No. RP05-163
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01/28/05
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08/01/05
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1.7 | (2.5 | ) |
NM
|
[1] | [1] | ||||||||||||||
|
Docket
No. RP09-406
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02/27/09
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3.9 | ||||||||||||||||||||
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[1]
Stipulation - Not Identified in Order
|
||||||||||||||||||||||
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SUMMARY
OPERATING RESULTS
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
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(In
thousands, except per share amounts)
|
2008
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2007
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2006
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2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
||||||||||||||||||||||||||||||
|
Results
of Consolidated Operations
|
||||||||||||||||||||||||||||||||||||||||
|
Contribution to net income - gas operations
|
$ | 53,747 | $ | 72,494 | $ | 71,473 | $ | 33,670 | $ | 48,354 | $ | 34,211 | $ | 39,228 | $ | 32,626 | $ | 33,908 | $ | 35,473 | ||||||||||||||||||||
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Contribution to net income - construction
services
|
7,226 | 10,752 | 12,387 | 10,153 | 8,421 | 4,291 | 4,737 | 4,530 | 4,403 | 3,837 | ||||||||||||||||||||||||||||||
|
Net income
|
$ | 60,973 | $ | 83,246 | $ | 83,860 | $ | 43,823 | $ | 56,775 | $ | 38,502 | $ | 43,965 | $ | 37,156 | $ | 38,311 | $ | 39,310 | ||||||||||||||||||||
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Basic earnings per share
|
$ | 1.40 | $ | 1.97 | $ | 2.07 | $ | 1.15 | $ | 1.61 | $ | 1.14 | $ | 1.33 | $ | 1.16 | $ | 1.22 | $ | 1.28 | ||||||||||||||||||||
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Diluted earnings per share
|
$ | 1.39 | $ | 1.95 | $ | 2.05 | $ | 1.14 | $ | 1.60 | $ | 1.13 | $ | 1.32 | $ | 1.15 | $ | 1.21 | $ | 1.27 | ||||||||||||||||||||
|
Average outstanding common shares
|
43,476 | 42,336 | 40,566 | 38,132 | 35,204 | 33,760 | 32,953 | 32,122 | 31,371 | 30,690 | ||||||||||||||||||||||||||||||
|
Average shares outstanding (assuming dilution)
|
43,775 | 42,714 | 40,975 | 38,467 | 35,488 | 34,041 | 33,233 | 32,398 | 31,575 | 30,965 | ||||||||||||||||||||||||||||||
|
Results
of Natural Gas Operations
|
||||||||||||||||||||||||||||||||||||||||
|
Gas operating revenues
|
$ | 1,791,395 | $ | 1,814,766 | $ | 1,727,394 | $ | 1,455,257 | $ | 1,262,052 | $ | 1,034,353 | $ | 1,115,900 | $ | 1,193,102 | $ | 870,711 | $ | 791,155 | ||||||||||||||||||||
|
Net cost of gas sold
|
1,055,977 | 1,086,194 | 1,033,988 | 828,131 | 645,766 | 482,503 | 563,379 | 677,547 | 394,711 | 330,031 | ||||||||||||||||||||||||||||||
|
Operating margin
|
735,418 | 728,572 | 693,406 | 627,126 | 616,286 | 551,850 | 552,521 | 515,555 | 476,000 | 461,124 | ||||||||||||||||||||||||||||||
|
Operations and maintenance expense
|
338,660 | 331,208 | 320,803 | 314,437 | 290,800 | 266,862 | 264,188 | 253,026 | 231,175 | 221,258 | ||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
166,337 | 157,090 | 146,654 | 137,981 | 130,515 | 120,791 | 115,175 | 104,498 | 94,689 | 88,254 | ||||||||||||||||||||||||||||||
|
Taxes other than income taxes
|
36,780 | 37,553 | 34,994 | 39,040 | 37,669 | 35,910 | 34,565 | 32,780 | 29,819 | 27,610 | ||||||||||||||||||||||||||||||
|
Operating income
|
193,641 | 202,721 | 190,955 | 135,668 | 157,302 | 128,287 | 138,593 | 125,251 | 120,317 | 124,002 | ||||||||||||||||||||||||||||||
|
Other income (expense)
|
(13,469 | ) | 4,850 | 10,049 | 5,087 | 1,611 | 2,955 | 3,108 | 7,694 | (1,765 | ) | (2,925 | ) | |||||||||||||||||||||||||||
|
Net interest deductions
|
83,096 | 86,436 | 85,567 | 81,595 | 78,137 | 76,251 | 78,505 | 78,746 | 68,892 | 61,597 | ||||||||||||||||||||||||||||||
|
Net interest deductions on subordinated debentures
|
7,729 | 7,727 | 7,724 | 7,723 | 7,724 | 2,680 | - | - | - | - | ||||||||||||||||||||||||||||||
|
Preferred securities distributions
|
- | - | - | - | - | 4,180 | 5,475 | 5,475 | 5,475 | 5,475 | ||||||||||||||||||||||||||||||
|
Income before income taxes
|
89,347 | 113,408 | 107,713 | 51,437 | 73,052 | 48,131 | 57,721 | 48,724 | 44,185 | 54,005 | ||||||||||||||||||||||||||||||
|
Income tax expense
|
35,600 | 40,914 | 36,240 | 17,767 | 24,698 | 13,920 | 18,493 | 16,098 | 10,277 | 18,532 | ||||||||||||||||||||||||||||||
|
Contribution to consolidated net income
|
$ | 53,747 | $ | 72,494 | $ | 71,473 | $ | 33,670 | $ | 48,354 | $ | 34,211 | $ | 39,228 | $ | 32,626 | $ | 33,908 | $ | 35,473 | ||||||||||||||||||||
|
SUMMARY
CONSOLIDATED BALANCE SHEET
|
AT DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
|
(In
thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
||||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||||||
|
Net
utility plant
|
$ | 2,983,307 | $ | 2,845,300 | $ | 2,668,104 | $ | 2,489,147 | $ | 2,335,992 | $ | 2,175,736 | $ | 2,034,459 | $ | 1,825,571 | $ | 1,686,082 | $ | 1,581,102 | ||||||||||||||||||||
|
Other
property and investments
|
124,781 | 143,097 | 136,242 | 118,094 | 99,879 | 87,443 | 87,391 | 92,511 | 91,685 | 84,850 | ||||||||||||||||||||||||||||||
|
Current
assets
|
438,076 | 502,459 | 501,624 | 542,660 | 431,993 | 281,087 | 261,768 | 400,149 | 403,229 | 209,138 | ||||||||||||||||||||||||||||||
|
Deferred
charges and other assets
|
274,220 | 179,332 | 178,995 | 78,525 | 70,252 | 63,840 | 49,310 | 51,381 | 51,341 | 48,352 | ||||||||||||||||||||||||||||||
|
Total
assets
|
$ | 3,820,384 | $ | 3,670,188 | $ | 3,484,965 | $ | 3,228,426 | $ | 2,938,116 | $ | 2,608,106 | $ | 2,432,928 | $ | 2,369,612 | $ | 2,232,337 | $ | 1,923,442 | ||||||||||||||||||||
|
CAPITALIZATION
|
||||||||||||||||||||||||||||||||||||||||
|
Common
stock equity
|
$ | 816,285 | $ | 776,755 | $ | 741,658 | $ | 669,206 | $ | 605,070 | $ | 546,383 | $ | 522,707 | $ | 504,533 | $ | 487,472 | $ | 471,877 | ||||||||||||||||||||
|
Accumulated
other comprehensive income (loss), net
|
(19,426 | ) | (12,850 | ) | (13,666 | ) | (41,645 | ) | (10,892 | ) | - | - | - | - | - | |||||||||||||||||||||||||
|
Retained
earnings
|
240,982 | 219,768 | 173,433 | 123,574 | 111,498 | 84,084 | 73,460 | 56,667 | 45,995 | 33,548 | ||||||||||||||||||||||||||||||
|
Preferred
securities
|
- | - | - | - | - | - | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||||||||||||||||||||
|
Subordinated
debentures
|
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | - | - | - | - | ||||||||||||||||||||||||||||||
|
Long-term
debt, less current maturities
|
1,185,474 | 1,266,067 | 1,286,354 | 1,224,898 | 1,162,936 | 1,121,164 | 1,092,148 | 796,351 | 896,417 | 859,291 | ||||||||||||||||||||||||||||||
|
Total
capitalization
|
2,323,315 | 2,349,740 | 2,287,779 | 2,076,033 | 1,968,612 | 1,851,631 | 1,748,315 | 1,417,551 | 1,489,884 | 1,424,716 | ||||||||||||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||
|
Current
maturities of long-term debt
|
7,833 | 38,079 | 27,545 | 83,215 | 29,821 | 6,435 | 8,705 | 307,641 | 8,139 | 7,931 | ||||||||||||||||||||||||||||||
|
Current
liabilities
|
502,062 | 489,853 | 468,519 | 537,738 | 453,210 | 303,977 | 304,476 | 345,400 | 473,391 | 256,959 | ||||||||||||||||||||||||||||||
|
Deferred
income taxes
|
387,539 | 347,497 | 308,493 | 234,739 | 281,743 | 277,332 | 229,358 | 217,804 | 204,168 | 178,438 | ||||||||||||||||||||||||||||||
|
Other
deferred credits
|
599,635 | 445,019 | 392,629 | 296,701 | 204,730 | 168,731 | 142,074 | 81,216 | 56,755 | 55,398 | ||||||||||||||||||||||||||||||
|
Total
liabilities
|
1,497,069 | 1,320,448 | 1,197,186 | 1,152,393 | 969,504 | 756,475 | 684,613 | 952,061 | 742,453 | 498,726 | ||||||||||||||||||||||||||||||
|
Total
capitalization and liabilities
|
$ | 3,820,384 | $ | 3,670,188 | $ | 3,484,965 | $ | 3,228,426 | $ | 2,938,116 | $ | 2,608,106 | $ | 2,432,928 | $ | 2,369,612 | $ | 2,232,337 | $ | 1,923,442 | ||||||||||||||||||||
|
GAS
SEGMENT CASH FLOWS
|
YEAR
ENDED DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In
thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
||||||||||||||||||||||||||||||
|
From
operating activities
|
$ | 261,322 | $ | 320,594 | $ | 253,245 | $ | 214,036 | $ | 124,135 | $ | 187,122 | $ | 281,329 | $ | 103,848 | $ | 109,872 | $ | 165,220 | ||||||||||||||||||||
|
From
investing activities
|
(237,093 | ) | (306,396 | ) | (277,980 | ) | (254,120 | ) | (272,458 | ) | (249,300 | ) | (243,373 | ) | (246,462 | ) | (203,325 | ) | (207,024 | ) | ||||||||||||||||||||
|
From
financing activities
|
(34,704 | ) | (5,347 | ) | 15,989 | 57,763 | 143,086 | 60,815 | (49,187 | ) | 154,727 | 95,481 | 40,674 | |||||||||||||||||||||||||||
|
Net
change in cash
|
$ | (10,475 | ) | $ | 8,851 | $ | (8,746 | ) | $ | 17,679 | $ | (5,237 | ) | $ | (1,363 | ) | $ | (11,231 | ) | $ | 12,113 | $ | 2,028 | $ | (1,130 | ) | ||||||||||||||
|
GAS
OPERATIONS SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
|
UTILITY
PLANT
|
AT
DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In
thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
||||||||||||||||||||||||||||||
|
Distribution
|
$ | 3,615,253 | $ | 3,419,799 | $ | 3,153,399 | $ | 2,917,959 | $ | 2,706,089 | $ | 2,496,708 | $ | 2,293,655 | $ | 2,104,006 | $ | 1,920,357 | $ | 1,762,341 | ||||||||||||||||||||
|
General
|
228,282 | 219,126 | 219,527 | 213,906 | 206,837 | 197,693 | 198,093 | 188,997 | 188,686 | 185,344 | ||||||||||||||||||||||||||||||
|
Transmission
|
262,271 | 256,696 | 243,989 | 239,872 | 233,841 | 215,907 | 196,997 | 187,393 | 183,842 | 174,563 | ||||||||||||||||||||||||||||||
|
Intangible
|
122,227 | 119,312 | 117,251 | 115,893 | 112,036 | 108,215 | 73,892 | 66,339 | 61,675 | 59,272 | ||||||||||||||||||||||||||||||
|
Construction
work in progress
|
70,041 | 61,419 | 78,402 | 54,287 | 31,967 | 33,543 | 66,693 | 50,491 | 41,727 | 36,886 | ||||||||||||||||||||||||||||||
|
Other
|
32,326 | 30,815 | 31,136 | 31,130 | 31,141 | 19,979 | 20,037 | 18,096 | 18,261 | 25,206 | ||||||||||||||||||||||||||||||
|
Accumulated
depreciation & amortization
|
(1,347,093 | ) | (1,261,867 | ) | (1,175,600 | ) | (1,083,900 | ) | (985,919 | ) | (896,309 | ) | (814,908 | ) | (789,751 | ) | (728,466 | ) | (662,510 | ) | ||||||||||||||||||||
|
Net
utility plant
|
$ | 2,983,307 | $ | 2,845,300 | $ | 2,668,104 | $ | 2,489,147 | $ | 2,335,992 | $ | 2,175,736 | $ | 2,034,459 | $ | 1,825,571 | $ | 1,686,082 | $ | 1,581,102 | ||||||||||||||||||||
|
OPERATIONS
& MAINTENANCE EXPENSES
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
|
(In
thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
||||||||||||||||||||||||||||||
|
Distribution
|
$ | 151,586 | $ | 148,130 | $ | 142,194 | $ | 134,271 | $ | 126,396 | $ | 115,983 | $ | 111,091 | $ | 108,083 | $ | 98,958 | $ | 91,603 | ||||||||||||||||||||
|
Administrative
and general
|
106,851 | 101,100 | 98,363 | 104,662 | 90,111 | 79,128 | 74,286 | 67,542 | 60,549 | 58,398 | ||||||||||||||||||||||||||||||
|
Customer
accounts
|
63,788 | 67,453 | 67,472 | 63,715 | 60,180 | 58,458 | 60,160 | 57,874 | 52,456 | 53,436 | ||||||||||||||||||||||||||||||
|
Transmission
|
10,172 | 8,346 | 8,276 | 7,515 | 7,612 | 7,264 | 8,759 | 9,065 | 9,002 | 7,863 | ||||||||||||||||||||||||||||||
|
Production
and storage expenses
|
3,398 | 3,071 | 2,927 | 3,074 | 5,114 | 4,657 | 7,221 | 7,151 | 7,059 | 6,930 | ||||||||||||||||||||||||||||||
|
Customer
service and informational
|
2,523 | 2,842 | 1,285 | 1,064 | 1,047 | 782 | 1,539 | 1,511 | 1,581 | 1,478 | ||||||||||||||||||||||||||||||
|
Sales
|
342 | 266 | 286 | 136 | 340 | 590 | 1,132 | 1,800 | 1,570 | 1,550 | ||||||||||||||||||||||||||||||
|
Total
operations and maintenance expenses
|
$ | 338,660 | $ | 331,208 | $ | 320,803 | $ | 314,437 | $ | 290,800 | $ | 266,862 | $ | 264,188 | $ | 253,026 | $ | 231,175 | $ | 221,258 | ||||||||||||||||||||
|
GAS
OPERATIONS SEGMENT
|
||||||||||
|
AT
DECEMBER 31,
|
||||||||||
|
CUSTOMERS
BY CLASS
|
2008
|
2007
|
2006
|
2005*
|
2004
|
2003**
|
2002
|
2001
|
2000
|
1999
|
|
Residential
|
1,738,202
|
1,732,573
|
1,704,456
|
1,635,115
|
1,537,434
|
1,456,857
|
1,382,406
|
1,325,534
|
1,266,737
|
1,205,742
|
|
Small
commercial
|
78,190
|
77,970
|
76,962
|
75,549
|
72,953
|
71,466
|
70,267
|
69,546
|
67,945
|
66,550
|
|
Large
commercial
|
1,314
|
1,310
|
1,219
|
1,222
|
1,221
|
1,270
|
1,271
|
1,288
|
1,331
|
1,142
|
|
Industrial
/ Other
|
343
|
347
|
370
|
386
|
383
|
397
|
415
|
418
|
418
|
451
|
|
Transportation
|
550
|
594
|
630
|
590
|
665
|
596
|
625
|
505
|
730
|
593
|
|
Total
customers
|
1,818,599
|
1,812,794
|
1,783,637
|
1,712,862
|
1,612,656
|
1,530,586
|
1,454,984
|
1,397,291
|
1,337,161
|
1,274,478
|
|
ANNUAL
CUSTOMER GROWTH RATE
|
0%
|
2%
|
4%
|
6%
|
5%
|
5%
|
4%
|
4%
|
5%
|
5%
|
|
SYSTEM
THROUGHPUT BY CLASS
|
YEAR
ENDED DECEMBER 31,
|
|||||||||
|
(In
thousands of dekatherms)
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
|
Residential
|
70,499
|
69,806
|
67,760
|
65,047
|
66,717
|
59,305
|
58,821
|
58,994
|
57,138
|
55,451
|
|
Small
commercial
|
31,455
|
31,067
|
30,986
|
30,007
|
30,384
|
27,915
|
28,027
|
27,997
|
27,267
|
26,603
|
|
Large
commercial
|
12,512
|
12,756
|
12,826
|
11,184
|
10,490
|
10,042
|
12,150
|
10,759
|
6,391
|
6,256
|
|
Industrial
/ Other
|
9,770
|
10,353
|
14,924
|
15,654
|
16,386
|
15,731
|
22,406
|
28,377
|
19,971
|
15,431
|
|
Transportation
|
116,419
|
112,842
|
117,524
|
127,396
|
125,827
|
133,690
|
132,515
|
126,820
|
148,270
|
118,686
|
|
Total
system throughput
|
240,655
|
236,824
|
244,020
|
249,288
|
249,804
|
246,683
|
253,919
|
252,947
|
259,037
|
222,427
|
|
OPERATING
MARGIN BY CLASS***
|
YEAR
ENDED DECEMBER 31,
|
|||||||||
|
(In
thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
|
Residential
|
$
503,397
|
$
497,703
|
$
466,990
|
$
422,643
|
$
413,977
|
$
360,591
|
$
352,883
|
$
324,627
|
$
304,064
|
$
291,634
|
|
Small
commercial
|
128,827
|
129,080
|
126,020
|
114,252
|
114,834
|
104,353
|
105,268
|
100,403
|
94,900
|
92,477
|
|
Large
commercial
|
22,536
|
22,483
|
21,257
|
17,111
|
17,399
|
16,907
|
17,973
|
16,089
|
8,365
|
11,072
|
|
Industrial
/ Other
|
12,586
|
13,852
|
17,075
|
15,489
|
15,043
|
15,977
|
22,652
|
23,446
|
6,513
|
7,881
|
|
Transportation
|
68,072
|
65,454
|
62,064
|
57,631
|
55,033
|
54,022
|
53,745
|
50,990
|
62,158
|
58,060
|
|
Total
operating margin
|
$
735,418
|
$
728,572
|
$
693,406
|
$
627,126
|
$
616,286
|
$
551,850
|
$
552,521
|
$
515,555
|
$
476,000
|
$
461,124
|
|
* 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
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
|
High
|
$
33.29
|
$
39.95
|
$
39.37
|
$
28.07
|
$
26.15
|
$
23.64
|
$
25.35
|
$
24.67
|
$
23.00
|
$
29.50
|
|
Low
|
21.11
|
26.45
|
26.09
|
23.53
|
21.50
|
19.30
|
18.10
|
18.61
|
16.88
|
20.38
|
|
Close [1]
|
25.22
|
29.77
|
38.37
|
26.40
|
25.40
|
22.45
|
23.45
|
22.35
|
21.88
|
23.00
|
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
|
|
COMMON
SHARES OUTSTANDING (in thousands) [1]
|
44,192
|
42,806
|
41,770
|
39,328
|
36,794
|
34,232
|
33,289
|
32,493
|
31,710
|
30,985
|
|
DIVIDEND
YIELD [1]
|
3.6%
|
2.9%
|
2.1%
|
3.1%
|
3.2%
|
3.7%
|
3.5%
|
3.7%
|
3.7%
|
3.6%
|
|
DIVIDENDS
DECLARED PER SHARE [2]
|
$
0.90
|
$
0.86
|
$
0.82
|
$
0.82
|
$
0.82
|
$
0.82
|
$
0.82
|
$
0.82
|
$
0.82
|
$
0.82
|
|
PRICE
/ EARNINGS RATIO [1]
|
18.01
|
15.11
|
18.54
|
22.96
|
15.78
|
19.69
|
17.63
|
19.27
|
17.93
|
17.97
|
|
RETURN
ON EQUITY - TOTAL COMPANY [2]
|
6.0%
|
8.8%
|
10.3%
|
5.9%
|
8.5%
|
6.3%
|
7.5%
|
6.8%
|
7.4%
|
8.0%
|
|
RETURN
ON EQUITY - GAS SEGMENT ONLY [2]
|
5.6%
|
8.1%
|
9.2%
|
4.8%
|
7.6%
|
5.9%
|
7.1%
|
6.2%
|
6.9%
|
7.5%
|
|
BOOK
VALUE PER SHARE [1]
|
$
23.48
|
$
22.98
|
$
21.58
|
$
19.10
|
$
19.18
|
$
18.42
|
$
17.91
|
$
17.27
|
$
16.82
|
$
16.31
|
|
GAS
OPERATIONS SEGMENT
|
||||||||||
|
YEAR
ENDED DECEMBER 31,
|
||||||||||
|
HEATING
DEGREE DAY COMPARISON
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
|
Actual
|
1,902
|
1,850
|
1,826
|
1,735
|
1,953
|
1,772
|
1,912
|
1,963
|
1,938
|
1,928
|
|
Ten-year
average
|
1,893
|
1,936
|
1,961
|
1,956
|
1,913
|
1,931
|
1,963
|
1,970
|
1,991
|
2,031
|
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
1999
|
|
|
NUMBER
OF GAS SEGMENT EMPLOYEES [1]
|
2,447
|
2,538
|
2,525
|
2,590
|
2,548
|
2,550
|
2,546
|
2,507
|
2,491
|
2,482
|
|
CUSTOMERS
/ EMPLOYEE [1]
|
743
|
714
|
706
|
661
|
633
|
600
|
571
|
557
|
537
|
513
|
|
OPERATIONS
& MAINTENANCE EXPENSE / CUSTOMER [2]
|
$
188
|
$
186
|
$
185
|
$
191
|
$
187
|
$
182
|
$
188
|
$
188
|
$
179
|
$
181
|
|
WEIGHTED
AVERAGE COST OF GAS (per therm) [2]
|
$
0.84
|
$
0.81
|
$
0.79
|
$
0.71
|
$
0.57
|
$
0.46
|
$
0.38
|
$
0.55
|
$
0.42
|
$
0.28
|
|
CONSTRUCTION
EXPENDITURES (in thousands) [2]
|
$
279,254
|
$
312,412
|
$
305,914
|
$
258,547
|
$
274,748
|
$
228,288
|
$
263,576
|
$
248,352
|
$
205,161
|
$
207,773
|
|
[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 12-31-08
|
Twelve
Months Ended 12-31-07
|
||||||||||||||||
|
Southern
Nevada
|
|||||||||||||||||
|
Commercial
|
6,690,270 | $ | 6,165,176 | 6,349,959 | $ | 5,857,974 | |||||||||||
|
Industrial
|
4,080,708 | 2,753,317 | 4,872,982 | 3,072,177 | |||||||||||||
|
Power
Generation
|
66,495,916 | 11,501,940 | 59,235,856 | 9,973,427 | |||||||||||||
|
Southern
Nevada Totals
|
77,266,894 | $ | 20,420,433 | 70,458,797 | $ | 18,903,578 | |||||||||||
|
Northern
Nevada (1)
|
|||||||||||||||||
|
Commercial
|
1,099,178 | $ | 609,780 | 1,097,299 | $ | 608,016 | |||||||||||
|
Industrial
|
6,588,701 | 2,005,782 | 6,104,353 | 1,810,671 | |||||||||||||
|
Power
Generation
|
13,431,712 | 5,486,447 | 14,902,237 | 6,049,978 | |||||||||||||
|
Resale
|
6,919,364 | 18,833,991 | 5,511,786 | 17,512,500 | |||||||||||||
|
Northern
Nevada Totals
|
28,038,955 | $ | 26,936,000 | 27,615,675 | $ | 25,981,165 | |||||||||||
|
(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 12-31-08
|
Twelve
Months Ended 12-31-07
|
|||||||||||||||
|
Southern
Arizona
|
||||||||||||||||
|
Commercial
|
472,819 | $ | 826,028 | 215,436 | $ | 427,680 | ||||||||||
|
Industrial
|
1,545,300 | 1,758,377 | 1,380,172 | 1,150,529 | ||||||||||||
|
Power
Generation
|
158,292 | 274,697 | 3,429,591 | 1,178,557 | ||||||||||||
|
Irrigation
|
385,837 | 394,324 | 195,193 | 598,348 | ||||||||||||
|
Southern
Arizona Totals
|
2,562,248 | $ | 3,253,426 | 5,220,392 | $ | 3,355,114 | ||||||||||
|
Central
Arizona
|
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|
Commercial
|
1,667,358 | $ | 2,638,029 | 1,615,310 | $ | 2,413,586 | ||||||||||
|
Industrial
|
3,188,253 | 5,489,799 | 4,933,184 | 7,248,908 | ||||||||||||
|
Irrigation
|
2,038,120 | 2,479,028 | 111,596 | 255,777 | ||||||||||||
|
Central
Arizona Totals
|
6,893,731 | $ | 10,606,856 | 6,660,090 | $ | 9,918,271 | ||||||||||
|
GAS
OPERATIONS SEGMENT
|
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|
Transportation
Volumes and Operating Margin
|
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|
DEKATHERMS
|
OPERATING
|
DEKATHERMS
|
OPERATING
|
||||||||||||||
|
DIVISION/CUSTOMER
TYPE
|
TRANSPORTED
|
MARGIN
|
TRANSPORTED
|
MARGIN
|
|||||||||||||
|
Twelve
Months Ended 12-31-08
|
Twelve
Months Ended 12-31-07
|
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|
Southern
California
|
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|
Commercial
|
316,233 | $ | 434,017 | 557,723 | $ | 575,132 | |||||||||||
|
Industrial
|
480,973 | 198,790 | 1,382,648 | 328,318 | |||||||||||||
|
Power
Generation
|
859,947 | 621,127 | 946,883 | 791,220 | |||||||||||||
|
Southern California Totals
|
1,657,153 | $ | 1,253,934 | 2,887,254 | $ | 1,694,670 | |||||||||||
|
Total
Company (1)
|
|||||||||||||||||
|
Commercial
|
10,245,858 | $ | 10,673,030 | 9,835,727 | $ | 9,882,388 | |||||||||||
|
Industrial
|
15,883,935 | 12,206,065 | 18,673,339 | 13,610,603 | |||||||||||||
|
Power
Generation
|
80,945,867 | 17,884,211 | 78,514,567 | 17,993,182 | |||||||||||||
|
Resale
|
6,919,364 | 18,833,991 | 5,511,786 | 17,512,500 | |||||||||||||
|
Irrigation
|
2,423,957 | 2,873,352 | 306,789 | 854,125 | |||||||||||||
|
TOTAL COMPANY
|
116,418,981 | $ | 62,470,649 | 112,842,208 | $ | 59,852,798 | |||||||||||
|
(1)
|
Includes
transportation customers of Paiute Pipeline Company, a wholly owned
subsidiary of Southwest Gas Corporation.
|
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