Officials: Rio Grande LNG project is ahead of schedule and under budget

NextDecade received a permit for its Rio Grande LNG Train 6 expansion project, a key step toward a potential positive final investment decision in the second half of 2027. The company aims to expand its LNG production capacity, with support from the U.S. Army Corps of Engineers. NextDecade expects this to boost U.S. LNG export capacity and economic growth in the Rio Grande Valley.

Alternative asset managers like Apollo, Blackstone, and KKR are financing U.S. LNG and pipeline projects, with $20.35B invested in 2026. Insurance capital is backing projects like Sempra's Port Arthur LNG, Williams' power projects, and ONEOK's acquisitions. LNG projects now attract diverse investors, including infrastructure funds and sovereign wealth funds, due to long-term revenue stability.

U.S. LNG stocks rose after Iran's attack on Qatar's key LNG hub, with NextDecade (NEXT) up 16%, Venture Global (VG) up 14.5%, and Cheniere Energy (LNG) up 6%. Qatar, a top LNG exporter, reported extensive damage, potentially shifting demand to U.S. exporters. NEXT and VG saw high trading volumes, while VG secured $8.6B in project financing.

U.S. LNG exports rose 23% to 17.4 Bcf/d in H1 2026, driven by new terminals like Venture Global's Plaquemines and Cheniere Energy's Corpus Christi Stage 3, adding 4 Bcf/d. ExxonMobil's Golden Pass LNG began exports, with more capacity expected. EIA forecasts 17.4 Bcf/d for 2026. Global demand and disruptions boosted prices.

NextDecade (NEXT) reported Q2 2026 progress on Rio Grande LNG construction. Trains 1 and 2 were 74% complete, with first gas expected in late 2026 and Train 1 LNG in 1H 2027. Train 6 permitting has a final EIS due June 25, 2027. The company completed a debt recap using a $1B term loan and $3.5B secured notes.

Thursday, July 30, 2026 at 9:00 a.m. ET CALL PARTICIPANTS Vice President of Investor Relations - Megan Light Chairman and Chief Executive Officer - Matt Schatzman Chief Financial Officer - John Zuklic TAKEAWAYS Phase 1 Construction Progress -- Trains 1 and 2 reached 74% completion as of June 2026, with construction specific activities at almost 60% and engineering and procurement nearing completion.