Consolidated Financial Results for the Nine Months ended September 30, 2023 [Japanese GAAP]
November 9, 2023
Note: The following report is an English translation of the Japanese-language original.
Company name
Code number: INPEX CORPORATION: 1605

Stock Exchange on which the Company is listed
URL https://www.inpex.co.jp

Representative
Contact person: Takayuki Ueda, President: Yoshihiro Wakita, General Manager, Corporate Communications Unit

TEL+81-3-5572-0750
Scheduled date of filing Quarterly Financial Report: November 10, 2023

Scheduled date of payment of cash dividends
Preparation of supplementary explanatory materials

:–
: Yes

Meeting of quarterly financial results presentation: None: Tokyo Stock Exchange(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the Nine Months ended September 30, 2023 (January 1, 2023 - September 30, 2023)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales

Operating income

Net income attributableto owners of parent

Ordinary income

For the nine months ended
September 30, 2023

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

1,601,835(5.7)

839,372(8.4)

995,652(3.1)

280,392

5.1

September 30, 2022

1,698,743–

915,892–

1,027,783–

266,661–(Note): Consolidated comprehensive income: for the nine months ended September 30, 2023, ¥678,891 million; [(28.9)%]
for the nine months ended September 30, 2022, ¥954,629 million; [–%]Net income pershare-basic

Net income pershare-diluted

For the nine months ended
September 30, 2023

Yen

Yen

215.15–September 30, 2022

193.10–(Note): The figures for the nine months ended September 30, 2022 were adjusted retrospectively according to the changes in accounting policies, and thefigures after retrospective application are presented. The changes from the corresponding period of the previous fiscal year are not shown.

(2) Consolidated financial position
Total assets
As of September 30, 2023
As of December 31, 2022

Net assets

Net assets excluding non-controllinginterests as a percentage of total assets

Millions of Yen

Millions of Yen%

6,971,337
6,259,853

4,584,078
4,022,370

61.9
60.1

(Reference): Net assets excluding non-controlling interests: as of September 30, 2023, ¥4,317,881 million
as of December 31, 2022, ¥3,760,852 million(Note): The figures as of December 31, 2022 were adjusted retrospectively according to the changes in accounting policies, and the figures after retrospective
application are presented.

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
December 31, 2022
For the year ending
December 31, 2023
For the year ending
December 31, 2023
(forecast)At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

–

30.00

–

32.00

62.00

–

37.00

–
37.00

74.00

(Notes): 1. Changes in projected dividends for the year ending December 31, 2023 from the previous forecast: None
2. “Dividends” as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit “Dividends of Class A
stock.”

3. Forecasts for Consolidated Financial Results for the year ending December 31, 2023 (January 1, 2023 - December 31, 2023)(Figures in % represent the changes from the previous fiscal year)

Net sales
Millions of Yen

For the year ending
December 31, 2023

Operating income% Millions of Yen

2,155,000 (7.3)% Millions of Yen

1,107,000 (11.2)

Net income
attributable toowners of parent

Ordinary income% Millions of Yen

1,291,000 (10.5)

Net income
per share%Yen

340,000 (26.3)

262.51(Notes): 1. Changes in forecasts for consolidated financial results for the year ending December 31, 2023 from the previous forecast: Yes
2. The changes from the previous fiscal year were adjusted retrospectively according to the changes in accounting policies, and the changes presented
are for the comparison with the figures for the previous fiscal year after retrospective application.

Notes(1) Significant changes in scope of consolidation(Changes in the specified subsidiaries during the period due to change in scope of consolidation): None(2) Adoption of accounting treatments which are exceptional for quarterly consolidated financial statements: None(3) Changes in accounting policies, accounting estimates and restatement of corrections
1. Changes in accounting policies resulting from the revision of the accounting standards and other regulations
2. Other changes in accounting policies
3. Changes in accounting estimates
4. Restatement of corrections: Yes: None: None: None(Note): Please refer to “2. Consolidated Financial Statements and Principal Notes (3) Notes to Consolidated Financial Statements (Changes in Accounting
Policies)” on page 8 for further information.

(4) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stock):
2. Number of treasury stock at the end of the period:
3. Average number of shares:

1,386,667,167 shares as of September 30, 2023
1,386,667,167 shares as of December 31, 2022
98,471,173 shares as of September 30, 2023
80,672,863 shares as of December 31, 2022
1,303,261,977 shares for the nine months ended September 30, 2023
1,380,953,337 shares for the nine months ended September 30, 2022

(Note): The shares held by “the Board Incentive Plan Trust” are included in number of treasury stock at end of period.
(As of September 30, 2023: 892,173 shares As of December 31, 2022: 910,363 shares)*This quarterly earnings report is not subject to audit by certified public accountants or audit firms.
*Explanation regarding the appropriate use of estimated consolidated financial results
The aforementioned forecasts are based on the currently available information and contain many uncertainties. The final results might be significantly different

from the aforementioned forecasts due to changes in business conditions including oil and natural gas price levels, production and sales plans, project
development schedules, government regulations and financial and tax schemes. Regarding the forecasts, please refer to “1. Qualitative Information / Financial
Statements (3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results” on page 3.

Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
December 31, 2022
For the year ending
December 31, 2023
For the year ending
December 31, 2023
(forecast)At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

–

12,000.00–

12,800.00

24,800.00–

14,800.00–
14,800.00

29,600.00(Note): The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no stock
split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock split isincluded in the Articles of Incorporation.

Index of the Attachments
1. Qualitative Information ∕ Financial Statements...................................................................................................................................... 2(1) Explanation on Consolidated Financial Results ............................................................................................................................... 2(2) Explanation on Consolidated Financial Position.............................................................................................................................. 3(3) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results .................................. 3
2. Consolidated Financial Statements and Principal Notes........................................................................................................................ 4(1) Consolidated Balance Sheet ............................................................................................................................................................. 4(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .......................................................... 6
Consolidated Statement of Income .................................................................................................................................................... 6
Consolidated Statement of Comprehensive Income .......................................................................................................................... 7(3) Notes to Consolidated Financial Statements .................................................................................................................................... 8(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern) . 8(Note on significant changes in shareholders’ equity) ....................................................................................................................... 8(Changes in Accounting Policies) ..................................................................................................................................................... 8(Additional Information) ................................................................................................................................................................... 8(Segment Information and Others) .................................................................................................................................................... 9(Significant Subsequent Events) ...................................................................................................................................................... 11
3. Supplementary Information ................................................................................................................................................................. 12(1) Production, Orders Received and Sales Performance ................................................................................................................ 12-1-

1. Qualitative Information ∕ Financial Statements
The changes in accounting policies have been made from the first quarter ended March 31, 2023, and the figures after retrospective
application are used in the comparative analysis with the nine months ended September 30, 2022 and the year ended December 31,
2022. Please refer to “2. Consolidated Financial Statements and Principal Notes (3) Notes to Consolidated Financial Statements(Changes in Accounting Policies)” for further information.
In addition, the change in reportable segments has been made from the first quarter ended March 31, 2023, and the figures reflect therevision of the method of calculation for a portion of the sales volume and average sales price in the comparative analysis with thenine months ended September 30, 2022.
(1) Explanation on Consolidated Financial Results
Net sales for the nine months ended September 30, 2023 decreased by ¥96.9 billion, or 5.7%, to ¥1,601.8 billion from thecorresponding period of the previous fiscal year due to a decrease in sales price of crude oil. Net sales of crude oil decreased by¥150.9 billion, or 11.4%, to ¥1,167.4 billion, and net sales of natural gas increased by ¥54.1 billion, or 14.8%, to ¥419.2 billion.
Sales volume of crude oil increased by 1,807 thousand barrels, or 1.8%, to 104,728 thousand barrels, and sales volume of natural
gas increased by 40,423 million cf, or 12.5%, to 362,722 million cf. Sales volume of overseas natural gas increased by 39,918
million cf, or 15.9%, to 290,811 million cf, and sales volume of domestic natural gas increased by 14 million m3, or 0.7%, to 1,920
million m3 (71,654 million cf). The average sales price of overseas crude oil decreased by US$19.16, or 19.2%, to US$80.67 perbarrel. The average sales price of overseas natural gas decreased by US$0.99, or 14.7%, to US$5.76 per thousand cf, and theaverage sales price of domestic natural gas increased by ¥18.81, or 25.0%, to ¥93.96 per m3. The average exchange rate of theJapanese yen against the U.S. dollar on consolidated net sales depreciated by ¥9.79, or 7.6%, to ¥138.12 per U.S. dollar.
The decrease of ¥96.9 billion in net sales was mainly derived from the following factors: regarding net sales of crude oil andnatural gas, an increase in sales volume contributing ¥63.0 billion to the increase, a decrease in unit sales price pushing sales downof ¥262.5 billion, the depreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing ¥102.7
billion to the increase, and a decrease in net sales excluding crude oil and natural gas of ¥0.1 billion.
Meanwhile, cost of sales decreased by ¥26.8 billion, or 3.9%, to ¥654.5 billion. Exploration expenses increased by ¥0.8 billion, or
3.5%, to ¥23.9 billion. Selling, general and administrative expenses increased by ¥5.6 billion, or 7.2%, to ¥83.9 billion. As a result,operating income decreased by ¥76.5 billion, or 8.4%, to ¥839.3 billion.
Other income decreased by ¥3.2 billion, or 1.4%, to ¥221.7 billion. Other expenses decreased by ¥47.6 billion, or 42.1%, to ¥65.4
billion mainly due to the absence of the modification loss on financial assets and others. As a result, ordinary income decreased by¥32.1 billion, or 3.1%, to ¥995.6 billion.
Extraordinary loss was ¥75.6 billion as a result of posting impairment loss for a certain project due to changes in the external
environment, including a tightening of environmental regulations in Australia, and others. Income taxes decreased by ¥106.3
billion, or 14.1%, to ¥645.3 billion, and net loss attributable to non-controlling interests was ¥5.8 billion. As a result of the above
effects, net income attributable to owners of parent increased by ¥13.7 billion, or 5.1%, to ¥280.3 billion.
Financial results by segment are as follows:
The changes in segment income and reportable segments have been made from the first quarter ended March 31, 2023, and the figures
based on the changed segment income and reportable segments are used in the comparative analysis with the nine months ended
September 30, 2022. Please refer to “2. Consolidated Financial Statements and Principal Notes (3) Notes to Consolidated Financial
Statements (Segment Information and Others)” for further information.
1) Oil & Gas JapanNet sales increased by ¥34.6 billion, or 22.3%, to ¥189.5 billion due to an increase in sales price of natural gas. Net income
attributable to owners of parent increased by ¥17.7 billion, or 109.0%, to ¥34.0 billion.
2) Oil & Gas Overseas - Ichthys Project
Net sales increased by ¥20.3 billion, or 8.0%, to ¥273.6 billion due to an increase in sales volume. Net income attributable toowners of parent increased by ¥72.8 billion, or 46.5%, to ¥229.6 billion mainly due to the absence of modification loss on financial
assets and others.
3) Oil & Gas Overseas - Other Projects
Net sales decreased by ¥158.0 billion, or 12.4%, to ¥1,119.1 billion due to a decrease in sales price of crude oil. Net income
attributable to owners of parent decreased by ¥75.4 billion, or 72.2%, to ¥28.9 billion mainly due to an increase in impairment loss.

-2-(2) Explanation on Consolidated Financial Position
Total assets as of September 30, 2023 increased by ¥711.4 billion to ¥6,971.3 billion from ¥6,259.8 billion as of December 31,
2022. Current assets increased by ¥237.4 billion to ¥966.8 billion due to an increase in securities and others. Fixed assets increasedby ¥474.0 billion to ¥6,004.5 billion due to increases in tangible fixed assets, investments and other assets, and others.
Meanwhile, total liabilities increased by ¥149.7 billion to ¥2,387.2 billion from ¥2,237.4 billion as of December 31, 2022. Current
liabilities increased by ¥297.3 billion to ¥824.1 billion, and long-term liabilities decreased by ¥147.5 billion to ¥1,563.1 billion.
Net assets increased by ¥561.7 billion to ¥4,584.0 billion. Total shareholders’ equity increased by ¥161.8 billion to ¥3,070.1
billion. Total accumulated other comprehensive income increased by ¥395.1 billion to ¥1,247.7 billion and non-controllinginterests in net assets increased by ¥4.6 billion to ¥266.1 billion.
(3) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results
The Company revised the consolidated financial forecasts for the year ending December 31, 2023 as follows from the forecasts thatwere announced on August 9, 2023 as a result of revising the assumed conditions for crude oil prices and exchange rate to adjust
for the trend of rising crude oil prices and weakening yen, and other factors.
Forecasts for consolidated financial results for the year ending December 31, 2023
(Millions of yen)
Net sales

Operating income

Ordinary income

Net income attributableto owners of parent

Previous Forecasts: A

2,031,000

1,009,000

1,151,000

320,000

Revised Forecasts: B

2,155,000

1,107,000

1,291,000

340,000

124,000

98,000140,000

20,000

6.1

9.7

12.2

6.3

Increase (Decrease): B-A
Percentage change (%)

The above forecasts are calculated based on the following assumptions:
Previous Forecasts

Crude oil price(Brent)Exchange rate

Revised Forecasts

First Half average (actual):

US$79.9/bbl

First Half average (actual):

US$79.9/bbl

Second Half average:

US$80.1/bbl

Second Half average:

US$85.5/bbl- 3rd quarter average:

US$80.0/bbl- 3rd quarter average (actual):

US$85.9/bbl- 4th quarter average:

US$80.2/bbl- 4th quarter average:

US$85.0/bbl

Full Year average:

US$80.0/bbl

Full Year average:

US$82.7/bbl

First Half average (actual):¥135.0/US$

First Half average (actual):¥135.0/US$

Second Half average:¥135.0/US$

Second Half average:¥142.3/US$

Full Year average:¥135.0/US$

Full Year average:¥138.6/US$

Note: Crude oil prices at which the Company sells products vary depending on crude oil type and differ from Brent crude oil prices. Crude oil price differences
are determined by the quality of each crude oil type, etc., and are also affected by market conditions.

-3-2. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheet(Millions of yen)Accounts

As of December 31, 2022

As of September 30, 2023

Cash and deposits

227,829

177,993

Accounts receivable-trade and contract assets

252,938

219,762

Securities

58,152

290,663

Inventories

68,15475,160Other

135,346

217,900

Less allowance for doubtful accounts(13,020)(14,677)

Total current assets

729,401

966,803

157,137

155,312(Assets)
Current assets

Fixed assets
Tangible fixed assets
Buildings and structures, net
Wells, net

340,259

314,455

1,583,141

1,612,861

Land

18,17818,438Construction in progress

339,787

438,097

Machinery, equipment and vehicles, net

Other, net

34,61529,4552,473,118

2,568,619

Goodwill

40,332

34,295

Other442,371428,595

Total intangible assets

482,704

462,890

Total tangible fixed assets
Intangible assets

Investments and other assets
Investment securities

742,914954,936

1,279,383

1,441,967

Recoverable accounts under production sharing

521,541

493,057

Other

87,205142,022Long-term loans receivable

Less allowance for doubtful accounts

(690)

(771)

Less allowance for recoverable accounts under
production sharing(53,873)(55,787)

Less allowance for investments in exploration(1,852)(2,401)

2,574,629

2,973,023

5,530,452

6,004,533

6,259,853

6,971,337

Total investments and other assets
Total fixed assets
Total assets-4-

(Millions of yen)Accounts

As of December 31, 2022

As of September 30, 2023

Accounts payable-trade47,18328,933

Short-term loans

75,878189,151(Liabilities)
Current liabilities

Commercial papers–

172,000

Income taxes payable

126,675

141,167

Provision for bonuses

1,458

–

Provision for bonuses to officers

130

90

Provision for loss on business

8,631

11,783

Provision for exploration projects

3,391

7,418

Asset retirement obligations

15,504

15,644Other

247,887

257,913

Total current liabilities

526,740

824,102

Long-term liabilities
Bonds payable

30,00030,000Long-term debt

1,164,369

934,512

Provision for stocks payment

245

394

Provision for special repair and maintenance

705

716

Liability for retirement benefits

689

2,171

Asset retirement obligations

303,159

314,936

Other

211,572

280,425

1,710,742

1,563,156

2,237,483

2,387,258

Common stock

290,809290,809

Capital surplus

683,382

684,043

Retained earnings

2,055,459

2,253,868

Treasury stock(121,358)(158,587)

Total shareholders’ equity

2,908,293

3,070,134

Unrealized holding gain (loss) on securities

4,147

3,355

Deferred gain (loss) on hedges

32,421

37,078Translation adjustments

815,989

1,207,312

Total accumulated other comprehensive income

852,558

1,247,746

261,517

266,197

Total net assets

4,022,370

4,584,078

Total liabilities and net assets

6,259,853

6,971,337

Total long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity

Accumulated other comprehensive income

Non-controlling interests-5-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)
For the nine months ended
September 30, 2022

For the nine months ended
September 30, 2023

1,698,743

1,601,835

Cost of sales

681,384

654,554

Gross profit

1,017,358

947,281

Exploration expenses

23,15323,962

Selling, general and administrative expenses

78,312

83,947

Operating income

915,892

839,372

Interest income

36,38967,850

Dividend income

8,591

4,199

119,920

29,359

7,688

–

9,047

14,031–

95,017

Other

43,305

11,251

Total other income

224,941

221,710

19,52542,027–

1,914

Modification loss on financial assets and others

83,314–Other

10,21021,487

Total other expenses

113,049

65,4301,027,783

995,652

Impairment loss

18,27475,689Total extraordinary loss

18,27475,689

Income before income taxes

1,009,509

919,962

Income taxes

751,704

645,383

Net income

257,804

274,578

Net loss attributable to non-controlling interests(8,856)(5,813)

Net income attributable to owners of parent

266,661

280,392

Accounts
Net sales

Other income

Equity in earnings of affiliates
Gain on reversal of allowance for recoverable accounts
under production sharing
Foreign exchange gain
Modification gain on financial assets and others

Other expenses
Interest expense
Provision for allowance for recoverable accounts under
production sharing

Ordinary income
Extraordinary loss

-6-

Consolidated Statement of Comprehensive Income(Millions of yen)
For the nine months ended
September 30, 2022

For the nine months ended
September 30, 2023

257,804

274,578

Unrealized holding gain (loss) on securities

3,316

(792)

Deferred gain (loss) on hedges

2,466(2,358)Translation adjustments

621,051

385,039

Share of other comprehensive income of affiliates
accounted for by the equity-method

69,99022,424

Total other comprehensive income

696,824

404,312954,629

678,891

951,184

675,580

3,444

3,310

Accounts
Net income
Other comprehensive income

Comprehensive income
Total comprehensive income attributable to
Owners of parent
Non-controlling interests-7-(3) Notes to Consolidated Financial Statements(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)
For the nine months ended September 30, 2023 (January 1, 2023 through September 30, 2023):
None(Note on significant changes in shareholders’ equity)
For the nine months ended September 30, 2023 (January 1, 2023 through September 30, 2023):
None(Changes in Accounting Policies)(International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021))
Some of the Group’s foreign consolidated subsidiaries and foreign equity-method affiliates have applied IAS 12 “Income Taxes”(amended in May 2021) from the first quarter ended March 31, 2023.
Due to the amendments, for transactions, such as for leases and decommissioning obligations, that give rise to equal taxable anddeductible temporary differences at the time of the transaction, it is clarified that a company should recognize deferred tax
liabilities and deferred tax assets arising from those differences. The amendments have been applied retrospectively and werereflected in the consolidated financial statements for the corresponding period of the previous fiscal year and for the previous
fiscal year.
As a result of this change, and compared with the figures before the retrospective application, in the consolidated balance sheet asof December 31, 2022, investment securities decreased by ¥2,451 million, deferred tax liabilities included in other under longterm liabilities increased by ¥13,540 million, retained earnings decreased by ¥10,983 million and translation adjustments
decreased by ¥5,008 million. In the consolidated statement of income for the nine months ended September 30, 2022, equity inearnings of affiliates increased by ¥121 million and income taxes increased by ¥889 million, compared with the figures before theretrospective allocation. In addition, because the cumulative effect was reflected in net assets as of the beginning of the year ended
December 31, 2022, retained earnings as of the beginning of the previous fiscal year decreased by ¥33,776 million.
(Additional Information)(Modification gain and loss on financial assets and others)
In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign
consolidated subsidiaries, the gain or loss was recognized mainly due to modification of financial assets that do not result inderecognition, revisions to estimated future cash flows of financial assets, and other factors.
(Application of practical solution on the accounting and disclosure under the group tax sharing system)
The Company and certain domestic consolidated subsidiaries have transitioned from the non-consolidated tax payment system tothe group tax sharing system from the first quarter ended March 31, 2023. In accordance with the transition, the accounting
treatment and disclosure of corporate tax, local tax and tax effect accounting are based on “Practical Solution on the Accounting
and Disclosure Under the Group Tax Sharing System” (Accounting Standards Board of Japan (“ASBJ”) Practical Issues Task
Force No.42, August 12, 2021).

-8-

(Segment Information and Others)(Segment information)
I. Information on changes in reportable segments and others
The reportable segments of the Group are components of the Group for which discrete financial information is available andregularly reviewed by the Board of Directors to make decisions about allocation of managerial resources and to assess theirperformance. Following the significant reclassifications to the business portfolio based on the Medium-term Business Planannounced in 2022 and the accompanying changes of the evaluation and analysis indicators used by the Board of Directors, theGroup made corresponding changes in segment income and reportable segments.
Segment income was previously reconciled with operating income on the consolidated statement of income. However, because
net income attributable to owners of parent is a management target in the Medium-term Business Plan and it is used as anindicator by the Board of Directors to make decisions about allocation of managerial resources and assess performance, thereconciliation was changed and segment income is reconciled with net income attributable to owners of parent on the
consolidated statement of income from the first quarter ended March 31, 2023 in order to conduct evaluations and analyses thatare more in line with actual conditions. In addition, as the main business of the Group is the global exploration, development,
production and sales of oil and natural gas, and loans and investments in companies engaged in such activities, namely the oiland natural gas business (“Oil & Gas”), the Group had previously used reportable segments by region. However, due tosignificant reclassifications to the business portfolio, the addition of initiatives for the five net-zero businesses to the Long-term
Strategy, and other factors, the reportable segments have been classified as “Oil & Gas Japan” and “Oil & Gas Overseas” fromthe first quarter ended March 31, 2023. The “Oil & Gas Overseas” segment is further classified as “Ichthys Project,” which is amajor operator project of the Group, and “Other Projects,” which is comprised of other overseas projects. The “Other” category
consists of the operating segments that are not included in the reportable segments, including the five net-zero businesses.
The reportable segments and other category after the changes are as follows.
Reportable segments, etc.
Oil & Gas Japan

Oil & Gas Overseas

Other

Main business and project nameMinami-Nagaoka Gas Field, Naoetsu LNG Terminal

Ichthys Project

Ichthys LNG Project in Australia and exploration of surrounding area

Other Projects

Projects in Australia (excluding the Ichthys LNG Project), Southeast Asia, Europe,
Abu Dhabi, and other areas
Five net-zero businesses, transportation and sales business, civil engineering business, etc.

The segment information disclosed for the nine months ended September 30, 2022 has been prepared based on the categories
after the changes. In addition, the changes in accounting policies have been made from the first quarter ended March 31, 2023,
and the figures after retrospective application are used in the nine months ended September 30, 2022.

-9-II. For the nine months ended September 30, 2022 (January 1, 2022 through September 30, 2022)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Oil & Gas
Japan

Other
*1

Oil & Gas Overseas

Total

Adjustments*2

Consolidated*3

Ichthys Project Other Projects

Net sales
Sales to third parties

154,973

253,268

1,277,135

13,365

1,698,743–

1,698,743

Intercompany sales and transfers
between segments

4,148

13,497–

4,146

21,792(21,792)–

Total

159,122

266,766

1,277,135

17,512

1,720,536(21,792)

1,698,743

Segment income (loss)

16,299156,794

104,389

3,064

280,546(13,884)

266,661

Notes: 1. The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.
2. Adjustments of segment income (loss) of ¥(13,884) million consist of elimination of inter-segment transactions of ¥163 million and corporate expensesof ¥(14,048) million that are not allocated to reportable segments or the “Other” category. Corporate expenses are mainly amortization of goodwill andgeneral administrative expenses that are not allocated to a reportable segment and “Other” category.
3. Segment income (loss) is reconciled with net income attributable to owners of parent on the consolidated statement of income.

2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment(Impairment loss from fixed assets)
Impairment loss due to the downward revision in forecasted production volume and others is as follows.
“Oil & Gas Overseas - Other Projects” segment ···················· Eagle Ford shale play: ¥18,274 million(Significant change in goodwill)
In “Oil & Gas Overseas - Other Projects” segment, the Group included INPEX Norway Co., Ltd. and INPEX Idemitsu Norge AS
in the scope of consolidation. As a result, goodwill in the segment increased by ¥18,432 million for the nine months ended
September 30, 2022.

- 10 -

III. For the nine months ended September 30, 2023 (January 1, 2023 through September 30, 2023)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Oil & Gas
Japan

Other
*1

Oil & Gas Overseas

Total

Adjustments*2

Consolidated*3

Ichthys Project Other Projects

Net sales
Sales to third parties

189,595

273,617

1,119,103

19,5181,601,835–

1,601,835

Intercompany sales and transfers
between segments

5,106

15,314–

11,38331,804(31,804)–

Total

194,701

288,932

1,119,103

30,902

1,633,640(31,804)

1,601,835

Segment income (loss)

34,068229,671

28,977(2,710)290,006(9,614)

280,392

Notes: 1. The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.
2. Adjustments of segment income (loss) of ¥(9,614) million consist of elimination of inter-segment transactions of ¥1,470 million and corporate
expenses of ¥(11,084) million that are not allocated to reportable segments or the “Other” category. Corporate expenses are mainly amortization of
goodwill and general administrative expenses that are not allocated to a reportable segment and “Other” category.
3. Segment income (loss) is reconciled with net income attributable to owners of parent on the consolidated statement of income.

2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment(Impairment loss from fixed assets)
Impairment loss due to changes in the external environment, including a tightening of environmental regulations in Australia is
as follows.
“Oil & Gas Overseas - Other Projects” segment ···················· Prelude FLNG Project: ¥75,689 million(Significant Subsequent Events)
None- 11 -

3. Supplementary Information(1) Production, Orders Received and Sales Performance
The change in reportable segments has been made from the first quarter ended March 31, 2023, and the figures disclosed for thenine months ended September 30, 2022 have been prepared based on the categories after the change.
1) Actual production
The following table shows actual production by segment:
Segment

Category

For the nine months ended
September 30, 2022

Crude oil26.3 Bcf(96.2 MMcf per day)Subtotal

5.8 MMboe(21.2 Mboe per day)

5.5 MMboe(20.1 Mboe per day)

Iodine412.3t409.9t163.8 million kWh

157.6 million kWh

Electric power generation
Crude oil
Natural gas

227.5 Bcf

264.8 Bcf

(833.2 MMcf per day)

(970.1 MMcf per day)60.2 MMboe(220.5 Mboe per day)

96.7 MMbbls

94.9 MMbbls(354.2 Mbbls per day)

(347.6 Mbbls per day)62.4 Bcf

70.9 Bcf(228.6 MMcf per day)(259.6 MMcf per day)

108.2 MMboe

107.8 MMboe(396.3 Mboe per day)

(394.7 Mboe per day)

53.4 Mtons

101.0 Mtons

Electric power generation

425.3 million kWh

1,068.9 million kWh

Crude oil106.2 MMbbls(389.1 Mbbls per day)

104.9 MMbbls(384.1 Mbbls per day)

317.6 Bcf

362.0 Bcf

(1,163.4 MMcf per day)

(1,325.9 MMcf per day)

167.0 MMboe

173.4 MMboe(611.7 Mboe per day)

(635.2 Mboe per day)

412.3t409.9tCrude oil
Natural gas
Subtotal
SulfurNatural gas
Total

9.3 MMbbls(33.9 Mbbls per day)

53.0 MMboe

Oil & Gas

Other

8.8 MMbbls(32.3 Mbbls per day)

(194.2 Mboe per day)Subtotal

Other Projects

0.7 MMbbls(2.5 Mbbls per day)27.7 Bcf

Oil & Gas Japan

Overseas

0.7 MMbbls(2.7 Mbbls per day)(101.6 MMcf per day)Natural gas

Ichthys Project

For the nine months ended
September 30, 2023

Subtotal
IodineSulfurElectric power generation

53.4 Mtons

101.0 Mtons

589.1 million kWh

1,226.4 million kWh

Notes: 1. The volume of LPG produced overseas is included in “Crude oil.”
2. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
3. The production by the Company’s affiliates accounted for by the equity method is included in the figures above.
4. The production volume of crude oil and natural gas under the production sharing contracts entered into by the Group corresponds to the net economic
take of the Group. Figures calculated by multiplying the gross production volume by the Company’s interest share are 114.3 MMbbls (418.6 Mbbls perday) of crude oil, 325.2 Bcf (1,191.2 MMcf per day) of natural gas, and in total 176.4 MMboe (646.1 Mboe per day) for the nine months ended
September 30, 2022, and 110.5 MMbbls (404.7 Mbbls per day) of crude oil, 365.9 Bcf (1,340.1 MMcf per day) of natural gas, and in total 180.0
MMboe (659.5 Mboe per day) for the nine months ended September 30, 2023.
5. “Boe” means barrels of oil equivalent.
6. “Iodine” is refined by other company on consignment.
7. Figures are rounded to the first decimal place.

- 12 -

2) Orders received
Disclosure on this information is omitted because the amount of orders received is accounted for a minor portion of total sales.
3) Actual sales
The following table shows sales by segment:(Millions of yen)Segment

Category

For the nine months ended
September 30, 2022
Sales volume

Crude oil
Natural gas
Oil & Gas Japan

Ichthys Project(excluding LPG)
LPG

Net sales
4,551

322 Mbbls

3,503

71,139 MMcf

143,246

71,654 MMcf

180,407

1 Mbbls

5

–

–

Other

7,169

5,683

154,973

189,595

Crude oil

8,426 Mbbls

112,836

9,635 Mbbls

107,887

Natural gas(excluding LPG)

204,704 MMcf

140,432

241,540 MMcf

165,730

Crude oil
(excluding LPG)
LPG

253,268
1,197,386

94,771 Mbbls

1,050,925

46,188 MMcf

77,45349,271 MMcf

65,12669 Mbbls

568

441 Mbbls

2,869

1,727

Subtotal

1,119,103

–

3,575

–

5,105

268 MMcf

1,109

257 MMcf

1,315

–

2,291

–

LPG
Other

6,388

Subtotal

Total

182

1,277,135

Crude oil
Natural gas(excluding LPG)

273,617

94,043 Mbbls

Other

Other

Net sales

Subtotal

Natural gas
Other Projects

Sales volume

452 Mbbls

Subtotal
Oil & Gas
Overseas

For the nine months ended
September 30, 2023

3,849
9,249

13,365

19,518Crude oil

102,921 Mbbls

1,318,349

104,728 Mbbls

1,167,421

Natural gas(excluding LPG)

322,299 MMcf

362,242

362,722 MMcf

412,580

69 Mbbls

2,865

441 Mbbls

6,718

LPG
Other

15,28615,115

Total

1,698,743

1,601,835- 13 -