Southwest Gas (US:SWX)2025-08-06 15:00Financial Performance & Strategic Focus - Southwest Gas Holdings (SWX) reported Q2 2025 net income of approximately $34 million, a 22% increase compared to Q2 2024, and year-to-date net income of approximately $177 million, an 8.1% increase compared to the same period in 2024[26] - SWX is committed to a pure-play, fully regulated natural gas business strategy through the disposition of its remaining interest in Centuri[22] - SWX expects 2025 Utility net income to fall within the $265 - $275 million guidance range[22] - The company is targeting 6% to 8% net income growth and 6% to 8% rate base growth from 2025-2029[22] Centuri Separation & Financing - Secondary offerings in Q2 2025 reduced SWX ownership in Centuri to approximately 52.1%[23] - Net proceeds of approximately $470 million from the Centuri secondary offerings were used to repay debt and strengthen the balance sheet[23] - SWX no longer expects to issue equity in 2025 due to proceeds from Centuri follow-on offerings[70] Regulatory & Operational Updates - Approximately 40,000 new meter sets were added during the last 12 months, leading to a 1.8% customer growth rate[26] - The company received approval to accelerate the return to Nevada customers of over-collected purchased gas costs, beginning July 1, 2025[26] - Great Basin successfully completed its binding open season, identifying potential incremental capacity of up to 1.76 billion cubic feet (Bcf)/day[26] - The potential incremental capital expenditure opportunity for the Great Basin expansion is approximately $1.2 - $1.6 billion[36]