Consolidated Financial Results for the Three Months ended March 31, 2021 [Japanese GAAP]May 13, 2021
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 14, 2021
Scheduled date of payment of cash dividends:－
Preparation of supplementary explanatory materials: Yes
Meeting of quarterly financial results presentation: None(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the Three Months ended March 31, 2021 (January 1, 2021-March 31, 2021)(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, 2021
March 31, 2020

Operating income

Net income attributableto owners of parent

Ordinary income

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

243,697(2.4)

106,0545.1

106,043(1.6)

38,183

13.7

249,669－

100,878－

107,728－

33,572－(Note): Consolidated comprehensive income: for the three months ended March 31, 2021, ¥195,658 million; (－%)
for the three months ended March 31, 2020, ¥(29,675) million; (－%)

Net income pershare－basic

Net income pershare－diluted

For the three months ended
March 31, 2021

Yen

Yen

26.15

－

March 31, 2020

22.99

－

(Note): The Company changed its consolidated fiscal year-end from March 31 to December 31, effective from the year ended December 31, 2019. As a result,the period of the 1st quarter (January 1, 2020 to March 31, 2020) of the year ended December 31, 2020 differs from the period of the 1st quarter (April 1,
2019 to June 30, 2019) of the year ended December 31, 2019. Therefore, percentage data for changes between the 1st quarter of the year ended
December 31, 2019 and the 1st quarter of the year ended December 31, 2020 have not been provided.

(2) Consolidated financial position
Total assets
Millions of Yen

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

Net assets

As of March 31, 2021

4,956,610

3,179,386

59.0

As of December 31, 2020

4,634,518

3,001,339

59.0(Reference): Net assets excluding non-controlling interests: as of March 31, 2021, ¥2,922,212 million
as of December 31, 2020, ¥2,736,541 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
December 31, 2020
For the year ending
December 31, 2021
For the year ending
December 31, 2021 (forecast)

Total

Yen

Yen

Yen

Yen

Yen

－

12.00

－

12.00

24.00

16.50

－

16.50

33.00

－

(Note): 1. Changes in projected dividends for the year ending December 31, 2021 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, 2021 and Fiscal Year Ending December 31, 2021 as well as Dividend Forecast" issued today (May 13,2021).

3. Forecasted Consolidated Financial Results for the year ending December 31, 2021 (January 1, 2021-December 31, 2021)(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
Millions of Yen

For the six months ending
June 30, 2021
For the year ending
December 31, 2021

Operating income% Millions of Yen

Net income
attributable toowners of parent

Ordinary income% Millions of Yen% Millions of Yen

Net income
per share%Yen

484,000

23.6

206,000

66.4

201,000

34.6

45,000－30.82

1,055,000

36.8

452,000

81.9

483,000

87.7

140,000－

95.88(Note): Changes in forecasted consolidated financial results for the year ending December 31, 2021 from the previous forecast: Yes

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(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: None1,462,323,600 shares as of March 31, 2021
1,462,323,600 shares as of December 31, 2020
2,119,069 shares as of March 31, 2021
2,119,069 shares as of December 31, 2020
1,460,204,531 shares for the three months ended March 31, 2021
1,460,201,920 shares for the three months ended March 31, 2020

(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, 2021: 152,569 shares As of December 31, 2020: 152,569 shares)*This quarterly earnings report is not subject to audit by certified public accountants or audit firms.
*Explanation regarding the appropriate use of estimated consolidated financial results
The aforementioned forecasts are based on the currently available information and contain many uncertainties. The final results might be significantly different
from the aforementioned forecasts due to changes in business conditions including oil and natural gas price levels, production and sales plans, project
development schedules, government regulations and financial and tax schemes. Regarding the forecasts, please refer to "1.(3) Explanation regarding futureforecast 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 At fiscal year end
For the year ended
December 31, 2020
For the year ending
December 31, 2021
For the year ending
December 31, 2021(forecast)

Total

Yen

Yen

Yen

Yen

Yen

―

4,800.00―

4,800.00

9,600.00

6,600.00―

6,600.00

13,200.00―(Note): 1. The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no
stock split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock
split is included in the Articles of Incorporation.
2. 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, 2021 and Fiscal Year Ending December 31, 2021 as well as Dividend Forecast" issued today (May 13,2021).

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) ………………………………………………………………………………………………………

9(Subsequent events) …………………………………………………………………………………………………………

9

3. Supplementary Information ……………………………………………………………………………………………………… 10(1) Production, Orders Received and Sales Performance………………………………………………………………………… 10

11. Qualitative Information ⁄ Financial Statements(1) Explanation on Consolidated Financial Results
Net sales for the three months ended March 31, 2021 decreased by ¥5.9 billion, or 2.4%, to ¥243.6 billion from the corresponding
period of the previous fiscal year due to decreases in sales price of natural gas and sales volume of crude oil.
Net sales of crude oil increased by ¥11.4 billion, or 7.0%, to ¥174.4 billion, and net sales of natural gas decreased by ¥17.4 billion,or 21.3%, to ¥64.6 billion.
Sales volume of crude oil decreased by 1,020 thousand barrels, or 3.6%, to 27,241 thousand barrels, and sales volume of natural
gas decreased by 896 million cf, or 0.7%, to 120,356 million cf. Sales volume of overseas natural gas decreased by 2,504 million
cf, or 2.6%, to 95,293 million cf, and sales volume of domestic natural gas increased by 43 million ㎥, or 6.9%, to 672 million ㎥(25,063 million cf).
The average sales price of overseas crude oil increased by US$7.57, or 14.3%, to US$60.38 per barrel. The average sales price ofoverseas natural gas decreased by US$0.89, or 19.2%, to US$3.74 per thousand cf, and the average sales price of domestic natural
gas decreased by ¥12.40, or 24.5%, to ¥38.29 per ㎥. The average exchange rate of the Japanese yen against the U.S. dollar on
consolidated net sales appreciated by ¥3.03, or 2.8%, to ¥106.13 per U.S. dollar.
The decrease of ¥5.9 billion in net sales was mainly derived from the following factors: regarding net sales of crude oil andnatural gas, a decrease in sales volume pushing sales down of ¥4.8 billion, an increase in unit sales price contributing ¥4.8 billion
to the increase, the appreciation of the Japanese yen against the U.S. dollar pushing sales down of ¥6.0 billion, and an increase in
net sales excluding crude oil and natural gas of ¥52 million.
Meanwhile, cost of sales for the three months ended March 31, 2021 decreased by ¥12.9 billion, or 10.0%, to ¥116.3 billion.
Exploration expenses increased by ¥0.3 billion, or 42.1%, to ¥1.2 billion. Selling, general and administrative expenses increasedby ¥1.4 billion, or 7.8%, to ¥20.0 billion. As a result, operating income increased by ¥5.1 billion, or 5.1%, to ¥106.0 billion.
Other income decreased by ¥4.1 billion, or 16.0%, to ¥21.6 billion due to a decrease in equity in earnings of affiliates and others.
Other expenses increased by ¥2.7 billion, or 14.5%, to ¥21.6 billion. As a result, ordinary income decreased by ¥1.6 billion, or
1.6%, to ¥106.0 billion.
Total amount of current income taxes and deferred income taxes increased by ¥5.1 billion, or 6.8%, to ¥80.4 billion, and net loss
attributable to non-controlling interests was ¥12.5 billion. As a result of the above effects, net income attributable to owners ofparent for the three months ended March 31, 2021 increased by 4.6 billion, or 13.7%, to ¥38.1 billion.
Financial results by segment are as follows:
1) JapanNet sales decreased by ¥6.1 billion, or 16.3%, to ¥31.4 billion due to a decrease in sales price of natural gas. Operating income
decreased by ¥4.0 billion, or 56.3%, to ¥3.1 billion.
2) Asia & Oceania
Net sales decreased by ¥7.3 billion, or 9.8%, to ¥67.5 billion due to a decrease in sales price of natural gas. Operating income
decreased by ¥0.5 billion, or 1.8%, to ¥30.1 billion.
3) Eurasia (Europe & NIS)
Net sales increased by ¥6.0 billion, or 36.5%, to ¥22.5 billion due to an increase in sales price of crude oil. Operating income was¥3.6 billion compared with ¥2.0 billion of operating loss for the corresponding period of the previous fiscal year.
4) Middle East & Africa
Net sales increased by ¥1.4 billion, or 1.3%, to ¥116.6 billion due to an increase in sales price of crude oil, despite a decrease insales volume. Operating income increased by ¥2.1 billion, or 3.2%, to ¥70.8 billion.
5) Americas
Net sales increased by ¥24 million, or 0.5%, to ¥5.4 billion due to an increase in sales prices of crude oil and natural gas, despite adecrease in sales volume. Operating income was ¥2.7 billion compared with ¥25 million of operating loss for the corresponding
period of the previous fiscal year.

2(2) Explanation on Consolidated Financial Position
Total assets as of March 31, 2021 increased by ¥322.0 billion to ¥4,956.6 billion from ¥4,634.5 billion as of December 31, 2020.
Current assets increased by ¥103.7 billion to ¥490.8 billion due to an increase in cash and deposits and others. Fixed assets
increased by ¥218.3 billion to ¥4,465.7 billion due to increases in tangible fixed assets, investments and other assets and others.
Meanwhile, total liabilities increased by ¥144.0 billion to ¥1,777.2 billion from ¥1,633.1 billion as of December 31, 2020. Current
liabilities increased by ¥37.3 billion to ¥376.6 billion and long-term liabilities increased by ¥106.6 billion to ¥1,400.5 billion.
Net assets increased by ¥178.0 billion to ¥3,179.3 billion. Total shareholders' equity increased by ¥20.6 billion to ¥2,587.9 billion.
Total accumulated other comprehensive income increased by ¥165.0 billion to ¥334.2 billion and non-controlling interests in net
assets decreased by ¥7.6 billion to ¥257.1 billion.

3(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results
The forecasted consolidated financial results for the six months ending June 30, 2021 and the year ending December 31, 2021
have been revised from those announced on February 10, 2021, taking into consideration factors including the revision of its crude
oil price assumptions for the year and the recovery of the crude oil price in the first quarter, etc.
Forecasts for consolidated financial results for the six months ending June 30, 2021

(Millions of yen)Previous Forecasts: A

416,000

146,000

157,000

Net income attributableto owners of parent
35,000

Revised Forecasts: B

484,000

206,000

201,000

45,000

Increase (Decrease): B‐A

68,00060,00044,00010,000Percentage change (%)

16.3

41.1

28.0

28.6

Net sales

Operating income

Ordinary income

Forecasts for consolidated financial results for the year ending December 31, 2021

(Millions of yen)Previous Forecasts: A

883,000

319,000

353,000

Net income attributableto owners of parent
100,000

Revised Forecasts: B

1,055,000

452,000

483,000

140,000

172,000

133,000

130,000

40,000

19.5

41.7

36.8

40.0

Net sales

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

Operating income

Ordinary income

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

Revised Forecasts

Crude oil price(Brent)Full Year average:

US$ 53.0/bbl

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

Exchange rate

Full Year average:¥103.0/US$

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

US$ 61.3/bbl
US$ 60.0/bbl
US$ 60.3/bbl¥106.1/US$¥108.0/US$¥107.5/US$

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

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

As of December 31, 2020

As of March 31, 2021

(Assets)
Current assets
Cash and deposits

182,978

236,856

Accounts receivable-trade

83,810111,281

Inventories

34,29940,862

Other

98,229114,762

Less allowance for doubtful accounts(12,225)(12,926)

Total current assets

387,093490,836

Buildings and structures, net

168,002165,519

Wells, net

265,337

297,524

1,207,911

1,270,395

Land

18,591

18,622

Construction in progress

385,405

397,276

Other, net

24,53325,5142,069,783

2,174,853

Goodwill

35,44533,755

Other406,391

419,047

Total intangible assets

441,837

452,803

Investment securities

297,867

324,927

Long-term loans receivable

911,424

990,475

Recoverable accounts under production sharing

575,544569,351

Other

23,46924,000Less allowance for doubtful accounts

(600)

(639)

Less allowance for recoverable accounts under
production sharing(69,441)(67,518)

Less allowance for investments in exploration(2,460)(2,479)1,735,804

1,838,116

4,247,424

4,465,773

4,634,518

4,956,610

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net

Total tangible fixed assets
Intangible assets

Investments and other assets

Total investments and other assets
Total fixed assets
Total assets

5

(Millions of yen)Accounts

As of December 31, 2020

As of March 31, 2021

(Liabilities)
Current liabilities
Accounts payable-trade

15,09025,105

Short-term loans

175,133

162,013

Income taxes payable

12,676

29,665

Accrued bonuses

1,415

－

Accrued bonuses to officers

54

13

Provision for loss on business

9,351

8,651

Provision for exploration projects

9,496

9,890

Asset retirement obligations

1,475

1,335

Other

114,594

139,988

Total current liabilities

339,288376,662

Bonds payable－

20,000Long-term debt

1,059,713

1,120,258

Provision for stocks payment

71

79

Accrued special repair and maintenance

577

630

Liability for retirement benefits

8,158

8,196

Asset retirement obligations

172,147

187,479

Other

53,221

63,916

1,293,890

1,400,561

1,633,178

1,777,223

Common stock

290,809290,809

Capital surplus

674,374

674,374Retained earnings

1,607,524

1,628,183

Treasury stock(5,428)(5,428)2,567,279

2,587,938

2,091

4,276

Unrealized gain (loss) from hedging instruments(54,054)(36,079)

Translation adjustments

221,224

366,076

Total accumulated other comprehensive income

169,261

334,273

264,798

257,173

Total net assets

3,001,339

3,179,386

Total liabilities and net assets

4,634,518

4,956,610

Long-term liabilities

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, 2021

For the three months ended
March 31, 2020

Net sales

249,669

243,697

Cost of sales

129,294

116,320Gross profit

120,374

127,377

904

1,284

Selling, general and administrative expenses

18,591

20,038Operating income

100,878

106,054

Interest income

445

8,252

Dividend income

4,586

2,494

－

6,296

15,249

－

－

1,924

Foreign exchange gain

3,239

－

Other

2,257

2,685

Total other income

25,77821,653

6,036

3,523

－

2,028

1,659

－

－

10,932Other

11,233

5,180

Total other expenses

18,92821,664

Ordinary income

107,728

106,043

Income before income taxes

107,728

106,043

Income taxes-current

67,43074,088

Income taxes-deferred

7,871

6,337

Total income taxes

75,30180,425

Net income

32,426

25,617Net loss attributable to non-controlling interests(1,145)(12,565)

Net income attributable to owners of parent

33,572

38,183

Exploration expenses

Other income

Gain on sales of investment securities
Equity in earnings of affiliates
Gain on reversal of allowance for recoverable accounts
under production sharing

Other expenses
Interest expense
Equity in losses of affiliates
Provision for allowance for recoverable accounts
under production sharing
Foreign exchange loss

7

Consolidated Statement of Comprehensive Income
Accounts

For the three months ended
March 31, 2020

Net income(Millions of yen)
For the three months ended
March 31, 2021

32,426

25,617(4,257)

2,181

192

(597)

Translation adjustments(11,666)

145,429

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

23,028

Total other comprehensive income(62,102)

170,041(29,675)

195,658

Owners of parent(28,408)

203,195

Non-controlling interests(1,266)(7,537)

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

Comprehensive income
Total comprehensive income attributable to8

(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, 2021 (January 1, 2021 through March 31, 2021):
None(Note on significant changes in shareholders' equity)
For the three months ended March 31, 2021 (January 1, 2021 through March 31, 2021):
None(Segment information)
I. 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
Eurasia
Middle(EuropeEast& NIS)& Africa

Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

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

AmericasTotal

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
II. For the three months ended March 31, 2021 (January 1, 2021 through March 31, 2021)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Eurasia
Middle(EuropeEast& NIS)& Africa

Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

31,49467,57922,555

116,657

5,411

243,697－

243,697

－

4,128

－

－

－

4,128

(4,128)－31,49471,70722,555

116,657

5,411

247,825(4,128)

243,697

3,179

30,1803,674

70,8792,768

110,682(4,627)106,054

AmericasTotal

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

Note:1. Adjustments of segment income of ¥(4,627) 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, 2021 (January 1, 2021 through March 31, 2021):
None

9

3. Supplementary Information(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
For the three months ended
Segment
Category
March 31, 2020
0.3 MMbbls
Crude oil
(3.2 Mbbls per day)11.0 Bcf
Natural gas(120.7 MMcf per day)
2.4 MMboe
Japan
Subtotal(25.9 Mboe per day)
Iodine139.6 tons

142.5 tons

55.5 million kWh56.1 million kWh

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)

4.7 MMbbls(51.8 Mbbls per day)
98.1 Bcf(1,090.2 MMcf per day)23.7 MMboe(262.8 Mboe per day)

108.6 million kWh

98.2 million kWh

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

4.6 MMbbls(51.3 Mbbls per day)
2.3 Bcf(25.8 MMcf per day)
5.0 MMboe(55.9 Mboe per day)Sulfur

24.6 Mtons

23.7 Mtons

Crude oil23.3 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)19.2 MMbbls(213.2 Mbbls per day)
0.6 MMbbls(7.2 Mbbls per day)
4.5 Bcf(50.4 MMcf per day)
1.5 MMboe(16.6 Mboe per day)29.4 MMbbls(326.6 Mbbls per day)
115.6 Bcf
(1,284.6 MMcf per day)
51.7 MMboe(574.0 Mboe per day)

139.6 tons

142.5 tons

164.1 million kWh

154.2 million kWh

24.6 Mtons

23.7 Mtons

Electric power
generation
Crude oil
Natural gas
Asia & Oceania

Subtotal
Electric power
generation
Crude oil

Eurasia(Europe & NIS)

Middle East & Africa

Natural gas
Subtotal

Crude oil
AmericasNatural gas
Subtotal
Crude oil
Natural gas

Total

For the three months ended
March 31, 2021
0.3 MMbbls(3.2 Mbbls per day)10.6 Bcf(118.2 MMcf per day)
2.3 MMboe(25.4 Mboe per day)Subtotal
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 the fiscal year-ends 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 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 the three months ended March 31, 2020, and 31.6
MMbbls (350.9 Mbbls per day) of crude oil, 120.2 Bcf (1,335.9 MMcf per day) of natural gas, and in total 54.6 MMboe (607.1 Mboe per day) for thethree months ended March 31, 2021.
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.

10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

176 Mbbls

1,135

174 Mbbls

1,194

Natural gas(excluding LPG)

23,455 MMcf

31,85425,063 MMcf

25,712

1 Mbbls

4

1 Mbbls

7

LPG
Other

4,635

4,580

Subtotal

37,62931,494Crude oil

4,058 Mbbls

26,071

4,302 Mbbls

28,112Natural gas(excluding LPG)

90,207 MMcf

47,97088,448 MMcf

38,498LPG

118 Mbbls

907

132 Mbbls

968

Subtotal

Eurasia(Europe & NIS)(Millions of yen)
For the three months ended
March 31, 2021
Sales volume
Net sales

For the three months ended
March 31, 2020
Sales volume
Net sales

74,94967,579Crude oil

3,831 Mbbls

16,1203,957 Mbbls

24,556Natural gas(excluding LPG)

2,716 MMcf

585

2,323 MMcf

(1,933)

Other

(176)

(68)

Subtotal

16,52922,555

Middle East & Africa

Crude oil

19,240 Mbbls

115,174

18,107 Mbbls

116,657

Crude oil

956 Mbbls

4,527

701 Mbbls

3,969

AmericasNatural gas(excluding LPG)

4,873 MMcf

859

4,522 MMcf

1,441

Subtotal

Total

5,386

5,411

Crude oil

28,261 Mbbls

163,028

27,241 Mbbls

174,490

Natural gas(excluding LPG)

121,252 MMcf

81,269120,356 MMcf

63,719118 Mbbls

911

133 Mbbls

975

LPG
Other

4,458

4,511

Total

249,669

243,697

Note:1. The above amounts do not include the related consumption tax.
2. Sales volumes are rounded to the nearest whole number.

11