Japan's Inpex raises 2022 profit estimate
Japanese energy company Inpex on May 11 raised the profit estimate for the year ending December 31, 2022 thanks to higher-than-expected oil prices and the depreciation of the Japanese yen against the US dollar.
The company expects to book a profit of 300bn yen ($2.3bn) during the year, up from its February forecast of 250bn yen. Inpex now expects to realise an average Brent oil price of $85/barrel in 2022 against $75/barrel. The yen's rate against the dollar is expected to be 120 yen versus 110 yen.
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During the three months to March 31, 2022 (Q1), Inpex’s net profit grew 146% year/year to a record 94.09bn yen. Its net sales jumped 99% yr/yr to 485.3bn yen. The company realised an average Brent crude oil price of $97.9/barrel, up 59.7% yr/yr.
Inpex expects to make a final investment decision on Abadi LNG project in Indonesia in the latter half of this decade and start production early in the next, managing executive director Daisuke Yamada told a news conference, according to a Reuters report.