Southwest Gas Holdings reported second-quarter net income of $42.1 million, a sharp turnaround from a $40.2 million loss a year earlier, but the standout was the Great Basin 2028 Expansion Project, where capital costs are now expected to reach $2.3 billion, up from the prior $1.7 billion guidance. The company has secured binding agreements for about 1 billion cubic feet per day of contracted demand and sees another 1.8 billion cubic feet in expressions of interest for later phases, projecting annual margin of $270 million to $300 million once the pipeline is in service. Regulators in California, Nevada, and Arizona have advanced rate cases and mechanisms that add incremental revenue, though the California cost-of-capital decision is still pending. Core gas distribution earnings slipped to $40.8 million from $45.6 million, and the profit swing relied heavily on a one-time tax comparison. The company reaffirmed its full-year 2026 guidance and ended the quarter with $270.5 million in cash and nearly $1 billion in available liquidity.
Southwest Gas Holdings IncRaises pipeline cost estimate but secures binding demand and projects strong margins, with improved earnings and reaffirmed guidance.
