NextDecade Earnings Call Transcripts
Fiscal Year 2026
-
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.
-
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
-
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.
-
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.