Inpex on Thursday forecast a 38% fall in net income this year to ¥270 billion ($2 billion) due to lower oil prices and a stronger yen, after soaring energy prices carried it to a record 2022.
A rapid recovery in demand after the end of pandemic lockdowns and a surge in crude oil and natural gas prices, driven by Russia's invasion of Ukraine boosted profits for energy companies worldwide last year.
Japan's top oil and gas exploration and production company posted a 97% jump in full-year net profit to a record ¥438.2 billion.