Inpex reports 94% jump in profit in January-September

Japanese oil and gas company Inpex on November 8 reported a 94.2% year/year increase in net profit for the January-September period owing to higher realised energy prices and weaker yen against the US dollar.

The company booked a net profit of 267.4bn yen ($1.83bn) during the January-September period versus 137.7bn yen last year.

The average price of overseas crude oil increased by 52.2% yr/yr and overseas natural gas prices rose by 56.9% yr/yr. The average sales price of domestic natural gas increased by 76.3% yr/yr. The average exchange rate of the Japanese yen against the US dollar on consolidated net sales depreciated by 18.1%, to 128.33 yen/$.

Meanwhile, the company has revised higher its profit forecast for the full year as it expects oil prices to remain elevated and the yen to remain weak against the US dollar. Inpex now expects the 2022 net profit to be 400bn yen compared with the previous estimate of 350bn.