NextDecade Issues $15 Million in Common Stock to Bechtel at $7.08 Per Share
October 01 2019 - 4:30PM
Business Wire
NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced
today that it has issued $15 million of common stock to an
affiliate of Bechtel Oil, Gas and Chemicals (Bechtel). NextDecade
issued the common stock to Bechtel at a price of $7.08 per
share.
In May 2019, NextDecade executed contracts with Bechtel for the
engineering, procurement, and construction (EPC) of the first three
trains of NextDecade’s Rio Grande LNG project. As part of these
contracts, Bechtel had previously agreed to accept up to $15
million in NextDecade common stock in consideration for certain
activities. The share price was calculated in accordance with terms
of the transaction with Bechtel.
About NextDecade Corporation
NextDecade is a liquefied 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.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design” and
other words and terms of 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 trends 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 progress in the development of NextDecade’s LNG
liquefaction and export projects and the timing of that progress;
government approval of construction and operation of NextDecade’s
Rio Grande LNG and Rio Bravo Pipeline projects 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”) and the timing of that
approval; the successful completion of the Project by third-party
contractors; our ability to secure additional debt and equity
financing in the future to complete the Project; the accuracy of
estimated costs for the Project; statements that the Project, when
completed, will have certain characteristics, including amounts of
liquefaction capacities; NextDecade’s anticipated competitive
advantage and technological innovation which may render its
anticipated competitive advantage obsolete; the global demand for
and price of natural gas (versus the price of imported LNG); the
availability of LNG vessels worldwide; negotiations for the
Terminal site lease and right-of-way options for the Pipeline
route; changes in legislation and regulations relating to the LNG
industry, including environmental laws and regulations that impose
significant compliance costs and liabilities; risks related to
doing business in and having counterparties in foreign countries;
changes adversely affecting the business in which NextDecade is
engaged; management of growth; general economic conditions;
NextDecade’s ability to generate cash; 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 Project remains contingent
upon completing required commercial agreements, acquiring all
necessary permits and approval, 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.
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