CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This prospectus supplement, the accompanying prospectus and the documents we incorporate by reference herein and therein contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the Reform 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,
negotiations, 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 the Linetec Acquisition, 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 strategy, 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, amount and timing for completion of estimated future construction expenditures, including the liquefied natural gas facility in southern Arizona, the Mesquite
expansion in Nevada, and the Paiute 2018 expansion project in northern Nevada and northern California, forecasted operating cash flows and results of operations, impacts from gas infrastructure replacement programs and 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 general rate case, the filed Nevada general rate case 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, future dividend increases and the Companys board of directors current target dividend payout ratio, pension and post-retirement benefits, certain impacts of tax acts, contract or
construction change order negotiations, impacts of accounting standards updates, infrastructure replacement mechanisms and 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. All forward-looking statements are intended to be subject to
the safe harbor protection provided by the Reform Act.
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, our ability to complete the Linetec Acquisition on the expected terms and the expected
timeline, 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 impacts of alternative energy sources to natural gas,
the timing and amount of rate relief, the timing, amount, and methods determined by regulators to refund amounts to customers resulting from tax reform, changes in rate design, variability in volume of gas or transportation service 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, currently unresolved and future liability claims, changes in pipeline capacity for the transportation of gas and related costs,
results of Centuri Construction Group, Inc. (Centuri) bid work, results of New England Utility Constructors, Inc. (including the ability to be accretive to earnings over the first twelve months), Centuri construction expenses,
differences between actual and originally expected outcomes of Centuri bid or other fixed-price construction agreements, outcomes from contract and change order negotiations, ability to successfully procure new work, impacts from work awarded or
failing to be awarded from significant customers, the mix of work awarded, the amount of work awarded to Centuri, acquisitions and managements plans related thereto, our ability to successfully integrate acquired businesses and achieve the
anticipated benefits, competition, our ability to raise capital in external
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