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Analyst Meetings New York Boston – Southwest Gas Co

Southwest Gas Co · Oct 20, 2014 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Analyst Meetings New York Boston – Southwest Gas Co – slide 1
    Analyst Meetings New York/Boston October 20-24, 2014
  2. Analyst Meetings New York Boston – Southwest Gas Co – slide 2
    Outline I. Consolidated Earnings June 30, 2014 II. Capital/Rate Base Growth III. Customer Growth/Economic Overview IV. Operating Expense Efficiencies V. Regulation VI. Financial Matters VII. NPL Construction Co. (NPL) VIII.…
  3. Analyst Meetings New York Boston – Southwest Gas Co – slide 3
    Two Business Segments Southwest Gas consists of two business segments Natural gas operations Construction services (NPL) TMTD 6/30/14 Net Income 135MM 13% Natural gas operations 117MM net income Construction services 18MM net…
  4. Analyst Meetings New York Boston – Southwest Gas Co – slide 4
    Capital Expenditures Natural Gas Operations (In millions) 2014 total estimate General Plant Replacements under 375 million trackers Growth 47 31 107 8 Other 182 Franchise & other replacements 2014-2016 estimate 1.1…
  5. Analyst Meetings New York Boston – Southwest Gas Co – slide 5
    Net Utility Plant Growth Natural Gas Operations (In billions) For Periods Ended June 30 3.60 3.50 4.7% Net Utility Plant CAGR 3.40 3.30 3.20 3.10 3.00 2.90 2.80 2011 2012 2013 2014 CAGR = compound annual…
  6. Analyst Meetings New York Boston – Southwest Gas Co – slide 6
    Customer Growth Breakdown Natural Gas Operations (In thousands) Twelve Months Ended June 30, 2012 2013 2014 Beginning period 1,839 1,858 1,882 New meter sets 15 20 20 Meter turn-on/turn-offs 4 4 8 Ending period 1,858 1,882…
  7. Analyst Meetings New York Boston – Southwest Gas Co – slide 7
    Economic Overview Service Territory Natural Gas Operations Unemployment Rate Employment Growth August 2013 August 2014 August 2013 August 2014 Southern California 10.5% 8.7% 0.7% 2.8% Southern Nevada 9.6% 7.7% 1.7% 2.0%…
  8. Analyst Meetings New York Boston – Southwest Gas Co – slide 8
    Operating Expense Natural Gas Operations Realized Operating Expense Efficiencies: Employee headcount reductions from 2,423 at December 31, 2009 to 2,186 at June 30, 2014 All employee reductions met through attrition At June 30,…
  9. Analyst Meetings New York Boston – Southwest Gas Co – slide 9
    Regulation - California General Rate Case Natural Gas Operations Application Filed December 20, 2012 Southwest Gas Final Decision Corporation Revenue Increase 11.6 million 7.1 million ROE/Equity 10.70% / 57.00% 10.10% / 55.00%…
  10. Analyst Meetings New York Boston – Southwest Gas Co – slide 10
    Regulation - Paiute General Rate Case Natural Gas Operations Filed a rate case with FERC on February 28, 2014 Requested a 9 million increase in operating revenues In accordance with FERC, rates are effective September 2014, subject…
  11. Analyst Meetings New York Boston – Southwest Gas Co – slide 11
    Regulation Arizona General Rate Case Natural Gas Operations Rate case moratorium: Next earliest general rate case application April 30, 2016 Next earliest test year November 30, 2015 Required depreciation study New rates earliest…
  12. Analyst Meetings New York Boston – Southwest Gas Co – slide 12
    Authorized Rate Base and Rates of Return Natural Gas Operations Authorized Authorized Authorized Return on Capital Rate Base Rate of Common Structure - Rate Jurisdiction (In thousands) Return Equity Decoupled % Equity Arizona…
  13. Analyst Meetings New York Boston – Southwest Gas Co – slide 13
    Return on Common Equity Twelve months ended June 30, 10% 9.5% Impact to Future Earnings: 8.8% 9% California Rate Case decision 8% Attrition Paiute Rate Case 7% Settlement Arizona Future Rate Case 6% 5% 2014 Return on…
  14. Analyst Meetings New York Boston – Southwest Gas Co – slide 14
    Beyond Rate Case Filings Nevada Infrastructure Mechanisms Natural Gas Operations 2013 Regulatory Asset Authorized 15.6 million 2014 Regulatory Asset Authorized 18.9 million 2014 Gas Infrastructure Recovery (GIR) Mechanism…
  15. Analyst Meetings New York Boston – Southwest Gas Co – slide 15
    Beyond Rate Case Filings Other Regulatory Matters Natural Gas Operations Arizona COYL Program Proposed Arizona LNG facility Paiute Pipeline Company (FERC) Expansion 16
  16. Analyst Meetings New York Boston – Southwest Gas Co – slide 16
    Financial Matters Capital Structure (In millions) Capitalization at June 30, 2010 2011 2012 2013 2014 Common Equity 1,140 1,222 1,281 1,376 1,465 Long-Term Debt1 1,078 1,142 1,222 1,268 1,390 Total Permanent Capital 2,218 2,364…
  17. Analyst Meetings New York Boston – Southwest Gas Co – slide 17
    NPL Construction Services NPL existing operations Acquisition of Link-Line group of companies 18
  18. Analyst Meetings New York Boston – Southwest Gas Co – slide 18
    Earnings - NPL Construction Services 2013 revenues of 651 million and net income of 21 million Weather hindered normal construction work in Midwest and East Coast operating areas First Quarter and early Second Quarter 2014…
  19. Analyst Meetings New York Boston – Southwest Gas Co – slide 19
    NPL Customers NPLs 4,100 employees serve customers across the U.S. in more than 20 states Avista CNP Integrys (Merc) GMG SCG DEA NI PGE BKH Peoples NPU Nicor Questar XCEL BGE NVE KGS SWG WGL UNS APS SRP SWG ONG…
  20. Analyst Meetings New York Boston – Southwest Gas Co – slide 20
    Acquisition of Link-Line Group of Companies Highlights Construction Services The purchase price for the acquisitions was 171 million plus assumed debt of 14 million and subject to a working capital adjustment Sellers retained an…
  21. Analyst Meetings New York Boston – Southwest Gas Co – slide 21
    About the Acquisition Companies Construction Services Link-Line Contractors Largest natural gas distribution contractor in Canada with approximately 700 employees Primarily operates in Ontario province Founded in 1994 W.S.…
  22. Analyst Meetings New York Boston – Southwest Gas Co – slide 22
    Acquisition fit with NPL Link-Line / W.S. Nicholls Market NPL Markets (NPL and its affiliates) W.S. Nicholls Markets 23 NPL / Brigadier Market
  23. Analyst Meetings New York Boston – Southwest Gas Co – slide 23
    Financial Highlights Construction Services (Approximate U.S. Dollar Equivalent, in millions) Combined Link-Line, W.S. Nicholls and Brigadier 2013 Revenue 250 Operating income 16 EBITDA 18 NPLs 2013 revenues were 651 million and…
  24. Analyst Meetings New York Boston – Southwest Gas Co – slide 24
    Dividend Growth 8.97% Dividend CAGR 1.60 1.40 1.46 1.20 1.32 1.18 1.00 1.06 1.00 0.95 0.80 0.60 2009 2010 2011 2012 2013 2014 CAGR = compound annual growth rate 25

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