ファConsolidated Financial Results for the Three Months ended June 30, 2009
August 5, 2009
Note: The following report is an English translation of the Japanese-language original.
Company name

: INPEX CORPORATION

Stock Exchange on which the Company is listed

Code number: 1605

URL http://www.inpex.co.jp/

Representative: Naoki Kuroda, President

Contact person: Kazuhiko Itano, General Manager, Corporate Communications Unit

: Tokyo Stock Exchange

TEL+81-3-5572-0233
Scheduled date of filing Quarterly financial report: August 12, 2009

Scheduled date of payment of cash dividends:―(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Three Months ended June 30, 2009 (April 1, 2009-June 30, 2009)(1) Consolidated operating results(The percentage expressions represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the three months ended
June 30, 2009

Operating income

Millions of yen%

185,164
381,338

June 30, 2008

(51.4)

92,304
260,700―

Net income per
Share—basic
For the three months ended
June 30, 2009
June 30, 2008

Ordinary income

Millions of yen%

Net income

Millions of yen(64.6)

88,470245,357―%

Millions of yen(63.9)

25,98949,773―%(47.8)―Net income pershare—diluted
Yen

Yen

―
―

11,043.05
21,123.86(2) Consolidated financial position
Total assets
Millions of yen

As of June 30, 2009
As of March 31, 2009

Net assets excluding minority interests
Net assets excluding
as a percentage of total assets
minority interests per share
Millions of yen%
Yen

Net assets

1,813,064
1,768,044

1,399,694
1,362,060

72.1
71.9

555,476.09
540,100.10(Reference): Net assets excluding minority interests: ¥ 1,307,309 million, as of June 30, 2009
¥ 1,271,122 million , as of March 31, 2009

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end At fiscal year end
Yen

For the year ended
March 31, 2009―

Yen

4,000.00

Total

Yen

Yen

Yen

―

4,000.00

8,000.00

For the year ending―
March 31, 2010
For the year ending
2,500.00
2,500.00
5,000.00―
March 31, 2010 (estimated)(Reference): Changes in estimated dividends for the year ending March 31, 2010 from the previous estimation: None

3. Forecasted Consolidated Financial Results for the year ending March 31, 2010 (April 1, 2009-March 31, 2010)(The percentage expressions represent the changes from the previous fiscal period or year)

Net sales
Millions of yen

Operating income% Millions of yen

Ordinary income% Millions of yen% Millions of yen

For the six months ending
September 30, 2009

360,000 (51.5)

169,000 (66.4)

162,000 (66.2)

For the year ending
March 31, 2010

720,000 (33.1)

316,000 (52.4)

296,000 (52.0)

Net income pershare

Net income%Yen

36,000(65.4)

15,296.41

56,000(61.4)

23,794.41(Reference): Changes in forecasted consolidated financial results for the year ending March 31, 2010 from the previous forecast: Yes

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4. Other(1) Significant changes in scope of consolidation: None(2) Adoption of simplified accounting method or special accounting treatment for preparationof quarterly consolidated financial statements:: None(3) Changes in accounting principles, procedures, presentations, etc., pertaining to preparation of quarterly consolidated financial
statements (those to be stated as “Changes to the Basis of Presenting Consolidated Financial Statements”):
1. Changes associated with revision in accounting standards:None
2. Other changes:None(4) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stocks):
2. Number of treasury stock at the end of the period:

2,358,410 shares, as of June 30, 2009
2,358,410 shares, as of March 31, 2009
4,916 shares, as of June 30, 2009
4,916 shares, as of March 31, 2009
2,353,494 shares for the three months ended June 30, 2009
2,356,269 shares for the three months ended June 30, 2008

3. Number of average shares:

Note: Since the shareholder of the special class share is entitled to the same rights as those for shareholders of common stock regarding dividends
and the distribution of residual property, the special class share is classified as common stock equivalent share.

*Explanation regarding the appropriate use of estimated consolidated operating results
The above aforementioned forecasts are based on currently available information and contain many uncertainties. The final results
might be significantly different from the aforementioned forecasts due to change in business conditions including oil and gas pricelevels, production and sales plans, projects development schedules, government regulations and financial and tax schemes. Pleaserefer to “3. Qualitative Information on Forecasted Consolidated Financial Results” on page 4.

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【Qualitative Information / Financial Statements】
1. Qualitative Information on Consolidated Financial Results
During the three months ended June 30, 2009, consolidated net sales were ¥185,164 million (decreased by ¥196,173 million, or 51.4%,
from the corresponding period of the previous fiscal year) mainly due to decrease in sales price of crude oil and natural gas andappreciation of Japanese yen. Net sales of crude oil decreased by ¥148,455 million, or 57.8%, to ¥108,230 million, and net sales ofnatural gas decreased by ¥45,988 million, or 39.1% to ¥71,664 million, respectively. Sales volume of crude oil decreased by 1,332
Mbbls, or 6.5%, to 19,172 Mbbls. Sales volume of natural gas increased by 6,743 MMcf, or 6.9%, to 104,597 MMcf. Sales volume ofnatural gas produced overseas increased by 7,288 MMcf, or 8.7%, to 91,313 MMcf, and sales volume of natural gas produced
domestically decreased by 15 MM㎥, or 3.9%, to 356 MM㎥ (13,284 MMcf). The average sales price of crude oil produced overseas
decreased by US$61.38 per bbl, or 51.7 %, to US$57.27 per bbl, and the average sales price of natural gas produced overseas
decreased by US$4.91 per Mcf, or 43.5%, to US$6.38 per Mcf. In addition, the average sales price of natural gas produced
domestically decreased by ¥0.93, or 2.5%, to ¥35.88 per ㎥. The average exchange rate of Japanese yen on consolidated net sales
appreciated by ¥7.48, or 7.1%, to ¥97.21 per U.S. dollar from the corresponding period of the previous fiscal year.
The decrease of ¥196.1 billion in net sales was derived mainly from the following factors: a decrease in sales volume affected ¥8.4
billion due to decrease in sales volume of crude oil, despite increase in natural gas. Besides, a decrease in unit sales price affected¥173.2 billion, the appreciation of Japanese yen against U.S. dollar affected ¥12.8 billion and net sales excluding crude oil and natural
gas decreased ¥1.7 billion.
Cost of sales for the three months ended June 30, 2009 decreased by ¥21,949 million, or 22.9%, to ¥73,884 million mainly due todecrease in royalty in ADMA Block owing to decrease in sales. Exploration expenses decreased by ¥5,467 million, or 74.1%, to¥1,908 million mainly due to decrease in exploration activities in Oceania. Selling, general and administrative expense decreased by¥359 million, or 2.1%, to ¥17,067 million. As a result, operating income decreased by ¥168,396 million, or 64.6%, to ¥92,304 million.
Other income decreased by ¥1,498 million, or 26.5 %, to ¥4,162 million due to decrease in dividend income and shift from equity inearnings of affiliates in corresponding period of the previous fiscal year to equity in losses of affiliates. Other expenses decreased by¥13,007 million, or 61.9%, to ¥7,995 million due to decrease in exchange loss and provision for allowance for recoverable accounts
under production sharing owing to decrease in exploration activities in Masela Block. As a result, ordinary income decreased by¥156,886 million, or 63.9%, to ¥88,470 million.
Total amount of current income taxes decreased by ¥134,531 million, or 68.3%, to ¥62,353 million, and deferred income taxes were¥(132) million, and minority interests were ¥260 million. As a result of above effects, net income for the three months ended June 30,
2009 decreased by ¥23,783 million, or 47.8%, to ¥25,989 million from the corresponding period of the previous fiscal year.
Financial results of geographical segment are as follows:(1) Japan
Net sales decreased by ¥3,578 million, or 15.9%, to ¥18,996 million due to decrease in sales price and sales volume of crude oil,natural gas and other correlative products, and operating income decreased by ¥2,379 million, or 31.2%, to ¥5,240 million.
(2) Asia - Oceania
Net sales decreased by ¥54,403 million, or 39.5%, to ¥83,163 million due to decrease in sales price of crude oil and natural gas
despite increase in sales volume, and operating income decreased by ¥57,340 million, or 58.1%, to ¥41,406 million.
(3) Eurasia (Europe - NIS)
Net sales decreased by ¥22,573 million, or 57.6%, to ¥16,632 million due to decrease in sales price of crude oil, and operating
income decreased by ¥19,747 million, or 79.7%, to ¥5,016million.
(4) Middle East - Africa
Net sales decreased by ¥117,274 million, or 65.1%, to ¥62,780 million due to decrease in sales price and sales volume of crude
oil in ADMA Block, and operating income decreased by ¥89,454 million, or 68.1%, to ¥41,817 million.
(5) Americas
Net sales increased by ¥1,656 million, or 85.6%, to ¥3,591 million due to increase in sales volume of crude oil despite decreasein sales price, and operating income increased by ¥897 million to ¥907 million.
2. Qualitative Information on Consolidated Financial Position
Consolidated total assets as of June 30, 2009 increased by ¥45,019 million to ¥1,813,064 million from ¥1,768,044 million as of March
31, 2009. This is mainly due to increase in tangible fixed assets by ¥21,796 million owing to construction of LNG receiving terminal
at Naoetsu, increase in recoverable accounts under production sharing by ¥15,766 million owing to investments at Kashagan Oil Field
etc, and increase in accounts receivable-trade and accounts receivable-other owing to increase in sales price of crude oil comparedwith the one at the end of the previous fiscal year.
Meanwhile, total liabilities increased by ¥7,385 million to ¥413,369 million from ¥405,984 million. Current liabilities increased by¥12,483 million to ¥218,542 million and long-term liabilities decreased by ¥5,097 million to ¥194,826 million.
Net assets increased by ¥37,633 million to ¥1,399,694 million, of which minority interests in net assets increased by ¥1,446 million to¥92,384 million.
Cash and cash equivalents at the end of the three months ended June 30, 2009 totaled ¥159,304 million reflecting net decrease of¥3,540 million from ¥162,844 million at the end of the previous fiscal year.
Cash flows from operating activities, investing activities and financial activities and those factors are as follows:

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(1) Cash flows from operating activities
Net cash provided by operating activities was ¥36,269 million (decreased by ¥72,379 million from the corresponding period of
the previous fiscal year). This is mainly due to decrease in income before income taxes and minority interests owing to decreasein sales price of crude oil.
(2) Cash flows from investing activities
Net cash used in investing activities was ¥36,720 million (decreased by ¥48,259 million from the corresponding period of theprevious fiscal year). This is due to decrease in payments for purchases of investment securities.
(3) Cash flows from financial activities
Net cash used in financial activities was ¥2,208 million (decreased by ¥1,773 million from the corresponding period of theprevious fiscal year). This is mainly due to decrease in proceeds from minority interests for additional shares.

3. Qualitative Information on Forecasts for Consolidated Financial Results
Forecasts for consolidated financial results for the six months ending September 30, 2009 had been undecided since businesscircumstances were extremely uncertain under the risk of volatile swings in sales prices of crude oil at the time of announcing‘Consolidated Financial Results for the year ended March 31, 2009.’ However, the Company concluded that the sales prices of crude
oil and business circumstances could now be estimated to a certain extent as the first quarter of the fiscal year has passed.
Forecasts for consolidated financial results for the year ending March 31, 2010 have been revised considering the consolidated
financial results for the three months ended June 30, 2009.
1. Forecasts for consolidated financial results for the six months ending September 30, 2009
Operating
Ordinary
Net sales
incomeincomePrevious Forecasts: Ａ―――
Revised Forecasts: Ｂ(Millions of yen)
Net income―

360,000

169,000

162,000

36,000

Increase (Decrease): Ｂ－Ａ

―

―

―

―

Percentage change (%)

―

―

―

―

2. Forecasts for consolidated financial results for the year ending March 31, 2010
Operating
Net sales
income669,000
301,000
Previous Forecasts: Ａ(Millions of yen)
Ordinary
incomeNet income

281,000

56,000

Revised Forecasts: Ｂ

720,000

316,000

296,000

56,000

Increase (Decrease): Ｂ－Ａ

51,00015,00015,000

0

7.6

5.0

5.3

0

Percentage change (%)

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

Revised Forecastsnd(2 Quarter / Full year)(Full Year)
Crude Oil Price(Brent)Full Year (April 1, 2009- March 31, 2010) :US$ 52.5/bbl

Exchange rate

Full Year (April 1, 2009- March 31, 2010) :¥95/US$1

April to July: US$61.1/bbl
August to March 2010: US$55.0/bbl
Full Year (April 1, 2009- March 31, 2010) :US$57.0/bbl
April to July: ¥96.8/US$1
August to March 2010: ¥95.0/US$1
Full Year (April 1, 2009- March 31, 2010) :¥95.6/US$1

Note: The previous forecasts’ assumptions of crude oil price US$ 52.5/bbl were the average of US$ 50.0/bbl (first-half year) and
US$ 55.0/bbl (second-half year). Therefore, the forecasts’ assumptions of crude oil price for the second half year have not changed incurrent revised forecasts.
Crude oil prices at which the Company sells products depend on the type of crude oil, and there are also price differences between the
crude oil price and Brent price. Price differences are caused by its quality and its pricing range which is affected by the market
conditions. Most of the crude oil prices are lower than Brent price.
4. Other
None

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ァイル名:②H22.3_第1四半期BS【済】.DOC

印刷日時:09/08/05 13:04

5. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2009

As of June 30, 2009

(Assets)
Current assets
Cash and deposits

125,779

117,393

Accounts receivable-trade78,95773,540Marketable securities

129,377

149,507

Inventories

18,62618,205

Other64,91652,491(0)(28)

417,655

411,110319,431297,635

Goodwill

113,193

114,883

Other

136,614138,797

Total intangible assets

249,808

253,680

Investment securities

349,770

344,698

Recoverable accounts under
production sharing

469,689

453,922

Other

108,331106,262

(518)

(528)

(90,143)(87,828)(10,961)(10,907)826,168

805,618

1,395,408

1,356,934

1,813,064

1,768,044

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible assets

Investments and other assets

Allowance for doubtful accounts
Allowance for recoverable accounts
under production sharing
Allowance for investments in
exploration
Total investments and other assets
Total fixed assets
Total assets― 5 ―更新日時:7/29/2009 5:19:00 PM

ァイル名:②H22.3_第1四半期BS【済】.DOC

印刷日時:09/08/05 13:04(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2009

As of June 30, 2009

(Liabilities)
Current liabilities
Accounts payable-trade

12,097

11,873

Short-term loans

34,316

27,816

Income taxes payable

61,00670,419Provision for exploration projects

10,085

7,948

36

134

Other

100,999

87,867

Total current liabilities

218,542

206,059

133,522

136,430

8,363

8,545

14,742

14,192

1,964

1,964

417

404

Other

35,81738,387

Total long-term liabilities

194,826

199,924

Total liabilities

413,369

405,984

Common stock

30,00030,000Capital surplus

418,477

418,477

Retained earnings

861,408

844,832

Treasury stock(5,248)(5,248)1,304,637

1,288,062

9,699(6,817)(0)(0)

Translation adjustments(7,026)(10,121)

Total valuation, translation adjustments
and others

2,671(16,939)

Minority interests

92,38490,938

Total net assets

1,399,694

1,362,060

Total liabilities and net assets

1,813,064

1,768,044

Accrued bonuses to officers

Long-term liabilities
Long-term debt
Accrued retirement benefits to employees
Liabilities for site restoration anddecommissioning costs
Liabilities for losses on development
activities
Accrued special repair and maintenance(Net assets)
Shareholders’ equity

Total shareholders’ equity
Valuation, translation adjustments andothers
Unrealized holding gain (loss) on
securities
Unrealized loss from hedging
instruments― 6 ―ァイル名:③H22.3第1四半期_PL【済】.DOC

更新日時(2) Consolidated Statements of Income(Millions of yen)
For the three months ended
June 30, 2008

Accounts

For the three months ended
June 30, 2009

Net sales

381,338

185,164

Cost of sales

95,83473,884Gross profit

285,503111,280

Exploration expenses

7,375

1,908

Selling, general and administrative expenses

17,427

17,067

Operating income

260,700

92,304

Interest income

1,658

1,310

Dividend income

1,945

1,165

933

―

Other

1,122

1,686

Total other income

5,660

4,162

2,001

245

Other income

Equity in earnings of affiliates

Other expenses
Interest expense―

796

Provision for allowance for recoverable accounts under
production sharing

6,684

1,743

Provision for exploration projects

1,752

2,617

Foreign exchange loss

7,596

1,952

Other

2,968

640

Total other expenses

21,003

7,995

Ordinary income

245,357

88,470

Income before income taxes and minority interests

245,357

88,470

Income taxes-current

196,884

62,353

Income taxes-deferred(4,327)(132)

Total income taxes

192,557

62,221

Minority interests

3,026

260

Net income

49,77325,989Equity in losses of affiliates― 7 ―ファイル名:④H22.3_第1四半期CF【済】.DOC

更(3) Consolidated Statements of Cash Flows(Millions of yen)Accounts

For the three months ended
June 30, 2008

For the three months ended
June 30, 2009

Cash flows from operating activities
245,357

88,470Depreciation and amortization

Income before income taxes and minority interests

9,821

10,030

Amortization of goodwill

1,690

1,690

7,521

2,132

Provision for exploration projects

(283)

1,985

Provision for accrued retirement benefits to employees

136

(184)

Provision for site restoration and decommissioning costs

1,441

487

Provision for allowance for recoverable accounts
under production sharing

Other provisions

20

(69)

Interest and dividend income(3,603)(2,476)

Interest expense

2,001

245

Foreign exchange loss (gain)

2,430(1,074)Equity in (earnings) losses of affiliates

(933)

796

13,251

13,048(8,395)(3,648)(18,273)(4,155)

835

(374)

Accounts payable-trade

5,123

85

Other

(6,260)929

Recovery of recoverable accounts under production
sharing (capital expenditures)
Recoverable accounts under production sharing(operating expenditures)
Accounts receivable-trade
Inventories

251,880

107,920

Interest and dividends received

Subtotal

3,078

2,719

Interest paid

(2,519)(674)(143,790)(73,696)

108,648

36,269

Income taxes paid
Net cash provided by operating activities― 8 ―ファイル名:④H22.3_第1四半期CF【済】.DOC

更(Millions of yen)Accounts

For the three months ended
June 30, 2008

For the three months ended
June 30, 2009

Cash flows from investing activities
Increase in time deposits(2,639)Decrease in time deposits

(224)

368

230

(16,728)(30,455)

Proceeds from sales of tangible fixed assets

21

4

Payments for purchases of intangible assets

(473)

(519)

Payments for purchases of tangible fixed assets

Proceeds from sales of marketable securities

19,171

28,320

Payments for purchases of investment securities(54,771)(7,546)

1,010―(31,627)(24,823)

Increase in short-term loans receivable

(39)

(40)

Long-term loans made(587)

(2,217)

Collection of long-term loans receivable

411

34

Other

906

516

(84,979)(36,720)

Increase (decrease) in short-term loans

(79)

7,100

Proceeds from long-term debt

6,635

520

Repayments of long-term debt

(2,284)(1,319)Proceeds from minority interests for additional shares

5,060

1,019

Purchase of treasury stock

(232)

―

(9,427)(9,420)

Proceeds from sales of investment securities
Investment in recoverable accounts under production
sharing (capital expenditures)

Net cash used in investing activities
Cash flows from financing activities

Cash dividends paid
Dividends paid to minority shareholders

(80)

(81)

Other

(26)

(27)

(434)

(2,208)

Effect of exchange rate changes on cash and cash equivalents

5,889

(880)

Net increase (decrease) in cash and cash equivalents

29,123(3,540)Cash and cash equivalents at beginning of the period

222,269

162,844

Cash and cash equivalents at end of the period

251,393

159,304

Net cash used in financing activities― 9 ―ファイル名:⑤H22.3第1四半期セグメント-海外売上高-継続企業【済】.doc更新日時:7/31/2009 7:55:00 PM

印刷日時:09/08/05 13:05(4) Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern
None

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印刷日時:09/08/05 13:05(5) Segment information【Business segment information】
For the three months ended June 30, 2008 (April 1, 2008 through June 30, 2008)
Segment information by business has been omitted because the crude oil and natural gas business accounts for more than 90% of
total sales and operating income.
For the three months ended June 30, 2009 (April 1, 2009 through June 30, 2009)
Segment information by business has been omitted because the crude oil and natural gas business accounts for more than 90% of
total sales and operating income.

【Geographical segment information】
For the three months ended June 30, 2008 (April 1, 2008 through June 30, 2008)(Millions of yen)Japan

Asia Oceania

Eurasia(EuropeNIS)

Middle East Africa

Americas22,574

137,567

39,205

180,054

1,935

―

―

―

―

Total

22,574

137,567

39,205

Operating income

7,620

98,746

24,763Eliminations
and other

Consolidated

381,338―

381,338

―

―

―

―

180,054

1,935

381,338―

381,338

131,27110

262,412(1,711)

260,700

Total

Net sales(1) Sales to third parties(2) Intercompany sales andtransfers between segments

Notes:

1. Countries and areas are segmented based on their geographic proximity and their mutual operational relationships.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania･････････Indonesia, Australia, East Timor, Vietnam(2) Eurasia (Europe - NIS)･･Azerbaijan, Kazakhstan, UK(3) Middle East - Africa････UAE, D.R. Congo, Iran, Libya, Egypt, Algeria, Angora(4) Americas･････････････Venezuela, Ecuador, USA, Canada, Suriname

For the three months ended June 30, 2009 (April 1, 2009 through June 30, 2009)(Millions of yen)Japan

Asia Oceania

Eurasia(EuropeNIS)

18,996

83,163

16,63262,780

3,591

―

―

―

―

Total

18,996

83,163

16,632

Operating income

5,240

41,406

5,016

Middle East Africa

AmericasEliminations
and other

Consolidated

185,164―

185,164

―

―

―

―

62,7803,591

185,164―

185,164

41,817907

94,388(2,083)92,304Total

Net sales(1) Sales to third parties(2) Intercompany sales andtransfers between segments

Notes:

1. Countries and areas are segmented based on their geographic proximity and their mutual operational relationships.
2. Major countries and areas that belong to segments other than Japan are as follows:(1)Asia - Oceania･････････Indonesia, Australia, East Timor, Vietnam(2)Eurasia (Europe - NIS)･･Azerbaijan, Kazakhstan, UK(3)Middle East - Africa････UAE, D.R. Congo, Iran, Libya, Egypt, Algeria, Angora(4)Americas･････････････Venezuela, Ecuador, USA, Canada, Suriname, Brazil―11―ファイル名:⑤H22.3第1四半期セグメント-海外売上高-継続企業【済】.doc更新日時:7/31/2009 7:55:00 PM

印刷日時:09/08/05 13:05【Overseas sales】
For the three months ended June 30, 2008 (April 1, 2008 through June 30, 2008)
Asia - Oceania
I.

Overseas sales (Millions of yen)

106,450

Other

Total

35,836

II. Consolidated sales (Millions of yen)

381,338

III. Overseas sales as a percentage of consolidated sales (%)
Notes:

142,286

27.9

9.4

37.3

1. Countries and areas are segmented based on their geographic proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania････････South Korea, Taiwan, Indonesia, Singapore, Thailand, Philippines, Australia, New Zealand(2) Other･･･････････････USA, Italy, Netherland
3. Overseas sales consist of export sales of the Company and its domestic consolidated companies and sales (other than exports to Japan) of its foreign consolidated subsidiaries. Overseas sales are totaled up based on final destination.

For the three months ended June 30, 2009 (April 1, 2009 through June 30, 2009)
Asia - Oceania
I.

Overseas sales (Millions of yen)

55,684

Other

Total

14,527

II. Consolidated sales (Millions of yen)

185,164

III. Overseas sales as a percentage of consolidated sales (%)
Notes:

70,211

30.1

7.8

37.9

1. Countries and areas are segmented based on their geographic proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania････････South Korea, Taiwan, Indonesia, Singapore, Thailand, Australia(2) Other･･･････････････Italy
3. Overseas sales consist of export sales of the Company and its domestic consolidated companies and sales (other than exports to Japan) of its foreign consolidated subsidiaries. Overseas sales are totaled up based on final destination.

(6) Note on significant changes in shareholders’ equity

None

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6. Other(1) Production, orders received and sales performance1) Actual production
The following table shows actual production by business segment:
For the three months ended
Business segment
Category
June 30, 2008
Crude oil
Natural gas
Crude oil andnatural gas

Subtotal
Petroleumproducts
IodineElectric power
generation

Notes:For the three months ended
June 30, 200921 MMbbls( 225 Mbbls per day)95 Bcf(1,049 MMcf per day)
36 MMboe(400 Mboe per day)
49 Mkl(309 Mbbls)

20 MMbbls(220 Mbbls per day)
104 Bcf(1,144 MMcf per day)
37 Mboe(411 Mboe per day)
53 Mkl(331 Mbbls)

126 tons

110 tons

26 millions kWh

25 millions kWh

1. The volume of LPG produced overseas is included in ‘Crude oil.’ On the other hand, the amount of LPG produced in thedomestic refinery is included in ‘Petroleum Products.’
2. A portion of crude oil production volume is consumed as material for petroleum products.
3. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
4. The production by the Company’s affiliates accounted for by the equity method is included in the figures above. Also the
production volume is a result for the three months ended June 30 regardless of a closing date on the basis of fiscal periodsof its subsidiaries or affiliates.
5. The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Groupcorresponds to the net economic take of the group.
Figures calculated by multiplying the gross production volume by the Company’s interest share are 30 MMbbls (328
Mbbls per day) of crude oil, 136 Bcf (1,497MMcf per day) of natural gas, and in total 53 MMboe (577 Mboe per day). For
calculating the gas production based on interest share, 100% of the gas production volume measured at wellhead (separatorgas) had been used until the year ended March 31, 2009. However, from the year ending March 31, 2010, the Company
applies marketable gas volume adjusted for delivery specifications, excluding own consumption fuel, re-injection, losses
as flare, diffusion, inert gas generated at plant etc.
6. Boe means barrels of oil equivalent.
7. The volume of petroleum products is converted to bbl in parenthesis. Applied coefficient is 6.29 bbls per kl.
8. Iodine is refined by another company on consignment.
9. Figures are rounded to nearest whole number.

2) Orders received
This information is not disclosed since the amount of orders received accounted for a minor portion of total sales. In
addition, there is no production for orders received in crude oil and natural gas business.

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3) Actual salesa) The Company takes back the full amount of crude oil produced overseas allocated to us under production sharing
contracts and produced under concession agreements, and sell it to domestic and foreign customers. The Company
sells natural gas produced in Indonesia in the form of LNG to Japanese power companies, city gas companies andcustomers in South Korea, Taiwan and other countries through PERTAMINA. In addition, the Company sells natural
gas produced in Japan to customers using our pipeline.
b) Sales by business segment during each period were as follows:(Millions of yen)
For the three months ended
For the three months ended
Business segment Category
June 30, 2008
June 30, 2009
Crude Oil

20,504 Mbbls

256,685

97,854 MMcf
Crude oil andnatural gas

108,230

104,597 MMcf
117,652

Natural Gas
LPG: 512 Mbbls

71,664
LPG: 521 Mbbls

Other

6,612

4,840

Subtotal

380,950

184,735

387

429

381,338

185,164

Other
Total
Notes:

19,172 Mbbls

1. The above amounts do not include the related consumption tax.
2. The Company’s subsidiaries of which closing date for fiscal year is December 31 are principally consolidated by using theiroperating results for the three months ended March 31, 2009 except those subsidiaries prepared their financial statements forconsolidation purpose as of the consolidation closing date. However, the significant effects of the difference in fiscal periods
were properly adjusted in consolidation.
3. Sales volumes are rounded to nearest whole number.
4. Sales for major customers and sales as a percentage of total net sales are as follows. Sales amount of PERTAMINA consists
mostly of natural gas and over half of them are sold to Japanese customers in the form of LNG.

Customers

For the three months ended

For the three months ended

June 30, 2008

June 30, 2009

Amounts

Ratio

Amounts

Ratio(Millions of yen）(％)

（Millions of yen）(％)

PERTAMINA

98,95525.9

54,295

29.3

Idemitsu Kosan Co., Ltd.

39,90010.5

16,807

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