Southwest Gas Holdings Inc
SWX
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Southwest Gas Holdings, through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing, and transporting natural gas to end customers. The company serves approximately 2.1 million residential, commercial, and industrial customers across Arizona, Nevada, and portions of California. Its core business is the regulated distribution and sale of natural gas, with its natural gas distribution segment generating adjusted net income of over $100 million in 2025.
Southwest Gas Holdings operates natural gas distribution utilities serving over 2 million customers across Arizona, California, and Nevada. The company’s extensive network of pipelines and infrastructure presents inherent risks of environmental contamination from leaks, construction, and legacy sites. The U.S. Environmental Protection Agency’s Oil Spill Prevention, Control, and Countermeasure (SPCC) program specifically identifies the company’s facilities as potential sources of pollution requiring regulatory oversight.
The company’s own SEC filings routinely cite “environmental pollution” and “damage to our properties” as material risks to its business and financial condition. While the provided evidence does not detail a specific, singular catastrophic event, the regulatory framework and the company’s disclosures acknowledge the ongoing potential for environmental damage inherent to its operations. External ESG screenings have flagged the company under categories including “Environmental Contamination” and “Environmental Damage.”
Research Sources
6 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.