=============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 ------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transitional period from to ---------- ---------- Commission file number 1-7850 ----------------------- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: SOUTHWEST GAS CORPORATION 5241 Spring Mountain Road, Post Office Box 98510 Las Vegas, Nevada 89193-8510 (702) 364-3104 ============================================================================== 1 FINANCIAL STATEMENTS AND EXHIBITS. Listed below are all financial statements and exhibits filed as part of this annual report: (a) Financial statements, including statements of net assets available for benefits as of December 31, 1995 and 1994, and the related statement of changes in net assets available for benefits for the year ended December 31, 1995 and notes to financial statements, together with the report thereon of Arthur Andersen LLP, independent public accountants (Pages 4-13). (b) Consent of Arthur Andersen LLP, independent public accountants. Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Southwest Gas Corporation Employees' Investment Plan Committee have duly caused this annual report to be signed by the undersigned thereunto duly authorized. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN By MICHAEL O. MAFFIE ------------------------- Michael O. Maffie Director, President and Chief Executive Officer Southwest Gas Corporation Dated: June 25, 1996 2 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN FINANCIAL STATEMENTS AS OF DECEMBER 31, 1995 AND 1994 AND FOR THE YEAR ENDED DECEMBER 31, 1995 TOGETHER WITH AUDITORS' REPORT 3 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Employees' Investment Plan Committee, Southwest Gas Corporation: We have audited the accompanying statements of net assets available for benefits of the SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN (the Plan) as of December 31, 1995 and 1994, and the related statement of changes in net assets available for benefits for the year ended December 31, 1995. These financial statements and the schedules referred to below are the responsibility of the Plan Committee. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Plan Committee, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the year ended December 31, 1995, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes at December 31, 1995, and reportable transactions for the year ended December 31, 1995, are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The individual fund information presented in the statements of net assets available for benefits and the statement of changes in net assets available for benefits is also presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental schedules and fund information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP Las Vegas, Nevada June 25, 1996 4 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1995
5FUND INFORMATION ------------------------------------------------------------------------ FUND A FUND B FUND C FUND D FUND E ------------ ------------ ------------ ------------ ------------ ASSETS Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $ 45,882,211 $ -- $ -- $ -- $ -- Mutual fund -- 13,496,633 -- -- -- Money market fund -- -- 3,047,883 -- -- Fixed income fund -- -- -- 2,136,813 -- Window guaranteed return contract -- -- -- -- 403,443 Aggressive balanced fund -- -- -- -- -- Moderate balanced fund -- -- -- -- -- Conservative balanced fund -- -- -- -- -- Temporary cash investments 15,026 445,480 643 431 1,645 Loans to participants (Note 4) -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ 45,897,237 13,942,113 3,048,526 2,137,244 405,088 Dividends and interest receivable 1,455 411 528 49 20 Contributions receivable: Southwest Gas Corporation 82,736 -- 217 -- -- Participants 88,637 71,393 13,340 10,731 -- ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 46,070,065 $ 14,013,917 $ 3,062,611 $ 2,148,024 $ 405,108 ============ ============ ============ ============ ============ FUND INFORMATION ------------------------------------------ PARTICIPANT FUND F FUND G FUND H LOANS TOTAL ------------ ------------ ------------ ------------ ------------ ASSETS Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $ -- $ -- $ -- $ -- $ 45,882,211 Mutual fund -- -- -- -- 13,496,633 Money market fund -- -- -- -- 3,047,883 Fixed income fund -- -- -- -- 2,136,813 Window guaranteed return contract -- -- -- -- 403,443 Aggressive balanced fund 4,160,896 -- -- -- 4,160,896 Moderate balanced fund -- 2,411,628 -- -- 2,411,628 Conservative balanced fund -- -- 695,155 -- 695,155 Temporary cash investments 141,524 126,063 23,330 20,363 774,505 Loans to participants (Note 4) -- -- -- 3,925,561 3,925,561 ------------ ------------ ------------ ------------ ------------ 4,302,420 2,537,691 718,485 3,945,924 76,934,728 Dividends and interest receivable 151 111 2,405 154 5,284 Contributions receivable: Southwest Gas Corporation -- -- -- -- 82,953 Participants 34,227 17,896 4,858 -- 241,082 ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 4,336,798 $ 2,555,698 $ 725,748 $ 3,946,078 $ 77,264,047 ============ ============ ============ ============ ============ The accompanying notes are an integral part of this statement. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION DECEMBER 31, 1994
6FUND INFORMATION ------------------------------------------------------------------------ FUND A FUND B FUND C FUND D FUND E ------------ ------------ ------------ ------------ ------------ ASSETS Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $ 31,751,121 $ -- $ -- $ -- $ -- Mutual fund -- 9,037,542 -- -- -- Money market fund -- -- 1,838,625 -- -- Fixed income fund -- -- -- 1,747,709 -- Window guaranteed return contract -- -- -- -- 856,724 Aggressive balanced fund -- -- -- -- -- Moderate balanced fund -- -- -- -- -- Conservative balanced fund -- -- -- -- -- Temporary cash investments 548 555 532 598 354 Loans to participants (Note 4) -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ 31,751,669 9,038,097 1,839,157 1,748,307 857,078 Dividends and interest receivable 1,116 79 8,288 10,537 2 Contributions receivable: Southwest Gas Corporation 244,187 -- -- -- -- Participants 285,892 194,399 42,275 34,508 -- LIABILITIES (21,171) -- (8,271) (10,523) -- ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 32,261,693 $ 9,232,575 $ 1,881,449 $ 1,782,829 $ 857,080 ============ ============ ============ ============ ============ FUND INFORMATION ------------------------------------------ PARTICIPANT FUND F FUND G FUND H LOANS TOTAL ------------ ------------ ------------ ------------ ------------ ASSETS Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $ -- $ -- $ -- $ -- $ 31,751,121 Mutual fund -- -- -- -- 9,037,542 Money market fund -- -- -- -- 1,838,625 Fixed income fund -- -- -- -- 1,747,709 Window guaranteed return contract -- -- -- -- 856,724 Aggressive balanced fund 2,707,745 -- -- -- 2,707,745 Moderate balanced fund -- 1,715,460 -- -- 1,715,460 Conservative balanced fund -- -- 479,408 -- 479,408 Temporary cash investments 570 515 570 53,448 57,690 Loans to participants (Note 4) -- -- -- 3,581,695 3,581,695 ------------ ------------ ------------ ------------ ------------ 2,708,315 1,715,975 479,978 3,635,143 53,773,719 Dividends and interest receivable 42 23 8 253 20,348 Contributions receivable: Southwest Gas Corporation -- -- -- -- 244,187 Participants 95,383 57,126 14,932 -- 724,515 LIABILITIES -- -- -- -- (39,965) ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 2,803,740 $ 1,773,124 $ 494,918 $ 3,635,396 $ 54,722,804 ============ ============ ============ ============ ============ The accompanying notes are an integral part of this statement. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1995
7FUND INFORMATION ------------------------------------------------------------------------ FUND A FUND B FUND C FUND D FUND E ------------ ------------ ------------ ------------ ------------ Net investment income: Dividends $ 2,009,031 $ 1,053,157 $ 139,193 $ 134,043 $ -- Interest 11,191 2,441 1,025 345 33,161 ------------ ------------ ------------ ------------ ------------ 2,020,222 1,055,598 140,218 134,388 33,161 ------------ ------------ ------------ ------------ ------------ Realized gain (loss) on investments (397,654) 24,660 -- 4,598 -- ------------ ------------ ------------ ------------ ------------ Unrealized appreciation of investments during year 8,699,016 2,268,240 -- 138,486 -- ------------ ------------ ------------ ------------ ------------ Contributions: Southwest Gas Corporation 2,211,200 -- 7,498 -- 29 Participants 2,624,692 1,804,334 359,500 310,238 -- ------------ ------------ ------------ ------------ ------------ 4,835,892 1,804,334 366,998 310,238 29 ------------ ------------ ------------ ------------ ------------ Distributions to participants and beneficiaries (Note 5) (935,285) (410,315) (113,391) (116,623) (31,811) ------------ ------------ ------------ ------------ ------------ Transfers between funds (413,819) 38,825 787,337 (105,892) (453,351) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 13,808,372 4,781,342 1,181,162 365,195 (451,972) Net assets available for benefits: Beginning of year 32,261,693 9,232,575 1,881,449 1,782,829 857,080 ------------ ------------ ------------ ------------ ------------ End of year $ 46,070,065 $ 14,013,917 $ 3,062,611 $ 2,148,024 $ 405,108 ============ ============ ============ ============ ============ FUND INFORMATION ------------------------------------------ PARTICIPANT FUND F FUND G FUND H LOANS TOTAL ------------ ------------ ------------ ------------ ------------ Net investment income: Dividends $ 62,136 $ 65,142 $ 32,331 $ -- $ 3,495,033 Interest 1,281 863 331 248,399 299,037 ------------ ------------ ------------ ------------ ------------ 63,417 66,005 32,662 248,399 3,794,070 ------------ ------------ ------------ ------------ ------------ Realized gain (loss) on investments 8,466 9,643 9,106 -- (341,181) ------------ ------------ ------------ ------------ ------------ Unrealized appreciation of investments during year 551,941 272,247 55,148 -- 11,985,078 ------------ ------------ ------------ ------------ ------------ Contributions: Southwest Gas Corporation -- -- -- -- 2,218,727 Participants 930,249 556,598 147,380 -- 6,732,991 ------------ ------------ ------------ ------------ ------------ 930,249 556,598 147,380 -- 8,951,718 ------------ ------------ ------------ ------------ ------------ Distributions to participants and beneficiaries (Note 5) (92,519) (102,959) (25,404) (20,135) (1,848,442) ------------ ------------ ------------ ------------ ------------ Transfers between funds 71,504 (18,960) 11,938 82,418 -- ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 1,533,058 782,574 230,830 310,682 22,541,243 Net assets available for benefits: Beginning of year 2,803,740 1,773,124 494,918 3,635,396 54,722,804 ------------ ------------ ------------ ------------ ------------ End of year $ 4,336,798 $ 2,555,698 $ 725,748 $ 3,946,078 $ 77,264,047 ============ ============ ============ ============ ============ The accompanying notes are an integral part of this statement. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (1) DESCRIPTION OF PLAN The following description of the Southwest Gas Corporation Employees' Investment Plan (the Plan), as amended, provides general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. GENERAL The Plan is a voluntary defined contribution plan covering all employees of Southwest Gas Corporation (the Company). It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). CONTRIBUTIONS Participants may contribute from 2 to 16 percent of their annual wages before bonuses and overtime. However, contributions may not exceed amounts promulgated in Internal Revenue Code Section 402(g). The Company contributes to the Plan an amount equal to 50 percent of a participant's contribution, not to exceed 3 percent of a participant's annual compensation before bonuses and overtime. The Company contributions are invested in Fund A. Upon attaining age 50, participants may transfer 100 percent of the amount representing Company contributions from Fund A to Fund C. All subsequent Company matching contributions for those participants also will be invested in Fund C. VESTING Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the contributions made by the Company and in the earnings thereon is based on years of continuous service as follows: VESTED YEARS OF SERVICE PERCENTAGE ------------------------ ---------- One but less than two . . . . . . . . 20 Two but less than three . . . . . . . 40 Three but less than four. . . . . . . 60 Four but less than five . . . . . . . 80 Five and over . . . . . . . . . . . .100 In the event of death, retirement or total disability of a participant, Company contributions become fully vested irrespective of the years of service at the date of termination. PAYMENT OF BENEFITS If a participant terminates employment with the Company as a result of retirement, death or permanent and total disability, such participant will be entitled to receive an amount equal to the value of his account at the end of the month immediately following termination of employment. Distributions from Fund A will be made in the Company's common stock plus cash in lieu of fractional shares. A participant may apply to the Plan 8 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS Committee to request a single lump sum payment in cash of the value of the Company's common stock otherwise distributable to the participant. Distributions from other funds will be made in a single lump sum cash payment. Distributions under the Plan will begin as soon as practicable, but not later than 60 days following the end of the Plan year in which the participant attains age 65 or terminates employment, if later. No distribution in excess of $3,500 will be made to employees who have not reached age 65 at the time of termination of employment without the participant's consent. A participant who is terminated and does not elect to take a distribution will continue to receive his share of investment income on all vested portions of his accounts until reaching the earlier of age 65 or electing to receive distributions from the Plan. A participant may in certain circumstances elect to defer receipt of distributions to a date not later than the end of the taxable year in which the participant attains age 70-1/2. All distributions to beneficiaries of a participant must be made within five years after the participant's death. PLAN EXPENSES Plan-related expenses and any other costs of administering the Plan will be paid with funds from the Plan unless paid by the Company at its discretion. All Plan expenses were paid by the Company for the year ended December 31, 1995. PLAN ADMINISTRATION Bank of America acts as the trustee and SunGard Employee Benefits Systems performs all recordkeeping activities of the Plan. (2) VALUATION OF INVESTMENTS All investments of the Plan, except those held in Fund E, are stated at quoted market value as of the date of the statement. Insurance contracts in Fund E are stated at contract value which approximates fair value. Loans to participants are valued at their outstanding principal amount. Realized gains/losses on investments sold and the unrealized gains/losses on investments held during the year are determined on a revalued cost basis. (3) FUND DESCRIPTIONS Employees can currently invest their contributions in any combination of seven investment options (Funds A through D and F through H) in 10 percent increments. Participants can change the allocation of their ongoing contributions, and can transfer amounts they previously contributed to other funds, on a monthly basis in increments of 10 percent. Contributions can no longer be made to Fund E. Descriptions of the Plan funds are as follows: FUND A - COMMON STOCK Contributions are invested in Southwest Gas Corporation common stock. FUND B - MUTUAL FUND Contributions are invested in the Fidelity Contrafund which seeks capital growth by investing primarily in securities which the management of the fund considers to have better than average prospects for appreciation in value due to the undervalued or out of favor position of the securities. 9 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS FUND C - MONEY MARKET FUND Contributions are invested in the Fidelity Retirement Money Market Portfolio Fund which seeks as high a level of current income as is consistent with the preservation of capital and liquidity by investing in high-quality, U.S. dollar-denominated money market investments of U.S. and foreign issues. FUND D - FIXED INCOME FUND Contributions are invested in the Fidelity Investment-Grade Bond Fund which invests in a broad range of fixed-income securities, primarily investment- grade debt securities and preferred stocks. FUND E - WINDOW GUARANTEED RETURN CONTRACT Contributions are no longer being made to Fund E. Amounts held in Fund E are invested in three-year guaranteed insurance contracts. FUND F - AGGRESSIVE BALANCED FUND Contributions are invested in the Fidelity Asset Manager: Growth Fund which seeks to maximize total return over the long term by allocating its assets among stocks, bonds, and short-term investments with an emphasis on stocks. FUND G - MODERATE BALANCED FUND Contributions are invested in the Fidelity Asset Manager Fund which seeks a high total return with reduced risk over the long term by using a balanced mix of stocks, bonds, and short-term investments. FUND H - CONSERVATIVE BALANCED FUND Contributions are invested in the Fidelity Asset Manager: Income Fund which seeks a high level of current income by maintaining a diversified portfolio of stocks, bonds, and short-term investments with an emphasis on short-term investments. PARTICIPANT LOANS These funds are the result of loans to participants in the Plan (see Note 4). (4) PARTICIPANT LOANS The Plan provides that participants may borrow against the balances in their accounts, subject to certain limitations specified in the Plan. Funds for loans are obtained through the liquidation of participants' investment accounts. Payments on the loans include interest at a rate that approximates the prime rate, plus two percent. Principal and interest payments on a Participant's loan will be credited to the Participant's investment accounts in the same ratio as ongoing contributions. (5) FORFEITURES The nonvested balances forfeited by participants who withdrew from the Plan during the year ended December 31, 1995 was $10,573. The market value of the nonvested portion of a withdrawing participant account is reallocated to the remaining participants in the Plan. 10 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (6) PLAN EQUITY Plan equity at December 31, 1995 and 1994 includes requests for withdrawal from terminated participants with aggregate market values of $142,716 and $625,510, respectively. These amounts were paid subsequent to year end. At December 31, 1995, the Trustee held for the Plan the following: (7) PLAN TERMINATION Although the Company expects to continue the Plan indefinitely, it reserves the right to amend or terminate the Plan at any time. Upon termination, partial termination or complete discontinuance of contributions to the Plan, Company contributions will become fully vested. (8) FEDERAL INCOME TAXES In March 1996, the Company received a favorable determination letter from the Internal Revenue Service stating that the Plan, amended and restated effective December 1, 1994, qualifies for deferred tax treatment of contributions under Section 401(k) of the Internal Revenue Code. This determination also includes the plan amendments discussed in Note 9. It is the opinion of the Employees' Investment Plan Committee (the Plan Committee) that the Plan, as amended and as currently operating, is tax exempt and in compliance with all applicable provisions of the Internal Revenue Code. (9) PLAN AMENDMENTS The Plan Committee approved certain technical corrections to the Plan in February 1996. These technical corrections clarified Plan language to better match the actual administration of the Plan. Additionally, in May 1996, the Plan Committee approved an amendment reflecting changes to certain definitions included in the Plan document. 11
FUND --------------------------------------------------------------------------------------------- A B C D E F G H --------- --------- --------- --------- --------- --------- --------- --------- Shares or units held by Trustee 2,603,246 354,988 3,047,883 289,541 403,443 274,285 152,153 59,927 ========= ========= ========= ========= ========= ========= ========= ========= Market value per unit $ 17.63 $ 38.02 $ 1.00 $ 7.38 $ 1.00 $ 15.17 $ 15.85 $ 11.60 ========= ========= ========= ========= ========= ========= ========= ========= SOUTHWEST GAS CORPORATION SCHEDULE I EMPLOYEES' INVESTMENT PLAN ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1995
12Number of Fair Market Shares Cost Value --------- ------------ ------------ Common Stock Southwest Gas Corporation [1] 2,603,246 $ 39,647,446 $ 45,882,211 Equity Mutual Fund Fidelity Contrafund 354,988 10,938,587 13,496,633 Money Market Fund Fidelity Retirement Money Market Fund 3,047,883 3,047,883 3,047,883 Fixed Income Fund Fidelity Investment Grade Bond Fund 289,541 2,044,097 2,136,813 Window Guaranteed Return Contract Hartford Insurance Annuity Contract-93 258,385 258,385 258,385 Hartford Insurance Annuity Contract-94 145,058 145,058 145,058 Aggressive Balanced Fund Fidelity Asset Manager: Growth Fund 274,285 3,835,030 4,160,896 Moderate Balanced Fund Fidelity Asset Manager Fund 152,153 2,246,187 2,411,628 Conservative Balanced Fund Fidelity Asset Manager: Income Fund 59,927 651,754 695,155 Temporary Cash Investments Dreyfus Treasury Cash Management Fund 774,505 774,505 774,505 ------------ ------------ 63,588,932 73,009,167 Participant Loans 3,925,561 3,925,561 ------------ ------------ $ 67,514,493 $ 76,934,728 ============ ============ [1] Party in interest SOUTHWEST GAS CORPORATION SCHEDULE II EMPLOYEES' INVESTMENT PLAN ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995
* The Southwest Gas Corporation Common Stock shares which are distributed to terminated or withdrawing participants are not included in this schedule; however, a realized gain (loss) is recognized on the statement of changes in net assets available for plan benefits. 13Purchases Sales --------------------------- --------------------------------------------------------- Number of Number of Original Description Transactions Cost Transactions Proceeds Cost Gain - ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Dreyfus Treasury Cash Management Fund 478 $ 17,370,895 288 $ 17,751,289 $ 17,751,289 $ - Southwest Gas Corporation Common Stock * 25 6,481,191 3 651,464 634,273 17,191 Fidelity Contrafund 24 2,670,204 7 504,014 463,715 40,299
EXHIBIT 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report dated June 25, 1996, included in this Form 11-K, into Southwest Gas Corporation's previously filed registration statement (File No. 33-58135). ARTHUR ANDERSEN LLP Las Vegas, Nevada June 25, 1996