Japan's Inpex Posts 61% Jump in Q1 Net Profit

Wednesday, May 10, 2023

Japan's Inpex posted a 61% surge in first-quarter net profit to 151.5 billion yen ($1.12 billion) as higher oil and gas sales coupled with a weaker yen boosted financials, it said on Wednesday, falling slightly short of the market expectations.

 Analysts surveyed by Refinitiv forecasted Inpex's first-quarter net profit would be 152.7 billion yen. 

The company, Japan's largest oil and gas exploration and production company, sees its full-year net profit at 300 billion yen, down 35% year-on-year. 

Inpex expects its annual net profit to go down as it expects the average Brent crude oil price to be $80 per barrel in 2023. That is down from an average last year of $94.57 per barrel, according to Refinitiv data.

Still, Wednesday's profit forecast represents an upgrade from the 270 billion yen profit guidance from the company in February. Analysts surveyed by Refinitiv forecast Inpex full-year net profit at 449.7 billion yen. 

Inpex plans to pay 64 yen per share in annual dividends on this year's results, up from 62 yen per share set for its 2022 performance. Its shares closed 0.75% down on Wednesday. 

($1 = 135.0500 yen) 

(Reuters - Reporting by Katya Golubkova; Editing by Muralikumar Anantharaman and Christian Schmollinger)

Categories: Finance Energy Industry News Activity Asia People & Company News

Related Stories

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Saipem Bags $1.5B Contract for Türkiye Largest Offshore Gas Field

PTTEP Greenlights $320M Offshore CCS Project at Arthit Gas Field in Thailand

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com