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HOUSTON - NextDecade Corporation (NASDAQ:NEXT), a natural gas transmission and distribution company with a market capitalization of $2.19 billion, announced the departure of Eric Garcia, its principal accounting officer, effective March 24, 2025. The company, which currently carries a substantial debt burden of $4.07 billion, stated that Garcia’s departure was not due to any disagreements or issues related to the company’s financial disclosures or accounting practices. According to InvestingPro analysis, the company faces challenges with cash burn and profitability metrics.
Following Garcia’s exit, Luke Boylston, age 36, has been appointed as the interim principal accounting officer as the company searches for a permanent replacement. Boylston joined NextDecade in October 2023 as Senior Director and Controller. His prior experience includes serving as Chief Accounting Officer at Battle Motors, Inc., Financial Controller for TotalEnergies (EPA:TTEF) Gas & Power North America, and various roles at Tellurian (NYSE:TELL) Inc., including Controller.
Boylston’s educational background includes a Bachelor of Business Administration in Accounting from Texas Tech University, a Master of Science in Accountancy from the University of Houston, and an MBA from Rice University. He is also a Certified Public Accountant in Texas.
The company has confirmed that there are no familial ties between Boylston and any directors or executive officers of the company, nor does he have any material interest in any transactions that would require disclosure under SEC regulations.
This leadership change comes as NextDecade continues to navigate the energy and transportation sector, with a focus on the natural gas market. The company’s financial health indicators show a concerning current ratio of 0.69 and a high debt-to-equity ratio of 10.77. For deeper insights into NextDecade’s financial metrics and additional analysis, investors can access more than 10 exclusive ProTips through InvestingPro. The information reported is based on a statement from a press release.
In other recent news, NextDecade Corporation has secured a $175 million loan through its subsidiary, Rio Grande LNG Super Holdings, LLC, from General Atlantic Credit’s Atlantic Park Fund. The funds are intended to repay existing financial obligations and support the development of expansion trains 4 and 5 at the Rio Grande LNG Facility. This financial development aligns with the company’s strategy to enhance its LNG export capacity and carbon capture initiatives. Additionally, Stifel analysts have raised their price target for NextDecade shares from $13 to $15, maintaining a Buy rating. The increase follows the company’s announcement of expansion plans for the Rio Grande LNG terminal, which include adding Trains 6, 7, and 8. Analysts from Stifel also note that the Final Investment Decision for Train 4 could be made soon, contingent on overcoming regulatory hurdles. The U.S. Court of Appeals for the D.C. Circuit recently revised its judgment, allowing construction at the terminal to proceed while awaiting a supplemental Environmental Impact Statement from the Federal Energy Regulatory Commission. These developments are seen as significant for NextDecade’s growth and production capabilities.
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