Weak oil prices and greater caution in customer capital spending

「Overseas, capital investment plans in the LNG, oil and petrochemical sectors have begun to move forward around the world.」

「Overseas, capital investment plans in the LNG, oil and petrochemical sectors have begun to move forward around the world.」

「Changes in global economic conditions and social and political circumstances, the status of protectionist trade policies, economic sanctions and diplomatic relations, shifts in national energy policies, and market trends in crude oil, LNG and metal resource prices may cause customers to cancel or postpone investment plans or change their content, or cause customers' or partners' financial condition to deteriorate, thereby affecting the performance of our Group.」

「If the situation involving Russia and Ukraine deteriorates as the conflict becomes prolonged and exceeds our assumptions, it could adversely affect the performance of our Group. We will continue to monitor the situation and take appropriate action.」

「Moreover, because uncertainty surrounding this risk has resulted in widespread customer reviews of investment plans, we recognize that our order plans will inevitably be affected to some extent and are working to analyze the situation.」

「We are also working to analyze the situation surrounding moves by customers to review their investment plans against a backdrop of stagnation in the global economy and falling crude oil and gas prices.」

「At the same time, we are working to analyze the situation surrounding moves by our customers to review their investment plans.」

「In LNG, various developments toward realizing new major projects continue against a backdrop of solid demand growth in emerging countries and elsewhere.」

「During the first quarter, crude oil prices showed a slight downward trend, declining from the $60 range to the $50 range. In LNG, however, various developments toward realizing new major projects were observed against a backdrop of solid demand growth in emerging countries and elsewhere.」

「From a long-term perspective, structural changes in energy supply and demand are expected, but customers' appetite for investment in LNG projects remains strong against a backdrop of robust LNG demand growth. This represents a favorable environment for our Group, which has built a strong track record in the LNG business.」

「Crude oil prices remained stable in the range from the latter half of the $60s to the first half of the $70s per barrel. For LNG as well, against a backdrop of solid demand growth led mainly by China, activity toward customers' final investment decisions for new major projects was becoming more active.」

「Against a backdrop of solid growth in demand, activity toward customers' final investment decisions for new major LNG projects has gradually begun to progress.」

「Although customer final investment decisions for new major LNG projects have not yet fully materialized, some activity toward investment decisions, including bidding, has begun and is gradually progressing.」

「Crude oil prices are recovering toward the $50-per-barrel range. Although customer final investment decisions for new major LNG projects have not yet fully materialized, some activity toward investment decisions, including bidding, has begun and is gradually progressing.」

「Even after OPEC began cutting production, oil prices have not shown a full-fledged recovery and have remained mostly in the $40-per-barrel range. Final investment decisions by customers for new major LNG projects have also continued to be delayed.」

「Although capital investment plans are progressing in various regions against a backdrop of expected medium- to long-term growth in energy demand, the shale revolution, and the global shift toward gas, it has become more difficult than before to predict when individual major projects will reach investment decisions in the short term because of loose LNG supply and demand, the impact of weak crude oil prices, and rising geopolitical risks,」

「Although the OPEC production-cut agreement has raised expectations that crude oil prices have bottomed out, uncertainty remains due to frequent terrorist attacks around the world, concerns about the impact of the UK's withdrawal from the EU on the European economy, and concerns about the impact of the U.S. presidential election, leaving conditions challenging. The balance of supply and demand for LNG (liquefied natural gas) has remained loose following the completion of new plants in Australia and the United States, and final investment decisions for major LNG projects have continued to be delayed. In Japan, expectations for the effects of the government's economic measures have increased, but capital investment plans continue to move back and forth.」

「Overseas, customers are considering capital investment in areas such as natural gas-related projects, but final investment decisions have been delayed because of weak crude oil prices and stagnation in the global economy. In Japan, expectations for the effects of the government's economic measures have increased, but capital investment plans continue to move back and forth.」

「Although customers have shown caution in advancing various capital investment plans amid weak oil prices,」