ファConsolidated Financial Results for the Six Months ended September 30, 2008
November 11, 2008
Note: The following report is an English translation of the Japanese-language original.
Company name

: INPEX CORPORATION

Stock Exchange on which the Company is listed

Code number: 1605

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

Representative: Naoki Kuroda, President

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

: Tokyo Stock Exchange

TEL+81-3-5572-0233
Scheduled date of filing Quarterly financial report: November 11, 2008

Scheduled date of payment of cash dividends: December 19, 2008
(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Six Months ended September 30, 2008 (April 1, 2008-September 30, 2008)(1) Consolidated operating results(The percentage expressions represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the six months ended
September 30, 2008

Operating income

Million yen

%

―
10.6

741,594554,173

September 30, 2007

Million yen

503,721
325,966

Net income per
Share—basic
For the six months ended
September 30, 2008
September 30, 2007

Ordinary income%

Net income

Million yen

―
9.2

%

―
9.4

479,426
321,642Million yen

%

―
25.3

104,028
81,045

Net income pershare—diluted
Yen

Yen

―
―

44,155.91
34,385.24(2) Consolidated financial position

Million yen

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

1,888,074
1,807,900

1,332,481
1,238,812

Total assets
As of September 30, 2008
As of March 31, 2008

Net assets

65.7
64.0

526,702.44
491,168.09(Reference): Net assets excluding minority interests: As of September 30, 2008, ¥ 1,240,504 million
As of March 31, 2008, ¥ 1,157,370 million

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

Total

Yen
Yen
Yen
Yen
For the year ended
March 31, 2008
3,500.00
4,000.00――
For the year ending
4,000.00―
March 31, 2009
For the year ending
4,000.00―
March 31, 2009 (estimated)(Reference): Changes in estimated dividends for the year ending March 31, 2009 as of September 30, 2008: No

Yen

7,500.00
8,000.00

3. Estimated Consolidated Finacial Results for the year ending March 31, 2009 (April 1, 2008-March 31, 2009)(The percentage expressions represent the changes from the previous fiscal year)

Net sales
For the year ending
March 31, 2009

Operating income

Ordinary income

Million yen%

Million yen%

Million yen%

1,153,000(4.2)

723,000

1.2

692,000

0.9

Net income pershare

Net income
Million yen%

Yen

150,000 (13.4)

63,688.11(Reference): Changes in estimated consolidated operating results for the year ending March 31, 2009 as of September 30, 2008: Yes

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4. Others(1) Significant changes in scope of consolidation: No(2) Adoption of simplified accounting method or special accounting treatment for preparationof quarterly consolidated financial statements:: No(3) Changes in accounting principles, procedures, presentations, etc., pertaining to preparation of quarterly consolidated financial
statements (those to be stated as “Changes to the Basis of Presenting Consolidated Financial Statements”):
1. Changes associated with revision in accounting standards:Yes
2. Other changes::No
Note: For more details, refer to “Other information” (page 4).
(4) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period (including treasury
stocks):
2. Number of treasury stock at the end of the period:
3. Number of average shares:

as of September 30, 2008; 2,358,410 shares
as of March 31, 2008; 2,358,410 shares
as of September 30, 2008: 3,182 shares
as of March 31, 2008; 2,047 sharesfor the six months ended September 30, 2008: 2,355,941
sharesfor the six months ended September 30, 2007: 2,356,997
sharesNote: 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.

*Explanation regarding the appropriate use of estimated consolidated operating results
Effective the fiscal year ending March 31, 2009, the Company applies “Accounting Standard for Quarterly Financial Statements”(ASBJ Statement No. 12) and “Implementation Guidance for Accounting Standard for Quarterly Financial Statements” (ASBJ
Guidance No. 14). The Company also prepares quarterly consolidated financial statements according to “Regulations for Quarterly
Consolidated Financial Statements.”
The aforementioned forecasts of “3. Estimated Consolidated Operating Results for the year ending March 31, 2009” are based on
currently available information and contain many uncertainties. The final results might be significantly different from theaforementioned forecasts due to change in business conditions including oil and gas price levels, production and sales plans, projects
development schedules, government regulations and financial and tax schemes. Please refer to “Qualitative Information on EstimatedConsolidated Operating Results” on page 4.

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【Qualitative Information / Financial Statements】
1. Qualitative Information on Consolidated Financial Results
During the six months ended September 30, 2008, consolidated net sales increased by ¥187,421 million, or 33.8%, to ¥741,594
million from the corresponding period of the previous fiscal year mainly due to increase in sales price of crude oil and natural gas,
despite negative effect of appreciation of Japanese yen against U.S. dollar and decrease in sales volume. Net sales of crude oil
increased by ¥120,333 million, or 33.6%, to ¥478,048 million, and net sales of natural gas increased by ¥65,324 million, or 35.6% to¥248,884 million, respectively. Sales volume of crude oil decreased by 4,670 Mbbls, or 10.9%, to 38,301 Mbbls. Sales volume ofnatural gas decreased by 4,734 MMcf, or 2.3%, to 197,349 MMcf. Sales volume of natural gas produced overseas decreased by 4,813
MMcf, or 2.8%, to 169,048 MMcf, and sales volume of natural gas produced domestically increased by 2 MM㎥, or 0.3%, to 758
MM㎥ (28,301 MMcf). The average sales price of crude oil produced overseas increased by US$47.26 per bbl, or 68.0 %, toUS$116.73 per bbl, and the average sales price of natural gas produced overseas increased by US$4.41 per Mcf, or 60.2%, toUS$11.73 per Mcf. In addition, the average sales price of natural gas produced domestically increased by ¥2.33, or 6.7%, to ¥37.25
per ㎥. The average exchange rate of Japanese yen against U.S. dollar appreciated for sales ¥13.41, or 11.2%, to ¥106.00 per U.S.
dollar from the corresponding period of the previous fiscal year.
The increase of ¥187.4 billion in net sales was derived mainly from the following factors: a decrease in sales volume of crude oil andnatural gas adversely affected ¥40.7 billion, an increase in unit sales price contributed ¥314.3 billion, the appreciation of Japanese yen
against U.S. dollar affected adversely ¥88.0 billion and net sales excluding crude oil and natural gas increased by ¥1.7 billion.
Cost of sales for the six months ended September 30, 2008 decreased by ¥1,200 million, or 0.6%, to ¥188,455 million mainly due todecrease in cost recovery at ACG Oil Fields, despite increase in royalty at ADMA Block owing to increase in sales. Exploration
expenses increased by ¥7,405 million, or 89.1%, to ¥15,722 million mainly due to exploration activities in Oceania. Selling, generaland administrative expense increased by ¥3,461 million, or 11.5%, to ¥33,695 million. As a result, operating income increased by¥177,754 million, or 54.5%, to ¥503,721 million.
Other income decreased by ¥11,336 million, or 51.4 %, to ¥10,701 million mainly due to absence of gain on redetermination ofunitized field at Bayu-Undan Gas-Condensate Field, gain on taking effect of exploration and production agreement which recorded at
Venezuela project, and shift from exchange gain to exchange loss in corresponding period of the previous fiscal year. Other expenses
increased by ¥8,633 million, or 32.7%, to ¥34,996 million mainly due to increase in provision for allowance for recoverable accounts
under production sharing resulting from exploration activities at Masela Block and foreign exchange loss. As a result, ordinary
income increased by ¥157,784 million, or 49.1%, to ¥479,426 million.
Total amount of current income taxes and deferred income taxes increased by ¥139,143 million, or 60.0%, to ¥371,061 million, andminority interests were ¥4,336 million. As a result of above effects, net income for the six months ended September 30, 2008
increased by ¥22,982 million, or 28.4%, to ¥104,028 million from the corresponding period of the previous fiscal year.
Financial results of geographical segment are as follows:(1) Japan
Net sales were ¥46,496 million and operating income was ¥16,108 million, respectively mainly due to steady domestic sales ofnatural gas.
(2) Asia - Oceania
Net sales were ¥286,738 million and operating income was ¥205,331 million, respectively mainly due to increase in sales priceof crude oil and natural gas despite decrease in sales volume.
(3) Eurasia (Europe - NIS)
Net sales were 54,395 and operating income was ¥32,700 million, respectively mainly due to decrease in sales volume.
(4) Middle East - Africa
Net sales were ¥349,799 million and operating income was ¥254,093 million, respectively mainly due to increase in sales priceof crude oil and increase in sales volume at ADMA Block.
(5) Americas
Net sales were ¥4,163 million and operating loss was ¥1,102 million.
2. Qualitative Information on Consolidated Financial Position
Consolidated total assets as of September 30, 2008 increased by ¥80,174 million to ¥1,888,074 million from ¥1,807,900 million as ofMarch 31, 2008. This is mainly due to increase in recoverable accounts under production sharing by ¥63,399 million at Kashagan Oil
Field, Offshore Mahakam Block, Masela Block and others, increase in tangible fixed assets and increase in investment securities andmarketable securities.
Meanwhile, total liabilities decreased by ¥13,494 million to ¥555,593 million from ¥569,088 million as of March 31, 2008. Current
liabilities increased by ¥22,306 million to ¥347,592 million, and long-term liabilities decreased by ¥35,800 million to ¥208,001
million due to decrease in long-term debt.
Net assets increased by ¥93,668 million to ¥1,332,481 million, of which minority interests in net assets increased by ¥10,534 million
to ¥91,977 million.
Cash and cash equivalents at the end of the six months ended September 30, 2008 totaled ¥210,257 million reflecting net decrease of¥12,012 million from ¥222,269 million at the end of the previous fiscal year.
Cash flows from operating activities, investing activities and financial activities and those factors are as follows:

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(1) Cash flows from operating activities
Net cash provided by operating activities was ¥211,383 million (increased by ¥40,148 million from the corresponding period of
the previous fiscal year). This is mainly due to increase in cash provided by net income after taxes.
(2) Cash flows from investing activities
Net cash used in investing activities was ¥179,098 million (increased by ¥98,990 million from the corresponding period of theprevious fiscal year). This is mainly due to increase in payments for purchases of investment securities and payments forpurchases of tangible fixed assets.
(3) Cash flows from financial activities
Net cash used in financial activities was ¥50,624 million (increased by ¥25,624 million from the corresponding period of theprevious fiscal year). This is mainly due to increase in repayments of long-term debt.
3. Qualitative Information on Forecasts for Consolidated Financial Results
In comparison with the forecasts previously announced in August 8, 2008, we forecast that the consolidated financial results for theyear ending March 31, 2009 will likely decrease both in net sales and income due mainly to the revision of assumptions of a crude oil
price and an exchange rate used for our forecasts considering their current market conditions.
Forecasts for consolidated financial results for the year ending March 31, 2009
Operating
Net sales
income1,314,000
850,000
Previous Forecasts: Ａ(Millions of yen)
Ordinary
incomeNet income

819,000

177,000

Revised Forecasts: Ｂ

1,153,000

723,000

692,000

150,000

Increase (Decrease): Ｂ－Ａ(161,000)(127,000)(127,000)(27,000)(12.3)(14.9)(15.5)(15.3)

Percentage change (%)

The above forecasts are calculated based on the following assumptions:
Crude Oil Price(Brent)Exchange rate

Previous Forecasts

Revised Forecasts

Second-Half (October 1, 2008- March 31, 2009) :US$ 95/bbl
Second-Half (October 1, 2008- March 31, 2009) :¥100/US$1

Second-half (October 1, 2008- March 31, 2009) :US$65/bbl
Second-half (October 1, 2008-March 31, 2009) :¥95/US$1

Note : Our sales crude oil prices are different for each crude oil and there are also price differences between our sales crude oil prices
and Brent price. The price differentials reflect the qualities, and the pricing range is not constant due to the market conditions. Most of
our sales crude oil prices are lower than Brent price.
4. Others
Changes in accounting principles, procedures, presentations, etc., pertaining to preparation of quarterly consolidated financial
statements
Effective the fiscal year ending March 31, 2009, the Company applies “Accounting Standard for Quarterly Financial Statements”(ASBJ Statement No. 12) and “Implementation Guidance for Accounting Standard for Quarterly Financial Statements” (ASBJ
Guidance No. 14). The Company also prepares quarterly consolidated financial statements according to “Regulations for
Quarterly Consolidated Financial Statements.”― 4 ―更新日時:11/5/2008 3:59:00 PM

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印刷日時:08/11/11 9:25

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

Condensed balance sheet as ofMarch 31, 2008

As of September 30, 2008

(Assets)
Current assets
Cash and deposits

177,793

204,596

Accounts receivable-trade104,392

120,948

Marketable securities

124,432

115,730

Inventories

20,784

19,716

Other

83,863

104,176

(59)

(58)

511,207565,110

277,820

254,481Goodwill

118,264

121,644

Other

141,054

143,836

Total intangible assets

259,318

265,480

Investment securities

424,193360,726

Recoverable accounts under
production sharing

446,561

383,162

Other

68,39861,258

Allowance for doubtful accounts

(749)

(911)

(88,102)(71,445)(10,572)(9,963)

839,728

722,827

1,376,867

1,242,789

1,888,074

1,807,900

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

Investments and other assets

Allowance for recoverable accounts
under production sharing
Allowance for investments in
exploration
Total investments and other assets
Total fixed assets
Total assets― 5 ―更新日時:11/5/2008 3:59:00 PM

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印刷日時:08/11/11 9:25

(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2008

As of September 30, 2008

(Liabilities)
Current liabilities
Accounts payable-trade17,146

22,582

Short-term loans

13,251

19,274

Income taxes payable

174,833

131,523

8,449

10,786

82

208

Other

133,829

140,909

Total current liabilities

347,592

325,285

142,544

174,813

8,795

8,645

13,992

12,728

1,964

1,964

393

229

Other

40,31145,420Total long-term liabilities

208,001

243,802

Total liabilities

555,593569,088

Common stock

30,00030,000Capital surplus

418,491

418,493

Retained earnings

813,206

718,616

Treasury stock(3,535)(2,215)

1,258,161

1,164,894(14,142)(7,468)(0)

3Translation adjustments(3,514)(60)

Total valuation, translation adjustments
and others(17,657)(7,524)

Minority interests

91,97781,442

Total net assets

1,332,481

1,238,812

Total liabilities and net assets

1,888,074

1,807,900

Provision for exploration projects
Accrued bonuses to officers

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

Total shareholders’ equity
Valuation, translation adjustments andothers
Unrealized holding gain (loss) on
securities
Unrealized gain (loss) from hedging
instruments― 6 ―ァイル名:③H21.3第2四半期_PL

更新日時(2) Consolidated Statement of Income(Millions of yen)
For the six months ended
September 30, 2008

Accounts

Net sales

741,594

Cost of sales

188,455

Gross profit

553,139

Exploration expenses

15,722

Selling, general and administrative expenses

33,695

Operating income

503,721

Other income
Interest income

3,468

Dividend income

3,766

Equity in earnings of affiliates

1,349

Other

2,117

Total other income

10,701Other expenses
Interest expense

3,402

Provision for allowance for recoverable accounts under
production sharing

14,192

Provision for exploration projects

2,521

Loss on valuation of investment securities

5,108

Foreign exchange loss

5,240

Other

4,531

Total other expenses

34,996

Ordinary income

479,426

Income before income taxes and minority interests

479,426

Income taxes-current

378,421

Income taxes-deferred(7,360)Total income taxes

371,061

Minority interests

4,336
104,028

Net income― 7 ―ファイル名:④H21.3_CF第2四半期

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

For the six months ended
September 30, 2008

Cash flows from operating activities
479,426
19,675
3,380

Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Provision for allowance for recoverable accounts
under production sharing
Provision for exploration projects

16,781(2,265)

Provision for accrued retirement benefits to employees

149

Provision for site restoration and decommissioning costs

1,309
9

Other provisions
Interest and dividend income(7,234)

Interest expense

3,402
984

Foreign exchange loss

(1,349)Equity in earnings of affiliates
Recovery of recoverable accounts under production
sharing (capital expenditures)
Recoverable accounts under production sharing(operating expenditures)
Accounts receivable-trade25,240(25,250)
15,773Inventories(1,065)

Accounts payable-trade(5,035)

Other(1,568)522,362

SubtotalInterest and dividends received

7,655Interest paid

(3,871)(314,763)

Income taxes paid

211,383

Net cash provided by operating activities― 8 ―ファイル名:④H21.3_CF第2四半期

更(Millions of yen)Accounts

For the six months ended
September 30, 2008

Cash flows from investing activities
Increase in time deposits(2,644)

Decrease in time deposits

2,904

Payments for purchases of tangible fixed assets(40,267)

Proceeds from sales of tangible fixed assets

242

Payments for purchases of intangible assets(1,012)

Payments for purchases of marketable securities(7,070)

Proceeds from sales of marketable securities

60,281

Payments for purchases of investment securities(129,053)

Proceeds from sales of investment securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Increase in short-term loans receivable

1,010(64,063)

Long-term loans made

(1,416)(45)

Collection of long-term loans receivable

580

Other

1,456

Net cash used in investing activities(179,098)

Cash flows from financing activities
Decrease in short-term loans(115)

Proceeds from long-term debt
Repayments of long-term debt

(52,899)

6,800

Proceeds from minority interests for additional shares

6,480

Purchase of treasury stock(1,335)

Cash dividends paid

(9,418)Dividends paid to minority shareholders

(81)

Other

(54)
(50,624)

Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents

6,326

Net decrease in cash and cash equivalents(12,012)

Cash and cash equivalents at beginning of the period

222,269

Cash and cash equivalents at end of the period

210,257― 9 ―ファイル名:⑤H21.3f第2四半期セグメント-海外売上高-継続企業

更新日時:11/11/2008 9:29:00 AM

印刷日時:08/11/11 9:42

Effective the fiscal year ending March 31, 2009, the Company applies “Accounting Standard for Quarterly Financial Statements” (ASBJ
Statement No. 12) and “Implementation Guidance for Accounting Standard for Quarterly Financial Statements” (ASBJ Guidance No. 14).
The Company also prepares quarterly consolidated financial statements according to “Regulations for Quarterly Consolidated Financial
Statements.”(4) Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern
None

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更新日時:11/11/2008 9:29:00 AM

ファイル名:⑤H21.3f第2四半期セグメント-海外売上高-継続企業

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(5) Segment information【Business segment information】
For the six months ended September 30, 2008 (April 1, 2008 through September 30, 2008)
Segment information by business has been omitted because the crude oil and natural gas business accounts for more than 90% of
total sales and operating income.

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

Asia Oceania

Eurasia(EuropeNIS)

46,496

286,738

54,395

349,799

4,163

―

―

―

―

Total

46,496

286,738

54,395

Operating income (loss)

16,108205,331

32,700

Middle East Africa

AmericasEliminations
and other

Consolidated

741,594―

741,594

―

―

―

―

349,799

4,163

741,594―

741,594

254,093(1,102)

507,131(3,410)503,721Total

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

Notes:

1. Countries and areas are segmented based on their geographic proximity and their mutual operational relationships.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania･････････Indonesia, Australia, East Timor, Vietnam(2) Eurasia (Europe - NIS)･･Azerbaijan, Kazakhstan, UK(3) Middle East - Africa････UAE, D.R. Congo, Iran, Libya, Egypt, Algeria, Angora(4) Americas･････････････Venezuela, Ecuador, USA, Canada, Suriname, Brazil【Overseas sales】
For the six months ended September 30, 2008 (April 1, 2008 through September 30, 2008)
Asia - Oceania
I.

Overseas sales (Millions of yen)

II. Consolidated sales (Millions of yen)
III. Overseas sales as a percentage of consolidated sales (%)
Notes:

Other

Total

253,315

31,306284,621――741,594

34.2

4.2

38.4

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

(6) Note on significant changes in shareholders’ equity
None

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ァイル名:⑥H21.3 Q2 a参考情報H20.3期第2四半期_PL

更新日時[Reference]
Consolidated Statement of Income for the six months ended September 30, 2007
(Millions of yen)
For the six months ended
Accounts
September 30, 2007
Amounts
Ⅰ Net sales

554,173

Ⅱ Cost of sales

189,656

Gross profit

364,517

Ⅲ Exploration expenses

8,316

1 Exploration expenses

8,679

2 Exploration subsidies(362)

Ⅳ Selling, general andadministrative expenses

30,233
325,966

Operating income
Ⅴ Other income

22,038

1 Interest income

5,901

2 Dividend income

1,263

3 Equity in earnings of affiliates

1,087

4 Net gain on re-determination of unitizedfield
5 Net gain on taking effect of explorationand production agreement

3,849
3,549

6 Foreign exchange gain

4,561

7 Other

1,826

Ⅵ Other expenses

26,363

1 Interest expense

5,912

2 Provision for allowance for recoverable
accounts under production sharing

7,527

3 Provision for exploration projects

687

4 Loss on valuation of investment
securities

6,820

5 Other

5,415

Ordinary income

321,642

Income before income taxes and minority
interests

321,642

Income taxes-current

238,957

Income taxes-deferred(7,038)

Minority interests

8,678

Net income

81,045― 12 ―

ファイル名:⑥H21.3 Q2 b参考H20.3第2四半期_CF

更sConsolidated Statement of Cash Flows for the six months ended September 30, 2007
(Millions of yen)Accounts

For the six months ended
September 30, 2007
Amounts

Ⅰ Cash flows from operating activities
321,642
17,7383,236

Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Provision for allowance for recoverable accounts
under production sharing
Provision for exploration projects

8,197
(189)
158

Provision for accrued retirement benefits to employee
Provision for site restoration anddecommissioning costs
Other provisions

(65)
480

Interest and dividend income(7,164)

Interest expense

5,912

Foreign exchange gain

(1,654)Equity in earnings of affiliates(1,087)
7

Loss on the sales of investment securities
Loss on the valuation of investment securities

6,820

Accounts receivable-trade
Recovery of recoverable accounts under
production sharing (capital expenditures)
Recoverable accounts under production
sharing (operating expenditures)
Inventories(9,627)50,622(14,472)(5,511)
105

Accounts payable-trade

8,024

Other

383,175

Subtotal

7,235

Interest and dividends received(5,938)Interest paid

(213,238)

Income taxes paid

171,234

Net cash provided by operating activities― 13 ―

ファイル名:⑥H21.3 Q2 b参考H20.3第2四半期_CF

更(Millions of yen)Accounts

For the six months ended
September 30, 2007
Amounts

Ⅱ Cash flows from investing activities
Increase in time deposits(2,191)

Decrease in time deposits

16,804

Payments for purchases of marketable securities(3,993)

Proceeds from sales of marketable securities

22,156

Payments for purchases of tangible fixed assets(25,015)

Proceeds from sales of tangible fixed assets

93

Payments for purchases of intangible assets(732)

Payments for purchases of investment securities(62,059)

Proceeds from sales of investment securities
Investment in recoverable accounts under
production sharing (capital expenditures)
Decrease in short-term loans receivable

104(58,612)Long-term loans made

(4,308)

10,566

Collection of long-term loans receivable

158

Proceeds from transfer of mining rights

27,890

Other

(968)

Net cash used in investing activities(80,107)

Ⅲ Cash flows from financing activities
Decrease in short-term loans(75)

Proceeds from long-term debt
Repayments of long-term debt

19,262(30,860)

Proceeds from minority interests for additional shares

3,930

Purchase of treasury stock(689)

Cash dividends paid

(16,485)

Dividends paid to minority shareholders(81)

Stock transfer payment(0)

Net cash used in financing activities
Effectof exchange rate changes on cashⅣand cash equivalents
Ⅴ Net increase in cash and cash equivalents(24,999)

Ⅵ Cash and cash equivalents at beginning of the period

189,416

Ⅶ Cash and cash equivalents at end of the period

252,103(3,440)62,686― 14 ―

2ファイル名:

6. Other(1) Production, orders received and sales performance1) Actual production
The following table shows actual production by business segment:(Reference)
Business segment
Category
For the six months ended
September 30, 2007
45 MMbbls
Crude oil(248 Mbbls per day)
201 Bcf
Natural gas(1,099 MMcf per day)
79 MMboe
Subtotal
Crude oil and(431 Mboe per day)natural gas
Petroleum
112 Mkl
products(707 Mbbls)
IodineElectric power
generation
Notes:For the six months ended
September 30, 200841 MMbbls(223 Mbbls per day)
195 Bcf(1,068 MMcf per day)
73 MMboe(401 Mboe per day)
114 Mkl(719 Mbbls)

229 tons

247 tons

55 millions kWh

58 millions kWh

1. The volume of LPG produced overseas is included in ‘Crude oil.’ On the other hand, the amount of LPG produced in thedomestic refinery is included in ‘Petroleum Products.’
2. A portion of crude oil production volume is consumed as material for petroleum products.
3. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
4. The production by the Company’s affiliates accounted for by the equity method is included in the figures above. Also the
production volume is a result for the six months ended September 30 regardless of a closing date on the basis of fiscal
periods of its subsidiaries or affiliates.
5. The production volume of crude oil and natural gas under the production sharing contracts entered by INPEX HoldingsGroup corresponds to the net economic take of our group.
Figures calculated by multiplying the gross production volume by our company’s interest share are 61 MMbbls (332
Mbbls per day) of crude oil, 354 Bcf (1,934 MMcf per day) of natural gas, and in total 120 MMboe (654 Mboe per day).
6. Boe means barrels of oil equivalent.
7. The volume of petroleum products is converted to bbl in parenthesis. Applied coefficient is 6.29 bbls per kl.
8. Iodine is refined by another company on consignment.
9. Figures are rounded to nearest whole number.

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

― 15 ―

2ファイル名:

3) Actual salesa) The Company takes back the full amount of crude oil produced overseas allocated to us under production sharing
contracts and produced under concession agreements, and sell it to domestic and foreign customers. The Company
sells natural gas produced in Indonesia in the form of LNG to Japanese power companies, city gas companies andcustomers in South Korea, Taiwan and other countries through PERTAMINA. In addition, the Company sells natural
gas produced in Japan to customers using our pipeline.
b) Sales by business segment during each period were as follows:(Millions of yen)
(Reference)
For the six months ended
Business segment Category
For the six months ended
September 30, 2008
September 30, 2007
Crude Oil

42,971 Mbbls

357,715

202,083 MMcf
Crude oil andnatural gas

478,048

197,349 MMcf
183,560

Natural Gas
LPG: 755 Mbbls

248,884
LPG: 1,083 Mbbls

Others11,93913,782

Subtotal

553,215

740,715958

879

554,173741,594

Other
Total
Notes:

38,301 Mbbls

1. The above amounts do not include the related consumption tax.
2. The Company’s subsidiaries of which closing date for fiscal year is December 31 are principally consolidated by using theiroperating results for the six months ended June 30, 2008 except those subsidiaries prepared their financial statements forconsolidation purpose as of the consolidation closing date. However, the significant effects of the difference in fiscal periods
were properly adjusted in consolidation.
3. Sales volumes are rounded to nearest whole number.
4. Sales for major customers and sales as a percentage of total net sales are as follows. Sales amount of PERTAMINA consists
mostly of natural gas and over half of them are sold to Japanese customers in the form of LNG.

For the six months ended
September 30, 2008
Customers

Amounts（Millions of yen）

Ratio
（％）

PERTAMINA

211,706

28.5

Idemitsu Kosan Co., Ltd.

76,46010.3(2)Significant subsequent events
Final agreement on Offshore North Caspian Sea Block in the Republic of Kazakhstan
On October 31, 2008, all partners have reached a final agreement with the Government of Republic of Kazakhstan on thedetailed terms and conditions related to Offshore North Caspian Sea Block in Republic of Kazakhstan which INPEX North
Caspian Sea, Ltd., a consolidated subsidiary of the Company, held 8.33% participating interest.
This agreement had been in process of discussion about detailed conditions based on basic agreement on January 14, 2008,
which stated construction of new operating and governance model, and all partners except KazMunayGas (KMG) would diluteproportionally their participating interest allowing KMG’s stake to increase matching that of the major shareholders and others.
As a result of this, the participating interest of INPEX North Caspian Sea, Ltd. would be from 8.33% to 7.56%. This agreement
does not have significant impact on the Company’s net income for the year ending March 31, 2009.

― 16 ―

更新日時:11/11/2008 9:30:00 AM

ファイル名:⑧H21.3補足データ要約PL(INPEXサブ)

印刷日時:08/11/11 9:44

[Reference]
1. Condensed Consolidated Statements of Income of INPEX CORPORATION(Millions of yen)Accounts

For the six months ended
September 30, 2007
(A)
Amounts

For the six months ended
September 30, 2008
(B)
Amounts

Fluctuation(B)-(A)
Amounts

Ⅰ Net sales

498,422676,600

178,177

Ⅱ Cost of sales

171,221

167,728(3,493)Gross profit

327,200

508,871

181,671

Ⅲ Exploration expenses

3,888

12,9489,059

Ⅳ Selling, general and administrative
expenses

15,354

16,227873

307,957

479,695

171,738

Ⅴ Other income

16,176

7,816(8,359)1 Interest income

5,490

3,062

(2,427)

493

1,056

563

3 Net gain on re-determination of unitized
field

3,849

―

(3,849)4 Foreign exchange gain

4,788

―

(4,788)5 Other

1,554

3,697

2,143

Ⅵ Other expenses

17,691

26,9459,254

1 Interest expense

5,432

3,067

(2,365)

2 Provision for allowance for recoverable
accounts under production sharing

6,697

13,216

6,518

―

5,021

5,021

5,561

5,641

80

Ordinary income

306,441

460,566

154,124

Income before income taxes andminority interests

306,441

460,566

154,124

Income taxes-current

228,824

366,630

137,806

Income taxes-deferred(4,060)(5,939)(1,879)Minority interests

7,407

3,972

(3,434)

Net income

74,27095,903

21,632

Operating income

2 Equity in earnings of affiliates

3 Foreign exchange loss
4 Other― 17 ―

更新日時:11/11/2008 9:30:00 AM

ファイル名:⑨H21.3補足データ要約PL(TOCサブ)

印刷日時:08/11/11 9:45

2. Condensed Consolidated Statements of Income of Teikoku Oil Co., Ltd.
(Millions of yen)
For the six months ended
September 30, 2007
(A)
Amounts

For the six months ended
September 30, 2008
(B)

Fluctuation(B)-(A)

Amounts

Amounts

Ⅰ Net sales

75,45486,732

11,277

Ⅱ Cost of sales

38,14042,447

4,306

Gross profit

37,31444,285

6,970

Ⅲ Exploration expenses

4,427

2,773

(1,653)

Ⅳ Selling, general and administrative
expenses

11,633

14,076

2,442

21,252

27,4346,181

Ⅴ Other income

6,444

3,158

(3,286)

1 Interest income

378

388

10

2 Equity in earnings of affiliates

593

293

(300)

3 Net gain on taking effect of explorationand production agreement

3,549

―

(3,549)4 Other

1,923

2,475

552

Ⅵ Other expenses

2,095

5,540

3,445

1 Interest expense

495

349

(146)

2 Provision for allowance for recoverable
accounts under production sharing

830

976

146

3 Foreign exchange loss

227

218

(8)

4 Other

542

3,995

3,453

Ordinary income

25,602

25,052(549)

Income before income taxes andminority interests

25,602

25,052(549)

Income taxes-current

10,055

11,769

1,713

Income taxes-deferred

(493)

(470)

23

Minority interests

1,271

364

(906)

Net income

14,76813,389(1,379)Accounts

Operating income― 18 ―