Inpex lifts full year profit estimate by 17%
Japanese oil and gas company Inpex on August 8 lifted its 2022 profit estimate by 17% as higher realised product prices and the depreciation of the Japanese yen against the US dollar boosted the first-half earnings.
Inpex expects the full-year profit to be 350bn yen ($2.6bn) versus the previous forecast of 300bn yen. The company reported an almost 255% year/year jump in net profit in the first half of 2022. It realised an average Brent oil price of $104.94/barrel, up 61% year/year. The exchange rate in the first half was 123.15 yen per US dollar against 107.82 yen in the same period of last year.
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The company expects to realise an average Brent oil price of $95/barrel for the full year compared with the previous estimate of $85/barrel. It expects the exchange rate to be 125 yen per US dollar from the previous forecast of 120 yen.