NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced that its subsidiaries have finalized a pricing refresh of the Company’s lump-sum, turnkey engineering, procurement and construction (EPC) contract with Bechtel Energy Inc. (Bechtel) for the construction of Train 4 and related infrastructure at the Rio Grande LNG Facility and executed a lump-sum, turnkey EPC contract with Bechtel for the construction of Train 5 and related infrastructure at the Rio Grande LNG Facility.

Train 4 EPC Contract and Project Costs, and Progress Toward a Final Investment Decision (FID)

Rio Grande LNG Train 4, LLC has agreed to pay Bechtel approximately $4.77 billion for the work under the EPC contract for Train 4. Pricing validity under the Train 4 EPC contract extends through September 15, 2025. NextDecade currently projects that owner’s costs, contingencies, financing fees and interest during construction1 will total approximately $1.8-$2.0 billion for Train 4 and supporting infrastructure, based on current estimates and expected interest rates.

Train 5 EPC Contract, Project Costs, and Progress Toward FID

Rio Grande LNG Train 5, LLC has agreed to pay Bechtel approximately $4.32 billion for the work under the EPC contract for Train 5. Pricing validity under the Train 5 EPC contract extends through September 15, 2025. NextDecade currently projects that owner’s costs, contingencies, financing fees and interest during construction1 will total approximately $1.8-$2.0 billion for Train 5 and supporting infrastructure, based on current estimates and expected interest rates.

Trains 4 and 5 Progress Toward Final Investment Decisions (FIDs)

Commercialization of Train 4 is complete, and the Company has started the financing process for Train 4 and related infrastructure. Subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train 4 before the end of the pricing validity period for the Train 4 EPC contract.

NextDecade recently announced a 20-year, 2.0 million tonnes per annum (MTPA) LNG Sale and Purchase Agreement (SPA) with JERA for offtake from Train 5 and is working on commercializing an additional 2.5 MTPA under long-term LNG SPAs to support a positive FID on Train 5. The Company has started the financing process for Train 5 and related infrastructure and, subject to obtaining appropriate commercial support and financing, is targeting FID before the end of the pricing validity period for the Train 5 EPC contract.

(1) Each expansion train will be obligated to make a payment, at its applicable start-up date, to the trains in commercial operation at such date for such expansion train’s proportionate share of the capital costs of the common facilities that such expansion train will access, net of the capital cost of any common facilities constructed under the EPC agreement for the applicable expansion train project, if any. The project costs presented in this press release do not include any such “true up” payments for accessing common facilities.

About NextDecade Corporation

NextDecade is committed to providing the world access to reliable, lower carbon energy. We are focused on delivering secure, low-cost, and sustainable energy solutions through the safe and efficient development and operation of natural gas liquefaction and carbon capture and storage infrastructure. Through our subsidiaries, we are developing and constructing the Rio Grande LNG natural gas liquefaction and export facility near Brownsville, Texas, with approximately 48 MTPA of potential liquefaction capacity currently under construction or in development. We are also developing a potential carbon capture and storage project at the facility that is expected to make meaningful impacts toward a lower carbon future. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas.