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Rio Grande LNG Phase 1 construction is tracking ahead of schedule, with Train 1 first LNG production now expected in the first half of 2027.

The company is transitioning from a development-stage entity to an operating company, evidenced by the secondment of over 100 operational employees to Bechtel.

Management attributes the accelerated timeline to Bechtel's construction efficiency, with Trains 1 and 2 reaching 74% completion as of June 2026.

The Iran conflict has fundamentally altered the global LNG supply outlook, removing approximately 7 million tons per month from the market due to the closure of the Strait of Hormuz.

Strategic positioning in South Texas provides a structural cost advantage, as feed gas sourced from the Permian and Eagle Ford basins typically trades at a discount to Henry Hub.

The company is leveraging its brownfield expansion status for Train 6, which management describes as one of the most economically advantaged LNG expansions globally.

Final Investment Decision (FID) for Train 6 is targeted for the second half of 2027, supported by a FERC final Environmental Impact Statement scheduled for June 25, 2027.

Management expects to narrow the forecast window for first LNG production and provide updated volume guidance during the fourth quarter of 2026.

The company aims to maintain 100% ownership of Train 6 while maximizing distributable cash flow per share through value-accretive equity funding.

Long-term LNG demand is expected to remain robust through 2030, driven by energy security concerns and the need for supply diversification away from the Middle East.

Future growth plans include pre-filing for Trains 7 and 8 by year-end 2026, targeting a sequential FID approximately one year after Train 6.

Completed a $4.6 billion debt reduction of Phase 1 bank facilities through a $1 billion term loan and a $3.5 billion inaugural 144A investment-grade bond issuance.

Unwound a portion of interest rate swaps associated with retired bank debt, resulting in a $109 million settlement receipt in July.

The ongoing Middle East conflict presents a dual-edged dynamic: while increasing global price volatility, it reinforces the value of reliable U.S.-based long-term contracts.

Operating and maintenance expenses are expected to increase throughout 2026 as the company ramps up pre-operational readiness activities.

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Management expects to introduce first gas to the facility later this year, with specific procedures currently being coordinated with Bechtel to ensure safety.

Critical path items include the completion of the Bay Runner pipeline, expected by the end of the current quarter, and the first LNG tank, which is expected by the end of the year.

Buyer interest has intensified since the Iran conflict began, with increased competition for volumes from Trains 6, 7, and 8.

Management anticipates announcing new long-term Sale and Purchase Agreements (SPAs) within the next six months to support the 2027 FID.

NextDecade claims a unique advantage in the Rio Grande Valley, utilizing a direct-hire model that attracts local skilled labor who prefer not to travel for work.

The multi-train development pipeline offers workers long-term job stability (up to 10 years), reducing the risk of craft labor shortages seen in other Gulf Coast regions.

Management expressed interest in potentially buying back operating interests from partners in Phase 1 if it makes economic sense, rather than selling current stakes.

This strategy would focus on capturing more cash flow from existing assets as they transition into the operational phase.