NextDecade

What NextDecade does

NextDecade is a publicly traded LNG development company (NASDAQ: NEXT), founded in 2010 and headquartered in Houston, Texas, that is building one of the largest greenfield LNG export facilities in the United States at the Port of Brownsville, Texas. Its sole operating asset is the Rio Grande LNG (RGLNG) facility, designed for up to 10 liquefaction trains with potential capacity of approximately 60 MTPA, of which eight trains (48 MTPA) are currently under construction or in development. Phase 1 (Trains 1-3) targets approximately 18 MTPA and is 64.5% complete with first LNG production expected in H1 2027; Trains 4 and 5 (each ~6 MTPA) reached final investment decision in September and October 2025 respectively; Trains 6-8 are in pre-development with FERC pre-filing initiated for Train 6 in late 2025. The facility uses Honeywell's C3MR liquefaction process and coil-wound heat exchanger equipment — the most widely deployed LNG liquefaction technology globally — with Baker supplying gas turbines and compressors, and Bechtel delivering fully-wrapped lump-sum turnkey EPC contracts. NextDecade also has a carbon capture and storage initiative in early evaluation at the RGLNG site.

NextDecade monetizes the facility primarily by selling LNG under long-term, take-or-pay contracts with creditworthy global counterparties, with approximately 85% of Trains 1-5 production and 14 long-term purchase agreements already secured. Anchor offtakers include TotalEnergies, ADNOC, Saudi Aramco, JERA, EQT, PetroChina, CNOOC, and Unipec, spanning utilities and national oil companies across Europe, the Middle East, and Asia. Remaining unsold volumes are marketed through spot, short-term, and medium-term contracts. The Phase 1 project is funded at approximately $18.4 billion, described as the largest greenfield energy project financing in U.S. history, with $13.4 billion in secured debt and equity from Global Infrastructure Partners (majority shareholder), GIC, Mubadala, TotalEnergies, ADNOC, and senior lenders; Fitch assigned a BBB-(EXP) rating to Rio Grande LNG senior secured notes.

The company remains in a pre-revenue, pre-operations phase, with first commercial LNG cargoes not expected until 2027 and steady-state distributable cash flow projected at approximately $500 million annually at a $5/MMBtu margin. Go-to-market is direct enterprise sales targeting large energy companies, utilities, and sovereign buyers. Ownership structure combines public equity with concentrated strategic and sovereign investors, and the leadership team — under Chairman and CEO Matt Schatzman — is composed predominantly of former BG Group, Shell, Cheniere, ExxonMobil, and Venture Global LNG executives.

Name

NextDecade

Legal name

NextDecade Corporation

Website

https://next-decade.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

NextDecade is developing the Rio Grande LNG export facility at Port of Brownsville, Texas, with up to 48 MTPA of liquefaction capacity across eight trains, selling primarily under long-term take-or-pay contracts to global utilities and national oil companies.

Ownership category

akta.pro rank

Product category

LNG Export Infrastructure

NAICS

Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Natural Gas (486210)

SIC

Natural Gas Transmission (4922)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industries

LNG EPC, Commissioning & Project Development (Engineering, Construction, Permitting) (EUALAFAI), LNG Import/Export Terminals & Storage (Regas, Peak Shaving, Small-Scale LNG) (EUALAEAD)

Keywords

• Lng export
• Liquefied natural gas
• Lng development
• Lng liquefaction
• Natural gas export

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D, Others

Revenue model

1. LNG Sales - Long-term Contracts: Approximately 85% of LNG production from RGLNG Trains 1-5 sold under long-term, take-or-pay contracts with creditworthy global counterparties. Take-or-pay provisions ensure payment regardless of delivery, providing revenue certainty.
2. LNG Sales - Spot/Short-term: Remaining unsold volumes marketed through spot, short-term, and medium-term contracts. Provides flexibility to capture market opportunities.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

NextDecade develops, constructs, and operates large-scale LNG (liquefied natural gas) export infrastructure, primarily through its Rio Grande LNG (RGLNG) facility at the Port of Brownsville, Texas. The company sells LNG under long-term take-or-pay contracts with creditworthy global counterparties including utilities, energy companies, and governments across Europe, the Middle East, and Asia.

Product overview

NextDecade operates the Rio Grande LNG (RGLNG) facility, a large-scale LNG liquefaction and export terminal at the Port of Brownsville, Texas. The facility uses a modular train architecture where Trains 1-3 (Phase 1, ~18 MTPA capacity) form the foundation, with Train 4 (~6 MTPA) and Train 5 (~6 MTPA) as sequential expansions, and Trains 6-8 in development. Each train is a distinct production unit with contracted capacity sold under long-term take-or-pay agreements. The company also explores carbon capture and storage as an emissions-reduction add-on. The overall facility is designed for up to 10 trains with ~60 MTPA potential capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Rio Grande LNG (RGLNG) Large-scale LNG liquefaction and export terminal at the Port of Brownsville, Texas, with eight trains under construction and development producing up to approximately 48 MTPA of LNG for global export markets.
• Phase 1 (Trains 1-3) First phase of RGLNG consisting of three liquefaction trains producing approximately 18 MTPA of LNG, currently under construction since July 2023 with first LNG production expected in 2027.
• Train 4 Fourth liquefaction train at RGLNG producing approximately 6 MTPA of LNG, with construction beginning September 2025 and guaranteed substantial completion targeted for second half of 2030.
• Train 5 Fifth liquefaction train at RGLNG producing approximately 6 MTPA of LNG, with construction beginning October 2025 and guaranteed substantial completion targeted for first half of 2031.
• Trains 6-8 Three additional liquefaction trains in development that will increase RGLNG's total potential liquefaction capacity to approximately 48 MTPA, with FERC pre-filing process initiated for Train 6.
• Train 6 Expansion Project Proposed expansion including Train 6 liquefaction and an additional marine berth (Berth 3), with FERC application filed in May 2026 for authorization to site, construct and operate the expansion.
• Carbon Capture and Storage Potential carbon capture and storage project at RGLNG evaluating subsurface options and potential avenues for commercialization to reduce emissions from LNG production.

Quantifiable outcome

• First LNG production targeted for H1 2027
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core, flagship and minor.

• TotalEnergiescoreStrategic or Co-development Partner16.7% direct stake plus additional indirect interest through NextDecade shareholding. TotalEnergies has signed stock purchase agreement and framework agreements for future investments and LNG supply. FID reached for Train 4 with 1.5 Mtpa of offtake for 20 years. Expected U.S. LNG export capacity to exceed 16 Mtpa by 2030.
• ADNOCflagshipStrategic or Co-development PartnerADNOC holds 11.7% stake in NextDecade's Rio Grande LNG project through its XRG investment division. ADNOC has also signed an LNG supply agreement with NextDecade. UAE's national oil company expanding global gas and LNG capabilities.
• Bechtel EnergycoreImplementation/ SI/ Consulting PartnerEngineering, procurement, and construction (EPC) contractor for Rio Grande LNG. Awarded US$9 billion in EPC contracts for Trains 4 and 5 ($4.77 billion for Train 4, $4.32 billion for Train 5). Has track record of successful LNG completions with fully-wrapped lump-sum turnkey contracts.
• HoneywellcoreTechnology or IntegrationHoneywell providing liquefaction process technology and equipment for Trains 4 and 5, including coil-wound heat exchanger equipment and C3MR process technology. The expansion increases LNG production capacity by 66% from 18 to 30 million tonnes per annum. Also providing digital solutions for equipment monitoring.
• Baker HughescoreTechnology or IntegrationSecured order from Bechtel Energy to supply gas turbines and compressors for Train 5 of Rio Grande LNG facility. Equipment will support approximately 6 million tonnes per annum LNG capacity increase. Also providing digital solutions to monitor equipment for earlier failure detection.
• Baker HughescoreTechnology or IntegrationContracted to provide liquefaction process technology and equipment for NextDecade's Rio Grande LNG Train 4 and Train 5 projects. Technology includes coil-wound heat exchanger equipment and C3MR process technology.
• EnbridgecoreStrategic or Co-development PartnerEnbridge is building pipelines serving NextDecade's Rio Grande LNG facility through joint venture with WhiteWater/I Squared Capital and MPLX. The Rio Bravo Pipeline project connects to the RGLNG terminal, expanding Permian Basin natural gas network to Gulf Coast LNG export facilities.
• JERAcoreStrategic or Co-development PartnerJapan's largest power company and utility. Signed 20-year offtake agreement for Train 5 LNG production. JERA's U.S. subsidiary acquired Haynesville Shale assets from Williams and GEP, demonstrating commitment to U.S. LNG supply.
• Fitch RatingsminorOthersAssigned 'BBB-(EXP)' rating to Rio Grande LNG's senior secured notes, reflecting confidence in the company's ability to manage debt obligations while advancing LNG and carbon capture projects.
• WilliamsminorStrategic or Co-development PartnerNatural gas pipeline operator providing takeaway capacity from Permian Basin. Joint venture with Enbridge and others on Whistler Pipeline system serving Gulf Coast LNG export facilities including Rio Grande LNG.
• WoodminorImplementation/ SI/ Consulting PartnerScottish engineering firm awarded ten-year maintenance contract for Rio Grande LNG terminal in Texas as part of broader energy sector contract wins.
• EQT CorporationcoreStrategic or Co-development PartnerLargest U.S. natural gas producer signed 20-year offtake agreement for 1.5 million tonnes per annum from Rio Grande LNG beginning around 2030-2031.
• Saudi AramcocoreStrategic or Co-development PartnerSaudi Arabia's national oil company signed LNG supply agreement with NextDecade as part of broader U.S.-Saudi commercial deals totaling over $20 billion.

Scale indicators10 records

Recent moves12 records

Expansion highlights7 records

Direct peers

• Cheniere Energy: Largest U.S. LNG exporter, operating Sabine Pass and Corpus Christi terminals. Directly comparable as a U.S.-based LNG liquefaction/export developer with long-term SPA portfolio and similar Gulf Coast project economics.
• Venture Global LNG: U.S. LNG developer operating Calcasieu Pass and developing Plaquemines and CP2. Closely comparable to NextDecade as a greenfield U.S. LNG export startup with phased train expansion and long-term offtake strategy.
• Sempra Infrastructure: Developer/operator of Cameron LNG (with partners) and Port Arthur LNG. Comparable U.S. Gulf Coast LNG export platform with phased train buildout and similar long-term SPA structure.
• Tellurian: Developer of Driftwood LNG and previously proposed upstream-to-LNG integrated model. Same U.S. LNG development-stage profile as NextDecade, though Tellurian has faced significant financing and execution challenges.
• Excelerate Energy: Operates floating LNG regasification terminals globally and is developing a U.S. Gulf Coast LNG export project. Comparable in LNG infrastructure operations and U.S. project development.

Broad incumbents

• Woodside Energy: Australian integrated energy company operating Pluto LNG and developing Browse/Scarborough. Comparable as a global LNG liquefaction operator with project development pipeline, though geographically focused on Australia.
• Shell: Global LNG portfolio operator with significant LNG trading, shipping, and liquefaction interests. Comparable as a large LNG counterparty and project partner, with overlapping customer base to NextDecade.
• TotalEnergies: Global integrated energy major with major LNG portfolio. Both a strategic partner (16.7% Rio Grande LNG stake, 1.5 MTPA offtake) and a comparable LNG offtaker/portfolio player, providing direct market comparability.
• Kinder Morgan: Major U.S. natural gas pipeline and LNG infrastructure operator (Elba Island LNG, Gulf Coast pipelines). Comparable as natural gas midstream infrastructure serving LNG export facilities.
• Williams Companies: U.S. natural gas pipeline operator with significant Permian and Haynesville takeaway capacity serving Gulf Coast LNG export facilities. Strategic partner of NextDecade via Whistler Pipeline JV.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/NextDecadeLNG
• YouTubeyoutube.com/channel/UCHDYlTNAU3YkxCvG9vkUdkg
• Facebookfacebook.com/RioGrandeLNG
• LinkedInlinkedin.com/company/next-decade
• Instagraminstagram.com/nextdecadecorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds10 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NextDecade