Japan’s biggest oil and gas explorer Inpex raised its forecast for annual net profit by 5 per cent on Thursday, as lower-than-expected costs offset reduced shipment from its key Ichthys liquefied natural gas project in Australia due to maintenance.
The company now expects net profit of 390 billion yen ($2.6 billion) for 2025, up from its August projection of 370 billion and above analysts’ estimate of 370.9 billion yen in an LSEG poll.
Net profit for the period from January to September rose 1.4 per cent on the year to a record 293.4 billion yen.
“Although the shutdown maintenance at Ichthys took slightly longer than expected, weighing on profits, some expenses were not fully recorded, resulting in stronger outlook,” Daisuke Yamada, senior managing executive officer, told a press conference.