FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus and the documents we incorporate by reference herein and therein contain
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All
statements other than statements of historical fact included or incorporated by reference in this prospectus supplement and the accompanying prospectus are forward-looking statements, including, without limitation, statements regarding the
Companys plans, objectives, goals, intentions, projections, strategies, future events or performance, and underlying assumptions. The words may, if, will, should, could,
expect, plan, anticipate, believe, estimate, predict, project, continue, forecast, intend, promote, seek,
and similar words and expressions are generally used and intended to identify forward-looking statements. For example, statements regarding operating margin patterns, customer growth, the composition of our customer base, price volatility, seasonal
patterns, payment of debt, interest savings, the Companys Company-owned life insurance (COLI) strategy, annual COLI returns, replacement market and new construction market, the impacts of the Tax Cuts and Jobs Act legislation
including disposition in regulatory proceedings, bonus depreciation tax deductions, the impact of recent Pipeline and Hazardous Materials Safety Administration rulemaking, amount and timing for completion of estimated future construction
expenditures, including the liquefied natural gas facility in southern Arizona and the cost of the Paiute Pipeline Company 2018 expansion project in northern Nevada and northern California, forecasted operating cash flows and results of operations,
net earnings impacts from gas infrastructure replacement surcharges, funding sources of cash requirements, amounts generally expected to be reflected in 2018 or future period revenues from regulatory rate proceedings including amounts resulting from
the settled Arizona or the pending Nevada general rate cases, rates and surcharges, purchased gas adjustment (PGA), and other rate adjustments, sufficiency of working capital and current credit facilities, bank lending practices, the
Companys views regarding its liquidity position, ability to raise funds and receive external financing capacity and the intent and ability to issue the remaining capacity under the Equity Shelf Program, future dividend increases, earnings
trends, future Centuri (described in Overview of Company below) operating revenues, operating income, amortization and interest expense, Centuris projected financial performance and related market growth potential, Centuri pro
forma financial results, pension and post-retirement benefits, certain impacts of tax acts, the effect of any rate changes or regulatory proceedings, contract negotiations, impacts of accounting standards updates, effective dates of pipeline
regulations, infrastructure replacement mechanisms and the Customer-Owned Yard Line programs, statements regarding future gas prices, gas purchase contracts and derivative financial instruments, recoverability of regulatory assets, the impact of
certain legal proceedings, and the timing and results of future rate hearings and approvals are forward-looking statements.
A number of
important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, customer growth rates,
conditions in the housing market, the ability to recover costs through the PGA mechanisms or other regulatory assets, the effects of regulation/deregulation, the timing and amount of rate relief, the timing and methods determined by regulators to
refund amounts to customers resulting from the Tax Cuts and Jobs Act, changes in rate design, variability in volume of gas or transportation services sold to customers, changes in gas procurement practices, changes in capital requirements and
funding, the impact of conditions in the capital markets on financing costs, changes in construction expenditures and financing, changes in operations and maintenance expenses, effects of pension expense forecasts, accounting changes and regulatory
treatment related thereto, future liability claims, changes in pipeline capacity for the transportation of gas and related costs, results of Centuri bid work, impacts of structural and management changes at Centuri, Centuri construction expenses,
differences between actual and originally expected outcomes of Centuri bid or other fixed-price construction agreements and ability to successfully procure new work, the outcome of Centuri construction change orders, acquisitions and
managements plans related thereto, competition, our ability to raise capital in external financings, the
true-up
of amounts acquired in connection with the acquisition of infrastructure services
businesses, including income taxes and ongoing evaluations in regard to goodwill and other intangible assets. In addition, the Company can provide no assurance that its discussions regarding certain trends relating to
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