INPEX is at an inflection point, both in terms of output and free cash flow. Investments in Ichthys and Prelude have now concluded, with both projects onstream at the end of 2018. As these developments ramp up, INPEX will enjoy a renewed period of output growth and financial strength. The company has already started to test the M&A market in Australia and onshore US. But gearing and total debt are at record highs and we expect management to take a pause before executing on its Vision 2040. Our latest corporate report reviews the challenges facing INPEX and whether it can deliver on its ambitious corporate targets.