OREANDA-NEWS. Tokyo Gas Co., Ltd. is announcing revisions to the performance forecast released January 30, 2015 because the company now expects to post an extraordinary loss, as detailed below.

Tokyo Gas projects an impairment loss of approximately JPN 24.0 billion because the business value of the shale gas development project in the Barnett basin in Texas, U.S. which Tokyo Gas is participating in through its wholly owned subsidiary Tokyo Gas America Ltd. via its subsidiary TG Barnett Resources LP (wholly owned by the Tokyo Gas Group) has been reevaluated considering the impact from the decline in gas and oil prices.

Tokyo Gas also projects an impairment loss of approximately JPN 7.0 billion because the business value of the Queensland Curtis LNG project centered on the Surat Basin in Queensland, Australia which Tokyo Gas is participating in through its wholly owned subsidiary TOKYO GAS AUSTRALIAPTYLTD via its wholly owned subsidiary TOKYO GASQCLNG PTYLTD has been reevaluated considering the impact from the increase in costs of development and the decline in oil prices.

As a result, Tokyo Gas expects to post an extraordinary loss of approximately JPN 31.0 billion in the consolidated settlement for the full fiscal year ended March 2015.The impact on the company's net income after taxes is projected to be approximately JPN29.0 billion.