Southwest Gas (SWX) Determines Best Path to Maximize Stockholder Value

Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or the "Company") today provided an update on the Company's ongoing strategic alternatives process that was initiated on April 18, 2022. The Southwest Gas Board of Directors (the "Board") has unanimously determined that the best path forward to maximize value for all stockholders is to:

• Focus on the execution of the strategic plan and conclude the strategic review process for Southwest Gas and Southwest Gas Corporation;
• Continue to review strategic alternatives for MountainWest Pipelines Holding Company ("MountainWest"); and
• Continue to review strategic alternatives for Centuri Group, Inc. ("Centuri"), including a sale or a spin-off of Centuri.

E. Renae Conley, Chair of the Board, said:

After carefully evaluating all indications of interest, and considering Southwest Gas Corporation's strong long-term rate base growth, improving earned ROEs and favorable demographics, we believe that the best alternative to maximize the value of the utility for stockholders is to continue to execute our strategic plan at the utility. We recognize that we have a great asset and a strong opportunity to optimize the utility. Southwest Gas Corporation is well positioned with significant population growth, strong demand across its service territories and expanded services for renewable natural gas and compressed natural gas delivery. Our constructive relationships with regulators, and our collaborative approach to working with all stakeholders, will continue to position Southwest Gas Corporation for success as we meet the energy needs of our customers throughout our service territories and build upon the strong rate base capture and near record growth and revenues that we delivered in 2021.

The Board also determined to advance the processes to maximize the value of Centuri and MountainWest. As such, we continue to assess the opportunity to realize the value of Centuri, one of the nation's leading utility infrastructure services providers, either via a sale or spin-off, and also a sale of MountainWest, a unique and structurally advantaged asset.

We are confident that Southwest Gas Corporation is poised for growth and value creation while we continue to deliver on our safety promise, provide excellent service to our customers, create new opportunities for employees and provide energy solutions within an evolving energy landscape.

Consistent with the May 6, 2022 Cooperation Agreement with Icahn Capital LP and affiliates, the Company expects José A. Cárdenas to step down from the Board shortly, and a new director will be appointed.

Southwest Gas does not intend to make any further public comment regarding the strategic alternatives review process until it has been completed or the Company determines that a disclosure is required. Any transaction will be subject to closing contingencies and no assurances can be given regarding the outcome or timing of the alternatives process or any transaction closing.

Southwest Gas will report second quarter 2022 financial results on August 9, 2022.

Moelis & Company LLC is serving as financial advisor to the Strategic Transactions Committee of the Board. Lazard and UBS Investment Bank are serving as financial advisors to Southwest Gas and Morrison & Foerster LLP is serving as legal advisor.

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