SW flows

Charles,

The attached table contains monthly flows to the referenced Southwest Gas
meter points off of El Paso, Kern and PG&E. As I indicated earlier, SWG may
have deliveries off of Socal which we would not be able to see. Also, there
may be unidentified SWG meter points not included in the attached file, and
we are missing some days of data so the actual numbers may be a little
higher. Finally, if this data is used for pricing/hedging analysis, one
should be careful which prices they use for comparison. SWG territory in
California would be subject to California pricing, while that closer to the
producing basins would be priced differently. In addition, Southwest Gas
owns transport capacity on El Paso, such that they were really only
vulnerable to San Juan or Keystone price fluxuations, and not Socal. You
could only make a hedging estimate if you knew their transport capacity,
which I do not (it is available on El Paso's website). Anyway, that's all I
have.

Mat