Japan · Delayed Price · Currency is JPY Inpex Earnings Call Transcripts
Fiscal Year 2026
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Record-high first-half profit and a projected full-year net profit of JPY 510 billion were achieved, driven by portfolio diversification and strong Ichthys performance, offsetting Abu Dhabi sales declines due to the Strait of Hormuz closure. Shareholder returns reached record levels, and major growth projects like Abadi and Ichthys are progressing well.
Fiscal Year 2025
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Net profit for FY2025 was JPY 393.8 billion, with a FY2026 forecast of JPY 330 billion based on conservative oil and FX assumptions. Investments will double to JPY 850 billion, focusing on Abadi and capacity expansion, while maintaining a dividend of JPY 108 per share.
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Net profit for the first half reached JPY 220 billion, with a full-year forecast of JPY 370 billion, driven by strong Ichthys LNG performance and structural profit enhancements. Growth investments and shareholder returns are both being increased, while Abadi LNG and CCS projects advance.
Fiscal Year 2024
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Revenue and profit rose in FY2024, driven by FX gains and tax optimization, despite production issues. FY2025 profit is forecast to decline due to lower oil prices and Ichthys shutdown, but cash flow and investment remain strong. Vision 2035 targets 60% growth in cash flow and 60% carbon intensity reduction.
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Ichthys LNG is recovering from production setbacks, with full output targeted by November, while Abadi LNG advances toward FEED and aims for a mid-10% IRR. Decarbonization projects hinge on government support and carbon pricing, and stable cash flow supports ongoing investment and shareholder returns.
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Interim profit reached JPY 212.5 billion, with full-year net income forecast at JPY 360 billion, supported by stable oil prices and a weak yen. Shareholder returns total JPY 235 billion, and despite recent volatility, earnings are expected to surpass last year.