BATON ROUGE, LOUISIANA (By Steve Stewart, Energy Analytics Institute, 5.Nov.2025, Words: 406) — Southwest Gas Holdings, Inc. reported results for its third quarter ended 30 Sep. 2025.
Southwest Gas delivered higher net income from continuing operations year-over-year, while completing its full separation from Centuri Holdings, Inc.
“With our focus now fully on our regulated natural gas business we believe we are well positioned with a strong balance sheet to address the energy needs of our growing, high-demand service territories,” said Karen Haller, president and CEO of Southwest Gas.
“At Southwest Gas, we anticipate regulatory developments in the coming months that will better align investment recovery with the work we’re doing in the communities we serve. We plan to file rate cases in Arizona and Nevada early next year seeking approval for new rates along with requests for alternative forms of ratemaking. Additionally, we expect updated rates to take effect in California this upcoming January,” added Haller.
Other highlights from the official statement release on 5 Nov. 2025 include:
— Southwest Gas completed its full separation, including the deconsolidation, of Centuri, its former subsidiary, by closing on 2 additional sales offerings of Centuri common stock and 1 additional private placement, with net proceeds used to repay $225mn previously outstanding on the term loan and the remaining balance that had been outstanding on the revolving credit facility at Southwest Gas;
— on 22 Sep. 2025, Standard & Poor’s (S&P) upgraded Southwest Gas issuer and Southwest Gas Corporation senior unsecured long-term debt credit ratings each to BBB+ with stable outlooks (previously BBB- and BBB, respectively, each with positive outlooks);
— Southwest Gas delivered utility return on period-end equity of 8.3% over the 12 months ended 30 Sep. 2025, and significant earnings growth over 3Q 2024, resulting from regulatory improvements and cost management;
— Southwest Gas achieved gross margin of $118.1mn and $546mn and operating margin of $274.2mn and $1bn for the respective three and nine months ended 30 Sep. 2025;
— Southwest Gas added approximately 40,000 new meter sets during the 12 months ended 30 Sep. 2025, resulting in a 1.8% customer growth rate over the same period;
— Great Basin Gas Transmission Company recently began executing precedent agreements with shippers for its potential 2028 expansion project and is actively working to finalize outstanding agreements; and
— as of 30 Sep. 2025, the company had $779mn of cash on hand, and nearly $1.5bn in available liquidity.
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By Steve Stewart reporting from Baton Rouge. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
