NEXT - This Huge News Has NextDecade Stock Up Nearly 50% Today
2023-06-14 15:59:57 ET
Shares of liquid natural gas (LNG) export start-up NextDecade (NASDAQ: NEXT) rocketed higher on June 14, up nearly 50% by 4 p.m. in what was otherwise a pretty calm day for most of the market. It's certainly a different direction than many oil and gas stocks, with the Energy Select Sector SPDR ETF (NYSEMKT: XLE) down about 1% for the day.
Today's sharp move higher comes on the news that two giants in the energy industry, privately held Global Infrastructure Partners, and French multinational super-major TotalEnergies (NYSE: TTE) entered into framework agreements that would enable NextDecade to move forward with building its Rio Grand LNG export facility.
NextDecade has worked for years to secure partnerships and the funding to move forward with the Rio Grande LNG facility. The facility promises its customers access to both lower-cost natural gas from Texas' massive Permian Basin and Eagle Ford shale, which hold an estimated 700 trillion cubic feet of economically accessible gas. Additionally, NextDecade's plan to reduce carbon emissions by up to 90% via carbon capture and storage, should make it one of the lowest-carbon sources of LNG in the world.
For further details see:
This Huge News Has NextDecade Stock Up Nearly 50% Today