Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANNovember 11, 2016

Announcement of Differences between Consolidated Financial Forecasts
and Actual Financial Results for the six months ended September 30, 2016
and Revision of Consolidated Financial Forecasts for the year ending
March 31, 2017
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today the differences
between its consolidated financial forecasts for the six months ended September 30,
2016 announced on August 4, 2016 and the actual results announced today in the“Consolidated Financial Results for the Six Months ended September 30, 2016.”
In addition, INPEX also revised its consolidated financial forecasts for the year ending
March 31, 2017 announced on August 4, 2016.

1. Differences between consolidated financial forecasts and actual financial
results for the six months ended September 30, 2016
(April 1, 2016 – September 30, 2016)

Previous forecasts(August 4, 2016): A
Actual results: B
Increase (decrease):
B-A
Percentage (%)
changeReference:
Consolidated financial
results for the six months
ended September 30, 2015

NetsalesOperatingincomeOrdinary
incomeNet income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

395,000
389,657

136,000
138,072

128,000
132,180

10,00015,727

6.85
10.77(5,343)

2,072

4,180

5,727

(1.4)

1.5

3.3

57.3

567,013

246,787

258,847

45,48531.15

2. Revision of consolidated financial forecasts for the year ending March 31,2017 (April 1, 2016 –March 31, 2017)
NetsalesPrevious forecasts(August 4, 2016): A
Revised forecasts: B
Increase (decrease):
B-A
Percentage(%)
changeOperatingincomeNet income
attributableto owners ofparent

Ordinary
incomeMillions of yen

Millions of yen

Millions of yen

Millions of yen

33,00026,00033,000

9,000

4.1

10.1

13.1

52.9

1,009,564

390,139

374,771

16,777

797,000
830,000

257,000
283,000

251,000
284,000

Net income
per share

17,00026,000

Yen

11.64
17.80

Reference:
Consolidated financial
results for the year ended
March 31, 2016

3. Reasons for the differences and revisions
Financial results for the six months ended September 30, 2016 have exceeded theconsolidated financial forecasts announced on August 4, 2016, mainly due to a portionof the income being shifted to the first half of the year and certain expenses being shiftedto the second half of the year.
Consolidated financial forecasts for the year ending March 31, 2017 have been revised
taking into consideration the consolidated financial results for the six months ended
September 30, 2016 as well as the revised crude oil price assumptions, among otherfactors.
The above forecasts are calculated based on the following assumptions:
Previous Forecasts
1st quarter(actual):
Crude oil price
From 2nd(Brent)
quarter:
Full Year:
1st quarter(actual):
Exchange rate From 2ndquarter:
Full Year:

US$ 47.0/bbl
US$ 45.0/bbl
US$ 45.5/bbl (Average)¥108.2/US$¥105.0/US$¥105.8/US$ (Average)

Revised Forecasts
1st Half: US$ 47.0/bbl (Actual)
2nd Half: US$ 50.0/bbl
Full Year: US$ 48.5/bbl (Average)

1st Half: ¥105.3/US$ (Actual)
2nd Half: ¥105.0/US$
Full Year: ¥105.1/US$ (Average)

Crude oil prices at which INPEX sells products vary depending on crude oil type, anddiffer from Brent crude oil prices. Crude oil price differences are determined by the qualityof each crude oil type, etc., and are also affected by market conditions.

11.49

Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANNB: Forecasts above are based on currently available information and contain many uncertainties.
The final results may differ from the forecasts above due to changes in business conditions
including oil and natural gas price levels, production and sales plans, project developmentschedules, government regulations and financial and tax schemes, etc.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233