HOUSTON, Sept. 18, 2019 /PRNewswire/ - NextDecade
Corporation (NextDecade) (NASDAQ: NEXT) and Enbridge Inc.
(Enbridge) (TSX: ENB) (NYSE: ENB) announced today a Memorandum of
Understanding (MOU) to jointly pursue the development of the Rio
Bravo Pipeline (Rio Bravo) and
other natural gas pipelines in South
Texas to transport natural gas to NextDecade's Rio Grande
LNG project located in Brownsville,
Texas. Rio Bravo is
designed to transport 4.5 billion cubic feet per day of natural gas
from the Agua Dulce area to Rio
Grande LNG.
Matt Schatzman, NextDecade's
Chairman and Chief Executive Officer said, "Enbridge is one of
North America's leading energy
infrastructure companies and we look forward to exploring a strong
partnership in South Texas. With
its Texas Eastern Pipeline and recently completed Valley Crossing
Pipeline, Enbridge has extensive permitting, construction, and
operating experience in the State of
Texas, especially in South
Texas."
Bill Yardley, Enbridge's
President of Gas Transmission and Midstream said, "We are excited
to be working with NextDecade for pipeline solutions to the Rio
Grande LNG facility. Our existing infrastructure fits very well
with the Brownsville location.
This is a continuation of our strategy to bring our major projects
execution and permitting capability to the expanding LNG export
efforts in North America."
The companies anticipate finalizing definitive documentation
reflecting the terms of the MOU in the fourth quarter of 2019.
About NextDecade Corporation
NextDecade is a liquefied natural gas (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 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.
NextDecade Forward-Looking Information
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" 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 NextDecade's current assumptions,
expectations, 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. These risks include
uncertainties about progress in the development of NextDecade's LNG
liquefaction and export projects and the timing of that progress;
government approval of construction and operation of NextDecade's
Rio Grande LNG and Rio Bravo Pipeline projects terminal at the Port
of Brownsville in southern
Texas (the "Terminal") and an
associated 137-mile pipeline to supply gas to the Terminal (the
"Pipeline" and together with the Terminal, the "Project") and the
timing of that approval; the successful completion of the Project
by third-party contractors; our ability to secure additional debt
and equity financing in the future to complete the Project; the
accuracy of estimated costs for the Project; statements that the
Project, when completed, will have certain characteristics,
including amounts of liquefaction capacities; NextDecade's
anticipated competitive advantage and technological innovation
which may render its anticipated competitive advantage obsolete;
the global demand for and price of natural gas (versus the price of
imported LNG); the availability of LNG vessels worldwide;
negotiations for the Terminal site lease and right-of-way options
for the Pipeline route; changes in legislation and regulations
relating to the LNG industry, including environmental laws and
regulations that impose significant compliance costs and
liabilities; risks related to doing business in and having
counterparties in foreign countries; changes adversely affecting
the business in which NextDecade is engaged; management of growth;
general economic conditions; NextDecade's ability to generate cash;
compliance with environmental laws and regulations; the result of
future financing efforts and applications for customary tax
incentives; 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 Project remains
contingent upon completing required commercial agreements,
acquiring all necessary permits and approval, 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.
About Enbridge Inc.
Enbridge Inc. is a
leading North American energy infrastructure company. We safely and
reliably deliver the energy people need and want to fuel quality of
life. Our core businesses include Liquids Pipelines, which
transports approximately 25 percent of the crude oil produced in
North America; Gas Transmission
and Midstream, which transports approximately 20 percent of the
natural gas consumed in the U.S.; and Utilities and Power
Operations, which serves approximately 3.7 million retail customers
in Ontario, Quebec and New
Brunswick, and generates approximately 1,600 MW of net
renewable power in North America
and Europe. The Company's common
shares trade on the Toronto and
New York stock exchanges under the
symbol ENB. For more information, visit
www.enbridge.com
Enbridge Inc. Forward-Looking
Information
Forward-looking information, or forward-looking
statements, have been included in this news release to provide
information about Enbridge and its subsidiaries and affiliates,
including management's assessment of Enbridge and its subsidiaries'
future plans and operations. This information may not be
appropriate for other purposes. Forward-looking statements are
typically identified by words such as ''anticipate'', ''expect'',
''project'', ''estimate'', ''forecast'', ''plan'', ''intend'',
''target'', ''believe'', "likely" and similar words suggesting
future outcomes or statements regarding an outlook. Forward-looking
information or statements included or incorporated by reference in
this document include, but are not limited to, statements with
respect to the proposed development of Rio Bravo and other natural gas pipelines in
South Texas to transport natural
gas to NextDecade's Rio Grande LNG project located in Brownsville, Texas, including Rio Bravo's expected capacity and the
anticipated timeline for finalizing definitive documentation
reflecting the terms of the MOU.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on
forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such statements. Assumptions regarding the
expected supply of and demand for crude oil, natural gas, NGL and
renewable energy, and the prices of these commodities, are material
to and underlie all forward-looking statements, as they may impact
current and future levels of demand for Enbridge's services.
Similarly, exchange rates, inflation and interest rates impact the
economies and business environments in which Enbridge operates and
may impact levels of demand for Enbridge's services and cost of
inputs, and are therefore inherent in all forward-looking
statements. Due to the interdependencies and correlation of these
macroeconomic factors, the impact of any one assumption on a
forward-looking statement cannot be determined with
certainty. The most relevant assumptions associated with
forward-looking statements on announced projects and projects under
construction, including estimated completion dates and expected
capital expenditures, include the following: the availability and
price of labour and construction materials; the effects of
inflation and foreign exchange rates on labour and material costs;
the effects of interest rates on borrowing costs; the impact of
weather and customer, government and regulatory approvals on
construction and in-service schedules and cost recovery
regimes.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including, but not limited to those risks and
uncertainties discussed in this news release and in the Company's
other filings with Canadian and United
States securities regulators. The impact of any one risk,
uncertainty or factor on a particular forward-looking statement is
not determinable with certainty as these are interdependent and
Enbridge's future course of action depends on management's
assessment of all information available at the relevant time.
Except to the extent required by applicable law, Enbridge assumes
no obligation to publicly update or revise any forward-looking
statements made in this news release or otherwise, whether as a
result of new information, future events or otherwise. All
subsequent forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company's behalf,
are expressly qualified in their entirety by these cautionary
statements.
News from Enbridge Inc. and Next Decade Corporation.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media - Enbridge
Michael
Barnes
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community - Enbridge
Jonathan Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
Media – NextDecade
communications@next-decade.com
+ 1 (281) 249 5453
Investors - NextDecade
ir@next-decade.com
+ 1 (832) 910 8629
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SOURCE Enbridge Inc.