NextDecade and Bechtel Complete Pricing Refresh on EPC Agreements
March 08 2021 - 08:00AM
Business Wire
NextDecade Corporation (NextDecade or the Company) (NASDAQ:
NEXT) and Bechtel Oil, Gas, and Chemicals, Inc. (Bechtel) have
completed a pricing refresh on the fully wrapped lump-sum turnkey
(LSTK) engineering, procurement, and construction agreements for
the first three trains at NextDecade’s Rio Grande LNG project (EPC
Agreements) resulting in no impact to the overall cost of the
project. The pricing in the EPC Agreements is now valid until
December 31, 2021. Additionally, NextDecade and Bechtel agreed to
extend the validity of the EPC Agreements until July 31, 2022.
“We value our strong partnership with Bechtel, the world’s
leading LNG EPC contractor,” said Matt Schatzman, NextDecade’s
Chairman and Chief Executive Officer. “Our global LNG customers,
feed gas suppliers, and other stakeholders can have the utmost
confidence in the on-time and on-budget delivery of our Rio Grande
LNG project. We are pleased to continue to progress our engineering
and procurement activities under limited notices to proceed, and we
look forward to providing Bechtel with a full notice to proceed
with the development of this world-class project immediately
following FID.”
NextDecade anticipates achieving a final investment decision on
a minimum of two trains at Rio Grande LNG in 2021.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is a liquefied natural gas
(LNG) company focused on delivering the 27 mtpa Rio Grande LNG
export facility in South Texas. Rio Grande LNG will be the largest
U.S. LNG export solution linking Permian Basin and Eagle Ford Shale
natural gas to the global LNG market. Utilizing carbon capture and
storage technology and proprietary processes, NextDecade is
targeting carbon neutrality at 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;
NextDecade’s final investment decision (“FID”) in the construction
and operation of a LNG terminal at the Port of Brownsville in
southern Texas (the “Terminal”) and the timing of that decision;
the successful completion of the Terminal by third-party
contractors and an approximately 137-mile pipeline to supply gas to
the Terminal being developed by a third-party; NextDecade’s ability
to secure additional debt and equity financing in the future to
complete the Terminal; the accuracy of estimated costs for the
Terminal; statements that the Terminal, when completed, will have
certain characteristics, including amounts of liquefaction
capacities; the development risks, operational hazards, regulatory
approvals applicable to the Terminal’s and the third-party
pipeline's construction and operations activities; 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; changes
in legislation and regulations relating to the LNG industry,
including environmental laws and regulations that impose
significant compliance costs and liabilities; the 2019 novel
coronavirus pandemic and its impact on NextDecade’s business and
operating results, including any disruptions in NextDecade’s
operations or development of the Terminal and the health and safety
of NextDecade’s employees, and on NextDecade’s customers, the
global economy and the demand for LNG; risks related to doing
business in and having counterparties in foreign countries;
NextDecade’s ability to maintain the listing of its securities on a
securities exchange or quotation medium; 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, 2019 and other subsequent reports filed
with the Securities and Exchange Commission, all of which are
incorporated herein by reference.
Additionally, any development of the Terminal 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210308005159/en/
Patrick Hughes phughes@next-decade.com +1 (832) 209-8131
NextDecade (NASDAQ:NEXT)
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