ファConsolidated Financial Results for the Six Months ended September 30, 2011 [Japanese GAAP]
November 4, 2011
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 : Tokyo Stock Exchange

Code number: 1605

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

Representative: Toshiaki Kitamura, President

Contact person: Kimihisa Kittaka, General Manager, Corporate Communications Unit
TEL+81-3-5572-0233

Scheduled date of filing Quarterly Financial Report: November 9, 2011

Scheduled date of payment of cash dividends: December 1, 2011

Preparation of supplementary explanatory materials: Yes

Meeting of quarterly financial results presentation: Yes (for institutional investors and anyalysts)(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Six Months ended September 30, 2011 (April 1, 2011-September 30, 2011)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales

Operating income

Ordinary income

Net income

For the six months ended
September 30, 2011

Millions of yen

573,165

32.4

328,060

41.0

332,484

51.0

74,39647.0

September 30, 2010

432,99210.3

232,608

15.0

220,116

13.9

50,626

6.3%

Millions of yen%

Millions of yen%

Millions of yen%(Note): Consolidated comprehensive income: for the six months ended September 30, 2011, ¥69,028 million; (131.7%)
for the six months ended September 30, 2010, ¥29,794 million; (―%)

Net income pershare—basic
For the six months ended
September 30, 2011
September 30, 2010

Net income pershare—diluted
Yen

Yen

―
―

20,377.60
18,584.05(2) Consolidated financial position
Total assets
Millions of yen

As of September 30, 2011
As of March 31, 2011

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

Net assets

2,747,248
2,680,379

2,154,408
2,097,382

74.5
74.5

(Reference): Net assets excluding minority interests: as of September 30, 2011, ¥2,046,357 million
as of March 31, 2011, ¥1,996,888 million

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end At fiscal year end
For the year ended
March 31, 2011
For the year ending
March 31, 2012

Yen

Yen

―

3,000.00―

3,000.00

Total

Yen

Yen

Yen

―

3,000.00

6,000.00

For the year ending
3,000.00―
March 31, 2012 (forecast)(Note): Changes in projected dividends for the year ending March 31, 2012 from the previous forecast: None

6,000.00

3. Forecasted Consolidated Financial Results for the year ending March 31, 2012 (April 1, 2011-March 31, 2012)(Figures in % represent the changes from the previous year)

Net sales

Operating income

Ordinary income

Net income

Millions of yen% Millions of yen% Millions of yen% Millions of yen%
For the year ending
1,068,000 13.2
600,000 13.3
601,000 18.2
140,000
8.8
March 31, 2012
(Note): Changes in forecasted consolidated financial results for the year ending March 31, 2012 from the previous forecast: Yes

Net income per
share
Yen

38,346.77

ファ4. Others: None(1) Significant changes in scope of consolidation(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 andother regulations
2. Other changes in accounting policies
3. Changes in accounting estimates
4. Restatement of corrections(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:: None: None: None: None3,655,810 shares as of September 30, 2011
3,655,810 shares as of March 31, 2011
4,916 shares as of September 30, 2011
4,916 shares as of March 31, 2011
3,650,894 shares for the six months ended September 30, 2011
2,724,180 shares for the six months ended September 30, 2010

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

* Indication of quarterly review procedure implementation status
This quarterly earnings report is exempt from quarterly review procedure under the Financial Instruments and Exchange Act. The
review procedure for quarterly consolidated financial statements under the Financial Instruments and Exchange Act has not been
completed at the time of disclosure of this report.
*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 pricelevels, production and sales plans, project development schedules, government regulations and financial and tax schemes. Please refer
to “1.(3) Qualitative Information on Forecasted Consolidated Financial Results” on page 3.

ファIndex of the Attachments

1.

Qualitative Information / Financial Statements……………………………………………………………………………..

2(1) Qualitative Information on Consolidated Financial Results……………………………………………………………..

2(2) Qualitative Information on Consolidated Financial Position…………………………………………………………….

3(3) Qualitative Information on Forecasts for Consolidated Financial Results………………………………………………

3

Others ……………………………………………………………………………………………………………………...

4(1) Significant changes in scope of consolidation…………………………………………………………………………...

4(2) Adoption of accounting treatments which are exceptional for quarterly consolidated financial statements..…………...

4(3) Changes in accounting policies, accounting estimates and restatement of corrections………………………………….

4

3. Consolidated Financial Statements…………………………………………………………………………………………..

5(1) Consolidated Balance Sheets………………………………………………………………………………………….....

5(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income………………………....

7
7

2.

Consolidated Statements of Income……………………………………………………………………………………...

4.

Consolidated Statements of Comprehensive Income…………………………………………………………………....

8(3) Consolidated Statements of Cash Flows…………………………………………………………………………………

9(4) Conditions or events that indicate there could be substantial doubt about
the Company’s ability to continue as a going concern…………………………………………………………………..

11(5) Segment Information…………………………………………………………………………………………………......

12(6) Note on significant changes in shareholders’ equity……………………………………………………………………..

13(7) Subsequent events………………………………………………………………………………………………………..

13

Supplementary information……………………………………………………………………………………………….....

14(1) Production, orders received and sales performance……………………………………………………………………...

14

- 1 -

ファ

1.Qualitative Information / Financial Statements(1) Qualitative Information on Consolidated Financial Results
During the six months ended September 30, 2011, consolidated net sales were ¥573.1 billion (increased by ¥140.1 billion, or 32.4%,
from the corresponding period of the previous fiscal year) due to an increase in sales price of crude oil and natural gas despite anappreciation of Japanese yen against U.S. dollar. Net sales of crude oil increased by ¥102.8 billion, or 41.2%, to ¥352.1 billion, andnet sales of natural gas increased by ¥35.2 billion, or 20.7%, to ¥205.8 billion. Sales volume of crude oil increased by 2,643 Mbbls, or
7.2%, to 39,139 Mbbls. Sales volume of natural gas decreased by 16,041 MMcf, or 8.0%, to 184,454 MMcf. Sales volume of overseas
natural gas decreased by 15,514 MMcf, or 9.0%, to 156,027 MMcf, and sales volume of domestic natural gas decreased by 14 MM㎥,
or 1.8%, to 762 MM㎥ (28,427 MMcf). The average sales price of overseas crude oil increased by US$36.07 per bbl, or 47.6 %, toUS$111.77 per bbl, and the average sales price of overseas natural gas increased by US$5.16 per Mcf, or 61.5%, to US$13.55 per Mcf.
In addition, the average sales price of domestic natural gas increased by ¥1.58, or 3.8%, to ¥42.82 per ㎥. The average exchange rateof Japanese yen against U.S. dollar on consolidated net sales appreciated by ¥9.40, or 10.5%, to ¥79.93 per U.S. dollar from thecorresponding period of the previous fiscal year.
The increase of ¥140.1 billion in net sales was mainly derived from the following factors: a decrease in sales volume of natural gas
despite an increase in that of crude oil pushing sales down of ¥0.8 billion, an increase in unit sales price contributing ¥200.3 billion to
the increase, the appreciation of Japanese yen against U.S. dollar pushing sales down of ¥61.4 billion, and an increase in net sales
excluding crude oil and natural gas of ¥2.1 billion.
Cost of sales for the six months ended September 30, 2011 increased by ¥37.3 billion, or 23.1%, to ¥199.4 billion due mainly to anincrease in royalty in the ADMA Block owing to an increase in sales. Exploration expenses increased by ¥4.0 billion, or 63.1%, to¥10.5 billion due mainly to an increase in exploration activities in Americas. Selling, general and administrative expenses increasedby ¥3.2 billion, or 10.2%, to ¥35.1 billion. As a result, operating income increased by ¥95.4 billion, or 41.0%, to ¥328.0 billion.
Other income increased by ¥9.3 billion, or 89.1 %, to ¥19.8 billion due to an increase in equity in earnings of affiliates and gain onchange in equity. Other expenses decreased by ¥7.5 billion, or 32.9%, to ¥15.4 billion due to a decrease in foreign exchange loss
(shifted to exchange gain in current period), and absence of loss on adjustment for changes of accounting standard for asset retirement
obligations recorded in the corresponding period of the previous fiscal year. As a result, ordinary income and income before income
taxes and minority interests increased by ¥112.3 billion, or 51.0%, to ¥332.4 billion.
Total amount of current income taxes increased by ¥85.3 billion, or 53.3%, to ¥245.3 billion, and deferred income taxes were ¥4.0
billion, income before minority interests increased by ¥29.9 billion, or 56.3%, to ¥83.0 billion, and minority interests were ¥8.6 billion.
As a result of the above effects, net income for the six months ended September 30, 2011 increased by ¥23.7 billion, or 47.0%, to¥74.3 billion from the corresponding period of the previous fiscal year.

Financial results by segment are as follows:
1)

2)

3)

4)

5)

Japan
Net sales increased by ¥2.9 billion, or 6.2%, to ¥49.9 billion due to an increase in sales price of natural gas and petroleum
products. Operating income decreased by ¥2.8 billion, or 32.4%, to ¥5.9 billion due to an increase in net purchase of natural gas.
Asia & Oceania
Net sales increased by ¥31.6 billion, or 15.8%, to ¥231.6 billion due to an increase in sales price of crude oil and natural gas
despite a decrease in sales volume of crude oil and natural gas, and appreciation of Japanese yen. Operating income increased by¥24.2 billion, or 21.5%, to ¥137.1 billion.
Eurasia (Europe & NIS)
Net sales increased by ¥23.9 billion, or 113.7%, to ¥45.0 billion due to an increase in sales price and sales volume of crude oil,and operating income increased by ¥15.6 billion, or 158.8%, to ¥25.4 billion.
Middle East & Africa
Net sales increased by ¥86.7 billion, or 55.2%, to ¥243.9 billion due to an increase in sales price and sales volume of crude oil,and operating income increased by ¥64.6 billion, or 60.5%, to ¥171.5 billion.
Americas
Net sales decreased by ¥5.1 billion, or 66.0%, to ¥2.6 billion due to a decrease in sales volume of crude oil, and operating loss
increased by ¥5.0 billion, or 319.7%, to ¥6.6 billion due to an increase in exploration expenses.

- 2 -

ファ

(2) Qualitative Information on Consolidated Financial Position
Total assets as of September 30, 2011 increased by ¥66.8 billion to ¥2,747.2 billion from ¥2,680.3 billion as of March 31, 2011. Thisis due mainly to an increase in cash and deposits by ¥46.7 billion, and an increase in investment securities by ¥30.9 billion.
Meanwhile, total liabilities increased by ¥9.8 billion to ¥592.8 billion from ¥582.9 billion. Current liabilities increased by ¥2.5 billion
to ¥257.2 billion and long-term liabilities increased by ¥7.2 billion to ¥335.5 billion.
Net assets increased by ¥57.0 billion to ¥2,154.4 billion. Minority interests in net assets increased by ¥7.5 billion to ¥108.0 billion.
Cash and cash equivalents as of September 30, 2011 totaled ¥170.3 billion reflecting a net decrease of ¥11.6 billion from ¥182.0
billion at the end of the previous fiscal year.
Cash flows from operating activities, investing activities and financing activities are as follows:
1) Cash flows from operating activities
Net cash provided by operating activities was ¥138.6 billion (increased by ¥11.8 billion from the corresponding period of theprevious fiscal year). This is due mainly to an increase in income taxes paid despite an increase in income before income taxes
and minority interests owing to an increase in sales price of crude oil.
2) Cash flows from investing activities
Net cash used in investing activities was ¥155.9 billion (increased by ¥7.9 billion from the corresponding period of the previous
fiscal year). This is due to an increase in payments for purchases of investment securities.
3) Cash flows from financing activities
Net cash provided by financing activities was ¥12.3 billion (decreased by ¥511.0 billion from the corresponding period of theprevious fiscal year). This is due to an absence of proceeds from issuance of common stock recorded in the corresponding periodof the previous fiscal year.

(3) Qualitative Information on Forecasts for Consolidated Financial Results
Forecasts for consolidated financial results for the year ending March 31, 2012 have been revised from the previous forecast presented
on August 3, 2011, taking into consideration the consolidated financial results for the six months ended September 30, 2011 as well as
revised assumptions of exchange rate and so on. Meanwhile, we do not consider the transfer of interest in the Masela Block, Indonesia(Abadi project) which was announced on July 22, 2011, as this transaction has not closed at this moment.
Forecasts for consolidated financial results for the year ending March 31, 2012
Operating
Net sales
incomePrevious Forecasts: A
1,058,000
597,000
Revised Forecasts: B(Millions of yen)
Ordinary
incomeNet income

585,000

140,000

1,068,000

600,000

601,000

140,000

10,0003,000

16,000

－

0.9

0.5

2.7

－

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

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

Revised Forecastsst

Crude oil price(Brent)Exchange rate

1 Half (April 1, 2011-September 30, 2011) :US$ 106.1/bbl
2nd Half (October 1, 2011- March 31, 2012) :US$ 95.0/bbl
Full Year (April 1, 2011- March 31, 2012) :US$ 100.5/bbl (Average)
1st Half (April 1, 2011-September 30, 2011) :¥80.9/US$1
2nd Half (October 1, 2011- March 31, 2012) :¥80.0/US$1
Full Year (April 1, 2011- March 31, 2012) :¥80.4/US$1 (Average)st

1 Half (April 1, 2011-September 30, 2011) :US$ 114.7/bbl (Actual)
2nd Half (October 1, 2011- March 31, 2012) :US$ 95.0/bbl
Full Year (April 1, 2011- March 31, 2012) :US$ 104.8/bbl (Average)
1st Half (April 1, 2011-September 30, 2011) :¥79.8/US$1 (Actual)
2nd Half (October 1, 2011- March 31, 2012) :¥75.0/US$1
Full Year (April 1, 2011- March 31, 2012) :¥77.4/US$1 (Average)

Note: 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 themarket conditions.

- 3 -

ファ

2.Others(1) Significant changes 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:
None

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更新日時:2011/11/01 17:36:00

印刷日時:11/11/04 15:11

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

As of March 31, 2011

As of September 30, 2011

(Assets)
Current assets
Cash and deposits

112,395

159,169

Accounts receivable-trade95,391

101,517

Marketable securities

207,165

190,947

Inventories

12,137

11,879Other

78,98372,283

Less allowance for doubtful accounts(13,141)(12,660)

Total current assets

492,932

523,135

379,861

379,634

Goodwill

101,362

97,981

Other

147,748

144,015

Total intangible assets

249,110

241,997

Investment securities

975,541

1,006,500

Recoverable accounts under production
sharing534,330

560,463

Other

159,533

152,742

(270)

(243)

(96,879)(109,586)(13,780)(7,395)

Total investments and other assets

1,558,474

1,602,481

Total fixed assets

2,187,447

2,224,113

2,680,379

2,747,248

Fixed assets
Tangible fixed assets
Intangible assets

Investments and other assets

Less allowance for doubtful accounts
Less allowance for recoverable accounts
under production sharing
Less allowance for investments in
exploration

Total assets― 5 ―ァイル名:③H24.3_第2四半期BS rev.A.doc

更新日時:2011/11/01 17:36:00

印刷日時:11/11/04 15:11(Millions of yen)Accounts

As of March 31, 2011

As of September 30, 2011

(Liabilities)
Current liabilities
Accounts payable-trade23,441

26,593

Short-term loans

4,441

4,261

113,101

102,404

9,537

9,176

Accrued bonuses to officers

127

70

Asset retirement obligations

3,686

3,576

Other

100,393111,202

Total current liabilities

254,728

257,285

268,706

270,776

Accrued retirement benefits to employees

6,979

6,573

Accrued special repair and maintenance

443

451

Asset retirement obligations

8,965

9,169

Other

43,173

48,582

Total long-term liabilities

328,268

335,554

Total liabilities

582,997592,840

Common stock

290,809290,809

Capital surplus

679,287

679,287

Retained earnings

1,047,431

1,110,874

Treasury stock(5,248)(5,248)2,012,280

2,075,724

1,455(12,093)

Translation adjustments(16,847)(17,273)

Total accumulated other comprehensive
income(15,391)(29,366)

Minority interests

100,493

108,050

Total net assets

2,097,382

2,154,408

Total liabilities and net assets

2,680,379

2,747,248

Income taxes payable
Provision for exploration projects

Long-term liabilities
Long-term debt

(Net assets)
Shareholders’ equity

Total shareholders’ equity
Accumulated other comprehensive income
Unrealized holding gain (loss) on
securities― 6 ―ァイル名:④H24.3第2四半期_PL_包括利益 rev.A.doc

更新日時(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the six months ended
September 30, 2010

Accounts

For the six months ended
September 30, 2011

Net sales

432,992

573,165

Cost of sales

162,044

199,425

Gross profit

270,948

373,740

Exploration expenses

6,461

10,535

Selling, general and administrative expenses

31,87835,143Operating income

232,608

328,060

Interest income

2,017

2,095

Dividend income

2,226

2,184

318

4,035

Gain on change in equity

2,800

6,685

Foreign exchange gain

―

1,986

Other

3,129

2,848

Total other income

10,491

19,835509

574

Provision for allowance for recoverable accounts under
production sharing

7,500

9,145

Provision for exploration projects

2,025

845

Loss on adjustment for changes of accounting standard for asset
retirement obligations

1,555

―

Foreign exchange loss

1,888

―

Other

9,503

4,846

Total other expenses

22,982

15,411

Ordinary income

220,116

332,484

Income before income taxes and minority interests

220,116

332,484

Income taxes-current

160,015

245,369

Income taxes-deferred

6,979

4,083

Total income taxes

166,995

249,453

Income before minority interests

53,121

83,030Minority interests

2,495

8,634

Net income

50,62674,396

Other income

Equity in earnings of affiliates

Other expenses
Interest expense- 7 -ァイル名:④H24.3第2四半期_PL_包括利益 rev.A.doc

更新日時

Consolidated Statements of Comprehensive Income(Millions of yen)
For the six months ended
September 30, 2010

Accounts

For the six months ended
September 30, 2011

53,121

83,030(12,756)(13,542)(55)―(9,683)

(239)

(831)

(220)

Total other comprehensive income(23,326)(14,002)

Comprehensive income

29,79469,02829,71560,421

79

8,607

Income before minority interests
Other comprehensive income
Unrealized holding loss on securities
Unrealized loss from hedging instruments
Translation adjustments
Share of other comprehensive income of associates accounted
for by the equity method

Total comprehensive income attributable to
Shareholders of INPEX CORPORATION
Minority interests- 8 -ファイル名:⑤H24.3_第2四半期CF rev.A.DOC

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

For the six months ended
September 30, 2010

For the six months ended
September 30, 2011

Cash flows from operating activities
Income before income taxes and minority interests

220,116

332,484

Depreciation and amortization

28,087

23,722

Amortization of goodwill

3,380

3,380

1,555

―

11,702

11,906(2,453)(320)

Provision for accrued retirement benefits to employees

(370)

(405)

Other provisions

1,725

652

Interest and dividend income(4,243)(4,279)509

574(2,685)(4,623)(318)(4,035)23,91829,095(2,296)(11,172)

Accounts receivable-trade

15,383(5,518)Inventories(3,136)

248

17

2,900

9,810

6,789

300,703381,399

Interest and dividends received

5,322

6,826

Interest paid

(179)

(622)

(179,119)(249,000)

126,727

138,602

Loss on adjustment for changes of accounting standard
for asset retirement obligations
Provision for allowance for recoverable accounts
under production sharing
Provision for exploration projects

Interest expense
Foreign exchange gain
Equity in earnings of affiliates
Recovery of recoverable accounts under production
sharing (capital expenditures)
Recoverable accounts under production sharing(operating expenditures)

Accounts payable-trade
Other
Subtotal

Income taxes paid
Net cash provided by operating activities― 9 ―ファイル名:⑤H24.3_第2四半期CF rev.A.DOC

更(Millions of yen)Accounts

For the six months ended
September 30, 2010

For the six months ended
September 30, 2011

Cash flows from investing activities
Payments for time deposits(243)(6,576)

Proceeds from time deposits

3,735

829

(42,223)(23,611)

Proceeds from sales of tangible fixed assets

270

83

Payments for purchases of intangible assets

(201)

(662)

(3,542)―49,00091,114(92,204)(196,531)

10,07920,304(39,859)(43,255)

62

2,678

(1,125)(2,873)

Collection of long-term loans receivable

556

3,562

Payments for purchase of mining rights(28,045)―

Other(4,289)(1,059)(148,029)(155,996)

521,619―

Decrease in short-term loans

(30)

(60)

Proceeds from long-term debt

20,354

19,961

Repayments of long-term debt

(2,157)(2,160)

Proceeds from minority interests for additional shares

3,192

9,574

Cash dividends paid

(7,074)(10,956)

Dividends paid to minority shareholders(12,397)(3,939)

(35)

(21)

Net cash provided by financing activities

523,471

12,397

Effect of exchange rate changes on cash and cash equivalents(11,498)(7,438)Net increase (decrease) in cash and cash equivalents

490,671(12,435)

Cash and cash equivalents at beginning of the period

216,395

182,0254

750

707,071

170,339

Payments for purchases of tangible fixed assets

Payments for purchases of marketable securities
Proceeds from sales and redemptions of marketablesecurities
Payments for purchases of investment securities
Proceeds from sales and redemptions of investment
securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Decrease in short-term loans receivable
Long-term loans madeNet cash used in investing activities
Cash flows from financing activities
Proceeds from issuance of common stock

Other

Increase in cash and cash equivalents from newly
consolidated subsidiary
Cash and cash equivalents at end of the period― 10 ―

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印刷日時:11/11/04 15:13(4) Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern
For the six months ended September 30, 2011 (April 1, 2011 through September 30, 2011):
None

―11―

ファイル名:⑥H24.3第2四半期セグメント-海外売上高-継続企業 rev.A.doc 更新日時:2011/11/01 17:35:00

印刷日時:11/11/04 15:13(5) Segment information
I For the six months ended September 30, 2010 (April 1, 2010 through September 30, 2010)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Eurasia
Middle East
(Europe &Americas& Africa
NIS)

Adjustments Consolidated

Japan

Asia &
Oceania

47,022

199,960

21,078157,137

7,793

432,992―

432,992

―

―

―

―

―

―

―

―

Total

47,022

199,960

21,078157,137

7,793

432,992―

432,992

Segment income (loss)

8,832

112,908

9,836

106,875(1,587)

236,866(4,258)

232,608

Total

*1

*2

Net sales
Sales to third parties
Intercompany sales andtransfers between segments

Note: 1. Adjustments of segment income of ¥(4,258) million include elimination of inter-segment transactions of ¥117 million andcorporate expenses of ¥(4,376) million. Corporate expenses are mainly amortization of goodwill that are not allocated to areportable segment and general administrative expenses.
2. Segment income is reconciled with operating income on the consolidated statements of income.
2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment
None

II

For the six months ended September 30, 2011 (April 1, 2011 through September 30, 2011)

1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Eurasia
Middle East
(Europe &Americas& Africa
NIS)

Adjustments Consolidated

Japan

Asia &
Oceania

49,949231,63145,036

243,900

2,646

573,165―

573,165

―

―

―

―

―

―

―

―

Total

49,949231,63145,036

243,900

2,646

573,165―

573,165

Segment income (loss)

5,971

137,152

25,457

171,503(6,662)

333,423(5,362)

328,060

Total

*1

*2

Net sales
Sales to third parties
Intercompany sales andtransfers between segments

Note: 1. Adjustments of segment income of ¥(5,362) million include elimination of inter-segment transactions of ¥115 million andcorporate expenses of ¥(5,478) million. Corporate expenses are mainly amortization of goodwill that are not allocated to areportable segment and general administrative expenses.
2. Segment income is reconciled with operating income on the consolidated statements of income.
2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment
None

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ファイル名:⑥H24.3第2四半期セグメント-海外売上高-継続企業 rev.A.doc 更新日時:2011/11/01 17:35:00(6) Note on significant changes in shareholders’ equity
For the six months ended September 30, 2011 (April 1, 2011 through September 30, 2011):
None(7) Subsequent events

For the six months ended September 30, 2011 (April 1, 2011 through September 30, 2011):
None

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印刷日時:11/11/04 15:13

4ファイル名:

4. Supplementary information(1) Production, orders received and sales performance1) Actual production
The following table shows actual production by segment for the six months ended September 30, 2010
For the six months ended
Segment
Category
September 30, 2010
0.6 MMbbls
Crude oil
(3.5 Mbbls per day)20.7 Bcf
Natural gas(113.0 MMcf per day)
4.1 MMboe
Subtotal(22.3
Mboe
per day)Japan
114.1 MklPetroleum products(718.0 Mbbls)
221.5 tons
IodineElectric power
94.8 millions kWhgeneration
13.8 MMbbls
Crude oil
(75.4 Mbbls per day)
166.5 Bcf
Asia & Oceania
Natural gas(910.0 MMcf per day)
41.6 MMboe
Subtotal(227.1 Mboe per day)
5.1 MMbbls
Eurasia (Europe & NIS)
Crude oil
(27.8 Mbbls per day)24.0 MMbbls
Middle East & Africa
Crude oil(131.4 Mbbls per day)
1.4 MMbbls
Crude oil(7.9 Mbbls per day)15.6 Bcf
AmericasNatural gas(85.1 MMcf per day)
4.0 MMbbls
Subtotal(22.1 Mboe per day)
45.0 MMbbls
Crude oil
(246.0 Mbbls per day)
202.8 Bcf
Natural gas(1,108.0 MMcf per day)78.8 MMboe
Subtotal(430.7 Mboe per day)
Total
114.1 MklPetroleum products(718.0 Mbbls)
221.5 tons
IodineElectric power
94.8 millions kWhgeneration
Notes:

1. The volume of LPG produced overseas is included in ‘Crude oil.’ On the other hand, the volume 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 six months ended September 30 regardless of a closing date of fiscal periods of 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 65.5 MMbbls (357.7
Mbbls per day) of crude oil, 271.9 Bcf (1,485.8 MMcf per day) of natural gas, and in total 110.8 MMboe (605.3 Mboe perday).
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 other company on consignment.
9. Figures are rounded to the first decimal place.
10. Production volume of natural gas has changed reflecting the change in applied coefficient of domestic natural gas volume
from the year ended March 31, 2011. The volume before the change is 20.1 Bcf (109.6 MMcf per day) for Japan segment
and 202.2 Bcf (1,104.7 MMcf per day) for all segments total.

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4ファイル名:

The following table shows actual production by segment for the six months ended September 30, 2011
For the six months ended
Segment
Category
September 30, 2011
0.6 MMbbls
Crude oil
(3.1 Mbbls per day)18.5 Bcf
Natural gas(101.2 MMcf per day)
3.7 MMboe
Subtotal(20.0
Mboe
per day)Japan
117.8 MklPetroleum products(741.1 Mbbls)
204.7 tons
IodineElectric power
98.2 millions kWhgeneration
9.4 MMbbls
Crude oil(51.5 Mbbls per day)
150.3 Bcf
Asia & Oceania
Natural gas(821.5 MMcf per day)
34.5 MMboe
Subtotal(188.4 Mboe per day)
4.7 MMbbls
Eurasia (Europe & NIS)
Crude oil(25.8 Mbbls per day)27.9 MMbbls
Middle East & Africa
Crude oil(152.5 Mbbls per day)
1.0 MMbbls
Crude oil
(5.4 Mbbls per day)14.0 Bcf
AmericasNatural gas(76.5 MMcf per day)
3.3 MMbbls
Subtotal(18.1 Mboe per day)
43.6 MMbbls
Crude oil
(238.4 Mbbls per day)
182.9 Bcf
Natural gas(999.3 MMcf per day)
74.1 MMboe
Subtotal(404.9 Mboe per day)
Total
117.8 MklPetroleum products(741.1 Mbbls)
204.7 tons
IodineElectric power
98.2 millions kWhgeneration
Notes:

1. The volume of LPG produced overseas is included in ‘Crude oil.’ On the other hand, the volume 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 six months ended September 30 regardless of a closing date of fiscal periods of 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 62.0 MMbbls (338.8
Mbbls per day) of crude oil, 259.0 Bcf (1,415.0 MMcf per day) of natural gas, and in total 105.2 MMboe (574.6 Mboe perday).
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 other company on consignment.
9. Figures are rounded to the first decimal place.

2) Orders received
Disclosure on this information is omitted because the amount of orders received is accounted for a minor portion of total
sales.

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4ファイル名:

3) Actual sales
The following table shows sales by segment for the six months ended September 30, 2010:

Segment

CategoryJapan

Crude OilNatural Gas(excluding LPG)
LPG

(Millions of yen)
For the six months ended
September 30, 2010
Sales volume
Net sales
73 Mbbls

543

28,954 MMcf

31,997126 Mbbls

Other
Subtotal

Asia & Oceania

Crude OilNatural Gas(excluding LPG)
LPG

47,022
9,362 Mbbls

65,836

155,675 MMcf

125,249

1,518 Mbbls

8,874

Subtotal

199,960

Eurasia (Europe & NIS)

Crude Oil

2,979 Mbbls

21,078Middle East & Africa

Crude Oil

23,336 Mbbls

157,137745 Mbbls

4,693

Americas

Crude OilNatural Gas(excluding LPG)
Subtotal

15,866 MMcf

3,099

Total

Notes:

1,419
13,061

Crude OilNatural Gas(excluding LPG)
LPG

7,793
36,496 Mbbls

249,290

200,495 MMcf

160,346

1,645 Mbbls

10,293

Other

13,061

Total

432,992

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 their operating
results for the six months ended June 30, 2010 except those subsidiaries prepared their financial statements for consolidation
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 the nearest whole number.
4. Sales volume of natural gas has changed reflecting the change in applied coefficient of domestic natural gas volume from theyear ended March 31, 2011. The volume before the change is 27,901 MMcf for Japan segment and 199,442 MMcf for all
segments total.

― 16 ―

4ファイル名:

The following table shows sales by segment for the six months ended September 30, 2011:

Segment

CategoryJapan

Crude OilNatural Gas(excluding LPG)
LPG

(Millions of yen)
For the six months ended
September 30, 2011
Sales volume
Net sales
72 Mbbls

711

28,427 MMcf

32,616

121 Mbbls

1,443

Other

15,177

Subtotal

Asia & Oceania

49,949Crude OilNatural Gas(excluding LPG)
LPG

6,619 Mbbls

62,202

142,153 MMcf

166,579409 Mbbls

2,850

Subtotal
Eurasia (Europe & NIS)

Crude Oil

4,864 Mbbls

45,036

Middle East & Africa

Crude Oil

27,551 Mbbls

243,900

32 Mbbls

250

Americas

Crude OilNatural Gas(excluding LPG)
Subtotal

13,873 MMcf

2,396

39,139 Mbbls

352,101

184,454 MMcf

201,592

530 Mbbls

4,293

Total

Notes:

231,631

2,646

Crude OilNatural Gas(excluding LPG)
LPG
Other

15,177

Total

573,165

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 their operating
results for the six months ended June 30, 2011 except those subsidiaries prepared their financial statements for consolidation
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 the nearest whole number.
4. Sales for a major customer 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.

For the six months
ended September 30, 2010
CustomerAmounts（Millions of yen）

PERTAMINA

127,235― 17 ―For the six months
ended September 30, 2011

Ratio

Amounts

Ratio

(%)

（Millions of yen）

(%)

29.4

104,18318.2