Inpex reports 97% jump in profit in 2022
Japanese energy company Inpex on February 9 reported a 97% year/year increase in profit to 438.2bn yen ($3.34bn) in 2022 owing to higher realised oil prices and a weaker yen.
The company realised an average oil price of $99/barrel last year, up from $70.9/b in the prior year. The yen dropped almost 20% again the US dollar, boosting Inpex’s earnings.
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In 2023, the company expects to generate a net profit of 270bn yen, down 38% yr/yr. This year Inpex expects realised oil price to be $75/b and the yen rising to 125/US dollar from 131.6/US dollar in 2022, it said.
Inpex said it plans to invest 496bn yen into business development this year, up from 336bn yen spent in 2022.