NextDecade Corporation (NASDAQ: NEXT) reported that construction at its Rio Grande LNG Facility in south Texas is progressing ahead of schedule and within budget, according to a press release providing a second quarter 2026 business update.

As of June 2026, Trains 1 and 2 had reached 74.0% overall completion, with engineering at 99.1%, procurement at 97.8%, and construction at 58.9%. Train 3 stood at 50.4% overall completion, Train 4 at 15.5%, and Train 5 at 9.4%. The company said it expects first gas into the facility in the second half of 2026 and first LNG production from Train 1 in the first half of 2027.

On the expansion front, NextDecade filed a formal application with the Federal Energy Regulatory Commission in May 2026 for Train 6 and an additional marine berth. FERC subsequently released its schedule of environmental review, indicating a final Environmental Impact Statement will be issued on June 25, 2027. The company also filed a Department of Energy application for Train 6 export authorizations and executed a reservation agreement with Baker Hughes for main refrigeration compressors for Train 6. NextDecade said it targets a final investment decision on Train 6 in the second half of 2027.

On the financial side, Rio Grande LNG Train 5, LLC issued additional installments totaling $200 million of 6.56% Senior Secured Notes due 2050, bringing the total issued to $350 million of a $500 million note program. In June 2026, a subsidiary entered into a $1.0 billion term loan bearing interest at 7.05%, maturing in June 2033. In July 2026, another subsidiary completed a $3.5 billion senior secured notes offering across four tranches, with interest rates ranging from 5.25% to 6.15% and maturities between 2031 and 2041. Proceeds were used to repay outstanding credit facility borrowings. Related interest rate swap settlements generated approximately $109 million in receipts.

NextDecade also reported that its main intake substation was energized in May 2026, and over 100 operational employees were seconded to contractor Bechtel in June as part of commissioning preparations.