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Inpex H1 revenue falls 14.5%, unveils dividend walking, share buybacks

Japan's biggest oil and gas explorer Inpex on Thursday reported a 14.5% drop in its firsthalf net profit, but raised its yearly dividend forecast and revealed an additional share buyback strategy to improve shareholder returns.

For the complete year, it stayed with its earnings forecast of 360 billion yen ($ 2.5 billion) regardless of lower than predicted output at its crucial Ichthys liquefied natural gas project in Australia.

Net profit for the 6 months through June 30 was up to 212.6 billion yen from 248.5 billion a year previously due to increased expedition expenditures in Australia and higher tax payments.

Still, the company raised its yearly dividend forecast to 86 yen per share from 76 yen and increased its annual share buyback plan to 130 billion yen from 50 billion yen, leading to a. record overall investor return of about 65%.

Offered our strong full-year earnings outlook, we chose to. redeem additional shares and considerably increase the. dividend, Daisuke Yamada, senior vice president, informed a news. conference.

Slower LNG output at Ichthys due to operational concerns will. minimize yearly profit by 4 billion yen from the business's May. estimate, but this will be offset by a favorable impact from the. yen's depreciation, to name a few aspects, Yamada stated.

Ichthys' Train 2 was closed down due to a gas leakage on July 20,. but returned online on July 28.

Overall LNG production at Ichthys has actually recuperated to 85% of. pre-issue levels and is anticipated to return to full capacity. after totally dealing with the problem throughout prepared one-week. upkeep in early October, Yamada said.

The slower production will decrease the number of freights to. be delivered from Ichthys in 2024 by between one and five cargoes,. according to a company representative. The plant shipped 76. cargoes from January to July.

(source: Reuters)