NextDecade Earnings Call Transcripts
Fiscal Year 2026
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Phase I construction is ahead of schedule, with Train 1 first LNG targeted for Q2 2027. Current forward curves imply ramp-up cash flow above $2.4B, while Train 6 FID is targeted for H2 2027.
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Rio Grande LNG Phase 1 construction is ahead of schedule, with first gas expected in late 2026 and first LNG in early 2027. Major financings have strengthened the balance sheet, and Train 6 development is progressing toward a 2027 FID amid strong LNG market demand and ongoing global supply disruptions.
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Construction at the Rio Grande LNG facility is ahead of schedule and within budget, with first LNG from Train 1 expected in early 2027. Early LNG sales have reduced market risk, and strong demand supports future expansion, while financial guidance and leverage targets are reaffirmed.
Fiscal Year 2025
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Major milestones achieved in 2025 include FIDs for trains four and five, robust long-term contracting, and construction ahead of schedule. Financial guidance remains strong, with flexible capital structure and significant upside from early LNG sales and future expansions.
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Positive FID on Train 5 brings LNG capacity under construction to 30 mtpa, 85% contracted with strong financing. Guidance projects $800M annual distributable cash flow at steady state. Expansion for Trains 6–8 could double capacity. Construction is ahead of schedule; management aims to maximize shareholder value and minimize dilution.