NextDecade is a Houston-based LNG developer building the Rio Grande LNG Facility near Brownsville, Texas, on the Brownsville Ship Channel. The facility is designed to liquefy natural gas sourced from nearby U.S. basins — primarily the Permian Basin and Eagle Ford Shale — and export it as LNG to international buyers under long-term contracts. The facility is currently under construction across five liquefaction trains, with a combined expected production capacity of approximately 30 MTPA. Construction is being executed by Bechtel under lump-sum turnkey EPC contracts. NextDecade sells LNG under long-term sale and purchase agreements with 14 counterparties covering approximately 25.3 MTPA of offtake, with a weighted average contract term of roughly 19.5 years. NextDecade charges customers a fixed fee per MMBtu — paid regardless of whether the customer takes delivery — plus a variable fee that passes through gas procurement costs. The fixed fee stream is largely insulated from commodity price swings, providing meaningful downside protection. NextDecade does not own the facility outright; it has brought in equity partners through joint venture structures, retaining economic interests that vary by train. NextDecade's cash flows will be back-end loaded, as equity partners are paid preferentially first. The company is also developing Trains 6–8, which could add approximately 18 MTPA of additional capacity and are wholly owned by NextDecade. The site has space for up to 10 trains total. NextDecade is a construction-stage company with no operating LNG revenue yet.