Inpex Reports 1st Annual Loss in Over a Decade
Japanese oil and gas explorer Inpex on February 10 reported a loss of yen 111.6bn ($1.1bn) for the 12 months ending December 31, as a result of lower realised oil and gas prices.
The loss marks the company’s first annual one in over a decade. It had reported a profit of yen 123.5bn in the previous year.
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Inpex’s average realised crude oil price last year was $43.21/barrel, down from $64.16/b in 2019. It realised an average gas price of $3.61/'000 ft3, down 16.6% year/year.
The company’s sales fell 34% yr/yr to yen 771bn. Crude oil sales were yen 505.5bn, down 42% yr/yr while natural gas sales fell over 11% yr/yr to yen 250.5bn, Inpex said.
Inpex had last year booked significant impairment losses in the first half of last year, mostly on its Australian LNG assets.
Moving forward, Inpex expects to recover to a yen 100bn profit this year, assuming an average oil price of $53/barrel. Sales revenues are expected to grow by 14.5% to yen 883bn.