Inpex Corp

1605: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎9,769.00	Ncf	Tktxcgg

Initiating Coverage on No-Moat Inpex Corporation, Japan’s Largest Oil and Gas Company

Mark Taylor

Sep 3, 2024

We initiate coverage of Inpex Corporation with a fair value of JPY 2,300 per share. Japan’s largest oil and gas company has oil and gas projects across multiple continents, including the Ichthys liquefied natural gas project in Australia and oil fields in Abu Dhabi. We forecast group fiscal 2024 production of 236 million barrels of oil equivalent, or mmboe. Sixty percent of the revenue comes from offshore Abu Dhabi oil fields, followed by Australia and Southeast Asia at 20%, predominantly via Ichthys.

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