SWX
Live News • May 14
Southwest Gas Faces Key Regulatory Decisions With Strong Demand for Pipeline Expansion Southwest Gas reported strong shipper interest in its Great Basin 2028 pipeline expansion, with the open season oversubscribed for additional capacity.
The company is pursuing sizable rate case requests in Arizona and Nevada, including a proposed US$71 million annual revenue increase in Nevada targeted for new rates in October 2026.
Management acknowledged a slight Q1 2026 earnings miss but indicated expectations to recover the shortfall over the remaining quarters of the year, while Icahn Capital continues to hold 6 million shares as of late 2025.
The combination of oversubscribed pipeline capacity and pending rate case decisions highlights how much of Southwest Gas’s outlook is tied to regulatory outcomes and long-term infrastructure commitments.
For investors, the key swing factors are the timing and final size of approved rate increases, as well as execution on the Great Basin expansion, since both could significantly affect earnings visibility and capital needs over the next few years. Announcement • May 12
Southwest Gas Holdings, Inc. Announces Board Appointments Southwest Gas Holdings, Inc. announced the election of Molly R. Carson and Leezie Kim to its Board of Directors at the Company's annual meeting held May 7, 2026. Molly R. Carson brings more than 20 years of experience in large-scale real estate development and strategic planning across multiple sectors, including office, industrial, and healthcare. Carson currently serves as Vice Chairperson of the Board of Directors of Phoenix Children's Hospital and as a member of the boards of Ryan Companies US, Inc., the NAIOP Research Foundation, and Brophy College Preparatory School. She previously served as Chairperson of NAIOP's Corporate Board and its Arizona Chapter. She holds a B.A. in Psychology from St. Mary's College of Notre Dame and is a LEED Accredited Professional. Leezie Kim brings three decades of leadership experience spanning legal, corporate finance, and government roles across both the public and private sectors. She currently serves as Chief Legal Officer of Fox Restaurant Concepts LLC. Kim previously served as General Counsel to the Governor of the State of Arizona and held a senior executive role within the U.S. Department of Homeland Security. She also served as Chair of the Arizona Community Foundation Board of Directors and its Audit Committee. Kim received the Meritorious Public Service Award from the Commandant of the U.S. Coast Guard for her contributions to the response to the 2010 Deepwater Horizon oil spill. Kim earned a B.A. in Economics from Rice University and a J.D. from the University of Virginia. With proven leadership and deep roots across the southwest region, Carson and Kim are well-positioned to support the Company as it delivers safe and reliable service, maintains affordability for customers, and creates long-term value for stockholders. Upcoming Dividend • May 11
Upcoming dividend of US$0.65 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 01 June 2026. Payout ratio is on the higher end at 75% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.2%). In line with average of industry peers (3.0%).