Note: The following report is an English translation of the Japanese-language original.

Consolidated Financial Results
for the Three Months Ended June 30, 2014
＜Supplementary Material＞
August 7, 2014

Japan Petroleum Exploration Co., Ltd.

Cautionary Statement
Any information contained herein with respect to JAPEX’s plans, estimates, strategies
and other statements that are not historical facts are forward-looking statements about
the future performance of JAPEX. Readers should be aware that actual results andevents may differ substantially from these projections due to various factors.
The provision of this document should not be construed as a solicitation for investment.
Copyright : All information contained herein is protected by copyright, and may not be
copied or reproduced without prior consent of JAPEX.
Note: Abbreviations used herein are as follows:(a) = Actual result(e) = Estimate
FY = Fiscal Year (FY2014, for instance, means 12 months ended March 31, 2014)
Any inquiries about the information contained herein or other Investor Relations questions
are requested to be directed to:Investor Relations Group,Media & Investor Relations Department,
Japan Petroleum Exploration Co., Ltd.
Tokyo, JAPANTEL: +81-3-6268-7111

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$130

¥130

$125

¥125

$120

¥120

$115

¥115

$110

¥110

$105

¥105

$100

crude oil price US$/bbl（left axis）

¥100

$95

¥95

$90

Exchange rate ¥/US$(right axis)

$85

¥90
¥85

$80

¥80

$75

¥75

$70

¥70
2011-06
2011-072011-08
2011-09
2011-10
2011-11
2011-12
2012-01
2012-022012-032012-04
2012-05
2012-06
2012-072012-08
2012-09
2012-10
2012-11
2012-122013-012013-022013-032013-04
2013-05
2013-06
2013-072013-08
2013-09
2013-10
2013-112013-12
2014-01
2014-022014-032014-04
2014-05
2014-06[crude oil price: US$/bbl]

Trends in Crude Oil Prices and Foreign Exchange Rate

Japan Crude Cocktail (JCC) Price in the first 10 days of July 2014
on a prompt report basis : US$ 110.98/bbl
3JP¥ 101.89/US$

Consolidated Financial Estimates for FY2015 （Highlight ）FY2014[Billion JP¥]1Q(a)1Q- 2Q(a)

FY2015Full(a)1Q(a)1Q- 2Q(e)*ChangeFull(e)*1Q

1Q- 2Q

FullNet sales

60.1

120.2

276.5

82.2

157.5

323.6

+22.1

+37.2+47.0

Operating income

5.5

11.5

24.6

8.1

14.3

33.1+2.6+2.8+8.4

Ordinary income

7.8

19.9

43.8

13.0

20.241.5+5.1+0.3▲2.4

Net income

5.8

15.8

29.0

9.9

13.6

27.4+4.1

▲2.2

▲1.6

JCC price and Exchange rate （JCC price: US$/bbl; Exchange rate: JP¥/US$）
JCC price111.17108.53110.51109.51100.00100.00

▲1.66

▲8.53

▲10.51

Exchange rate

96.36

97.58

99.31

102.27100.00100.00+5.91+2.42+0.69

Bitumen price and Exchange rate （Bitumen price: CA$/bbl; Exchange rate: JP¥/CA$）
Bitumen price

46.52

52.22

51.67

56.57

54.42

54.15

+10.05+2.20+2.48

Exchange rate

92.58

94.01

98.42

93.17

95.00

95.00

+0.59

+0.99

▲3.42

* Regarding consolidated financial estimates, an examination of the first quarter results revealed that no changes are necessary
to both estimates of the six months and full-year released on May 12, 2014.
Point

FY2015 vs FY2014■ Operating income+¥8.4 billion  Exploration expenses +¥5.9 billion
income■ Ordinary income ▲¥2.4 billion  Non-operating(expenses)■ Net income▲¥1.6 billion ▲¥10.8 billion

Extraordinary income(losses)+¥8.3 billion
Income taxes▲¥6.6 billion

4Actual Sales of Natural Gas in 1Q FY2015 ( vs FY2014 )Sales volume : Million M3
Net sales : Million ￥FY2014

FY2015

1Q (a)

1Q (a)

changeSales volume292

382+89Net sales

15,791

18,772+2,981

Domestically produced gas

Sales volume208

194▲13Overseas produced gas

Sales volume091+91Natural gas

Breakdown of natural gas sales

Million M3

Overseas produced gas

300

Domestically produced gas

250

91

200
150
100

208

194

FY2014/1Q

FY2015/1Q

50-

Sales volume increased by 89 million M3 (+30%) vs FY2014
The total increase is caused by Shale Gas Development and Production
Project in British Columbia, CanadaNet sales increased by JP¥2.9 billion (+19%) vs FY2014
The total increase is caused by increase in overseas gas sales

Sales volume of “Domestically produced gas” stated herein does not include purchased gas. “Overseas produced gas” statedherein are amounts of Japex (U.S.) Corp. and JAPEX Montney Ltd., overseas consolidated subsidiaries.

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Actual Sales of Crude Oil in 1Q FY2015 ( vs FY2014 )Sales volume : Thousand KL
Net sales : Million ￥FY2014

FY2015

1Q(a)

1Q(a)

changeSales volume460

690+229

Net sales

27,40545,503+18,098

Domesticallyproduced crude oil

Sales volume101

102+0Net sales

6,887

7,377+489

Overseassubsidiary crude oil

Sales volume2256+253

Net sales

173

17,292+17,119

Sales volume87

84▲3Net sales

2,373

2,795+422

Crude OilBreakdown of quality oil

BitumenIncrease is due to count of crude oil
sales from Garraf oilfield, Iraq

Oil price and Exchange rate assumptions
JCC price

US$/bbl111.17109.51▲1.66

Exchange rate

JP¥/US$

96.36

102.27+5.91

Bitumen

CA$/bbl

46.52

56.57

+10.05

Exchange rate

JP¥/CA$92.58

93.17+0.59

Sales volume and net sales of “Domestically produced crude oil” stated herein do not include purchased crude oil. Royalty isexcluded in the net sales and price of Bitumen. Sales volume and net sales of “Overseas subsidiary crude oil” stated herein areamounts of 3 overseas subsidiaries (Japex (U.S.) Corp., JAPEX Montney Ltd. and Japex Garraf Ltd.).

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Actual Results for 1Q FY2015 ( vs FY2014 )FY2014FY2015

1Q(a)

1Q(a)

Net sales

60,107

82,259+22,151

Gross profit

15,876

19,078+3,202

Exploration expenses

2,819

2,458

▲361

SG&A expenses

7,544

8,489+945

Operating income

5,512

8,131+2,618

Non-operating income(expenses)

2,340

4,879+2,539

Ordinary income

7,853

13,011+5,157▲437+42

1,827

2,263+435

153

798+645

5,867

9,987+4,120[ Million ￥]Extraordinary income(losses)
Income taxes
Minority interests in income
Net income

Change7Causes of increase(+) or decrease(-)

Gross profit
Overseas consolidated subsidiaries+￥3 billion

Non-operating income (expenses)
Equity in losses of affiliates+￥4 billion
Foreign exchange profit or loss▲￥0.6 billion
Provision for loss in overseas investment ▲￥0.6 billion