NEXT - Why NextDecade's Stock Is Soaring Today
Shares of NextDecade (NASDAQ: NEXT) soared more than 24% by 11 a.m. EDT on Wednesday. Fueling the LNG stock were modifications to its Rio Grande project, which will see it build fewer liquefaction trains yet yield the same annual production.
NextDecade plans to optimize its Rio Grande LNG project thanks to advances in technology. When the LNG project developer started moving forward with Rio Grande about five years ago, it based the project on building six LNG trains capable of producing 4.5 million metric tons of LNG per year. However, technology has evolved since then, which will allow it to produce more LNG per train with fewer carbon emissions. Because of that, NextDecade plans to build Rio Grande using five trains instead of six, which still will be capable of producing a combined 27 million metric tons of LNG per year.
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