Mitsubishi Corporation
8058・Prime Market・Wholesale Trade
Global Environmental & Energy
Resources and energy segment centered on natural gas and LNG business, also advancing next-generation energy development
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Income Attributable to Owners of the Company (Full Year) | ¥160,862 million | ¥198,646 million | ↓ |
| Gross Profit (Full Year) | ¥112,211 million | ¥114,177 million | ↓ |
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method (Full Year) | ¥103,670 million | ¥124,296 million | ↓ |
| Segment Assets | ¥3,339,191 million | ¥3,246,869 million | ↑ |
Business Details
With natural gas & LNG (liquefied natural gas) development and production business as its core, the segment operates the LPG & Petroleum Products Business while also pursuing development of the Next-Generation Energy Business. Major affiliated companies include DIAMOND GAS HOLDINGS, BRUNEI LNG, CAMERON LNG HOLDINGS, and JAPAN AUSTRALIA LNG (MIMI), building a global LNG value chain. The segment also operates in the North America Shale Gas Business and the LPG business through Astomos Energy. The LNG Canada project began production in June 2025, transitioning into a new phase of earnings contribution.
Recent Overview
Although the LNG North America business began production, cost front-loading, market decline, and valuation losses combined to reduce net income year over year
Net income attributable to owners of the Company for FY2026 (ending March 2026) was ¥160,862 million (down ¥37,784 million from ¥198,646 million in the prior period). While the LNG North America business benefited from a positive tax effect associated with the start of production, this was offset by cost front-loading associated with production start-up, a market decline and reduced dividends in the LNG Asia Pacific business, decreased transaction volume due to lower production in the petroleum products-related business, and valuation losses in the Next-Generation Energy Business, resulting in an overall profit decline. LNG spot prices ranged between US$9 and US$14 per million Btu from April 2025 to February 2026, rising to over US$20 in March 2026 amid heightened tensions in the Middle East.
Key Products
Growth Drivers
- Expanded earnings contribution from full-scale operation of the LNG Canada project (annual production capacity of 14 million tons)
- Strengthened positioning as a transition-period energy source amid medium- to long-term increases in LNG demand, particularly in Asia
- Stable dividends and equity-method earnings from equity-method investees (BRUNEI LNG, CAMERON LNG, etc.)
- Price-linked benefits from long-term LNG contracts, with sensitivity of approximately ¥24 million annual change in net income per US$1 change in crude oil prices
- Progress in social implementation of Next-Generation Energy businesses such as SAF and clean ammonia
Risks
- Volatility in LNG spot prices (risk of sharp spikes or declines due to geopolitical risks such as Middle East tensions)
- Profit pressure from cost front-loading associated with the start of production in the LNG North America business
- Risk of market decline and reduced dividends in the LNG Asia Pacific business
- Risk of valuation losses arising in the Next-Generation Energy Business
- Long-term risk of declining fossil fuel demand due to accelerating decarbonization transition
- Risk of crude oil price decline due to reduced coordinated OPEC Plus production cuts, etc. (with spillover effects on LNG prices)
Last updated: June 18, 2026