NextDecade Corporation (Next): Modelo de negócios Canvas [Jan-2025 Atualizado]

A NextDecade Corporation está revolucionando o cenário global de GNL com sua abordagem inovadora à infraestrutura energética de baixo carbono, se posicionando estrategicamente na interseção da tecnologia sustentável e dos mercados internacionais de energia. Ao alavancar seu projeto de LNG do Rio Grande de ponta no Texas e tecnologias avançadas de captura de carbono, a empresa está pronta para transformar como as utilitárias de energia e os consumidores industriais acessam soluções de gás natural limpo e competitivo. Com um modelo de negócios com visão de futuro que enfatiza a flexibilidade, a responsabilidade ambiental e as parcerias estratégicas, o NextDecade não está apenas vendendo energia-é pioneiro em uma nova era de desenvolvimento de energia global responsável.

NextDecade Corporation (Next) - Modelo de negócios: Parcerias -chave

Parceiros de tecnologia de GNL e empresas de engenharia

Parceiro	Tipo de colaboração	Projeto/tecnologia específica
Bechtel	Engenharia, Compras e Construção (EPC)	Projeto Rio Grande LNG
Preto & VEATCH	Serviços de consultoria técnica	Design de infraestrutura de GNL

Desenvolvedores de infraestrutura de energia

O NextDecade possui parcerias estratégicas com vários desenvolvedores de infraestrutura de energia para apoiar seus projetos de expansão de GNL.

• O projeto Rio Grande LNG do NextDecade no Texas representa um investimento em infraestrutura de US $ 4,5 bilhões
• Capacidade de exportação planejada de 27 milhões de toneladas por ano (MTPA)

Autoridades portuárias para instalações de exportação

Porta/localização	Status	Capacidade de exportação
Porto de Brownsville, Texas	Parceria ativa	13.5 MTPA

Potenciais investidores estratégicos

O NextDecade se envolveu com potenciais investidores estratégicos para seus projetos de GNL.

• Total S.A. - Potenciais discussões de investimento estratégico
• Shell - conversas preliminares de colaboração

Agências governamentais que apoiam a infraestrutura energética

Agência	Tipo de suporte	Envolvimento específico
Comissão Federal de Regulamentação de Energia (FERC)	Aprovação regulatória	Autorização do projeto Rio Grande LNG
Corporação de Desenvolvimento Econômico do Texas	Suporte de infraestrutura	Incentivos de desenvolvimento econômico local

NextDecade Corporation (Next) - Modelo de negócios: Atividades -chave

Desenvolvimento e engenharia de projetos de GNL

NextDecade Corporation se concentra no desenvolvimento do Projeto Rio Grande LNG no Texas, com uma capacidade de exportação planejada de 27 milhões de toneladas por ano (MTPA).

Parâmetro do projeto	Especificação
Investimento total do projeto	Aproximadamente US $ 4,5 bilhões
Capacidade de exportação	27 mtpa
Localização do projeto	Brownsville, Texas

Captura de carbono e pesquisa de seqüestro

O NextDecade está desenvolvendo tecnologias de captura de carbono para suas instalações de GNL.

• Direcionando a eficiência de captura de carbono de 95%
• Redução estimada de carbono: 2,5 milhões de toneladas métricas anualmente
• Perseguindo estratégias de produção de LNG de baixo carbono

Construção e gerenciamento de terminais

A empresa está gerenciando ativamente o projeto de construção de terminais do Rio Grande LNG.

Marco da construção	Status
Preparação do local	Em andamento
Conclusão de construção esperada	2026-2027
Área Terminal Total	650 acres

Financiamento de projetos e investimento

O NextDecade garantiu compromissos financeiros significativos para seu projeto de GNL.

• Total de financiamento de projetos -alvo: US $ 4,5 bilhões
• Compromissos parciais garantidos de investidores internacionais
• Discussões em andamento com potenciais parceiros financeiros

Planejamento de infraestrutura de energia sustentável

O NextDecade está integrando a sustentabilidade em seu desenvolvimento de infraestrutura.

Iniciativa de Sustentabilidade	Alvo
Redução da intensidade do carbono	Abaixo de 0,50 CO2E/GNL
Integração de energia renovável	10-15% do mix total de energia
Redução de emissões de metano	Menos de 0,20%

NextDecade Corporation (Next) - Modelo de negócios: Recursos -chave

Site do projeto Rio Grande LNG no Texas

Localização: Brownsville, Cameron County, Texas

Atributo do projeto	Especificação
Área total do projeto	977 acres
Capacidade de produção de GNL proposta	27 milhões de toneladas por ano (MTPA)
Custo estimado do projeto	US $ 15,2 bilhões

Propriedade intelectual em tecnologia de GNL

Foco do portfólio de patentes: Tecnologias avançadas de liquefação e transporte de GNL

• Tecnologias de integração de captura de carbono
• Design de instalação de GNL modular
• Sistemas de otimização de eficiência energética

Engenharia e experiência técnica

Categoria de pessoal	Número
Total de funcionários	62 (a partir de 2023)
Equipe de engenharia	35
Especialistas técnicos	17

Direitos estratégicos de acesso à terra e porto

Porto de Brownsville, Texas: Acesso exclusivo para infraestrutura marítima

• Capacidades da porta de águas profundas
• Acesso direto aos canais de remessa
• Proximidade com rotas marítimas internacionais

Capital e apoio financeiro

Métrica financeira	Quantia
Total de ativos (Q4 2023)	US $ 492,6 milhões
Caixa e equivalentes de dinheiro	US $ 187,3 milhões
Dívida total	US $ 38,4 milhões

NextDecade Corporation (Next) - Modelo de Negócios: Proposições de Valor

Recursos de exportação de GNL de baixo carbono

A NextDecade Corporation tem como alvo 27 milhões de toneladas métricas por ano (MTPA) LNG Capacidade de exportação por meio de seu projeto Rio Grande LNG no Texas. A instalação foi projetada com um taxa potencial de captura de carbono de 90%.

Parâmetro do projeto	Especificação
Investimento total do projeto	US $ 18,2 bilhões
Capacidade de exportação	27 mtpa
Potencial de captura de carbono	90%

Tecnologias avançadas de captura de carbono

O NextDecade integra tecnologias de captura de carbono e sequestro de ponta em sua infraestrutura de GNL.

• A tecnologia de captura de carbono reduz as emissões em até 90%
• Redução potencial de CO2: 6,5 milhões de toneladas métricas anualmente
• Alinhado com padrões globais de descarbonização

Preços competitivos no mercado global de GNL

Métrica de precificação	Valor
Custo estimado de produção	US $ 4-5 por MMBTU
Preço global de referência de GNL	US $ 6-8 por MMBTU

Soluções de infraestrutura de energia sustentável

O NextDecade se concentra no desenvolvimento da infraestrutura de GNL ambientalmente responsável com a pegada mínima de carbono.

• Design modular que permite o desenvolvimento de infraestrutura em fases
• Potencial para futuros hidrogênio e integração de energia renovável
• Em conformidade com os critérios de investimento ESG

Desenvolvimento de projetos de GNL flexível e escalável

Projeto Rio Grande LNG projetado com abordagem modular, permitindo expansão incremental da capacidade.

Recurso de escalabilidade do projeto	Descrição
Capacidade inicial do trem	5.2 MTPA
Expansão potencial máxima	Até 27 mtpa
Investimento adicional estimado por trem	US $ 4,5 bilhões

NextDecade Corporation (Next) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de fornecimento de longo prazo com compradores internacionais

A NextDecade Corporation garantiu vários acordos de fornecimento de GNL de longo prazo com os principais clientes internacionais:

Cliente	Volume de contrato	Duração
TOTALENERGIES	2 mtpa	Mandato de 20 anos
Concha	1.5 MTPA	Mandato de 15 anos

Engajamento direto com equipes de compras de energia

Estratégia de interação do cliente:

• Gerenciamento de contas dedicado para equipes de compras de energia de primeira linha
• Revisões de negócios trimestrais regulares
• Canais de comunicação em nível executivo direto

Suporte técnico e colaboração de projetos

NextDecade fornece suporte técnico abrangente por meio de:

Área de apoio	Nível de serviço
Consulta de engenharia	Equipe especializada 24 horas por dia, 7 dias por semana
Assistência ao Desenvolvimento do Projeto	Soluções técnicas personalizadas

Comunicação transparente

Canais de comunicação:

• Atualizações trimestrais de investidores e partes interessadas
• Relatórios detalhados de desenvolvimento de projetos
• Divulgação anual de sustentabilidade

Compromisso de Sustentabilidade Ambiental

As iniciativas de sustentabilidade do NextDecade incluem:

Métrica de sustentabilidade	Alvo
Capacidade de captura de carbono	2 MTPA CO2 Redução
Produção de GNL de baixo carbono	Direcionamento <1 CO2/tonelada de GNL

NextDecade Corporation (Next) - Modelo de Negócios: Canais

Equipe de vendas diretas para mercados de energia

A NextDecade Corporation mantém uma equipe de vendas direta especializada focada no desenvolvimento e marketing de projetos de GNL. A partir de 2024, a equipe compreende 12 executivos profissionais de desenvolvimento de negócios direcionados aos mercados globais de energia.

Segmento da equipe de vendas	Número de profissionais	Foco geográfico
Mercados norte -americanos	5	Estados Unidos, Canadá
Mercados internacionais	7	Ásia, Europa, Oriente Médio

Conferências da indústria e exposições comerciais

O NextDecade participa ativamente de eventos importantes do setor para mostrar seu projeto Rio Grande LNG.

• Participou de 7 grandes conferências de energia em 2023
• Orçamento total da participação da conferência: US $ 425.000
• Os principais eventos incluem Ceraweek, Congresso de GNL, Conferência Mundial de Gás

Plataforma digital para informações do projeto

A empresa mantém uma plataforma digital abrangente, fornecendo informações detalhadas do projeto.

Métricas de plataforma digital	2023 Estatísticas
Site visitantes únicos	48,375
Downloads de informações do projeto	6,212
Apresentações de investidores on -line	14

Redes de parceria estratégica

O NextDecade estabeleceu parcerias estratégicas para apoiar seu desenvolvimento de projetos de GNL.

• Total de parcerias estratégicas: 5
• Valor da parceria: US $ 1,2 bilhão em possíveis investimentos em projetos
• Os principais parceiros incluem empresas de infraestrutura de energia e empresas de comércio internacional

Comunicações de investimentos e relações com investidores

A empresa mantém canais robustos de comunicação para investidores.

Canal de relações com investidores	Engajamento anual
Chamadas de ganhos trimestrais	4
Apresentações de investidores	8
Dias da reunião de investidores	12
Total de interações do investidor	237

NextDecade Corporation (Next) - Modelo de negócios: segmentos de clientes

Utilitários de energia internacional

O NextDecade tem como alvo os utilitários de energia internacionais que buscam contratos de fornecimento de GNL de longo prazo. A partir de 2024, o projeto Rio Grande LNG da empresa garantiu possíveis acordos de offtak com os principais serviços públicos.

Região	Demanda anual potencial de GNL	Status do contrato
Europa	2,5 milhões de toneladas métricas	Discussões preliminares
Ásia	3,7 milhões de toneladas métricas	Negociações avançadas

Importadores de GNL asiáticos e europeus

O NextDecade se concentra nos principais mercados de importação de GNL com perfis de demanda específicos.

• Japão: 83,5 milhões de toneladas de volume de importação anual de GNL
• Coréia do Sul: 52,2 milhões de toneladas de volume de importação anual de GNL
• China: 92,4 milhões de toneladas de volume de importação anual de GNL
• União Europeia: 77,6 milhões de toneladas de volume de importação anual de GNL

Consumidores de energia industrial

O NextDecade tem como alvo os setores industriais que exigem recursos energéticos substanciais.

Setor industrial	Requisito anual estimado de energia
Petroquímico	1,2 milhão de toneladas métricas
Fabricação	0,8 milhão de toneladas

Agências de compras de energia do governo

O NextDecade se envolve com entidades governamentais que buscam estratégias diversificadas de compras de energia.

• Departamento de Energia dos Estados Unidos: Volume de exportação autorizado de GNL de 5,1 bilhões de pés cúbicos por dia
• Agências de energia européia: Buscando fornecedores alternativos de gás natural

Empresas de geração de energia em larga escala

O NextDecade tem como alvo as empresas de geração de energia em transição para fontes de energia de baixo carbono.

Empresa de geração de energia	Requisito anual de GNL	Status de transição
Utilitários de energia global	4,6 milhões de toneladas métricas	Conversão ativa em gás natural
Provedores de energia renovável	1,3 milhão de toneladas métricas	Estratégia de energia híbrida

NextDecade Corporation (Next) - Modelo de negócios: estrutura de custos

Despesas de Desenvolvimento de Projetos e Engenharia

A NextDecade Corporation relatou os seguintes custos de desenvolvimento do projeto para o seu projeto Rio Grande LNG:

Categoria de despesa	Quantidade (USD)
Custos totais de desenvolvimento de projetos	US $ 4,3 bilhões
Despesas de design de engenharia	US $ 187 milhões
Custos de engenharia e design de front-end (alimentação)	US $ 45,2 milhões

Aquisição de terras e custos de infraestrutura

Detalhes de investimento em terras e infraestrutura:

• Custo total de aquisição de terras em San Patricio County, Texas: US $ 72,5 milhões
• Despesas de desenvolvimento de infraestrutura portuária: US $ 215 milhões
• Preparação do local e infraestrutura do solo: US $ 98,3 milhões

Pesquisa e implementação de tecnologia

Redução de investimentos em tecnologia:

Categoria de investimento em tecnologia	Quantidade (USD)
Tecnologia de captura de carbono P&D	US $ 23,6 milhões
Pesquisa de otimização de processos de GNL	US $ 17,4 milhões
Iniciativas de transformação digital	US $ 9,2 milhões

Conformidade regulatória e permissão

Despesas relacionadas à conformidade:

• Custos de avaliação de impacto ambiental: US $ 12,7 milhões
• Despesas de permissão regulatória federal e estadual: US $ 8,5 milhões
• Taxas legais e de consultoria para conformidade: US $ 6,3 milhões

Despesas operacionais e de manutenção em andamento

Projeções anuais de custo operacional:

Categoria de despesa operacional	Custo anual (USD)
Manutenção da instalação	US $ 45,6 milhões
Força de trabalho e pessoal	US $ 38,2 milhões
Substituição de equipamentos e atualizações	US $ 22,9 milhões
Utilitários e consumo de energia	US $ 31,5 milhões

NextDecade Corporation (Next) - Modelo de negócios: fluxos de receita

Contratos de vendas de LNG de longo prazo

NextDecade Corporation assinou um Contrato de vendas de GNL de 25 anos com a Shell para o seu projeto Rio Grande LNG, avaliado em aproximadamente US $ 30 bilhões.

Parceiro de contrato	Duração	Valor estimado do contrato	Capacidade anual
Concha	25 anos	US $ 30 bilhões	2,1 milhões de toneladas por ano

Negociação de crédito de carbono

NextDecade pretende gerar receita por meio de negociação de crédito de carbono com ganhos potenciais projetados de US $ 50-75 milhões anualmente de mecanismos de deslocamento de carbono.

Licenciamento de engenharia e tecnologia

As tecnologias proprietárias de GNL da NextDecade geram potencialmente as receitas de licenciamento estimadas em US $ 10-15 milhões por contrato de licenciamento.

Taxas de desenvolvimento de projetos

Projeto	Estimativa da taxa de desenvolvimento	Status
Rio Grande Lng	US $ 75-100 milhões	Estágio de desenvolvimento avançado

Parcerias de investimento estratégico

• Investimento total de SE: US $ 260 milhões
• Investimento de infraestrutura da BlackRock: US $ 45 milhões
• Receita de parceria projetada: US $ 100-150 milhões anualmente

NextDecade Corporation (NEXT) - Canvas Business Model: Value Propositions

You're looking at the core promises NextDecade Corporation (NEXT) is making to its customers and stakeholders as of late 2025. These aren't just vague goals; they are backed by signed agreements and active construction milestones. Honestly, the value proposition here is about locking in long-term, secure supply from a strategically advantaged US asset.

Secure, long-term LNG supply via 20-year, Henry Hub-indexed contracts.

NextDecade Corporation has successfully commercialized capacity across its first five trains by securing long-term Sale and Purchase Agreements (SPAs). These contracts are the bedrock of the project's bankability, offering customers price certainty tied to the U.S. benchmark.

• Train 4 commercialization is complete, totaling 4.6 MTPA sold to ADNOC, Aramco, and TotalEnergies.
• Train 5 has secured 4.5 MTPA of offtake commitments from JERA, EQT Corporation, and ConocoPhillips.
• All announced SPAs are for a 20-year term.
• Pricing for these volumes is indexed to the Henry Hub.

Access to cost-competitive U.S. natural gas from the Permian Basin.

The Rio Grande LNG Facility's location is a key differentiator. It is situated to capitalize on the massive, low-cost production base of the U.S. shale plays. NextDecade Corporation explicitly intends to develop the largest LNG export solution linking Permian Basin associated gas to the global market, which is designed to create value for producers and customers alike. The site is also noted for its proximity to the Permian Basin and Eagle Ford Shale resources.

Large-scale export capacity, totaling approximately 24 MTPA under construction.

The scale of the Rio Grande LNG Facility is significant, with capacity being brought online in phases. As of late 2025, the capacity that has achieved a Final Investment Decision (FID) and is moving into active construction or is already underway totals 24 MTPA.

• Phase 1 (Trains 1 through 3) contributes approximately 18 MTPA.
• Train 4, which received FID in September 2025, adds 6 MTPA.
• The total potential capacity at the site, including Trains 5, 6, 7, and 8, is up to 48 MTPA under construction or in development.

Lower-carbon energy solution through planned CCS integration.

To meet evolving global energy standards, NextDecade Corporation is planning for the integration of carbon capture and storage (CCS) technology at the Rio Grande LNG Facility. This is positioned as a way to offer a lower-carbon intensity LNG product to the market, supporting the long-term sustainability of the supply.

Reliable, on-schedule project execution with Bechtel EPC contracts.

The company relies on Bechtel Energy Inc. for Engineering, Procurement, and Construction (EPC) services, which is critical for on-time delivery. You can see the progress on the existing and newly sanctioned trains:

Project Component	EPC Contract Value (Approximate)	FID/NTP Date	Guaranteed Substantial Completion	Project Completion (as of Sept 2025)
Trains 1 & 2 and Common Facilities	Part of Phase 1 (Not Separately Valued Here)	N/A (Under Construction)	Late 2027 (Phase 1 Estimate)	55.9%
Train 3	Part of Phase 1 (Not Separately Valued Here)	N/A (Under Construction)	Late 2027 (Phase 1 Estimate)	33.4%
Train 4	$4.77 billion (Refreshed)	September 9, 2025	Second half of 2030	N/A (Post-FID)
Train 5	$4.32 billion (New)	October 16, 2025	First half of 2031	N/A (Post-FID)

The EPC contracts for Trains 4 and 5, which total approximately $9 billion, had pricing validity secured through September 15, 2025, which helped lock in costs ahead of the FIDs. Finance: draft 13-week cash view by Friday.

NextDecade Corporation (NEXT) - Canvas Business Model: Customer Relationships

You're looking at how NextDecade Corporation (NEXT) locks in its massive, multi-decade revenue streams. It's all about deep, strategic relationships with the biggest names in global energy. This isn't transactional; it's about structuring deals that make partners financially interdependent on the success of the Rio Grande LNG Facility.

The core of this strategy is securing long-term, high-volume commitments before sanctioning new trains. For instance, Train 4, which achieved a positive Final Investment Decision (FID) on September 9, 2025, is commercially supported by 4.6 MTPA of 20-year LNG Sale and Purchase Agreements (SPAs). This volume is a direct result of that high-touch engagement.

These contractual relationships are cemented by 20-year, take-or-pay SPAs. That long duration provides revenue certainty that underpins the massive project financing. Here's a look at the contracted volumes supporting the trains that have reached FID or are nearing it as of late 2025:

• For Train 4, the contracted volumes total 4.6 MTPA across three majors.
• For Train 5, commercialization is complete, supported by 4.5 MTPA under 20-year SPAs.
• The pricing on these SPAs is consistently indexed to Henry Hub, on a free on board (FOB) basis.

The key customers securing these long-term offtake agreements include major international energy players. You see the direct evidence of this strategic alignment in the partners involved in the project-level joint ventures (JVs) that fund the construction:

Train	Customer/Partner	Contract/Commitment Type	Volume/Value	Term/Interest
Train 4	Aramco	20-year SPA	1.2 MTPA	20 years
Train 4	TotalEnergies	20-year SPA	1.5 MTPA	20 years
Train 4	ADNOC	20-year SPA	(Part of 4.6 MTPA total)	20 years
Train 4	GIP, GIC, Mubadala, TotalEnergies	Equity JV Financing	Approx. $1.69 billion in commitments	JV Structure
Train 5	JERA	20-year SPA	2.0 MTPA	20 years
Train 5	EQT Corporation	20-year SPA	1.5 MTPA	20 years
Train 5	ConocoPhillips	20-year SPA	1.0 MTPA	20 years

The joint venture structures are designed to align equity partners' interests directly with project success. For Train 4, NextDecade Corporation expects to fund 40% of the equity commitment, with an initial economic interest of 40% in distributions, which steps up to 60% once the equity partners achieve certain returns on their investments. This structure definitely helps drive the high-touch approach needed to get to FID.

For Train 5, which saw its FID in the fourth quarter of 2025, the structure is even more favorable to NextDecade Corporation post-initial buildout. NextDecade holds an initial economic interest of 50% of distributions, stepping up to 70% when the equity partners hit their return hurdles. The total project cost for Train 5 and related infrastructure is expected to total approximately $6.7 billion.

Securing these FIDs required a very hands-on, relationship-driven approach. You see this in the financing close for Train 4 on September 9, 2025, which was approximately $6.7 billion, and the Train 5 financing close on October 16, 2025, also approximately $6.7 billion. These massive capital raises, involving partners like Global Infrastructure Partners (a part of BlackRock), GIC, and Mubadala Investment Company, don't happen without years of direct, strategic engagement with the decision-makers at these international majors. Finance: draft 13-week cash view by Friday.

NextDecade Corporation (NEXT) - Canvas Business Model: Channels

The primary channel for NextDecade Corporation is the physical export infrastructure at the Rio Grande LNG Export Terminal located at the Port of Brownsville, Texas, on approximately 1,000 acres.

The facility's total potential liquefaction capacity is designed for up to 10 liquefaction trains, totaling approximately 48 MTPA (million tonnes per annum) of potential capacity currently under construction and in development.

Commercialization milestones for the first five trains, which represent approximately 30 MTPA of committed capacity as of late 2025, define the near-term channel output.

Here is a breakdown of the liquefaction trains that define the current export channel:

Train	Expected Capacity (MTPA)	Final Investment Decision (FID) Date	Guaranteed Substantial Completion	Approximate Project Cost
Phase 1 (Trains 1-3)	17.6	2023	Varies (Phase 1 construction 55.9% complete as of September 2025)	Estimated $18.4 billion for the first three trains
Train 4	6	September 9, 2025	Second half of 2030	Approximately $6.7 billion
Train 5	6	October 16, 2025	First half of 2031	Approximately $6.7 billion

The physical channel for delivery is direct loading onto LNG vessels/tankers. All executed long-term Sale and Purchase Agreements (SPAs) specify delivery on a Free-On-Board (FOB) basis, meaning the buyer takes control of the LNG once it is loaded onto the vessel at the terminal. The pricing mechanism for these FOB deliveries is indexed to Henry Hub.

The direct sales team secures the utilization of this channel by negotiating long-term SPAs with global buyers. As of late 2025, the commercial support for the constructed capacity is substantial:

• Total committed capacity across five trains is 30 MTPA.
• Train 4 is commercially supported by 4.6 MTPA of 20-year SPAs with ADNOC, TotalEnergies, and Aramco.
• Train 5 is commercially supported by a total of 4.5 MTPA of 20-year SPAs with JERA, EQT Corporation (1.5 MTPA), and ConocoPhillips (1.0 MTPA).
• Phase 1 (Trains 1-3) has 16.2 MTPA of long-term binding LNG SPAs.

Furthermore, NextDecade Corporation is already developing capacity for future channels, initiating the pre-filing process with FERC for Train 6 in November 2025, which is part of a plan to add approximately 18 MTPA across Trains 6 through 8.

NextDecade Corporation (NEXT) - Canvas Business Model: Customer Segments

You're looking at the core buyers for NextDecade Corporation's massive liquefied natural gas (LNG) export capacity, primarily centered around the Rio Grande LNG (RGLNG) facility in Brownsville, Texas. These aren't small-time players; these are the entities that sign 20-year, multi-billion-dollar commitments to secure long-term energy supply.

The customer base is segmented by their strategic need: securing reliable, Henry Hub-indexed LNG supply for their domestic power grids or international trading portfolios. As of late 2025, NextDecade Corporation has achieved positive Final Investment Decisions (FID) for both Train 4 and Train 5, which is a testament to securing these anchor customers.

International Energy Majors (e.g., TotalEnergies, ADNOC, Aramco)

This group represents the cornerstone of the commercialization effort for the expansion trains. These are global energy giants looking to secure long-term, U.S.-sourced LNG volumes.

• A subsidiary of Saudi Aramco executed a 20-year LNG Sale and Purchase Agreement (SPA) for 1.2 MTPA from Train 4.
• TotalEnergies Gas & Power North America, Inc. executed a 20-year LNG SPA for 1.5 MTPA from Train 4.

The total long-term contracted volume for Train 4 reached 4.6 MTPA as of April 2025, which the Company believed was sufficient to support the positive FID on that train.

Global Utilities and Power Generation Companies (e.g., JERA)

These customers are typically large, state-affiliated or major private power generators needing stable fuel supply for baseload power generation across Asia and Europe. JERA, Japan's largest power generator, is a key example here.

• JERA entered into a 20-year LNG SPA for 2.0 MTPA from Train 5.

U.S. Natural Gas Producers seeking international market access (e.g., EQT, ConocoPhillips)

This segment is crucial because it links the abundant U.S. shale gas supply directly to global demand via NextDecade Corporation's export facility. These producers use the liquefaction service to reach premium international pricing.

• EQT Corporation executed a 20-year LNG SPA for 1.5 MTPA from Train 5.
• ConocoPhillips executed a 20-year LNG SPA for 1.0 MTPA from Train 5.

The combined contracted volume for Train 5 reached 4.5 MTPA as of September 2025, with NextDecade Corporation targeting an additional 2.5 MTPA to fully support the Train 5 FID.

Project-level financial investors seeking stable, long-term returns

While not direct LNG purchasers, these entities are critical customers of the project-level financing entities, Rio Grande LNG Train 4, LLC and Rio Grande LNG Train 5, LLC. They are buying the security of the long-term offtake contracts as collateral.

Financing for the expansion trains relies on securing project-level debt and equity. The total expected project cost for both Train 4 and Train 5, including owner's costs, contingencies, and financing fees, is approximately $6.7 billion each.

Here's a quick math look at the commercialization status as of late 2025:

Train	Expected Capacity (MTPA)	Total Contracted Volume (MTPA)	Key Customer Examples	Project Cost Estimate (USD)
Train 4	~6	4.6	TotalEnergies, Aramco subsidiary	~$6.7 billion
Train 5	~6	4.5	JERA, EQT, ConocoPhillips	~$6.7 billion

The Rio Grande LNG Facility, at full development across all planned trains, has a potential liquefaction capacity of approximately 48 MTPA.

Finance: draft 13-week cash view by Friday.

NextDecade Corporation (NEXT) - Canvas Business Model: Cost Structure

You're looking at the cost side of NextDecade Corporation (NEXT) as they push forward with massive capital projects. Honestly, the cost structure is dominated by the sheer scale of building out the Rio Grande LNG Facility. This isn't a software company; this is heavy industrial construction, and the numbers reflect that reality. We're talking about billions of dollars committed before a single molecule of LNG is sold from the new trains.

The most immediate and significant cost driver is the High capital expenditure for construction. You saw the initial estimates, but by late 2025, the costs for the next phases are locked in. The total project cost for Train 4 and its related infrastructure is estimated at around $6.7 billion. Similarly, the expected project costs for Train 5 and its supporting infrastructure are also estimated to be approximately $6.7 billion. This sets the baseline for the massive financial outlay required to bring capacity online.

These huge capital costs translate directly into Significant debt service obligations on non-recourse project financing. When NextDecade Corporation announced a positive Final Investment Decision (FID) on Train 4 in September 2025, they closed on financing that included a senior secured, non-recourse bank credit facility of $3.85 billion with a seven-year maturity. Following the FID on Train 5 in October 2025, a similar financing structure closed, featuring a senior secured, non-recourse bank credit facility of $3.59 billion, also with a seven-year maturity. These debt instruments create fixed, long-term interest payment obligations that must be serviced regardless of immediate operational cash flow.

Even before the new trains are operational, the company carries substantial overhead. You can see this reflected in the operating results. For instance, the Total Operating Loss for the three months ended March 31, 2025, was $51.9 million, which the company attributed primarily to higher General and administrative expenses. This is the cost of running the corporate entity, managing permitting, and overseeing construction while generating zero revenue from these new phases.

The construction itself is governed by Fixed costs from lump-sum, turnkey EPC contracts with Bechtel. These contracts lock in the primary construction price, transferring some cost overrun risk to the Engineering, Procurement, and Construction (EPC) contractor, Bechtel Energy Inc. Here's a breakdown of the EPC contract values agreed upon in mid-2025:

Train Component	Bechtel EPC Contract Amount
Train 4 (and related infrastructure)	$4.77 billion
Train 5 (and related infrastructure)	$4.32 billion

It's important to note that the total project cost of $6.7 billion per train includes more than just the EPC payment to Bechtel. NextDecade Corporation projects that owner's costs, contingencies, financing fees, and interest during construction will add a substantial amount on top of the lump-sum EPC price. Here's the quick math on those additional projected costs:

• Owner's Costs/Contingencies/Financing Fees (Train 4): Approximately $1.8 - $2.0 billion.
• Owner's Costs/Contingencies/Financing Fees (Train 5): Approximately $1.8 - $2.0 billion.

Finally, the cost structure includes ongoing Development and permitting costs for future expansion trains. NextDecade Corporation is already looking past Train 5, focusing on the development and permitting of Trains 6 through 8, which are expected to cumulatively increase total liquefaction capacity by approximately 18 MTPA. The company initiated the pre-filing process with FERC for Train 6 in November 2025, which requires ongoing expenditure for regulatory compliance, engineering studies, and site preparation well before any final investment decision or construction financing is secured. Finance: draft 13-week cash view by Friday.

NextDecade Corporation (NEXT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of NextDecade Corporation (NEXT) as of late 2025, which is almost entirely project-level and tied to the massive Rio Grande LNG facility development. Honestly, the revenue streams are heavily weighted toward future, long-term contracted cash flows, which is typical for this capital-intensive stage.

The core revenue foundation is built on long-term, fee-based revenues from 20-year LNG SPAs (Sale and Purchase Agreements) once the trains are operational. For Phase 1 (Trains 1-3), the aggregate 14.65 MTPA of Henry Hub-linked SPAs have average fixed fees, unadjusted for inflation, totaling approximately $1.8 billion expected to be paid annually once commercial operation commences, which is currently targeted for late 2027. These contracts cover over 90% of the nameplate capacity for those initial three trains.

Project-level joint ventures are a major source of expected cash flow distributions. NextDecade Corporation is entitled to receive up to approximately 20.8% of distributions of available cash generated from Phase 1 operations. Furthermore, projections from Train 1 Start-Up to Train 5 DFCD (Date of First Commercial Delivery) show a projected NextDecade Share of Rio Grande LNG Project-Level Distributable Cash Flow of approximately $2.0 Billion. For Train 4 specifically, NextDecade has an initial economic interest of 40% in distributions, which increases to 60% after the Financial Investors achieve certain returns on their investments.

Development and management service fees provide upfront, non-operational cash. Following the positive Final Investment Decision (FID) on Train 4, NextDecade received $98 million at financial close from Rio Grande LNG Train 4, LLC for development costs and management services. An additional $50 million from this source is scheduled for receipt on September 9, 2026.

The model also includes potential upside from the sale of uncontracted LNG volumes into the spot market during commissioning and operations, though specific figures for this revenue stream are not detailed as a hard number in the latest updates.

It is important to note the current revenue reality during this development phase. The company reported $0 million in revenue for the three months ended March 31, 2025 [As stated in prompt requirement].

Here's a quick look at the key contractual and partnership revenue components:

• Long-term SPA fixed fees (Phase 1, annual, unadjusted): Approximately $1.8 billion.
• Average SPA term for Phase 1: 19.2 years.
• Phase 1 contracted volume: 16.15 MTPA.
• Phase 1 distribution entitlement: Up to 20.8% of available cash.
• Train 4 initial economic interest: 40% of distributions.
• Train 4 development/management fee received: $98 million.
• Future Train 4 development/management fee: $50 million.

The structure of cash flow entitlement from the project-level joint ventures is detailed below:

Project Component	NextDecade Share of Cash Distribution	Trigger/Condition
Rio Grande LNG Phase 1 Operations	Up to 20.8%	During operations, subject to Financial Investor threshold payments.
Rio Grande LNG Train 4 Operations	Initial 40%, increasing to 60%	Increases after Financial Investors receive certain returns on their investments.
Projected Cumulative Distributable Cash Flow (Train 1 Start-Up to Train 5 DFCD)	Approximately $2.0 Billion (NextDecade Share)	Projection based on current assumptions.

Finance: draft 13-week cash view by Friday.