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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190918005278/en/
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190918005278/en/
Media - NextDecade communications@next-decade.com + 1
(281) 249 5453
Investors - NextDecade ir@next-decade.com + 1 (832) 910
8629
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
Enbridge (NYSE:ENB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Enbridge (NYSE:ENB)
Historical Stock Chart
From Sep 2023 to Sep 2024