NextDecade Corporation (NextDecade) (NEXT) announced today that the Federal Energy Regulatory Commission (FERC) has issued the Final Environmental Impact Statement (FEIS) for NextDecade’s Rio Grande liquified natural gas (LNG) project in Brownsville, Texas, as well as for the associated Rio Bravo Pipeline to originate in the Agua Dulce area.
The FEIS issued by the FERC was prepared in accordance with statutory requirements in the National Environmental Policy Act. The FERC is the primary agency responsible for the review and permitting of LNG facilities in the United States. The FERC’s rigorous process includes a detailed review of the environmental, engineering, social, and other elements of proposed projects.
“We appreciate the FERC staff’s timely and thorough review of our project,” said Matt Schatzman, NextDecade’s President and Chief Executive Officer. “The Final Environmental Impact Statement is a culmination of several years of analysis and cooperation with FERC staff and multiple federal, state, and local agencies and other stakeholders.”
With the FEIS issuance, the FERC has established a 90-day Federal Authorization Decision Deadline of July 25, 2019. Pending the achievement of further commercial milestones and receipt of a FERC order, NextDecade anticipates making a positive final investment decision on up to three trains (Phase I) of the Rio Grande LNG project by the end of the third quarter of 2019.
Rio Grande LNG and Rio Bravo Pipeline federal regulatory timeline:
|Section 3(a) & 7(c) FERC Application||May 5, 2016||Complete|
|Notice of Schedule for Environmental Review||August 31, 2018||Complete|
|Draft Environmental Impact Statement||October 12, 2018||Complete|
|Final Environmental Impact Statement||April 26, 2019||Complete|
|Federal Authorization Decision Deadline||July 25, 2019|
About NextDecade Corporation
NextDecade is a liquified natural gas (LNG) development company focused on LNG export projects and associated pipelines in Texas. NextDecade intends to develop the largest LNG export solution linking Permian Basin associated gas to the global LNG market, creating value for producers, customers, and stockholders. Its portfolio of LNG projects includes the 27 mtpa Rio Grande LNG export facility in Brownsville, Texas and the 4.5 Bcf/d Rio Bravo Pipeline that would transport natural gas from the Agua Dulce area to Rio Grande LNG. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “will” and similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about NextDecade’s Rio Grande LNG and Rio Bravo Pipeline projects; its ability to secure additional debt and equity financing in the future to complete its contemplated projects; the accuracy of the estimated costs for the projects; governmental approval of construction and operation of the projects; the successful completion of the projects by third-party contractors; its ability to generate cash; the development risks, operational hazards, regulatory approvals applicable to the projects’ construction and operations activities; its anticipated competitive advantage; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; legislation and regulations relating to the LNG industry; negotiations for the project site lease and right-of-way options for the pipeline route; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2018 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.
Additionally, any development of the projects remains contingent upon completing required commercial agreements; acquiring all necessary permits and approvals; securing all financing commitments and potential tax incentives; achieving other customary conditions; and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.