Page 3 - SWGas Annual Report 2015

Fellow Shareholders:
Trust takes time to build and hard work to maintain. It is
something we will never take for granted at Southwest Gas.
2015 was a good year for the Company as we contin-
ued to deliver on strategies that earn the trust of custom-
ers, shareholders, regulators, and other key stakeholders.
Whether in long-term planning or daily execution, we are
committed to guarding our reputation as a trusted utility
focused on safety, service, and reliability. We will continue
to position Southwest Gas as an industry leader, trusted to
make prudent decisions, exceed customer expectations,
and deliver on the strategies we undertake.
We take great pride that Southwest Gas customers express
a high level of trust in our Company and continue to rank
us high in customer satisfaction. Our most recent survey
results revealed a 93 percent customer satisfaction rate.
In 2015, Southwest Gas was ranked third in the nation
for utility brand trust amongst residential customers1. The
report considers the factors of company reputation and
advocacy, customer focus, community support, commu-
reliable quality as drivers of utility brand trust. Further, the industrial customers.
report suggests a correlation between trust and financial
performance.
contributed to excellent financial results and positioned
us well to embrace the opportunities of the future. For
2015, we are pleased to report earnings per share of
$2.94. These results allowed the Board of Directors to
increase the annual dividend rate on common stock to
$1.80 per share, an 11 percent increase over the existing
dividend level. This change marks a decade of annual
increases for our shareholders, gaining 120 percent over this
DIVIDENDS DECLARED PER SHARE
$1.80
$1.62
$1.46
$1.32
$1.18
$0.86 $0.90 $0.95 $1.00 $1.06
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Southwest Gas Corporation
period. Southwest Gas remains among the top utilities
for customer growth with 26,000 net new customer ad-
ditions in 2015. This is due in part to a growing economic
recovery across Southwest Gas service territories. Pos-
itive customer growth and economic conditions, paired
regulatory lag, have led to successful performance today
and a strong sense of optimism for tomorrow.
TRUSTED TO DELIVER:
HONORING OUR COMMITMENTS
Southwest Gas has an enviable reputation as a trusted
company with a high level of integrity. We know that this
reputation is hard to earn and easy to lose. In all Company
projects, we focus on successful completion in an expe-
ditious, ethical, and diligent manner.
We reported in last year’s annual report that the Company
would embark on constructing the proposed $35 million,
35-mile lateral connecting Ruby Pipeline to the growing
Elko, Nevada area. This expansion project is now com-
plete and is providing enhanced service and reliability
for Northern Nevada’s growing residential, business, and
Progress also continues on the development of a $55 mil-
lion liquefied natural gas (LNG) storage facility in south-
ern Arizona, which has received pre-approval by the
Arizona Corporation Commission. We are currently in the
process of designing the LNG facility, which will enhance
our southern Arizona system reliability by protecting
customers from potential upstream supply disruptions.
1 Market Strategies International. Cogent ReportsTM. Utility Trusted Brand & Customer
Engagement: Residential: June 2015.