#1February 2022 Rio Grande LNG A subsidiary of NextDecade Corporation#2Disclaimer and Forward-Looking Statements This Presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding the future results of operations and financial position of NextDecade Corporation and its subsidiaries (collectively, the "Company"), its strategy and plans, its expectations for future operations and transactions, environmental regulatory and legislative matters and future demand and supply affecting liquefied natural gas ("LNG") and general energy markets, are forward-looking statements. The words "anticipate," "contemplate," "estimate," "expect," "project," "potential," "plan," "initial," "intend," "believe," "may," "might," "will," "would," "could," "should," "can have," "likely," "continue," "design" and other words and terms of similar expressions, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations, and objectives and financial needs. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, actual results could differ from those expressed in its forward-looking statements. The Company's future financial position and results of operations as well as any forward-looking statements are subject to change and inherent risks and uncertainties. You should consider the Company's forward-looking statements in light of a number of factors that may cause actual results to vary from its forward-looking statements regarding general business activities or its LNG and carbon capture and storage ("CCS") business lines including, but not limited to: progress and timing in the development of and final investment decision ("FID") in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the "Terminal"); the successful completion of the Terminal by third-party contractors and a pipeline to supply gas to the Terminal being developed by a third-party (the "Pipeline"); the Company's ability to develop its CCS business line through deployment and operation of CCS processes that capture and store carbon dioxide ("CO2") emissions at third-party facilities and at the Terminal (the "CCS project"); the accuracy of estimated costs for the Terminal, the CCS project, and implementation of the CCS processes at third-party facilities; operational characteristics of the Terminal, the CCS project, and the CCS processes, when completed or implemented, including amounts of liquefaction capacities or amount of CO2 captured and stored; the development risks, operational hazards, and regulatory approvals applicable to the Company's LNG and CCS development, construction, and operations activities; the global demand for and price of LNG; the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG and CCS industries, including environmental laws and regulations that impose significant compliance costs and liabilities; scope of implementation of carbon pricing regimes aimed at reducing greenhouse gas emissions that reasonably price emission costs; global development and maturation of emissions reduction credit/offset markets; adverse changes to existing and planned CCS tax incentive regimes; global pandemics, including the 2019 novel coronavirus pandemic, and their impact on the Company's business and operating results, including any disruptions in the Company's operations or development activities and the health and safety of the Company's employees, and on the Company's customers, the global economy, the demand for LNG, and number and scale of implemented CCS projects; risks related to doing business in and having counterparties in foreign countries; technological innovation which may lessen the Company's anticipated competitive advantages; the Company's ability to secure additional corporate and/or project debt and equity financing in the future at levels required to execute its business plans; the Company's ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which the Company is engaged; management of growth; general economic conditions; the Company's ability to generate cash; compliance with environmental laws and regulations; and the result of future financing efforts and applications for customary tax incentives. We may not be able to complete the anticipated transactions described in this presentation. FID is subject to the completion of financing and commercial arrangements that may not be completed within the time frame expected or at all. Additional factors that you should consider are set forth in detail in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K as well as other filings the Company has made and will make with the Securities and Exchange Commission which, after their filing, can be found on the Company's website, www.next-decade.com. Financial forecasts, estimates, or other forward-looking financial information included in this presentation is meant for illustrative purposes only and does not purport to show estimates of actual future financial performance over any particular period. The information on such slides assumes the completion of certain commercial, financing, and other transactions. Such transactions may not be completed on the terms we assume or at all. Actual commodity prices and the terms of commercial and financing arrangements may vary materially from those assumed for the purposes of the illustrative financial performance information. Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts the Company, or should its underlying assumptions prove incorrect, its actual results may vary materially from those anticipated in its forward-looking statements and, its business, financial condition and results of operations could be materially and adversely affected. You should not rely upon forward-looking statements as predictions of future events. In addition, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company cautions readers that the information contained in this presentation is only current as of the date of this presentation and, therefore, except as required by applicable law, the Company does not undertake any obligation to publicly correct or update any forward-looking statement. NASDAQ: NEXT NEXT DECADE NextDecade Corporation 1000 Louisiana Street, Suite 3900 Houston, Texas 77002 USA NEXT DECADE 1#3Location 984-acre site leased from the Port of Brownsville, Texas Rio Grande LNG Export Project Capacity Storage Marine Facilities RGLNG CCS Technology EPC Pipeline 27 million metric tonnes per annum (mtpa) Deepwater port 4 x 180,000m³ full containment LNG tanks access Carbon Capture and Storage* Proven technology PRODUCTS LSTK EPC Contract Superior Fully permitted for 5 Trains Supporting marine infrastructure >90% CO2 reduction Baker > Hughes ABB BECHTEL Rio Bravo & Valley Crossing CENBRIDGE pipeline reliability wwwww NEXT NEXT * Limited amendment filed at FERC in November 2021 for CCS Project at RGLNG. FERC approval of CCS Project at RGLNG expected in 2022 NEXT DECADE wwwww NEXT DECADE RIO GRANDE LNG 2#4RGLNG Commercial Offerings Meet the Needs of LNG Buyers Sustainable Gas Supply Responsibly Sourced Gas Carbon Mitigation Multiple Gas Indexes Alternative Indexes Contract Tenors Verified GHG Footprint HH Agua Dulce Brent 10-20 Years Carbon Credits from CCS Project JKM TTF Shipping Full Destination Flexibility No Revenue Sharing Rio Grande LNG offers the greenest LNG on the water, priced off a variety of LNG pricing indexes, and flexible contract tenors, to meet the needs of LNG buyers RIO GRANDE LNG 3#5Our Commitments to the Rio Grande Valley Community CO₂ Target carbon-neutrality at Rio Grande LNG through carbon capture and storage (CCS) Invest significantly in the Rio Grande Valley's future and be part of the community for the long term Educate current and future generations Work with leading producers to acquire responsibly sourced gas and meet our net-zero power pledge Reduce visual impacts of Rio Grande LNG by optimizing plant design, muting color schemes, and more Mitigate impacts to wetlands and wildlife RIO GRANDE LNG 4#6Rio Grande LNG Carbon Capture and Storage Project Targeting carbon-neutrality at Rio Grande LNG Expected to capture and store more than five (5) million metric tonnes of CO2 per year ⚫ Greater than 90% reduction in CO2 emissions from initial FERC filing Expected cost to be $74 per metric tonne (MT) including financing costs ($57/MT before financing) of CO2 captured¹ ⚫ Limited amendment filed at FERC in November 2021; FERC approval expected in 2022 Rio Grande LNG (27 mtpa) CO2 Emissions Reduction² 6 Trains 5 Trains ~ 21% 5 Trains > 90% Original FERC Filing (May 2016) Design Optimization (July 2020) CCS with Proprietary Processes (Current State) 1 Includes capex, opex, financing, and CO2 transportation and storage cost, subject to final design and approval. | 2 The original FERC filing for Rio Grande LNG (May 2016) was for a 6-train project capable of producing 27 mtpa of LNG for export. In July 2020, NextDecade announced a series of optimizations that will result in an LNG project capable of producing 27 mtpa with five LNG trains. Emissions profiles are presented on the basis of a 5-train project and are presented for comparison with the originally filed 6-train project. Subject to applicable federal and state regulations. RIO GRANDE LNG 5#7With CCS, RGLNG is Expected to Produce the World's Greenest LNG Project Canary Project Canary is focused on delivering independent, trusted, continuous emissions monitoring data and related technologies to assess environmental performance across the energy value chain NextDecade and Project Canary are developing a framework, the first in the global LNG industry, for independent certification of the GHG intensity of the associated gas supply chain and LNG sold from Rio Grande LNG Independent measurement and certification of gas supply chain emissions Responsibly Sourced Gas Gathering, Processing, Transportation Net-Zero Power n >> Rio Bravo Pipeline Rio Grande LNG Terminal Rio Grande LNG is expected to produce the greenest LNG in the world by combining: . Emissions reduction associated with our CCS project Responsibly sourced gas Our pledge to use net-zero electricity CO₂ Capture CO₂ Sequestratiom RIO GRANDE LNG 6#8South Texas Location Advantages Southern Louisiana LNG Risks Gas Supply Access Risk LNG corridor plus other regional gas demand (Ammonia, Chemicals etc.) Pipeline transport constraints limit mitigation of supply imbalance Geographic Concentration Risk The State of Texas offers the deepest inventory of economic natural gas resource in the world 700 Tcf of natural gas resource in the Permian Basin and Eagle Ford Shale combined¹ The Permian Basin and Eagle Ford Shale will produce significant quantities of low-cost natural gas for decades Enbridge sponsored Rio Bravo Pipeline connects Rio Grande LNG to the significant, low-cost gas supplies in the Permian and Eagle Ford basins • Weather Risk Louisiana LNG Geographic Concentration Risk Supply Concentration - mtpa 2 2030 Total Upper Tx. / La. LNG Supply Capacity 85 Global LNG Supply Capacity (Forecasted) 504 Tx. / La. Border Supply Capacity as % of Global Supply 17% Weather Risk - Hurricanes Since 1990 No. of Category 3 to 5 storms landing in Louisiana No. of Category 3 to 5 storms landing near Brownsville 10 1 Susceptible to single event catastrophic risk With upper TX Gulf Coast supply included, forecasted to be Global LNG capacity by 2030 17% of - 2020 was most active hurricane season in Louisiana history Marcellus 530 Tcf Two category 4 hurricanes landed in LNG corridor over last 15 months Pipeline capacity constraints restrict Marcellus and Haynesville supplies into Southern Louisiana Permian 600 Tcf HV 200 Tcf LOUISIANA TEXAS Eagle Ford 100 Tcf LNG facilities operating and under construction Rio Grande LNG Gulf of Mexico • Rio Grande LNG is only fully permitted LNG facility in South Texas Rio Grande LNG benefits from ample Permian / Eagle Ford gas supply Brownsville area has not incurred a hurricane strength storm since 2008 1 Permian, Eagle Ford, Haynesville (HV) and Marcellus natural gas resource data from Enverus | 2 Source: Wood Mackenzie - includes Operating and In Construction liquefaction capacity from Calcasieu Pass, Cameron, Freeport, Golden Pass, and Sabine Pass RIO GRANDE LNG 7#9Rio Grande LNG Expected EPC Cost¹ Lump-sum turnkey (LSTK) EPC agreements enhance certainty of project execution for first three (3) Trains All five (5) Trains using proven and dependable Air Products C3MR™ technology and Baker Hughes rotating equipment BECHTEL Summary of LSTK EPC Agreements Trains 2 Trains 3 Capacity Up to 11.74 mtpa (5.87 mtpa per train) Capacity Up to 17.61 mtpa (5.87 mtpa per train) EPC cost 2 Cost per tonne 2 ~ $7.5 billion $638 EPC cost 3 Cost per tonne ~ $10 billion $568 Two (2) Train workplan includes full site preparation, which is expected to reduce cost per tonne of the remaining trains Rio Grande LNG is expected to be one of the lowest cost greenfield LNG project built on the U.S. Gulf Coast Full 5 Train EPC Costs estimated to be $500/tonne4 ~ 1 Bechtel EPC contract price validity expired December 31, 2021. Final EPC contract pricing to be determined prior to FID. | 2 The expected EPC cost for 2 trains includes two 180,000 cubic meter storage tanks and one marine berth. | 3 The expected EPC cost for 3 trains includes two 180,000 cubic meter storage tanks and two marine berths. | 4 Assuming nameplate capacity and estimated total EPC cost for five (5) Trains. 8 RIO GRANDE LNG#10Sources of Revenue for the World's Greenest LNG Facility 27 mtpa of LNG at 5 Train capacity • LNG sales - Portfolio of SPAS U.S. Gov't Incentives LNG Sales RIO GRANDE LNG Carbon Credits - Greater than 5 million tonnes of CO2 captured and stored annually at full 5 Train capacity - Independent measurement and certification of GHG intensity of gas supply chain Carbon Credits Each carbon credit: Represents one tradeable tonne of CO2 from emissions reduction from an independently verified project Can be bought by any person, company, or government that wants to offset the emissions they are generating Available for sale to: Rio Grande LNG's customers Global Carbon Credit markets U.S. Government incentives $50/MT1 of CO2 captured and permanently stored U.S. Tax Code Section 45Q provides a tax credit for CO₂ captured and permanently stored Credits awarded to taxpayer that owns the capture equipment 1 An increase to $85/MT is currently being discussed in Congress RIO GRANDE LNG 9#11mtpa 750 Analysts' LNG Supply and Demand Curve¹ 700 650 Implied 4.5% CAGR in Analysts' Demand Growth from 2021 to 2030 143 mtpa Implied 3.0% CAGR in Analysts' Supply Growth from 2021 to 2030 600 550 500 450 400 350 Historical Demand CAGR of 6.5% applied through 2030 300 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Analysts' Ops & In Cons Supply (3.0% CAGR) Buyer Exposure #1 - FIDs for Demand Growth? > 4.1% Analysts' LNG Demand (4.5% CAGR 2021 - 2030) 73 mtpa 504 mtpa wwwww Buyer Exposure #2 - FIDs for Analysts' LNG Demand Historical LNG Demand (6.5% CAGR from 2019) • LNG market supply is short in 2021 (red circle), resulting in higher LNG market prices in 2021 LNG demand through 2030 is forecasted to exceed 'operating' and 'in construction' LNG supply by at least 73 mtpa If historical CAGR of 6.5% is realized in demand growth to 2030, then a further shortfall in LNG supply of 143 mtpa is implied 1 Analysts: Data from FGE, IHS Markit, Poten, and Wood Mackenzie updated to Q4 2021 | 2 Adjusted Operating & In Construction capacity for Force Majeure, Cancellation and other sponsor issued statements RIO GRANDE LNG 10#12mtpa 300 Global Natural Gas Fundamentals Comparing Analysts' New LNG Supply & Regas Capacity¹ 200 'In Construction' and 'Approved' re-gas capacity exceeds 'In Construction' new liquefaction supply capacity to 2030 by 12 mtpa. Proposed re-gas capacity totaling 151 mtpa is Asia focused. 100 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 New Regas CODs Precede New LNG Supply CODs XXX Analysts' In Construction & Approved Regas² Analysts' Proposed New Regas Facilities Analysts' In Construction LNG Supply 151 mtpa Installed Capacity in Gigawatts 1,700 1,600 1,500 1,400 Global Installed Gas Powered Generation Capacity Growth 3 2020 2025 Gigawatts of Generation Capacity 2030 Incremental Natural Gas Consumed by New Capacity • • 'In Construction' and 'Approved' re-gas capacity exceeds 'In Construction' new LNG supply throughout the decade to 2030 2 Proposed new re-gasification capacity, totaling an incremental ~ 151 mtpa by 2030, further increases need for incremental new LNG supply FIDs Non-US gas-fired installed generation capacity is expected to grow by ~215 GWs to 2030, implying new natural gas demand of 165 mtpa on an LNG basis 2 1 Analysts: Data from FGE, IHS Markit, Poten, and Wood Mackenzie updated to Q4 2021 | 2 Adjusted Operating & In Construction capacity for Force Majeure, Cancellation and other sponsor issued statements | 3 Source: US EIA (October 2021) - amounts are forecasted global gas-fired generation capacity to 2030 minus US gas-fired capacity growth forecast to 2030. Gas consumed assumes a 7000-heat rate and a 65% load factor 100 200 Incremental Gas Consumed in MTPA Equivalent 11 RIO GRANDE LNG#13$/MMBtu $/MMBtu $40 $35 $30 $25 $20 $15 $10 SA SA $5 2021 Spot Price Month Unsustainably high natural gas prices causing Energy Crisis in Europe and Asia Current Market Trends $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Henry Hub TTF JKM $30 JKM $20 $10 Historical and Forward Prices HH DES* Arbitrage opportunity Dec Reflections: • . • • Idiosyncratic and structural issues converged in 2021, resulting in unsustainably high gas prices Structural energy issues in Europe and Asia from underinvestment in infrastructure and energy supply Gas price forwards optimistically assume structural correction of current price drivers by 2026 Supply/demand fundamentals indicate demand pressure will continue for the foreseeable future Henry Hub prices continue to remain stable long-term Conclusions: • . Significant new LNG project FIDs are needed to correct structural supply/demand challenges, and required to revert the current global natural gas prices back to mean Increasing importance will be placed on diversity of gas supply in balancing regional energy requirements $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Sources: Platts historical prices, forwards per Tullett Prebon as of December 31, 2021. *DES into Asia assumes 115% HH + $2.50 liquefaction fee + $2.00 shipping. 12 RIO GRANDE LNG#14Rio Grande LNG Milestones Permits EPC SPAS All major approvals in hand including the LNG terminal design, and the ability to mobilize to site and perform full site preparation and test pilings Lump sum, turnkey contract with Bechtel Expected to be one of the lowest cost U.S.G.C. greenfield LNG projects built Shell SPA: 2 mtpa, 20-year FOB contract SPA negotiations advancing with multiple counterparties in Europe and Asia Competitively Priced, Greenest LNG¹ Financing To commence upon execution of additional SPAS 4 FID Expected in second half of 2022 on a minimum of two trains (11 mtpa) De-Risked and Shovel Ready 1 Limited amendment filed at FERC in November 2021 for CCS Project at RGLNG. FERC approval of CCS Project at RGLNG expected in 2022 RIO GRANDE LNG 13#15LNG Industry Leading Executives and an Experienced Multi-Disciplinary Team RIO GRANDE Mr. Matt Schatzman Chairman and Chief Executive Officer Mr. Ivan Van Der Walt Chief Operating Officer Mr. Brent Wahl Chief Financial Officer Chief Marketing Officer Ms. Vera De Brito de Gyarfas Mr. James MacTaggart General Counsel and Corporate Secretary Please refer to www.next-decade.com/about-us/senior-leadership/ for full biographies of these Executives 14 14#16Rio Grande LNG is a Differentiated U.S. Gulf Coast LNG Export Project • • • • • • Competitively priced, greenest LNG Lump sum, turnkey EPC contract with Bechtel Mature project design using proven equipment Air Products C3MR™ Technology Baker Hughes Rotating Equipment ABB Digital Technologies Flexible pricing and tenor offerings Targeting carbon neutrality through deployment of carbon capture and storage Capturing and permanently storing both pre-treatment and post-combustion CO2 emissions Expected to capture greater than 90% of CO2 emissions totaling more than 5 million tonnes of CO2 per year Independent measurement and certification of gas supply chain emissions • Only fully permitted LNG facility in South Texas • . Location advantage reduces gas supply, geographic concentration, and weather risks relative to Louisiana area LNG projects Multiple revenue sources: LNG sales, Carbon Credit sales and 45Q tax incentives . Industry leading executives supported by an experienced multi-disciplinary team Rio Grande LNG is de-risked and shovel ready RIO GRANDE LNG 15#17Estimated RGLNG Distributions to NEXT Rio Grande LNG Export Project with CCS Trains 1 - 5: Distributions to NEXT from LNG Sales ($ billions) 1 Distributions to NEXT from Captured CO2 ($ billions)² Total Distributions to NEXT ($ billions) Trains 1 - 3: Distributions to NEXT from LNG Sales ($ billions) 1 Distributions to NEXT from Captured CO2 ($ billions)² Total Distributions to NEXT ($ billions) Trains 4 - 5: Distributions to NEXT from LNG Sales ($ billions)1 Distributions to NEXT from Captured CO2 ($ billions)2 Total Distributions to NEXT ($ billions) Estimated Annual RGLNG Distributions to NEXT $ 0.95$ 1.20 0.13 $ 1.08 $ 1.33 - $ 0.40 $0.55 0.08 $ 0.48 $ 0.63 - $ 0.55 $0.65 0.05 Estimated liquefaction fee ($/mmBtu) Estimated revenue from deploying CCS ($/MT) 2 $ 0.60 $ 0.70 - $ $ 2.50 100 1 Estimated annual distributions to NEXT from 20-year offtake agreement LNG sales at full commercial operations for each train for the first 10 years. Calculated as cash flow from operations minus project financing costs. Assumes all project capital from third parties with range of estimated distributions to NEXT based on financing assumptions. Assumes 5.4 mtpa production for each train at Rio Grande LNG. | 2 Estimated distributions to NEXT from captured CO2 at the Rio Grande LNG facility at full commercial operations. Calculated as cash flow from operations minus financing costs. Assumes revenue derived from monetization of 45Q tax incentives and Carbon Credits sales. Assumes all project capital from third parties. The estimated values set forth herein assume that the Company will achieve its financial projections in all material respects. Such financial projections reflect the Company's best currently available estimates and reflect its good faith judgments. Events and conditions subsequent to this date as well as other factors could have a substantial effect upon the estimated values. The Company gives no assurance that the estimated values will prove to be correct and does not undertake any duty to update them. Please refer to the slide titled "Disclaimer and Forward-Looking Statements." RIO GRANDE LNG 16#18NextDecade is a clean energy company accelerating the path to a net-zero future www.next-decade.com For Further Information Regarding Our Business, Please Refer to: NextDecade Corporate Presentation NEXT Carbon Solutions Presentation