Venture Global Inc. (VG) stock rose Tuesday after the liquefied natural gas exporter reported better-than-expected third-quarter earnings and raised its full-year 2026 adjusted EBITDA forecast. Because nothing says "we had a good quarter" quite like also announcing you might get into the AI power business.

CEO Mike Sabel said LNG production reached the upper end of expectations. The company exported 124 cargoes totaling 467.1 trillion British thermal units (TBtu), up 24 cargoes and 95.3 TBtu from a year earlier.

Sabel also highlighted plans to explore off-grid power solutions for AI data centers using the company's existing infrastructure and natural gas resources. That's a notable pivot for an LNG exporter, and it lands right as every company with a gas pipeline and a dream is trying to figure out how to sell electrons to hyperscalers.

Venture Global Beats Earnings and Revenue Estimates

Venture Global reported earnings of 96 cents per share, beating the analyst estimate of 51 cents. That's nearly double what Wall Street was looking for.

Revenue jumped 43% year over year to $4.8 billion, topping the $4.687 billion estimate. Adjusted EBITDA climbed 69% to $2.6 billion.

The company declared a quarterly dividend of 4 cents per share, payable Dec. 31 to shareholders of record Dec. 15.

LNG Projects Advance As Production Expands

Calcasieu Pass: The facility produced 37 LNG cargoes during the quarter, meeting expectations and exceeding supply commitments. Venture Global expects higher fourth-quarter output following summer maintenance. It also plans investments in 2027 to increase production later that year.

Plaquemines: Phase 1 began commercial operations Oct. 31, with six cargoes already loaded for customers. Phase 2 remains on track for mid-2027.

The company also plans a final investment decision on its expansion by mid-2027, with production targeted for 2029, subject to regulatory approvals.

CP2: Construction continues, with 24 of 36 liquefaction modules on site. First LNG production is expected in mid-2027.

Venture Global targets an early 2027 investment decision for its 10 million metric tons per annum (MTPA) expansion, with production expected in late 2028.

Venture Global Raises 2026 Profit Forecast

Venture Global raised its full-year adjusted EBITDA forecast to $10 billion-$10.3 billion, up from $8.7 billion-$9.1 billion. That's a big bump, and it tells you management sees a lot of cash coming down the pipe.

The forecast assumes average liquefaction fees of $21-$22 per million British thermal units (MMBtu) for remaining unsold cargoes.

The company also increased its annual cargo forecast to 509-518 from 500-518.

About 99% of available 2026 cargoes are contracted at an average fee of $6.46 per MMBtu.

Venture Global expects Calcasieu Pass to export 152-154 cargoes and Plaquemines to ship 357-364 cargoes this year.

AI Data Centers Offer New Growth Opportunity

In October, Venture Global signed framework agreements with GE Vernova Inc. (GEV) and Baker Hughes Energy Services for up to 16 new 720-megawatt power island units and related equipment.

The agreements could support the company's AI data center ambitions. In plain English: Venture Global wants to use its gas and infrastructure to power the AI boom, potentially off-grid, which is the kind of sentence that would have sounded insane five years ago and now sounds like a standard growth strategy.

Venture Global also secured 2 MTPA in new or expanded 20-year LNG supply agreements.

These include a 1 MTPA deal with ConocoPhillips (COP), starting in 2030, and a 0.5 MTPA agreement with China Gas, beginning when the CP2 expansion enters commercial operations.

Venture Global also expanded an existing 20-year agreement by 0.5 MTPA.

VG Price Action: Venture Global shares were up 4.75% at $12.36 during premarket trading on Tuesday, according to market data.