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Julian DeMullen-Smith

Managing Director and Senior Equity Research Analyst at Jefferies

Julien Dumoulin-Smith is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in utilities, power, and clean energy research with coverage of over 100 companies including First Solar, Pinnacle West Capital, and SolarEdge Technologies. He has established a strong performance track record, ranking in the top quartile of Wall Street analysts on platforms like TipRanks with a 54% success rate and an average return of 5% per rating, including standout calls generating over 300% returns. Dumoulin-Smith began his Wall Street career in the early 2010s and joined Jefferies in a leadership role, following prior experience that included similar research coverage roles at Bank of America Merrill Lynch. He holds multiple professional credentials and securities licenses, including FINRA registration, and is recognized for thought leadership within the utilities and clean energy investment communities.

Julian DeMullen-Smith's questions to Southwest Gas Holdings (SWX) leadership

Question · Q3 2025

Julian DeMullen-Smith asked for an update on the Great Basin expansion project, specifically inquiring about the timeline for finalizing precedent agreements, potential issues, when it would be included in the outlook, and assumptions for ultimate capital cost and capital structure.

Answer

Justin Brown, President of Southwest Gas Corporation, explained the process of finalizing precedent agreements, assessing the ultimate scale, and potentially holding a brief supplemental open season. He indicated that updated guidance on CapEx and financing assumptions would likely be provided during the fourth quarter earnings call in February. He also clarified that the previously provided CapEx range reflects the estimated cost for the potential capacity.

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Question · Q3 2025

Julian DeMullen-Smith asked for specific timelines and potential issues regarding the Great Basin expansion project, inquiring when it would be included in the outlook, tightening the CapEx range, and providing assumptions for ultimate capital cost and structure. He also asked if the project could be upsized beyond 1.76 BCF/day and if an integrated CAGR would be provided with the 4Q guidance.

Answer

Justin Brown, President of Southwest Gas Corporation, explained the process of finalizing precedent agreements and potentially holding a brief supplemental open season to determine the final scale. He indicated that updated guidance, including CapEx range and financing assumptions, would likely be provided during the Q4 call in February. He confirmed the current CapEx range reflects the estimated cost for the potential capacity and that a five-year CapEx guidance would incorporate the project.

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