RATEMAKING JURISDICTIONS AND REGULATORY AGENCIES

The Company is subject to regulation by the Arizona Corporation Commission (ACC), the Public Utilities Commission of Nevada (PUCN) and the California Public Utilities Commission (CPUC).  These commissions regulate public utility rates, practices, facilities, and service territories in their respective states.

The Federal Energy Regulatory Commission (FERC) regulates a wholly owned subsidiary of the Company, Paiute Pipeline Company (Paiute), and the rates it charges for transportation of gas directly to certain end-users and the transportation and storage of gas to various local distribution companies for resale in northern Nevada and northern California.

Shown below is a list of the Company's ratemaking jurisdictions and the corresponding regulatory agency having jurisdiction:

Ratemaking Jurisdiction	Regulatory Agency
Arizona:	Arizona Corporation Commission
	1200 West Washington	Web site:  www.azcc.gov
	Phoenix, AZ  85007-2996
	(602) 542-4251	FAX: (602) 542-2129
California:	California Public Utilities Commission
Northern	505 Van Ness Avenue	Web site:  www.cpuc.ca.gov
Southern	San Francisco, CA  94102-3298
South Lake Tahoe	(415) 703-2782	FAX: (415) 703-1758
Nevada:	Public Utilities Commission of Nevada
Northern	1150 East William Street	Web site:  http://puc.nv.gov
Southern	Carson City, NV  89701-3109
	(775) 684-6101	FAX: (775) 684-6110
Nevada/California:	Federal Energy Regulatory Commission
Paiute	888 First Street, N.E.	Web site:  www.ferc.gov
	Washington, DC  20426
	(202) 502-6088	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 2015

ARIZONA
Five members, elected statewide to four-year staggered terms.  Governor appoints replacements, if position is vacated.
	Chairman Susan Bitter Smith	Rep.	Term ends 01/2017
	Commissioner Bob Stump	Rep.	Term ends 01/2017
	Commissioner Bob Burns	Rep.	Term ends 01/2017
	Commissioner Tom Forese	Rep.	Term ends 01/2019
	Commissioner Doug Little	Rep.	Term ends 01/2019
	Executive Director Jodi Jerich
CALIFORNIA
Five members, appointed to six-year staggered terms by Governor and confirmed by Senate.
	President Michael Picker	Dem.	Term ends 12/31/2020
	Commissioner Michel P. Florio	Dem.	Term ends 12/31/2016
	Commissioner Carla J. Peterman	Dem.	Term ends 12/31/2018
	Commissioner Catherine J. K. Sandoval	Dem.	Term ends 12/31/2016
	Commissioner Liane M. Randolph	Dem.	Term ends 12/31/2020
	Interim Executive Director Timothy Sullivan
NEVADA
Three members, appointed to four-year staggered terms by Governor; no confirmation required.
	Chairman Alaina Burtenshaw	Dem.	Term ends 09/30/2017
	Commissioner David Noble	Ind.	Term ends 09/30/2016
	Commissioner Rebecca Wagner	Rep.	Term ends 09/30/2015
	Executive Director Crystal Jackson
FERC
Up to five members, appointed to five-year staggered terms by President and confirmed by U.S. Senate.
	Acting Chairman Cheryl A. LaFleur	Dem.	Term ends 06/30/2019
	Commissioner Tony Clark	Rep.	Term ends 06/30/2016
	Commissioner Philip D. Moeller	Rep.	Term ends 06/30/2015
	Commissioner Norman C. Bay	Dem.	Term ends 06/30/2018
	Commissioner Colette D. Honorable	Dem.	Term ends 06/30/2017
	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) [2]			AMOUNTS		GRANTED		GRANTED		RATIO
NEVADA
Docket No. 09-04003  (NNV)	GRC	11/30/08	04/03/09	11/01/09		1.3			(0.5	)	NM			8.29		10.15		47.09
Docket No. 09-04003  (SNV)	GRC	11/30/08	04/03/09	11/01/09		26.6			17.6			66		7.40		10.15		47.09
Docket No. 09-06016  (SNV)	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) [3]	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) [3]	GRC	11/30/11	04/04/12	04/09/13		24.9			6.7			27		6.56		10.00		42.74
Docket No. 13-06006  (SNV)	VIER		06/04/13	01/01/14		(0.1	)		(0.1	)		100		6.52		10.00		42.74
Docket No. 14-06004  (SNV)	VIER		06/04/14	01/01/15		(0.4	)		(0.4	)		100		6.47		10.00		42.74
Docket No. 14-10002  (NNV)	GIR		10/01/14	01/01/15		0.2			0.2			100		7.88		9.30		59.06
Docket No. 14-10002  (SNV)	GIR		10/01/14	01/01/15		1.9			1.9			100		6.47		10.00		42.74
ARIZONA
Docket No. G-0155A-07-0504	GRC	04/30/07	08/31/07	12/01/08		49.3			33.5			68		8.86		10.00		43.44
Docket No. G-0155A-10-0458	GRC	06/30/10	11/12/10	01/01/12		73.2			52.6			72		8.95		9.50		52.30
Docket No. G-0155A-10-0458	COYL		02/28/13	06/01/13		0.6			0.6			100		8.95		9.50		52.30
Docket No. G-0155A-10-0458	COYL		02/28/14	06/01/14		1.5			1.5			100		8.95		9.50		52.30
Docket No. G-0155A-10-0458 [4]	COYL		02/27/15	06/01/15		2.5		TBD			TBD		TBD		TBD		TBD
CALIFORNIA
Application 07-12-022  (SCA)	GRC	12/31/09	12/21/07	01/01/09		7.1			2.4			34		7.87		10.50		47.00
Application 07-12-022  (NCA/SLT)	GRC	12/31/09	12/21/07	01/01/09		2.0			0.8			39		8.99		10.50		47.00
Advice Letter No. 829  (SCA)	Attrition		10/30/09	01/01/10		1.7			1.7			100		7.87		10.50		47.00
Advice Letter No. 829  (NCA/SLT)	Attrition		10/30/09	01/01/10		1.0			1.0			100		8.99		10.50		47.00
Advice Letter No. 857  (SCA)	Attrition		12/01/10	01/01/11		1.7			1.7			100		7.87		10.50		47.00
Advice Letter No. 857  (NCA/SLT)	Attrition		12/01/10	01/01/11		0.5			0.5			100		8.99		10.50		47.00
Advice Letter No. 877  (SCA)	Attrition		11/22/11	01/01/12		(0.3	)		(0.3	)		100		6.42		9.88		50.00
Advice Letter No. 877  (NCA/SLT)	Attrition		11/22/11	01/01/12		0.2			0.2			100		8.50		9.88		50.00
Advice Letter No. 904 (SCA)	Attrition		11/29/12	01/01/13		1.1			1.1			100		6.10		9.35		50.00
Advice Letter No. 904 (NCA/SLT)	Attrition		11/29/12	01/01/13		(0.0	)		(0.0	)		100		7.77		9.35		50.00
Application 12-12-024  (SCA)	GRC	12/31/14	12/20/12	06/12/14		5.6			1.9			34		6.83		10.10		55.00
Application 12-12-024  (NCA/SLT)	GRC	12/31/14	12/20/12	06/12/14		6.0			5.2			87		8.18		10.10		55.00
Advice Letter No. 960 (SCA)	Attrition		11/26/14	01/01/15		1.8			1.8			100		6.83		10.10		55.00
Advice Letter No. 960 (NCA/SLT)	Attrition		11/26/14	01/01/15		0.7			0.7			100		8.18		10.10		55.00
FERC
Docket No. RP09-406	GRC	08/31/09	02/27/09	09/01/09		3.9			0.9			22		[5]		[5]		[5]
Docket No. RP14-540	GRC	08/31/14	02/28/14	09/01/14		9.0			2.4			27		[5]		[5]		[5]
[1] GRC = General Rate Case; VIER = Variable Interest Expense Recovery Mechanism; GIR=Gas Infrastructure Replacement; COYL=Customer Owned Yard Lines;
Attrition = Annual Attrition Filing and Automatic Trigger Mechanism for Cost of Capital
[2] Authorized amounts do not include the effect of lower depreciation rates, which contribute to an increase in operating income
[3] Original decision dated November 7, 2012 authorized $1.2 mm in NNV and $5.8 mm in SNV
[4] 2015 COYL margin pending ACC approval, expected May 2015
[5] Stipulation - Not Identified in Order

SUMMARY OPERATING RESULTS	YEAR ENDED DECEMBER 31,
(In thousands, except per share amounts)	2014		2013		2012		2011			2010		2009		2008			2007		2006		2005
Results of Consolidated Operations
Contribution to net income - gas operations	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494	$	71,473	$	33,670
Contribution to net income - construction services		24,254		21,151		16,712		20,867			12,495		8,062		7,226			10,752		12,387		10,153
Net income	$	141,126	$	145,320	$	133,331	$	112,287		$	103,877	$	87,482	$	60,973		$	83,246	$	83,860	$	43,823
Basic earnings per share	$	3.04	$	3.14	$	2.89	$	2.45		$	2.29	$	1.95	$	1.40		$	1.97	$	2.07	$	1.15
Diluted earnings per share	$	3.01	$	3.11	$	2.86	$	2.43		$	2.27	$	1.94	$	1.39		$	1.95	$	2.05	$	1.14
Average outstanding common shares		46,494		46,318		46,115		45,858			45,405		44,752		43,476			42,336		40,566		38,132
Average shares outstanding (assuming dilution)		46,944		46,758		46,555		46,291			45,823		45,062		43,775			42,714		40,975		38,467
Results of Natural Gas Operations
Gas operating revenues	$	1,382,087	$	1,300,154	$	1,321,728	$	1,403,366		$	1,511,907	$	1,614,843	$	1,791,395		$	1,814,766	$	1,727,394	$	1,455,257
Net cost of gas sold		505,356		436,001		479,602		613,489			736,175		866,630		1,055,977			1,086,194		1,033,988		828,131
Operating margin		876,731		864,153		842,126		789,877			775,732		748,213		735,418			728,572		693,406		627,126
Operations and maintenance expense		383,732		384,914		369,979		358,498			354,943		348,942		338,660			331,208		320,803		314,437
Depreciation and amortization		204,144		193,848		186,035		175,253			170,456		166,850		166,337			157,090		146,654		137,981
Taxes other than income taxes		47,252		45,551		41,728		40,949			38,869		37,318		36,780			37,553		34,994		39,040
Operating income		241,603		239,840		244,384		215,177			211,464		195,103		193,641			202,721		190,955		135,668
Other income (deductions)		7,165		12,261		4,165		(5,404	)		4,016		6,590		(13,469	)		4,850		10,049		5,087
Net interest deductions		68,299		62,555		66,957		68,777			75,113		74,091		83,096			86,436		85,567		81,595
Net interest deductions on subordinated debentures		-		-		-		-			1,912		7,731		7,729			7,727		7,724		7,723
Income before income taxes		180,469		189,546		181,592		140,996			138,455		119,871		89,347			113,408		107,713		51,437
Income tax expense		63,597		65,377		64,973		49,576			47,073		40,451		35,600			40,914		36,240		17,767
Contribution to consolidated net income	$	116,872	$	124,169	$	116,619	$	91,420		$	91,382	$	79,420	$	53,747		$	72,494	$	71,473	$	33,670

SUMMARY CONSOLIDATED BALANCE SHEET	AT DECEMBER 31,
(In thousands)	2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
ASSETS
Net utility plant	$	3,658,383		$	3,486,108		$	3,343,794		$	3,218,944		$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104		$	2,489,147
Other property and investments		326,743			260,871			242,096			192,004			134,648			115,860			124,781			143,097			136,242			118,094
Restricted cash		821			-			-			12,785			37,781			49,769			-			-			-			-
Current assets		606,783			494,672			458,417			461,632			445,894			417,632			438,076			502,459			501,624			542,660
Noncurrent assets		621,785			323,523			443,750			390,642			293,434			288,528			274,220			179,332			178,995			78,525
Total assets	$	5,214,515		$	4,565,174		$	4,488,057		$	4,276,007		$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965		$	3,228,426
CAPITALIZATION
Common stock equity	$	899,534		$	888,507		$	876,555		$	869,226		$	855,114		$	839,061		$	816,285		$	776,755		$	741,658		$	669,206
Accumulated other comprehensive income (loss), net		(50,175	)		(41,698	)		(50,745	)		(49,331	)		(30,784	)		(22,250	)		(19,426	)		(12,850	)		(13,666	)		(41,645	)
Retained earnings		639,164			567,714			484,369			406,125			343,131			285,316			240,982			219,768			173,433			123,574
Noncontrolling interest		(2,257	)		(2,128	)		(1,681	)		(989	)		(465	)		(41	)		-			-			-			-
Subordinated debentures		-			-			-			-			-			100,000			100,000			100,000			100,000			100,000
Redeemable noncontrolling interest		20,042			-			-			-			-			-			-			-			-			-
Long-term debt, less current maturities		1,637,592			1,381,327			1,268,373			930,858			1,124,681			1,169,357			1,185,474			1,266,067			1,286,354			1,224,898
Total capitalization		3,143,900			2,793,722			2,576,871			2,155,889			2,291,677			2,371,443			2,323,315			2,349,740			2,287,779			2,076,033
LIABILITIES
Current maturities of long-term debt		19,192			11,105			50,137			322,618			75,080			1,327			7,833			38,079			27,545			83,215
Current liabilities		450,925			423,059			484,992			524,950			521,881			472,903			502,062			489,853			468,519			537,738
Deferred income taxes and investment tax credits		723,688			674,411			616,184			557,118			466,628			436,113			387,539			347,497			308,493			234,739
Other deferred credits and other long-term liabilities		876,810			662,877			759,873			715,432			628,927			624,506			599,635			445,019			392,629			296,701
Total liabilities		2,070,615			1,771,452			1,911,186			2,120,118			1,692,516			1,534,849			1,497,069			1,320,448			1,197,186			1,152,393
Total capitalization and liabilities	$	5,214,515		$	4,565,174		$	4,488,057		$	4,276,007		$	3,984,193		$	3,906,292		$	3,820,384		$	3,670,188		$	3,484,965		$	3,228,426
GAS SEGMENT CASH FLOWS	YEAR ENDED DECEMBER 31,
(In thousands)		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
From operating activities	$	288,534		$	265,290		$	344,441		$	216,745		$	342,522		$	371,416		$	261,322		$	320,594		$	253,245		$	214,036
From investing activities		(328,645	)		(304,189	)		(296,886	)		(289,234	)		(178,685	)		(265,850	)		(237,093	)		(306,396	)		(277,980	)		(254,120	)
From financing activities		23,413			44,947			(43,453	)		(2,327	)		(107,779	)		(81,744	)		(34,704	)		(5,347	)		15,989			57,763
Net change in cash	$	(16,698	)	$	6,048		$	4,102		$	(74,816	)	$	56,058		$	23,822		$	(10,475	)	$	8,851		$	(8,746	)	$	17,679

GAS OPERATIONS SEGMENT
UTILITY PLANT	AT DECEMBER 31,
(In thousands)	2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
Distribution	$	4,655,640		$	4,410,598		$	4,224,560		$	4,048,078		$	3,847,731		$	3,716,881		$	3,615,253		$	3,419,799		$	3,153,399		$	2,917,959
General		356,072			324,490			310,936			291,639			279,402			270,825			228,282			219,126			219,527			213,906
Transmission		312,300			313,306			301,505			295,103			274,646			271,467			262,271			256,696			243,989			239,872
Intangible		198,457			171,193			150,396			144,135			135,330			127,188			122,227			119,312			117,251			115,893
Construction work in progress		74,332			101,413			74,178			44,894			37,489			45,872			70,041			61,419			78,402			54,287
Other		34,680			33,612			33,014			33,186			33,267			33,376			32,326			30,815			31,136			31,130
Accumulated depreciation & amortization		(1,973,098	)		(1,868,504	)		(1,750,795	)		(1,638,091	)		(1,535,429	)		(1,431,106	)		(1,347,093	)		(1,261,867	)		(1,175,600	)		(1,083,900	)
Net utility plant	$	3,658,383		$	3,486,108		$	3,343,794		$	3,218,944		$	3,072,436		$	3,034,503		$	2,983,307		$	2,845,300		$	2,668,104		$	2,489,147
OPERATIONS & MAINTENANCE EXPENSES	YEAR ENDED DECEMBER 31,
(In thousands)		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
Distribution	$	170,377		$	174,129		$	166,356		$	157,855		$	157,220		$	159,282		$	151,586		$	148,130		$	142,194		$	134,271
Administrative and general		137,951			131,366			124,874			123,357			120,942			112,526			106,851			101,100			98,363			104,662
Customer accounts		50,200			53,809			55,894			57,414			60,187			60,896			63,788			67,453			67,472			63,715
Transmission		15,792			15,864			14,207			12,353			9,622			9,338			10,172			8,346			8,276			7,515
Production and storage expenses		4,960			5,054			4,500			4,492			4,215			3,985			3,398			3,071			2,927			3,074
Customer service and informational		4,440			4,677			4,142			2,962			2,646			2,484			2,523			2,842			1,285			1,064
Sales		12			15			6			65			111			431			342			266			286			136
Total operations and maintenance expenses	$	383,732		$	384,914		$	369,979		$	358,498		$	354,943		$	348,942		$	338,660		$	331,208		$	320,803		$	314,437

GAS OPERATIONS SEGMENT
	AT DECEMBER 31,
CUSTOMERS BY CLASS	2014			2013			2012			2011			2010			2009			2008			2007			2006				2005	*
Residential		1,849,555			1,824,008			1,796,929			1,780,155			1,758,557			1,744,481			1,738,202			1,732,573			1,704,456			1,635,115
Small commercial		78,230			77,848			76,800			76,633			76,746			77,416			78,190			77,970			76,962			75,549
Large commercial		1,086			1,076			1,118			1,433			1,185			1,263			1,314			1,310			1,219			1,222
Industrial / Other		341			333			308			320			328			320			343			347			370			386
Transportation		833			812			739			715			643			646			550			594			630			590
Total customers		1,930,045			1,904,077			1,875,894			1,859,256			1,837,459			1,824,126			1,818,599			1,812,794			1,783,637			1,712,862
ANNUAL CUSTOMER GROWTH RATE		1.4	%		1.5	%		0.9	%		1.2	%		0.7	%		0.3	%		0.3	%		1.6	%		4.1	%		6.2	%
SYSTEM THROUGHPUT BY CLASS	YEAR ENDED DECEMBER 31,
(In thousands of dekatherms)		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
Residential		61,738			74,133			65,505			71,877			70,470			66,974			70,499			69,806			67,760			65,047
Small commercial		27,658			29,804			27,067			30,392			30,094			29,423			31,455			31,067			30,986			30,007
Large commercial		9,439			10,276			11,658			11,226			11,183			11,724			12,512			12,756			12,826			11,184
Industrial / Other		3,238			5,021			4,783			5,021			5,892			7,262			9,770			10,353			14,924			15,654
Transportation		90,669			103,792			99,809			94,154			99,860			104,389			116,419			112,842			117,524			127,396
Total system throughput		192,742			223,026			208,822			212,670			217,499			219,772			240,655			236,824			244,020			249,288
OPERATING MARGIN BY CLASS**	YEAR ENDED DECEMBER 31,
(In thousands)		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
Residential	$	612,641		$	601,076		$	582,619		$	549,844		$	537,980		$	513,299		$	503,397		$	497,703		$	466,990		$	422,643
Small commercial		136,272			133,474			132,964			129,946			127,802			129,103			128,827			129,080			126,020			114,252
Large commercial		23,412			25,171			26,421			20,248			20,936			21,879			22,536			22,483			21,257			17,111
Industrial / Other		6,477			7,735			8,706			8,772			9,515			10,302			12,586			13,852			17,075			15,489
Transportation		97,929			96,697			91,416			81,067			79,499			73,630			68,072			65,454			62,064			57,631
Total operating margin	$	876,731		$	864,153		$	842,126		$	789,877		$	775,732		$	748,213		$	735,418		$	728,572		$	693,406		$	627,126
* Includes 19,000 customers associated with the acquisition of the South Lake Tahoe properties in April 2005.
** Includes allocations of miscellaneous, unbilled, and other operating revenues.

SOUTHWEST GAS CORPORATION
MARKET PRICE PER SHARE	2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
High	$	64.20		$	56.03		$	46.08		$	43.20		$	37.25		$	29.48		$	33.29		$	39.95		$	39.37		$	28.07
Low		47.21			42.02			39.01			32.12			26.28			17.08			21.11			26.45			26.09			23.53
Close  [1]		61.81			55.91			42.41			42.49			36.67			28.53			25.22			29.77			38.37			26.40
		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
COMMON SHARES OUTSTANDING (in thousands)  [1]		46,523			46,356			46,148			45,956			45,599			45,092			44,192			42,806			41,770			39,328
DIVIDEND YIELD  [1]		2.4	%		2.4	%		2.8	%		2.5	%		2.7	%		3.3	%		3.6	%		2.9	%		2.1	%		3.1	%
DIVIDENDS DECLARED PER SHARE  [2]	$	1.46		$	1.32		$	1.18		$	1.06		$	1.00		$	0.95		$	0.90		$	0.86		$	0.82		$	0.82
PRICE / EARNINGS RATIO  [1]		20.33			17.81			14.67			17.34			16.01			14.63			18.01			15.11			18.54			22.96
RETURN ON EQUITY - TOTAL COMPANY  [2]		9.7	%		10.6	%		10.4	%		9.3	%		9.1	%		8.1	%		6.0	%		8.8	%		10.3	%		5.9	%
RETURN ON EQUITY - GAS SEGMENT ONLY  [2]		8.5	%		9.6	%		9.6	%		8.0	%		8.5	%		7.8	%		5.6	%		8.1	%		9.2	%		4.8	%
BOOK VALUE PER SHARE  [1]	$	32.03		$	30.51		$	28.39		$	26.68		$	25.60		$	24.44		$	23.48		$	22.98		$	21.58		$	19.10
GAS OPERATIONS SEGMENT
	YEAR ENDED DECEMBER 31,
HEATING DEGREE DAY COMPARISON		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
Actual		1,416			1,918			1,740			2,002			1,998			1,824			1,902			1,850			1,826			1,735
Ten-year average		1,816			1,876			1,866			1,888			1,876			1,882			1,893			1,936			1,961			1,956
		2014			2013			2012			2011			2010			2009			2008			2007			2006			2005
NUMBER OF GAS SEGMENT EMPLOYEES  [1]		2,196			2,220			2,245			2,298			2,349			2,423			2,447			2,538			2,525			2,590
CUSTOMERS / EMPLOYEE  [1]		879			858			836			809			782			753			743			714			706			661
OPERATIONS & MAINTENANCE EXPENSE / CUSTOMER [2]	$	202		$	206		$	200		$	196		$	196		$	194		$	188		$	186		$	185		$	191
WEIGHTED AVERAGE COST OF GAS (per therm)  [2]	$	0.55		$	0.42		$	0.42		$	0.58		$	0.62		$	0.71		$	0.84		$	0.81		$	0.79		$	0.71
CONSTRUCTION EXPENDITURES (in thousands)  [2]	$	350,025		$	314,578		$	308,951		$	305,542		$	188,379		$	212,919		$	279,254		$	312,412		$	305,914		$	258,547
[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 12-31-14				Twelve Months Ended 12-31-13
Southern Nevada
	Commercial		8,915,272	$	8,647,745		9,043,389	$	8,749,240
	Industrial		4,526,123		3,167,429		4,145,612		2,995,081
	Power Generation		39,733,611		13,785,449		51,760,302		14,146,474
Southern Nevada Totals			53,175,006	$	25,600,623		64,949,303	$	25,890,795
Northern Nevada     (1)
	Commercial		1,414,962	$	779,760		1,542,032	$	766,903
	Industrial		6,518,169		1,759,512		6,180,536		1,717,893
	Power Generation		2,881,356		1,819,232		4,453,373		2,523,917
	Resale		9,703,759		23,970,330		11,010,976		22,385,439
Northern Nevada Totals			20,518,246	$	28,328,834		23,186,917	$	27,394,152
(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 12-31-14		Twelve Months Ended 12-31-13

Southern Arizona
Commercial	979,524	$	2,830,493	974,254	$	2,906,744
Industrial	1,627,938		1,508,195	461,720		808,394
Power Generation	1,531,908		3,298,010	1,693,769		3,586,103
Irrigation	958,955		2,416,811	815,163		3,146,623
Southern Arizona Totals	5,098,325	$	10,053,509	3,944,906	$	10,447,864
Central Arizona
Commercial	3,761,712	$	9,754,824	3,738,521	$	9,152,385
Industrial	3,760,460		8,861,325	3,671,297		8,399,715
Power Generation	783,277		1,327,156	692,266		1,128,029
Irrigation	2,542,795		4,017,509	2,445,735		3,889,898
Central Arizona Totals	10,848,244	$	23,960,814	10,547,819	$	22,570,027

GAS OPERATIONS SEGMENT
Transportation Volumes and Operating Margin
	DEKATHERMS	OPERATING	DEKATHERMS	OPERATING
DIVISION/CUSTOMER TYPE	TRANSPORTED	MARGIN	TRANSPORTED	MARGIN
	Twelve Months Ended 12-31-14		Twelve Months Ended 12-31-13

Southern California
	Commercial	461,257	$	639,872	503,238	$	727,366
	Industrial	158,448		215,398	157,507		304,678
	Power Generation	409,604		509,101	501,907		525,913
Southern California Totals		1,029,309	$	1,364,371	1,162,652	$	1,557,957
Total Company     (1)
	Commercial	15,532,727	$	22,652,694	15,801,434	$	22,302,638
	Industrial	16,591,138		15,511,859	14,616,672		14,225,761
	Power Generation	45,339,756		20,738,948	59,101,617		21,910,436
	Resale	9,703,759		23,970,330	11,010,976		22,385,439
	Irrigation	3,501,750		6,434,320	3,260,898		7,036,521
TOTAL COMPANY		90,669,130	$	89,308,151	103,791,597	$	87,860,795
(1)	Includes transportation customers of Paiute Pipeline Company, a wholly owned subsidiary of Southwest Gas Corporation.