INPEX CORPORATION

Financial Results
for the year ended December 31, 2023
February 13, 2024

Table of Contents

1. Business Overview
2. Consolidated Financial Results for the year ended December 31, 2023
3. Consolidated Financial Forecasts for the year ending December 31, 2024
Appendix

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1

Cautionary Statement
This presentation includes forward-looking information that reflects the plans and expectations of the Company. Such forward-looking
information is based on the current assumptions and judgments of the Company in light of the information currently available to it, andinvolves known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Company’s
performance, achievements or financial position to be materially different from any future results, performance, achievements or financial
position expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, without limitation:
Price volatility and change in demand in crude oil and natural gas
Foreign exchange rate volatility
Change in costs and other expenses pertaining to exploration, development and production

The Company undertakes no obligation to publicly update or revise the disclosure of information in this presentation (including forwardlooking information) after the date of this presentation.

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2

1. Business Overview

Takayuki Ueda
Representative Director, President & CEO

Business Activities in FY2023 – Oil and Gas Business –Ichthys LNG(Australia)
Production phaseprojects

Pre-FIDphase
projects

Exploration
phase
projects & other• Maintained stable production operations overall. Shipped 129 LNG cargoes in 2023.
• Confirmed facility capacity enhancements to produce 9.3 million tons of LNG per
year.
• Realized net income contribution of 302.6 billion yen.

Offshore Oil Fields &Onshore Concession(Abu Dhabi)• Conducted stable production operations and increased production capacity.

Other• Commenced floating wind farm-generated power supply to Snorre oil field in
Norway.

Abadi LNG
(Indonesia)••

Welcomed Pertamina and Petronas as new project partners.
Received government approval for revised plan of development incorporating a CCS
component.

Vicinity of
the Ichthys Field• Drilled exploration well in WA-285-P. Commenced the drilling of exploration well in
WA-343-P.
• Acquired stake in AC/RL7 (Cash Maple).

Abu Dhabi Onshore
Block 4• Drilled exploration and appraisal wells.

Other

Ichthys LNG
production site

• Awarded 3 exploration licenses in Norway.
• Signed 2 new PSCs for Block 4E and Block SK418 in Malaysia and commenced
exploration activities.
• Completed the first stage double tracking of the natural gas trunk pipeline “RyomoLine”.

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Abadi Drillship

Hywind Tampen
Floating wind farm4

Planned Business Activities after FY2024 – Oil and Gas Business –Ichthys LNG(Australia)
Production
phase projects
Offshore Oil Fields &Onshore Concession(Abu Dhabi)

Pre-FIDphase
projects

Exploration
phase
projects &other• Acquire participating interest from Tokyo Gas (raising total participating interest from 66.245% to 67.82%)
subject to fulfillment of certain conditions.
• No large-scale shutdown maintenance work planned for 2024.
• Approximately 11 LNG cargo shipments per month expected for 2024.
• Aim to produce 9.3 million tons per year of LNG through safe operations and enhanced facility utilization.
• Continuing evaluation of 3rd train expansion targeting start-up in the 2030s.
• Expected net income contribution of 220 billion yen.
• Conduct stable production operations and increase production capacity.

Other• Continuing to consider development of discovered and undeveloped oil and gas fields in Norway.

Abadi LNG
(Indonesia)• Proceed with preparations required to reach final investment decision (FID), including front-end
engineering and design (FEED) work and marketing and financing activities.

Vicinity of
the Ichthys Field• Continue the drilling of exploration well in WA-343-P and evaluations for AC/RL7 and other blocks• Conduct 3D seismic data acquisition in AC/P66.

Abu Dhabi Onshore
Block 4• Drill exploration well and conduct evaluation work for potential development and production in the next
phase.

Other• Awarded 5 exploration licenses in Norway in January 2024. Evaluate bidding opportunities at APA 2024
licensing round.
• Signed new PSC for Block SK510 in Malaysia in January 2024. Continue to actively strengthen business in
Malaysia.

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Business Activities in FY2023 – 5 Net Zero Businesses –Hydrogen & Ammonia• Commenced construction of surface plant facilities of Kashiwazaki Clean Hydrogen/Ammonia
Project in Niigata Prefecture, Japan.
• Joined global energy and chemical leaders to develop large-scale, low-carbon ammonia
production export project on Houston Ship Channel in Texas.

CCS/CCUS• Conducted pre-appraisal reservoir evaluation and preparation for planned 3D-seismic survey
and exploration drilling in GHG assessment permit (G-7-AP) in Bonaparte Basin, offshore
Northern Territory of Australia.
• Officially selected to participate in “Tohoku Region West Coast CCS Initiative” and “Tokyo
Metropolitan Area CCS Project” in Japan as part of FY2023 “Survey on Implementation ofAdvanced CCS Projects” commissioned by JOGMEC.

Renewable Energy

Carbon Recycling & New
Business
Forest Conservation & Other• Acquired 50% of shares in Enel Green Power Australia (EGPA), a company engaged inrenewable energy operations including retail and trading.
• Acquired shares in Moray East Offshore Wind Farm in UK.
• Reached 628MW in net renewable power generation capacity as of the end of FY2023(Medium-tern business plan target: 500MW)

Surface Plant Facilities of Clean
Hydrogen/Ammonia（as of Sep 2023）

Flat Rock Onshore Wind
(EGPA)• Commenced construction of CO2-methanation test facilities capable of producing 400 normal
cubic meters of methane per hour in Niigata, Japan.
• Marketed carbon-neutral products including natural gas and jet fuel.
• Implemented project studies to acquire new forestation credits.

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CO2-methanation test facilities（as of Oct 2023）

6

Planned Business Activities after FY2024 – 5 Net Zero Businesses –Hydrogen & Ammonia• Commissioning of Kashiwazaki Clean Hydrogen/Ammonia Project to begin in March 2025. Operational startup scheduled forAugust 2025.
• Promote clean hydrogen and ammonia projects in Japan and other countries, starting with large-scale, low-carbon ammonia
project in Houston, Texas, aiming to start commercial production between late 2020s and around 2030.

CCS/CCUS• Conduct new 3D seismic survey and exploration drilling in the GHG assessment permit (G-7-AP) in Bonaparte Basin, offshore
Northern Territory of Australia during 2024 to further evaluate CO2 storage potential and assess CCS business opportunity,
aiming to begin injecting CO2 in late-2020s.
• Implement commercialization studies on “Tohoku Region West Coast CCS Initiative” and “Tokyo Metropolitan Area CCS
Project” anticipating participation in next phase of “Advanced CCS Projects” with aim of starting operations in 2030.

Renewable Energy• Develop renewable energy power plants and build renewable power supply value chain through EGPA as a pillar of ourrenewable energy business, and aim to: Develop & sell, enhance value-added renewable energy including retail & trading and build multi-layered revenue stream
 Aim to increase net renewable power generation capacity to more than 1GW by 2030.

Carbon Recycling & New
Business• Commissioning of CO2-methanation test facilities capable of producing 400 normal cubic meters of methane per hour tobegin in August 2025. Operational startup scheduled for February 2026.

Forest Conservation &Other• Market carbon-neutral products including natural gas and jet fuel.
• Obtain credits from high quality forest conservation projects, consider project participation.

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7

Progress against Medium-term Business Plan 2022-2024
FY2022(actual)FY2024 Targets

Assumptions
Management Targets

99.04

82.17

73.0

US$60

US$70

Exchange rate (JPY/US$)

131.64140.66

138.0

110

110

¥461.0 billion¥371.5 billion¥330 billion¥170.0 billion¥240.0 billion¥1,061.6 billion¥1,062.0 billion¥714 billion*1¥600.0 billion¥700.0 billion

13.5%

9.4%

7.7%*1

Around 6.0%

Around 8.0％

46.0%

31.9%

30%*1

50% or less

50% or less

622 thousand

630 thousand

642 thousand

US$5.8

US$5.6

US$5.628kg/boe

29kg/boe*2

Net income
attributable to owners of parent
Operating Cashflow before exploration* Includes Ichthys downstream Incorporated Joint Venture and differsfrom institutional accounting basis

ROE
Net debt/equity ratio*Includes Ichthys downstream Incorporated Joint Venture anddiffers from institutional accounting basis

Business Targets

Production cost per barrel(excluding royalties)
Net Carbon Intensity* (equity share emissions volume (Scope 1＋2) - offset) / (netproduction volume of upstream oil & gas business + electricity
generated using renewable energy)

Safety*2

FY2024(Expected)

Brent Oil Price (US$ per barrel)

Net production volume (boed)*1

FY2023(actual)Zero major
accidents

Zero major
accidents

29kg/boe

Aim to achieve
Zero major accidents

Level exceeding 700 thousand boed
Reduction towards US$5 per barrel or below
Reduction of 10% (4.1kg/boe) or more
over a 3-year period towards 2030 target* 2030 target: Reduction of 2019 net carbon intensity (41.1kg/boe) byover 30%

Zero major accidents* Fatalities, major leaks and serious injuries, etc. at INPEX-operated
projects

Based on IFRSProvisional figure based on confirmable emissions as of December 31, 2023

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8

Progress against Medium-term Business Plan 2022-2024
Net Production Volume (boe per day)*Oil & Gas Japan

Oil & Gas Overseas (Ichthys Project)

Oil & Gas Overseas (Other Projects)（thousand boed）

622

630

395

390

206

220

21

20

2022/122023/12642

2024/12(forecast)

Upper Zakum Oil Field Operation Site

* The production volume under the production sharing contracts entered into by the INPEX Group corresponds to the net economic take of the INPEX Group.

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9

Progress against Medium-term Business Plan 2022-2024
Cash Allocation
Expected cash allocation for 2022-2024 (3-year period)+10 USD/barrel

Assumptions: Inclusive of Ichthys downstream IJV
110 JPY/US$ exchange rate

About 2.1T JPY+300B JPY

60 USD/barrel

1.8T JPY

1. Debt reduction
About 1.1T JPY

300B JPY
1. Debt reduction
About 500B JPY

Operatingcash flow
beforeexploration
About

Cash allocation for 2022-2024 (3-year period)

Assumptions: Inclusive of Ichthys downstream IJVForecasts for FY2024
3-year average: Brent $84.7, 136.8 JPY/US$

2. SH returns

About 200B JPY

Operatingcash flow
beforeexploration
About

2.85T JPY

3. Growth
Investment
About 1.1T JPY

3. Growth
Investment
About 1.225T JPY

5 net zero businesses

5 net zero businesses
About 170B JPY

About 200B JPY

Revenue

2. SH returns

About 525B JPY

Expenditure

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Revenue

Expenditure
10

Progress against Medium-term Business Plan 2022-2024
Shareholder Returns
FY2023 Shareholder Returns(actual)DPS(Dividend per Share)¥74（+12yen）

FY2024 Shareholder Returns(forecast)

Share Buybacks

DPS(Dividend per Share)¥100.0 billion

Total Payout Ratio¥76（+2yen）

52.5%

Total Payout Ratio

Consider additional shareholder
returns based on businessenvironment, financial base andmanagement conditions, etc.

Above 40%

Dividends, Share Buybacks（billion yen）
Dividends (billion yen)
Share Buybacks (billion yen)

Medium-term Business Plan period

Total Payout Ratio

52.5%
44.1%

26

35

44

35

2018/3

2019/3

2019/122020/12

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100

70

120

68

83

95

96

2021/122022/122023/122024/12（forecast）

11

Capital Efficiency
Aim for ROIC to stably exceed WACC, taking ROE and COE into consideration.
FY2023（actual）

FY2024
forecast（）

Average crude oil price (Brent) ($/bbl)

82.17

73.0

Average exchange rate (¥/$)

140.66

138.0

ROIC (%)

8.7%

6.8%

WACC*1 (%)

6.4%

6.6%

ROE (%)

9.4%

7.7%

Cost of Equity (%)

8.8%

8.8%

*1 Provisional figure based on CAPM basis calculated in June 2024.

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12

ESG Initiatives

Environment••

Became first Japanese company to join OGMP
2.0*, founded by United Nations Environment
Programme (UNEP). By adhering to thecomprehensive and measurement-based
reporting framework provided by OGMP 2.0,
INPEX can ensure the accuracy and transparencyof our methane emissions reports.
Maintained A-minus rating in Carbon Disclosure
Project (CDP) evaluation for FY2023.

GovernanceSocial••Based on our philosophy regarding D&I, we
actively create an environment in which female
employees can fully demonstrate their abilities(e.g., holding gender bias removal training,sending female employees to the Next
Generation Female Leader Program, etc.). We
also proactively hire females with the potential
to become managers.
Announced and started third “INPEX
Reconciliation Action plan 2023-2025,” aiming toincrease employment and business
opportunities for Aboriginal and Torres Strait
Islander peoples.

•

Held a Board Meeting in Abu Dhabi, UAE anddeepened the relationship between local
stakeholders (partners, local communities, etc.)
and the Board of Directors.

•

Third-party evaluations are being conducted toevaluate the effectiveness of the Board of
Directors. The validity of the board secretariat’s
process of compiling, analyzing and setting
action-plans is being verified from theperspective of a third party. (Third party
evaluations are conducted on a regular basis.)* OGMP2.0: The Oil & Gas Methane Partnership 2.0

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13

2. Consolidated Financial Results for the year ended December 31, 2023

Daisuke Yamada
Director, Senior Managing Executive Officer,
Finance & Accounting

Highlights of the Consolidated Financial Results
for the year ended December 31, 2023
FY2022 (actual)

FY2023 (actual)

Change% Change

Average crude oil price (Brent) ($/bbl)

99.04

82.17

(16.87)(17.0%)

Average exchange rate (¥/$)

131.64140.669.02yendepreciation

6.9%
depreciation

Net sales (Billions of yen)

2,324.6

2,165.7(158.9)(6.8%)

Operating income (Billions of yen)

1,246.4

1,121.8(124.5)(10.0%)

Ordinary income*1 (Billions of yen)

1,441.9

1,350.4(91.5)(6.3%)Net income attributable toowners of parent*1 (Billions of yen)

461.0

371.5

(89.5)(19.4%)Net income per share*1 *2 (Yen)

337.37287.05(50.32)(14.9%)Net debt*3 (Billions of yen)

1,731.5

1,320.2(411.3)(23.8%)Net debt/equity ratio*3 (%)

46.0%

31.9%

(14.1%)-*1

International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023, and the figures for FY2022 listed as reference to FY2023 have been revised due to this.

*2

Average number of INPEX shares issued and outstanding during the nine months ended December 31, 2022: 1,366,647,207 shares
Average number of INPEX shares issued and outstanding during the nine months ended December 31, 2023: 1,294,325,142 shares*3

Includes Ichthys downstream Incorporated Joint Venture and differs from financial accounting basis

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15

Sales by Product
FY2022

Crude OilNatural Gas(excluding LPG)

LPG

FY2023

Change% Change

Net sales (Billions of yen)

1,778.6

1,609.2(169.4)(9.5%)

Sales volume (thousand bbl)

138,116

138,024(92)(0.1%)

Average unit price of overseas sales ($/bbl)

97.71

82.83

Average exchange rate (¥/$)

131.80140.78Net sales (Billions of yen)

521.6

527.8

(14.88)8.98yendepreciation
6.2(15.2%)
6.8%
depreciation
1.2%

Sales volume (million cf)
Average unit price of overseas sales($/thousand cf)
Average unit price of domestic sales (¥/m3)

442,416

479,814

37,398

8.5%

6.89

5.62

(1.27)(18.4%)

81.98

90.08

Average exchange rate (¥/$)

132.46140.20Net sales (Billions of yen)

3.4

7.8

8.10
7.74yendepreciation
4.4

9.9%
5.8%
depreciation
127.3%

Sales volume (thousand bbl)

109

452

343

315.2%

Average unit price of overseas sales ($/bbl)

63.85

46.68

Average exchange rate (¥/$)

127.86

139.65(17.17)
11.79yendepreciation(26.9%)
9.2%
depreciation* 1m3=41.8605MJ

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16

Analysis of Net Income FY2022 vs. FY2023(89.5)(Billions of yen)

Business activities factors (26.2)

One-off factors (63.2) (post-tax net impact)
FY2022: (36.0)
FY2023: (5.8)

Decrease in income taxes due to lower crude
oil sales and income, etc.
Increase in exploration expenses:
Increase in provision for explorations(other expenses):(12.2)(9.5)
FY2022: 43.7
Divestment gain of Lucius, etc.
FY2023: 15.8
Divestment gain of IAB14, etc.

461.0

FY2022: (34.8)
Eagle Ford, etc.
FY2023: (62.5)
Prelude, renewableenergy PJ, etc.

Increase in sales volume: +36.6(Crude oil: (1.1), Natural gas (including LPG): +37.7)
Decrease in unit price: (320.0)(Crude oil: (270.6), Natural gas (including LPG): (49.3))
Exchange rate: +124.5(Crude oil: +102.3, Natural gas (including LPG): +22.2)
Others: (0.1)

FY2022
Decrease in
Net income attributable Net sales
to owners of parents*1
*1
*2
*3

Increase in
Cost of sales

Increase in
Exploration
expenses

Increase in
SG&A

Other income(expenses) andothers*2

Income taxes(business
activities)

Impairment
loss

Divestment

FY2022: (27.8)
Domestic PJ, etc.
FY2023: (28.1)
Australian PJ, etc.

FY2022: 61.7
Tax effect on investments in subsidiaries,
Tax effect on change in abandonment
expenses estimates, etc.
FY2023: 24.2
Transition to group tax sharing system,
Tax effect on change in abandonment
expenses estimates, etc.

Abandonment
expenses

Revaluationof financial
assets*3

371.5
3,715

FY2023
Income taxes(one-off) Net income attributableto owners of parents

International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023, and the figures for FY2022 listed as reference to FY2023 have been revised due to this.
Net income attributable to non-controlling interests is presented in “Other income (expenses) and others” in this slide.
In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the gain or loss was recognized mainly due to modification of financial assets that do not result in derecognition,
revisions to estimated future cash flows of financial assets, and other factors.

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17

3. Consolidated Financial Forecasts for the year ending December 31, 2024

Daisuke Yamada
Director, Senior Managing Executive Officer,
Finance & AccountingConsolidated Financial Forecasts for the year ending December 31, 2024
Consolidated Financial Forecasts for the year ending December 31, 2024 (IFRS)（Billions of Yen）

Full Year

Brent oil price ($/bbl)

73.0

Average exchange rate (¥/$)

138.0

Revenue

1,931Operating profit

1,010

Profit before tax

1,043

Profit attributable to owners of the parent（Billions of Yen）

1st Half

330（Billions of Yen）

Brent oil price ($/bbl)

75.5

Brent oil price ($/bbl)

70.5

Average exchange rate (¥/$)

138.0

Average exchange rate (¥/$)

138.0

Revenue

1,043

2nd Half

Revenue

888

Operating profit

466

Operating profit

544

Profit before tax

559

Profit before tax

484

Profit attributable to owners of the parent

155

Profit attributable to owners of the parent

175

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19

FY2024 Financial Forecasts Analysis of Increase(Billions of yen)

Market factors(76.7)
Billions of Yen

400.0
350.0

(41.5)(70.3)(15.0)
371.5

150.0

330.0

(2.9)

+53.9

(6.4)

250.0

(19.3)+10.0(20.0)

Market factors
Crude Oil Price (Brent)
82.2 → 73.0
(US$/bbl)
Exchange Rate
140.7 → 138.0(Yen/US$)

100.0

+40.0

Divestments
Taxes

Other factors
Partial sell-off of assets in Middle East andSoutheast Asia
Tax Optimization by optimizing subsidiaryorganizational structure

330.0

Business Activities factors
Production Activities

50.0
0.0

Others factors
131.0 Billions of Yen

+30.0

300.0

200.0

Business Activities factors(54.3)
Billions of Yen

Increase in exploration
expenseIncrease in G&A
FY2023 Net Difference
income based
due toon JGAAP
change in(actual)accounting
standard

FY2023 Net Impact from Impact from Production
profit based crude oil
exchange
Activities
on IFRS
price
rate(estimate)

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Decrease in production of domestic O&G asset and increasein OPEX of Ichthys
Increase in exploration activities surrounding Ichthys field andfor Bonaparte CCS
Increase in R&D cost for Hydrogen & Ammonia
Increase in
exploration
expenseIncreasein G&A

Divestments

Taxes

Prelude Other Project
Project
losses inimpairment
FY2023
loss in
FY2023

Others

FY2024 Net
profit basedon IFRS(forecast)

20

Net Income Sensitivities
Sensitivities of crude oil price and foreign exchange fluctuation on consolidated net income attributable to owners of parent for theyear ending December 31, 2024*1（Billions of Yen）
At Beginning of 1Q : +6.0 (-6.0)
Brent Crude Oil Price;$1/bbl increase (decrease)*2
Exchange Rate; ¥1 depreciation (appreciation) against the U.S. dollar*3

The impact on net income will change in FY2024 as below;
At beginning of 2Q : +4.1 (-4.1)
At beginning of 3Q : +2.2 (-2.2)
At beginning of 4Q : +0.9 (-0.9)+2.4 (-2.4)*1 The sensitivities calculated at the beginning of the fiscal year (January 2024) represent the impact on net income for the year ending December 31, 2024 against a $1/bbl increase(decrease) in the Brent crude oil price on average and a ¥ 1 depreciation (appreciation) against the U.S. dollar. These are based on the financial situation at the beginning of the fiscal
year and are for reference purposes only. The actual impact may change due to fluctuations in production volumes, capital expenditures and cost recoveries, and may not be constant,depending on crude oil prices and exchange rates.

*2 Net income sensitivity is determined by fluctuations in the oil price and is subject to the average price of crude oil (Brent). A breakdown of quarterly sensitivity figures is listed below

taking into consideration certain natural gas sales applying oil prices on a delayed basis; At beginning of 1Q : +6.0 billions of yen (1Q : +1.0 billions of yen, 2Q : +1.3 billions of yen, 3Q : +1.9 billions of yen, 4Q : +1.8 billions of yen)
 At beginning of 2Q : +4.1 billions of yen (1Q : -------------------------, 2Q : +1.0 billions of yen, 3Q : +1.3 billions of yen, 4Q : +1.8 billions of yen)
 At beginning of 3Q : +2.2 billions of yen (1Q : -------------------------, 2Q : -------------------------, 3Q : +1.0 billions of yen, 4Q : +1.2 billions of yen)
 At beginning of 4Q : +0.9 billions of yen (1Q : -------------------------, 2Q : -------------------------, 3Q : -------------------------, 4Q : +0.9 billions of yen)

*3 This is a sensitivity on net income determined by fluctuation of the yen against the U.S. dollar and is subject to the average exchange rate. On the other hand, sensitivity related to thevaluation of assets and liabilities denominated in the U.S. dollar on net income incurred by foreign exchange differences between the exchange rate at the end of the fiscal year and theend of the previous fiscal year is largely neutralized.

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21

FY2024 Cash Flow* Forecast(Billions of Yen)FY2022(actual)FY2023(actual)FY2024(forecast)

Total
FY2022-2024

Cash Flow from Operations
before exploration investment *1,061.6

1,062.0714.0

2,837.6

Cash Flow from Investment(inclusive of exploration investment)(377.8)(573.5)(311.0)(1,262.3)

Development expenditure(Oil & Gas Business)(279.4)(229.6)(485.0)(994.0)Development expenditure(5 Net Zero Business)(81.8)(78.9)(10.0)(170.7)

Exploration expenditure(inclusive of some 5 Net Zero Business)(30.4)(44.6)(71.0)(146.0)

55.5

19.4

約3,80013.0

87.9

Growth Investment(336.1)(333.6)(553.0)(1,222.7)

Others

約8,950 (239.9)(41.7)

242.0(39.6)

683.8

488.5

403.0

1,575.3(634.6)(566.2)(410.0)(201.5)(190.1)(132.0)(1,610.8)
約5,150

284.6

206.8

200.0

Others(inclusive of sale of interests, etc)

(purchase and disposal of investment securities etc.)

Free Cash Flow
Financial Cash Flow
Shareholder Returns
Cash and cash equivalents at end of year

(Billions of yen)

FCF
+403.0(523.6)200.0* Including cashflow of Ichthys LNG Pty Ltd, the Ichthys Downstream IJV (Incorporated Joint Venture ), an equity method affiliate

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22

ROIC by Segment

FY2024 Forecast （IFRS）
Adjusted Profit※1（Billions of yen）

FY2023 Actual （JGAAP）

Invested Capital
as at Year-End※2

ROIC（％）（Billions of yen）

O&G Domestic

20.0

231.1

O&G Overseas Ichthys

270.5

4,030.7

O&G Overseas Others

145.4

1,351.4

Others(13.3)

177.2

Ref. Renewable Energy Business

(0.6)

151.6

Ref. Hydrogen and CCUS Business(17.3)-

Consolidated financial statements

421.2

6,104.7

Adjusted Profit※3（Billions of yen）

Invested Capital
as at Year-End※2

ROIC（％）（Billions of yen）

8.5 O&G Domestic

41.4

257.7

16.1

6.7 O&G Overseas Ichthys

361.0

4,059.7

8.8

10.7 O&G Overseas Others

123.1

1,258.3

9.4(7.7) Others

(0.7)

151.2

(0.5)

(0.4) Ref. Renewable Energy Business

(5.6)

153.7

(4.7)

- Ref. Hydrogen and CCUS Business

(4.5)

-

-

6.8 Consolidated financial statements

539.8

6,245.9

8.7*1 Adjusted profit (IFRS) : Net profit before deduction of Interest payments, Impairment loss etc., Non-controlling shareholder profit/loss*2 Invested capital : The total of capital stock, interest-bearing liabilities as recorded in consolidated financial statements and project finance of the Ichthys downstream IJV*3 Adjusted profit (JGAAP) : Net profit before deduction of Interest payments, extraordinary gains/losses, Non-controlling shareholder profit/loss

Copyright © 2024 INPEX CORPORATION. All rights reserved.

23

Appendix

Ichthys project
Cargoes Shipped by Product Type
2018

2019

2020

2021

2022

LNG

11

104

122

117

112

Plant Condensate（Onshore）

1

19

22

21

21

Field Condensate（Offshore）

4

29

34

32

29

LPG

2

27

34

32

30

FY2023January

February

March

April

May

June

July

August

LNG

11

11

12

10

10

11

9

11

11

10

11

12

129

Plant Condensate（Onshore）

2

2

2

2

1

2

2

2

2

2

2

2

23

Field Condensate（Offshore）

2

3

3

2

3

2

2

2

3

2

3

3

30

LPG

3

3

3

2

3

3

2

3

3

3

3

3

34

Copyright © 2024 INPEX CORPORATION. All rights reserved.

September October November December

Total

25

Balance Sheet(Billions of yen)

December 2022

December 2023

Change% Change

Current assets

729.4

818.2

88.8

12.2%

2,473.1

2,466.5(6.5)(0.3%)

Intangible assets

482.7

481.4

(1.2)

(0.3%)

Recoverable accounts under production sharing

521.5

483.3

(38.1)(7.3%)

Other

2,106.9

2,329.5

222.6

10.6%

Less allowance for recoverable accounts
under production sharing(53.8)(56.0)

(2.1)

4.1%

Total assets

6,259.8

6,523.1

263.3

4.2%

Current liabilities

526.7

565.8

39.0

7.4%

Long-term liabilities

1,710.7

1,538.1(172.5)(10.1%)

Total net assets*2

4,022.3

4,419.1

396.8

9.9%

of which (Translation adjustments)

815.9

1,006.7

190.7

23.4%

of which (Non-controlling interests)

Tangible fixed assets

261.5

279.8

18.3

7.0%

Total liabilities and net assets*2

6,259.8

6,523.1

263.3

4.2%

Net assets per share*2(Yen)2,879.68

3,289.78

410.1014.2%

Summary of financial information for Ichthys
downstream JV (100% basis, including theCompany’s equity share 66.245%) is as follows:(Billions of yen)
• Current assets:• Fixed assets*1:• Current liabilities:• Long-term liabilities:• Net assets:

181.5
4,336.985.9
3,499.4
933.0*1 Fixed assets include interest expenses which are not included in CAPEX,
and capitalized costs before FID.

Of which the total of interest-bearing debt is
1,056.9 billion yen.
Adding the off-balanced interest-bearing debt of
the Ichthys downstream IJV brings the total of
INPEX net debt is 1,320.2 billion yen.

(Billions of yen)
Total shareholders’ equity:
Accumulated othercomprehensive income:+190.0+188.4*2 International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023, and the figures for December 2022 listed as reference to December 2023 have been revised.

Copyright © 2024 INPEX CORPORATION. All rights reserved.

26

Statement of Income(Billions of Yen)FY2022

FY2023

Change% Change

Net sales

2,324.6

2,165.7(158.9)(6.8%)

Increase in sales volume:+36.6

Cost of sales

943.4

893.9

(49.4)(5.2%)

Decrease in unit price:(320.0)Exchange rate:+124.5Gross profit

1,381.2

1,271.7(109.4)(7.9%)

Exploration expenses

29.2

41.4

12.2

42.0%

Selling, general and administrative expenses

105.6

108.4

2.8

2.7%

Operating income

1,246.4

1,121.8(124.5)(10.0%)

Other income*2

335.6

311.0

(24.6)(7.3%)

Other expenses

140.0

82.4

(57.6)(41.1%)

Ordinary income*2

1,441.9

1,350.4(91.5)(6.3%)

Extraordinary loss (Impairment loss)

25.7

89.0

63.2

245.2%

Total income taxes*2

951.5

880.0

(71.4)(7.5%)

3.6

9.8

6.1

170.8%

461.0

371.5

(89.5)(19.4%)Net income attributable to non-controlling interests
Net income attributable to owners of parent*2

Others :(0.1)

Cost of sales for Crude Oil:
Change:600.7(44.4)

Cost of sales for Natural Gas*1:
Change:

276.9
(9.9)

*1 Including LPG

Income taxes decreased mainly due to lower
revenues from lower crude oil prices in some hightax countries.

*2 International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023, and the figures for FY2022 listed as reference to FY2023 have been revised due to this.

Copyright © 2024 INPEX CORPORATION. All rights reserved.

27

Other Income and Expenses(Billions of Yen)FY2022

FY2023

ChangeOther income

335.6

311.0

(24.6)

Interest income

64.6

95.3

30.7

Dividend income

9.4

4.5

(4.9)

165.6

40.9

(124.7)

Gain on reversal of allowance for recoverable
accounts under production sharing

7.3

－

(7.3)

Foreign exchange gain

30.3

－

31.9

1.5

116.5

116.5

Other

57.9

21.7

(36.2)

Other expenses

140.0

82.4

(57.6)

Interest expense

32.3

55.9

23.6

Provision for allowance for recoverable accounts
under production sharing

－

2.1

2.1

Modification loss on financial assets and others*1

85.4

－

(85.4)

Expense related to idle assets

9.5

10.4

0.9

Other

12.6

13.7

1.0

Equity in earnings of affiliates*2

Modification gain on financial assets and others*1

*1
*2

Note

Equity in earnings of affiliates decreased due to expense
related to revaluation of financial assets at the Ichthys
Downstream IJV, an equity-method affiliate.

Income related to revaluation of financial assets*1

Expense related to revaluation of financial assets*1

In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the gain or loss was recognized mainly due to modification of financial assets that do not result in derecognition,
revisions to estimated future cash flows of financial assets, and other factors. It includes the gain or loss incurred from transactions with affiliated companies. Adjusted for equity in earnings of affiliates and tax effect accounting, the impact to consolidated net income was minimal.
International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023, and the figures for FY2022 listed as reference to FY2023 have been revised due to this.

Copyright © 2024 INPEX CORPORATION. All rights reserved.

28

Statement of Cash Flows(Billions of Yen)FY2022

FY2023

ChangeIncome before income taxes*
Depreciation and amortization*
Impairment loss
Expense related to idle assets
Modification loss on financial assets and others
Modification gain on financial assets and others
Recovery of recoverable accounts under production sharing (capital expenditures)
Recoverable accounts under production sharing (operating expenditures)
Equity in losses (earnings) of affiliates
Income taxes paid
Other
Net cash provided by (used in) operating activities
Payments for time deposits / Proceeds from time deposits
Payments for purchases of tangible fixed assets

1,416.1
292.5
25.7
9.5
85.4
－
70.7
(5.3)
(165.6)(906.0)(71.9)
751.2(3.9)(187.1)

1,261.4
252.2
89.0
10.4
－
(116.5)84.0(10.3)(40.9)(829.0)85.9
786.3(11.3)(174.0)(154.7)(40.2)
63.2
0.9(85.4)(116.5)
13.2
(4.9)
124.7
76.9
157.9
35.0
(7.3)
13.0

Payments for purchases of securities/investment securities /Proceeds from sales of securities/investment securities(118.9)(192.9)(74.0)

Investment in recoverable accounts under production sharing (capital expenditures)
Long-term loans made / Collection of long-term loans receivable
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Payments for acquisitions of participating interests
Other
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Cash and cash equivalents at end of the period(39.0)(176.8)(31.4)(7.6)
39.4(525.5)(241.9)211.6(35.5)
148.3－(28.7)(30.0)(324.3)(480.3)
200.8

3.5
325.1
31.4
(21.0)(69.5)
201.2(238.4)(10.7)* International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023, and the figures for FY2022 listed as reference to FY2023 have been revised due to this.

Copyright © 2024 INPEX CORPORATION. All rights reserved.

29

Cash Allocation of Operating Cash Flow before Exploration*1（Billions of yen）

FY2022 Actual
Assumption: Brent $99.0, US$/JPY 131.6 yen

FY2023 Actual
Assumption: Brent $82.2, US$/JPY 140.7 yen

FY2024 Forecast
Assumption: Brent $73.0, US$/JPY 138.0 yen
Debt
Reduction etc.*2
2.9

Debt
Reduction etc.*2
538.3

Debt
Reduction etc.*2
524.0
Cash Flow before
Exploration

1,061.6

Cash Flow before
Exploration
Shareholder
Returns
201.5

1,062.0

GrowthInvestment
336.1

Expenditure

Cash Flow before
Exploration

714.0

GrowthInvestment
553.0

GrowthInvestment
336.1

5 Net ZeroBusiness
81.8

Revenue

Shareholder
Returns
190.1

Shareholder
Returns
132.0

5 Net ZeroBusiness
78.9

Revenue

Expenditure

5 Net Zero Business
10.0

Revenue

Expenditure*1 Including cashflow of Ichthys LNG Pty Ltd, the Ichthys Downstream IJV (Incorporated Joint Venture), an equity method affiliate*2 Including increase/decrease of cash and deposits etc.

Copyright © 2024 INPEX CORPORATION. All rights reserved.

30

FY2023Net Sales(Billions of Yen)Japan

Australia &Southeast Asia
Oil & Gas
EuropeAbu Dhabi and others(Middle East, NIS etc.)

Other

Total

Product
Crude OilNatural Gas (excluding LPG)
LPG
Other
Total
Crude OilNatural Gas (excluding LPG)
LPG
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
LPG
Other
Total
Crude OilNatural Gas (excluding LPG)
LPG
Other
Total

Copyright © 2024 INPEX CORPORATION. All rights reserved.

FY2022

5.9
199.7
0
8.8
214.6
209.9
274.6
0.8
485.5
120.4
42.8
0.2
163.5
1,436.9
2.8
1.4
1,441.2
5.3
1.5
2.5
10.1
19.6
1,778.6
521.6
3.4
20.8
2,324.6

FY2023

4.5
220.8
7.5
232.8
193.2
277.4
2.9
473.5
92.6
26.1
0.2
119.0
1,308.2
1.8
01,310.1
10.5
1.6
4.9
12.9
30.0
1,609.2
527.8
7.8
20.7
2,165.7

Change
(1.4)
21.1
(0.0)
(1.3)
18.2
(16.7)
2.7
2.0(11.9)(27.7)(16.7)(0.0)(44.5)(128.6)(1.0)(1.4)(131.1)
5.1
0.1
2.3
2.7
10.4
(169.4)
6.2
4.4
(0.1)
(158.9)% Change(24.2%)
10.6%(100.0%)(15.6%)
8.5%(8.0%)
1.0%
237.9%(2.5%)(23.0%)(39.1%)(21.3%)(27.2%)(9.0%)(35.8%)(98.8%)(9.1%)
96.4%
8.8%
90.3%
27.4%
53.0%
(9.5%)
1.2%
127.3%(0.7%)(6.8%)

31

FY2023
Sales Volume
Product

Japan

Oil & Gas

EuropeAbu Dhabi and others(Middle East, NIS etc.)
Other

Total

FY2023

Change% Change

Crude Oil (thousand bbl)

468

412

(57)

(12.1%)Natural Gas (excluding LPG)
(million cf)

90,91791,502

585

0.6%

1

-

(1)

(100.0%)

Crude Oil (thousand bbl)

15,527

16,712

1,185

7.6%

Natural Gas (excluding LPG)
(million cf)

329,072

362,689

33,617

10.2%

LPG (thousand bbl)

108

452

343

317.4%

Crude Oil (thousand bbl)

8,782

7,717

(1,065)(12.1%)Natural Gas (excluding LPG)
(million cf)

12,88914,821

1,932

15.0%

Crude Oil (thousand bbl)

113,339

113,183(156)(0.1%)Natural Gas (excluding LPG)
(million cf)

9,187

10,464

1,277

13.9%

Natural Gas (excluding LPG)
(million cf)

350

338

(12)

(3.3%)

Crude Oil (thousand bbl)

138,116

138,024(92)(0.1%)Natural Gas (excluding LPG)
(million cf)

442,416

479,814

37,398

8.5%

109

452

343

315.2%LPG (thousand bbl)

Australia &Southeast Asia

FY2022

LPG (thousand bbl)

Copyright © 2024 INPEX CORPORATION. All rights reserved.

32

FY2023
Net Production Volume*
Product

Change% Change

964

897

△66

△6.9%

Natural Gas (million cf)

36,83634,427△2,408△6.5%

Iodine(ton)

559

541

△18

△3.2%

Electric power generation (million KWh)

194

184

△10

△5.1%

Crude Oil (thousand bbl)

16,546

16,679133

0.8%

Natural Gas (million cf)

382,632

416,762

34,130

8.9%

Crude Oil (thousand bbl)

9,186

7,723

△1,463△15.9%Natural Gas (million cf)

12,85914,490

1,631

12.7%

Crude Oil (thousand bbl)

115,773

114,409△1,364△1.2%

Natural Gas (million cf)

9,879

10,386507

5.1%

Sulfur (thousand ton)

61

153

92

150.5%

Electric power generation (million KWh)

744

1,543

798

107.3%

Crude Oil (thousand bbl)

142,468

139,708△2,760△1.9%

Natural Gas (million cf)

442,205

476,065

33,860

7.7%

Iodine(ton)

559

541

△18

△3.2%

Sulfur (thousand ton)

61

153

92

150.5%

Electric power generation (million KWh)

938

1,726

788

84.1%

Australia &Southeast Asia
EuropeAbu Dhabi and others(Middle East, NIS etc.)
Others

FY2023

Crude Oil (thousand bbl)

Japan

Oil & Gas

FY2022Total* The volume of LPG produced overseas is included in “Crude Oil.”

Copyright © 2024 INPEX CORPORATION. All rights reserved.

33