0001628280-24-037219 | 10-Q | XBRL Viewer

Derivatives

6 Months Ended

Jun. 30, 2024

In July 2023, Rio Grande entered into interest rate swaps agreements (the “Swaps”) to protect against interest rate volatility by hedging a portion of the floating-rate interest payments associated with the credit facilities described in Note 6 — Debt.

In June 2024, Rio Grande reduced the maximum notional amount associated with the Swaps by approximately $583.1 million, which resulted in a realized derivative gain of $30.9 million.

As of June 30, 2024, Rio Grande has the following Swaps outstanding (in thousands):


Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
$	123,000	$	7,916,900	2048	3.4	%	USD - SOFR

(1) Swaps have an early mandatory termination date in July 2030.

The Company values the Swaps using an income-based approach based on observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. The fair value of the Swaps is approximately $276.5 million as of June 30, 2024, and is classified as Level 2 in the fair value hierarchy.

Supplemental Cash Flows

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows

The following table provides supplemental disclosure of cash flow information (in thousands):


	Six Months Ended June 30,
	2024		2023
Accounts payable for acquisition of property, plant and equipment	$	131,074	$	7,066
Accruals for acquisition of property, plant and equipment	311,978		—
Non-cash settlement of warrant liabilities	7,149		—
Corporate fixed asset retirements	1,256		—
Accrued liabilities for debt and equity issuance costs	3,975		7,627
Reclassification from other non-current assets to property, plant and equipment	1,867		—
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	—		13,421
Accounts Payable for debt and equity issuance costs	—		4,473
Accrued liabilities for acquisition of other non-current assets	—		457

Debt - Summary of Credit Facilities Outstanding (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
CD Senior Working Capital Facility
Total Facility Size	$ 500,000
Outstanding balance	0
Letters of credit issued	158,525
Available commitment	$ 341,475
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
CD Credit Facility
Total Facility Size	$ 8,448,000
Outstanding balance	93,000
Letters of credit issued	0
Available commitment	$ 8,355,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
TCF Credit Facility
Total Facility Size	$ 800,000
Outstanding balance	136,000
Letters of credit issued	0
Available commitment	$ 664,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
Corporate Credit Facility
Total Facility Size	$ 62,500
Outstanding balance	27,554
Letters of credit issued	0
Available commitment	$ 34,946
Interest rate on outstanding balance	4.50%
Commitment fees on undrawn balance	1.35%

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 38,142	$ 38,241
Restricted cash	164,937	256,237
Derivatives	18,873	17,958
Prepaid expenses and other current assets	2,103	2,089
Total current assets	224,055	314,525
Property, plant and equipment, net	3,733,783	2,437,733
Operating lease right-of-use assets	168,255	170,827
Debt issuance costs	357,903	389,695
Derivatives	257,622	0
Other non-current assets	15,556	11,021
Total assets	4,757,174	3,323,801
Current liabilities:
Accounts payable	131,800	243,129
Accrued and other current liabilities	364,909	306,115
Operating leases	2,846	3,143
Total current liabilities	499,555	552,387
Debt, net	2,833,809	1,816,301
Operating leases	145,026	145,962
Derivatives	0	66,899
Other non-current liabilities	0	1,818
Total liabilities	3,478,390	2,583,367
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.0001 par value, 480.0 million authorized: 257.9 million and 256.5 million outstanding, respectively	26	26
Treasury stock: 2.2 million shares and 2.2 million respectively, at cost	(14,367)	(14,214)
Preferred stock, $0.0001 par value, 0.5 million authorized: none outstanding	0	0
Additional paid-in-capital	1,043,307	693,883
Accumulated deficit	(396,002)	(391,772)
Total stockholders’ equity	632,964	287,923
Non-controlling interest	645,820	452,511
Total equity	1,278,784	740,434
Total liabilities and equity	$ 4,757,174	$ 3,323,801

Pay vs Performance Disclosure - USD ($) $ in Thousands	6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ 189,079	$ (147,636)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The Company commenced the Rio Grande LNG Facility site lease on July 12, 2023 and it has an initial term of 30 years. The Company has the option to renew and extend the term of the lease for up to two consecutive renewal periods of ten years each, but as the Company is not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. The Company has also entered into an office space lease which expires on December 31, 2035, and does not include any options for renewal.

For the three months ended June 30, 2024 and 2023, our operating lease costs were $2.6 million and $0.3 million, respectively. For the six months ended June 30, 2024 and 2023, our operating lease costs were $5.6 million and $0.7 million.

Maturity of operating lease liabilities as of June 30, 2024 are as follows (in thousands, except lease term and discount rate):


2024 (remaining)	$	3,814
2025	7,610
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,241
Total undiscounted lease payments	239,361
Discount to present value	(91,489)
Present value of lease liabilities	$	147,872

Weighted average remaining lease term - years	27.3
Weighted average discount rate - percent	4.0

Other information related to our operating leases is as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	4,206	$	593

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Rio Grande LNG Facility under construction	$	3,720,997	$	2,431,389
Corporate and other	13,537		7,518
Total property, plant and equipment, at cost	3,734,534		$	2,438,907
Less: accumulated depreciation	(751)		(1,174)
Total property, plant and equipment, net	$	3,733,783	$	2,437,733

Background and Basis of Presentation	6 Months Ended
Background and Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG and the capture and storage of CO2 emissions. We are constructing a natural gas liquefaction and export facility located in the Rio Grande Valley in Brownsville, Texas (the “Rio Grande LNG Facility”). The Rio Grande LNG Facility has received Federal Energy Regulatory Commission (“FERC”) approval and Department of Energy (“DOE”) FTA and non-FTA authorizations for the construction of five liquefaction trains and LNG exports totaling 27 million tonnes per annum (“MTPA”). The Rio Grande LNG Facility has three liquefaction trains and related infrastructure (“Phase 1”) under construction while liquefaction trains 4 and 5 are currently in development. We are also developing a planned carbon capture and storage (“CCS”) project at the Rio Grande LNG Facility and other potential CCS projects that would be located at third-party industrial facilities. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited consolidated financial statements, have been included. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on the Company’s financial position, results of operations or cash flows. The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue until the commencement of operations at the Rio Grande LNG Facility and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of June 30, 2024, the Company had $38.1 million in cash and cash equivalents and available commitments of $26.2 million under a revolving loan facility, which may not be sufficient to fund the Company’s planned operations and development activities for future phases of the Rio Grande LNG Facility, including expected spending for Train 4 prior to a positive final investment decision (“FID”), and CCS projects through one year after the date the consolidated financial statements are issued. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The analysis used to determine the Company’s ability to continue as a going concern does not include cash sources outside of the Company’s direct control that management expects to be available within the next twelve months. The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and by managing certain operating and overhead costs. The Company’s ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company’s equity or debt securities, which itself is subject to a number of business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are satisfactory to the Company. In the event the Company is unable to obtain sufficient additional funding, there can be no assurance that it will be able to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
6.85% Senior Secured Notes due 2047	190,000		—
6.58% Senior Secured Notes due 2047	1,115,000		—
Total Senior Secured Notes and Loans	2,612,000		1,307,000
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	93,000		484,000
TCF Credit Facility	136,000		59,000
Corporate Credit Facility	27,554		—
Total debt	2,868,554		1,850,000
Unamortized debt issuance costs	(34,745)		(33,699)
Total debt, net	$	2,833,809	$	1,816,301

Senior Secured Notes and Loans

The 6.67% Senior Secured Notes, 6.85% Senior Secured Notes and 6.58% Senior Secured Notes (collectively, the “Senior Secured Notes”) as well as the 6.72% Senior Secured Loans and 7.11% Senior Secured Loans (collectively, the “Senior Secured Loans”) are senior secured obligations of Rio Grande, ranking senior in right of payment to any and all of Rio Grande’s future indebtedness that is subordinated to the Senior Secured Notes and the Senior Secured Loans, and equal in right of payment with Rio Grande’s other existing and future indebtedness that is senior and secured by the same collateral securing the Senior Secured Notes and Senior Secured Loans. The Senior Secured Notes and Senior Secured Loans are secured on a first-priority basis by a security interest in all of the membership interests in Rio Grande and substantially all of Rio Grande’s assets, on a pari passu basis with the CD Credit Agreement and the TCF Credit Facility.

Credit Facilities

Below is a summary of our committed credit facilities outstanding as of June 30, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility		Corporate Credit Facility
Total Facility Size	$	500,000	$	8,448,000	$	800,000	$	62,500
Less:
Outstanding balance	—		93,000		136,000		27,554
Letters of credit issued	158,525		—		—		—
Available commitment	$	341,475	$	8,355,000	$	664,000	$	34,946

Priority ranking	Senior secured		Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR + 2.25%		SOFR + 2.25%		SOFR + 2.25%		SOFR + 4.50%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %		1.35 %
Maturity Date	2030		2030		2030		2026

The obligations of Rio Grande under the CD Senior Working Capital Facility and CD Credit Facility are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a

first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.

The obligations of Rio Grande under the TCF Credit Agreement are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement. Total Energies Holdings SAS provides contingent credit support to the lenders under the TCF Credit Agreement to pay past due amounts owing from Rio Grande under the agreement upon demand.

The obligations of NextDecade LLC under the Corporate Credit Facility are guaranteed by Rio Grande LNG Super Holdings, LLC and Rio Grande LNG Intermediate Super Holdings, LLC, wholly owned subsidiaries of NextDecade LLC. The Corporate Credit Facility matures at the earlier of two years from the closing date or 10 business days after a positive FID on Train 4 at the Rio Grande LNG facility.

Restrictive Debt Covenants

The CD Credit Facility and the TCF Credit Facility (collectively, the “Rio Grande Facilities”) include certain covenants and events of default customary for project financings, including a requirement that interest rates for a minimum of 75% of the projected and outstanding principal amount be hedged or have fixed interest rates. The Rio Grande Facilities, the Senior Secured Loans, and Senior Secured Notes require Rio Grande to maintain a historical debt service coverage ratio of at least 1.10:1.00 at the end of each fiscal quarter starting from the initial principal payment date.

With respect to certain events, including a change of control event and receipt of certain proceeds from asset sales, events of loss or liquidated damages, the Senior Secured Notes and Senior Secured Loans requires Rio Grande to make an offer to repay the amounts outstanding at 101% (with respect to a change of control event) or par (with respect to each other event).

As of June 30, 2024, the Company was in compliance with all covenants related to its respective debt agreements.

Debt Extinguishment

As of June 30, 2024, Rio Grande has made repayments of $1,282.0 million, on the outstanding principal balance of the CD Credit Facility. As a result of these repayments, during the three and six months ended June 30, 2024, Rio Grande recognized approximately $40.1 million and $47.6 million loss on extinguishment, respectively.

Debt Maturities


	Principal Payments
2024 - 2025	$	—
2026	27,554
2027 - 2028	—
Thereafter	2,841,000
Total	$	2,868,554

Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest per contractual rate	$	46,696	$	—	$	83,287	$	—
Amortization of debt issuance costs	16,527		—		32,915		—
Other interest costs	604		—		1,155		—
Total interest cost	63,827		—		117,357		—
Capitalized interest	(37,797)		—		(65,848)		—
Total interest expense, net of capitalized interest	$	26,030	$	—	$	51,509	$	—

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	June 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes — Level 2	$	2,005,000	$	2,031,984	$	700,000	$	743,593
Senior Loans — Level 2	607,000		624,874		607,000		632,998

With the exception of the 6.58% Senior Secured Notes, the fair value of the Senior Secured Notes and Senior Secured Loans was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates on debt issued by parties with comparable credit ratings. The fair value of the 6.58% Senior Secured Notes approximates its’ carrying amount due to the close proximity of the issuance of the debt and June 30, 2024.

The fair value of the CD Credit Facility, TCF Credit Facility and Corporate Credit Facility approximates its respective carrying amount due to its variable interest rate, which approximates a market interest rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
Supplemental Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts payable for acquisition of property, plant and equipment	$ 131,074	$ 7,066
Accruals for acquisition of property, plant and equipment	311,978	0
Non-cash settlement of warrant liabilities	7,149	0
Corporate fixed asset retirements	1,256	0
Accrued liabilities for debt and equity issuance costs	3,975	7,627
Reclassification from other non-current assets to property, plant and equipment	1,867	0
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	0	13,421
Accounts Payable for debt and equity issuance costs	0	4,473
Accrued liabilities for acquisition of other non-current assets	$ 0	$ 457

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Potentially dilutive securities not included in the diluted net income (loss) per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested stock and stock units (1)	8,473	2,014	8,475	2,033
Convertible preferred stock	—	57,039	—	56,239
Common stock warrants	612	1,448	1,159	1,414
Total potentially dilutive common shares	9,085	60,501	9,634	59,686



(1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36842
Entity Registrant Name	NEXTDECADE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	574-1880
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NEXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		259,474,273
Entity Central Index Key	0001612720
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Amendment Flag	false

Net Loss Per Share - Anti-Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	9,085	60,501	9,634	59,686
Unvested stock and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	8,473	2,014	8,475	2,033
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	0	57,039	0	56,239
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	612	1,448	1,159	1,414

Consolidated Statement of Stockholders' Equity and Convertible Preferred Stock - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interest	Preferred Stock
Beginning balance at Dec. 31, 2022	$ 54,371	$ 14	$ (4,587)	$ 289,084	$ (230,140)	$ 0	$ 202,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		2		74,985
Shares repurchased related to share-based compensation			(70)
Share-based compensation				12,120
Receipt of equity commitments				0
Exercise of common stock warrants				0
Preferred stock dividends	(13,454)			(13,454)			13,421
Net loss	(147,636)				(147,636)	0
Ending balance at Jun. 30, 2023	(19,682)	16	(4,657)	362,735	(377,776)	0	215,864
Beginning balance at Mar. 31, 2023	56,836	15	(4,634)	318,942	(257,487)	0	209,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		1		39,986
Shares repurchased related to share-based compensation			(23)
Share-based compensation				10,561
Receipt of equity commitments				0
Exercise of common stock warrants				0
Preferred stock dividends	(6,754)			(6,754)			6,735
Net loss					(120,289)	0
Ending balance at Jun. 30, 2023	(19,682)	16	(4,657)	362,735	(377,776)	0	215,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders' equity	(19,682)
Total stockholders' equity	287,923
Beginning balance at Dec. 31, 2023	740,434	26	(14,214)	693,883	(391,772)	452,511	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		0		0
Shares repurchased related to share-based compensation			(153)
Share-based compensation				8,982
Receipt of equity commitments				333,293
Exercise of common stock warrants				7,149
Preferred stock dividends	0			0			0
Net loss	189,079				(4,230)	193,309
Ending balance at Jun. 30, 2024	1,278,784	26	(14,367)	1,043,307	(396,002)	645,820
Beginning balance at Mar. 31, 2024	1,131,037	26	(14,308)	897,805	(363,426)	610,940	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		0		0
Shares repurchased related to share-based compensation			(59)
Share-based compensation				4,573
Receipt of equity commitments				138,666
Exercise of common stock warrants				2,263
Preferred stock dividends	0			0			$ 0
Net loss					(32,576)	34,880
Ending balance at Jun. 30, 2024	1,278,784	$ 26	$ (14,367)	$ 1,043,307	$ (396,002)	$ 645,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders' equity	$ 632,964

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
6.85% Senior Secured Notes due 2047	190,000		—
6.58% Senior Secured Notes due 2047	1,115,000		—
Total Senior Secured Notes and Loans	2,612,000		1,307,000
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	93,000		484,000
TCF Credit Facility	136,000		59,000
Corporate Credit Facility	27,554		—
Total debt	2,868,554		1,850,000
Unamortized debt issuance costs	(34,745)		(33,699)
Total debt, net	$	2,833,809	$	1,816,301

Schedule of Line of Credit Facilities

Below is a summary of our committed credit facilities outstanding as of June 30, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility		Corporate Credit Facility
Total Facility Size	$	500,000	$	8,448,000	$	800,000	$	62,500
Less:
Outstanding balance	—		93,000		136,000		27,554
Letters of credit issued	158,525		—		—		—
Available commitment	$	341,475	$	8,355,000	$	664,000	$	34,946

Priority ranking	Senior secured		Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR + 2.25%		SOFR + 2.25%		SOFR + 2.25%		SOFR + 4.50%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %		1.35 %
Maturity Date	2030		2030		2030		2026

Schedule of Maturities of Long-Term Debt


	Principal Payments
2024 - 2025	$	—
2026	27,554
2027 - 2028	—
Thereafter	2,841,000
Total	$	2,868,554

Interest Income and Interest Expense Disclosure

Total interest expense, net of capitalized interest, consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest per contractual rate	$	46,696	$	—	$	83,287	$	—
Amortization of debt issuance costs	16,527		—		32,915		—
Other interest costs	604		—		1,155		—
Total interest cost	63,827		—		117,357		—
Capitalized interest	(37,797)		—		(65,848)		—
Total interest expense, net of capitalized interest	$	26,030	$	—	$	51,509	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	June 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes — Level 2	$	2,005,000	$	2,031,984	$	700,000	$	743,593
Senior Loans — Level 2	607,000		624,874		607,000		632,998

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On August 6, 2024, the U.S. Court of Appeals for the D.C. Circuit (the “Court”) issued an order vacating the FERC remand authorization of the Rio Grande LNG Facility on the grounds that the FERC should have issued a supplemental Environmental Impact Statement (“EIS”) during its remand process. The Court's decision will not be effective until the Court has issued its mandate, which is not expected to occur until after the appeals process has been completed. At this time, construction continues on Phase 1 at the Rio Grande LNG Facility. The Company is reviewing the Court's decision and assessing all of its options, together with the key project constituencies, including its equity partners and lenders. The Company expects to take all available legal and regulatory actions, including but not limited to, appellate actions and other strategies, to ensure that construction on Phase 1 will continue and that necessary regulatory approvals will be maintained to enable the construction of Trains 4 and 5 at the Rio Grande LNG Facility. As of August 14, 2024, the Company was in compliance with all covenants related to its respective debt agreements.

Supplemental Cash Flows (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The following table provides supplemental disclosure of cash flow information (in thousands):


	Six Months Ended June 30,
	2024		2023
Accounts payable for acquisition of property, plant and equipment	$	131,074	$	7,066
Accruals for acquisition of property, plant and equipment	311,978		—
Non-cash settlement of warrant liabilities	7,149		—
Corporate fixed asset retirements	1,256		—
Accrued liabilities for debt and equity issuance costs	3,975		7,627
Reclassification from other non-current assets to property, plant and equipment	1,867		—
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	—		13,421
Accounts Payable for debt and equity issuance costs	—		4,473
Accrued liabilities for acquisition of other non-current assets	—		457

Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities

The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings only and exclude intercompany

balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	June 30, 2024		December 31, 2023
Assets
Current assets:
Restricted cash	$	164,937	$	256,237
Derivatives	18,873		17,958
Prepaid expenses and other current assets	68		108
Total current assets	183,878		274,303
Property, plant and equipment, net	3,719,176		2,428,583
Operating lease right-of-use assets	155,378		157,053
Debt issuance costs	355,506		389,695
Derivatives	257,622		—
Other non-current assets	15,407		9,374
Total assets	$	4,686,967	$	3,259,008

Liabilities
Current liabilities:
Accounts payable	$	129,372	$	238,582
Accrued liabilities and other current liabilities	348,924		288,779
Operating lease	2,601		2,554
Total current liabilities	480,897		529,915
Operating lease	130,589		131,901
Derivatives	—		66,899
Debt, net	2,806,255		1,816,301
Total liabilities	$	3,417,741	$	2,545,016

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$ 4,206	$ 593

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 2,868,554	$ 1,850,000
Unamortized debt issuance costs	(34,745)	(33,699)
Total debt, net	2,833,809	1,816,301
CD Senior Working Capital Facility
Debt Instrument [Line Items]
Total debt	0	0
CD Credit Facility
Debt Instrument [Line Items]
Total debt	93,000	484,000
TCF Credit Facility
Debt Instrument [Line Items]
Total debt	136,000	59,000
Corporate Credit Facility
Debt Instrument [Line Items]
Total debt	27,554	0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt	$ 2,005,000	700,000
Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Total debt	$ 700,000	700,000
Senior Secured Notes \| 6.85% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Total debt	$ 190,000	0
Senior Secured Notes \| 6.58% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%
Total debt	$ 1,115,000	0
Senior Secured Loans
Debt Instrument [Line Items]
Total debt	$ 607,000	607,000
Senior Secured Loans \| 6.72% Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Total debt	$ 356,000	356,000
Senior Secured Loans \| 7.11% Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Total debt	$ 251,000	251,000
Senior Secured Notes and Loans
Debt Instrument [Line Items]
Total debt	$ 2,612,000	$ 1,307,000

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 3,734,534	$ 2,438,907
Less: accumulated depreciation	(751)	(1,174)
Total property, plant and equipment, net	3,733,783	2,437,733
Rio Grande LNG Facility under construction
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	3,720,997	2,431,389
Corporate and other
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 13,537	$ 7,518

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at June 30, 2024 and December 31, 2023. Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during either of the three and six months ended June 30, 2024 or 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-Paragraph 1
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-Paragraph 1
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-Paragraph 2
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+ Details

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative [Abstract]

Schedule of Derivative Instruments

As of June 30, 2024, Rio Grande has the following Swaps outstanding (in thousands):


Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
$	123,000	$	7,916,900	2048	3.4	%	USD - SOFR

(1) Swaps have an early mandatory termination date in July 2030.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 2,868,554	$ 1,850,000
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Amount	2,005,000	700,000
Estimated Fair Value	2,031,984	743,593
Senior Secured Loans
Debt Instrument [Line Items]
Carrying Amount	607,000	607,000
Estimated Fair Value	$ 624,874	$ 632,998

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lessee, Operating Lease, Liability, to be Paid, Maturity

Maturity of operating lease liabilities as of June 30, 2024 are as follows (in thousands, except lease term and discount rate):


2024 (remaining)	$	3,814
2025	7,610
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,241
Total undiscounted lease payments	239,361
Discount to present value	(91,489)
Present value of lease liabilities	$	147,872

Weighted average remaining lease term - years	27.3
Weighted average discount rate - percent	4.0

Lease, Cost

Other information related to our operating leases is as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	4,206	$	593

Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Rio Grande LNG Facility costs	$ 311,978	$ 268,821
Accrued interest	28,935	20,392
Employee compensation expense	6,937	9,270
Professional services	4,415	0
Other accrued liabilities	12,644	7,632
Total accrued and other current liabilities	$ 364,909	$ 306,115

Variable Interest Entity

6 Months Ended

Jun. 30, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entity

Intermediate Holdings and its wholly owned subsidiaries, including Rio Grande, have been formed to undertake construction and operation of Phase 1 of the Rio Grande LNG Facility. The Company is not obligated to fund losses of Intermediate Holdings, however, the Company’s capital account, which would be considered in allocating the net assets of Intermediate Holdings were it to be liquidated, continues to share in losses of Intermediate Holdings. Further, Rio Grande has granted the Company decision-making rights regarding the construction of Phase 1 of the Rio Grande LNG Facility and key aspects of its operation, which may only be terminated by equity holders for cause, via agreements with NextDecade LLC. Due to the foregoing, the Company determined that it holds a variable interest in Rio Grande through Intermediate Holdings and is its primary beneficiary, and therefore consolidates Intermediate Holdings in these Consolidated Financial Statements.

The following table presents the summarized assets and liabilities (in thousands) of Intermediate Holdings, which are included in the Company’s Consolidated Balance Sheets. The assets in the table below may only be used to settle the obligations of Intermediate Holdings. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings only and exclude intercompany

balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	June 30, 2024		December 31, 2023
Assets
Current assets:
Restricted cash	$	164,937	$	256,237
Derivatives	18,873		17,958
Prepaid expenses and other current assets	68		108
Total current assets	183,878		274,303
Property, plant and equipment, net	3,719,176		2,428,583
Operating lease right-of-use assets	155,378		157,053
Debt issuance costs	355,506		389,695
Derivatives	257,622		—
Other non-current assets	15,407		9,374
Total assets	$	4,686,967	$	3,259,008

Liabilities
Current liabilities:
Accounts payable	$	129,372	$	238,582
Accrued liabilities and other current liabilities	348,924		288,779
Operating lease	2,601		2,554
Total current liabilities	480,897		529,915
Operating lease	130,589		131,901
Derivatives	—		66,899
Debt, net	2,806,255		1,816,301
Total liabilities	$	3,417,741	$	2,545,016

Leases - Maturity of Operating Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 3,814
2025	7,610
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,241
Total undiscounted lease payments	239,361
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(91,489)
Present value of lease liabilities	$ 147,872
Weighted average remaining lease term - years	27 years 3 months 18 days
Weighted average discount rate - percent	4.00%

Leases - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) renewal_period	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) renewal_period	Jun. 30, 2023 USD ($)
Leases [Abstract]
Term of contract	30 years		30 years
Number of consecutive renewal term \| renewal_period	2		2
Renewal term	10 years		10 years
Operating lease costs \| $	$ 2.6	$ 0.3	$ 5.6	$ 0.7

Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4,408	$ 10,781	$ 8,847	$ 12,340
Equity awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	4,403	10,561	8,812	12,120
Liability awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 5	$ 220	$ 35	$ 220

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	480,000,000.0	480,000,000.0
Common stock, issued (in shares)	257,900,000	256,500,000
Common stock, outstanding (in shares)	257,900,000	256,500,000
Treasury stock, common (in shares)	2,200,000	2,200,000
Preferred stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Operating activities:
Net loss		$ 189,079	$ (147,636)
Adjustment to reconcile net income (loss) to net cash used in operating activities
Depreciation	$ 620	704	75
Share-based compensation expense		8,847	12,340
Derivative gain (loss)	(109,067)	(367,939)	87,450
Derivative settlements		42,503	0
Amortization of right-of-use assets		2,573	523
Loss on extinguishment of debt	40,133	47,573	0
Amortization of debt issuance costs		33,090	0
Other		3,576	5,822
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(15)	(51)
Accounts payable		2,310	309
Operating lease liabilities		(1,234)	(593)
Accrued expenses and other liabilities		16,095	557
Net cash used in operating activities		(22,838)	(41,204)
Investing activities:
Acquisition of property, plant and equipment		(1,367,886)	(52,953)
Acquisition of other non-current assets		(6,404)	(3,518)
Net cash used in investing activities		(1,374,290)	(56,471)
Financing activities:
Proceeds from debt issuance		2,300,554	0
Receipt of equity commitments		333,333	0
Repayment of debt		(1,282,000)	0
Costs associated with repayment of debt		(9,448)	0
Proceeds from sale of common stock		0	75,000
Debt issuance costs		(36,557)	0
Preferred stock dividends		0	(32)
Shares repurchased related to share-based compensation		(153)	(70)
Net cash provided by financing activities		1,305,729	74,898
Net decrease in cash, cash equivalents and restricted cash		(91,399)	(22,777)
Cash, cash equivalents and restricted cash – beginning of period		294,478	62,789
Cash, cash equivalents and restricted cash – end of period	203,079	203,079	40,012
Balance per Consolidated Balance Sheets:
Cash and cash equivalents	38,142	38,142
Restricted cash	164,937	164,937
Total cash, cash equivalents and restricted cash	$ 203,079	$ 203,079	$ 40,012

Accrued Liabilities and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Rio Grande LNG Facility costs	$	311,978	$	268,821
Accrued interest	28,935		20,392
Employee compensation expense	6,937		9,270
Professional services	4,415		—
Other accrued liabilities	12,644		7,632
Total accrued and other current liabilities	$	364,909	$	306,115

Accrued Liabilities and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Rio Grande LNG Facility costs	$	311,978	$	268,821
Accrued interest	28,935		20,392
Employee compensation expense	6,937		9,270
Professional services	4,415		—
Other accrued liabilities	12,644		7,632
Total accrued and other current liabilities	$	364,909	$	306,115

Derivatives - Interest Rate Swaps Outstanding (Details) - Rio Grande - Interest Rate Swap $ in Thousands	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Derivative, notional amount	$ 123,000
Weighted Average Fixed Interest Rate Paid	3.40%
Maximum
Derivative [Line Items]
Derivative, notional amount	$ 7,916,900

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 - 2025	$ 0
2026	27,554
2027 - 2028	0
Thereafter	2,841,000
Total	$ 2,868,554

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Share-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

We have granted shares of Company common stock, restricted Company common stock and restricted stock units to employees, consultants and non-employee directors under our 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”).

Total share-based compensation expense consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Equity awards	$	4,403	$	10,561	$	8,812	$	12,120
Liability awards	5		220		35		220
Total share-based compensation expense	$	4,408	$	10,781	$	8,847	$	12,340

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Background and Basis of Presentation (Details) $ in Thousands, t in Millions	Jun. 30, 2024 USD ($) train t	Dec. 31, 2023 USD ($)
Product Information [Line Items]
Cash and cash equivalents \| $	$ 38,142	$ 38,241
Revolving Credit Facility
Product Information [Line Items]
Available commitment \| $	$ 26,200
Rio Grande Liquefied Natural Gas Facility
Product Information [Line Items]
Number of liquefaction trains authorized	5
Liquefied natural gas export authorized, mass \| t	27
Number of liquefaction trains	3
Number of liquefaction trains under development	2

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest per contractual rate	$ 46,696	$ 0	$ 83,287	$ 0
Amortization of debt issuance costs	16,527	0	32,915	0
Other interest costs	604	0	1,155	0
Total interest cost	63,827	0	117,357	0
Capitalized interest	(37,797)	0	(65,848)	0
Total interest expense, net of capitalized interest	$ 26,030	$ 0	$ 51,509	$ 0

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

Total share-based compensation expense consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Equity awards	$	4,403	$	10,561	$	8,812	$	12,120
Liability awards	5		220		35		220
Total share-based compensation expense	$	4,408	$	10,781	$	8,847	$	12,340

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Rio Grande LNG Facility under construction	$	3,720,997	$	2,431,389
Corporate and other	13,537		7,518
Total property, plant and equipment, at cost	3,734,534		$	2,438,907
Less: accumulated depreciation	(751)		(1,174)
Total property, plant and equipment, net	$	3,733,783	$	2,437,733

Derivatives - Narrative (Details) - Interest Rate Swap $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Derivative, maximum notional amount, increase (decrease)	$ (583.1)
Realized derivative gain (loss)	30.9
Fair Value, Inputs, Level 2
Derivative [Line Items]
Derivatives	$ 276.5

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business. As of June 30, 2024, management is not aware of any claims or legal actions that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.

Income Taxes (Details) - USD ($)	6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Debt - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) d	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) d	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 40,133	$ 0	$ 47,573	$ 0
Corporate Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			2 years
Debt instrument, term, threshold past liquefaction train final investment decision \| d	10		10
CD Credit Facility
Debt Instrument [Line Items]
Extinguishment of debt, amount			$ 1,282,000
Loss on debt extinguishment	$ 40,100		$ 47,600
Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%		6.67%
6.85% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%		6.85%
6.58% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%		6.58%
6.72% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%		6.72%
7.11% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%		7.11%
Rio Grande \| CD Credit Facility and TCF Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum percentage of projected principal amount outstanding be hedged	75.00%		75.00%
Debt instrument, covenant, historical debt service coverage ratio, minimum			1.10
Rio Grande \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, covenant, repurchase price, percentage	101.00%		101.00%
Rio Grande \| Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%		6.67%
Rio Grande \| 6.85% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%		6.85%
Rio Grande \| 6.58% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%		6.58%
Rio Grande \| 6.72% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%		6.72%
Rio Grande \| 7.11% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%		7.11%

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities not included in the diluted net income (loss) per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested stock and stock units (1)	8,473	2,014	8,475	2,033
Convertible preferred stock	—	57,039	—	56,239
Common stock warrants	612	1,448	1,159	1,414
Total potentially dilutive common shares	9,085	60,501	9,634	59,686



(1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
General and administrative expense	33,902	26,795	66,407	53,067
Development expense	2,409	418	4,918	882
Lease expense	2,603	325	5,622	662
Depreciation expense	620	38	704	75
Total operating expenses	39,534	27,576	77,651	54,686
Total operating loss	(39,534)	(27,576)	(77,651)	(54,686)
Other income (expense):
Derivative gain (loss)	109,067	(87,450)	367,939	(87,450)
Interest expense, net of capitalized interest	(26,030)	0	(51,509)	0
Loss on debt extinguishment	(40,133)	0	(47,573)	0
Other, net	(1,066)	(5,263)	(2,127)	(5,500)
Total other income (expense)	41,838	(92,713)	266,730	(92,950)
Net income (loss) attributable to NextDecade Corporation	2,304	(120,289)	189,079	(147,636)
Less: net income attributable to non-controlling interest	34,880	0	193,309	0
Less: preferred stock dividends	0	6,754	0	13,454
Net loss attributable to common stockholders	$ (32,576)	$ (127,043)	$ (4,230)	$ (161,090)
Net loss per common share - basic (in usd per share)	$ (0.13)	$ (0.84)	$ (0.02)	$ (1.08)
Net loss per common share - diluted (in usd per share)	$ (0.13)	$ (0.84)	$ (0.02)	$ (1.08)
Weighted average shares outstanding - basic (in shares)	257,842	150,933	257,275	148,943
Weighted average shares outstanding - diluted (in shares)	257,842	150,933	257,275	148,943

Variable Interest Entity - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 38,142	$ 38,241
Derivatives	18,873	17,958
Prepaid expenses and other current assets	2,103	2,089
Total current assets	224,055	314,525
Property, plant and equipment, net	3,733,783	2,437,733
Operating lease right-of-use assets	168,255	170,827
Debt issuance costs	357,903	389,695
Derivatives	257,622	0
Other non-current assets	15,556	11,021
Total assets	4,757,174	3,323,801
Current liabilities:
Accounts payable	131,800	243,129
Accrued and other current liabilities	364,909	306,115
Operating leases	2,846	3,143
Total current liabilities	499,555	552,387
Operating leases	145,026	145,962
Derivatives	0	66,899
Debt, net	2,833,809	1,816,301
Total liabilities	3,478,390	2,583,367
Rio Grande
Assets, Current [Abstract]
Cash and cash equivalents	164,937	256,237
Derivatives	18,873	17,958
Prepaid expenses and other current assets	68	108
Total current assets	183,878	274,303
Property, plant and equipment, net	3,719,176	2,428,583
Operating lease right-of-use assets	155,378	157,053
Debt issuance costs	355,506	389,695
Derivatives	257,622	0
Other non-current assets	15,407	9,374
Total assets	4,686,967	3,259,008
Current liabilities:
Accounts payable	129,372	238,582
Accrued and other current liabilities	348,924	288,779
Operating leases	2,601	2,554
Total current liabilities	480,897	529,915
Operating leases	130,589	131,901
Derivatives	0	66,899
Debt, net	2,806,255	1,816,301
Total liabilities	$ 3,417,741	$ 2,545,016

Subsequent Event (Details)	Aug. 06, 2024 train
Rio Grande Liquefied Natural Gas Facility \| Subsequent Event
Subsequent Event [Line Items]
Number of liquefaction trains pending construction	2