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Jun 30, 2025
NextDecade Q2 2025 Earnings Report
Key Takeaways
In Q2 2025, NextDecade continued Phase 1 construction at the Rio Grande LNG Facility, completed commercialization of Train 4, signed key LNG agreements for Trains 4 and 5, and initiated financing processes to support upcoming FIDs.
Trains 1 and 2 and common facilities reached 48.3% completion; Train 3 reached 22.7%
Train 4 fully commercialized with 4.6 MTPA in SPAs and EPC pricing finalized
Train 5 secured first long-term SPA with JERA and EPC contract executed
FID for Trains 4 and 5 targeted for mid-September 2025, pending financing
Forward Guidance
NextDecade expects to achieve FIDs on Trains 4 and 5 by mid-September 2025, contingent on commercial and financial milestones, and is actively progressing development on Trains 6 through 8.
Positive Outlook
- FID on Train 4 expected by mid-September 2025
- FID on Train 5 targeted for mid-September 2025
- Train 5 secured long-term SPA with JERA for 2.0 MTPA
- Trains 6-8 expected to add 18 MTPA of liquefaction capacity
- EPC contracts finalized for Trains 4 and 5
Challenges Ahead
- FID dependent on securing final financing for Trains 4 and 5
- Remaining 2.5 MTPA of Train 5 SPAs still under negotiation
- Development timeline for Trains 7 and 8 not yet finalized
- Equity capital for Train 4 still being secured
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