10:00AM Tokyo, 8:00PM New York - Inpex Holdings net income rose in the nine months ended December 31st by 9.6% to 117.2 billion yen from a year earlier as sales volumes of crude oil and gas increased.

Nine Months Earnings Review

Inpex Holdings reported a net sales rise of 17.6% in the nine months to December 31st of 857 billion yen from 729 billion yen realized in the year ago period as sales volumes of both gas and Brent crude oil rose.

In the nine-month period, net income jumped 9.6% from 107 billion yen realized a year ago to 117 billion yen.

Operating income increased 14.8% from 430.8 yen in the year earlier to 494.8 billion yen, while ordinary income grew 12.6% to 481 billion yen from 427 billion yen in the comparable year-ago period.

Revenue

Inpex oil revenues climbed 23% from a year ago in the nine months to December 31st to 556 billion yen on a 4.4% increase in sales volumes from 60,444 Mbbl to 63,127 Mbbl.

In addition, oil prices increased 16.5% in the period from $64.19 barrels per day to $74.81 barrels per litre.

Gas sales rose in the period to 280 billion yen from 256 billion yen from a year ago as sales volumes of overseas production jumped 1.6% to 250,514 Mcf from 246,628 Mcf.

Price increases for gas, which grew from $7.66 to $7.85 Mcf also positively impacted the revenues.

Outlook

Inpex Holdings raised its forecasts for full-year sales through March 31st to rise 13.4% to 1.16 trillion yen from the November forecast of 1.02 trillion yen as oil prices are projected to increase to $79.30 per barrel from $65.80 per barrel.

Net income for the year is projection is increased to 20.5% to 153 billion yen from the previous estimate in November of 127 billion yen.

Operating income forecasts were revised upwards 22.4% to 682 billion yen from 557 billion, while ordinary income performance was lifted by 22% from 540 billion yen to 659 billion yen.