BAKU, Azerbaijan, May 14. Japan's INPEX Corporation reported a 10% decline in consolidated revenue for the first quarter of 2025, with total revenue falling by ¥59.9 billion to ¥536.8 billion compared to the same period last year, Trend reports via the company.
The drop was attributed to both lower sales volumes and prices in the crude oil and natural gas segments.
Revenue from crude oil fell by 12.5% year-on-year to ¥393.9 billion, while natural gas revenue slipped 2.0% to ¥136.1 billion. Crude oil sales volumes dropped 8.3% to 34.2 million barrels, and natural gas sales declined 4.1% to 125.6 billion cubic feet (cf). Overseas natural gas sales were down 5.3%, while domestic sales edged up slightly by 0.4%.
Average sales prices also declined, with overseas crude oil down 6.9% to $75.49 per barrel and overseas natural gas down 3.7% to $5.16 per thousand cf. Conversely, domestic natural gas prices rose 5.1% to ¥81.01 per cubic meter.
Despite the revenue drop, the depreciation of the yen against the dollar—down 2.6% to ¥152.40—partially offset the decline, contributing ¥11.9 billion to the revenue side.
INPEX said the ¥59.9 billion revenue decrease was mainly due to lower sales volumes (-¥41.8 billion), reduced unit sales prices (-¥28.9 billion), and a ¥1 billion decrease in revenue from non-oil and gas businesses, with currency effects providing some relief.
