Inpex profit up 58pc
TOKYO: Inpex, Japan's biggest oil developer, has reported a 58 per cent rise in nine-month net profit thanks to high oil prices, allowing it to raise its full-year profit forecast.
Inpex also raised its full year dividend forecast to 5,500 yen ($46.27) per share from the previous 4,000 yen. Inpex, owned 36 per cent by the government, said its net profit totalled 86.82 billion yen ($730.4 million) in the nine months to December, up from 54.97 billion yen a year earlier.
The company raised its full-year net profit forecast to 105 billion yen from its 93 billion yen estimate in August. If achieved, that would represent a 37 per cent increase from the 2004/05 net profit of 76.49 billion yen. The forecast compares with a consensus estimate of 106.59 billion yen in a poll of 11 analysts.
Inpex, like other oil companies, has benefited from high oil prices.
"While oil sales volumes increased by 3.7 per cent, the average sales price rose to $54.41 a barrel in the April-December period from $37.96 a year earlier. That is about a 43 per cent surge," said Mutsuhisa Fujii, Inpex's executive senior vice-president.
A $1-per-barrel change in oil prices would affect Inpex's earnings by 1 billion yen for the year, Fujii said. It raised its estimate for international benchmark Brent crude price to $58.11 a barrel for the year to March 31 from the previous $49.45.
Inpex's smaller rival Japan Petroleum Exploration (Japex) reported a 68 per cent jump in a nine-month profit, and raised its full-year net profit forecast by 16.3 per cent.
BG Group earnings rise 114pc on strong oil prices
LONDON: British gas and oil firm BG Group has posted a 114 per cent rise in fourth quarter net profit, excluding exceptionals, on the back of strong oil and gas prices.
BG said in a statement underlying net profit was 504 million pounds ($878.9 million) in the fourth quarter, compared to 236 million pounds in the last quarter of 2004. A poll of seven analysts had given an average forecast of 463 million.
BG said operating profit, excluding one-offs, rose by 97 perc ent to 858 million pounds, compared to an analysts' consensus forecast of 805 million pounds.
Occidental Petroleum net income rises to $1.15 billion
NEW YORK: Occidental Petroleum has posted higher earnings for the fourth quarter, fuelled by continued strong energy prices and gains in production.
Net income increased to $1.15 billion, or $2.84 per share, from $742 million, or $1.86 per share, a year earlier. Net sales rose to $4.33 billion from $3.08 billion a year earlier.
The company, the first American oil concern to return to Libya after the US government lifted sanctions against the African country, said it produced 24,000 barrels of oil equivalent per day there in the quarter.
Overall, daily production in the quarter increased by 5.6 per cent over last year, the company said.
