Corporate Presentation - NextDecade · 2020-02-14 · Disclaimer and forward-looking statements....
Transcript of Corporate Presentation - NextDecade · 2020-02-14 · Disclaimer and forward-looking statements....
September 4, 2018
Corporate Presentation
Disclaimer and forward-looking statementsThis presentation includes “forward-looking statements,” as contemplated by the Private Securities Litigation Reform Act of 1995, in which NextDecadeCorporation (the “Company”) discusses factors it believes may affect its performance in the future. All statements other than statements of historical factcontained in this presentation, including statements regarding the Company’s future results of operations and financial position, its strategy and plans, and itsexpectations for future operations, are forward-looking statements. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,”“believe,” “may,” “might,” “will,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions, are intended to identifyforward-looking statements.
The Company has based its forward-looking statements largely on its current expectations and projections about future events and trends that it believes mayaffect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. Actual resultscould differ from those expressed in its forward-looking statements. The Company’s future financial position and results of operations, as well as any forward-looking statements are subject to change and inherent risks and uncertainties, including those described in the section entitled “Risk Factors” in its AnnualReport on Form 10-K as well as other filings the Company has made and will make with the Securities and Exchange Commission (the “SEC”) which, after theirfiling, can be found on the Company’s website, www.next-decade.com.
You should consider the Company’s forward-looking statements in light of a number of factors that may cause actual results to vary from its forward-lookingstatements, including, but not limited to: the Company’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changesadversely affecting the business in which the Company is engaged; management of growth; general economic conditions; the Company’s development ofliquefied natural gas (“LNG”) liquefaction and export projects; the Company’s ability to secure additional debt and equity financing in the future to completethe 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”); the accuracy of estimated costs for the Project; the governmental approval of construction and operation ofthe Project; the successful completion of the Project by third-party contractors; the Company’s ability to generate cash; the development risks, operationalhazards, regulatory approvals applicable to the Project’s construction and operations activities; the Company’s anticipated competitive advantage; the globaldemand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; legislation and regulations relating to theLNG industry; negotiations for the Terminal site lease and right-of-way options for the Pipeline route; compliance with environmental laws and regulations; orthe result of future financing efforts. Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts the Company, orshould the Company’s underlying assumptions prove incorrect, the Company’s actual results may vary materially from those anticipated in its forward-lookingstatements, and its business, financial condition and results of operations could be materially and adversely affected.
The forward-looking statements contained in this presentation are made as of the date of this presentation and you should not rely on forward-lookingstatements as predictions of future events. In addition, neither the Company nor any other person assumes responsibility for the accuracy and completenessof any of these forward-looking statements. Except as required by applicable law, the Company does not undertake any obligation to publicly correct orupdate any forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by thesecautionary statements as well as others made in this presentation, the Company’s most recent Annual Report on Form 10-K, and in its other filings and publiccommunications. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.
1
Topic Page
Overview 3
Funding update 4
EPC update 5
FERC update 6
Commercial and gas supply update 7
Market fundamentals 8
Projects (RGLNG / RBPL) 12
Competitive advantages 15
Project timeline 20
Other projects 21
Leadership 22
Summary 23
Contents
Wells Fargo Plaza1000 Louisiana Street, 39th Floor
Houston, Texas 77002 USA
NextDecade Corporate Headquarters
(effective September 24, 2018)
2
About us
Beijing
Singapore
Office
Project location
NextDecade is a liquefied natural gas (LNG) development company primarily focused on LNG export projects
and associated pipelines in Texas
NASDAQ: NEXT
Inisfree FSRU
Overview
Rio Grande LNG (RGLNG)
Galveston Bay LNGHouston (HQ)
TEXAS
3
Sources of capital
October 2014$5 million
York
2015 2016 2017 2018
June 2015$85 million
York, Valinor, Halcyon
February 2017$25 million2
BakerHughes, a GE company
July 2017$38 million
Harmony MergerNasdaq Listing
August 2018$79 million3
Series A & B Convertible
Preferred Equity
NextDecade has ~ $100 million1 of cash to achieve a final investment decision on RGLNG
HGC
Harmony Merger Corp.
1 Pro forma and subject to stockholder approval of the investment being made by funds managed by BlackRock, and inclusive of $24 million in cash and short-term investments as of June 30, 20182 Funds committed in multiple tranches, with final closing in August 20173 Subject to stockholder approval of the BlackRock investment, which is being made by funds managed by BlackRock. HGC NEXT INV LLC is a wholly owned subsidiary of Hanwha General Chemical USA Corp.
Funding update
4
Competitive EPC processBE
FORE
NO
WW
HYW
HEN
• RGLNG’s EPC process was previously a sole-sourced engagement with McDermott
• Planned to sign lump-sum turnkey (LSTK) EPC contract in 2Q 2018
• NextDecade owns the front-end engineering and design (FEED) work completed in late 2017
• Competitive EPC process launched in August 2018 based on rigorous evaluation criteria
• Three eligible EPC contractors received invitations to bid: Bechtel, Fluor, and McDermott
• McDermott invitation stipulates it shall secure joint venture partner to remain an eligible bidder
• Process underway with interim deliverables due from contractors on a rolling basis
• Invitations to bid require FEED endorsement by year-end 2018 and LSTK EPC bids in 2Q 2019
• Execution of final LSTK EPC contract expected in 3Q 2019 prior to RGLNG final investment decision (FID)
• Deliberate approach to achieve a competitively priced, fully wrapped LSTK EPC contract
• Ensure contractor has technical and financial strength to deliver a project of RGLNG’s size and scope
• Safe, on-time, on-budget delivery of RGLNG is critically important to NextDecade and its stakeholders
EPC update
5
• On August 31, 2018, the Federal Energy Regulatory Commission (FERC) issued a Notice of Schedule (NoS) for the environmental review of Rio Grande LNG and Rio Bravo Pipeline
• FERC will issue its draft Environmental Impact Statement (EIS) in October 2018• According to the NoS, FERC will issue a final EIS on April 26, 2019• Recent policy changes to bring safe and expeditious review of – and decisions on – U.S. LNG projects• FERC’s streamlining of the review process for LNG projects confirms that no single project will have a
regulatory advantage, and that regulatory certainty will “help minimize undue administrative burdens”1
Regulatory scheduleFERC update
6
Rio Grande LNG and Rio Bravo Pipeline regulatory timeline
Section 3(a) & 7(c) FERC Application May 5, 2016
Draft Environmental Impact Statement October 2018
Final Environmental Impact Statement April 26, 2019
Federal Authorization Decision Deadline July 25, 2019
“There is widespread acknowledgement that the United States is poised to play an important role in serving worldwide LNG demand, and its ability to serve that demand quickly will serve the nation’s national security and economic interests.” -- FERC Chairman Kevin McIntyre1
1 Federal Energy Regulatory Commission (August 31, 2018)
• Customers remain engaged on long-term LNG contracts to capitalize on RGLNG’s key competitive advantages
• We expect initial binding offtake contracts to be announced in 1Q 2019, with contracts to support a minimum of two full trains by the end of 2Q 2019
• Due to RGLNG’s optimal location in South Texas, NextDecade is pursuing long-term gas supply arrangements with producers in the Permian Basin and Eagle Ford Shale
• NextDecade is exploring transportation from the Permian to provide LNG customers access to a Waha-indexed solution
Offtake and gas supplyCommercial and gas supply update
7
NextDecade remains focused on the world’s
largest and fastest growing markets in Asia
and Europe
Earlier this year, NextDecade opened LNG
marketing offices in Beijing and Singapore
0
100
200
300
400
500
2015 2016 2017 2018E 2025E Supply
1/3
2/3
• Global LNG demand will exceed available supply by as much as 150 mtpa by 2025 (30+ new trains)
• Investment in new liquefaction capacity must be made in the near future to alleviate the growing LNG supply gap
• We expect two-thirds of the supply shortfall will be supplied by North America, in particular by projects on the U.S. Gulf Coast
Ex-North America
244290
264
526
376
150
Glo
bal L
NG
dem
and
(mtp
a)
North America, Esp. U.S. Gulf Coast
e.g. Mozambique, Qatar, PNG
Expansion, etc.
Sources: Wood Mackenzie, GIIGNL (historical figures); NextDecade estimates using data from Wood Mackenzie, GIIGNL, International Gas Union (projections)
Significant LNG demand growth by 2025
The world’s largest and/or fastest growing markets are focused on environmental
and economic benefits of LNG
314
9.0%(2015-2017)CAGR 8.3%
(2017-2018)7.6%
(2018-2025)
Market fundamentals
8
0
20
40
60
80
100
2015 2016 2017 2018E 2025E
• EIA projects net dry gas production growth of 24 Bcf/d between 2017 and 2025, driven by the Permian Basin and the Northeast
• 1H 2018 production on track to meet or exceed projections• Projected U.S. dry gas production growth, alone, between 2017
and 2025 exceeds NextDecade’s projected global LNG supply shortfall in the same period
24 Bcf/d net production growth
Equivalent to ~ 180 mtpa, versus
NextDecade’s projected global
LNG supply shortfall of 150 mtpa(see page 8)
Source: U.S. Energy Information Administration
U.S. supply growth a driving force for LNG exports
6.9%(2017-2018)
0.1%(2015-2017)
3.1%(2018-2025)CAGR
Market fundamentalsU
.S. d
ry g
as p
rodu
ctio
n
(Bcf
/d)
40
50
60
70
80
U.S. dry gas production (Bcf/d)
9
74 74 74
79
98
245
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
United States Europe Japan
Historical natural gas pricing (2000 – present)
Source: The World Bank, Development Prospects Group, Global Economic Monitoring
Notes> U.S.: Henry Hub Spot Price> Europe: Average import border price, incl. U.K. post-March 2010> Japan: Average import price (JLC, Japan LNG Cocktail)
• Significant U.S.-Asia spreads drove U.S. first wave LNG contracts and, after a temporary collapse of spreads (2015-2017), prices are strengthening and spreads are widening (2018)
• Price curves favor U.S. LNG, and abundant U.S. gas resources are expected to keep U.S. gas prices low• The U.S. is poised to become the world’s largest LNG supplier as global demand rises in the coming years
Market fundamentals
10
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
19.0%
21.0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013-17 Range 2018 2013-17 Avg 2018 U.S. LNG (Asia landed)
Sources: U.S. Energy Information Administration, Platts, Bloomberg, Reuters
• Current spot LNG prices trading well above the five-year average• June 2018 prices hit levels typically observed in the winter, indicating a market tightening• LNG spot prices have traded at an average of 14% x Brent (15.5% x Brent during the winter and
12.5% x Brent during the summer)• These dynamics make U.S.-priced LNG increasingly attractive as global LNG prices continue to rise
JKM spot (June 2018) at 14% slope vs. 5-year average of 12%U.S. LNG (Asia landed, June 2018) below 11% slope, and below 5-year JKM average
LNG prices strengtheningEq
uiva
lent
slo
pe(%
of B
rent
spot
oil
pric
e)
Market fundamentals
11
U.S. LNG price assumes Henry Hub monthly settlement price x 115%, plus $4.75/MMBtu for liquefaction fee and shipping to Asia
JKM spot price vs. U.S. LNG (Asia landed)
Rio Grande LNG (RGLNG)
PERMIAN
EAGLE FORD
BARNETT
GULF of MEXICO
HAYNESVILLE
ANADARKOFAYETTEVILLE
Artist rendering
Projects (RGLNG / RBPL)
Rio Grande LNG
Location and site • 984-acre site in Brownsville, Texas
Capacity • 27 mtpa (6 x 4.5 mtpa trains)
Storage • 4 x 180,000m3 full containment LNG tanks
Marine facilities
• Deepwater port access with supporting marine infrastructure
• Two marine jetties, berth pocket, turning basin
Technology
• Air Products C3MR®• Baker Hughes GE rotating
equipment• ABB automation systems
Gas supply • Permian Basin• Eagle Ford Shale
RGLNG is NextDecade’s marquee large-scale LNG project in South Texas
12
Rio Bravo Pipeline (RBPL)
Rio Bravo Pipeline
Scope and distance
• Twin 42-inch pipelines• Three 180,000-hp compressor stations• Approximately 137 miles from Agua Dulce
area to RGLNG
Capacity • 2 x 2.25 Bcf/d (4.5 Bcf/d total)
Scalable• Development pace of RGLNG determines
pipeline capital expenditures• Each pipeline supports three trains at RGLNG
Interconnection• Eight existing pipelines (6.7 Bcf/d)• Several additional pipelines from Waha have
been announced (see page 18)
Supply area• Agua Dulce area poised to attract significant
natural gas volumes from the Permian Basin and Eagle Ford Shale
RBPL is designed to deliver gas from the Agua Dulce area to RGLNG
Compressor Station 2
Compressor Station 3
Compressor Station 1
13
Projects (RGLNG / RBPL)
RGLNG / RBPL development phasing
14
Storage Tanks 1 & 2 Storage Tanks 3 & 4
Jetty 1 Jetty 2
Rio Bravo Pipeline 1 Rio Bravo Pipeline 2
CommonInfrastructure
• RGLNG is a 6-train project • RBPL is comprised of twin 42-inch pipelines, each of which can support three LNG trains• Through optimal utilization of the common infrastructure, most efficient operations and lowest costs are
achieved with three and six trains• NextDecade can proceed to a final investment decision on RGLNG with as few as two trains
PHASE ONE PHASE TWO
Trains 1 & 2 Train 3Liquefaction Trains 4 & 5 Train 6
Note: NextDecade will not be publishing EPC cost guidance during the competitive EPC process referenced on page 5.
Projects (RGLNG / RBPL)
Our differentiatorsRGLNG competitive advantages
Rio Grande LNG is positioned to be a leading U.S. second wave LNG project
RESULTS
Competitive EPC costs
Highly efficient and reliable LNG plant
Ability to debottleneck to maximize throughput
Long-term, low-cost gas supply
Optimal shipping conditions
Competitive advantages
Proven approach
NextDecade’s experienced leadership,
technology selections, and project approach
lead to development confidence and
operational reliability
Optimallocation
RGLNG is located in an uncongested
deepwater port in Brownsville, Texas, with
access to a skilled labor force and abundant
natural gas resources
15
Our differentiatorsTechnology selections reduce riskCompetitive advantages
Partnering with industry-leading technology providers to instill development confidence and ensure operational reliability
APCI-C3MR® is the most prevalent liquefaction
technology in the industry
BakerHughes, a GE company, is a leading provider of gas turbine and compressor
equipment to the LNG industry
ABB delivers intelligent, integrated automation and
electrical solutions to improve performance and efficiency
16
• RGLNG benefits from low congestion and favorable weather conditions in the Brownsville Ship Channel• High congestion on Louisiana’s Calcasieu Ship Channel poses shipping risk to LNG customers
Louisiana | Calcasieu Ship ChannelTexas | Brownsville Ship Channel
~ 22 miles
TEXAS LOUISIANA
Distance to: RGLNG: 7 Miles
Inland LNG facilities: 22 Miles
Current traffic: 470 ships p.a. 1,400 ships p.a.
Anticipated 2023 traffic: ~ 600 ships p.a. ~ 2,200 ships p.a.
Winter season channelclosures (peak LNG export):
Wind: 3-5%Visibility: 2%
Wind: 10-16%Visibility: 10-14%
Estimated median 2023 wait time:
Est. limited due to low traffic 12.4 hours
Sources: Ausenco: Port of Lake Charles, Calcasieu Ship Channel Traffic Study (January 6, 2015); Port of Brownsville reporting and estimates
~ 7 miles
South Texas: avoiding Calcasieu congestionCompetitive advantages
LNGIndustrial
Proposed and Existing TerminalsLNGIndustrial
Proposed and Existing Terminals
17
Waha
Agua Dulce
Katy
HenryHub
Texas
Louisiana
Accessing the Permian: Waha to Agua Dulce• New planned transport from Waha to the Agua Dulce and Katy markets are preferred paths for Permian Basin gas• RGLNG is the largest planned LNG export facility in the State of Texas, and benefits from its proximity to
abundant associated gas in the Permian Basin• Proposed LNG projects in East Texas and Louisiana face higher transportation costs to source Permian gas
Italicized projects have not yet achieved a final investment decision. | 1 NextDecade estimate. A portion of the 2.0 Bcf/d is expected to flow to Agua Dulce (specific volume not disclosed). 2 Agua Dulce totals do not include RBPL’s eight planned interconnections with existing pipelines (6.7 Bcf/d). Katy totals do not include potential interconnections (up to 13 Bcf/d).
Rio Grande LNG
Galveston Bay LNG
Competitive advantages
Incremental Waha-Katy Capacity Bcf/d
Permian-to-Katy (Boardwalk) 2.0
Permian Highway (Kinder Morgan) 2.0
Total announced to-date 4.0
18
ExistingProposed
LNG Terminals
2
Incremental Waha-Agua Dulce Capacity Bcf/d
Gulf Coast Express (Kinder Morgan) 2.0
Whistler (Targa / NextEra) 2.0
Permian Highway (Kinder Morgan) 0.7
Pecos Trail (NAmerico) 1.9
Total announced to-date 6.62
1
• The Permian Basin offers the deepest inventory of economic resource in the United States
• In the past few years, the Permian Basin has garnered significant attention and capital
• Permian Basin economics are driven by the production of oil – not by gas
• Texas and New Mexico prohibit long-term flaring of natural gas, so Permian producers must find a market for associated gas to enable oil production
• The Permian Basin is estimated to hold nearly 500 Tcf – or more than 50 years –of natural gas at breakevens below $0*
• This represents a major opportunity for LNG buyers transacting with second wave U.S. LNG projects in Texas
663
600
209173
12672 64 52 42 41 25 23 22 19 14 14 14 12 9 4 2 2 1
0
100
200
300
400
500
600
700
800
Rem
aini
ng W
ellh
ead
Gas
(Tcf
e)
L48 remaining resource by play and HH breakeven (PV-10) at $60 WTI
Sources: RS Energy Group (RSEG), Bloomberg | * Assumes Permian Basin natural gas production grows to 25 Bcf/d
L48 remaining resource by play and breakeven (PV-10 20:1 HH:WTI)
Rem
aini
ng W
ellh
ead
EUR
(Bbo
e)
020406080
100120140160
OIL & GAS
GAS
Permian Basin
Permian Basin: superior resource and economicsCompetitive advantages
19
-$1.75
-$1.25
-$0.75
-$0.25
Waha differential to Henry Hub ($/MMBtu)
RGLNG / RBPL project timelineNextDecade anticipates commencing commercial operations on RGLNG
as soon as 2023 following a final investment decision in 3Q 2019
Project timeline
20
3Q2018 2020 2023
EPCAugust 2018
Launchedcompetitive EPC process
NextDecade projections. Subject to change.
CapitalizationAugust 2018$79 million
preferred equitycapital raise
2019
RegulatoryOctober 2018
Draft EIS
RegulatoryAugust 31, 2018
FERC NoS
EPC4Q 2018
FEED endorsement
Commercial1Q 2019
Initial contracts
RegulatoryApril 26, 2019
Final EIS
EPC2Q 2019
LSTK EPC bids
Commercial2Q 2019
Contracts to support two
trains and long-term gas
supply
EPC4Q 2019
Commence RGLNG
construction
RegulatoryJuly 25, 2019
Federal authorization
decision deadline
Commercial3Q 2019
Final investment
decision
EPC3Q 2019LSTK EPC contract
Commercial2023
Commence RGLNG
commercial operations
CommercialRegulatoryEPCCapitalization
LEGEND
Galveston Bay LNG and Inisfree FSRU
Galveston Bay LNG
Location and site • 994-acre site in Texas City, Texas
Capacity • 16.5 mtpa (3 x 5.5 mtpa trains)
Storage • 4 x 200,000m3 full containment LNG tanks
Marine facilities
• Deepwater port access with supporting marine infrastructure
• Two marine jetties, berth pocket, turning basin
Regulatory • U.S. Department of Energy FTA permit issued on June 13, 2018
Gas supply
• Permian Basin• Barnett Shale• Haynesville Shale• Eagle Ford Shale
Other projects
GBLNG is NextDecade’s second U.S. LNG project, located near Houston Ship Channel
Inisfree FSRU
Location and site • Port of Cork, Ireland
Capacity • 3 mtpa (regasification / import)
Storage • 175,000m3 (FSRU)
Marine facilities
• Fixed jetty, high-pressure arm• 2-km pipeline to tie-in point at
Glanagow (GNI)• Double-banked with STS via
flexible hoses
Regulatory • Permitting expected to be initiated in 2019
Downstream markets
• Industrial (alumina, agriculture)• Power generation• Irish Balancing Point• Bunkering (marine fuel), truck
NextDecade is in exclusive negotiations to develop an import terminal in the Port of Cork
21
Experienced leadership team
22
Matt Schatzman | President & Chief Executive Officer• BG Group: EVP, Global Energy Marketing & Shipping • Dynegy, Inc.: President & CEO, Energy Convergence
Ben Atkins | Chief Financial Officer• GE Capital & GE Financial Services: Senior Vice President• United States Navy: Lieutenant, Submarine Officer
Krysta De Lima | General Counsel• Bechtel: Senior Counsel, Oil, Gas & Chemicals• BG Group: Chief of Staff & VP, Legal, Trinidad Asset
René van Vliet1 | Chief Operating Officer• Shell: VP, Global LNG, Gas & Power• Shell: Project Manager
Chris Migura | Deputy General Counsel• Occidental Petroleum: Assistant General Counsel• BG Group: Chief Counsel, Global LNG
Ivan van der Walt | Project Manager, RGLNG• CB&I (now McDermott): Deputy Project Director• Chevron – Kellogg JV Gorgon: Area Project Manager
Raquel Couri | VP, Human Resources & Administration• BG Group: Head of Human Resources, GEMS• BG Group: Head of Human Resources, Latin America
James MacTaggart | SVP, LNG Marketing – Asia & Middle East• Shell: General Manager, New Gas & LNG Markets – Asia• Shell: Lead Negotiator, LNG Supply
Kevin Hyatt | VP, Gas Supply & Transportation• Energy Transfer Partners: VP, Business Development• Transwestern: VP, Commercial & Business Development
Eric Garcia | Chief Accounting Officer• KPMG: Managing Director, Audit• KPMG: Senior Manager, Audit
Alfonso Puga | SVP, LNG Marketing – Europe & South America• PetroChina: Global Head of LNG Trading• Union Fenosa Gas: Manager, Gas Procurement & Trading
Patrick Hughes | VP, Corporate Strategy & Investor Relations• Height Securities: Partner, Investment Banking & Advisory• FBR & Co.: Senior Associate, Energy & Natural Resources
Ping Lee | SVP, LNG Marketing – China & Southeast Asia• BG Group: President, China• Schlumberger: Area President, Asia
Shaun Davison | SVP, Development & Regulatory Affairs• Excelerate Energy: Director, Business Development• Teekay Shipping: Director, LNG Terminals
Ariel Handler | VP, Finance & Market Analysis• Apache: Manager, Strategic Planning• Apache: Supervisor, Strategy & Planning
Leadership
Significant experience developing, marketing, constructing, and operating projects around the world
1 Announced retirement effective October 1, 2018
• NextDecade is well-capitalized, with ~ $100 million1 of cash to achieve FID on RGLNG and RBPL
• EPC process ensures contractor has technical and financial strength to deliver RGLNG with a competitively priced, fully wrapped LSTK EPC contract in 3Q 2019
• FERC schedule indicates final environmental impact statement to be issued on April 26, 2019
• NextDecade anticipates a final investment decision on RGLNG in 3Q 2019
• As much as 150 mtpa of new LNG capacity must be constructed by 2025
• U.S. gas production growth between 2017 and 2025 expected to exceed estimates for global LNG supply shortfall during the same period
• Proven approach leads to development confidence, operational reliability, and ability to debottleneck and maximize throughput of RGLNG
• RGLNG’s optimal location affords access to an uncongested deepwater port and abundant associated gas from the Permian Basin and Eagle Ford Shale
• NextDecade’s leadership team has significant experience developing, marketing, constructing, and operating projects around the world
• NextDecade is well-positioned to generate substantial value for its stakeholders
ConclusionSummary
231 Pro forma estimate as of June 30, 2018 (assumes stockholder approval of the investment being made by funds managed by BlackRock – see page 4)
Experienced Leadership | Proven Approach | Optimal Location
Patrick HughesCorporate Strategy & Investor Relations
T: + 1 (832) 209-8131E: [email protected]
NextDecade Corporation1000 Louisiana Street, 39th Floor
Houston, Texas 77002 USA(new address effective September 24, 2018)