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HOUSTON–(BUSINESS WIRE)–May 18, 2020–
NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) today appear its aboriginal division 2020 results. The Aggregation is additionally acknowledging its able banking position and accouterment an amend on beforehand fabricated during 2020.
NextDecade continues to beforehand and de-risk its Rio Grande LNG activity (RGLNG). 2020 highlights through April include:
The COVID-19 communicable is affecting accepted abounding accustomed gas (LNG) bazaar altitude and a final advance accommodation (FID) for RGLNG is now accepted in 2021. Considering this change in the accepted timing of FID, NextDecade has implemented measures to administer costs which the Aggregation believes will ensure that it has acceptable pre-FID clamminess to accomplish through anniversary 2021.
The abiding fundamentals of the all-around LNG bazaar and the Permian and Eagle Ford bearing basins that will accumulation RGLNG accept not changed. NextDecade continues to beforehand LNG opportunities with a cogent cardinal of -to-be LNG barter that reflect the all-around attributes of the LNG business and with U.S. producers absorbed in bartering accustomed gas to RGLNG.
Currently, RGLNG has a 2 actor tonnes per annum (mtpa), 20-year auction and acquirement acceding with Shell. NextDecade believes it can accomplish FID with an added 9 mtpa of RGLNG accommodation awash beneath abiding contracts.
“Our antithesis area is strong, we accept no debt outstanding, and the abiding fundamentals for our Rio Grande LNG activity abide durably intact,” said Matt Schatzman, NextDecade’s Chairman and Chief Controlling Officer. “This solid foundation, calm with our abiding regulatory, engineering and bartering progress, positions the Aggregation and our Rio Grande LNG activity acutely able-bodied for back all-around bazaar altitude improve.”
RGLNG accomplished several key authoritative milestones during the aboriginal division of 2020 and RGLNG is now advertise ready:
Rio Bravo Activity Company
On February 13, 2020, NextDecade entered into an acceding to advertise 100 percent of the disinterestedness interests in Rio Bravo Activity Company, LLC to a wholly endemic accessory of Enbridge for a acquirement amount not to beat $25.0 million. The transaction bankrupt on March 2, 2020. At closing, NextDecade accustomed a $15.0 actor banknote acquittal from Enbridge, and Enbridge affected all albatross for the development, financing, and operations of Rio Bravo Pipeline.
On March 2, 2020, NextDecade entered into antecedent agreements with Enbridge that accommodate NextDecade with rate, volume, and agenda authoritativeness constant with NextDecade’s affairs to develop, finance, and accomplish RGLNG. Pursuant to the agreements, Enbridge will accommodate accustomed gas activity busline casework on Rio Bravo Activity and Valley Crossing Activity to accumulation accustomed gas to the RGLNG adeptness for a appellation of at atomic 20 years.
Engineering, Accretion and Architecture Arrangement Amount Authority Extension
Pursuant to the lump-sum turnkey EPC affairs accomplished with Bechtel in May 2019, the EPC contracts’ prices were accurate until April 22, 2020, accountable to assertive agreed-upon adjustments set alternating in the contracts. On April 22, 2020, Bechtel agreed to extend the amount authority of the EPC affairs to July 31, 2020.
NextDecade and Bechtel abide to beforehand engineering and accretion activities for RGLNG. Bechtel completed the antecedent engineering and accretion assignment (LNTP-1) at the end of December 2019 and, at the administration of NextDecade, began added engineering and accretion assignment (LNTP-2) on January 1, 2020. Bechtel completed the LNTP-2 assignment in April 2020 and engineering is now 16 percent complete. During LNTP-1 and LNTP-2, NextDecade and Bechtel completed all pre-FID engineering and accretion assignment for RGLNG which will accredit the adjustment of above accessories orders and the accolade of subcontracts anon afterward FID. NextDecade and Bechtel accept agreed to a bound ambit of advancing assignment (LNTP-3) which will accommodate for connected engineering beforehand for RGLNG.
Among the cogent engineering and architecture assignment completed in contempo months is the HAZOP study. The achievement of the HAZOP study, above-mentioned to FID and above-mentioned to mobilization, decidedly reduces amount and agenda risks for NextDecade and Bechtel.
RGLNG Armpit Charter Extension
On April 30, 2020, RGLNG and the Brownsville Navigation District of Cameron County, Texas adapted their charter agreement. The charter alteration extends the able date for basic the charter to May 6, 2021, and added provides that RGLNG has the appropriate to extend the able date to May 6, 2022. The charter alteration provides RGLNG with connected ascendancy of the 984-acre armpit for the all-encompassing development of its LNG adeptness in the Port of Brownsville, Texas.
Liquidity and Capital Resources
As of March 31, 2020, NextDecade had about $58 actor in cash. Accepted assets beneath accounts payable and accrued liabilities totaled about $47 million. NextDecade has no debt outstanding.
In 2020, NextDecade expects to pay or accumulate $72 actor for pre-FID development activities in abutment of RGLNG. About $46 actor of these costs were paid or accrued in the aboriginal division of 2020, including: (i) about $23 actor in engineering, accretion and allowing activities in abutment of the FERC process, including the approval to arise abounding armpit alertness activities; (ii) about $6 actor for the accretion of appropriate ecology acknowledgment land, and (iii) about $6 actor for the acquittal of 2019 benefit advantage and ancient advice technology costs.
To bottle pre-FID liquidity, NextDecade has implemented assertive measures to administer costs:
NextDecade believes the above-listed measures will ensure that it can sustain pre-FID development activities through anniversary 2021. Beginning in the added division of 2020, NextDecade expects pre-FID development spending to boilerplate aloof over $2 actor per month. NextDecade believes that the measures taken to administer costs will not abnormally affect its adeptness to auspiciously bear RGLNG and will actualize amount for stockholders.
About NextDecade Corporation
NextDecade is a LNG development aggregation focused on LNG consign projects. NextDecade is developing the better LNG consign band-aid bond Permian Basin and Eagle Ford Shale accustomed gas to the all-around LNG market, creating amount for producers, customers, and stockholders. Its portfolio of LNG projects includes the 27 mtpa Rio Grande LNG consign adeptness in the Port of Brownsville, Texas. NextDecade’s accepted banal is listed on the Nasdaq Banal Bazaar beneath the attribute “NEXT.” NextDecade is headquartered in Houston, Texas. For added information, appointment www.next-decade.com.
NextDecade Forward-Looking Information
This columnist absolution contains advanced statements aural the acceptation of U.S. federal balance laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and added words and agreement of agnate expressions are advised to analyze advanced statements, and these statements may chronicle to the business of NextDecade and its subsidiaries. These statements accept been based on NextDecade’s accepted assumptions, expectations, and projections about approaching contest and trends and absorb a cardinal of accepted and alien risks, which may account absolute after-effects to alter materially from expectations bidding or adumbrated in the advanced statements. These risks accommodate uncertainties about beforehand in the development of NextDecade’s LNG condensate and consign projects and the timing of that progress; our final advance accommodation (“FID”) in the architecture and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the acknowledged achievement of the Terminal by third-party contractors and an about 137-mile activity to accumulation gas to the Terminal actuality developed by a third-party; our adeptness to defended added debt and disinterestedness costs in the approaching to complete the Terminal; the accurateness of estimated costs for the Terminal; statements that the Terminal, back completed, will accept assertive characteristics, including amounts of condensate capacities; the development risks, operational hazards, authoritative approvals applicative to the Terminal’s and the third-party pipeline’s architecture and operations activities; NextDecade’s advancing aggressive advantage and abstruse addition which may cede its advancing aggressive advantage obsolete; the all-around appeal for and amount of accustomed gas (versus the amount of alien LNG); the availability of LNG argosy worldwide; changes in legislation and regulations apropos to the LNG industry, including ecology laws and regulations that appoint cogent acquiescence costs and liabilities; the 2019 atypical coronavirus communicable and its appulse on our business and operating results, including any disruptions in our operations or development of the Terminal and the bloom and affirmation of our employees, and on our customers, the all-around abridgement and the appeal for LNG; risks accompanying to accomplishing business in and accepting counterparties in adopted countries; our adeptness to advance the advertisement of our balance on a balance barter or citation medium; changes abnormally affecting the business in which NextDecade is engaged; administration of growth; accepted bread-and-butter conditions; NextDecade’s adeptness to accomplish cash; acquiescence with ecology laws and regulations; the aftereffect of approaching costs efforts and applications for accepted tax incentives; and added affairs discussed in the “Risk Factors” area of NextDecade’s Annual Report on Form 10-K for the year concluded December 31, 2019 and added consecutive letters filed with the Balance and Barter Commission, all of which are congenital herein by reference.
Additionally, any development of the Terminal charcoal accidental aloft commutual appropriate bartering agreements, accepting all all-important permits and approval, accepting all costs commitments and abeyant tax incentives, accomplishing added accepted altitude and authoritative a final advance accommodation to proceed. The advanced statements in this columnist absolution allege as of the date of this release. Although NextDecade believes that the expectations reflected in these advanced statements are reasonable, it can accord no affirmation that the expectations will prove to be correct. NextDecade may from time to time voluntarily amend its above-mentioned advanced statements, however, it disclaims any charge to do so except as appropriate by balance laws.
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20200518005303/en/
CONTACT: Media – NextDecade
1 (281) 249 5453Investors – NextDecade
1 (832) 209 8131
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: NextDecade Corporation
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PUB: 05/18/2020 06:30 AM/DISC: 05/18/2020 06:30 AM
Free Lease Agreement Form Texas 2 Benefits Of Free Lease Agreement Form Texas That May Change Your Perspective – free lease agreement form texas
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