Consolidated Financial Results for the year ended December 31, 2019 [Japanese GAAP]
February 12, 2020
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 ordinary general meeting of shareholders : March 25, 2020
Scheduled date of filing Financial Report: March 26, 2020
Scheduled date of payment of cash dividends: March 26, 2020
Preparation of supplementary explanatory materials: Yes
Meeting of financial results presentation: Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the year ended December 31, 2019 (April 1, 2019 - December 31, 2019)(1) Consolidated operating results(Figures in % represent the changes from the previous fiscal year)

Net sales
For the year ended
December 31, 2019
March 31, 2019

Operating income

Millions of yen

Net income attributableto owners of parent

Ordinary income%

Millions of yen%

1,000,005－

498,641－

971,3884.0

474,281

32.7

Millions of yen%

Millions of yen%

511,088－

123,550－

519,278

34.1

96,106138.1(Note): Consolidated comprehensive income: for the year ended December 31, 2019, ¥72,892 million; (－%)
for the year ended March 31, 2019, ¥116,061 million; (－%)

Net income pershare—basic

Net income pershare—diluted

Net income
as a percentage of net
assets excluding noncontrolling interests

Ordinary income
as a percentage of
total assets

Operating income
as a percentage ofnet sales

For the year ended
December 31, 2019

Yen

Yen

%

%

%

84.61

－

4.1

10.6

49.9

March 31, 2019

65.81

－

3.2

11.5

48.8

(Reference): Equity in earnings (losses) of affiliates: for the year ended December 31, 2019, ¥23,313 million
for the year ended March 31, 2019, ¥28,363 million(Note): 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. Therefore, the year ended
December 31, 2019 is a nine-month transition period. For the year ended December 31, 2019, the consolidated accounting
period of the Company and its subsidiaries with provisional settlements of accounts is a nine-month period (April 1 - December
31, 2019), while the subsidiaries with December 31 fiscal year-ends remain unchanged (January 1 - December 31, 2019).
Accordingly, the changes from the previous fiscal year (%) are not displayed.
Subsidiaries with December 31 fiscal year-ends which have a relatively large impact on the consolidated financial results
formerly implemented provisional settlements of accounts on March 31.
[Reference]
Percentage figures below (percentage changes after adjustments) are based on the comparison between the year ended
December 31, 2019 and the corresponding period of the previous fiscal year, which is comprised of the nine-month results(April 1 - December 31, 2018) for the Company and subsidiaries with provisional settlements of accounts, and the twelvemonth results (January 1 - December 31, 2018) for subsidiaries with December 31 fiscal year-ends.
Net Sales
1,000,005 25.0%

Operating income
498,641 20.5%

Ordinary income
511,088
14.7%(Millions of yen)
Net income attributable to owners of parent
123,550 136.1%

(2) Consolidated financial position
Total assets

Net assets excluding
Net assets excluding
non-controlling interests non-controlling interests
as a percentage of total
per share
assetsNet assets

Millions of yen

Millions of yen%

Yen

As of December 31, 2019

4,849,995

3,297,176

62.7

2,082.43

As of March 31, 2019

4,793,545

3,257,584

62.7

2,058.95(Reference): Net assets excluding non-controlling interests: as of December 31, 2019, ¥ 3,040,775 million
as of March 31, 2019, ¥ 3,006,480 million(3) Consolidated cash flows
Cash flows fromoperating activities
For the year ended
December 31, 2019

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of the year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

274,730(288,740)(48,615)

173,774

238,566(682,005)

405,184

239,652

March 31, 2019
2. Dividends

Cash dividends per share
At 1st
At 2ndAt 3rdAt fiscal
quarter end quarter end quarter end year end
For the year ended
March 31, 2019
December 31, 2019
For the year ending
December 31, 2020
(forecast)

Yen

Yen

Yen

Total

Total cash
dividends(Annual)Cash dividends as apercentage of net
assets(Consolidated)

Payout ratio(Consolidated)

－
－

－
－

Yen

Yen

Millions of yen

%

%

9.00
12.00

15.00
18.00

24.00
30.00

35,04843,810

36.5
35.5

1.2
1.4

－

18.00

－

18.00

36.00

36.3

(Note): 1. Breakdown of year-end dividend for the year ended March 31, 2019: Ordinary dividend of 9.00 yen Commemorative dividend of 6.00 yen
2. "Dividends" as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit "Dividends of ClassA stock".

3. Forecasted Consolidated Operating Results for the year ending December 31, 2020 (January 1, 2020 - December 31, 2020)(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the six months ending
June 30, 2020
For the year ending
December 31, 2020

Operating income

Ordinary income

Net income
attributable toowners of parent

Net income
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

606,000－

257,000－

272,000－

70,000－47.94

1,204,000－

499,000－

536,000－

145,000－

99.30(Note): Due to the change in the Company's fiscal year-end from March 31 to December 31, the consolidated accounting period of the Company and its
subsidiaries with provisional settlements of accounts for the fiscal year ended December 2019 is the nine-month period between April 1 and December
31, 2019. Meanwhile, the accounting period (for the same fiscal year) of subsidiaries with a December 31 fiscal year-end is the normal, twelve-month
period between January 1 and December 31, 2019. Therefore, percentage changes from the previous fiscal year and a year-on-year quarterlycomparison are not provided.
[Reference]
Percentage figures below for the six months ending June 30, 2020 (after adjustment) represent the year-on-year percentage changes between thefinancial results of the Company, its subsidiaries with provisional settlements of accounts and its subsidiaries with a December 31 fiscal year-end for theperiod between January 1 and June 30, 2019 and the forecasted consolidated financial results (of these entities) for the period between January 1 andJune 30, 2020.
Percentage figures below for the year ending December 31, 2020 (after adjustment) represent the year-on-year percentage changes between thefinancial results of the Company, its subsidiaries with provisional settlements of accounts and its subsidiaries with a December 31 fiscal year-end for theperiod between January 1 and December 31, 2019 and the forecasted consolidated financial results (of these entities) for the period between January 1
and December 31, 2020.
(Millions of yen)
Net income attributable to
Net Sales
Operating income
Ordinary income
owners of parent
For the six months ending
606,000
7.6%
257,000(4.5)%
272,000
0.5%
70,000(15.1)%
June 30, 2020
For the year ending
1,204,000
2.8%
499,000 (10.8)%
536,000(8.3)%
145,000(13.3)%
December 31, 2020

*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) 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(3) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stock):
2. Number of treasury stock at the end of the period:
3. Average number of shares:: None: None: None: None1,462,323,600 shares as of December 31, 2019
1,462,323,600 shares as of March 31, 2019
2,121,916 shares as of December 31, 2019
2,123,800 shares as of March 31, 2019
1,460,200,987 shares for the year ended December 31, 2019
1,460,260,300 shares for the year ended March 31, 2019

(Note): The shares held by "the Board Incentive Plan Trust" are included in number of treasury stock at the end of the period.
(As of December 31, 2019: 155,416 shares As of March 31, 2019: 157,300 shares)(Reference) Non-Consolidated Financial Results
1. Financial results for the year ended December 31, 2019 (April 1, 2019 - December 31, 2019)(1) Operating results(Figures in % represent the changes from the previous fiscal year)

Net sales
For the year ended
December 31, 2019
March 31, 2019

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

107,183
136,137－(41.7)

4,616
12,821－(72.4)

19,66439,457－30.9

13,46532,214%－－

Net income per
Net income pershare—basic
share—diluted
For the year ended
Yen
Yen
December 31, 2019
9.22－
March 31, 2019
22.06－
(Note): The company changed its fiscal year-end from March 31 to December 31, effective fiscal 2019. Therefore, the changes fromthe previous fiscal year (%) are not displayed.
[Reference]
Percentage figures below (percentage changes after adjustments) are based on the comparison between the year ended December 31,
2019 and the corresponding period of the previous fiscal year, which is comprised of the nine-month results (April 1 - December 31,2018).
Net Sales

107,183

14.7%

Operating income
4,616 (34.9)%

Ordinary income
19,66422.4%(Millions of yen)
Net income
13,465 73.5%(2) Financial position
Total assets
As of December 31, 2019
As of March 31, 2019

Net assets

Net assets as apercentage of total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

3,152,926
3,165,750

2,358,149
2,381,619

74.8
75.2

1,614.95
1,631.02(Reference): Net assets: as of December 31, 2019, ¥ 2,358,149 million
as of March 31, 2019, ¥ 2,381,619 million*This financial 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 "3. Forecasted Consolidated Operating Results for the year ending December 31, 2020" are based on
the currently available information and contain many uncertainties. The final results might be significantly different from theaforementioned 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. (4) Outlook for the Next
Period" on page 5.

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

At fiscal year end

Total

Yen
Yen
Yen
Yen
Yen
For the year ended
March 31, 2019－
3,600.00－
6,000.00
9,600.00
December 31, 2019－
4,800.00－
7,200.00
12,000.00
For the year ending
December 31, 2020－
7,200.00－
7,200.00
14,400.00(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.

Index of the Attachments
1. Summary of Operating Results and other…………………………………………………………………………………

2(1) Summary of Consolidated Operating Results……………………………………………………………………………

2(2) Summary of Consolidated Financial Position……………………………………………………………………………

4…………………………………………………………………………………………………

5……………………………………………………………………………………………

5(3) Summary of Cash Flows(4) Outlook for the Next Period(5) Dividend policy and Dividends for the year ended December 31, 2019 and for the year ending December 31, 2020……

5

2. Basic Rationale for Selection of Accounting Standards……………………………………………………………………

7

3. Consolidated Financial Statements and Principal Notes……………………………………………………………………

8………………………………………………………………………………………………

8(1) Consolidated Balance Sheet(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income……………………………

10………………………………………………………………………………………

10

Consolidated Statement of Comprehensive Income……………………………………………………………………

11(3) Consolidated Statement of Changes in Net Assets………………………………………………………………………

12…………………………………………………………………………………

14……………………………………………………………………………

16(4) Consolidated Statement of Cash Flows(5) Notes to Consolidated Financial Statements(Conditions or events that indicate there could be substantial doubt about……………………………………………………………………

16…………………………………………………………………………………………

16(Consolidated Balance Sheet) ………………………………………………………………………………………………

17(Consolidated Statement of Income)18

the Company's ability to continue as a going concern)(Changes in the Presentation)……………………………………………………………………………………

(Consolidated Statement of Changes in Net Assets)……………………………………………………………………

19…………………………………………………………………………………

21………………………………………………………………………………………

22…………………………………………………………………………………………………

26(Consolidated Statement of Cash Flows)(Segment Information and Others)(Per Share Information)(Significant Subsequent Events)…………………………………………………………………………………………

26

4. Non-Consolidated Financial Statements………………………………………………………………………………………

27(1) Non-Consolidated Balance Sheet………………………………………………………………………………………

27(2) Non-Consolidated Statement of Income…………………………………………………………………………………

(3) Non-Consolidated Statement of Changes in Net Assets(4) Notes to Non-Consolidated Financial Statements30…………………………………………………………………

31………………………………………………………………………

35(Conditions or events that indicate there could be substantial doubt about
the Company's ability to continue as a going concern)
5. Other……………………………………………………………………

35…………………………………………………………………………………………………………………………

36(1) Production, Orders Received and Sales Performance……………………………………………………………………

136

1. Summary of Operating Results and other(1) Summary of Consolidated Operating Results
The Company and its subsidiaries unified their fiscal year-ends to December 31, effective fiscal 2019. Accordingly, the Company
and its domestic subsidiaries whose former fiscal years ended on March 31 changed their year-ends from March 31 to December
31. Due to this change, the year ended December 31, 2019 is a nine-month transition period.
For the year ended December 31, 2019, the consolidated accounting period of the Company and its subsidiaries with provisional
settlements of accounts is a nine-month period (April 1 - December 31, 2019), while the subsidiaries with December 31 fiscal
year-ends remain unchanged (January 1 - December 31, 2019). Subsidiaries with December 31 fiscal year-ends which have arelatively large impact on the consolidated financial results formerly implemented provisional settlements of accounts on March
31.
Changes displayed hereinafter are based on the comparison to the corresponding period of the previous fiscal year, which iscomprised of the nine-month results (April 1 - December 31, 2018) for the Company and subsidiaries with provisional settlementsof accounts, and the twelve-month results (January 1 - December 31, 2018) for subsidiaries with December 31 fiscal year-ends.
(Millions of yen)
Corresponding
Period of thePrevious Fiscal
Year

For the year ended
December 31,
2019

ChangeFor the year ended
March 31, 2019

% Change

Net sales

800,191

1,000,005

199,81425.0

971,388

Operating income

413,668

498,641

84,97220.5

474,281

Ordinary income

445,679

511,088

65,40914.7

519,278

Net income
attributable toowners of parent

52,340123,550

71,210136.1

96,106In the fiscal year ended December 31, 2019, there was growing concern of a global economic slowdown due to prolonged U.S.China trade disputes and a slowdown in the Chinese economy. Although the Japanese economy showed signs of gradual recovery,
including growth in consumer spending as well as improved corporate earnings and employment, uncertainty about the future
grew as a result of a prolonged weakness in exports and capital investment.
Of the international crude oil price indices, which significantly influence the financial performance of the INPEX Group, Brent
crude (on a near-term closing price basis), considered a benchmark index for crude oil, started the fiscal year at US$69.01 per
barrel. Although Brent temporarily rose to US$74.57 in late April following tightened US sanctions on Iran and other factors, theoil price dipped again due to concerns of a slowdown in the global economy owing to prolonged U.S.-China trade disputes and anincrease in US oil inventories, falling to as low as US$56.23 in early August. The price then surged at about that time on the backof mounting tensions in the Middle East caused by an assault on a Japanese oil tanker in the Strait of Hormuz as well as an attack
on a Saudi Arabian oil facility that led to a temporary halt in production. However, as views spread that production could resume
sooner than market expectations, Brent quickly returned to a downward trajectory. By the end of the year, expectations for
progress in the U.S.-China trade talks and a decision by OPEC and non-OPEC countries to jointly expand production cuts led to aslight increase in the price, which ended the year at US$66.00 per barrel.
In Japan, prices of crude oil and petroleum products correlated with the fluctuations in international crude oil prices. The INPEXGroup's average crude oil sales price for the fiscal year ended December 31, 2019 reflected this shift and fell to US$65.61 per
barrel, down US$5.95 from the corresponding period of the previous fiscal year.
The foreign exchange market, another important factor that affects the business of our Group, began to trade at ¥111 level against
the U.S. dollar. On April, Japanese Yen climbed to ¥112 level against the U.S. dollar due to the expectation of progress on USChina trade deal, followingly strong outcome on Current Employment Statistics (CES) of US and China Trade statistics.
However, the yen appreciated to ¥105 level against the U.S. dollar due to increasing uncertainty after additional tariffs from US to
China, followingly rate cuts by FOMC on July, September and October.
Despite intensifying situation of Hong Kong protests, Japanese Yen rebounded to ¥109 level against the U.S. dollar withdecreasing uncertainty of global economic outlook after withdrawal of additional tariffs from US to China on October.
Finally, at the end of this period, TTM closed at ¥109.55 against the U.S. dollar which turned out to be ¥1.46 higher than that of
the fiscal year end of March 31, 2019.
Reflecting these situations, the average sales exchange rate for our Group for this fiscal year was ¥108.84 against the U.S. dollar,
which is ¥1.88 higher than that of the corresponding period of the previous fiscal year.

2Consolidated net sales for the year ended December 31, 2019 increased by ¥199.8 billion, or 25.0%, to ¥1,000.0 billion from thecorresponding period of the previous fiscal year due to an increase in sales volume, despite a decrease in crude oil price.
Net sales of crude oil increased by ¥88.8 billion, or 13.2%, to ¥764.0 billion, and net sales of natural gas increased by ¥110.3
billion, or 97.8%, to ¥223.0 billion.
Sales volume of crude oil increased by 21,812 thousand barrels, or 25.6%, to 106,950 thousand barrels. Sales volume of natural
gas increased by 187,257 million cf, or 118.6%, to 345,182 million cf. Sales volume of overseas natural gas increased by 188,112
million cf, or 186.6%, to 288,940 million cf, and sales volume of domestic natural gas decreased by 23 million ㎥, or 1.5%, to1,507 million ㎥ (56,242 million cf).
The average sales price of overseas crude oil decreased by US$5.95, or 8.3%, to US$65.61 per barrel. Meanwhile, the averagesales price of overseas natural gas increased by US$1.51, or 51.4%, to US$4.45 per thousand cf. In addition, the average sales
price of domestic natural gas increased by ¥1.62, or 3.1%, to ¥53.27 per ㎥ . The average exchange rate of the Japanese yen
against the U.S. dollar on consolidated net sales appreciated by ¥1.88, or 1.7%, to ¥108.84 per U.S. dollar from the corresponding
period of the previous fiscal year.
The increase of ¥199.8 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 ¥233.5 billion to the increase, a decrease in unit sales price pushing sales
down of ¥19.5 billion, the appreciation of the Japanese yen against the U.S. dollar pushing sales down of ¥14.8 billion, and anincrease in net sales excluding crude oil and natural gas of ¥0.6 billion.
Cost of sales for the year ended December 31, 2019 increased by ¥97.8 billion, or 29.9%, to ¥424.7 billion. Exploration expenses
increased by ¥11.9 billion to ¥15.4 billion. Selling, general and administrative expenses increased by ¥5.0 billion, or 9.1%, to¥61.2 billion. As a result, operating income increased by ¥84.9 billion, or 20.5%, to ¥498.6 billion.
Other income decreased by ¥7.5 billion, or 14.4% to ¥44.7 billion due to the absence of compensation income and others. Other
expenses increased by ¥12.0 billion, or 59.2% to ¥32.3 billion due to increases in interest expenses and others. As a result,ordinary income increased by ¥65.4 billion, or 14.7%, to ¥511.0 billion.
Extraordinary loss was impairment loss of ¥0.7 billion. Total amount of current income taxes and deferred income taxes increasedby ¥21.9 billion, or 6.0%, to ¥385.7 billion, and net income attributable to non-controlling interests was ¥1.0 billion. As a result of
the above effects, net income attributable to owners of parent for the year ended December 31, 2019 increased by ¥71.2 billion, or
136.1%, to ¥123.5 billion.
Financial results by segment are as follows:(Millions of yen)
Net sales

Segment income (loss)

Corresponding
Period of thePrevious
Fiscal YearFor the year
ended
December31, 2019% Change

Corresponding
Period of thePrevious
Fiscal YearFor the year
ended
December31, 2019% ChangeJapan

96,232

97,0380.8

21,875

13,156(39.9)

Asia & Oceania

55,145240,927336.9

11,544

117,801

920.4

Eurasia (Europe & NIS)

88,43979,054(10.6)

25,47420,806(18.3)

Middle East & Africa

552,063

569,166

3.1

377,019

364,467

(3.3)

8,308

13,81966.3(7,237)(6,545)(9.6)

800,191

1,000,005

25.0

428,677

509,685

18.9

Adjustments

－

－

－

(15,008)(11,044)(26.4)

Consolidated

800,191

1,000,005

25.0

413,668

498,641

20.5

Segment

Americas
Total1) JapanNet sales increased by ¥0.8 billion, or 0.8%, to ¥97.0 billion due to an increase in sales price of natural gas. Operating income
decreased by ¥8.7 billion, or 39.9%, to ¥13.1 billion due to increases in cost of sales and others.
2) Asia & Oceania
Net sales increased by ¥185.7 billion, or 336.9%, to ¥240.9 billion due to an increase in sales volume. Operating income
increased by ¥106.2 billion, or 920.4%, to ¥117.8 billion.
3) Eurasia (Europe & NIS)
Net sales decreased by ¥9.3 billion, or 10.6%, to ¥79.0 billion due to a decrease in sales price of crude oil. Operating income
decreased by ¥4.6 billion, or 18.3%, to ¥20.8 billion.
4) Middle East & Africa

3

Net sales increased by ¥17.1 billion, or 3.1%, to ¥569.1 billion due to an increase in sales volume. Operating income decreasedby ¥12.5 billion, or 3.3%, to ¥364.4 billion due to increases in exploration expenses and others.
5) Americas
Net sales increased by ¥5.5 billion, or 66.3%, to ¥13.8 billion due to an increase in sales volume. Operating loss decreased by¥0.6 billion, or 9.6%, to ¥6.5 billion.
(2) Summary of Consolidated Financial Position
Consolidated total assets as of December 31, 2019 increased by ¥56.4 billion to ¥4,849.9 billion from ¥4,793.5 billion as of March
31, 2019. Current assets decreased by ¥37.9 billion to ¥419.8 billion due to a decrease in cash and deposits and others. Fixed
assets increased by ¥94.3 billion to ¥4,430.1 billion due to increases in intangible fixed assets, investments and other assets andothers.
Meanwhile, total liabilities increased by ¥16.8 billion to ¥1,552.8 billion from ¥1,535.9 billion as of March 31, 2019. Current
liabilities increased by ¥29.4 billion to ¥401.4 billion and long-term liabilities decreased by ¥12.6 billion to ¥1,151.3 billion.
Net assets increased by ¥39.5 billion, to ¥3,297.1 billion. Total shareholders' equity increased by ¥84.9 billion, to ¥2,722.7 billion.
Total accumulated other comprehensive income decreased by ¥50.6 billion to ¥317.9 billion and non-controlling interests in net
assets increased by ¥5.2 billion to ¥256.4 billion.

4(3) Summary of Cash FlowsDue to the change of the fiscal year-end, the year ended December 31, 2019 is a nine-month transition period. Therefore, thechange from the previous fiscal year is not displayed. Cash flows for the year ended December 31, 2019 are as follows:
Net cash provided by operating activities is ¥274.7 billion due mainly to income before income taxes and depreciation andamortization (non-cash), despite income taxes paid.
Net cash used in investing activities is ¥288.7 billion due mainly to payments for purchases of tangible fixed assets and long-termloans made.
Net cash used in financing activities is ¥48.6 billion due mainly to cash dividends paid.
After totaling (¥3.2) billion of the effect of exchange rate changes on cash and cash equivalents, the decrease in cash and cash
equivalents for the year ended December 31, 2019 amounted to ¥65.8 billion. Cash and cash equivalents as of December 31, 2019
totaled ¥173.7 billion reflecting the above net decrease of ¥65.8 billion, from ¥239.6 billion at the end of the previous fiscal year.
(4) Outlook for the Next Period(Billions of yen)
Fiscal Year Ended
Dec.2019（Adjusted actual）
Net Sales

Fiscal Year Ended
Dec.2020（Forecasts）

Adjusted
Year-on-Year
Increase/Decrease

1,171.2

1,204.0

2.8%

Operating Income

559.2

499.0

(10.8%)

Ordinary Income

584.6

536.0

(8.3%)Net income attributable toowners of parent

167.3

145.0

(13.3%)

Figures for the Fiscal Year Ended December 2019 (actual figures after adjustment) reflect the adjustment of the financial results of
the Company and its subsidiaries with provisional settlements of accounts for the fiscal year ended December 31, 2019 to the 12month period between January 1, 2019 and December 31, 2019.
As for the company’s financial outlook, consolidated net sales are expected to increase 2.8% adjusted year-on-year to ¥1,204.0
billion, and operating income is expected to decrease 10.8% year-on-year to ¥499.0 billion.
Ordinary income is expected to decrease 8.3% year-on-year to ¥536.0 billion, and net income attributable to INPEXCORPORATION is expected to decrease 13.3% year-on-year to ¥145.0 billion.
Net sales are expected to increase adjusted year-on-year due mainly to a continued smooth production operations currently
ongoing at the Ichthys LNG Project and an increase in production volume in other existing projects despite an expected drop in
crude oil prices. Operating income is expected to fell adjusted year-on-year due mainly to an increase in cost of sales owing toincreased sales and an increase in cost in other existing projects. While other income (expenses) is expected to rise adjusted yearon-year due mainly to an increase in equity in earnings of affiliates and others, ordinary income is expected to drop adjusted yearon-year. Net income attributable to INPEX CORPORATION is expected to decrease adjusted year-on-year despite the absence ofimpairment loss and a decrease in income taxes.
The above estimates are based on a crude oil price assumption of US$60.0 per barrel (Brent) at an exchange rate of ¥110 to the
U.S. dollar through the fiscal year ending December 31, 2020.
(5) Dividend policy and dividends for the year ended December 31, 2019 and for the year ending December 31, 2020
Based on the shareholder return policy outlined in the Medium-term Business Plan 2018-2022 announced in May 2018, INPEXCORPORATION (INPEX) will, in principle, seek to maintain stable dividend payouts and enhance shareholder returns in stages
during the period covered by the Business Plan in accordance with the improvement in the Company’s financial performance,with the payout ratio set at 30% or higher.
In accordance with the policy stated above, INPEX has set the year-end dividend at ¥18 per common stock for the year ended
December 31, 2019. Combined with the mid-term dividend of ¥12 per common stock, the planned total dividends for the year
ended December 31, 2019 are ¥30 per common stock. INPEX has also set the year-end dividend at ¥7,200 per Class A stock forthe year ended December 31, 2019. Combined with the mid-term dividend of ¥4,800 per Class A stock (unlisted), the planned
total dividends for the year ended December 31, 2019 are ¥12,000 per Class A stock.
For the year ending December 31, 2020, INPEX expects mid-term and year-end dividends of ¥18 each, bringing the total
dividends to ¥36 per common stock. INPEX expects mid-term and year-end dividends of ¥7,200 each, bringing the total dividend
to ¥14,400 per Class A stock.

5The Group conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock, nostock split was implemented. The article, which outlines that Class A stock dividends are equivalent to common stock dividends
prior to the stock split, is specified in the Articles of Incorporation.

6

2. Basic Rationale for Selection of Accounting Standards

The INPEX Group has been analyzing the differences between International Financial Reporting Standards (IFRS)
and accounting principles generally accepted in Japan. The Group will take into consideration the domestic andinternational situations for appropriate adoption of the IFRS in the future.

7

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

As of March 31, 2019

As of December 31, 2019

(Assets)
Current assets
Cash and deposits※2239,675※2

173,798※2

148,765

Accounts receivable-trade※2

92,217

Inventories※2

40,100Accounts receivable-other※2

68,331Other※238,98747,05730,644※2

24,962Less allowance for doubtful accounts(13,257)(13,768)

Total current assets

457,711

419,802

Buildings and structures, net

187,191

177,320

Wells, net

259,310

261,931

1,304,356

1,254,865

Land

18,93018,596

Construction in progress

506,399552,866

2,805

9,790

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net

Other, net
Total tangible fixed assets

2,278,994※1,※2

2,275,372※1,※2

Intangible assets
Goodwill

47,27642,206

Exploration and development rights

152,977

155,108

Mining rights

314,759

333,246

5,200

4,770

520,213535,330

Other
Total intangible assets
Investments and other assets
Investment securities※2419,064※2

378,527

Long-term loans receivable
Recoverable accounts under production
sharing
Deferred tax assets※2592,786※2

718,976

Other※2Less allowance for doubtful accounts

568,059568,377

13,746

7,471

17,258※2

16,247

(789)

(818)

Less allowance for recoverable accounts under
production sharing(70,017)(66,897)

Less allowance for investments in exploration(3,482)(2,395)

1,536,625

1,619,489

4,335,834

4,430,192

4,793,545

4,849,995

Total investments and other assets
Total fixed assets
Total assets

8

(Millions of yen)Accounts

As of March 31, 2019

As of December 31, 2019

(Liabilities)
Current liabilities
Accounts payable-trade32,205

21,798

Short-term loans

127,184

166,831

Income taxes payable

19,281

43,190Accounts payable-other113,179

97,241

Accrued bonuses

－

1,334

Accrued bonuses to officers

96

108

Provision for loss on business

9,971

8,635

Provision for exploration projects

7,303

11,808Asset retirement obligations

3,309

780

Other

59,46949,754

Total current liabilities

372,000

401,483

1,014,013

950,948

25,12944,305Long-term liabilities
Long-term debt
Deferred tax liabilities
Provision for stocks payment

2142

Accrued special repair and maintenance

479

537

Liability for retirement benefits

6,265

8,011

Asset retirement obligations

110,107

136,101

7,943

11,3881,163,961

1,151,334

1,535,961

1,552,818

Common stock

290,809290,809

Capital surplus

673,574

674,374Retained earnings

1,678,914

1,763,034

Treasury stock(5,434)(5,432)

2,637,863

2,722,786

Unrealized holding gain (loss) on securities

2,831

5,570

Unrealized gain (loss) from hedging instruments

6,359(18,128)

Translation adjustments

359,425

330,546

Total accumulated other comprehensive income

368,616

317,988

251,103

256,400

Total net assets

3,257,584

3,297,176

Total liabilities and net assets

4,793,545

4,849,995

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

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests9(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)
For the year ended
December 31, 2019

For the year ended
March 31, 2019

Accounts
Net sales

971,388

1,000,005

Cost of sales

413,300

424,702

Gross profit

558,088575,303

Exploration expenses

11,67915,426

Selling, general and administrative expenses

72,127

61,234

Operating income

474,281498,641

Interest income

7,644

2,422

Dividend income

6,760

3,240

－

4,981

Equity in earnings of affiliates

28,36323,313Compensation income

7,498

－

Foreign exchange gain

1,941

2,481

Other

18,715

8,330

Total other income

70,92444,768Interest expense

17,333

21,856

Provision for allowance for recoverable accounts under
production sharing

1,468

3,115

Provision for exploration projects

203－

Loss on valuation of investment securities

－

3,497

Other

6,923

3,851

Total other expenses

25,92732,321

519,278

511,088

Other income

Gain on sales of investment securities

Other expenses

Ordinary income
Extraordinary loss
Impairment loss

※1

25,236※1

796

Total extraordinary loss

25,236796

Income before income taxes

494,042510,292

Income taxes-current

399,919

361,180

Income taxes-deferred(2,660)24,545

Total income taxes

397,258

385,725

Net income (loss)

96,783

124,566

677

1,015

96,106

123,550

Net income (loss) attributable to non-controlling interests
Net income attributable to owners of parent

10

Consolidated Statement of Comprehensive Income(Millions of yen)
For the year ended
December 31, 2019

For the year ended
March 31, 2019

Accounts

Net income

96,783

124,566(7,387)

2,685

－

(192)

Translation adjustments

46,094(29,557)

Share of other comprehensive income of affiliates
accounted for by the equity method(19,429)(24,608)

Total other comprehensive income

19,277(51,674)

116,061

72,892

116,273

72,922

(211)

(30)

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

Comprehensive income
Total comprehensive income attributable to
Owners of parent
Non-controlling interests11(3) Consolidated Statement of Changes in Net Assets
For the year ended March 31, 2019
(Millions of yen)
Shareholders' equity
Common stock Capital surplus
Balance at the beginning of the period

290,809673,574Retainedearnings

Treasury stock

Total
Shareholders'equity(5,248)2,568,230

1,609,094

Changes during the period
Change in ownership interest of parent
arising from transactions with
non-controlling shareholders－

Cash dividends paid

(26,286)(26,286)

Net income attributable to owners ofparent96,106

96,106

Purchase of treasury stock

(186)

(186)
－

Disposal of treasury stock
Net changes in items other than those inshareholders' equity
Total changes during the period－－

69,820(186)

69,633

Balance at the end of the period

290,809673,574

1,678,914(5,434)

2,637,863

Accumulated other comprehensive income
Total
NonUnrealized Unrealized
accumulated
controllingholding gain gain (loss) Translation
otherinterests(loss) on from hedging adjustments
comprehensive
securities
instruments
incomeBalance at the beginning of the period

10,21725,724

312,507348,449

242,188

Total
net assets

3,158,868

Changes during the period
Change in ownership interest of parent
arising from transactions with
non-controlling shareholders－

Cash dividends paid

(26,286)

Net income attributable to owners ofparent96,106

Purchase of treasury stock(186)

Disposal of treasury stock－

Net changes in items other than those inshareholders' equity(7,386)(19,365)

46,918

20,166

8,914

29,081

Total changes during the period(7,386)(19,365)

46,918

20,166

8,914

98,715

Balance at the end of the period

2,831

6,359

359,425

368,616

251,1033,257,584

12

For the year ended December 31, 2019
(Millions of yen)
Shareholders' equity
Common stock Capital surplus
Balance at the beginning of the period

290,809673,574Retainedearnings

Treasury stock

Total
Shareholders'equity(5,434)

2,637,863

1,678,914

Changes during the period
Change in ownership interest of parent
arising from transactions with
non-controlling shareholders

800

800

Cash dividends paid

(39,429)(39,429)

Net income attributable to owners ofparent123,550

123,550－

Purchase of treasury stock
Disposal of treasury stock2

2

Net changes in items other than those inshareholders' equity
Total changes during the period－

800

84,1202

84,922

Balance at the end of the period

290,809674,374

1,763,034(5,432)2,722,786

Accumulated other comprehensive income
Total
NonUnrealized Unrealized
accumulated controllingholding gain gain (loss) Translation
otherinterests(loss) on from hedging adjustments
comprehensive
securities
instruments
incomeBalance at the beginning of the period

2,831

6,359

359,425

368,616

251,103Total
net assets

3,257,584

Changes during the period
Change in ownership interest of parent
arising from transactions with
non-controlling shareholders

800

Cash dividends paid

(39,429)

Net income attributable to owners ofparent123,550

Purchase of treasury stock－

Disposal of treasury stock2

Net changes in items other than those inshareholders' equity

2,738(24,487)(28,879)(50,628)5,297(45,330)

Total changes during the period

2,738(24,487)(28,879)(50,628)

5,297

39,592

Balance at the end of the period

5,570(18,128)

330,546

317,988

256,400

3,297,176

13

(4) Consolidated Statement of Cash Flows(Millions of yen)
For the year ended
March 31, 2019

Accounts

For the year ended
December 31, 2019

Cash flows from operating activities
Income before income taxes

494,042510,292

Depreciation and amortization

106,899

135,629

Impairment loss

25,236796

Amortization of goodwill

6,760

5,022

Provision for allowance for recoverable accounts
under production sharing

1,241

3,163

Provision for exploration projects

3,660

4,573

Other provisions(5,781)

(446)

383

1,780

Interest and dividend income(14,405)(5,662)

Interest expense

17,333

21,856

Foreign exchange loss (gain)(1,047)(747)

Equity in losses (earnings) of affiliates(28,363)(23,313)

Loss (gain) on sales of investment securities－(4,981)

Loss (gain) on valuation of investment securities

－

3,497

Recovery of recoverable accounts under
production sharing (capital expenditures)

33,12732,261

Recoverable accounts under production
sharing (operating expenditures)

4,639(5,471)

Accounts receivable-trade(25,372)(57,433)

Inventories(11,359)(760)

Accounts payable-trade(13,427)(10,393)

Accounts receivable-other(11,666)

22,796

Accounts payable-other

14,408(14,946)

Advances received

4,443(14,269)

Other

17,017

16,153

Subtotal

617,768

619,398

Interest and dividends received

21,12010,361

Interest paid

(12,242)(17,601)

Income taxes paid

(388,080)(337,428)

Net cash provided by (used in) operating activities

238,566

274,730

Liability for retirement benefits

14

(Millions of yen)
For the year ended
March 31, 2019

Accounts

For the year ended
December 31, 2019

Cash flows from investing activities
Payments for time deposits(249,615)(23)

Proceeds from time deposits

249,616

22

Payments for purchases of tangible fixed assets(210,732)(109,737)

Proceeds from sales of tangible fixed assets

209

249

Payments for purchases of intangible assets(809)(1,221)(104,766)(1,032)－

3,136(31,631)(36,679)813

412(262,671)(113,751)

Collection of long-term loans receivable

264

5,299

Payments for purchases of mining rights(107,862)(35,870)

35,179457(682,005)(288,740)

1,840

－

Proceeds from long-term debt

497,777

79,037

Repayments of long-term debt

(76,185)(89,842)

14,118

10,173

Cash dividends paid

(26,290)(39,432)

Cash dividends paid to non-controlling interests(5,832)(6,725)(242)(1,827)405,184(48,615)

1,827(3,253)

Net increase (decrease) in cash and cash equivalents(36,427)(65,878)

Cash and cash equivalents at beginning of the period

276,079

239,652

Payments for purchases of investment securities
Proceeds from sales and redemptions of investment securities
Investment in recoverable accounts under
production sharing (capital expenditures)
Decrease (increase) in short-term loans receivable
Long-term loans madeOther
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term loans

Proceeds from non-controlling interests for additional shares

Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at end of the period※115239,652※1

173,774

(5) 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)
None(Changes in the Presentation)(Consolidated Statement of Income)"Reversal of allowance for doubtful accounts", previously presented separately in other income, is included in "Other" since it
has become less significant.
As a result, ¥8,357 million which was recorded as "Reversal of allowance for doubtful accounts" in other income on the
consolidated statement of income in the previous fiscal year is reclassified as "Other".

16

(Consolidated Balance Sheet)*1 Accumulated depreciation of tangible fixed assets
As of March 31, 2019
Accumulated depreciation of tangible fixed assets

As of December 31, 2019

¥ 854,351 million¥ 973,135 million*2 Assets provided as collateral and collateral-backed debt are as follows:Collateralized Assets
As of March 31, 2019

As of December 31, 2019

Millions of yen

Millions of yen

Cash and deposits

18,15031,072

Accounts receivable-trade

9,489

12,344Inventories

12,957

12,798

Wells

227,482

224,663

1,223,590

1,181,680

148

146

Construction in progress

19,53041,453

Investment securities

252,521202,344

Long-term loans receivable

586,822673,576

Other

4,477

7,068

Total

2,355,170

2,387,149

Machinery, equipment and vehicles
Land

The above is mainly related to the Ichthys LNG Project Finance, and includes others that are pledged as collateral for liabilities ofaffiliates.
3 Contingent liabilities(1) The Company and its consolidated subsidiaries are contingently liable as guarantors of indebtedness of the following
companies:
As of March 31, 2019

As of December 31, 2019
Millions of yen

Millions of yen

Ichthys LNG Pty Ltd

508,275

Ichthys LNG Pty Ltd

598,676

Tangguh Trustee*1

24,331

Tangguh Trustee*1

29,742

Japan Canada Oil Sands Limited

1,665Japan Canada Oil Sands Limited

1,643

Oceanic Breeze LNG Transport S.A.

861

Oceanic Breeze LNG Transport S.A.

799

Employees (housing loans)24

Employees (housing loans)

18

535,158

630,879*1 Debt for investment funds of Tangguh LNG project through MI Berau B.V. and MI Berau Japan Ltd.
(The aforementioned Debt includes the amount (¥16,377 million and ¥25,205 million as of March 31 and December 31, 2019,respectively) for the construction of Train-3, based on the Company's participating interest as the guarantor of indebtedness.)(2) Completion guarantee
The company was released from completion guarantee obligations to lenders in connection with the Ichthys LNG project financing
on December 20, 2019.
As of March 31, 2019
Completion guarantee (the Company's portion)¥ 845,999 million

17

As of December 31, 2019－

(Consolidated Statement of Income)*1 Impairment loss
For the year ended March 31, 2019
The Company groups mining area and other assets as a basic unit that generates cash inflows independently of other groups ofassets. In light of the decline in forecasted production volume and the decline in forecasted natural gas prices in the Americas,
the recoverble amount of these groups of assets expected to decrease, the Company reduced the respective carrying amounts of
the assets listed below to recoverable amounts, posting the reductions as impairment loss.

Use

Location

Classification

Impairment loss
(Millions of yen)

Wells
Assets related to Van Gogh
Oil Field / Coniston Oil Field

Commonwealth of Australia

449

Machinery, equipment and vehicles

6,503

Construction in progress

3,116

Other
Subtotal

15
10,085

Buildings and structures
Assets related to the shale gas
project in Canada

British Columbia, Canada

23

Wells

4,580

Other

4,999

Subtotal

9,603

Other

5,547

Total

25,236

The recoverable amount of the assets related to Van Gogh Oil Field and Coniston Oil Field is reasonably estimated bydiscounting the future cash flows at a rate of 9.1%. The recoverable amount of the assets related to the shale gas project inCanada is estimated at zero.
For the year ended December 31, 2019
Disclosure has been omitted because it does not have significant impact on the consolidated financial statements.

18

(Consolidated Statement of Changes in Net Assets)
For the year ended March 31, 2019
1. Type and number of shares issued and treasury stock(Shares)

Balance as ofApril 1, 2018

Increase

Balance as ofMarch 31, 2019

Decrease

Number of shares
Common stock

1,462,323,600－－

1,462,323,600

Class A stock

1

－

－

1

1,462,323,601－－

1,462,323,601

Common stock

1,966,500

157,300－

2,123,800

Total

1,966,500

157,300－

2,123,800

Total
Treasury stock(Note): 1. The increase of 157,300 shares in treasury stock of common stock was due to acquisition of the Company's shares by
the Board Incentive Plan Trust (the BIP Trust).
2. The number of treasury shares of common stock as of March 31, 2019 includes 157,300 shares of the Company heldby the BIP Trust.
2. Share subscription rights
None
3. Dividends(1) Cash dividends paid
Resolution

Type of share

Cash dividends paid
(Millions of yen)

Dividends
per share(Yen)

Record date

Effective dateCommon13,143
9March 31, 2018
June 27, 2018
stock
Class A
03,600
March 31, 2018
June 27, 2018stock
Common13,143
9 September 30, 2018 December 3, 2018
Board of directors'stockmeeting
Class A
November 7, 2018
03,600 September 30, 2018 December 3, 2018stock
(Note): Total dividend as determined by the resolution of Board of Directors' meeting on November 7, 2018 includes ¥1 millionof dividends on the Company's shares held by the BIP Trust.
Ordinary general
meeting of shareholders
June 26, 2018

(2) Dividends, whose record date was in the year ended March 31, 2019, and whose effective date will be in the next fiscal year
Resolution

Type ofshare

Source ofdividends

Cash dividends
paid(Millions of yen)

Dividends
per share(Yen)

Record date

Effective dateCommon Retained
21,90515 March 31, 2019
June 26, 2019stock
earnings
Class A
Retained
06,000 March 31, 2019
June 26, 2019stock
earnings(Note): Total dividend as determined by the resolution of Ordinary general meeting of shareholders on June 25, 2019 includes ¥2million of dividends on the Company's shares held by the BIP Trust.
Ordinary general
meeting of shareholders
June 25, 201919

For the year ended December 31, 2019
1. Type and number of shares issued and treasury stock(Shares)

Balance as ofApril 1, 2019

Increase

Balance as ofDecember 31, 2019

Decrease

Number of shares
Common stock

1,462,323,600－－

1,462,323,600

Class A stock

1

－

－

1

1,462,323,601－－

1,462,323,601

Common stock

2,123,800

－

1,884

2,121,916

Total

2,123,800

－

1,884

2,121,916

Total
Treasury stock(Note): 1. The decrease of 1,884 shares in treasury stock of common stock was due to delivery of the Company's shares by
the Board Incentive Plan Trust (the BIP Trust).
2. The number of treasury shares of common stock includes shares of the Company held by the BIP Trust (as of April 1,
2019: 157,300 shares and as of December 31, 2019: 155,416 shares).
2. Share subscription rights
None
3. Dividends(1) Cash dividends paid
Resolution

Type of share

Cash dividends paid
(Millions of yen)

Dividends
per share(Yen)

Record date

Effective dateCommon21,90515
March 31, 2019
June 26, 2019
stock
Class A
0
6,000
March 31, 2019
June 26, 2019stock
Common17,524
12 September 30, 2019 December 2, 2019
Board of directors'stockmeeting
Class A
November 6, 20190
4,800 September 30, 2019 December 2, 2019stock
(Note): 1. Total dividend as determined by the resolution of Ordinary general meeting of shareholders on June 25, 2019 includes¥2 million of dividends on the Company's shares held by the BIP Trust.
2. Total dividend as determined by the resolution of Board of Directors' meeting on November 6, 2019 includes ¥1million of dividends on the Company's shares held by the BIP Trust.
Ordinary general
meeting of shareholders
June 25, 2019(2) Dividends, whose record date was in the year ended March 31, 2019, and whose effective date will be in the next fiscal year
Resolution

Type ofshare

Source ofdividends

Cash dividends
paid(Millions of yen)

Dividends
per share(Yen)

Record date

Effective dateCommon Retained
26,28618 December 31, 2019 March 26, 2020
stock
earnings
Class A
Retained
07,200 December 31, 2019 March 26, 2020
stock
earnings(Note): Total dividend as determined by the resolution of Ordinary general meeting of shareholders on March 25, 2020 includes¥2 million of dividends on the Company's shares held by the BIP Trust.
Ordinary general
meeting of shareholders
March 25, 2020

20

(Consolidated Statement of Cash Flows)*1 Cash and cash equivalents at the end of the period are reconciled to the account reported in the consolidated balance sheet as
follows:
For the year ended
March 31, 2019
Cash and deposits
Time deposits for more than three months and others
Cash and cash equivalents

21

For the year ended
December 31, 2019

Millions of yen

Millions of yen

239,675

173,798

(23)

(23)

239,652

173,774

(Segment Information and Others)(Segment information)
1. Overview of reportable segments
The reportable segments for the Group's oil and natural gas development activities are composed of individual mining area andothers for which separate financial information is available in order for the Board of Directors to make Group management
decisions.
Since the Group operates oil and natural gas businesses globally, the Group's reportable segments are the mining areas and others
by geographical region, categorized in "Japan", "Asia & Oceania" (mainly Indonesia, Australia and East Timor), "Eurasia (Europe& NIS)" (mainly Azerbaijan and Kazakhstan), "Middle East & Africa" (mainly UAE) and "Americas."
The Company produces oil and natural gas in each segment. In addition, the Company conducts purchasing and marketing
activities for natural gas and petroleum products and others in "Japan" segment.
2. Basis of measurement of sales and income (loss), assets, and other items by reportable segment
Accounting policies for the reportable segments are substantially the same as the accounting policies adopted for preparing theconsolidated financial statements.
Internal sales between segments are based on prices for third-party transactions.
3. Information on sales and income (loss), assets, and other items by reportable segment
For the year ended March 31, 2019 (April 1, 2018 through March 31, 2019)(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

140,311

91,630116,718

614,420

8,308

971,388－971,388

－

4,810

－

－

－

4,810

(4,810)－Total

140,31196,440116,718

614,420

8,308

976,199(4,810)971,388

Segment income (loss)

29,21027,336

31,405412,064(8,751)

491,264(16,983)

474,281

Segment assets

291,284

2,971,494

600,987

530,432

42,317

4,436,516

357,029

4,793,545

Middle East
Americas& Africa

Total

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

Other items
Depreciation and
17,561
34,134
7,092
38,769
7,957
105,515
1,384
106,899
amortization
Amortization of goodwill
－
－
－
－
(192)
(192)
6,952
6,760
Investment to affiliates
accounted for by the
1,921
301,699
8,117
22,771－
334,511
1,473
335,984
equity method
Increase of tangible fixed
assets and intangible
3,865
241,755
6,388
61,437
3,476
316,924
777
317,701
assetsNote: 1. (1) Adjustments of segment income of ¥(16,983) million include elimination of inter-segment transactions of ¥13 million
and corporate expenses of ¥(16,996) million. Corporate expenses are mainly amortization of goodwill and generaladministrative expenses that are not allocated to a reportable segment.
(2) Adjustments of segment assets of ¥357,029 million include elimination of inter-segment transactions of ¥(1) million andcorporate assets of ¥357,030 million. Corporate assets are mainly goodwill, cash and deposits, investment securities andassets concerned with the administrative divisions that are not allocated to a reportable segment.
(3) Adjustments of depreciation and amortization of ¥1,384 million consist mainly of depreciation of corporate assets.
(4) Adjustments of amortization of goodwill of ¥6,952 million consist of amortization of goodwill not attributable to areportable segment.
(5) Adjustments of investment to affiliates accounted for by the equity method of ¥1,473 million consist of investment toaffiliates accounted for by the equity method not attributable to a reportable segment.
(6) Adjustments of increase of tangible fixed assets and intangible assets of ¥777 million consist mainly of capital
expenditure to corporate assets.
2. Segment income is reconciled with operating income on the consolidated statement of income.

22

For the year ended December 31, 2019 (April 1, 2019 through December 31, 2019)(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

97,038240,927

79,054569,166

13,8191,000,005－

1,000,005

－

4,465

－

－

－

4,465

(4,465)－

Total

97,038245,392

79,054569,166

13,8191,004,470(4,465)1,000,005

Segment income (loss)

13,156

117,801

20,806364,467(6,545)

509,685(11,044)498,641

Segment assets

274,520

3,063,677

596,930

562,032

82,6304,579,791

270,2034,849,995

Middle East Americas& Africa

Total

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

Other items
Depreciation and
11,68572,8905,004
37,4107,811
134,802826
135,629
amortization
Amortization of goodwill
－
－
－
－
(192)
(192)
5,214
5,022
Investment to affiliates
accounted for by the
1,904
257,139
12,44024,421－
295,905
1,060
296,965
equity method
Increase of tangible fixed
assets and intangible
2,598
74,784
6,736
52,384
49,110185,614997
186,612
assetsNote: 1. (1) Adjustments of segment income of ¥(11,044) million are corporate expenses. Corporate expenses are mainly
amortization of goodwill and general administrative expenses that are not allocated to a reportable segment.
(2) Adjustments of segment assets of ¥270,203 million include elimination of inter-segment transactions of ¥(385) million
and corporate assets of ¥270,589 million. Corporate assets are mainly goodwill, cash and deposits, investment securities
and assets concerned with the administrative divisions that are not allocated to a reportable segment.
(3) Adjustments of depreciation and amortization of ¥826 million consist mainly of depreciation of corporate assets.
(4) Adjustments of amortization of goodwill of ¥5,214 million consist of amortization of goodwill not attributable to areportable segment.
(5) Adjustments of investment to affiliates accounted for by the equity method of ¥1,060 million consist of investment toaffiliates accounted for by the equity method not attributable to a reportable segment.
(6) Adjustments of increase of tangible fixed assets and intangible assets of ¥997 million consist mainly of capital
expenditure to corporate assets.
2. Segment income is reconciled with operating income on the consolidated statement of income.

23

(Relative information)
For the year ended March 31, 2019 (April 1, 2018 through March 31, 2019)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

Natural gas(excluding LPG)

782,695

LPG

169,205

Other
1,504

Total

17,983

971,388

2. Geographical information(1) Sales(Millions of yen)Japan

Asia & Oceania
423,090

Other

378,956

Total
169,342971,388

Note: Sales by geographical area is determined based upon the final destination and customer.
(2) Tangible fixed assets(Millions of yen)Japan

Australia
245,338

UAE

1,774,223

Other

Total

228,920

30,512

2,278,994

3. Information by major customer(Millions of yen)
Customer

Sales

Relative reportable segment

JXTG Nippon Oil & Energy Corporation

99,554

Middle East & Africa

For the year ended December 31, 2019 (April 1, 2019 through December 31, 2019)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

Natural gas(excluding LPG)

764,039

LPG

219,970

Other
3,128

Total

12,8671,000,005

2. Geographical information(1) Sales(Millions of yen)Japan

Asia & Oceania
461,267

Other

408,140

Total
130,597

1,000,005

Note: Sales by geographical area is determined based upon the final destination and customer.
(2) Tangible fixed assets(Millions of yen)Japan

Australia
235,211UAE

1,751,009

Other
247,419

24

Total
41,7322,275,372

3. Information by major customer(Millions of yen)
Customer

Sales

Relative reportable segment

Shell International Eastern Trading Company

124,787

Middle East & Africa

Ichthys LNG Pty Ltd

110,689

Asia & Oceania

JXTG Nippon Oil & Energy Corporation

108,496

Middle East & Africa(Information on impairment loss from fixed assets by reportable segment)
For the year ended March 31, 2019 (April 1, 2018 through March 31, 2019)(Millions of yen)
Reportable segments

Impairment lossJapan

Asia &
Oceania

Eurasia(Europe& NIS)

5,547

10,085－

Middle East
Americas& Africa

Total

Eliminations
and other－

25,236

－

9,603

Total

25,236

For the year ended December 31, 2019 (April 1, 2019 through December 31, 2019)(Millions of yen)
Reportable segments

Impairment lossJapan

Asia &
Oceania

Eurasia(Europe& NIS)

796－－

Middle East Americas& Africa
－

－

Total

Eliminations
and other

796

－

Total

796

(Information on amortization of goodwill and unamortized balance by reportable segment)
For the year ended March 31, 2019 (April 1, 2018 through March 31, 2019)(Millions of yen)
Reportable segments
Japan

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East Americas& Africa*1

Total

Eliminations
and other
*2

Total

Balance as of－－－－(1,393)(1,393)
48,67047,276
March 31, 2019
Note:1. This is the unamortized balance of negative goodwill acquired before April 1, 2010 and net amount of goodwill is stated on
the balance sheet.
2. This is the unamortized balance of goodwill not attributable to a reportable segment.
3. Please refer to "Segment information" regarding to the amounts of amortization of goodwill.
For the year ended December 31, 2019 (April 1, 2019 through December 31, 2019)(Millions of yen)
Reportable segments
Japan

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East Americas& Africa*1

Total

Eliminations
and other
*2

Total

Balance as of－－－－(1,249)(1,249)43,45542,206
December 31, 2019
Note:1. This is the unamortized balance of negative goodwill acquired before April 1, 2010 and net amount of goodwill is stated on
the balance sheet.
2. This is the unamortized balance of goodwill not attributable to a reportable segment.
3. Please refer to "Segment information" regarding to the amounts of amortization of goodwill.
(Information on negative goodwill by reportable segment)
None

25

(Per Share Information)
Net assets excluding non-controlling interests per share, net income per share and the calculation basis are as follows:
For the year ended
For the year ended
March 31, 2019
December 31, 2019(1) Net assets excluding non-controlling interests per share¥ 2,058.95
For the year ended
March 31, 2019(2) Net income per share¥2,082.43
For the year ended
December 31, 2019

¥ 65.81¥84.61

96,106

123,550

0

0

(0)

(0)

96,106

123,550

1,460,260,300

1,460,200,987(Calculation basis)
Net income attributable to owners of parent(Millions of yen)Amount not attributable to common shareholders(Millions of yen)(of which Net income attributable to owners of parent
related to Class A stock)
Net income attributable to owners of parent related tocommon shareholders (Millions of yen)
Average number of common stock (shares)(Note): 1. Diluted net income per share is not presented because there are no dilutive potential of shares of common stock.
2. For the purpose of computing net assets excluding non-controlling interests per share, the Company's shares held by the
Board Incentive Plan Trust recorded as treasury stock under shareholders' equity are included in the treasury stock to be
deducted from the total number of shares issued at the end of the period. Additionally, in computing net income per share,
above shares of the Company are included in the treasury stock to be deducted from the average number of shares during
the period. The numbers of shares of treasury stock deducted from the total number of shares issued at the end of theperiod in computing net assets excluding non-controlling interests per share were 157,300 shares and 155,416 shares as ofMarch 31 and December 31, 2019 respectively. The numbers of shares of treasury stock deducted from the average
number of shares during the period in computing net income per share were 96,800 shares and 156,113 shares as of March
31 and December 31, 2019 respectively.
(Significant Subsequent Events)
None

26

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

As of March 31, 2019

As of December 31, 2019

(Assets)
Current assets
Cash and deposits

395

436

Accounts receivable-trade

15,58814,887

Finished goods

2,250

6,112

299

90

Raw materials and supplies

17,114

11,213

Advance payments-trade

718

650

Prepaid expenses

287

810

Short-term loans receivable from subsidiaries andaffiliates
Deposit paid in subsidiaries and affiliates

166,198

163,877

701,826

411,165

Other

19,50528,031

Allowance for doubtful accounts(69,710)(46,041)

Total current assets

854,474

591,233

Buildings, net

15,134

14,577Structures, net

160,852

155,4147

96

50,94547,44215

15

Tools, furniture and fixtures, net

1,042

883

Land

16,715

16,393

Leased assets, net

4328

Construction in progress

328

804

Total tangible fixed assets

245,085

235,657

48,67043,455

2

3

Software

1,128

1,036

Other

3,732

3,571

Total intangible assets

53,53348,068Work in process and partly-finished construction

Fixed assets
Tangible fixed assets

Wells, net
Machinery and equipment, net
Vehicles, net

Intangible assets
Goodwill
Mining right27

(Millions of yen)Accounts

As of March 31, 2019

As of December 31, 2019

Investments and other assets
Investment securities

63,90663,872

1,909,580

2,186,494

138,475

129,806

17

63

Deferred tax assets

4,269

－

Other

9,514

8,228

Allowance for doubtful accounts

(614)

(645)

Allowance for investments in exploration(112,492)(109,852)

Total investments and other assets

2,012,656

2,277,967

2,311,276

2,561,693

3,165,750

3,152,926

Accounts payable-trade

7,819

4,582

Current portion of long-term debt

87,68070,08818

14

Accounts payable-other

16,582

16,177

Accrued expenses

4,486

5,698

Income taxes payable

1,873

457

Advances received

174

40

Deposits payable

2,103

1,601

Deposits received from subsidiaries and affiliates

3,100

6,967

Accrued bonuses

－

1,151

Accrued bonuses to officers

96

108

Provision for loss on business

9,971

8,635

Asset retirement obligations

78

31

Other

467

986

134,454

116,541

Investments in stock of subsidiaries and affiliates
Long-term loans receivable from subsidiaries
and affiliates
Long-term prepaid expenses

Total fixed assets
Total assets(Liabilities)
Current liabilities

Lease obligations

Total current liabilities

28

(Millions of yen)Accounts

As of March 31, 2019

As of December 31, 2019

Long-term liabilities
Long-term debt

596,838

617,142

26

12

Deferred tax liabilities

1,140

2,882

Accrued retirement benefits to employees

5,563

7,266

21

42

17,781

16,47023,65729,734

4,450

4,482

195

200

649,676

678,234

784,130

794,776

290,809290,809

Legal capital surplus

1,023,802

1,023,802

Total capital surplus

1,023,802

1,023,802

Reserve for advanced depreciation of
non-current assets
Reserve for special depreciation

2,105

2,105

2,269

1,418

Mine prospecting reserve

9,428

8,057

1,055,837

1,032,095

1,069,641

1,043,677(5,434)(5,432)

2,378,819

2,352,857

2,800

5,484

Unrealized gain (loss) from hedging instruments

－

(192)

Total valuation, translation adjustments and others

2,800

5,292

2,381,619

2,358,149

3,165,750

3,152,926

Lease obligations

Provision for stocks payment
Provision for loss on business of subsidiaries
and affiliates
Provision for loss on guarantees of subsidiaries
and affiliates
Asset retirement obligations
Other
Total long-term liabilities
Total liabilities(Net assets)
Shareholders' equity
Common stock
Capital surplus

Retained earnings
Other retained earnings

Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders' equity
Valuation, translation adjustments and others
Unrealized holding gain on securities

Total net assets
Total liabilities and net assets

29

(2) Non-Consolidated Statement of Income(Millions of yen)
For the year ended
December 31, 2019

For the year ended
March 31, 2019

Accounts
Net sales

136,137

107,183

Cost of sales

80,684

71,863Gross profit

55,45235,320146

1,323

Selling, general and administrative expenses

42,48529,379Operating income

12,821

4,616Interest Income

13,668

14,230

Dividend income

37,995

6,904

－

－

19,40813,529

924

1,818

Other

2,065

2,084

Total other income

74,06243,01912,526

14,035－

3,497

Provision of allowance for doubtful accounts

7,018

－

Provision of allowance for investment loss
in exploration

11,120

－

84

－

7,878

82

4,085

7,493

Other

4,712

2,861

Total other expenses

47,42627,97139,457

19,664Gain on extinguishment of tie-in shares

760－

Total extraordinary income

760－

Impairment loss

5,547

－

Total extraordinary loss

5,547

－

Income before income taxes

34,671

19,664

Income taxes-current

6,149

967

Income taxes-deferred(3,692)

5,231

Total income taxes

2,456

6,199

Net income

32,214

13,465

Exploration expenses

Other income

Gain on sales of stocks of subsidiaries and affiliates
Guarantee commission received
Foreign exchange gain

Other expenses
Interest expenses
Loss on valuation of shares of investment securities

Provision for loss on business
Provision for loss on business of subsidiaries andaffiliates
Provision for loss on guarantees of subsidiaries andaffiliates

Ordinary income
Extraordinary income

Extraordinary loss

30

(3) Non-Consolidated Statement of Changes in Net Assets
For the year ended March 31, 2019
(Millions of yen)
Shareholders' equity
Capital Surplus
Commonstock

Balance at the beginningof the period

290,809

Retained earnings

Other retained earnings
Reserve forLegal capital Total capital advanced Reserve forMine
surplussurplusdepreciation
specialprospectingof nondepreciation
reservecurrent assets
1,023,802

1,023,802

2,105

3,404

13,213Retainedearnings
brought
forward1,044,989

Changes during the period
Reversal of reserve for
special depreciation
Provision of mineprospecting reserve
Reversal of mineprospecting reserve(1,134)

1,134
3,769

(3,769)(7,553)

7,553

Cash dividends paid

(26,286)

Net income

32,214Purchase of treasury stock
Disposal of treasury stock
Other changes in items
other than those inshareholders' equity(net)Total changes during theperiodBalance at the end of the period

－

－

－

－

(1,134)(3,784)

10,847

290,809

1,023,802

1,023,802

2,105

2,269

9,428

1,055,837

31

Valuation, translation adjustments andothers
Total
Unrealized
Total
Unrealized
valuation, Total net assets
gain(loss)
Shareholders' holding gaintranslationfrom hedging
equityon securities
adjustments
instruments
and others

Shareholders' equity

Balance at the beginningof the period

Retainedearnings
Total
retainedearnings

Treasurystock

1,063,713(5,248)2,373,077

10,188

10,1882,383,265

Changes during the period
Reversal of reserve for
special depreciation
Provision of mineprospecting reserve
Reversal of mineprospecting reserve

－

－

－

－

－

－

－

－

－

Cash dividends paid

(26,286)(26,286)(26,286)

Net income

32,21432,21432,214

(186)

(186)

－

－

Purchase of treasury stock(186)

Disposal of treasury stock
Other changes in items
other than those inshareholders' equity(net)Total changes during theperiodBalance at the end of theperiod(7,388)－(7,388)(7,388)

5,927

(186)

5,741

(7,388)－(7,388)(1,646)

1,069,641(5,434)

2,378,819

2,800

－

2,800

2,381,619

32

For the year ended December 31, 2019
(Millions of yen)
Shareholders' equity
Capital Surplus

Retained earnings
Other retained earnings

Commonstock

Balance at the beginningof the period

290,809

Reserve forLegal capital Total capital advanced Reserve forMine
surplussurplusdepreciation
specialprospectingof nondepreciation
reservecurrent assets
1,023,802

1,023,802

2,105

2,269

9,428

Retainedearnings
brought
forward1,055,837

Changes during the period
Reversal of reserve for
special depreciation
Provision of mineprospecting reserve
Reversal of mineprospecting reserve

(851)

851
－
(1,371)

1,371

Cash dividends paid

(39,429)

Net income

13,465Purchase of treasury stock
Disposal of treasury stock
Other changes in items
other than those inshareholders' equity(net)Total changes during theperiodBalance at the end of the period

－

－

－

－

(851)

(1,371)(23,741)

290,809

1,023,802

1,023,802

2,105

1,418

8,057

1,032,095

33

Valuation, translation adjustments andothers
Total
Unrealized
Total
Unrealized
valuation, Total net assets
gain(loss)
Shareholders' holding gaintranslationfrom hedging
equityon securities
adjustments
instruments
and others

Shareholders' equity

Balance at the beginningof the period

Retainedearnings
Total
retainedearnings

Treasurystock

1,069,641(5,434)

2,378,819

2,800

－

2,800

2,381,619

Changes during the period
Reversal of reserve for
special depreciation
Provision of mineprospecting reserve
Reversal of mineprospecting reserve

－

－

－

－

－

－

－

－

－

Cash dividends paid

(39,429)(39,429)(39,429)

Net income

13,465

13,465

13,465－－2

2

Purchase of treasury stock
Disposal of treasury stock
Other changes in items
other than those inshareholders' equity(net)Total changes during theperiodBalance at the end of theperiod

2

2,684

(192)

2,491

2,491

(25,964)2(25,961)

2,684

(192)

2,491

(23,469)

1,043,677(5,432)

2,352,857

5,484

(192)

5,292

2,358,149

34

(4) Notes to Non-Consolidated Financial Statements(Conditions or events that indicate there could be substantial doubt about the Company's ability to continue as a going concern)
None

35

5. Other(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
Segment

Category
Crude oil
Natural gas

Japan

Subtotal

For the nine months ended
December 31, 2018
0.9 MMbbls(3.4 Mbbls per day)
35.8 Bcf(130.2 MMcf per day)
7.7 MMboe(27.8 Mboe per day)For the year ended
December 31, 2019
0.9 MMbbls(3.1 Mbbls per day)32.6 Bcf(118.6 MMcf per day)
7.0 MMboe(25.4 Mboe per day)

416.1 tons

376.1 tons

148.3 million kWh

151.7 million kWh

3.2 MMbbls(11.6 Mbbls per day)69.3 Bcf(251.8 MMcf per day)15.2 MMboe(55.4 Mboe per day)13.1 MMbbls(47.7 Mbbls per day)
280.4 Bcf
(1,019.7 MMcf per day)
66.8 MMboe(243.0 Mboe per day)

323.7 million kWh286.9 million kWh12.7 MMbbls(46.1 Mbbls per day)
7.4 Bcf(27.0 MMcf per day)14.0 MMboe(50.9 Mboe per day)13.1 MMbbls(47.7 Mbbls per day)
6.7 Bcf(24.5 MMcf per day)14.3 MMboe(52.1Mboe per day)63.6 Mtons

64.8 Mtons

64.0 MMbbls(232.7 Mbbls per day)
0.9 MMbbls(3.3 Mbbls per day)25.8 Bcf(93.7 MMcf per day)
5.5 MMboe(20.1 Mboe per day)81.7 MMbbls(297.1 Mbbls per day)
138.3 Bcf
(502.7 MMcf per day)
106.4 MMboe(386.9 Mboe per day)

67.3 MMbbls(244.6 Mbbls per day)
2.5 MMbbls(9.2 Mbbls per day)17.5 Bcf(63.6 MMcf per day)
5.8 MMboe(21.0 Mboe per day)
96.9 MMbbls(352.4 Mbbls per day)
337.3 Bcf
(1,226.4 MMcf per day)
161.2 MMboe(586.2 Mboe per day)

416.1 tons

376.1 tons

472.0 million kWh

438.6 million kWh63.6 Mtons

64.8 Mtons

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

Total

Subtotal
IodineElectric power generation
SulfurNote:1. The volume of LPG produced overseas is included in 'Crude oil'.
2. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
3. The production by the Company's affiliates accounted for by the equity method is included in the figures above.
Also the production volume is a result from April 1 to December 31 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 92.3 MMbbls (335.5 Mbbls per day) of crude oil,
149.4 Bcf (543.1 MMcf per day) of natural gas, and in total 118.9 MMboe (432.4 Mboe per day) for the nine months ended December 31, 2018, and107.7 MMbbls (391.5 Mbbls per day) of crude oil, 348.9 Bcf (1,268.6 MMcf per day) of natural gas, and in total 174.0 MMboe (632.9 Mboe per day)for the year ended December 31, 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.

36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 oil589 Mbbls

5,077

499 Mbbls

3,647

Natural gas(excluding LPG)

57,097 MMcf

79,02456,242 MMcf

80,2823 Mbbls

24

3 Mbbls

16

Japan

LPG

Asia & Oceania

Other12,106

13,092

Subtotal

96,232

97,038Crude oil

3,278 Mbbls

25,00314,008 Mbbls

101,577

Natural gas(excluding LPG)

58,181 MMcf

28,939262,903 MMcf

136,237

LPG

200 Mbbls

1,202

409 Mbbls

3,112

Subtotal

Eurasia(Europe & NIS)

55,145240,927

Crude oil

11,167 Mbbls

86,833

11,272 Mbbls

77,867Natural gas(excluding LPG)

7,424 MMcf

1,462

6,720 MMcf

1,412

Middle East & Africa

Americas(Millions of yen)
For the year ended
December 31, 2019
Sales volume
Net sales

Corresponding Period of thePrevious Fiscal Year *2
Sales volume
Net sales

Other

143

(225)

Subtotal

88,43979,054Crude oil

69,175 Mbbls

552,063

79,147 Mbbls

569,166

Crude oil

930 Mbbls

6,198

2,024 Mbbls

11,781Natural gas(excluding LPG)

35,223 MMcf

2,110

19,317 MMcf

2,038

Subtotal

8,308

13,819Crude oil

85,138 Mbbls

675,177

106,950 Mbbls

764,039Natural gas(excluding LPG)

157,925 MMcf

111,537

345,182 MMcf

219,970

203 Mbbls

1,226

412 Mbbls

3,128

Total

LPG
Other

12,24912,867

Total

800,191

1,000,005

Note: 1. The above amounts do not include the related consumption tax.
2. "Corresponding period of the previous fiscal year" is from April 1, 2018 to December 31, 2018 for the Company and its subsidiaries (including thosewith provisional settlements of accounts) whose former fiscal years ended at March 31, or from January 1, 2018 to December 31, 2018 for thesubsidiaries whose fiscal years ended at December 31.
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.

For the year ended December 31, 2019
CustomerAmount(Millions of yen)

Ratio
(%)

Shell International Eastern Trading Company

124,787

12.5

Ichthys LNG Pty Ltd

110,689

11.1

JXTG Nippon Oil & Energy Corporation

108,49610.8

37