NextDecade sees implied LNG margins averaging above $6 per MMBtu, topping base-case guidance
NEXT•NextDecade projects volume-weighted average implied margins on uncontracted volumes above $6 per MMBtu, more than $1 per MMBtu above base-case guidance. The outlook runs from Train 1 startup through the first commercial delivery under Train 5 long-term SPAs.
1. Margin outlook
NextDecade said implied margins on uncontracted volumes are projected to average above $6 per MMBtu, exceeding base-case guidance by more than $1 per MMBtu. The estimates reflect current forward LNG and U.S. natural gas prices and incorporate approximately 175 TBtu sold in the first quarter of 2026.
2. Project schedule
The outlook spans Train 1 startup through the first commercial delivery under Train 5 long-term SPAs. First LNG production from Train 1 is expected in the second quarter of 2027, with substantial completion forecast for the third quarter, one quarter ahead of Bechtel’s guaranteed contractual schedule.
