Japan’s Top Oil and Gas Explorer Raises Shareholder Returns Despite Profit Drop

The largest Japanese oil and gas explorer, Inpex, is raising returns for shareholders to a record-high, despite posting a decline in its first-half net profit. On Thursday, Inpex reported a net profit of $1.5 billion (212.5 billion Japanese yen) for the six months ending June 30, 2024, which was down by 14.5% compared to the same period last year. However, Inpex’s revenues and operating profit rose by 10.4% and 15.3%, compared to the year-ago levels, respectively. The decline in the net profit was attributed to increased tax payments…