NextDecade Announces D.C. Circuit Court Judgment Removing Vacatur Risk on FERC Order

Rhea-AI Summary

NextDecade (NASDAQ: NEXT) announced a favorable revision to the U.S. Court of Appeals for the D.C. Circuit's August 2024 judgment regarding the Rio Grande LNG Facility. The Court remanded without vacatur the Federal Energy Regulatory Commission's (FERC) order for the facility's first five liquefaction trains.

The revised judgment ensures that construction activities at the Rio Grande LNG Facility will continue uninterrupted. CEO Matt Schatzman described it as an excellent outcome for shareholders, project partners, the local community, and customers. The company will continue working with FERC through the project's reauthorization process.

Positive

• Court decision allows construction to continue without interruption
• Removal of vacatur risk for FERC order
• Project timeline remains intact

Negative

• FERC reauthorization process still required

HOUSTON--(BUSINESS WIRE)-- NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) today announced that the U.S. Court of Appeals for the D.C. Circuit (Court) issued a revision to its August 2024 judgment, remanding without vacatur the Federal Energy Regulatory Commission’s (FERC) order for the first five liquefaction trains at the Rio Grande LNG Facility.

“We are pleased with today’s revised Court judgment, which ensures construction at the Rio Grande LNG Facility will not be impacted by the Court,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “This is an excellent outcome for NextDecade’s shareholders, our partners in the project, the local community, and our customers. We look forward to continuing our work with FERC through the reauthorization process for our project.”

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. For more information, please visit www.next-decade.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and "target," and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade’s periodic reports that are filed with and available from the Securities and Exchange Commission. The taking of a final investment decision on Trains 4 and 5 at the Rio Grande LNG Facility is subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. Additionally, any development of additional expansion trains at the Rio Grande LNG Facility or 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, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318990465/en/

NextDecade Contacts

Investors

Megan Light

mlight@next-decade.com

832-981-6583



Media

Susan Richardson

srichardson@next-decade.com

832-413-6400

Source: NextDecade Corporation

FAQ

What does the D.C. Circuit Court's revised judgment mean for NextDecade's Rio Grande LNG project?

The revised judgment allows construction to continue uninterrupted at the Rio Grande LNG Facility by remanding without vacatur FERC's order for the first five liquefaction trains.

How does the Court's decision impact NextDecade (NEXT) shareholders?

The decision is positive for shareholders as it removes the vacatur risk and ensures construction continuity at the Rio Grande LNG Facility.

What is the status of NextDecade's FERC authorization for Rio Grande LNG?

The FERC order is being remanded for reauthorization, but remains in effect, allowing construction to continue while NextDecade works with FERC on the process.

How many liquefaction trains are affected by the D.C. Circuit Court's judgment on NextDecade's project?

The judgment affects the first five liquefaction trains at the Rio Grande LNG Facility.