Consolidated Financial Results for the Nine Months ended December 31, 2014 [Japanese GAAP]
February 6, 2015
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 http://www.inpex.co.jp: Toshiaki Kitamura, President: Kimihisa Kittaka, General Manager, Corporate Communications Unit
TEL+81-3-5572-0233
Scheduled date of filing Quarterly Financial Report: February 10, 2015
Scheduled date of payment of cash dividends:―
Preparation of supplementary explanatory materials: Yes
Meeting of quarterly financial results presentation: No(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the Nine Months ended December 31, 2014 (April 1, 2014-December 31, 2014)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the nine months ended

Operating income

Ordinary income

Net income

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

December 31, 2014

926,597(7.1)

452,698(17.3)

492,358(9.5)

101,783(4.9)

December 31, 2013

996,901

12.2

547,2776.8

543,748

5.1

107,068(22.0)(Note): Consolidated comprehensive income: for the nine months ended December 31, 2014, ¥288,225 million; (9.0%)
for the nine months ended December 31, 2013, ¥264,318 million; (46.6%)

Net income pershare—diluted

Net income pershare—basic
For the nine months ended
December 31, 2014

Yen
69.70

December 31, 2013

73.32

Yen

(Note):The Company conducted a stock split at a ratio of 1:400 of common stock with October 1, 2013 as the effective date. Net income per share is
calculated based on the assumption that the stock split was conducted on April 1, 2013.

(2) Consolidated financial position
Total assets

Net assets

Net assets excluding minority interests
as a percentage of total assets

Millions of Yen

Millions of Yen%

As of December 31, 2014

4,460,303

3,269,796

68.4

As of March 31, 2014

4,038,139

2,996,036

69.1(Reference): Net assets excluding minority interests: as of December 31, 2014, ¥3,052,676 million
as of March 31, 2014, ¥2,791,108 million

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
March 31, 2014
For the year ending
March 31, 2015
For the year ending
March 31, 2015 (forecast)

Yen

Yen

3,600.00

Yen

At fiscal year end

Total

Yen

Yen

9.00

9.00
9.00

18.00

(Note):1. Changes in projected dividends for the year ending March 31, 2015 from the previous forecast: None
2. The amount of 2nd quarter-end dividend for the fiscal year ended March 31, 2014 is provided before taking into consideration the effect of
the stock split conducted at a ratio of 1:400 of common stock with October 1, 2013 as the effective date.
3. Above information of Dividends is regarding common stock. For information regarding Class A stock (which is not listed), please refer to
Exhibit Dividends of Class A stock .

3. Forecasted Consolidated Financial Results for the year ending March 31, 2015 (April 1, 2014-March 31, 2015)(Figures in % represent the changes from the previous fiscal year)

Net sales
Millions of Yen

For the year ending
March 31, 2015%

Operating income

Ordinary income

Millions of Yen

Millions of Yen

1,153,000 (13.6)%

505,000 (31.2)

Net income pershare

Net income%

551,000 (26.5)

Millions of Yen%

Yen

120,000 (34.7)

82.17(Note):Changes in forecasted consolidated financial results for the year ending March 31, 2015 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: Yes: None: None: None(Note): Please refer to 2.(3) Changes in accounting policies, accounting estimates and restatement of corrections on page 4 for further information.

(4) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stock):
2. Number of treasury stock at the end of the period:
3. Average number of shares:

1,462,323,600 shares as of December 31, 2014
1,462,323,600 shares as of March 31, 2014
1,966,400 shares as of December 31, 2014
1,966,400 shares as of March 31, 2014
1,460,357,200 shares for the nine months ended December 31, 2014
1,460,357,200 shares for the nine months ended December 31, 2013

(Note):The Company conducted a stock split at a ratio of 1:400 of common stock with October 1, 2013 as the effective date. Number of shares issued
is calculated based on the assumption that the stock split was conducted on April 1, 2013. For Class A stock (which is not listed), no stock split
was implemented.

* Indication of quarterly review procedure implementation status
This quarterly earnings report is exempt from quarterly review procedure under the Financial Instruments and Exchange Act. The
review procedure for quarterly consolidated financial statements under the Financial Instruments and Exchange Act has not been
completed at the time of disclosure of this report.
*Explanation regarding the appropriate use of estimated consolidated financial results
The aforementioned forecasts are based on the currently available information and contain many uncertainties. The final results
might be significantly different from the aforementioned forecasts due to changes in business conditions including oil and natural gas
price levels, production and sales plans, project development schedules, government regulations and financial and tax schemes.
Please refer to 1.(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results on
page 3.

Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
March 31, 2014
For the year ending
March 31, 2015
For the year ending
March 31, 2015 (forecast)At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

―

3,600.00―

3,600.00

7,200.00―

3,600.00―
3,600.00

7,200.00* The Company conducted a stock split at a ratio of 1:400 of common stock with October 1, 2013 as the effective date, however, for Class A stock (which is
not listed), no stock split was implemented. The Articles of Incorporation specifies that dividends of Class A stock are equivalent to dividends of a common
stock prior to the stock split.

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

3

2. Notes Regarding Summary Information (Notes)

4(1) Significant changes in scope of consolidation

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

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

4

3. Consolidated Financial Statements

5(1) Consolidated Balance 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) Consolidated Statement of Cash Flows

9(4) Notes to Consolidated Financial Statements

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

11(Note on significant changes in shareholders equity)

11(Segment information)

12(Subsequent events)

1213

4. Supplementary Information

13(1) Production, Orders Received and Sales Performance11. Qualitative Information ⁄ Financial Statements(1) Explanation on Consolidated Financial Results
During the nine months ended December 31, 2014, consolidated net sales were ¥926.5 billion (decreased by ¥70.3 billion, or
7.1%, from the corresponding period of the previous fiscal year) due to decreases in sales prices of crude oil and natural gas, andsales volume. Net sales of crude oil decreased by ¥59.0 billion, or 9.1%, to ¥590.9 billion, and net sales of natural gas decreasedby ¥10.8 billion, or 3.3%, to ¥321.5 billion. Sales volume of crude oil decreased by 1,827 thousand barrels, or 3.0%, to 58,562
thousand barrels. Sales volume of natural gas decreased by 15,172 million cf, or 6.3%, to 226,605 million cf. Sales volume ofoverseas natural gas decreased by 15,524 million cf, or 7.9%, to 179,839 million cf, and sales volume of domestic natural gas
increased by 9 million ㎥, or 0.8%, to 1,253 million ㎥ (46,765 million cf). The average sales price of overseas crude oil
decreased by US$12.49, or 11.6%, to US$95.27 per barrel, and the average sales price of overseas natural gas decreased by
US$0.81, or 6.2%, to US$12.24 per thousand cf. On the other hand, the average sales price of domestic natural gas increased by¥7.12, or 14.2%, to ¥57.19 per ㎥. The average exchange rate of Japanese yen against U.S. dollar on consolidated net sales
depreciated by ¥6.14, or 6.2%, to ¥105.57 per U.S. dollar from the corresponding period of the previous fiscal year.
The decrease of ¥70.3 billion in net sales was mainly derived from the following factors: regarding net sales of crude oil andnatural gas, decreases in sales volume and unit sales price pushing sales down of ¥39.0 billion and ¥79.3 billion, respectively, thedepreciation of Japanese yen against U.S. dollar contributing ¥48.5 billion to the increase, and a decrease in net sales excluding
crude oil and natural gas of ¥0.4 billion.
Cost of sales for the nine months ended December 31, 2014 increased by ¥22.5 billion, or 6.2%, to ¥388.7 billion due mainly tothe depreciation of Japanese yen against U.S. dollar. Exploration expenses decreased by ¥0.4 billion, or 2.0%, to ¥21.3 billion due
mainly to a decrease in exploration activities in the Middle East and Africa region. Selling, general and administrative expenses
increased by ¥2.1 billion, or 3.5%, to ¥63.7 billion. As a result, operating income decreased by ¥94.5 billion, or 17.3%, to ¥452.6
billion.
Other income increased by ¥37.8 billion, or 145.3%, to ¥63.9 billion due to increases in gain on transfer of mining rights, foreignexchange gain and equity in earnings of affiliates. Other expenses decreased by ¥5.2 billion, or 17.9%, to ¥24.3 billion. As aresult, ordinary income and income before income taxes and minority interests decreased by ¥51.3 billion, or 9.5%, to ¥492.3
billion.
Total amount of current income taxes decreased by ¥5.2 billion, or 1.4%, to ¥375.8 billion, and deferred income taxes were ¥14.1
billion, income before minority interests decreased by ¥5.6 billion, or 5.2%, to ¥102.3 billion, and minority interests were ¥0.6
billion. As a result of the above effects, net income for the nine months ended December 31, 2014 decreased by ¥5.2 billion, or
4.9%, to ¥101.7 billion from the corresponding period of the previous fiscal year.
Financial results by segment are as follows:
1) JapanNet sales increased by ¥8.8 billion, or 10.6%, to ¥91.7 billion due to an increase in sales price of natural gas. Operating income
decreased by ¥1.6 billion, or 16.5%, to ¥8.1 billion due mainly to an increase in depreciation and amortization.
2) Asia & Oceania
Net sales decreased by ¥40.3 billion, or 11.2%, to ¥320.2 billion due to decreases in sales volume, and sales prices of crude oil andnatural gas, despite the depreciation of Japanese yen against U.S. dollar. Operating income decreased by ¥40.5 billion, or 20.6%,
to ¥156.1 billion.
3) Eurasia (Europe & NIS)
Net sales increased by ¥1.6 billion, or 2.2%, to ¥77.0 billion due to an increase in sales volume and the depreciation of Japanese
yen against U.S. dollar, despite a decrease in sales price of crude oil. Operating income decreased by ¥4.9 billion, or 15.2%, to¥27.7 billion due to an increase in operating expenses and others.
4) Middle East & Africa
Net sales decreased by ¥42.1 billion, or 8.9%, to ¥428.5 billion due to decreases in sales volume and sales price of crude oil,despite the depreciation of Japanese yen against U.S. dollar. Operating income decreased by ¥40.7 billion, or 12.7%, to ¥280.3
billion.
5) Americas
Net sales increased by ¥1.7 billion, or 23.9%, to ¥8.9 billion due to an increase in sales price of natural gas and the depreciation ofJapanese yen against U.S. dollar, despite a decrease in sales volume. Meanwhile, operating loss increased by ¥6.7 billion, or
128.4%, to ¥12.0 billion due to an increase in exploration expenses and others.

2(2) Explanation on Consolidated Financial Position
Total assets as of December 31, 2014 increased by ¥422.1 billion to ¥4,460.3 billion from ¥4,038.1 billion as of March 31, 2014.
This is due mainly to an increase in tangible fixed assets by ¥426.6 billion owing to an increase in construction in progress.
Meanwhile, total liabilities increased by ¥148.4 billion to ¥1,190.5 billion from ¥1,042.1 billion as of March 31, 2014. Current
liabilities increased by ¥1.0 billion to ¥376.7 billion and long-term liabilities increased by ¥147.3 billion to ¥813.7 billion.
Net assets increased by ¥273.7 billion to ¥3,269.7 billion. Minority interests in net assets increased by ¥12.1 billion to ¥217.1
billion.
Cash and cash equivalents as of December 31, 2014 totaled ¥303.3 billion reflecting a net increase of ¥185.8 billion from ¥117.5
billion at the end of the previous fiscal year.
Cash flows from operating activities, investing activities and financing activities are as follows:
1) Cash flows from operating activities
Net cash provided by operating activities was ¥130.3 billion (increased by ¥3.4 billion from the corresponding period of theprevious fiscal year). This is due mainly to decreases in accounts receivable-trade and income taxes paid, despite an decrease inincome before income taxes and minority interests.
2) Cash flows from investing activities
Net cash provided by investing activities increased by ¥337.9 billion to ¥40.8 billion. This is due mainly to an increase inproceeds from time deposits and a decrease in payments for long-term time deposits, despite an increase in payments forpurchase of tangible fixed assets.
3) Cash flows from financing activities
Net cash used in financing activities increased by ¥45.2 billion to ¥4.4 billion. This is due mainly to a decrease in proceedsfrom long-term debt.
(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results
Forecasts for consolidated financial results for the year ending March 31, 2015 have been revised from the previous forecastspresented on November 7, 2014, taking into consideration the consolidated financial results for the nine months ended December
31, 2014.
Forecasts for consolidated financial results for the year ending March 31, 2015
Net sales(Millions of yen)

Operating income

Ordinary income

Net income

Previous Forecasts: A

1,262,000

592,000

656,000

160,000

Revised Forecasts: B

1,153,000

505,000

551,000

120,000

Increase (Decrease): B A(109,000)(87,000)(105,000)(40,000)(8.6)(14.7)(16.0)(25.0)

Percentage change (%)

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

Revised Forecasts

Crude oil price(Brent)

1st Half (April 1, 2014-September 30, 2014):
US$106.6/bbl (Actual)
2nd Half (October 1, 2014-March 31, 2015):
US$85.0/bbl
Full Year (April 1, 2014-March 31, 2015):
US$95.8/bbl (Average)

1st Half (April 1, 2014-September 30, 2014):
US$106.6/bbl (Actual)
2nd Half (October 1, 2014-March 31, 2015):
US$63.5/bbl
Full Year (April 1, 2014-March 31, 2015):
US$85.1/bbl (Average)

Exchange rate

1st Half (April 1, 2014-September 30, 2014):¥103.0/US$ (Actual)
2nd Half (October 1, 2014-March 31, 2015):¥110.0/US$
Full Year (April 1, 2014-March 31, 2015):¥106.5/US$ (Average)

1st Half (April 1, 2014-September 30, 2014):¥103.0/US$ (Actual)
2nd Half (October 1, 2014-March 31, 2015):¥117.2/US$
Full Year (April 1, 2014-March 31, 2015):¥110.1/US$ (Average)

Note:Crude oil prices at which the Company sells products depend on the type of crude oil, and there are also price differences between the crude oil price andBrent price. Price differences are caused by its quality and its pricing range which is affected by the market conditions. Most of the crude oil prices theCompany sells are lower than Brent price.

32. Notes Regarding Summary Information (Notes)(1) Significant changes in scope of consolidation:
None(2) Adoption of accounting treatments which are exceptional for quarterly consolidated financial statements:
None(3) Changes in accounting policies, accounting estimates and restatement of corrections:
1) Adoption of the Accounting Standard for Retirement Benefits
Effective the three months ended June 30, 2014, the Company has applied provisions described in the main clause of Section
35 of the Accounting Standard for Retirement Benefits (Accounting Standards Board of Japan Statement No.26, issued on
May 17, 2012) and the main clause of Section 67 of the Guidance on Accounting Standard for Retirement Benefits (ASBJ
Guidance No.25, issued on May 17, 2012) and has changed the calculation methods for retirement benefit obligations andservice costs. The method of attributing expected retirement benefits to periods has been revised from the straight-line method
to the benefit formula method, and the method of determining the discount rate has been revised from a method based on an
approximation of the employees average remaining service period to a method of using a single weighted average discountrate reflecting the estimated payment period and the amount for each estimated payment period of the retirement benefit.
In accordance with transitional accounting treatments as stated in Section 37 of the Accounting Standard, the impact of
the changes in calculation methods for retirement benefit obligations and service costs has been recognized as an adjustment
to retained earnings at the beginning of the nine months ended December 31, 2014.
As a result, liability for retirement benefits decreased by ¥246 million while retained earnings increased by ¥235 million
as of April 1, 2014. The impact on operating income, ordinary income and income before income taxes and minority interests
for the nine months ended December 31, 2014 was immaterial.

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

As of March 31, 2014

As of December 31, 2014

(Assets)
Current assets
Cash and deposits

650,187

914,084

Accounts receivable-trade110,395

103,656

Marketable securities

201,000

174,844

Inventories

25,48536,935

Other

170,779

188,891

Less allowance for doubtful accounts(17,643)(11,814)

Total current assets

1,140,204

1,406,596

Buildings and structures, net

145,936

139,305

Wells, net

25,34827,608

Machinery, equipment and vehicles, net

112,898

107,128

Land

19,736

19,743

Construction in progress

626,520

1,049,815

Other, net

21,33934,779Total tangible fixed assets

951,779

1,378,380

Goodwill

81,08076,009Other

358,098

368,149

Total intangible assets

439,178

444,159

Investment securities

476,407344,517

Recoverable accounts under production sharing

685,990733,631

Other

472,175

298,673

Fixed assets
Tangible fixed assets

Intangible assets

Investments and other assets(885)(8,383)

Less allowance for recoverable accounts under
production sharing

Less allowance for doubtful accounts(123,483)(134,659)

Less allowance for investments in exploration(3,226)(2,612)

1,506,977

1,231,166

2,897,935

3,053,706

4,038,139

4,460,303

Total investments and other assets
Total fixed assets
Total assets

5

(Millions of yen)Accounts

As of March 31, 2014

As of December 31, 2014

(Liabilities)
Current liabilities
Accounts payable-trade

46,811

56,242

Short-term loans

21,95431,094

Income taxes payable

91,19872,094

Provision for exploration projects

9,816

9,254

Accrued bonuses to officers

110

81

Asset retirement obligations

2,353

604

Other

203,425

207,388

Total current liabilities

375,670

376,759

561,674

646,487

Liability for retirement benefits

7,793

7,710

Provision for loss on business

6,977

8,171

234

211

Asset retirement obligations

25,954

79,197

Other

63,79871,968

Total long-term liabilities

666,432

813,747

1,042,102

1,190,506

Common stock

290,809290,809

Capital surplus

679,287

679,287

Retained earnings

1,532,876

1,608,609

Treasury stock(5,248)(5,248)2,497,725

2,573,458

Unrealized holding gain on securities

44,737

56,109Unrealized loss from hedging instruments(17,578)(33,537)

Translation adjustments

266,224456,645

Total accumulated other comprehensive income

293,382479,217

Minority interests

204,928

217,120

Total net assets

2,996,036

3,269,796

Total liabilities and net assets

4,038,139

4,460,303

Long-term liabilities
Long-term debt

Accrued special repair and maintenanceTotal liabilities(Net assets)
Shareholders equity

Total shareholders equity
Accumulated other comprehensive income6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income
Accounts(Millions of yen)
For the nine months ended
December 31, 2014

For the nine months ended
December 31, 2013

Net sales

996,901

926,597

Cost of sales

366,259

388,786

Gross profit

630,642

537,810

Exploration expenses

21,74521,319Selling, general and administrative expenses

61,61863,792

Operating income

547,277452,698

Interest income

13,2208,695

Dividend income

3,264

3,033

Other income

Equity in earnings of affiliates

9,245
797

Gain on transfer of mining rights
Foreign exchange gain

18,310
6,821

Other

8,804

17,877

Total other income

26,087

63,984

Interest expense

1,702

2,092

Equity in losses of affiliates

1,915

Provision for allowance for recoverable accounts under
production sharing

4,670

10,157827

1,097

Other expenses

Provision for exploration projects

11,590Foreign exchange loss
Loss on disposal of fixed assets

40

6,242

Other

8,867

4,734

Total other expenses

29,61624,324

Ordinary income

543,748

492,358

Income before income taxes and minority interests

543,748

492,358

Income taxes-current

381,076

375,818

Income taxes-deferred

54,66614,154

Total income taxes

435,742

389,973

Income before minority interests

108,005

102,385937

601

107,068

101,783

Minority interests
Net income

7Consolidated Statement of Comprehensive Income
Accounts

For the nine months ended
December 31, 2013

Income before minority interests(Millions of yen)
For the nine months ended
December 31, 2014

108,005

102,385

Unrealized holding gain on securities

30,443

11,375

Unrealized loss from hedging instruments(20,887)

Translation adjustments

167,158

188,635

Share of other comprehensive income of associates
accounted for by the equity method(20,402)(14,171)

Total other comprehensive income

156,312

185,839

264,318

288,225

260,320

287,618

3,997

606

Other comprehensive income

Comprehensive income
Total comprehensive income attributable to
Shareholders of INPEX CORPORATION
Minority interests8(3) Consolidated Statement of Cash Flows
For the nine months ended
December 31, 2013

Accounts(Millions of yen)
For the nine months ended
December 31, 2014

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

543,748

492,358

Depreciation and amortization

36,62337,874

Amortization of goodwill

5,070

5,070

Provision for allowance for recoverable accounts
under production sharing

11,425

13,135

Provision for exploration projects(18,511)(688)

Provision for accrued retirement benefits to employees

165

Other provisions

1,353

Liability for retirement benefits

1,266
159

Interest and dividend income(16,485)(11,728)

Interest expense

1,702

2,092

Foreign exchange loss (gain)

17,6156,825

Equity in (earnings) losses of affiliates

1,915(9,245)Gain on transfer of mining rights(797)(18,310)

Recovery of recoverable accounts under production sharing(capital expenditures)
Recoverable accounts under production sharing(operating expenditures)

48,80154,430(38,025)(50,413)

Accounts receivable-trade(16,167)

7,178

Inventories(11,041)(6,696)

9,261

9,331

Other

(45,134)(24,610)

Subtotal

531,519

508,030

Interest and dividends received

20,10821,016

Interest paid

(1,391)(1,228)

Income taxes paid

(423,310)(397,429)

Net cash provided by operating activities

126,925

130,388

Accounts payable-trade9For the nine months ended
December 31, 2013

Accounts(Millions of yen)
For the nine months ended
December 31, 2014

Cash flows from investing activities
Payments for time deposits(129,055)(142,589)

Proceeds from time deposits

212,455

519,103

Payments for long-term time deposits(355,909)(112,181)

Proceeds from long-term time deposits

38,500

Payments for purchases of tangible fixed assets(234,547)(338,154)

Proceeds from sales of tangible fixed assets

672

124

Payments for purchases of intangible assets(2,676)(4,530)

Proceeds from sales and redemptions of marketable securities

205,680

147,088

Payments for purchases of investment securities(20,834)(25,667)

Proceeds from sales and redemptions of investment securities

62,43365,914

Investment in recoverable accounts under production sharing(capital expenditures)(78,038)(60,412)

Decrease (increase) in short-term loans receivable(3,241)(4,982)Long-term loans made(34,855)(29,566)

Collection of long-term loans receivable

74,833208

Payments for purchase of mining rights(33,487)(17,800)

Proceeds from transfer of mining rights

275

37,308

Other

687

7,017

(297,108)

40,879

Increase in short-term loans

1,633

1,580

Proceeds from long-term debt

67,23824,939

Repayments of long-term debt

(6,144)(16,144)

Proceeds from minority interests for additional shares

8,001

15,524

Cash dividends paid

(25,936)(26,289)

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

(64)

(137)

40,789(4,465)

Effect of exchange rate changes on cash and cash equivalents

54,15019,016

Net increase (decrease) in cash and cash equivalents(75,242)

185,818

Cash and cash equivalents at beginning of the period

199,858

117,530

Cash and cash equivalents at end of the period

124,616

303,349

Net cash provided by (used in) investing activities
Cash flows from financing activities

Other
Net cash provided by (used in) financing activities10(4) 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 nine months ended December 31, 2014 (April 1, 2014 through December 31, 2014):
None(Note on significant changes in shareholders equity)
For the nine months ended December 31, 2014 (April 1, 2014 through December 31, 2014):
None

11

(Segment information)
I For the nine months ended December 31, 2013 (April 1, 2013 through December 31, 2013)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

82,971

360,62975,404

470,704

7,191

996,901―

996,901

―

―

―

―

―

―

―

―

Middle East Americas& Africa

Total

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

82,971

360,62975,404

470,704

7,191

996,901―

996,901

9,787

196,655

32,668321,039(5,257)554,893(7,616)547,277

Note: 1. Adjustments of segment income of ¥(7,616) million include elimination of inter-segment transactions of ¥168 million and corporate expenses of¥(7,784) million. Corporate expenses are mainly amortization of goodwill and general administrative expenses that are not allocated to a reportablesegment.
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 nine months ended December 31, 2014 (April 1, 2014 through December 31, 2014)
1. Information on sales and income (loss) by reportable segment(Millions of yen)

Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

91,780320,235

77,076

428,597

8,907

926,597―926,597

―

―

―

―

―

―

―

―

91,780320,235

77,076

428,597

8,907

926,597―926,597

8,176

156,133

27,703

280,334(12,009)460,338(7,639)452,698

Middle East
& Africa Americas

Total

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

Note: 1. Adjustments of segment income of ¥(7,639) million include elimination of inter-segment transactions of ¥157 million and corporate expenses of¥(7,797) million. Corporate expenses are mainly amortization of goodwill and general administrative expenses that are not allocated to a reportablesegment.
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 nine months ended December 31, 2014 (April 1, 2014 through December 31, 2014):
None

12

4. Supplementary Information(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
For the nine months ended
Segment
Category
December 31, 2013
0.9 MMbbls
Crude oil
(3.2 Mbbls per day)29.9 Bcf
Natural gas(108.9 MMcf per day)
6.5 MMboe
Japan
Subtotal(23.7 Mboe per day)
Iodine339.4 tons

346.6 tons

162.9 million kWh

148.8 million kWh

Subtotal

12.7 MMbbls(46.2 Mbbls per day)
179.6 Bcf
(653.1 MMcf per day)46.5 MMboe(169.2 Mboe per day)
7.2 MMbbls(26.3 Mbbls per day)46.1 MMbbls(167.7 Mbbls per day)
0.4 MMbbls(1.5 Mbbls per day)29.7 Bcf(107.9 MMcf per day)
5.6 MMboe(20.4 Mboe per day)
67.3 MMbbls(244.9 Mbbls per day)239.2 Bcf
(869.9 MMcf per day)
112.0 MMboe(407.3 Mboe per day)11.1 MMbbls(40.5 Mbbls per day)
180.1 Bcf
(654.9 MMcf per day)45.2 MMboe(164.5 Mboe per day)
7.1 MMbbls(25.8 Mbbls per day)46.1 MMbbls(167.8 Mbbls per day)
0.6 MMbbls(2.3 Mbbls per day)28.9 Bcf(104.9 MMcf per day)
5.7 MMboe(20.9 Mboe per day)
65.8 MMbbls(239.2 Mbbls per day)
237.0 Bcf
(861.9 MMcf per day)
110.2 MMboe(400.9 Mboe per day)

Iodine339.4 tons

346.6 tons

162.9 million kWh

148.8 million kWh

Electric power
generation
Crude oil
Asia & Oceania

Natural gas
Subtotal

Eurasia(Europe & NIS)

Crude oil

Middle East & Africa

Crude oil
Crude oil

AmericasNatural gas
Subtotal
Crude oil
Natural gas

Total

For the nine months ended
December 31, 2014
0.8 MMbbls(2.8 Mbbls per day)
28.1 Bcf(102.1 MMcf per day)
6.1 MMboe(22.0 Mboe per day)Electric power
generation

Note: 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 nine months ended December 31 regardless of a closing date of fiscal periods of its subsidiaries oraffiliates.
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 89.9 MMbbls (326.8 Mbbls per day) of crude oil,
322.1 Bcf (1,171.4 MMcf per day) of natural gas, and in total 150.2 MMboe (546.3 Mboe per day) for the nine months ended December 31, 2013, and85.8 MMbbls (312.1 Mbbls per day) of crude oil, 303.5 Bcf (1,103.7 MMcf per day) of natural gas, and in total 143.0 MMboe (519.9 Mboe per day)for the nine months ended December 31, 2014.
5. Boe means barrels of oil equivalent.
6. Iodine is refined by other company on consignment.
7. Figures are rounded to one decimal place.

13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

Category
Crude oil

572 Mbbls

6,119

556 Mbbls

6,028

Natural gas(excluding LPG)

46,414 MMcf

62,276

46,765 MMcf

71,6686 Mbbls

56

5 Mbbls

42

Japan

LPG

Asia & Oceania(Millions of yen)
For the nine months ended
December 31, 2014
Sales volume
Net sales

For the nine months ended
December 31, 2013
Sales volume
Net sales

Other

14,51914,041

Subtotal

82,971

91,780

Crude oil

9,122 Mbbls

97,332

7,498 Mbbls

79,040Natural gas(excluding LPG)

166,125 MMcf

246,324

151,837 MMcf

224,201LPG

2,175 Mbbls

16,9722,200 Mbbls

16,993

Subtotal

360,629

320,235

Eurasia(Europe & NIS)

Crude oil

6,867 Mbbls

75,404

7,427 Mbbls

77,076

Middle East & Africa

Crude oil

43,794 Mbbls

470,704

43,060 Mbbls

428,597

Crude oil

33 Mbbls422

21 Mbbls

220

29,238 MMcf

6,769

28,002 MMcf

8,687

Natural gas(excluding LPG)

Americas

Subtotal

7,191

8,907

Crude oil

60,389 Mbbls

649,983

58,562 Mbbls

590,963

Natural gas(excluding LPG)

241,776 MMcf

315,370

226,605 MMcf

304,557

LPG

2,181 Mbbls

17,0282,205 Mbbls

17,035

Total

Other

14,51914,041

Total

996,901

926,597

Note: 1. The above amounts do not include the related consumption tax.
2. The Company s subsidiaries of which closing date for fiscal year is December 31 are principally consolidated their operating results for the ninemonths ended December 31 except those subsidiaries prepared their financial statements for consolidation purpose as of the consolidation closing date.
However, the significant effects of the difference in fiscal periods were properly adjusted in consolidation.
3. Sales volumes are rounded to the nearest whole number.
4. Sales for a major customer and sales as a percentage of total net sales are as follows. Sales amount of PERTAMINA consists mostly of natural gas, andthey are sold to Japanese, Korean, and Taiwanese customers in the form of LNG.

Customer

For the nine months ended
December 31, 2013
Amounts
Ratio(Millions of yen)(%)

For the nine months ended
December 31, 2014
Amounts
Ratio(Millions of yen)(%)

PERTAMINA

163,057

16.4

134,021

14.5

Idemitsu Kosan Co.,Ltd.

110,72811.1

122,03713.2

14