Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) of the Rio Grande LNG Facility is under construction after achieving FID on July 12, 2023[13] - The project secured $18.4 billion in project financing, marking the largest greenfield energy project financing in U S history[13] - Phase 1 is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs) covering over 90% of its nameplate production capacity[17] - NextDecade expects an economic interest of up to 20 8% from Phase 1 operations[17] - Trains 1 and 2 are 8 1% complete as of September 2023, with engineering at 35 7%, procurement at 14 1%, and construction at 0 2%[21] Expansion Plans and Commercial Momentum - NextDecade is focused on expanding the LNG platform with Trains 4 and 5, leveraging Phase 1 agreements and commercial momentum[22] - Equity partner options are in place to potentially fund 60% of the equity financing required for each of Train 4 and Train 5[23] - TotalEnergies holds LNG SPA options for approximately 32% of the minimum expected contracted volume for each of Train 4 and Train 5[23] - The company is targeting a positive FID on Train 4 in the second half of 2024[24] Carbon Capture and Storage (CCS) Initiatives - NextDecade is committed to developing more sustainable LNG with lower emissions through project design, responsibly sourced gas, a pledge to use net-zero power, and planned carbon capture and storage[12] - The company plans to capture up to 5 million metric tonnes per annum (mta) of CO2 at the Rio Grande LNG Facility, aiming to produce the lowest carbon-intensive LNG in North America[109]

Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) is fully funded and under construction, with a final investment decision (FID) achieved on July 12, 2023, for 17.6 MTPA of liquefaction capacity[12, 13] - Phase 1 secured $18.4 billion in project financing concurrently with FID[13] - Total equity commitments for Phase 1 amount to $6.1 billion, with NextDecade's equity commitment at approximately $283 million[17] - Project debt financing for Phase 1 totals $12.3 billion, including $11.1 billion in construction term loan facilities[17] - Over 90% of Phase 1 liquefaction capacity is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs)[17] Expansion Plans and Financing - NextDecade expects to fund 40% of equity financing required for each of Train 4 and Train 5, for an expected initial economic interest of 40%, increasing to 60% when equity partners receive certain returns[23] - TotalEnergies holds LNG purchase options for 1.5 MTPA in each of Trains 4 and 5 for 20-year free on board (FOB) LNG SPAs indexed to Henry Hub[24] - Approximately 3 MTPA of additional contracted volumes from Train 4 are expected to be needed to support project financing[26] Financial Transactions and Liquidity - NextDecade LNG, LLC entered into a $50 million senior secured revolving credit facility in January 2024 for general corporate purposes, including Train 4 development costs[27] - Rio Grande LNG, LLC (Rio Grande) entered into $251 million of senior secured loans in December 2023, reducing commitments under existing bank credit facilities for Phase 1[27] - Rio Grande issued $190 million of senior secured notes in a private placement transaction in February 2024, further reducing Phase 1 bank credit facility commitments[27] LNG Market and Demand - Estimated demand growth scenario calls for approximately 370 MTPA of incremental LNG supply by 2040[34] - Existing global regas infrastructure can accommodate a significant increase in LNG supply, with an additional ~370 MTPA of LNG supply expected to be needed by 2040[44] Carbon Capture and Storage (CCS) - Planned CCS project at Rio Grande LNG Facility expects to capture up to 5 million mta of CO2[109] - Approximately 650 U.S facilities reporting ≥1MM MTA of CO2 emissions, totaling ~1.75 billion MTA total CO2 emissions[99]

Rio Grande LNG Facility Phase 1 Construction and Financing - Rio Grande LNG Phase 1 achieved FID in July 2023 for Trains 1-3 with 17.6 MTPA liquefaction capacity[13, 49] - Project financing of $18.4 billion fully funds Phase 1 construction[49] - Phase 1 is supported by fixed-fee long-term LNG SPAs covering over 90% of liquefaction capacity[55] - NextDecade's expected economic interest in Phase 1 is up to 20.8%[55] - Trains 1 and 2 overall project completion is 18.2%, with engineering at 54.9%, procurement at 34.4%, and construction at 1.9%[16] - Train 3 overall project completion is 6.9%, with engineering at 5.2%, procurement at 16.7%, and construction at 0.0%[16] Train 4 Development and Expansion - Targeting positive FID on Train 4 in 2H 2024[20] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4[22] - Approximately 3 MTPA of additional contracted volumes from Train 4 are expected to be needed to reach FID[22] - Phase 1 equity partners hold options to fund a cumulative 60% of the equity of Train 4[22] LNG Market and Demand - Estimated demand growth scenario calls for ~375 MTPA of incremental LNG supply by 2040[30] - Existing global regas infrastructure can accommodate a significant increase in LNG supply, with an additional ~375 MTPA of LNG supply expected to be needed by 2040[41] Carbon Capture and Storage (CCS) - Planned CCS project at Rio Grande LNG Facility expects to capture up to 5 million MTPA of CO2[119]

Rio Grande LNG Facility & Construction Progress - Rio Grande LNG Phase 1 (Trains 1-3) achieved FID in July 2023 and is under construction, progressing on schedule and on budget[30, 63, 67] - As of June 2024, Trains 1 and 2 are 24.1% complete (Engineering 66.4%, Procurement 45.4%, Construction 3.5%), and Train 3 is 7.8% complete (Engineering 8.4%, Procurement 18.4%, Construction 0.1%)[33] - Rio Grande LNG, LLC refinanced over $1.85 billion of the original $11.1 billion term loan facilities since FID of Phase 1 in July 2023[36] Train 4 Development & Commercial Agreements - EPC contract for Train 4 was finalized in August 2024, with a price of approximately $4.3 billion and validity through December 31, 2024[39] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG has been secured for Train 4, and a Heads of Agreement with Aramco for 1.2 MTPA is in progress[23, 40] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4, which NextDecade expects to be exercised, potentially providing sufficient commercial support for FID[23, 40] LNG Market Fundamentals & Demand - Estimated global LNG demand is projected to grow by approximately 350 MTPA by 2040[45] - Existing operational regas capacity is expected to accommodate up to approximately 1,150 MTPA of LNG by 2040, with over 325 MTPA in development[53] - Phase 1 is supported by fixed-fee long-term LNG Sale and Purchase Agreements (SPAs) with high caliber offtakers, SPA volumes total over 90% of Phase 1 liquefaction capacity[71, 100] Sustainability & Carbon Capture - The Rio Grande LNG Facility is designed to produce less-carbon-intensive LNG through project design, responsibly sourced gas, a pledge to use net-zero electricity, and a proposed CCS project[27, 61] - Next Carbon Solutions is developing end-to-end carbon capture and storage (CCS) solutions, including a proposed project at the Rio Grande LNG Facility with a target of capturing up to 5 million metric tonnes per annum of CO2[13, 122, 130]

Rio Grande LNG Facility Development - NextDecade is developing a 5-Train, 27 MTPA liquefaction facility in Brownsville, TX, with Trains 1-3 under construction and first LNG expected in 2027[16] - Phase 1 (Trains 1-3) is under construction with a combined nameplate capacity of 17.6 MTPA, and FID was achieved in July 2023[83, 86, 96] - The EPC contract for Train 4 was finalized in August 2024, with a price of approximately $4.3 billion and validity through December 31, 2024[52] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG and a Heads of Agreement with Aramco for 1.2 MTPA of LNG support Train 4's commercial progress[28, 54] Financial and Commercial Aspects - Phase 1 has total estimated capital project costs of $18 billion, fully funded through a combination of equity and debt financing[116, 118] - Over 90% of Phase 1 nameplate capacity is contracted with creditworthy customers, providing approximately $1.8 billion in expected annual fixed fees[113] - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[28] - NextDecade expects an economic interest of up to 20.8% in Phase 1[118] Market and Sustainability - Global LNG demand is expected to grow, requiring over 350 MTPA of incremental LNG supply by 2040[59] - NextDecade is committed to sustainability and social responsibility, aiming to deliver reliable and sustainable energy solutions through liquefaction and CCS infrastructure[33] - Next Carbon Solutions aims to reduce GHG emissions through the development of end-to-end CCS solutions[33]

Project Overview - Rio Grande LNG Facility has a potential liquefaction capacity of approximately 48 MTPA, with Phase 1 (Trains 1-3) under construction and Trains 4-5 in commercialization[12] - First LNG is expected in 2027[13] - NextDecade is developing a potential CCS project at the Rio Grande Facility[14] Financial Highlights - Phase 1 has an estimated capital project cost of $18 billion, fully funded through $6.1 billion in equity commitments and $12.3 billion in debt financing[111] - Over 90% of Phase 1 nameplate capacity is contracted with diverse customers, with Henry Hub-linked SPAs providing approximately $1.8 billion in expected annual fixed fees[105] - NextDecade expects an economic interest of up to 20.8% in Phase 1[111] - Projected distributable cash flow from Trains 1-3 is estimated between $0.2 billion and $0.3 billion per year over 20 years, and Trains 4-5 is estimated between $0.7 billion and $1.0 billion per year[123] Expansion and Growth - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[27] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG and a Heads of Agreement with Aramco for 1.2 MTPA for 20 years have been executed for Train 4[27] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4 for a 20-year SPA[27] - Expansion plans include developing Trains 6-8 with a total potential liquefaction capacity of approximately 18 MTPA[35] Construction Progress - Trains 1 and 2 are 38.1% complete, while Train 3 is 15.3% complete[35] - A $175 million senior secured loan was entered into for working capital and development expenses for expansion trains[35]

Rio Grande LNG Facility Development - Rio Grande LNG Facility has approximately 48 MTPA of potential liquefaction capacity under construction or in development[15] - Phase 1 (Trains 1-3) is under construction with first LNG expected in 2027[15, 16] - Train 4 commercialization is complete, supported by 4.6 MTPA of LNG SPAs with ADNOC, Aramco, and TotalEnergies[30, 37] - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[30] - Trains 1 and 2 are 42.8% complete, and Train 3 is 17.8% complete[38, 48] Commercial Agreements and Financial Structure - Over 90% of Phase 1 nameplate capacity is contracted with creditworthy customers, with Henry Hub-linked SPAs providing approximately $1.8 billion in expected annual fixed fees[114] - Total estimated capital project costs for Phase 1 are $18 billion, fully funded by project financing[120] - NextDecade expects an economic interest of up to 20.8% in Phase 1[120] Market and Sustainability - Global gas demand increased approximately 2.5% in 2024 despite limited new LNG supplies[75] - Global gas demand is expected to outpace LNG supply growth of approximately 170 MTPA to 2030 in a conservative growth case[79] - NextDecade is developing a potential CCS project at the Rio Grande LNG Facility, focused on post-combustion carbon capture[34, 139]

Core Viewpoint - The U.S. Department of Energy has issued a permit for the Port Arthur LNG Phase 2 project, allowing the export of approximately 13.5 million tonnes per annum of U.S.-produced LNG to non-FTA countries, marking a significant regulatory milestone for the project [1][2]. Group 1: Project Development - The Port Arthur LNG Phase 2 project aims to enhance the U.S. position in global energy markets and support trade goals while providing economic opportunities at various levels [2]. - The project is under active marketing and development, with authorization from the Federal Energy Regulatory Commission received in September 2023 [2]. - The Phase 2 project will include two liquefaction trains, increasing the total liquefaction capacity of the Port Arthur facility from approximately 13 million tonnes per annum for Phase 1 to about 26 million tonnes per annum [2]. Group 2: Strategic Partnerships - In June 2024, Sempra Infrastructure and a subsidiary of Aramco signed a non-binding heads of agreement for a long-term LNG offtake agreement and equity investment in the Port Arthur LNG Phase 2 project [3]. - Bechtel was selected for a fixed-price engineering, procurement, and construction contract for the project in July 2024 [3]. Group 3: Current Status and Future Outlook - The Port Arthur LNG Phase 1 project is currently under construction, with expected commercial operation dates for the first two trains set for 2027 and 2028, respectively [4]. - Future phases of the Port Arthur LNG project are in the early development stage, indicating ongoing expansion plans [2].

Financial Performance & Backlog - Golar reported total operating revenues of $63 million in Q1 2025[68] - Adjusted EBITDA for Q1 2025 was $41 million[68] - Golar's Adjusted EBITDA backlog is approximately $17 billion, before commodity upside and inflationary adjustments[70, 88, 89] - Golar's share of contractual debt is $1495 million and Total Golar Cash is $678 million, resulting in Adjusted Net Debt of $817 million[68] FLNG Operations & Projects - FLNG Hilli has produced over 92 million tons of LNG since commercial operation date (COD)[10] - FLNG Gimi's COD is expected in Q2 2025, activating $151 million of annual Adjusted EBITDA to Golar[20] - Total spend to date on MKII FLNG is approximately $07 billion, fully equity funded, with project delivery scheduled for Q4 2027[25] Argentina & SESA Contracts - Golar has secured approximately $14 billion+ in Adjusted EBITDA backlog from Argentina contracts[32] - Golar's 10% shareholding in Southern Energy S A (SESA) adds approximately $28 million in annual Adjusted EBITDA commodity exposure per $1/MMBtu change in LNG FOB prices[38] - Commodity upside in Adjusted EBITDA of $70 million per year for every $1/MMBtu achieved FOB prices are above $8/MMBtu[35]

Core Viewpoint - TotalEnergies SE has signed a long-term agreement to purchase 2 million tons per annum of liquefied natural gas (LNG) from the Ksi Lisims LNG project for 20 years, contingent upon the final investment decision for the project [1] Group 1: Agreement Details - The Ksi Lisims LNG project, located in British Columbia, Canada, is fully electrified and powered by hydroelectricity, making it one of the lowest carbon dioxide-emitting LNG projects globally [2] - The LNG plant has a total capacity of 12 million tons per annum and will have privileged access to the Asian market, which is the largest LNG market [2] - TotalEnergies is making a 5% investment in Western LNG, the company developing the Ksi Lisims LNG plant, with the potential to increase its ownership stake to 10% upon the final investment decision [3] Group 2: Strategic Objectives - By acquiring LNG from the Ksi Lisims facility, TotalEnergies aims to expand its LNG portfolio in North America and leverage Western Canada's competitive LNG supply to serve its Asian customers better [4] - TotalEnergies holds an integrated position across the LNG value chain, including production, transportation, and access to over 20 million tons per annum of regasification capacity in Europe [5] - The company's global LNG portfolio is projected to reach 40 million tons per annum by 2024, supported by its interests in liquefaction plants worldwide [6] Group 3: Market Trends and Demand - TotalEnergies' LNG expansion aligns with its long-term goal to increase the share of natural gas in its sales mix to nearly 50% by 2030 while reducing carbon and methane emissions [7] - According to Shell plc, global LNG demand may rise by approximately 60% by 2040, driven by economic growth in Asia and emission reduction efforts [10] - The anticipated increase in LNG supply, exceeding 170 million tons by 2030, is expected to meet the growing gas demand, particularly in Asia [10] Group 4: Competitor Insights - Companies like Cheniere Energy and BP are positioned to benefit from the rising LNG demand, with Cheniere operating terminals with a total capacity of over 46 million tons per annum and BP targeting a 25 million tons per annum LNG portfolio by 2025 [11][12][13]