Earnings impact of crude oil price and exchange rate fluctuations
First written in FY2016. 12 of 36 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-06.
Japan Petroleum Exploration moved to the "Worse" side of this theme in 2020, 4 years after the typical company in this theme (2016).
The whole theme swung hardest in 2020: 5 of 9 companies on the "Worse" side.
0 other companies' latest entry also says "Softened".
- FY2026WorsenedAnnual report
「The company estimates that its operating profit for the fiscal year ending March 2027 will increase by ¥760 million for every $1-per-barrel rise in oil prices and decrease by ¥760 million for every $1-per-barrel fall.」
Operating profit sensitivity per $1 change in oil prices increased from ¥370 million in the previous fiscal year to ¥760 million, indicating a larger estimated earnings impact from market fluctuations. - FY2026-H1MaterialisedAnnual report
「Segment profit was ¥17,289 million, down ¥3,254 million year on year (△15.8%), mainly because lower crude oil prices and a stronger yen against the previous corresponding period worsened the sales margins for crude oil and natural gas, including LNG.」
Deterioration in sales margins due to lower crude oil prices and a stronger yen materialized as a 15.8% year-on-year decline in Japan segment profit. - FY2025SoftenedAnnual report
「The company estimates that its operating profit for the fiscal year ending March 2026 will increase by ¥370 million for every $1-per-barrel rise in oil prices and decrease by ¥370 million for every $1-per-barrel fall.」
Operating profit sensitivity per $1 change in oil prices declined from ¥620 million in the previous fiscal year to ¥370 million. The company also disclosed foreign exchange sensitivity of ¥450 million per ¥1. - FY2025-H1Reversal from foreign exchange gains and equity in earnings of affiliates to lossesAnnual report
「Ordinary profit was ¥25,815 million, down ¥13,319 million year on year (△34.0%), mainly because equity in earnings of affiliates turned into equity in losses of affiliates and foreign exchange gains turned into foreign exchange losses.」
Equity in earnings of affiliates reversed to equity in losses of affiliates, and foreign exchange gains reversed to losses, resulting in a ¥13,319 million year-on-year decline in ordinary profit. - FY2024WorsenedAnnual report
「For example, the company estimates that its operating profit for the fiscal year ended March 2025 would fluctuate by ¥620 million for every $1-per-barrel increase or decrease in oil prices.」
Operating profit sensitivity to oil prices rose from ¥470 million in the previous fiscal year to ¥620 million. Foreign exchange sensitivity was also disclosed at ¥580 million per ¥1 per US dollar, indicating a substantial estimated earnings impact from market fluctuations. - FY2024-Q3WorsenedAnnual report
「The main reasons for the year-on-year increase in revenue but decline in profit were increased crude oil sales volumes in North America and the Middle East, offset by calmer market prices for crude oil and other commodities and lower selling prices for crude oil, natural gas, and electricity. Ordinary profit was ¥48,162 million, down ¥9,716 million year on year (△16.8%), mainly due to decreases in equity in earnings of affiliates and foreign exchange gains.」
Lower selling prices as market prices moderated reduced gross profit, while decreases in equity in earnings of affiliates and foreign exchange gains also contributed, resulting in a 16.8% year-on-year decline in ordinary profit. The impact of fluctuations in prices, foreign exchange rates, and other factors materialized in the current quarter. - FY2024-Q2Decline in ordinary profit due to lower foreign exchange gainsAnnual report
「Ordinary profit was ¥39,135 million, down ¥3,948 million year on year (△9.2%), mainly due to decreases in equity in earnings of affiliates and foreign exchange gains.」
Decreases in equity in earnings of affiliates and foreign exchange gains materialized as a ¥3,948 million year-on-year decline in ordinary profit. - FY2023WorsenedAnnual report
「For example, the company estimates that its operating profit for the fiscal year ended March 2024 would fluctuate by ¥470 million for every $1-per-barrel increase or decrease in oil prices.」
Operating profit sensitivity to oil prices rose from ¥240 million in the previous fiscal year to ¥470 million, while foreign exchange sensitivity also increased to ¥570 million per ¥1 per US dollar, indicating a greater earnings impact from market fluctuations. - FY2022SoftenedAnnual report
「For example, the company estimates that its operating profit for the fiscal year ended March 2023 would fluctuate by ¥240 million for every $1-per-barrel increase or decrease in oil prices.」
Operating profit sensitivity to oil prices declined from ¥560 million disclosed for the previous fiscal year to ¥240 million. Sensitivity to foreign exchange rates was also disclosed at ¥410 million per ¥1 per US dollar, resetting market sensitivity after the change in the business structure. - FY2022-Q3RestatedAnnual report
「Recently, oil supply and demand have remained tight, reflecting the OPEC+ policy of maintaining production cuts and a global surge in LNG prices caused by factors including political instability in Ukraine. Crude oil prices have also been trending upward, although」
The company continues to describe how external market conditions, including crude oil and LNG prices, affect earnings, and additionally cites OPEC+ production cuts and the situation in Ukraine as short-term factors behind higher prices. - FY2022-Q2RestatedAnnual report
「The main reasons for the year-on-year increases in revenue and profit were improved sales margins for domestic crude oil and diluted bitumen due to higher crude oil prices and increased electricity sales volumes following the Fukushima Natural Gas Power Plant's operation throughout the year, despite a decrease in revenue caused by presenting most crude oil purchase and sales transactions on a net basis following the adoption of the revenue recognition accounting standard.」
Improved sales margins due to higher crude oil prices and increased electricity sales volumes drove higher revenue and profit, again confirming the structure in which price fluctuations affect earnings. - FY2022-Q1Improvement in the impact of prices and foreign exchangeAnnual report
「The main reasons for the year-on-year decline in revenue but increase in profit were improved sales margins for domestic crude oil and diluted bitumen due to higher crude oil prices, and increased electricity sales volumes following the Fukushima Natural Gas Power Plant's operation throughout the year. Ordinary income was ¥10,491 million, up ¥20,066 million year on year, mainly because foreign exchange losses turned into gains and equity in earnings of affiliates increased.」
Improved sales margins due to higher crude oil prices and the shift from foreign exchange losses to gains reversed the impact on earnings from a loss in the previous corresponding period to a profit. - FY2021WorsenedAnnual report
「The company estimates that its operating profit for the fiscal year ended March 2022 would fluctuate by ¥560 million for every $1-per-barrel increase or decrease in oil prices.」
Operating profit sensitivity to oil prices increased from ¥520 million to ¥560 million and was quantified. The fiscal year's crude oil CIF price also fell from $68.11 in the previous fiscal year to $42.91. - FY2021-Q3WorsenedAnnual report
「The main reasons for the year-on-year declines in revenue and profit were lower volumes and selling prices for crude oil lifted from the Garraf oil field in southern Iraq and for domestic crude oil and natural gas, together with deterioration in the sales margin for diluted bitumen.」
Lower sales volumes and selling prices for crude oil and natural gas, together with deterioration in the sales margin for diluted bitumen, occurred simultaneously and continued to emerge as specific factors behind the declines in revenue and profit for the cumulative period. - FY2021-Q2WorsenedAnnual report
「The main reasons for the year-on-year declines in revenue and profit were lower volumes and selling prices for crude oil lifted from the Garraf oil field in southern Iraq and for domestic crude oil and natural gas, together with deterioration in the sales margin for diluted bitumen.」
Lower sales volumes and selling prices for crude oil and natural gas, together with deterioration in the sales margin for diluted bitumen, resulted in revenue of ¥98,127 million and a quarterly net loss attributable to owners of the parent of ¥6,975 million. - FY2021-Q1WorsenedAnnual report
「The main reasons for the year-on-year declines in revenue and profit were lower volumes and selling prices for crude oil lifted from the Garraf project in Iraq and for domestic crude oil and natural gas, together with deterioration in the sales margin for diluted bitumen.」
Lower sales volumes and selling prices for crude oil and natural gas, together with deterioration in the sales margin for diluted bitumen, occurred simultaneously and became specific factors behind the current quarter's declines in revenue and profit. - FY2020WorsenedAnnual report
「For example, based on estimates, the company's operating profit for the fiscal year ended March 2021 was expected to fluctuate by ¥520 million for every $1-per-barrel increase or decrease in the crude oil CIF price, assuming certain conditions including a crude oil CIF price of $40 per barrel. This includes the impact of changes in LNG procurement costs linked to crude oil prices. Operating profit was also expected to fluctuate by ¥640 million for every C$1-per-thousand-cubic-feet increase or decrease in Canadian natural gas prices.」
The impact of fluctuations in oil and Canadian natural gas prices on operating profit was quantified, and the sharp decline in crude oil prices toward fiscal year-end was also disclosed. - FY2020-Q3RestatedAnnual report
「Ordinary profit was ¥19,849 million, up ¥7,574 million year on year, as foreign exchange losses turned into gains, despite decreases in equity in earnings of affiliates and gains on the reversal of asset retirement obligations recorded in the previous corresponding period.」
The shift from foreign exchange losses to gains was again confirmed as a factor increasing ordinary profit. Ordinary profit rose ¥7,574 million year on year to ¥19,849 million. - FY2020-Q2RestatedAnnual report
「Ordinary profit was ¥13,636 million, up ¥12,342 million year on year, as foreign exchange losses turned into gains, despite a decrease in equity in earnings of affiliates.」
The shift from foreign exchange losses to gains was again confirmed as a factor increasing ordinary profit. Ordinary profit rose ¥12,342 million year on year to ¥13,636 million. - FY2020-Q1Reversal from a foreign-exchange loss to a gainAnnual report
「Ordinary income was ¥8,909 million, an improvement of ¥12,091 million year on year, as foreign exchange losses primarily turned into foreign exchange gains. The previous corresponding period recorded an ordinary loss of ¥3,181 million.」
The impact of foreign exchange movements reversed from a foreign exchange loss in the previous corresponding period to a gain, improving ordinary income from a loss of ¥3,181 million to income of ¥8,909 million. - FY2019-Q3RestatedAnnual report
「Ordinary profit was ¥12,275 million, up ¥8,163 million year on year, as the increase in equity in earnings of affiliates and the decrease in depreciation of idle fixed assets recorded in the previous corresponding period outweighed the impact of foreign exchange gains turning into losses. The latter depreciation related to JACOS's termination of bitumen production using the SAGD method (*) in the 3.75-section Hangingstone area (DEMO area), with the relevant property, plant and equipment depreciated using the units-of-production method.」
The shift from foreign exchange gains to losses continued to appear as a factor reducing ordinary profit, reaffirming the impact of price and foreign exchange fluctuations on earnings. - FY2019-Q2WorsenedAnnual report
「Ordinary profit was ¥1,293 million, down ¥7,594 million year on year, as foreign exchange gains turned into foreign exchange losses, despite an increase in equity in earnings of affiliates.」
The impact of foreign exchange movements turned from foreign exchange gains to losses, and ordinary profit fell ¥7,594 million year on year to ¥1,293 million. - FY2019-Q1WorsenedAnnual report
「Revenue was ¥57,623 million, down ¥2,180 million year on year (△3.6%), while gross profit was ¥5,079 million, down ¥4,569 million (△47.4%). The main reason for the year-on-year declines in revenue and profit was a decrease in sales volumes of crude oil and natural gas, despite higher selling prices.」
Although crude oil and natural gas prices rose, sales volumes declined, resulting in lower revenue and profit and an operating loss of ¥2,634 million. The impact of price and volume fluctuations on earnings became quantifiable in the current quarter. - FY2018-Q3RestatedAnnual report
「The main reasons for the year-on-year increases in revenue and profit were higher selling prices for crude oil and natural gas, as well as increased domestic natural gas sales volumes.」
The company continues to disclose the structure in which fluctuations in crude oil and natural gas prices and sales volumes affect earnings. In the cumulative third quarter, higher prices and increased domestic natural gas sales volumes drove higher revenue and profit. - FY2018-Q2RestatedAnnual report
「The main reasons for the year-on-year increases in revenue and profit were higher selling prices for crude oil and natural gas, together with increased domestic natural gas sales volumes.」
The company continues to disclose the impact of fluctuations in crude oil and natural gas prices and sales volumes on earnings. In the current cumulative quarter, higher prices and increased domestic natural gas sales volumes drove higher revenue and profit. - FY2017RestatedAnnual report
「The crude oil CIF price in the fiscal year initially stood in the high-$30s per barrel, gradually recovered, and reached the mid-$50s in February, influenced by the OPEC production-cut agreement in November, before remaining at that level toward fiscal year-end.」
Changes in crude oil prices and foreign exchange rates continue to be described as external factors affecting selling prices and earnings. - FY2017-Q3RestatedAnnual report
「Revenue for the cumulative third quarter was ¥144,678 million, down ¥42,724 million year on year (△22.8%), while gross profit was ¥20,668 million, down ¥16,796 million (△44.8%). The main reasons for the year-on-year declines in revenue and profit were lower selling prices for crude oil and natural gas, together with lower sales volumes of domestically produced crude oil and domestic natural gas.」
Lower selling prices and sales volumes for crude oil and natural gas continued to be cited as the main reasons for lower revenue and profit in the cumulative third quarter, resulting in an operating loss of ¥1,676 million. - FY2017-Q2RestatedAnnual report
「The main reasons for the year-on-year declines in revenue and profit were lower selling prices for crude oil and natural gas, together with lower sales volumes of domestically produced crude oil and domestic natural gas.」
Lower selling prices for crude oil and natural gas and lower domestic sales volumes continued to be cited as factors behind the declines in revenue and profit for the cumulative second quarter. Revenue fell 26.3% year on year, and the operating loss was ¥3,213 million. - FY2017-Q1WorsenedAnnual report
「Revenue was ¥42,096 million, down ¥17,938 million year on year (△29.9%), while gross profit was ¥6,446 million, down ¥7,543 million (△53.9%). The main reasons for the year-on-year declines in revenue and profit were lower selling prices for crude oil and natural gas, as well as lower sales volumes of domestically produced crude oil and domestic natural gas.」
In addition to lower selling prices for crude oil and natural gas, sales volumes also declined, with the impact on earnings expanding and becoming quantifiable as lower revenue and profit and an operating loss of ¥974 million. - FY2016First statedAnnual report
「The crude oil CIF price remained around $110 per barrel through the summer, but fell sharply from early autumn due to increased supply, including higher shale oil production in the United States, and remained weak at around $50 at fiscal year-end.」
Oil prices fell from around $110 to around $50, with the impact on selling prices and earnings emerging in the current period.