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Southwest Gas Holdings, Inc. reports developments for a fully regulated natural gas business conducted through its primary operating subsidiary, Southwest Gas Corporation. The company purchases, distributes, and transports natural gas for customers across Arizona, Nevada, and California, with news focused on utility operating results, rate-base growth, regulatory proceedings, and capital planning.
Recurring updates also cover common stock dividends, earnings guidance, credit and financing metrics, Great Basin Gas Transmission Company expansion planning, and board or executive succession matters. Company news reflects Southwest Gas Holdings’ transition to a pure-play regulated natural gas utility following the completed separation from Centuri.
Southwest Gas Holdings (SWX) confirmed that Carl Icahn's affiliate extended its tender offer to acquire shares at $75.00 each. In response, the company's Board rejected the offer, deeming it inadequate and coercive. They urge stockholders to not tender their shares, stating that the offer undervalues the company and is contingent on ambiguous conditions. The Board emphasizes its commitment to long-term value creation and has involved external advisors in the evaluation process.
Southwest Gas Holdings (NYSE: SWX) announced that the Delaware Court of Chancery denied Icahn Partners' motion for a temporary restraining order, allowing the company to proceed with permanent financing for its acquisition of Dominion Energy Questar Pipeline. The Board of Directors recommended that shareholders reject Icahn's tender offer, labeling it as inadequate and coercive. This ruling strengthens Southwest Gas's position in the ongoing acquisition and financing efforts.
Southwest Gas has received approval from the Arizona Corporation Commission for the transition of natural gas service in Graham County from Graham County Utilities Inc. (GCU) to Southwest Gas, effective early January. This move follows GCU's October 2020 decision to sell its gas distribution system to Southwest Gas for modernization, enhanced safety, and regulatory compliance. The company promises safe, reliable, and affordable service to GCU customers, along with access to various assistance programs.
Southwest Gas Holdings, Inc. (NYSE: SWX) has declared a cash dividend of $0.595 per share for the first quarter of 2022, payable on March 1, 2022. Shareholders on record as of February 15, 2022 will receive the dividend. This annualizes to $2.38 per share, reflecting the company's commitment to returning value, having paid quarterly dividends since 1956. The company operates through two segments: Southwest Gas Corporation, serving over two million customers in Arizona, Nevada, and California, and Centuri Group, Inc., offering utility infrastructure services.
Southwest Gas Holdings has announced the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period, which allows the company to proceed with its acquisition of Dominion Energy Questar Pipeline and its affiliates. This acquisition is expected to close on or before December 31, 2021, pending other customary closing conditions. The transaction will enhance Southwest Gas's capabilities in natural gas distribution and infrastructure services across North America, and is anticipated to provide significant operational synergies.
Southwest Gas Holdings, Inc. (NYSE: SWX) confirmed Icahn Enterprises LP's intent to nominate 10 candidates for the Board of Directors at the 2022 Annual Meeting. The Board rejected Icahn's unsolicited tender offer of $75.00 per share, calling it inadequate and self-serving. Southwest Gas emphasizes its commitment to value creation, highlighting the strategic Questar Pipelines acquisition and growth in its Centuri subsidiary. Recently, the Board appointed two new independent directors, enhancing its governance ahead of the upcoming meeting.
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Southwest Gas Holdings (NYSE: SWX) announced the appointment of E. Renae Conley and Carlos A. Ruisanchez to its Board of Directors, effective January 1, 2022. This decision follows the retirement of board members Michael J. Melarkey and Stephen C. Comer during the 2022 Annual Meeting. The new appointees bring over 50 years of combined experience in the energy sector, aiming to enhance the company's operational and financial oversight. Robert L. Boughner will assume the Chair position at the upcoming meeting, ensuring a capable leadership transition.
Southwest Gas Holdings (NYSE: SWX) reported a consolidated loss of $0.19 per diluted share for Q3 2021, a decline from earnings of $0.32 per share in Q3 2020. The net loss reached $11.6 million, while adjusted net income was $3.1 million. The natural gas segment saw a net loss of $27.5 million, while utility infrastructure services generated net income of $18.5 million, down from $34.9 million in Q3 2020. The company’s outlook suggests potential growth in earnings for 2022 driven by new acquisitions and market demand in service territories across Arizona, Nevada, and California.
Southwest Gas Holdings, Inc. (NYSE: SWX) is set to hold a conference call on November 9, 2021, to discuss its 2021 third quarter and twelve-month results. The call will occur after the release of the company’s earnings results on the same day. Investors can participate via a live webcast on the company's website or by phone. The call starts at 1:00 P.M. (ET), with a replay available after the call until November 16, 2021.