Southwest Gas (SWX) - 2025 Q3 - Earnings Call Presentation

Financial Performance & Guidance - Southwest Gas Holdings (SWX) expects 2025 Utility net income toward the top end of the $265 - $275 million guidance range[19] - The Utility is targeting 60% to 80% net income growth and 60% to 80% rate base growth from 2025-2029[19] - Q3 2025 net income was approximately $55 million, a significant improvement over Q3 2024, and year-to-date net income reached $1821 million, an 111% increase compared to the same period in 2024[26] - Capital expenditure for 2025 is projected to be around $880 million, supporting customer growth, system improvements, and pipe replacement programs[73] - The company reaffirms its forward-looking guidance for 2025-2029, with a capital expenditure plan of $43 billion[74] Strategic Initiatives & Regulatory Updates - SWX completed the full separation of Centuri (CTRI), generating approximately $135 billion of total net sales proceeds[19, 23] - The company expects no near-term equity needs through the end of 2025 and finished the quarter with approximately $779 million in consolidated cash and nearly $15 billion in available liquidity[27] - Great Basin is pursuing a potential expansion project in 2028, which could add up to approximately 176 BCF/day of incremental capacity, with a potential capital expenditure of approximately $12 billion - $16 billion[34] - The company anticipates rate case filings in the first half of 2026, requesting alternative forms of rate making in Arizona (AZ) and Nevada (NV)[26] Regulatory Outcomes - The Arizona Corporation Commission (ACC) approved an increase in rates effective in March 2025, resulting in an approximately $802 million revenue increase[108] - The Public Utilities Commission of Nevada authorized an approximately $59 million revenue increase, with rates effective in April 2024[117] - The Federal Energy Regulatory Commission (FERC) approved an increase in rates for Great Basin Gas Transmission Company (GBGTC) effective March 3, 2025, estimating an annual margin increase of approximately $96 million[120, 124]