LNG-heavy: operator of Ichthys LNG (Australia, ~66%, ~8.9 Mtpa), minority in Prelude FLNG, developing Abadi/Masela (Indonesia), Kashagan (Kazakhstan), ADMA/Lower Zakum (UAE/ADNOC), and Japan domestic gas; growing renewables/hydrogen/ammonia and CCS.
Strong balance sheet (net debt/EBITDA <0.5x); progressive dividend plus buybacks; METI golden share and Japanese energy-security mandate shape governance. Flags: single-asset concentration in Ichthys, long-delayed Abadi, FX translation, Kashagan risk.
Its EV/EBITDA of 3.7x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 10.5% is higher than the 6.5% median, and at $6.02/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Inpex scores 64/100, strongest on valuation (70/100). Sub-scores: value 70, quality 62, growth 57, risk 38 (higher = riskier).
Inpex holds approximately 5.5 billion boe of proved (1P) reserves with FY2025 production of about 638 thousand boe/d (62% liquids), a reserve life of roughly 23.6 years. Break-even: ~$40 (Brent breakeven) — Portfolio ~$35-40/bbl Brent; LNG revenue largely oil-price-linked; dividend breakeven ~$40-45.
For Inpex, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Australia | 40% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
| UAE / Middle East | 20% | 26 | Stable; ADNOC-led concessions, limited foreign equity share. |
| Japan | 15% | 7 | Stable; import-dependent, no material upstream. |
| Kazakhstan | 10% | 64 | Export-route (CPC) dependence on Russia, contract disputes. |
| Indonesia | 8% | 51 | Gross-split PSCs, resource nationalism, declining oil output. |
| Other | 7% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Ichthys LNG | Australia | LNG | operator ~66%, flagship |
| Prelude FLNG | Australia | LNG | minority |
| Abadi / Masela | Indonesia | Gas/LNG | development |
| Kashagan | Kazakhstan | Oil | minority |
| ADMA / Lower Zakum | UAE | Offshore oil | ADNOC concessions |
| Japan domestic | Japan | Gas | domestic supply |
| West Bakr | Egypt | Oil | onshore |
| Iraq (Block 10) | Iraq | Oil | exploration/appraisal |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 555 | 585 | 610 | 635 | 638 |
| Proved reserves (bnboe) | 5.60 | 5.50 | 5.50 | 5.50 | 5.50 |
| Revenue ($bn) | 8.0 | 13.5 | 16.5 | 15.5 | 13.2 |
| EBITDA ($bn) | 4.2 | 8.5 | 9.5 | 8.5 | 8.9 |
| Net income ($bn) | 2.2 | 4.6 | 5.1 | 3.9 | 2.6 |
| Free cash flow ($bn) | 1.2 | 3.2 | 3.5 | 2.8 | 2.6 |
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✓ FY2025 figures verified against primary sources:
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