By Kosaku Narioka


Inpex shares rose sharply Thursday morning after the Japanese energy company raised its earnings projections for 2023 and announced a share buyback and dividend increases.

The shares were recently 17% higher at 2,119.5 yen.

Inpex said Wednesday after market close that it would buy back up to Y100.0 billion ($695.8 million) of its own shares by Dec. 29 and that it could repurchase as much as 6.1% of its outstanding shares under the program.

The energy company said the buyback was aimed at improving capital efficiency and shareholder returns.

Inpex also increased its dividend forecast for 2023 to Y74.00 per share from Y64.00 previously projected.

The company raised its earnings projections for this year, citing a weaker yen and stronger-than-expected earnings so far. It expects the Japanese currency to trade at Y135.0 per dollar in the second half, compared with Y128.8 per dollar previously projected, and it forecasts Brent crude oil to be at $80.1 a barrel in the second half, compared with $79.0 a barrel previously forecast.

Inpex now expects revenue to fall 13% to Y2.031 trillion in 2023, up from Y1.994 trillion previously forecast, and net profit to fall 31% to Y320.00 billion, higher than Y300.00 billion it previously guided for. Inpex's first-half net profit climbed 38% from a year earlier to Y254.255 billion.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

08-09-23 2256ET