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NextDecade Q4 2024 Earnings Report
Estimated Revenue:$0
Estimated EPS:-$0.19
111.1% YoY
Key Takeaways
NextDecade continued construction on Phase 1 of the Rio Grande LNG Facility, with significant progress on Trains 1, 2, and 3. The company also announced development plans for additional liquefaction capacity (Trains 6-8) and secured a $175 million senior secured loan to fund working capital and expansion train development.
Overall project completion for Trains 1 and 2 and common facilities reached 38.1%, in line with the EPC contract schedule.
Overall project completion for Train 3 reached 15.3%, also in line with the EPC contract schedule.
Development plans for Trains 6, 7, and 8 were announced, cumulatively increasing total liquefaction capacity by approximately 18 MTPA.
A $175 million senior secured loan was secured, with proceeds used to repay existing borrowings and fund working capital and expansion train development.
NextDecade
NextDecade
Forward Guidance
NextDecade expects to continue construction on Phase 1, progress Trains 4 and 5 towards positive FIDs, and advance permitting for additional liquefaction capacity (Trains 6-8).
Positive Outlook
- Expects to secure commercial support for Trains 4 and 5.
- Plans to pre-file an application with FERC for Train 6 in 2025, with a full application in early 2026.
- Expects to explore options for the development of up to two additional trains beyond Train 8.
- Anticipates finalizing commercial arrangements for Train 4 in the coming months.
- Expects TotalEnergies to exercise its LNG purchase option for 1.5 MTPA for Train 4.
Challenges Ahead
- The Court's decision vacating FERC's reauthorization of the Rio Grande LNG Facility is pending and could impact regulatory approvals.
- The effectiveness of the Court's decision is not expected until after the appeals process is completed.
- Final Investment Decision on Trains 4 and 5 is subject to maintaining requisite governmental approvals, finalizing EPC contracts, commercial arrangements, and obtaining adequate financing.
- Development of additional expansion trains and CCS projects remains contingent upon receipt of requisite governmental approvals, execution of definitive commercial and financing agreements, securing all financing commitments, and potential tax incentives.
- Pricing refresh for the Train 4 EPC contract is in process and expected to be completed in 2025, which could impact project costs.
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Key Statistics
Market Cap
$2.81B
P/E Ratio
-11.87
Sector
Energy Minerals
Industry
Oil And Gas Production
52-Week High
$12
52-Week Low
$4.57
Trains 1 & 2 + common
38.1%
T1/T2 + Common Engineering
84.9%
T1/T2 + Common Procurement
69.2%
T1/T2 + Common Construction
10.6%
Train 3 completion
15.3%