Inpex's (TYO:1605) profit attributable to owners of the parent fell 13% to 109.4 billion yen in the first quarter from 126.3 billion yen a year earlier, according to a Tokyo bourse filing on Wednesday.
Japan's largest oil and gas exploration company's earnings per share decreased to 94 yen from 105.38 yen a year ago.
Revenue dropped 6.5% to 501.8 billion yen in Q1 from 536.9 billion yen in the prior-year period.
Inpex raised its earnings forecast for 2026, citing stable operations at the Ichthys Project and updated assumptions for crude oil prices and exchange rates from the second quarter onward.
The company now expects attributable profit of between 350 billion and 450 billion yen from 330 billion yen initially, basic EPS of between 300.95 yen and 386.94 yen from 283.17 yen, and revenue of between 2.004 trillion and 2.291 trillion yen from 1.893 trillion yen.
Inpex plans to pay interim and year-end dividends of 54 yen per share each for the year, which is higher than amount paid in the year-ago period.