Consolidated Financial Results for the Three Months ended March 31, 2020 [Japanese GAAP]May 12, 2020
Note: The following report is an English translation of the Japanese-language original.
Company name
Code number
Representative
Contact person: INPEX CORPORATION
Stock Exchange on which the Company is listed : Tokyo Stock Exchange: 1605
URL https://www.inpex.co.jp: Takayuki Ueda, President: Munehiro Hosono, General Manager, Corporate Communications Unit
TEL+81-3-5572-0233
Scheduled date of filing Quarterly Financial Report: May 13, 2020
Scheduled date of payment of cash dividends:―
Preparation of supplementary explanatory materials: Yes
Meeting of quarterly financial results presentation: Yes(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the Three Months ended March 31, 2020 (January 1, 2020-March 31, 2020)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the three months ended
March 31, 2020

Operating income

Millions of Yen

June 30, 2019

Net income attributableto owners of parent

Ordinary income%

Millions of Yen%

Millions of Yen%

Millions of Yen

249,669－

100,878－

107,728－

33,572%－

287,40142.0

146,27740.7

130,968

12.7

29,69676.6(Note): Consolidated comprehensive income: for the three months ended March 31, 2020, ¥(29,675) million; (－%)
for the three months ended June 30, 2019, ¥(31,884) million; (－%)

Net income pershare—basic
For the three months ended
March 31, 2020

Net income pershare—diluted

Yen
22.99

Yen
－

June 30, 2019
20.34－
(Note): The Company changed its consolidated fiscal year-end from March 31 to December 31, effective from the previous fiscal
year. As a result, the first quarter (January 1, 2020 to March 31, 2020) of the fiscal year ending December 31, 2020 differs fromthe corresponding first quarter (April 1, 2019 to June 30, 2019) of the fiscal year ended December 31, 2019. On this basis,
percentage data for changes between the first quarter of the fiscal year ended December 31, 2019 and the first quarter of the
fiscal year ending December 31, 2020 have not been provided.
[Reference]
Percentage figures below (adjusted % increase/decrease) represent year-on-year changes between the three-month period fromJanuary 1, 2020 to March 31, 2020 and the corresponding period of the previous year, the three-month period from January 1,
2019 to March 31, 2019.
Net Sales
249,669 (7.3)%

Operating income
100,878(16.5)%

Ordinary income
107,728 (19.8)%(Millions of yen)
Net income attributable to owners of parent
33,572 (31.9)%(2) Consolidated financial position

Millions of Yen

Millions of Yen

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

As of March 31, 2020

4,722,717

3,238,725

63.2

As of December 31, 2019

4,849,995

3,297,176

62.7

Total assets

Net assets(Reference): Net assets excluding non-controlling interests: as of March 31, 2020, ¥2,986,081 million
as of December 31, 2019, ¥3,040,775 million

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
December 31, 2019
For the year ending
December 31, 2020
For the year ending
December 31, 2020 (forecast)At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

－

12.00

－

18.00

30.00

12.00

－

12.00

24.00

－

(Note): 1. Changes in projected dividends for the year ending December 31, 2020 from the previous forecast: Yes
2. "Dividends" as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit "Dividends of ClassA stock".
3. For information regarding revision of dividend forecast, please refer to the press release "Announcement of Revision of Consolidated Financial
Forecasts for the Six Months Ending June 30, 2020 and Fiscal Year Ending December 31, 2020 as well as Dividend Forecast" issued today (May 12,2020).

3. Forecasted Consolidated Financial Results for the year ending December 31, 2020 (January 1, 2020-December 31, 2020)(Figures in % represent the changes from the previous fiscal year)

Net sales
For the six months ending
June 30, 2020
For the year ending
December 31, 2020

Operating income

Ordinary income

Net income
attributable toowners of parent%

Net income pershare

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen

Yen

408,000－

133,000－

145,000－

35,000－23.97

710,000－

172,000－

163,000－

10,000－6.85(Note): Changes in forecasted consolidated financial results for the year ending December 31, 2020 from the previous forecast: Yes
Due to the change in the Company’s fiscal year-end from March 31 to December 31, the consolidated accounting period of the Company and its
subsidiaries with provisional settlements of accounts for the fiscal year ended December 31, 2019 is the nine-month period between April 1 andDecember 31, 2019. Meanwhile, the accounting period (for the same fiscal year) of subsidiaries with a December 31 fiscal year-end is the normal,
twelve-month period between January 1 and December 31, 2019. Therefore, percentage changes from the previous fiscal year and a year-on-year
quarterly comparison are not provided[Reference]
Percentage figures below for the six months ending June 30, 2020 (after adjustment) represent the year-on-year percentage changes between thefinancial results of the Company, its subsidiaries with provisional settlements of accounts and its subsidiaries with a December 31 fiscal year-end forthe period between January 1 and June 30, 2019 and the forecasted consolidated financial results (of these entities) for the period between January 1
and June 30, 2020.
Percentage figures below for the year ending December 31, 2020 (after adjustment) represent the year-on-year percentage changes between thefinancial results of the Company, its subsidiaries with provisional settlements of accounts and its subsidiaries with a December 31 fiscal year-end forthe period between January 1 and December 31, 2019 and the forecasted consolidated financial results (of these entities) for the period between
January 1 and December 31, 2020.
(Millions of yen)
Net income attributable to
Net Sales
Operating income
Ordinary income
owners of parent
For the six months ending
408,000 (27.6)%
133,000 (50.6)%
145,000 (46.4)%
35,000(57.6)%
June 30, 2020
For the year ending
710,000 (39.4)%
172,000 (69.2)%
163,000 (72.1)%
10,000(94.0)%
December 31, 2020

Notes(1) Significant changes in scope of consolidation: None(Changes in the specified subsidiaries during the period due to change in scope of consolidation)(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: None: None: None: None(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:

1,462,323,600 shares as of March 31, 2020
1,462,323,600 shares as of December 31, 2019
2,120,969 shares as of March 31, 2020
2,121,916 shares as of December 31, 2019
1,460,201,920 shares for the three months ended March 31, 2020
1,460,199,941 shares for the three months ended June 30, 2019

(Note): The shares held by "the Board Incentive Plan Trust" are included in number of treasury stock at end of period.
(As of March 31, 2020: 154,469 shares As of December 31, 2019: 155,416 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.
Please refer to "1.(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results" on page
4.
Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
Yen

Yen

Yen

At fiscal year end
Yen

Total
Yen

For the year ended―
4,800.00―
7,200.00
12,000.00
December 31, 2019
For the year ending―
December 31, 2020
For the year ending
December 31, 2020
4,800.00―
4,800.00
9,600.00(forecast)(Note) 1. The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for ClassA 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 is included in the Articles of Incorporation.
2. For information regarding revision of dividend forecast, please refer to the press release "Announcement of Revision ofConsolidated Financial Forecasts for the Six Months Ending June 30, 2020 and Fiscal Year Ending December 31, 2020 as
well as Dividend Forecast" issued today (May 12, 2020).

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 …………………

4

2. Consolidated Financial Statements and Principal Notes …………………………………………………………………………

5(1) Consolidated Balance Sheet …………………………………………………………………………………………………

5(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ………………………………

7

Consolidated Statement of Income …………………………………………………………………………………………

7

Consolidated Statement of Comprehensive Income …………………………………………………………………………

8(3) Notes to Consolidated Financial Statements …………………………………………………………………………………

9(Conditions or events that indicate there could be substantial doubt about
the Company's ability to continue as a going concern) ………………………………………………………………………

9(Note on significant changes in shareholders' equity) ………………………………………………………………………

9(Segment information) ………………………………………………………………………………………………………

10(Subsequent events) …………………………………………………………………………………………………………

10

3. Supplementary Information ……………………………………………………………………………………………………… 11(1) Production, Orders Received and Sales Performance………………………………………………………………………… 11

1

1. Qualitative Information ⁄ Financial Statements(1) Explanation on Consolidated Financial Results
The Company and its subsidiaries unified their fiscal year-ends to December 31, effective from the previous fiscal year.
Changes displayed hereinafter are based on the comparison to the corresponding period of the previous year, which is comprisedof the three-month results (January 1 - March 31, 2019).
(Millions of yen)
Corresponding
For the three
Period of themonths ended
Change% Change
Previous Year
March 31, 2020
Net sales

269,200

249,669(19,530)(7.3)

Operating income

120,771

100,878(19,892)(16.5)

Ordinary income

134,248

107,728(26,519)(19.8)Net income
attributable toowners of parent

49,29233,572(15,720)(31.9)Net sales for the three months ended March 31, 2020 decreased by ¥19.5 billion, or 7.3% , to ¥249.6 billion from thecorresponding period of the previous year due to a decrease in sales price of crude oil, despite an increase in sales volume.
Net sales of crude oil decreased by ¥36.1 billion, or 18.1%, to ¥163.0 billion, and net sales of natural gas increased by ¥17.9
billion, or 27.9%, to ¥82.1 billion.
Sales volume of crude oil decreased by 87 thousand barrels, or 0.3%, to 28,261 thousand barrels. Sales volume of natural gas
increased by 34,231 million cf, or 39.3%, to 121,252 million cf. Sales volume of overseas natural gas increased by 34,717 million
cf, or 55.0%, to 97,797 million cf, and sales volume of domestic natural gas decreased by 13 million ㎥, or 2.0%, to 628 million㎥ (23,455 million cf).
The average sales price of overseas crude oil decreased by US$10.84, or 17.0%, to US$52.81 per barrel. In addition, the averagesales price of overseas natural gas increased by US$0.85, or 22.5%, to US$4.63 per thousand cf. Meanwhile, the average sales
price of domestic natural gas decreased by ¥7.42, or 12.8%, to ¥50.69 per ㎥. The average exchange rate of the Japanese yen
against the U.S. dollar on consolidated net sales appreciated by ¥1.24, or 1.1%, to ¥109.16 per U.S. dollar from the corresponding
period of the previous year.
The decrease of ¥19.5 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 ¥13.5 billion to the increase, a decrease in unit sales price pushing sales downof ¥29.3 billion, the appreciation of the Japanese yen against the U.S. dollar pushing sales down of ¥2.4 billion, and a decrease in
net sales excluding crude oil and natural gas of ¥1.3 billion.
Cost of sales for the three months ended March 31, 2020 increased by ¥7.1 billion, or 5.8%, to ¥129.2 billion. Exploration
expenses decreased by ¥7.2 billion, or 89.0%, to ¥0.9 billion. Selling, general and administrative expenses increased by ¥0.4
billion, or 2.7%, to ¥18.5 billion. As a result, operating income decreased by ¥19.8 billion, or 16.5%, to ¥100.8 billion.
Other income increased by ¥2.6 billion, or 11.4%, to ¥25.7 billion. Other expenses increased by ¥9.2 billion, or 96.0%, to¥18.9 billion due mainly to increases in loss on valuation of investment securities and others. As a result, ordinary income
decreased ¥26.5 billion, or 19.8%, to ¥107.7 billion.
Extraordinary loss decreased by ¥5.5 billion due to the absense of impairment loss. Total amount of current income taxes anddeferred income taxes decreased by ¥12.3 billion, or 14.1%, to ¥75.3 billion, and net loss attributable to non-controlling interests
was ¥1.1 billion. As a result of the above effects, net income attributable to owners of parent for the three months ended March
31, 2020 decreased by ¥15.7 billion, or 31.9%, to ¥33.5 billion.

2

Financial results by segment are as follows:(Millions of yen)
Net sales

Segment income (loss)

Corresponding
Period of thePrevious YearFor the threemonthsended March
31, 2020% Change

Corresponding
Period of thePrevious YearFor the threemonthsended March
31, 2020% ChangeJapan44,482

37,629(15.4)

7,607

7,278

(4.3)

Asia & Oceania

45,82474,94963.6

20,03630,737

53.4

Eurasia (Europe & NIS)

28,278

16,529(41.5)

5,901(2,098)－Middle East & Africa

148,101

115,174(22.2)

90,732

68,702(24.3)

2,512

5,386

114.4

(1,531)(25)(98.4)

269,200

249,669(7.3)

122,746

104,595(14.8)

Adjustments

－

－

－

(1,974)(3,716)

88.2

Consolidated

269,200

249,669(7.3)

120,771

100,878(16.5)

Segment

Americas
Total1) JapanNet sales decreased by ¥6.8 billion, or 15.4%, to ¥37.6 billion due to a decrease in sales price of natural gas. Operating income
decreased by ¥0.3 billion, or 4.3%, to ¥7.2 billion.
2) Asia & Oceania
Net sales increased by ¥29.1 billion, or 63.6%, to ¥74.9 billion due to an increase in sales volume. Operating income increased by¥10.7 billion, or 53.4%, to ¥30.7 billion.
3) Eurasia (Europe & NIS)
Net sales decreased by ¥11.7 billion, or 41.5%, to ¥16.5 billion due to a decrease in sales price of crude oil. Operating loss totaled¥2.0 billion compared with ¥5.9 billion of operating income for the corresponding period of the previous year.
4) Middle East & Africa
Net sales decreased by ¥32.9 billion, or 22.2%, to ¥115.1 billion due to a decrease in sales price of crude oil. Operating income
decreased by ¥22.0 billion, or 24.3%, to ¥68.7 billion.
5) Americas
Net sales increased by ¥2.8 billion, or 114.4%, to ¥5.3 billion due to an increase in sales volume. Operating loss decreased by ¥1.5
billion, or 98.4%, to ¥20 million.
(2) Explanation on Consolidated Financial Position
Total assets as of March 31, 2020 decreased by ¥127.2 billion to ¥4,722.7 billion from ¥4,849.9 billion as of December 31, 2019.
Current assets decreased by ¥33.5 billion to ¥386.2 billion due to decreases in account receivable-trade and others. Fixed assets
decreased by ¥93.7 billion to ¥4,336.4 billion due to decreases in tangible fixed assets, investments and other assets and others.
Meanwhile, total liabilities decreased by ¥68.8 billion to ¥1,483.9 billion from ¥1,552.8 billion as of December 31, 2019. Current
liabilities decreased by ¥40.1 billion to ¥361.3 billion and long-term liabilities decreased by ¥28.6 billion to ¥1,122.6 billion.
Net assets decreased by ¥58.4 billion to ¥3,238.7 billion. Total shareholders' equity increased by ¥7.2 billion to ¥2,730.0 billion.
Total accumulated other comprehensive income decreased by ¥61.9 billion to ¥256.0 billion and non-controlling interests in net
assets decreased by ¥3.7 billion to ¥252.6 billion.

3(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results
The crude oil price outlook remains uncertain as a result of factors including the reduction in global energy demand due to theimpact of the growing number of COVID-19 cases. The forecasted consolidated financial results for the six months ending June30, 2020 and the year ending December 31, 2020 have been revised from those announced on February 12, 2020, taking into
consideration factors including the consolidated financial results for the three months ended March 31, 2020.
Forecasts for consolidated financial results for the six months ending June 30, 2020
Net sales

Operating income(Millions of yen)
Net income attributable toOrdinary income
owners of parent
272,000
70,000Previous Forecasts: A

606,000

257,000

Revised Forecasts: B

408,000

133,000

145,000

35,000

Increase (Decrease): B‐A(198,000)(124,000)(127,000)(35,000)(32.7)(48.2)(46.7)(50.0)

Percentage change (%)

Forecasts for consolidated financial results for the year ending December 31, 2020
Net sales

Operating income(Millions of yen)
Net income attributable toOrdinary income
owners of parent
536,000
145,000

Previous Forecasts: A

1,204,000

499,000

Revised Forecasts: B

710,000

172,000

163,000

10,000

Increase (Decrease): B‐A(494,000)(327,000)(373,000)(135,000)(41.0)(65.5)(69.6)(93.1)

Percentage change (%)

Note:Due to the substantial decline in crude oil prices, the Company is currently revaluating the assets of the INPEX Group. The Company may recognize
impairment losses on some assets mainly consisting of producing projects, depending on the outlook of crude oil prices and project plan reviews, etc. The
Company will issue an announcement as soon as it determines that the Company’s financial results are expected to be impacted.

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

Revised Forecasts

Crude oil price(Brent)Full Year:

US$ 60.0/bbl (Average)

1st quarter (actual):
From 2nd quarter:
Full Year:

US$ 50.8/bbl
US$ 30.0/bbl
US$ 35.2/bbl (Average)

Exchange rate

Full Year:¥110.0/US$ (Average)

1st quarter (actual):
From 2nd quarter:
Full Year:¥108.9/US$¥110.0/US$¥109.7/US$ (Average)

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.

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

As of December 31, 2019

As of March 31, 2020

(Assets)
Current assets
Cash and deposits

173,798

201,133

Accounts receivable-trade148,765

75,501Inventories

38,98740,320Other

72,02082,069Less allowance for doubtful accounts(13,768)(12,790)

Total current assets

419,802386,234

Buildings and structures, net

177,320

175,228

Wells, net

261,931

294,052

1,254,865

1,326,027

Land

18,596

18,587

Construction in progress

552,866

425,544

9,790

9,752

2,275,372

2,249,193

Goodwill

42,206

40,516

Other493,124

487,445

Total intangible assets

535,330

527,962

Investment securities

378,527

316,999

Long-term loans receivable

718,976

722,294

Recoverable accounts under production sharing

568,377

568,209

Other

23,71823,340Less allowance for doubtful accounts

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net

Other, net
Total tangible fixed assets
Intangible assets

Investments and other assets

(818)

(580)

Less allowance for recoverable accounts under
production sharing(66,897)(68,534)

Less allowance for investments in exploration(2,395)(2,400)1,619,489

1,559,327

4,430,192

4,336,482

4,849,995

4,722,717

Total investments and other assets
Total fixed assets
Total assets

5

(Millions of yen)Accounts

As of December 31, 2019

As of March 31, 2020

(Liabilities)
Current liabilities
Accounts payable-trade

21,79821,314

Short-term loans

166,831

165,463－

18,000

Income taxes payable

43,1903,784

Accrued bonuses

1,334

－

Accrued bonuses to officers

108

27

Provision for loss on business

8,635

9,495

Provision for exploration projects

11,808

7,515

780

519

Other

146,996

135,203

Total current liabilities

401,483

361,323

950,948916,657

Provision for stocks payment

42

49

Accrued special repair and maintenance

537

522

Liability for retirement benefits

8,011

7,974

Asset retirement obligations

136,101

134,078

Other

55,694

63,385

1,151,334

1,122,668

1,552,818

1,483,991

Common stock

290,809290,809

Capital surplus

674,374

674,374Retained earnings

1,763,034

1,770,321

Treasury stock(5,432)(5,430)2,722,786

2,730,074

5,570

1,293

Unrealized gain (loss) from hedging instruments(18,128)(63,858)

Translation adjustments

330,546

318,572

Total accumulated other comprehensive income

317,988

256,007

256,400

252,643

Total net assets

3,297,176

3,238,725

Total liabilities and net assets

4,849,995

4,722,717

Commercial papers

Asset retirement obligations

Long-term liabilities
Long-term debt

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

Total shareholders' equity
Accumulated other comprehensive income
Unrealized holding gain (loss) on securities

Non-controlling interests6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income
Accounts(Millions of yen)
For the three months ended
March 31, 2020

For the three months ended
June 30, 2019

Net sales

287,401

249,669

Cost of sales

121,345

129,294

Gross profit

166,056

120,374

Exploration expenses

2,050

904

Selling, general and administrative expenses

17,727

18,591

Operating income

146,277

100,878

Interest income

1,025

445

Dividend income

2,001

4,586

Equity in earnings of affiliates－

15,249Foreign exchange gain

－

3,239

Other

2,807

2,257

Total other income

5,834

25,778Interest expense

7,610

6,036

Equity in losses of affiliates

6,211

－

Provision for allowance for recoverable accounts under
production sharing

1,051

1,659

551

9,202

Foreign exchange loss

4,590

－

Other

1,127

2,031

Total other expenses

21,14318,928

Ordinary income

130,968

107,728

Income before income taxes

130,968

107,728

Income taxes-current

100,776

67,430

Income taxes-deferred

(897)

7,871

Total income taxes

99,87975,301

Net income

31,08832,426

Net income (loss) attributable to non-controlling interests

1,392(1,145)

Net income attributable to owners of parent

29,69633,572Other income

Other expenses

Loss on valuation of investment securities

7

Consolidated Statement of Comprehensive Income
Accounts(Millions of yen)
For the three months ended
March 31, 2020

For the three months ended
June 30, 2019

Net income

31,08832,426(665)(4,257)－

192

Translation adjustments(40,380)(11,666)

Share of other comprehensive income of associates
accounted for by the equity method(21,927)(46,371)

Total other comprehensive income(62,973)(62,102)(31,884)(29,675)(33,284)(28,408)

1,400(1,266)

Other comprehensive income
Unrealized holding gain (loss) on securities
Unrealized gain (loss) from hedging instruments

Comprehensive income
Total comprehensive income attributable to
Owners of parent
Non-controlling interests8(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 three months ended March 31, 2020 (January 1, 2020 through March 31, 2020):
None(Note on significant changes in shareholders' equity)
For the three months ended March 31, 2020 (January 1, 2020 through March 31, 2020):
None

9

(Segment information)
I. For the three months ended June 30, 2019 (April 1, 2019 through June 30, 2019)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

32,56072,992

18,677

160,6582,512

287,401―

287,401

―

―

―

―

―

―

―

―

32,56072,992

18,677

160,6582,512

287,401―

287,401

6,820

37,374

4,477

102,357(378)

150,651(4,373)

146,277

Middle East
Americas& Africa

Total

Net sales
Sales to third parties
Intercompany sales andtransfers between segments
Total
Segment income (loss)

Note:1. Adjustments of segment income of ¥(4,373) million are corporate expenses. Corporate expenses are mainly amortization of goodwill and generaladministrative expenses that are not allocated to a reportable segment.
2. Segment income is reconciled with operating income on the consolidated statement of income.

2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment
None
II. For the three months ended March 31, 2020 (January 1, 2020 through March 31, 2020)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

37,62974,94916,529115,174

5,386

249,669―

249,669

―

2,193

―

―

―

2,193

(2,193)―37,62977,143

16,529115,174

5,386

251,863(2,193)249,669

7,278

30,737(2,098)68,702(25)

104,595(3,716)

100,878

Middle East
Americas& Africa

Total

Net sales
Sales to third parties
Intercompany sales andtransfers between segments
Total
Segment income (loss)

Note: 1. Adjustments of segment income of ¥(3,716) million are corporate expenses. Corporate expenses are mainly amortization of goodwill and generaladministrative expenses that are not allocated to a reportable segment.
2. Segment income is reconciled with operating income on the consolidated statement of income.

2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment
None(Subsequent events)
For the three months ended March 31, 2020 (January 1, 2020 through March 31, 2020):
None

10

3. Supplementary Information(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
Corresponding period of theSegment
Category
previous year *8
0.3 MMbbls
Crude oil(3.7 Mbbls per day)12.2 Bcf
Natural gas(135.9 MMcf per day)
2.6 MMboe
Japan
Subtotal(29.2 Mboe per day)
Iodine144.6 tons

139.6 tons

56.4 million kWh55.5 million kWh

3.6 MMbbls(40.0 Mbbls per day)
74.6 Bcf(828.6 MMcf per day)17.9 MMboe(199.1 Mboe per day)

4.2 MMbbls(45.9 Mbbls per day)
96.5 Bcf(1,060.1 MMcf per day)22.7 MMboe(249.5 Mboe per day)78.5 million kWh

108.6 million kWh

4.3 MMbbls(47.9 Mbbls per day)
2.6 Bcf(28.5 MMcf per day)
4.8 MMboe(52.9 Mboe per day)

5.2 MMbbls(57.2 Mbbls per day)
2.7 Bcf(29.6 MMcf per day)
5.7 MMboe(62.5 Mboe per day)24.1 Mtons

24.6 Mtons

20.6 MMbbls(229.0 Mbbls per day)
0.3 MMbbls(3.2 Mbbls per day)
7.1 Bcf(78.5 MMcf per day)
1.6 MMboe(17.7 Mboe per day)
29.1 MMbbls(323.8 Mbbls per day)
96.4 Bcf(1,071.5 MMcf per day)47.5 MMboe(528.0 Mboe per day)23.3 MMbbls(256.4 Mbbls per day)
0.8 MMbbls(9.3 Mbbls per day)
4.5 Bcf(50.0 MMcf per day)
1.7 MMboe(18.6 Mboe per day)
33.9 MMbbls(372.0 Mbbls per day)
114.7 Bcf
(1,260.4 MMcf per day)55.8 MMboe(612.9 Mboe per day)

144.6 tons

139.6 tons

135.0 million kWh

164.1 million kWh

24.1 Mtons

24.6 Mtons

Electric power
generation
Crude oil
Natural gas
Asia & Oceania
Subtotal
Electric power
generation
Crude oil
Eurasia(Europe & NIS)

Natural gas
Subtotal
SulfurMiddle East & Africa

Crude oil
Crude oil

AmericasNatural gas
Subtotal
Crude oil
Natural gas

Total

Subtotal

For the three months ended
March 31, 2020
0.3 MMbbls(3.2 Mbbls per day)11.0 Bcf(120.7 MMcf per day)
2.4 MMboe(25.9 Mboe per day)

IodineElectric power
generation
SulfurNote: 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.
Also the production volume is a result for the three months ended March 31 regardless of a closing date of fiscal periods of its subsidiaries or affiliates.
4. The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX 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 32.6 MMbbls (362.7 Mbbls per day) of crude oil,104.0 Bcf (1,155.7 MMcf per day) of natural gas, and in total 53.0 MMboe (589.4 Mboe per day) for the three months ended March 31, 2019, and 36.7
MMbbls (403.4 Mbbls per day) of crude oil, 119.2 Bcf (1,309.4 MMcf per day) of natural gas, and in total 59.4 MMboe (653.0 Mboe per day) for thethree months ended March 31, 2020.
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.
8. The corresponding period for the first quarter of the fiscal year ending December 31, 2020 from January 1, 2020 to March 31,
2020 is the three-month period of the previous year from January 1, 2019 to March 31, 2019.

11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:

Segment

Japan

Asia & Oceania

Category
Crude oil

200 Mbbls

1,400

176 Mbbls

1,135

Natural gas(excluding LPG)

23,941 MMcf

37,27923,455 MMcf

31,854

1 Mbbls

5

1 Mbbls

4

LPG
Other

5,797

4,635

Subtotal

44,482

37,629Crude oil

3,054 Mbbls

20,9294,058 Mbbls

26,071Natural gas(excluding LPG)

53,457 MMcf

24,26890,207 MMcf

47,970

71Mbbls

625

118 Mbbls

907

LPG
Subtotal

Eurasia(Europe & NIS)

Middle East & Africa

Americas45,82474,949Crude oil

3,949 Mbbls

27,7893,831 Mbbls

16,120Natural gas(excluding LPG)

2,571 MMcf

511

2,716 MMcf

585

Other

(22)

(176)

Subtotal

28,278

16,529Crude oil

20,979 Mbbls

148,101

19,240 Mbbls

115,174

Crude oil

166 Mbbls

950

956 Mbbls

4,527

Natural gas(excluding LPG)

7,051 MMcf

1,562

4,873 MMcf

859

Subtotal

Total(Millions of yen)
For the three months ended
March 31, 2020
Sales volume
Net sales

Corresponding period of theprevious year *2
Sales volume
Net sales

2,512

5,386

Crude oil

28,348 Mbbls

199,171

28,261 Mbbls

163,028Natural gas(excluding LPG)

87,020 MMcf

63,622

121,252 MMcf

81,26972 Mbbls

630

118 Mbbls

911

LPG
Other

5,775

4,458

Total

269,200

249,669

Note: 1. The above amounts do not include the related consumption tax.
2. The corresponding period for the first quarter of the fiscal year ending December 31, 2020 from January 1, 2020 to March 31,
2020 is the three-month period of the previous year from January 1, 2019 to March 31, 2019.
3. Sales volumes are rounded to the nearest whole number.

12