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 2, 2013
SOUTHWEST GAS CORPORATION
(Exact name of registrant as specified in its charter)
|
California
|
1-7850
|
88-0085720
|
|
(State or other jurisdiction of
|
(Commission
|
(I.R.S. Employer
|
|
incorporation or organization)
|
File Number)
|
Identification No.)
|
|
5241 Spring Mountain Road
|
||
|
Post Office Box 98510
|
||
|
Las Vegas, Nevada
|
89193-8510
|
|
|
(Address of principal executive offices)
|
(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 2, 2013, Southwest Gas Corporation (the “Company”) released summary statistical information for each of the ten years in the period ended December 31, 2012. 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.
|
SOUTHWEST GAS CORPORATION
|
|
|
Date: May 2, 2013
|
|
|
/s/ GREGORY J. PETERSON
|
|
|
Gregory J. Peterson
|
|
|
Vice President/Controller and
|
|
|
Chief Accounting Officer
|
EXHIBIT INDEX
|
Exhibit
|
|||
|
No.
|
Description
|
||
|
99
|
Summary statistical information as of December 31, 2012 released on May 2, 2013.
|
RATEMAKING JURISDICTIONS AND REGULATORY AGENCIES
The Company is subject to regulation by the Arizona Corporation Commission (ACC), the Public Utilities Commission of Nevada (PUCN) and the California Public Utilities Commission (CPUC). These commissions regulate public utility rates, practices, facilities, and service territories in their respective states.
The Federal Energy Regulatory Commission (FERC) regulates a wholly owned subsidiary of the Company, Paiute Pipeline Company (Paiute), and the rates it charges for transportation of gas directly to certain end-users and the transportation and storage of gas to various local distribution companies for resale in northern Nevada and northern California.
Shown below is a list of the Company's ratemaking jurisdictions and the corresponding regulatory agency having jurisdiction:
|
Ratemaking Jurisdiction
|
Regulatory Agency
|
||
|
Arizona:
|
Arizona Corporation Commission
|
||
|
1200 West Washington
|
Web site: www.cc.state.az.us
|
||
|
Phoenix, AZ 85007-2996
|
|||
|
(602) 542-4251
|
FAX: (602) 542-3977
|
||
|
California:
|
California Public Utilities Commission
|
||
|
Northern
|
505 Van Ness Avenue
|
Web site: www.cpuc.ca.gov
|
|
|
Southern
|
San Francisco, CA 94102-3298
|
||
|
South Lake Tahoe
|
(415) 703-2782
|
FAX: (415) 703-1758
|
|
|
Nevada:
|
Public Utilities Commission of Nevada
|
||
|
Northern
|
1150 East William Street
|
Web site: http://puc.nv.gov
|
|
|
Southern
|
Carson City, NV 89701-3109
|
||
|
(775) 684-6101
|
FAX: (775) 684-6110
|
||
|
Nevada/California:
|
Federal Energy Regulatory Commission
|
||
|
Paiute
|
888 First Street, N.E.
|
Web site: www.ferc.gov
|
|
|
Washington, DC 20426
|
|||
|
(202) 502-6088
|
FAX: (202) 208-2106
|
A list of the commissioners appointed or elected to the various regulatory agencies follows this page.
SUMMARY OF COMMISSIONER STATUS BY JURISDICTION
March 2013
|
ARIZONA
|
|||
|
Five members, elected statewide to four-year staggered terms. Governor appoints replacements, if position is vacated.
|
|||
|
Chairman Bob Stump
|
Rep.
|
Term ends 01/2017
|
|
|
Commissioner Susan Bitter Smith
|
Rep.
|
Term ends 01/2017
|
|
|
Commissioner Bob Burns
|
Rep.
|
Term ends 01/2017
|
|
|
Commissioner Brenda Burns
|
Rep.
|
Term ends 01/2015
|
|
|
Commissioner Gary Pierce
|
Rep.
|
Term ends 01/2015
|
|
|
Executive Director Jodi Jerich
|
|||
|
CALIFORNIA
|
|||
|
Five members, appointed to six-year staggered terms by Governor and confirmed by Senate.
|
|||
|
President Michael R. Peevey
|
Dem.
|
Term ends 12/31/2014
|
|
|
Commissioner Mark Ferron
|
Dem.
|
Term ends 01/01/2015
|
|
|
Commissioner Mike Florio
|
Dem.
|
Term ends 01/01/2017
|
|
|
Commissioner Carla Peterman
|
Dem.
|
Term ends 01/01/2018
|
|
|
Commissioner Catherine J. K. Sandoval
|
Dem.
|
Term ends 01/01/2017
|
|
|
Executive Director Paul Clanon
|
|||
|
NEVADA
|
|||
|
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
|
|||
|
Chairman Alaina Burtenshaw
|
Dem.
|
Term ends 9/30/2013
|
|
|
Commissioner David Noble
|
Ind.
|
Term ends 09/30/2016
|
|
|
Commissioner Rebecca Wagner
|
Rep.
|
Term ends 9/30/2015
|
|
|
Executive Director Crystal Jackson
|
|||
|
FERC
|
|||
|
Five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
|
|||
|
Chairman Jon Wellinghoff
|
Dem.
|
Term ends 6/30/2013
|
|
|
Commissioner Tony Clark
|
Rep.
|
Term ends 6/30/2016
|
|
|
Commissioner Cheryl A. LaFleur
|
Dem.
|
Term ends 6/30/2014
|
|
|
Commissioner Philip D. Moeller
|
Rep.
|
Term ends 6/30/2015
|
|
|
Commissioner John R. Norris
|
Dem.
|
Term ends 6/30/2017
|
|
|
Secretary Kimberly D. Bose
|
|||
|
SUMMARY OF KEY REGULATORY FILINGS
|
||||||||||||||||||||||||||||
|
ADDITIONAL
|
ADDITIONAL
|
PERCENT
|
OVERALL
|
RATE OF
|
||||||||||||||||||||||||
|
MARGIN
|
MARGIN
|
AUTHORIZED
|
RATE OF
|
RETURN ON
|
COMMON
|
|||||||||||||||||||||||
|
FILING
|
TEST
|
FILING
|
EFFECTIVE
|
REQUESTED
|
AUTHORIZED
|
OF REQUESTED
|
RETURN
|
COMMON EQUITY
|
EQUITY
|
|||||||||||||||||||
|
JURISDICTION
|
TYPE [1]
|
PERIOD
|
DATE
|
DATE
|
($mm)
|
($mm)
|
AMOUNTS
|
GRANTED
|
GRANTED
|
RATIO
|
||||||||||||||||||
|
NEVADA
|
||||||||||||||||||||||||||||
|
Docket No. 09-04003 (NNV)
|
GRC
|
11/30/08
|
04/03/09
|
11/01/09
|
1.3 | (0.5 | ) |
NM
|
8.29 | 10.15 | 47.09 | |||||||||||||||||
|
Docket No. 09-04003 (SNV)
|
GRC
|
11/30/08
|
04/03/09
|
11/01/09
|
26.6 | 17.6 | 66 | 7.40 | 10.15 | 47.09 | ||||||||||||||||||
|
Docket No. 09-06016 (SNV)
|
VIER
|
06/15/09
|
11/01/09
|
(1.5 | ) | (1.5 | ) | 100 | 7.40 | 10.15 | 47.09 | |||||||||||||||||
|
Docket No. 10-06008 (SNV)
|
VIER
|
06/04/10
|
11/01/10
|
(1.1 | ) | (1.1 | ) | 100 | 7.25 | 10.15 | 47.09 | |||||||||||||||||
|
Docket No. 11-06003 (SNV)
|
VIER
|
06/03/11
|
11/01/11
|
1.9 | 1.9 | 100 | 7.26 | 10.15 | 47.09 | |||||||||||||||||||
|
Docket No. 12-04005 (NNV) [2]
|
GRC
|
11/30/11
|
04/04/12
|
04/09/13
|
2.0 | 0.7 | 34 | 7.88 | 9.30 | 59.06 | ||||||||||||||||||
|
Docket No. 12-04005 (SNV) [2]
|
GRC
|
11/30/11
|
04/04/12
|
04/09/13
|
24.9 | 6.7 | 27 | 6.56 | 10.00 | 42.74 | ||||||||||||||||||
|
ARIZONA
|
||||||||||||||||||||||||||||
|
Docket No. G-0155A-07-0504
|
GRC
|
04/30/07
|
08/31/07
|
12/01/08
|
49.3 | 33.5 | 68 | 8.86 | 10.00 | 43.44 | ||||||||||||||||||
|
Docket No. G-0155A-10-0458
|
GRC
|
06/30/10
|
11/12/10
|
01/01/12
|
73.2 | 52.6 | 72 | 8.95 | 9.50 | 52.30 | ||||||||||||||||||
|
CALIFORNIA
|
||||||||||||||||||||||||||||
|
Application No. 02-02-012 (SCA)
|
GRC
|
12/31/03
|
02/13/02
|
05/08/03
|
5.7 | 3.6 | 63 | 9.17 | 10.90 | 42.00 | ||||||||||||||||||
|
Application No. 02-02-012 (NCA)
|
GRC
|
12/31/03
|
02/13/02
|
05/08/03
|
4.4 | 3.8 | 87 | 9.17 | 10.90 | 42.00 | ||||||||||||||||||
|
Advice Letter No. 722 (SCA)
|
Attrition
|
11/01/04
|
01/01/05
|
1.6 | 1.6 | 100 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 722 (NCA)
|
Attrition
|
11/01/04
|
01/01/05
|
0.3 | 0.3 | 100 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 747-A (SCA)
|
Attrition
|
11/23/05
|
04/13/06
|
3.4 | 2.2 | 65 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 747-A (NCA)
|
Attrition
|
11/23/05
|
04/13/06
|
1.1 | 0.8 | 72 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 769 (SCA)
|
Attrition
|
11/17/06
|
01/01/07
|
2.3 | 2.3 | 100 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 769 (NCA)
|
Attrition
|
11/17/06
|
01/01/07
|
0.4 | 0.4 | 100 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 789 (SCA)
|
Attrition
|
11/01/07
|
01/01/08
|
1.7 | 1.7 | 100 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Advice Letter No. 789 (NCA)
|
Attrition
|
11/01/07
|
01/01/08
|
0.4 | 0.4 | 100 | 8.74 | 10.38 | 42.00 | |||||||||||||||||||
|
Application 07-12-022 (SCA)
|
GRC
|
12/31/09
|
12/21/07
|
01/01/09
|
7.1 | 2.4 | 34 | 7.87 | 10.50 | 47.00 | ||||||||||||||||||
|
Application 07-12-022 (NCA/SLT)
|
GRC
|
12/31/09
|
12/21/07
|
01/01/09
|
2.0 | 0.8 | 39 | 8.99 | 10.50 | 47.00 | ||||||||||||||||||
|
Advice Letter No. 829 (SCA)
|
Attrition
|
10/30/09
|
01/01/10
|
1.7 | 1.7 | 100 | 7.87 | 10.50 | 47.00 | |||||||||||||||||||
|
Advice Letter No. 829 (NCA/SLT)
|
Attrition
|
10/30/09
|
01/01/10
|
1.0 | 1.0 | 100 | 8.99 | 10.50 | 47.00 | |||||||||||||||||||
|
Advice Letter No. 857 (SCA)
|
Attrition
|
12/01/10
|
01/01/11
|
1.7 | 1.7 | 100 | 7.87 | 10.50 | 47.00 | |||||||||||||||||||
|
Advice Letter No. 857 (NCA/SLT)
|
Attrition
|
12/01/10
|
01/01/11
|
0.5 | 0.5 | 100 | 8.99 | 10.50 | 47.00 | |||||||||||||||||||
|
Advice Letter No. 877 (SCA)
|
Attrition
|
11/22/11
|
01/01/12
|
(0.3 | ) | (0.3 | ) | 100 | 6.42 | 9.88 | 50.00 | |||||||||||||||||
|
Advice Letter No. 877 (NCA/SLT)
|
Attrition
|
11/22/11
|
01/01/12
|
0.2 | 0.2 | 100 | 8.50 | 9.88 | 50.00 | |||||||||||||||||||
|
Advice Letter No. 904/905 (SCA)
|
Attrition
|
11/29/12
|
01/01/13
|
1.1 | 1.1 | 100 | 6.10 | 9.35 | 50.00 | |||||||||||||||||||
|
Advice Letter No. 904/905 (NCA/SLT)
|
Attrition
|
11/29/12
|
01/01/13
|
(0.0 | ) | (0.0 | ) | 100 | 7.77 | 9.35 | 50.00 | |||||||||||||||||
|
FERC
|
||||||||||||||||||||||||||||
|
Docket No. RP05-163
|
GRC
|
07/31/05
|
01/28/05
|
08/01/05
|
1.7 | (2.5 | ) |
NM
|
[3] | [3] | [3] | |||||||||||||||||
|
Docket No. RP09-406
|
GRC
|
08/31/09
|
02/27/09
|
09/01/09
|
3.9 | 0.9 | 22 | [3] | [3] | [3] | ||||||||||||||||||
|
[1] GRC = General Rate Case; VIER = Variable Interest Expense Recovery Mechanism; Attrition = Annual Attrition Filing and Automatic Trigger Mechanism for Cost of Capital
|
||||||||||||||||||||||||||||
|
[2] Original decision dated November 7, 2012 authorized $1.2MM in NNV and $5.8MM in SNV
[3] Stipulation - Not Identified in Order
|
||||||||||||||||||||||||||||
|
SUMMARY OPERATING RESULTS
|
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands, except per share amounts)
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||
|
Results of Consolidated Operations
|
||||||||||||||||||||||||||||||||||||||||
|
Contribution to net income - gas operations
|
$ | 116,619 | $ | 91,420 | $ | 91,382 | $ | 79,420 | $ | 53,747 | $ | 72,494 | $ | 71,473 | $ | 33,670 | $ | 48,354 | $ | 34,211 | ||||||||||||||||||||
|
Contribution to net income - construction services
|
16,712 | 20,867 | 12,495 | 8,062 | 7,226 | 10,752 | 12,387 | 10,153 | 8,421 | 4,291 | ||||||||||||||||||||||||||||||
|
Net income
|
$ | 133,331 | $ | 112,287 | $ | 103,877 | $ | 87,482 | $ | 60,973 | $ | 83,246 | $ | 83,860 | $ | 43,823 | $ | 56,775 | $ | 38,502 | ||||||||||||||||||||
|
Basic earnings per share
|
$ | 2.89 | $ | 2.45 | $ | 2.29 | $ | 1.95 | $ | 1.40 | $ | 1.97 | $ | 2.07 | $ | 1.15 | $ | 1.61 | $ | 1.14 | ||||||||||||||||||||
|
Diluted earnings per share
|
$ | 2.86 | $ | 2.43 | $ | 2.27 | $ | 1.94 | $ | 1.39 | $ | 1.95 | $ | 2.05 | $ | 1.14 | $ | 1.60 | $ | 1.13 | ||||||||||||||||||||
|
Average outstanding common shares
|
46,115 | 45,858 | 45,405 | 44,752 | 43,476 | 42,336 | 40,566 | 38,132 | 35,204 | 33,760 | ||||||||||||||||||||||||||||||
|
Average shares outstanding (assuming dilution)
|
46,555 | 46,291 | 45,823 | 45,062 | 43,775 | 42,714 | 40,975 | 38,467 | 35,488 | 34,041 | ||||||||||||||||||||||||||||||
|
Results of Natural Gas Operations
|
||||||||||||||||||||||||||||||||||||||||
|
Gas operating revenues
|
$ | 1,321,728 | $ | 1,403,366 | $ | 1,511,907 | $ | 1,614,843 | $ | 1,791,395 | $ | 1,814,766 | $ | 1,727,394 | $ | 1,455,257 | $ | 1,262,052 | $ | 1,034,353 | ||||||||||||||||||||
|
Net cost of gas sold
|
479,602 | 613,489 | 736,175 | 866,630 | 1,055,977 | 1,086,194 | 1,033,988 | 828,131 | 645,766 | 482,503 | ||||||||||||||||||||||||||||||
|
Operating margin
|
842,126 | 789,877 | 775,732 | 748,213 | 735,418 | 728,572 | 693,406 | 627,126 | 616,286 | 551,850 | ||||||||||||||||||||||||||||||
|
Operations and maintenance expense
|
369,979 | 358,498 | 354,943 | 348,942 | 338,660 | 331,208 | 320,803 | 314,437 | 290,800 | 266,862 | ||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
186,035 | 175,253 | 170,456 | 166,850 | 166,337 | 157,090 | 146,654 | 137,981 | 130,515 | 120,791 | ||||||||||||||||||||||||||||||
|
Taxes other than income taxes
|
41,728 | 40,949 | 38,869 | 37,318 | 36,780 | 37,553 | 34,994 | 39,040 | 37,669 | 35,910 | ||||||||||||||||||||||||||||||
|
Operating income
|
244,384 | 215,177 | 211,464 | 195,103 | 193,641 | 202,721 | 190,955 | 135,668 | 157,302 | 128,287 | ||||||||||||||||||||||||||||||
|
Other income (deductions)
|
4,165 | (5,404 | ) | 4,016 | 6,590 | (13,469 | ) | 4,850 | 10,049 | 5,087 | 1,611 | 2,955 | ||||||||||||||||||||||||||||
|
Net interest deductions
|
66,957 | 68,777 | 75,113 | 74,091 | 83,096 | 86,436 | 85,567 | 81,595 | 78,137 | 76,251 | ||||||||||||||||||||||||||||||
|
Net interest deductions on subordinated debentures
|
- | - | 1,912 | 7,731 | 7,729 | 7,727 | 7,724 | 7,723 | 7,724 | 2,680 | ||||||||||||||||||||||||||||||
|
Preferred securities distributions
|
- | - | - | - | - | - | - | - | - | 4,180 | ||||||||||||||||||||||||||||||
|
Income before income taxes
|
181,592 | 140,996 | 138,455 | 119,871 | 89,347 | 113,408 | 107,713 | 51,437 | 73,052 | 48,131 | ||||||||||||||||||||||||||||||
|
Income tax expense
|
64,973 | 49,576 | 47,073 | 40,451 | 35,600 | 40,914 | 36,240 | 17,767 | 24,698 | 13,920 | ||||||||||||||||||||||||||||||
|
Contribution to consolidated net income
|
$ | 116,619 | $ | 91,420 | $ | 91,382 | $ | 79,420 | $ | 53,747 | $ | 72,494 | $ | 71,473 | $ | 33,670 | $ | 48,354 | $ | 34,211 | ||||||||||||||||||||
|
SUMMARY CONSOLIDATED BALANCE SHEET
|
AT DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||||||
|
Net utility plant
|
$ | 3,343,794 | $ | 3,218,944 | $ | 3,072,436 | $ | 3,034,503 | $ | 2,983,307 | $ | 2,845,300 | $ | 2,668,104 | $ | 2,489,147 | $ | 2,335,992 | $ | 2,175,736 | ||||||||||||||||||||
|
Other property and investments
|
242,096 | 192,004 | 134,648 | 115,860 | 124,781 | 143,097 | 136,242 | 118,094 | 99,879 | 87,443 | ||||||||||||||||||||||||||||||
|
Restricted cash
|
- | 12,785 | 37,781 | 49,769 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
|
Current assets
|
458,417 | 461,632 | 445,894 | 417,632 | 438,076 | 502,459 | 501,624 | 542,660 | 431,993 | 281,087 | ||||||||||||||||||||||||||||||
|
Deferred charges and other assets
|
443,750 | 390,642 | 293,434 | 288,528 | 274,220 | 179,332 | 178,995 | 78,525 | 70,252 | 63,840 | ||||||||||||||||||||||||||||||
|
Total assets
|
$ | 4,488,057 | $ | 4,276,007 | $ | 3,984,193 | $ | 3,906,292 | $ | 3,820,384 | $ | 3,670,188 | $ | 3,484,965 | $ | 3,228,426 | $ | 2,938,116 | $ | 2,608,106 | ||||||||||||||||||||
|
CAPITALIZATION
|
||||||||||||||||||||||||||||||||||||||||
|
Common stock equity
|
$ | 876,555 | $ | 869,226 | $ | 855,114 | $ | 839,061 | $ | 816,285 | $ | 776,755 | $ | 741,658 | $ | 669,206 | $ | 605,070 | $ | 546,383 | ||||||||||||||||||||
|
Accumulated other comprehensive income (loss), net
|
(50,745 | ) | (49,331 | ) | (30,784 | ) | (22,250 | ) | (19,426 | ) | (12,850 | ) | (13,666 | ) | (41,645 | ) | (10,892 | ) | - | |||||||||||||||||||||
|
Retained earnings
|
484,369 | 406,125 | 343,131 | 285,316 | 240,982 | 219,768 | 173,433 | 123,574 | 111,498 | 84,084 | ||||||||||||||||||||||||||||||
|
Noncontrolling interest
|
(1,681 | ) | (989 | ) | (465 | ) | (41 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
|
Subordinated debentures
|
- | - | - | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||
|
Long-term debt, less current maturities
|
1,268,373 | 930,858 | 1,124,681 | 1,169,357 | 1,185,474 | 1,266,067 | 1,286,354 | 1,224,898 | 1,162,936 | 1,121,164 | ||||||||||||||||||||||||||||||
|
Total capitalization
|
2,576,871 | 2,155,889 | 2,291,677 | 2,371,443 | 2,323,315 | 2,349,740 | 2,287,779 | 2,076,033 | 1,968,612 | 1,851,631 | ||||||||||||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||
|
Current maturities of long-term debt
|
50,137 | 322,618 | 75,080 | 1,327 | 7,833 | 38,079 | 27,545 | 83,215 | 29,821 | 6,435 | ||||||||||||||||||||||||||||||
|
Current liabilities
|
484,992 | 524,950 | 521,881 | 472,903 | 502,062 | 489,853 | 468,519 | 537,738 | 453,210 | 303,977 | ||||||||||||||||||||||||||||||
|
Deferred income taxes and investment tax credits
|
616,184 | 557,118 | 466,628 | 436,113 | 387,539 | 347,497 | 308,493 | 234,739 | 281,743 | 277,332 | ||||||||||||||||||||||||||||||
|
Other deferred credits
|
759,873 | 715,432 | 628,927 | 624,506 | 599,635 | 445,019 | 392,629 | 296,701 | 204,730 | 168,731 | ||||||||||||||||||||||||||||||
|
Total liabilities
|
1,911,186 | 2,120,118 | 1,692,516 | 1,534,849 | 1,497,069 | 1,320,448 | 1,197,186 | 1,152,393 | 969,504 | 756,475 | ||||||||||||||||||||||||||||||
|
Total capitalization and liabilities
|
$ | 4,488,057 | $ | 4,276,007 | $ | 3,984,193 | $ | 3,906,292 | $ | 3,820,384 | $ | 3,670,188 | $ | 3,484,965 | $ | 3,228,426 | $ | 2,938,116 | $ | 2,608,106 | ||||||||||||||||||||
|
GAS SEGMENT CASH FLOWS
|
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||
|
From operating activities
|
$ | 344,441 | $ | 216,745 | $ | 342,522 | $ | 371,416 | $ | 261,322 | $ | 320,594 | $ | 253,245 | $ | 214,036 | $ | 124,135 | $ | 187,122 | ||||||||||||||||||||
|
From investing activities
|
(296,886 | ) | (289,234 | ) | (178,685 | ) | (265,850 | ) | (237,093 | ) | (306,396 | ) | (277,980 | ) | (254,120 | ) | (272,458 | ) | (249,300 | ) | ||||||||||||||||||||
|
From financing activities
|
(43,453 | ) | (2,327 | ) | (107,779 | ) | (81,744 | ) | (34,704 | ) | (5,347 | ) | 15,989 | 57,763 | 143,086 | 60,815 | ||||||||||||||||||||||||
|
Net change in cash
|
$ | 4,102 | $ | (74,816 | ) | $ | 56,058 | $ | 23,822 | $ | (10,475 | ) | $ | 8,851 | $ | (8,746 | ) | $ | 17,679 | $ | (5,237 | ) | $ | (1,363 | ) | |||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
|
UTILITY PLANT
|
AT DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||
|
Distribution
|
$ | 4,224,560 | $ | 4,048,078 | $ | 3,847,731 | $ | 3,716,881 | $ | 3,615,253 | $ | 3,419,799 | $ | 3,153,399 | $ | 2,917,959 | $ | 2,706,089 | $ | 2,496,708 | ||||||||||||||||||||
|
General
|
310,936 | 291,639 | 279,402 | 270,825 | 228,282 | 219,126 | 219,527 | 213,906 | 206,837 | 197,693 | ||||||||||||||||||||||||||||||
|
Transmission
|
301,505 | 295,103 | 274,646 | 271,467 | 262,271 | 256,696 | 243,989 | 239,872 | 233,841 | 215,907 | ||||||||||||||||||||||||||||||
|
Intangible
|
150,396 | 144,135 | 135,330 | 127,188 | 122,227 | 119,312 | 117,251 | 115,893 | 112,036 | 108,215 | ||||||||||||||||||||||||||||||
|
Construction work in progress
|
74,178 | 44,894 | 37,489 | 45,872 | 70,041 | 61,419 | 78,402 | 54,287 | 31,967 | 33,543 | ||||||||||||||||||||||||||||||
|
Other
|
33,014 | 33,186 | 33,267 | 33,376 | 32,326 | 30,815 | 31,136 | 31,130 | 31,141 | 19,979 | ||||||||||||||||||||||||||||||
|
Accumulated depreciation & amortization
|
(1,750,795 | ) | (1,638,091 | ) | (1,535,429 | ) | (1,431,106 | ) | (1,347,093 | ) | (1,261,867 | ) | (1,175,600 | ) | (1,083,900 | ) | (985,919 | ) | (896,309 | ) | ||||||||||||||||||||
|
Net utility plant
|
$ | 3,343,794 | $ | 3,218,944 | $ | 3,072,436 | $ | 3,034,503 | $ | 2,983,307 | $ | 2,845,300 | $ | 2,668,104 | $ | 2,489,147 | $ | 2,335,992 | $ | 2,175,736 | ||||||||||||||||||||
|
OPERATIONS & MAINTENANCE EXPENSES
|
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||
|
Distribution
|
$ | 166,356 | $ | 157,855 | $ | 157,220 | $ | 159,282 | $ | 151,586 | $ | 148,130 | $ | 142,194 | $ | 134,271 | $ | 126,396 | $ | 115,983 | ||||||||||||||||||||
|
Administrative and general
|
124,874 | 123,357 | 120,942 | 112,526 | 106,851 | 101,100 | 98,363 | 104,662 | 90,111 | 79,128 | ||||||||||||||||||||||||||||||
|
Customer accounts
|
55,894 | 57,414 | 60,187 | 60,896 | 63,788 | 67,453 | 67,472 | 63,715 | 60,180 | 58,458 | ||||||||||||||||||||||||||||||
|
Transmission
|
14,207 | 12,353 | 9,622 | 9,338 | 10,172 | 8,346 | 8,276 | 7,515 | 7,612 | 7,264 | ||||||||||||||||||||||||||||||
|
Production and storage expenses
|
4,500 | 4,492 | 4,215 | 3,985 | 3,398 | 3,071 | 2,927 | 3,074 | 5,114 | 4,657 | ||||||||||||||||||||||||||||||
|
Customer service and informational
|
4,142 | 2,962 | 2,646 | 2,484 | 2,523 | 2,842 | 1,285 | 1,064 | 1,047 | 782 | ||||||||||||||||||||||||||||||
|
Sales
|
6 | 65 | 111 | 431 | 342 | 266 | 286 | 136 | 340 | 590 | ||||||||||||||||||||||||||||||
|
Total operations and maintenance expenses
|
$ | 369,979 | $ | 358,498 | $ | 354,943 | $ | 348,942 | $ | 338,660 | $ | 331,208 | $ | 320,803 | $ | 314,437 | $ | 290,800 | $ | 266,862 | ||||||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
| AT DECEMBER 31, | ||||||||||||||||||||||||||||||||||||||||
|
CUSTOMERS BY CLASS
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
2005* | 2004 | 2003** | ||||||||||||||||||||||||||||||
|
Residential
|
1,796,929 | 1,780,155 | 1,758,557 | 1,744,481 | 1,738,202 | 1,732,573 | 1,704,456 | 1,635,115 | 1,537,434 | 1,456,857 | ||||||||||||||||||||||||||||||
|
Small commercial
|
76,800 | 76,633 | 76,746 | 77,416 | 78,190 | 77,970 | 76,962 | 75,549 | 72,953 | 71,466 | ||||||||||||||||||||||||||||||
|
Large commercial
|
1,118 | 1,433 | 1,185 | 1,263 | 1,314 | 1,310 | 1,219 | 1,222 | 1,221 | 1,270 | ||||||||||||||||||||||||||||||
|
Industrial / Other
|
308 | 320 | 328 | 320 | 343 | 347 | 370 | 386 | 383 | 397 | ||||||||||||||||||||||||||||||
|
Transportation
|
739 | 715 | 643 | 646 | 550 | 594 | 630 | 590 | 665 | 596 | ||||||||||||||||||||||||||||||
|
Total customers
|
1,875,894 | 1,859,256 | 1,837,459 | 1,824,126 | 1,818,599 | 1,812,794 | 1,783,637 | 1,712,862 | 1,612,656 | 1,530,586 | ||||||||||||||||||||||||||||||
|
ANNUAL CUSTOMER GROWTH RATE
|
0.9 | % | 1.2 | % | 0.7 | % | 0.3 | % | 0.3 | % | 1.6 | % | 4.1 | % | 6.2 | % | 5.4 | % | 5.2 | % | ||||||||||||||||||||
|
SYSTEM THROUGHPUT BY CLASS
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
|
(In thousands of dekatherms)
|
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||
|
Residential
|
65,505 | 71,877 | 70,470 | 66,974 | 70,499 | 69,806 | 67,760 | 65,047 | 66,717 | 59,305 | ||||||||||||||||||||||||||||||
|
Small commercial
|
27,067 | 30,392 | 30,094 | 29,423 | 31,455 | 31,067 | 30,986 | 30,007 | 30,384 | 27,915 | ||||||||||||||||||||||||||||||
|
Large commercial
|
11,658 | 11,226 | 11,183 | 11,724 | 12,512 | 12,756 | 12,826 | 11,184 | 10,490 | 10,042 | ||||||||||||||||||||||||||||||
|
Industrial / Other
|
4,783 | 5,021 | 5,892 | 7,262 | 9,770 | 10,353 | 14,924 | 15,654 | 16,386 | 15,731 | ||||||||||||||||||||||||||||||
|
Transportation
|
99,809 | 94,154 | 99,860 | 104,389 | 116,419 | 112,842 | 117,524 | 127,396 | 125,827 | 133,690 | ||||||||||||||||||||||||||||||
|
Total system throughput
|
208,822 | 212,670 | 217,499 | 219,772 | 240,655 | 236,824 | 244,020 | 249,288 | 249,804 | 246,683 | ||||||||||||||||||||||||||||||
|
OPERATING MARGIN BY CLASS***
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
|
(In thousands)
|
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||
|
Residential
|
$ | 582,619 | $ | 549,844 | $ | 537,980 | $ | 513,299 | $ | 503,397 | $ | 497,703 | $ | 466,990 | $ | 422,643 | $ | 413,977 | $ | 360,591 | ||||||||||||||||||||
|
Small commercial
|
132,964 | 129,946 | 127,802 | 129,103 | 128,827 | 129,080 | 126,020 | 114,252 | 114,834 | 104,353 | ||||||||||||||||||||||||||||||
|
Large commercial
|
26,421 | 20,248 | 20,936 | 21,879 | 22,536 | 22,483 | 21,257 | 17,111 | 17,399 | 16,907 | ||||||||||||||||||||||||||||||
|
Industrial / Other
|
8,706 | 8,772 | 9,515 | 10,302 | 12,586 | 13,852 | 17,075 | 15,489 | 15,043 | 15,977 | ||||||||||||||||||||||||||||||
|
Transportation
|
91,416 | 81,067 | 79,499 | 73,630 | 68,072 | 65,454 | 62,064 | 57,631 | 55,033 | 54,022 | ||||||||||||||||||||||||||||||
|
Total operating margin
|
$ | 842,126 | $ | 789,877 | $ | 775,732 | $ | 748,213 | $ | 735,418 | $ | 728,572 | $ | 693,406 | $ | 627,126 | $ | 616,286 | $ | 551,850 | ||||||||||||||||||||
|
* Includes 19,000 customers associated with the acquisition of the South Lake Tahoe properties in April 2005.
|
||||||||||||||||||||||||||||||||||||||||
|
** Includes 9,000 customers associated with the acquisition of Black Mountain Gas Company in October 2003.
|
||||||||||||||||||||||||||||||||||||||||
|
*** Includes allocations of miscellaneous, unbilled, and other operating revenues.
|
||||||||||||||||||||||||||||||||||||||||
|
SOUTHWEST GAS CORPORATION
|
||||||||||||||||||||||||||||||||||||||||
|
MARKET PRICE PER SHARE
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||
|
High
|
$ | 46.08 | $ | 43.20 | $ | 37.25 | $ | 29.48 | $ | 33.29 | $ | 39.95 | $ | 39.37 | $ | 28.07 | $ | 26.15 | $ | 23.64 | ||||||||||||||||||||
|
Low
|
39.01 | 32.12 | 26.28 | 17.08 | 21.11 | 26.45 | 26.09 | 23.53 | 21.50 | 19.30 | ||||||||||||||||||||||||||||||
|
Close [1]
|
42.41 | 42.49 | 36.67 | 28.53 | 25.22 | 29.77 | 38.37 | 26.40 | 25.40 | 22.45 | ||||||||||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||||||||
|
COMMON SHARES OUTSTANDING (in thousands) [1]
|
46,148 | 45,956 | 45,599 | 45,092 | 44,192 | 42,806 | 41,770 | 39,328 | 36,794 | 34,232 | ||||||||||||||||||||||||||||||
|
DIVIDEND YIELD [1]
|
2.8 | % | 2.5 | % | 2.7 | % | 3.3 | % | 3.6 | % | 2.9 | % | 2.1 | % | 3.1 | % | 3.2 | % | 3.7 | % | ||||||||||||||||||||
|
DIVIDENDS DECLARED PER SHARE [2]
|
$ | 1.18 | $ | 1.06 | $ | 1.00 | $ | 0.95 | $ | 0.90 | $ | 0.86 | $ | 0.82 | $ | 0.82 | $ | 0.82 | $ | 0.82 | ||||||||||||||||||||
|
PRICE / EARNINGS RATIO [1]
|
14.67 | 17.34 | 16.01 | 14.63 | 18.01 | 15.11 | 18.54 | 22.96 | 15.78 | 19.69 | ||||||||||||||||||||||||||||||
|
RETURN ON EQUITY - TOTAL COMPANY [2]
|
10.4 | % | 9.3 | % | 9.1 | % | 8.1 | % | 6.0 | % | 8.8 | % | 10.3 | % | 5.9 | % | 8.5 | % | 6.3 | % | ||||||||||||||||||||
|
RETURN ON EQUITY - GAS SEGMENT ONLY [2]
|
9.6 | % | 8.0 | % | 8.5 | % | 7.8 | % | 5.6 | % | 8.1 | % | 9.2 | % | 4.8 | % | 7.6 | % | 5.9 | % | ||||||||||||||||||||
|
BOOK VALUE PER SHARE [1]
|
$ | 28.39 | $ | 26.68 | $ | 25.60 | $ | 24.44 | $ | 23.48 | $ | 22.98 | $ | 21.58 | $ | 19.10 | $ | 19.18 | $ | 18.42 | ||||||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
||||||||||||||||||||||||||||||||||||||||
| YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||||||
|
HEATING DEGREE DAY COMPARISON
|
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||
|
Actual
|
1,740 | 2,002 | 1,998 | 1,824 | 1,902 | 1,850 | 1,826 | 1,735 | 1,953 | 1,772 | ||||||||||||||||||||||||||||||
|
Ten-year average
|
1,866 | 1,888 | 1,876 | 1,882 | 1,893 | 1,936 | 1,961 | 1,956 | 1,913 | 1,931 | ||||||||||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||||||||
|
NUMBER OF GAS SEGMENT EMPLOYEES [1]
|
2,245 | 2,298 | 2,349 | 2,423 | 2,447 | 2,538 | 2,525 | 2,590 | 2,548 | 2,550 | ||||||||||||||||||||||||||||||
|
CUSTOMERS / EMPLOYEE [1]
|
836 | 809 | 782 | 753 | 743 | 714 | 706 | 661 | 633 | 600 | ||||||||||||||||||||||||||||||
|
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]
|
$ | 200 | $ | 196 | $ | 196 | $ | 194 | $ | 188 | $ | 186 | $ | 185 | $ | 191 | $ | 187 | $ | 182 | ||||||||||||||||||||
|
WEIGHTED AVERAGE COST OF GAS (per therm) [2]
|
$ | 0.42 | $ | 0.58 | $ | 0.62 | $ | 0.71 | $ | 0.84 | $ | 0.81 | $ | 0.79 | $ | 0.71 | $ | 0.57 | $ | 0.46 | ||||||||||||||||||||
|
CONSTRUCTION EXPENDITURES (in thousands) [2]
|
$ | 308,951 | $ | 305,542 | $ | 188,379 | $ | 212,919 | $ | 279,254 | $ | 312,412 | $ | 305,914 | $ | 258,547 | $ | 274,748 | $ | 228,288 | ||||||||||||||||||||
|
[1] At December 31,
|
||||||||||||||||||||||||||||||||||||||||
|
[2] For the year ended December 31,
|
||||||||||||||||||||||||||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
|||||||||||||||||||||
|
Transportation Volumes and Operating Margin
|
|||||||||||||||||||||
|
DEKATHERMS
|
OPERATING
|
DEKATHERMS
|
OPERATING
|
||||||||||||||||||
|
DIVISION/CUSTOMER TYPE
|
TRANSPORTED
|
MARGIN
|
TRANSPORTED
|
MARGIN
|
|||||||||||||||||
|
Twelve Months Ended 12-31-12
|
Twelve Months Ended 12-31-11
|
||||||||||||||||||||
|
Southern Nevada
|
|||||||||||||||||||||
|
Commercial
|
7,820,854 | $ | 8,378,605 | 6,881,666 | $ | 7,303,359 | |||||||||||||||
|
Industrial
|
3,724,069 | 2,920,092 | 3,057,635 | 2,268,912 | |||||||||||||||||
|
Power Generation
|
49,418,614 | 13,922,930 | 46,393,997 | 12,309,467 | |||||||||||||||||
|
Southern Nevada Totals
|
60,963,537 | $ | 25,221,627 | 56,333,298 | $ | 21,881,738 | |||||||||||||||
|
Northern Nevada (1)
|
|||||||||||||||||||||
|
Commercial
|
1,575,187 | $ | 751,408 | 2,109,933 | $ | 797,616 | |||||||||||||||
|
Industrial
|
6,158,791 | 1,997,924 | 6,257,400 | 1,973,075 | |||||||||||||||||
|
Power Generation
|
4,805,329 | 2,669,778 | 2,538,983 | 1,745,682 | |||||||||||||||||
|
Resale
|
10,270,375 | 22,722,529 | 10,648,020 | 22,522,572 | |||||||||||||||||
|
Northern Nevada Totals
|
22,809,682 | $ | 28,141,639 | 21,554,336 | $ | 27,038,945 | |||||||||||||||
|
(1)
|
Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.
|
||||||||||||||||||||
|
GAS OPERATIONS SEGMENT
|
|||||||||||||||||||||
|
Transportation Volumes and Operating Margin
|
|||||||||||||||||||||
|
DEKATHERMS
|
OPERATING
|
DEKATHERMS
|
OPERATING
|
||||||||||||||||||
|
DIVISION/CUSTOMER TYPE
|
TRANSPORTED
|
MARGIN
|
TRANSPORTED
|
MARGIN
|
|||||||||||||||||
|
Twelve Months Ended 12-31-12
|
Twelve Months Ended 12-31-11
|
||||||||||||||||||||
|
Southern Arizona
|
||||||||||||||||
|
Commercial
|
902,408 | $ | 2,406,889 | 669,936 | $ | 1,457,266 | ||||||||||
|
Industrial
|
875,863 | 1,039,227 | 1,636,087 | 1,221,281 | ||||||||||||
|
Power Generation
|
1,727,627 | 3,554,904 | 1,752,500 | 3,090,962 | ||||||||||||
|
Irrigation
|
260,008 | 532,740 | 358,159 | 511,505 | ||||||||||||
|
Southern Arizona Totals
|
3,765,906 | $ | 7,533,760 | 4,416,682 | $ | 6,281,014 | ||||||||||
|
Central Arizona
|
||||||||||||||||
|
Commercial
|
3,215,738 | $ | 7,582,135 | 3,073,606 | $ | 6,158,013 | ||||||||||
|
Industrial
|
3,548,257 | 7,820,972 | 3,288,711 | 6,333,363 | ||||||||||||
|
Power Generation
|
789,864 | 1,268,959 | 721,311 | 1,012,191 | ||||||||||||
|
Irrigation
|
2,273,861 | 3,697,496 | 2,167,585 | 3,131,959 | ||||||||||||
|
Central Arizona Totals
|
9,827,720 | $ | 20,369,562 | 9,251,213 | $ | 16,635,526 | ||||||||||
|
GAS OPERATIONS SEGMENT
|
|||||||||||||||||||||
|
Transportation Volumes and Operating Margin
|
|||||||||||||||||||||
|
DEKATHERMS
|
OPERATING
|
DEKATHERMS
|
OPERATING
|
||||||||||||||||||
|
DIVISION/CUSTOMER TYPE
|
TRANSPORTED
|
MARGIN
|
TRANSPORTED
|
MARGIN
|
|||||||||||||||||
|
Twelve Months Ended 12-31-12
|
Twelve Months Ended 12-31-11
|
||||||||||||||||||||
|
Southern California
|
|||||||||||||||||||||
|
Commercial
|
525,603 | $ | 663,679 | 532,208 | $ | 635,874 | |||||||||||||||
|
Industrial
|
199,950 | 218,039 | 268,424 | 300,423 | |||||||||||||||||
|
Power Generation
|
1,717,068 | 1,066,847 | 1,798,242 | 1,080,064 | |||||||||||||||||
|
Southern California Totals
|
2,442,621 | $ | 1,948,565 | 2,598,874 | $ | 2,016,361 | |||||||||||||||
|
Total Company (1)
|
|||||||||||||||||||||
|
Commercial
|
14,039,790 | $ | 19,782,716 | 13,267,349 | $ | 16,352,128 | |||||||||||||||
|
Industrial
|
14,506,930 | 13,996,254 | 14,508,257 | 12,097,054 | |||||||||||||||||
|
Power Generation
|
58,458,502 | 22,483,418 | 53,205,033 | 19,238,366 | |||||||||||||||||
|
Resale
|
10,270,375 | 22,722,529 | 10,648,020 | 22,522,572 | |||||||||||||||||
|
Irrigation
|
2,533,869 | 4,230,236 | 2,525,744 | 3,643,464 | |||||||||||||||||
|
TOTAL COMPANY
|
99,809,466 | $ | 83,215,153 | 94,154,403 | $ | 73,853,584 | |||||||||||||||
|
(1)
|
Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.
|
||||||||||||||||||||