BAKU, Azerbaijan, November 14. In a financial update, leading energy company INPEX reveals a 5.7 percent decrease in net sales for the nine months ending September 30, 2023, amounting to ¥1,601.8 billion, Trend reports.
This decline is attributed to a reduction in the sales price of crude oil.
The breakdown of net sales highlights a notable 11.4 percent decrease in net sales of crude oil, amounting to ¥1,167.4 billion. In contrast, net sales of natural gas experienced a 14.8 percent increase, reaching ¥419.2 billion. Sales volume saw a 1.8 percent rise in crude oil, totaling 104,728 thousand barrels, while natural gas sales volume increased by 12.5 percent, totaling 362,722 million cf.
The overseas market played a significant role in the positive trend, with sales volume of overseas natural gas increasing by 15.9 percent to 290,811 million cf. On the domestic front, sales volume of natural gas increased by 0.7 percent, reaching 1,920 million m3 (71,654 million cf).
Factors contributing to the decline in net sales include a unit sales price reduction of ¥262.5 billion, partially offset by a sales volume increase contributing ¥63.0 billion. The average exchange rate of the Japanese yen against the U.S. dollar depreciated by 7.6%, influencing the net sales decrease by ¥102.7 billion.
Cost of sales decreased by 3.9 percent to ¥654.5 billion, while exploration expenses and selling, general, and administrative expenses increased by 3.5 percent and 7.2 percent, respectively. Consequently, operating income decreased by 8.4 percent to ¥839.3 billion.
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