NEXTDECADE Business Summary

NextDecade Corp (NASDAQ: NEXT) is a development-stage energy infrastructure company primarily focused on the liquefaction and export of natural gas through its flagship Rio Grande LNG facility in Brownsville, Texas. The company’s business model centers on a "tolling" or capacity reservation structure, generating future revenue through long-term, fixed-fee Sale and Purchase Agreements (SPAs) that de-risk massive capital expenditures. Its operations are divided into two primary segments: LNG export services and NEXT Carbon Solutions, which develops proprietary carbon capture and storage (CCS) technology intended to reduce the carbon intensity of its LNG production. As of early 2026, the company has achieved Final Investment Decisions (FID) for five liquefaction trains, targeting a total potential capacity of 60 MTPA. NextDecade competes directly with established U.S. exporters such as Cheniere Energy, Sempra, and Venture Global LNG, positioning itself as a premium "second-wave" provider by integrating large-scale CCS to meet the decarbonization mandates of global utility customers. Originally founded by the late Kathleen Eisbrenner, the company is currently led by Chairman and CEO Matthew K. Schatzman, a veteran energy executive with over three decades of experience, including a senior leadership tenure at BG Group. The executive team includes Interim CFO Michael Mott, who previously served as CFO of LNG Limited, and COO Tarik Skeik, a former ExxonMobil executive specializing in global mega-projects. NextDecade is backed by a sophisticated roster of strategic and institutional investors, including TotalEnergies—its largest shareholder—alongside the Hanwha Group, Mubadala Investment Company, and Global Infrastructure Partners (GIP). In early 2026, Abu Dhabi’s ADNOC further solidified the company’s capital base by increasing its equity stake in the project’s second phase. The Board of Directors is further strengthened by Lead Independent Director William Vrattos of York Capital Management and representatives from Mubadala and GIP.