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NextDecade and Shell Execute 2 MTPA, 20-Year LNG Sale and Purchase Agreement

Del

NextDecade Corporation (“NextDecade”) (NASDAQ: NEXT) announced today at the LNG2019 conference in Shanghai, a 20-year sale and purchase agreement (“SPA”) with Shell NA LNG LLC (“Shell”) for the supply of two million tons per annum (“MTPA”) of liquefied natural gas (“LNG”) from NextDecade’s Rio Grande LNG export project in Brownsville, Texas.

Pursuant to the SPA, Shell will purchase LNG on a free-on-board basis starting from the commercial operation date of Rio Grande LNG, currently expected in 2023, with approximately three-quarters of the purchased LNG volumes indexed to Brent and the remaining volumes indexed to domestic United States gas indices, including Henry Hub.

The SPA is the first-ever long-term contract with LNG produced out of the United States to be indexed to Brent and comes with full destination flexibility.

“We are honored to have Shell as the first foundation customer of our Rio Grande LNG project,” said Matt Schatzman, NextDecade’s President and Chief Executive Officer. “Shell is not only the largest portfolio LNG company in the world, Shell is also a recognized pioneer in the global LNG business. Shell was the first to sign a long-term SPA from the United States indexed to Henry Hub in 2011, and so it is fitting they are the first to sign a long-term SPA from a U.S. LNG project indexed to Brent. We look forward to finalizing additional commercial agreements and to proceeding with the development of our Rio Grande LNG project.”

“LNG continues to be the fastest-growing gas supply source to 2035,” said Slavko Preocanin, Vice President, Shell LNG Marketing & Trading. “This agreement secures more volume for our portfolio in the 2020s and ensures we can meet the growing demand for secure, flexible and cleaner energy from our global customers. We look forward to working with NextDecade in the years to come.”

Consistent with previous guidance, pending the achievement of further commercial milestones and receipt of requisite regulatory approvals, NextDecade anticipates making a positive final investment decision on up to three trains (Phase I) of the Rio Grande LNG project by the end of the third quarter of 2019.

The Rio Grande LNG project timeline of selected events is below:

 

   

 

Milestone

   

Date

Draft environmental impact statement     October 12, 2018
Texas air quality permits     December 12, 2018
FEED endorsement certificates     December 2018
Long-term site lease agreement     March 6, 2019
2 mtpa, 20-year SPA with Shell     March 28, 2019
LNG contracts to support up to three trains     2Q-3Q 2019
Lump-sum turnkey EPC bids to NextDecade     April 22, 2019
Final environmental impact statement     April 26, 2019
Fully executed EPC contract     3Q 2019
Federal authorization decision deadline     July 25, 2019
Final investment decision     3Q 2019
 

About NextDecade Corporation

NextDecade is an LNG development company focused on LNG export projects and associated pipelines in Texas. NextDecade intends to develop the largest LNG export solution linking Permian Basin associated gas to the global LNG market, creating value for producers, customers, and stockholders. Its portfolio of LNG projects includes the 27 mtpa Rio Grande LNG export facility in Brownsville, Texas and the 4.5 Bcf/d Rio Bravo Pipeline that would transport natural gas from the Agua Dulce area to Rio Grande LNG. NextDecade’s technology selections are expected to foster operational reliability and afford NextDecade’s customers access to reliable, low-cost, abundant natural gas from the Permian Basin, Eagle Ford Shale, and other basins. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “will” and 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 NextDecade’s current assumptions, expectations, and projections about future events 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. These risks include uncertainties about NextDecade’s Rio Grande LNG and Rio Bravo Pipeline projects, its ability to secure additional debt and equity financing in the future to complete its contemplated projects, the accuracy of the estimated costs for the projects; governmental approval of construction and operation of the projects; securing potential tax incentives; the successful completion of the projects by third-party contractors; its ability to generate cash; the development risks, operational hazards, regulatory approvals applicable to the projects’ construction and operations activities; its anticipated competitive advantage; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; legislation and regulations relating to the LNG industry; negotiations for the project site lease and right-of-way options for the pipeline route; compliance with environmental laws and regulations; the result of future financing efforts; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2018 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.

Additionally, any development of the projects remains contingent upon completing required commercial agreements; acquiring all necessary permits and approvals; 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. 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 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.

Contact information

Investors: Kevin Smith | + 1 (832) 910 8629 | ksmith@next-decade.com
Media: Dean Ellis | + 1 (832) 426 1872 | dellis@next-decade.com

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