Consolidated Financial Results for the Three Months ended June 30, 2019 [Japanese GAAP]
August 8, 2019
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: August 9, 2019
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 Three Months ended June 30, 2019 (April 1, 2019-June 30, 2019)(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
June 30, 2019

Operating income

Net income attributableto owners of parent

Ordinary income

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

287,40142.0

146,27740.7

130,968

12.7

29,69676.6

202,351(7.1)

103,956

19.2

116,22221.7

16,812(16.0)

June 30, 2018

(Note): Consolidated comprehensive income: for the three months ended June 30, 2019, ¥(31,884) million; ( %)for the three months ended June 30, 2018, ¥42,376 million; ( %)Net income pershare—basic

Net income pershare—diluted

For the three months ended
June 30, 2019

Yen
20.34

June 30, 2018

11.51

Yen

(2) Consolidated financial position

Millions of Yen

Millions of Yen

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

As of June 30, 2019

4,750,930

3,205,893

62.1

As of March 31, 2019

4,793,545

3,257,584

62.7

Total assets

Net assets(Reference): Net assets excluding non-controlling interests: as of June 30, 2019, ¥2,952,091 million
as of March 31, 2019, ¥3,006,480 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, 2019
For the year ending
December 31, 2019
For the year ending
December 31, 2019 (forecast)

Yen

Yen

Yen

At fiscal year end

Total

Yen

Yen

9.00

15.00

24.00

12.00

12.00

24.00

(Note): 1. Changes in projected dividends for the year ending December 31, 2019 from the previous forecast: None
2. Breakdown of year-end dividend for the year ended March 31, 2019: Ordinary dividend of 9.00 yen Commemorative dividend of 6.00 yen
3. "Dividends" as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit "Dividends of ClassA stock".
4. At the Annual General Meeting of Shareholders held on June 25, 2019, "Partial Amendments to the Articles of Incorporation" were approved,changing the fiscal year-end from March 31 to December 31, effective fiscal 2019. The consolidated accounting period for the fiscal year ending
December 2019 will therefore be the nine-month period from April 1 to December 31, 2019.

3. Forecasted Consolidated Financial Results for the year ending December 31, 2019 (April 1, 2019-December 31, 2019)(Figures in % represent the changes from the previous fiscal year)

Net sales
For the six months ending
September 30, 2019
For the year ending
December 31, 2019

Operating income

Ordinary income

Net income
attributable toowners of parent

Net income pershare

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

Yen

581,000

32.6

276,000

21.9

260,000

5.3

49,000

44.0

33.56

988,000

472,000

460,000

90,00061.64(Note): Changes in forecasted consolidated financial results for the year ending December 31, 2019 from the previous forecast: Yes
At the Annual General Meeting of Shareholders held on June 25, 2019, "Partial Amendments to the Articles of Incorporation" were approved,changing the fiscal year-end from March 31 to December 31, effective fiscal 2019. The consolidated accounting period of the Company and its
subsidiaries with provisional settlements of accounts* for the fiscal year ending December 2019 will therefore be the nine-month period from April
1 to December 31, 2019, while the accounting periods of subsidiaries with a December 31 fiscal year-end will remain unchanged (January 1 December 31, 2019).
*Subsidiaries with a December 31 fiscal year-end that provisionally settled their accounts on March 31 due to the relatively large impact of theirperformance on the Company's consolidated financial accounts.
[Reference]
Percentage figures below (percentage of increase/decrease following adjustment) represent year-on-year changes based on adjusted figures from thenine-month period (April 1 - December 31, 2018) for the Company and subsidiaries with provisional settlements of accounts, and the 12-month
period (January 1 - December 31, 2018) for subsidiaries with a December 31 fiscal year-end.
(Millions of yen)
Net Sales
Operating income
Ordinary income
Net income attributable to owners of parent
988,000 23.5%
472,000 14.1%
460,000
3.2%
90,000 72.1%

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: None: None: None: None(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 June 30, 2019
1,462,323,600 shares as of March 31, 2019
2,123,234 shares as of June 30, 2019
2,123,800 shares as of March 31, 2019
1,460,199,941 shares for the three months ended June 30, 2019
1,460,357,100 shares for the three months ended June 30, 2018

(Note): The shares held by "the Board Incentive Plan Trust" are included in number of treasury stock at end of period.
(As of June 30, 2019: 156,734 shares As of March 31, 2019: 157,300 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.
Please refer to "1.(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results" on page4.

Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
Yen

Yen

Yen

At fiscal year end
Yen

Total
Yen

For the year ended―
3,600.00―
6,000.00
9,600.00
March 31, 2019
For the year ending―
December 31, 2019
For the year ending
December 31, 2019
4,800.00―
4,800.00
9,600.00(forecast)(Note): 1. Breakdown of year-end dividend for the year ended March 31, 2019: Ordinary dividend of 3,600.00 yen
Commemorative dividend: 2,400.00 yen
2. The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for ClassA 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.
3. At the Annual General Meeting of Shareholders held on June 25, 2019, "Partial Amendments to the Articles ofIncorporation" were approved, changing the fiscal year-end from March 31 to December 31, effective fiscal 2019. The
consolidated accounting period for the fiscal year ending December 2019 will therefore be the nine-month period from
April 1 to December 31, 2019.

Index of the Attachments
1. Qualitative Information / Financial Statements …………………………………………………………………………………

2(1) Explanation on Consolidated Financial Results………………………………………………………………………………

2(2) Explanation on Consolidated Financial Position ……………………………………………………………………………

2(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) 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) …………………………………………………………………………………………………………

12

3. Supplementary Information ……………………………………………………………………………………………………… 13(1) Production, Orders Received and Sales Performance………………………………………………………………………… 13

1

1. Qualitative Information ⁄ Financial Statements(1) Explanation on Consolidated Financial Results
Net sales for the three months ended June 30, 2019 increased by ¥85.0 billion, or 42.0%, to ¥287.4 billion from the corresponding
period of the previous fiscal year due to an increase in sales volume, despite a decrease in sales price of crude oil.
Net sales of crude oil increased by ¥43.5 billion, or 25.7%, to ¥213.0 billion, and net sales of natural gas increased by ¥41.4
billion, or 142.2%, to ¥70.6 billion.
Sales volume of crude oil increased by 7,165 thousand barrels, or 32.5%, to 29,231 thousand barrels. Sales volume of natural gas
increased by 64,942 million cf, or 184.6%, to 100,119 million cf. Sales volume of overseas natural gas increased by 64,707
million cf, or 370.6%, to 82,170 million cf, and sales volume of domestic natural gas increased by 6 million ㎥, or 1.3%, to 481
million ㎥ (17,949 million cf).
The average sales price of overseas crude oil decreased by US$4.30, or 6.1%, to US$66.22 per barrel. In addition, the averagesales price of overseas natural gas increased by US$1.79, or 60.9%, to US$4.73 per thousand cf. Meanwhile, the average sales
price of domestic natural gas increased by ¥7.57, or 15.4%, to ¥56.68 per ㎥. The average exchange rate of the Japanese yen
against the U.S. dollar on consolidated net sales depreciated by ¥1.26, or 1.2%, to ¥109.99 per U.S. dollar from the corresponding
period of the previous fiscal year.
The increase of ¥85.0 billion in net sales was mainly derived from the following factors: regarding net sales of crude oil andnatural gas, an increase in sales volume contributing ¥75.4 billion to the increase, an increase in unit sales price contributing ¥5.7
billion to the increase, the depreciation of the Japanese yen against the U.S. dollar contributing ¥3.8 billion to the increase, and adecrease in net sales excluding crude oil and natural gas of ¥0.0 billion.
Cost of sales for the three months ended June 30, 2019 increased by ¥41.2 billion, or 51.5%, to ¥121.3 billion. Exploration
expenses increased by ¥1.8 billion to ¥2.0 billion. Selling, general and administrative expenses decreased by ¥0.3 billion, or 2.1%,
to ¥17.7 billion. As a result, operating income increased by ¥42.3 billion, or 40.7%, to ¥146.2 billion.
Other income decreased by ¥14.0 billion, or 70.7%, to ¥5.8 billion due mainly to the absence of compensation income in thecorresponding period of the previous fiscal year. Other expenses increased by ¥13.5 billion, or 177.5%, to ¥21.1 billion due
mainly to equity in losses of affiliates and an increase in interest expense. As a result, ordinary income and income before income
taxes increased by ¥14.7 billion, or 12.7%, to ¥130.9 billion.
Total amount of current income taxes and deferred income taxes increased by ¥4.6 billion, or 4.9%, to ¥99.8 billion, net income
increased by ¥10.1 billion, or 48.2%, to ¥31.0 billion, and net income attributable to non-controlling interests was ¥1.3 billion. As
a result of the above effects, net income attributable to owners of parent for the three months ended June 30, 2019 increased by¥12.8 billion, or 76.6%, to ¥29.6 billion.
Financial results by segment are as follows:
1) JapanNet sales increased by ¥4.0 billion, or 14.2%, to ¥32.5 billion due to increases in sales volume and sales price of natural gas.
Operating income increased by ¥0.5 billion, or 9.3%, to ¥6.8 billion.
2) Asia & Oceania
Net sales increased by ¥65.8 billion, or 919.5%, to ¥72.9 billion due to an increase in sales volume. Operating income totaled¥37.3 billion compared with ¥1.3 billion of operating loss for the corresponding period of the previous fiscal year.
3) Eurasia (Europe & NIS)
Net sales decreased by ¥13.4 billion, or 41.8%, to ¥18.6 billion due to decreases in sales volume and sales price of crude oil.
Operating income decreased by ¥6.8 billion, or 60.4%, to ¥4.4 billion.
4) Middle East & Africa
Net sales increased by ¥29.4 billion, or 22.5%, to ¥160.6 billion due to an increase in sales volume, despite a decrease in sales
price of crude oil. Operating income increased by ¥9.0 billion, or 9.7%, to ¥102.3 billion.
5) Americas
Net sales decreased by ¥0.9 billion, or 26.5%, to ¥2.5 billion due to decreases in sales volume and sales price of crude oil.
Operating loss decreased by ¥8 million, or 2.2%, to ¥0.3 billion due to decreases in cost of sales and others.
(2) Explanation on Consolidated Financial Position
Total assets as of June 30, 2019 decreased by ¥42.6 billion to ¥4,750.9 billion from ¥4,793.5 billion as of March 31, 2019. Current
assets decreased by ¥49.8 billion to ¥407.8 billion due to decreases in cash and deposits and others. Fixed assets increased by ¥7.2
billion to ¥4,343.0 billion due to increases in intangible fixed assets, investments and other assets and others.
Meanwhile, total liabilities increased by ¥9.0 billion to ¥1,545.0 billion from ¥1,535.9 billion as of March 31, 2019. Current
liabilities decreased by ¥11.4 billion to ¥360.5 billion and long-term liabilities increased by ¥20.5 billion to ¥1,184.4 billion.
2

Net assets decreased by ¥51.6 billion to ¥3,205.8 billion. Total shareholders' equity increased by ¥8.5 billion to ¥2,646.4 billion.
Total accumulated other comprehensive income decreased by ¥62.9 billion to ¥305.6 billion and non-controlling interests in net
assets increased by ¥2.6 billion to ¥253.8 billion.
Cash and cash equivalents as of June 30, 2019 totaled ¥170.3 billion reflecting a net decrease of ¥69.2 billion from ¥239.6
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 increased by ¥19.3 billion to ¥61.1 billion from the corresponding period of theprevious fiscal year. This is due mainly to increases in income before income taxes and depreciation and amortization (noncash), despite an increase in income taxes paid.
2) Cash flows from investing activities
Net cash used in investing activities decreased by ¥273.2 billion to ¥151.3 billion from the corresponding period of theprevious fiscal year. This is due mainly to the absence of payments for time deposits.
3) Cash flows from financing activities
Net cash provided by financing activities decreased by ¥236.9 billion to ¥25.0 billion from the corresponding period of theprevious fiscal year. This is due mainly to the absence of proceeds from issuance of commercial papers and a decrease inproceeds from long-term debt.

3

(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results
Forecast for consolidated financial results for the six months ending September 30, 2019 and the year ending December 31, 2019
have been revised from the previous forecasts presented on May 13, 2019, taking into consideration the consolidated financial
results for the three months ended June 30, 2019.
Forecasts for consolidated financial results for the six months ending September 30, 2019
Net sales

Operating income(Millions of yen)
Net income attributable toOrdinary income
owners of parent
228,000
44,000Previous Forecasts: A

549,000

244,000

Revised Forecasts: B

581,000

276,000

260,000

49,000

Increase (Decrease): B‐A

32,00032,00032,000

5,000

5.8

13.1

14.0

11.4

Percentage change (%)

Forecasts for consolidated financial results for the year ending December 31, 2019
Net sales

Operating income(Millions of yen)
Net income attributable toOrdinary income
owners of parent
430,000
90,000Previous Forecasts: A

958,000

442,000

Revised Forecasts: B

988,000

472,000

460,000

90,000

Increase (Decrease): B‐A

30,00030,00030,000

-

3.1

6.8

7.0

-

Percentage change (%)

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

Revised Forecasts

Crude oil price(Brent)Full Year:

US$ 65.0/bbl (Average)

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

US$ 68.5/bbl
US$ 65.0/bbl
US$ 66.2/bbl (Average)

Exchange rate

Full Year:¥110.0/US$ (Average)

1st quarter (actual):
From 2nd quarter:
Full Year:¥109.9/US$¥110.0/US$¥110.0/US$ (Average)

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 March 31, 2019

As of June 30, 2019

(Assets)
Current assets
Cash and deposits

239,675

170,413

Accounts receivable-trade92,217

123,104

Inventories

40,10039,313

Other

98,97588,191Less allowance for doubtful accounts(13,257)(13,173)

Total current assets

457,711407,849

Buildings and structures, net

187,191

184,512

Wells, net

259,310

256,4821,304,356

1,264,576

Land

18,93018,922

Construction in progress

506,399

507,478

2,805

12,1382,278,994

2,244,111

Goodwill

47,27645,586

Other472,937

503,343

Total intangible assets

520,213548,930

Investment securities

419,064

368,114Long-term loans receivable592,786

658,349

Recoverable accounts under production sharing

568,059

567,510

Other

31,00528,493

Less allowance for doubtful accounts

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net

Other, net
Total tangible fixed assets
Intangible assets

Investments and other assets

(789)

(785)

Less allowance for recoverable accounts under
production sharing(70,017)(68,920)

Less allowance for investments in exploration(3,482)(2,722)

1,536,625

1,550,039

4,335,834

4,343,081

4,793,545

4,750,930

Total investments and other assets
Total fixed assets
Total assets

5

(Millions of yen)Accounts

As of March 31, 2019

As of June 30, 2019

(Liabilities)
Current liabilities
Accounts payable-trade32,205

10,239

Short-term loans

127,184

127,942

Income taxes payable

19,28130,676

Provision for loss on business

9,971

9,888

Provision for exploration projects

7,303

9,719

Accrued bonuses to officers

96

24

Asset retirement obligations

3,309

2,701

Other

172,649

169,357

Total current liabilities

372,000

360,549

1,014,013

1,029,094

Provision for stocks payment

21

28

Accrued special repair and maintenance

479

493

Liability for retirement benefits

6,265

6,237

Asset retirement obligations

110,107

112,419

Other

33,07336,213

1,163,961

1,184,487

1,535,961

1,545,037

Common stock

290,809290,809

Capital surplus

673,574

674,374Retained earnings

1,678,914

1,686,705

Treasury stock(5,434)(5,433)

2,637,863

2,646,455

Unrealized holding gain (loss) on securities

2,831

2,158

Unrealized gain (loss) from hedging instruments

6,359(15,612)

Translation adjustments

359,425

319,089

Total accumulated other comprehensive income

368,616

305,635

251,103

253,802

Total net assets

3,257,584

3,205,893

Total liabilities and net assets

4,793,545

4,750,930

Long-term liabilities
Long-term debt

Total long-term liabilities
Total liabilities(Net assets)
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income
Accounts

For the three months ended
June 30, 2018

(Millions of yen)
For the three months ended
June 30, 2019

Net sales

202,351

287,401

Cost of sales

80,107

121,345

Gross profit

122,244

166,056

175

2,050

Selling, general and administrative expenses

18,111

17,727

Operating income

103,956

146,277

Interest income

1,559

1,025

Dividend income

1,082

2,001

Equity in earnings of affiliates

4,822

Foreign exchange gain

1,492

Compensation income

7,375

Other

3,554

2,807

Total other income

19,886

5,834

2,088

7,610

Exploration expenses

Other income

Other expenses
Interest expense
Equity in losses of affiliates

6,211

Provision of allowance for doubtful accounts

2,653

Provision for allowance for recoverable accounts under
production sharing

545

1,051
4,590

Foreign exchange loss
Other

2,332

1,679

Total other expenses

7,620

21,143

Ordinary income

116,222

130,968

Income before income taxes

116,222

130,968

Income taxes-current

90,244

100,776

Income taxes-deferred

4,997

(897)

Total income taxes

95,241

99,879Net income

20,981

31,088Net income (loss) attributable to non-controlling interests

4,169

1,392

Net income attributable to owners of parent

16,812

29,696

7

Consolidated Statement of Comprehensive Income
Accounts

For the three months ended
June 30, 2018

Net income(Millions of yen)
For the three months ended
June 30, 2019

20,981

31,088

Unrealized holding gain (loss) on securities

2,160

(665)

Translation adjustments

12,108(40,380)

Share of other comprehensive income of associates
accounted for by the equity method

7,125(21,927)

Total other comprehensive income

21,394(62,973)

42,376(31,884)

42,204(33,284)

171

1,400

Other comprehensive income

Comprehensive income
Total comprehensive income attributable to
Owners of parent
Non-controlling interests8(3) Consolidated Statement of Cash Flows
For the three months ended
June 30, 2018

Accounts(Millions of yen)
For the three months ended
June 30, 2019

Cash flows from operating activities
Income before income taxes

116,222

130,968

Depreciation and amortization

21,99839,421

Amortization of goodwill

1,690

1,690

Provision for allowance for recoverable accounts
under production sharing

567

1,080

Provision for exploration projects

(340)

2,348

Other provisions

2,614

(955)

301

1

Interest and dividend income(2,641)(3,026)

Interest expense

2,088

7,610

Foreign exchange loss (gain)(2,189)4,454

Equity in losses (earnings) of affiliates(4,822)

6,211

2,449

7,750

8,367

(2,034)(28,542)(32,292)(89)

35

Accounts payable-trade(19,326)(21,954)

Other

10,165

9,552

Subtotal

108,513150,862Interest and dividends received

3,443

4,186

Interest paid

(158)

(3,353)

Income taxes paid

(70,050)(90,576)

Net cash provided by (used in) operating activities

41,747

61,120Liability for retirement benefits

Recovery of recoverable accounts under production sharing(capital expenditures)
Recoverable accounts under production sharing(operating expenditures)
Accounts receivable-trade
Inventories

9For the three months ended
June 30, 2018

Accounts(Millions of yen)
For the three months ended
June 30, 2019

Cash flows from investing activities
Payments for time deposits(207,289)

Payments for purchases of tangible fixed assets(64,137)(34,419)

Proceeds from sales of tangible fixed assets

23

14

Payments for purchases of intangible assets

(167)

(248)

Payments for purchases of investment securities(1,424)(977)

Investment in recoverable accounts under production sharing(capital expenditures)(9,064)(10,567)

(23)

118

(154,809)(78,970)

114

2,951

Decrease (increase) in short-term loans receivable
Long-term loans madeCollection of long-term loans receivable
Payments for acquisitions of participating interests(30,085)

Other
Net cash provided by (used in) investing activities

12,158801(424,617)(151,383)

Cash flows from financing activities
Increase (decrease) in commercial papers

150,000

Proceeds from long-term debt

144,105

65,246

Repayments of long-term debt

(17,925)(21,096)

Proceeds from non-controlling interests for additional shares

2,101

Cash dividends paid

(10,651)(17,752)

Cash dividends paid to non-controlling interests(3,521)(2,680)

(6)

(738)

261,999

25,078

1,383(4,076)

Net increase (decrease) in cash and cash equivalents(119,486)(69,261)

Cash and cash equivalents at beginning of the period

276,079

239,652

Cash and cash equivalents at end of the period

156,592

170,390

Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents10(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 three months ended June 30, 2019 (April 1, 2019 through June 30, 2019):
None(Note on significant changes in shareholders' equity)
For the three months ended June 30, 2019 (April 1, 2019 through June 30, 2019):
None

11

(Segment information)
I. For the three months ended June 30, 2018 (April 1, 2018 through June 30, 2018)
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)

28,503

7,159

32,090131,178

3,419

202,351―

202,351

―

―

―

―

―

―

―

―

Middle East
Americas& Africa

Total

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

28,503

7,159

32,090131,178

3,419

202,351―

202,351

6,240(1,360)11,29593,303(387)

109,090(5,134)

103,956

Note: 1. Adjustments of segment income of ¥(5,134) million include elimination of inter-segment transactions of ¥3 million and corporate expenses of ¥(5,137)
million. Corporate expenses are mainly amortization of goodwill and general administrative 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 June 30, 2019 (April 1, 2019 through June 30, 2019)
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)

32,56072,992

18,677

160,6582,512

287,401―

287,401

―

―

―

―

―

―

―

―

32,56072,992

18,677

160,6582,512

287,401―

287,401

6,820

37,374

4,477

102,357(378)

150,651(4,373)

146,277

Middle East
Americas& Africa

Total

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

Note: 1. Adjustments of segment income of ¥(4,373) 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 June 30, 2019 (April 1, 2019 through June 30, 2019):
None

12

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
June 30, 2018
0.3 MMbbls
Crude oil
(3.4 Mbbls per day)12.0 Bcf
Natural gas(132.0 MMcf per day)
2.6 MMboe
Japan
Subtotal(28.2 Mboe per day)
IodineElectric power
generation
Crude oil
Natural gas
Asia & Oceania
Subtotal
Electric power
generation
Crude oil
Eurasia(Europe & NIS)

Natural gas
Subtotal
SulfurMiddle East & Africa

Crude oil
Crude oil

AmericasNatural gas
Subtotal
Crude oil
Natural gas
Subtotal

Total
IodineElectric power
generation
Sulfur

For the three months ended
June 30, 2019
0.3 MMbbls(3.2 Mbbls per day)11.2 Bcf(122.8 MMcf per day)
2.4 MMboe(26.3 Mboe per day)

142.6 tons

148.2 tons

55.2 million kWh

57.0 million kWh

0.4 MMbbls(4.7 Mbbls per day)
9.2 Bcf(100.7 MMcf per day)
2.0 MMboe(22.2 Mboe per day)

3.9 MMbbls(43.2 Mbbls per day)79.3 Bcf(871.8 MMcf per day)19.1 MMboe(209.9 Mboe per day)

101.2 million kWh

72.4 million kWh

4.1 MMbbls(45.4 Mbbls per day)
2.4 Bcf(26.3 MMcf per day)
4.6 MMboe(50.1 Mboe per day)

3.5 MMbbls(38.3 Mbbls per day)
1.4 Bcf(15.7 MMcf per day)
3.7 MMboe(41.1 Mboe per day)19.5 Mtons

8.0 Mtons

20.2 MMbbls(221.7 Mbbls per day)
0.3 MMbbls(3.5 Mbbls per day)
8.6 Bcf(94.5 MMcf per day)
1.9 MMboe(20.4 Mboe per day)25.4 MMbbls(278.6 Mbbls per day)32.2 Bcf(353.5 MMcf per day)
31.2 MMboe(342.7 Mboe per day)21.3 MMbbls(234.2 Mbbls per day)
1.2 MMbbls(13.6 Mbbls per day)
6.9 Bcf(75.7 MMcf per day)
2.5 MMboe(27.8 Mboe per day)30.3 MMbbls(332.5 Mbbls per day)
98.8 Bcf(1,085.9 MMcf per day)
49.1 MMboe(539.3 Mboe per day)

142.6 tons

148.2 tons

156.4 million kWh

129.4 million kWh

19.5 Mtons

8.0 Mtons

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 three months ended June 30 regardless of a closing date of fiscal periods 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 29.0 MMbbls (318.9 Mbbls per day) of crude oil,
35.3 Bcf (387.4 MMcf per day) of natural gas, and in total 35.4 MMboe (388.9 Mboe per day) for the three months ended June 30, 2018, and 34.3
MMbbls (376.6 Mbbls per day) of crude oil, 103.9 Bcf (1,141.5 MMcf per day) of natural gas, and in total 54.0 MMboe (593.7 Mboe per day) for thethree months ended June 30, 2019.
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.

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

Japan

Asia & Oceania

Category
Crude oil

176 Mbbls

1,482

203 Mbbls

1,565

Natural gas(excluding LPG)

17,715 MMcf

23,311

17,949 MMcf

27,2591 Mbbls

7

1 Mbbls

5

LPG
Other

3,701

3,728

Subtotal

28,50332,560

Crude oil

428 Mbbls

3,120

4,276 Mbbls

31,517Natural gas(excluding LPG)

5,692 MMcf

3,636

73,706 MMcf

40,784LPG

74 Mbbls

403

71 Mbbls

691

Subtotal

Eurasia(Europe & NIS)

Middle East & Africa

Americas

7,159

72,992

Crude oil

3,906 Mbbls

31,631

2,468 Mbbls

18,368Natural gas(excluding LPG)

2,392 MMcf

445

1,412 MMcf

325

Other

12

(16)

Subtotal

32,09018,677

Crude oil

17,218 Mbbls

131,178

22,118 Mbbls

160,658

Crude oil

337 Mbbls

2,059

166 Mbbls

950

Natural gas(excluding LPG)

9,378 MMcf

1,360

7,051 MMcf

1,562

Subtotal

Total(Millions of yen)
For the three months ended
June 30, 2019
Sales volume
Net sales

For the three months ended
June 30, 2018
Net sales
Sales volume

3,419

2,512

Crude oil

22,066 Mbbls

169,472

29,231 Mbbls

213,060

Natural gas(excluding LPG)

35,177 MMcf

28,753

100,119 MMcf

69,93275 Mbbls

410

72 Mbbls

696

LPG
Other

3,714

3,712

Total

202,351

287,401

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 threemonths ended March 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.

14