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Energy company Inpex raises profit forecast, seeks to boost value

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TOKYO : Japanese oil and gas explorer Inpex on Wednesday raised its full year net profit forecast by 7 per cent and announced measures to boost the company's value and shareholder returns, including a dividend increase and share buyback.To address the country's number of undervalued stocks, Tokyo Stock E

TOKYO : Japanese oil and gas explorer Inpex on Wednesday raised its full year net profit forecast by 7 per cent and announced measures to boost the company's value and shareholder returns, including a dividend increase and share buyback.

It also raised its annual dividend forecast to 74 yen a share from its previous prediction of 64 yen. Indonesia's Pertamina and Malaysia's Petronas agreed with Shell last month to buy its 35 per cent stake in the Abadi project, also known as the Masela gas block, for up to $650 million, moving the project forward after years of delay.

 

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