NextDecade Corp.: management transactions · United States · SEC (Form 4)

About NextDecade Corp.

NextDecade Corp. (NASDAQ: NEXT) is a U.S.-based energy infrastructure developer focused on liquefied natural gas (LNG). Headquartered in Houston, Texas, in the United States, the company is building a long-duration growth platform around the Rio Grande LNG project near Brownsville on the Texas Gulf Coast. For European investors, NextDecade sits at the intersection of LNG infrastructure, export logistics, and the global energy transition, with direct exposure to international LNG demand and U.S. gas-market dynamics. The company was founded in the mid-2010s and has since centered its strategy on developing a large-scale liquefaction complex on the Gulf Coast, one of the most strategic export corridors for U.S. natural gas. Its core asset is the Rio Grande LNG Facility, which includes multiple liquefaction trains, LNG storage tanks, marine berths, and shared site infrastructure. Phase 1, covering Trains 1 through 3, is under construction. In 2025, Trains 4 and 5 were commercialized and then reached positive final investment decisions, a key milestone that moved the project further from concept toward bankable industrial execution. NextDecade is also advancing Trains 6 through 8 and has said the site has space for as many as 10 trains overall. From a competitive standpoint, NextDecade is not a vertically integrated gas producer. It is a project developer and future operator of liquefaction capacity, with its economics driven by long-term LNG sales and liquefaction agreements rather than commodity production. Its competitive advantages are tied to the U.S. Gulf Coast location, access to abundant domestic gas supply, favorable logistics for loading LNG carriers, and commercial contracts that help secure future volumes. The company has announced counterparties that include major global energy players, supporting the credibility of its commercialization strategy. Recent developments show strong momentum: the company completed financing and achieved FID for Trains 4 and 5, began construction work on those trains, continued pre-FID marketing of early cargoes, and initiated the regulatory pre-filing process for Train 6. NextDecade has also indicated that first LNG from Train 1 is expected in the first half of 2027. Overall, the investment case remains highly execution-sensitive, with value creation hinging on construction progress, financing discipline, permitting, and the successful conversion of its large site into a multi-train LNG export platform.