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INPEX Corporation corporate report

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13 March 2019

INPEX Corporation corporate report

Report summary

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.

Table of contents

  • Stock market rating leaves much to be desired
  • Current strategic positioning
  • Strategic priorities and opportunities
  • 1. Reduce debt and raise the value proposition for investors
    • Option 1: Abadi LNG in Indonesia
    • Option 2: expansion of Ichthys LNG in Australia
    • Option 3: other developments and exploration upside
  • 3. New business development – M&A and discovered resource access

Tables and charts

This report includes 41 images and tables including:

  • UPDATE: INPEX share price performance
  • Benchmark: market discount to WM NPV10
  • INPEX: strategic fit of upstream regions
  • INPEX: evolution of upstream NPV10
  • INPEX: WM production outlook
  • INPEX: resource theme evolution NPV10
  • Benchmark: upstream development capex per boe
  • INPEX: upstream development capex by country
  • INPEX: WM evolution of net debt
  • INPEX: WM corporate cash flow breakeven outlook
  • INPEX: M&A deal spend
  • INPEX: total resource traded through M&A
  • INPEX: exploration & appraisal spend and reinvestment
  • INPEX: net active exploration acreage by water depth
  • INPEX: Top asset by NPV,10 value
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: by region
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Base price assumptions
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • INPEX: gas into LNG by project
  • Cost breakevens for selected Australian LNG projects
  • INPEX operated-only blocks in the Browse basin surrounding the Ichthys field
  • Benchmark: new project returns
  • INPEX: new project returns

What's included

This report contains:

  • Document

    INPEX Corporation Q4 2018.xlsx

    XLSX 1.19 MB

  • Document

    INPEX Corporation corporate report

    ZIP 2.30 MB

  • Document

    INPEX Corporation corporate report

    ZIP 2.30 MB

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