NextDecade and CB&I Complete Rio Grande LNG FEED Update, Reconfirm Market-Leading Cost Estimates

EPC cost estimates are consistent with or lower than previous estimates

THE WOODLANDS, Texas–(BUSINESS WIRE)–NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced today that
it has completed the Front-End Engineering & Design (FEED) update
package with CB&I (NYSE: CBI) for the proposed Rio Grande LNG project in
South Texas. The update incorporates identified cost reduction and value
improvement initiatives and reconfirms market-leading EPC cost estimates
for three trains of $490 per ton with a target of $450 per ton. For two
trains the EPC cost estimate improves to $535 per ton with a target of
$500 per ton.

Utilizing Air Products’ AP-C3MR™ liquefaction technology and GE rotating
equipment to achieve optimal configuration and economies of scale, “Rio
Grande LNG stands out thanks to its proven project design allowing for
low risk, highly competitive economics across multiple build scenarios,”
said NextDecade CEO Matt Schatzman. The scalable development affords
NextDecade flexibility to reach Final Investment Decision (FID) with as
few as two trains, without sacrificing economics. “We intend to develop
our full 6-train project at Rio Grande, and by incorporating a
competitive, scalable design, we are able to offer a lower risk profile
to both investors and customers beginning with our first two trains,”
added Schatzman.

As previously disclosed, NextDecade and CB&I are finalizing an Open Book
Estimate to incorporate the FEED update improvements and currently plan
to execute a binding Lump-Sum Turnkey (LSTK) EPC agreement in 2Q 2018.

Located at the Port of Brownsville in South Texas, the Rio Grande LNG
project is expected to be a leader among second wave U.S. LNG projects.
NextDecade’s customers and shareholders will benefit from the project’s
low cost, lower risk, and optimal location. The use of proven technology
and recent execution experience from CB&I will foster operational
reliability and afford NextDecade’s customers access to reliable,
low-cost, abundant natural gas from the Permian Basin, Eagle Ford Shale,
and other basins.

About NextDecade Corporation

NextDecade is an LNG development company focused on LNG export projects
and associated pipelines in Texas. NextDecade intends to develop a
portfolio of LNG projects, including 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 supply area in Nueces
County, Texas to Rio Grande LNG. NextDecade’s common stock is listed on
the Nasdaq Capital Market under the symbol “NEXT.” NextDecade is
headquartered in The Woodlands, Texas.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the
meaning of U.S. federal securities laws. The words “believe”, “expect”,
“intend”, “plan”, “potential”, and similar expressions are intended to
identify forward-looking statements, and these statements may relate to
the business of NextDecade Corporation and its affiliates. These
statements 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 and other matters discussed in the “Risk Factors” section of
the definitive proxy statement filed by Harmony on June 29, 2017 and
other subsequent reports filed with the Securities and Exchange
Commission (the “SEC”), all of which are incorporated herein by
reference. Any development of the projects remain 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
may from time to time voluntarily update its prior forward-looking
statements, it disclaims any commitment to do so except as required by
securities laws.

Contacts

INVESTORS
NextDecade
Patrick Hughes, + 1
832-209-8131
[email protected]
or
MEDIA
Ward
for NextDecade
Molly LeCronier, + 1 713-869-0707
[email protected]