Financial Results for the six months ended June 30, 2024

INPEX CORPORATION (Securities Code:1605)
August 8, 2024

Agenda1. Business Overview

2. Progress Update for “Sustainable Growth of Corporate Value”

Takayuki Ueda
Representative Director, President & CEO

Consolidated Financial Results
3. for the six months ended June 30, 2024

Consolidated Financial Forecasts
4. for the year ending December 31, 2024

Daisuke Yamada
Director, Senior Managing Executive Officer,
Finance & Accounting

Cautionary Statement
This presentation includes forward-looking information that reflects the plans and expectations of the Company. Such forward-looking
information is based on the current assumptions and judgments of the Company in light of the information currently available to it, andinvolves known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Company’s
performance, achievements or financial position to be materially different from any future results, performance, achievements or financial
position expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, without limitation:
Price volatility and change in demand in crude oil and natural gas
Foreign exchange rate volatility
Change in costs and other expenses pertaining to exploration, development and production

The Company undertakes no obligation to publicly update or revise the disclosure of information in this presentation (including forwardlooking information) after the date of this presentation.

2

1. Business Overview

Takayuki Ueda
Representative Director, President & CEO
3

Second Quarter Results Highlights

Under Current External
Environment(Oil price, Forex etc.)
Increased Full-year Forecasts
YoY

Highest Dividend & Buyback
HistoricallyProfit attributable to owners of parent(2Q results)

Profit attributable to owners of parent(Full-year forecasts)¥212.5 billion¥360.0 billion

First Half (Actual)
Brent oil price $83.4/bbl
Exchange rate ¥152.4/US$

Second Half (Assumptions)
Brent oil price $76.6/bbl (3Q $79.0, 4Q $74.2)
Exchange rate ¥143.6/US$ (Closing fx ¥140.0)（11.9% increase YoY)

Full-year (Assumptions)
Brent oil price $80.0/bbl
Exchange rate ¥148.0/US$

Annual Dividend

Share Buyback¥86 per share¥130 billion（12 yen increase YoY)

（Additional ¥80 billion announced today)(Resulting in ¥30 billion increase YoY)

(forecast)4

Business Activities in FY2024 – Oil and Gas Business –First half of FY2024•
Ichthys LNG(Australia)

Producing
Projects

Offshore Oil Fields &Onshore Concession(Abu Dhabi)

Exploration
Projects••

Participating interest increased from 66.245% to67.82%
Conducted stable production operations overall,shipped 66 LNG cargoes
First half profit contribution of 150.0 billion yen•

Continue to conduct stable operations and production capacity increase•

Commenced oil production at the newly
constructed Azeri Central East production
platform in ACG field•

Others

Pre-FID
Projects

Second half of FY2024 (planned)•••

The train restarted operations following a production loss
event in July, the production rate is largely back on track
Forecasted profit contribution of about 85.0 billion yen for thesecond half and about 235.0 billion yen for the full year

Continue evaluation of the potential development of
discovered but undeveloped oil and gas fields in Norway
Succession of INPEX’s domestic oil and natural gas business etc.
to the newly established subsidiary, INPEX JAPAN to promote
the business more flexibly and efficiently•

Continue activities and preparation for FEED commencement and FID
 Onshore and offshore geophysical & geotechnical surveys (commenced)
 Tender for FEED execution (commenced)

Vicinity of the Ichthys Field(Australia)••

Continue evaluations for AC/RL7 (Cash Maple) and other blocks
Conducted a 3D-seismic survey in AC/P66. Continue 3D-seismic survey data processing

Onshore Block 4(Abu Dhabi)•

Conduct exploratory and appraisal drilling and evaluation of potential development and production in the next phase•

Discovered oil and gas deposits at Offshore Block
PL636 in Norway
Signed PSC for Block SK510 (exploration block) in
Malaysia

Abadi LNG
(Indonesia)

Others••Considering new bids to acquire new exploration licenses in
Norway5

Business Activities in FY2024 – 5 Net Zero Businesses –First half of FY2024

Second half of FY2024 (planned)

Hydrogen & Ammonia• Construction of surface facilities for for Blue Hydrogen/Ammonia Project in Kashiwazaki City, Niigata Prefecture, Japan
proceeding as planned. Continue with the construction work aiming to commence demonstration operation in August 2025
• Commenced Pre-FEED for large-scale, low-carbon ammonia production and export project on the Houston Ship Channel in
Texas. Aiming to transition to FEED.

CCS・CCUS• Conducted 3D-seismic survey and data processing in GHG assessment permit (G-7-AP) in Bonaparte CCS project. Continue to
conduct 3D-seismic data processing and conduct appraisal drilling• “Tokyo Metropolitan Area CCS Project” and “Tohoku Region West Coast CCS Initiative” selected by JOGMEC for the 2ndphase of Japanese Advanced CCS projects. Planning to implement preparation for exploratory drilling and FEED for onshore
facilities.

Renewable Energy• Reached FID on Quorn Park solar power and battery
project, the first investment of its kind after the acquisitionof shares in EGPA

• Continue with the commissioning of the Gigarre solar
power project that are under construction by EGPA in
Australia, aiming to commence operations in the early2025. Proceed with development of various potential
projects

Carbon Recycling & New
Business• Construction of CO2-methanation test facilities capable of producing 400 normal cubic meters of methane per hour in Niigata,Japan steadily underway, aiming to commence commissioning in the early 2026

Forest Conservation &Other• Implementation of activities to acquire and generate new forestation credits• Marketing of carbon offset products including gas and jet fuel6

2. Progress Update for “Sustainable Growth of Corporate Value”

Takayuki Ueda
Representative Director, President & CEO
7

Progress Update for “Sustainable Growth of Corporate Value”
Various initiatives conducted after the announcement of “Sustainable Growth of Corporate Value” in August 2023
Our initiatives

Our analysis on factors leading to the discountRoom for improved profitability
Risk of assets being stranded
Uncertainty concerning shareholder returns



Improving capital efficiency
Growth initiatives to gain market confidence
Stronger shareholder returns and deeper dialogue with investorsShare Price and P/B
4,5 00Financial Results

Share Price (yen/share)

1.3 0

3,948

BPS (yen/share)
4,0 00P/B (times)

1.1 0

3,345

3,5 002,253

2,5 001,874

2,0 00

1,5 00

0.44

0.48

0.30

906.0

0.9 0

0.60

0.57

2,367

0.7 0

586.8
461.0

0.5 0

1,904

349.2
0.3 0

1,396

1,0 001,068.7(Billions of yen)

2,880

3,0 00

Profit attributable to owners of parent
Cash flow from operations before exploration
investment inc. Ichthys downstream IJV
1,061.6

1,002

0.1 0

500

556
0

360.0

321.7

223.0
-111.6-0.10

2020/122021/12JGAAP

2022/122023/122024/6
IFRS

2020/122021/12JGAAP

2022/122023/12IFRS

2024/12(forecast)8

Progress Update for “Sustainable Growth of Corporate Value”

Stronger shareholder returns
and deeper dialogue with investors

Growth initiatives
to gain market confidence

Improving capital efficiency

 Steady Growth in Profit

 Introduction of ROIC and ROIC by Segment• Introduced ROIC as management KPI in August 2023. Disclosed ROIC by
segment in November 2023 at INPEX Investor Day.
• Achieved a ROIC above WACC in FY2023. Forecasting FY2024 ROIC to be
7.5%.
• With ROE and cost of equity in mind, aiming to achieve a ROIC above WACC
in each of the business areas
ROE & ROIC
13.5%

16. 0%

14. 0%

12. 0%

10. 0%

ROE

8.4%

7.6%
9.4%

4.0 %

1.6%

2.0 %

5.0%

0.0 %

-2.0%

-3.9%

-4.0%

7.5%

As of Dec 2023
Cost of Equity 8.8%
WACC 6.4%-6.0%

2020/122021/12JGAAP

2022/12• Production cost* of US$5.6/boe forecasted for
FY2024, maintaining similar level as the previous
fiscal year despite the inflationary environment

8.4%

8.0%

6.0 %

 Cost Reduction*Average production cost per boe produced (excluding royalty)

ROIC

8.0 %

• 360.0 billion yen profit, an increase of +11.9% YoY,
forecasted for FY2024

2023/122024/12（Forecast）

IFRS Capital Management• Stronger shareholder returns (Rf. page 12)• Appropriately controlling leverage so that the
net D/E ratio remains largely within the range of
0.3 to 0.5• Net D/E ratio of 0.33 forecasted for FY2024 year
end (Rf. Page18)
9

Progress Update for “Sustainable Growth of Corporate Value”
Improving capital efficiency

 Growth of oil & gas business••

Ichthys LNG（In operation）••

Abadi LNG
（Pre-FID）•••

Continue stable operations
Aim to achieve LNG production volume of 9.3 mtpa
(facility capacity already established)
Acquire stakes in the vicinity to strengthen earnings
base
Continue evaluation of 3rd train expansion targetingstart-up in the 2030s
Solid natural gas demand expected in Asia
Aim to achieve IRR in the mid-10% range
Preparatory works such as surveys underway toward
production start in around 2030

 Turning renewable energy business into a stable income source••

Stronger shareholder returns
株主還元・投資家との対話の強化
and deeper dialogue with investors

Growth initiatives
to gain market confidence

Reached FID on Quorn Park solar power and battery project, the firstinvestment of its kind after the acquisition of shares in EGPA
While continuing to be involved in the operations of the existing assets
held by EGPA, select and develop new assets with high profitability
with aim to further increase the power generation capacity

 Implementing CCS to reduce the risk of stranded oil & gas assets
•
•

•
•

Conduct 3D seismic survey and drilling in the GHG assessment permit to
implement CCS
Aim to contribute to the Darwin-based CCUS Hub proposed by the Northern
Territory Government having in view a potential to import CO2 from Japan

Plan to reduce 100% native CO2 (CO2 from reservoir) with CCS
Potential plan to make it a CCS hub

 Capturing future growth opportunities in CCS & hydrogen etc.
•

Aim to start operations by around 2030 while gaining government support
 Low-carbon ammonia project at the port of Houston, Texas
 Tokyo Metropolitan Area CCS Project and Tohoku Region West Coast CCS
Initiative etc.

10Progress Update for “Sustainable Growth of Corporate Value”
Stronger shareholder returns
and deeper dialogue with investors

Growth initiatives
to gain market confidence

Improving capital efficiency

Stronger shareholder returns
Increasing shareholder returns

Shareholder returns for FY2022-2024
Approx. 630

700（Billions of yen）
600

250 .0

500
400
300
200

200

More thantripleDPS

Dividends (billion yen)
Share Buybacks (billion yen)
Total Payout Ratio*1(%)
61.9

60.6

Approx. 65

70

60

200 .044.1
120

150 .0

100

130

50

40

100

Planned shareholder returns for
FY2022-2024 in the MTP•

70100 .0

0

Actual shareholder returns for
FY2022-2024 incl. FY2024 forecast*

20

50. 0

Significantly enhancing shareholder returns beyond the initial plan in theMedium-term Business Plan (Rf. Page 25-26 for details on cash allocation).
* Actual shareholder returns for fiscal years 2022 and 2023, plus forecasted shareholder returns for fiscal year 2024.



Deeper Dialogue with Institutional Investors

•
•
•
•
•

Conducted Investor Day
Enhanced engagement between investors and top management
Actively participated in domestic and overseas conferences
Resumed overseas road shows (held online during COVID)
Conducted overseas facility tour

30

24 yen48 yen62 yen74 yen86 yen

35.0

68.0

83.4

94.9

105.0

2020/12*2

2021/122022/122023/122024/120

0.0*1 Total payout ratios for FY2023/12 and FY2024/12 are based on IFRS.
*2 The total payout ratio for FY2020/12 is N/A due to net loss.



*

10

(forecast）

Enhanced IR for Individual Investors• Actively held individual investor briefings (including online)• Conducted domestic facility tours

11

FY2024 Shareholder Returns
FY2023
ActualFY2024Previous forecast（May 14, 2024）

FY2024
Revised forecast（August 8, 2024）

DPS (Dividend per Share)

74 yen76 yen86 yenTotal Amount of Dividends

94.9 billion yen

Approx. 94.0 billion yen*2

Approx. 105.0 billion yen*2

Share Buybacks

100.0 billion yen

50.0 billion yen

130.0 billion yen(Including 80.0 billion yen
announced today)

Total Amount of Shareholder Returns

194.9 billion yen

Approx. 144.0 billion yen

Approx. 235.0 billion yen

60.6%*1

Approx. 40%

Approx. 65%

Total Payout Ratio (%)*1 Based on IFRS. (52.5% based on JGAAP)*2 Forecasted total amount of dividends takes into account the number of shares to be acquired through buybacks.



Based on the recognition of the discounted nature of recent share price, “Sustainable Growth of Corporate Value” initiative announced in August
2023, and in view of the steady FY2024 financial forecast, INPEX resolved an additional share buyback and a substantial increase in DPS forecast.
Both the total amount of annual share buybacks and DPS are at the highest-ever.
123. Consolidated Financial Results for the six months ended June 30, 2024

Daisuke Yamada
Director, Senior Managing Executive Officer,
Finance & Accounting
13

Highlights of the Consolidated Financial Results for the six months ended June 30, 2024

2Q FY2023

2Q FY2024

Change% Change

Average crude oil price (Brent) ($/bbl)

79.91

83.42

3.50

4.4%

Average exchange rate (¥/$)

134.99152.3617.37 yendepreciation

12.9%
depreciation

Revenue (Billions of yen)

1,078.9

1,190.8

111.8

10.4%

Operating profit (Billions of yen)

607.2

700.0

92.8

15.3%

Profit before tax (Billions of yen)

709.5

713.2

3.7

0.5%

Profit attributable to owners of parent (Billions of yen)

248.4

212.5

(35.9)(14.5%)

Basic earnings per share* (Yen)

190.27169.26(21.01)(11.0%)* Average number of INPEX shares issued and outstanding during the six months ended June 30, 2023: 1,306,002,898 shares

Average number of INPEX shares issued and outstanding during the six months ended June 30, 2024: 1,255,990,910 shares

14Revenue by Major Products
Analysis of Revenue

Revenue, Sales Volume, Unit Price and Exchange Rate

Crude OilNatural Gas(excluding LPG)

* 1m3=41.8605MJ

2Q FY2023

2Q FY2024

Change% Change

Revenue(Billions of yen)

766.5

892.1

125.6

16.4%

Sales volume(thousand bbl)

69,701

70,635934

1.3%

Average unit price ofoverseas sales ($/bbl)

81.44

82.92

1.48

1.8%

Average exchange rate(¥/$)

135.04152.3417.30 yendepreciation

12.8%
depreciation

Revenue(Billions of yen)

296.5

281.3

(15.1)(5.1%)

Sales volume(million cf)

249,555

258,874

9,319

3.7%

Average unit price ofoverseas sales($/thousand cf)

6.02

5.61

(0.41)(6.8%)

Average unit price ofdomestic sales (¥/m3)

102.1876.74(25.44)(24.9%)

Average exchange rate(¥/$)

134.88152.6517.77 yendepreciation

13.2%
depreciation(Billions of yen)

Crude Oil

+125.6

892.1

766.5

2Q FY2023

Increase in
sales
volumeNatural Gas (excluding LPG)

Increase inunit priceExchangerate(15.1)

296.5

2Q FY2023

2Q FY2024

281.3

Increase in
sales
volumeDecrease inunit priceExchangerate

2Q FY202415

Analysis of Results of Profit attributable to owners of parent(2Q FY2023 vs. 2Q FY2024)(35.9)(Billions of yen)

One-off factors*3 +8.4

Business activities factors*2 (44.3)
Increase in exploration expenses in Australia, etc.
Increase in research and development expenses, etc.

Gain on sale ofcertain renewableenergy project asset
in Southeast Asia

Increase in depreciation and royalty expenses related to crude oil, etc.

248.4

2Q FY2023
Profitattributable toowners of parent*1

Ichthys downstream IJV, etc.

・Increase in sales volume: +20.2(crude oil: +10.2, natural gas: +9.9)
・Decrease in unit price: (33.5)(Crude oil: +14.3, Natural gas: (47.8))
・Exchange rate: +123.7(Crude oil: +101.0, Natural gas: +22.6)
・Other: +1.3

Increase inrevenue

Increase incost of sales

Incorporation of foreignexchange gain fromabsorption-type mergerof certain subsidiary

212.5

Increase in tax expense due to higher crude oilrevenue and income, etc.

Increase in
Exploration
expenses

Increase in
SG&A

Share of profit ofinvestments
accounted for using
equity method

Other income(expenses)

Income tax
expense*1 For the convenience of analyzing factors that cause changes in profit attributable to owners of parent, the items in the Consolidated Statements of Profit or Loss are rearranged and aggregated.
*2 With regard to business activities factors, impacts on Income tax expense are listed separately, and impacts on profit attributable to non-controlling interests are included in other income (expenses).
*3 With regard to one-off factors, impacts on tax expense and profit attributable to non-controlling interests are included in each item.

Divestment

Absorptiontype merger

2Q FY2024
Profitattributable toowners of parent*1

16

4. Consolidated Financial Forecasts for the year ending December 31, 2024

Daisuke Yamada
Director, Senior Managing Executive Officer,
Finance & Accounting
17

Consolidated Financial Forecasts for the year ending December 31, 2024
Full Year *1*2

Revised Forecasts(August 8,2024)

Change% Change

Average crude oil price (Brent) ($/bbl)

80.0

80.0

-

-

Average exchange rate (¥/$)

145.0

148.0

3 yen
Depreciation

2.1%
Depreciation

Revenue (Billions of Yen)

2,178

2,254

76

3.5%

Operating profit (Billions of Yen)

1,210

1,249

39

3.2%

Profit before tax (Billions of Yen)

1,241

1,282

41

3.3%

Profit attributable to owners of parent (Billions of Yen)

360

360

-

-

ROIC (%)

7.5

7.5

-

-

ROE (%)

8.4

8.4

-

-

Net debt/equity ratio *2

0.30

0.33

0.03

10.0%

*Includes Ichthys downstream IJV and differs from institutional accounting basis*1

Previous Forecasts(May 14,2024)

Actual results for the first half and the forecast for the second half for FY2024 are referred on page 24.
The formula has been changed as follows.
(Before) {Debt -(Cash and deposits + Securities within 3 months + Securities over 3 months)}/Equity(After) {Debt + Lease liabilities -(Cash and deposits + Securities within 3 months)} /Equity

18

FY2024 Financial Forecasts
Analysis of Change in Profit Forecasts (Previous vs. Revised)(Billions of yen)

+1.8

+7.2
(4.0)

(US$/bbl)
・Previous 80.0
・Revised 80.0

Other factors+8.2

Business activities factors(17.2)

Market factors+9.0(14.2)(yen/US$)・Previous 145.0
・Revised 148.0
Increase in exploration costs inAustralia, etc.

+1.0

+2.0

Updated tax costs related to
optimization of subsidiaryorganizational structure+6.2

Incorporation of foreignexchange gain fromabsorption-type mergerof the subsidiary, etc.

Temporary production loss
event at Ichthys, etc.

360.0

Profitattributable toowners of parent(Previous forecasts
May 14, 2024)

360.0

Impact fromcrude oilprice

Impact fromexchangerate

Project
factors

Exploration
expenses

SG&A

Taxes

OthersProfitattributable toowners of parent(Revised forecasts
August 8, 2024)

19

FY2024 Financial Forecasts
Cash Flow*1
1. FY2022
Actual2. FY2023
ActualFY2024Previous
Forecasts(May 14, 2024)(Billions of Yen)

3. FY2024
Revised
Forecasts(August 8, 2024)

FY2022-2024
in total(1.+2.+3.)

Cash Flow from Operations before exploration investment

1,061.6

1,068.7

844.0

906.0

3,036.3

Cash Flow from Investment (inclusive of exploration investment)(377.8)(578.9)(422.0)(388.0)(1,344.7)

Growth Investment(336.1)(333.6)(658.0)(555.0)(1,224.7)

Development expenditure (Oil & Gas Business)(279.4)(229.6)(577.0)(468.0)(977.0)Development expenditure (5 Net Zero Business)(81.8)(78.9)(15.0)(15.0)(175.7)

Exploration expenditure (Oil & Gas Business, inclusive of some 5 Net Zero Business)(30.4)(44.6)(78.0)(84.0)(159.0)

55.5

19.4

12.0

12.0

86.9

(41.7)(245.3)

236.0

167.0

(120.0)Free Cash Flow

683.8

489.8

422.0

518.0

1,691.6

Financial Cash Flow

(634.6)(563.9)(429.0)(525.0)(1,723.5)(201.5)*3(190.1)*3(144.0)(230.0)*3(621.6)

284.6

207.1

200.0

200.0

-

Others (inclusive of divestment of interests, etc.)
Others (purchase and disposal of investment securities, etc.)

Shareholder Returns
Cash and cash equivalents at end of the year*2*1 Including cash flow of Ichthys downstream IJV (Ichthys LNG Pty Ltd), a joint venture.
*2 Cash and cash equivalents indicate cash, deposits and securities within 3 months. (Change applies from FY2024 revised forecasts (August 8,2024) and onwards)*3 FY2022: FY2021 year end dividend (28 yen) + FY2022 interim dividend (30 yen) + buybacks
FY2023: FY2022 year end dividend (32 yen) + FY2023 interim dividend (37 yen) + buybacks
FY2024: FY2023 year end dividend (37 yen) + FY2024 interim dividend (43 yen) + buybacks (forecasts)

20

FY2024 Financial Forecasts
ROIC by Segment*(%)

FY2023
ActualFY2024Previous Forecasts(May 14, 2024)

FY2024
Revised Forecasts(August 8, 2024)

ChangeO&G Japan

17.8

7.0

7.4

0.4

O&G Overseas Ichthys

8.8

7.5

7.1

(0.4)

O&G Overseas Others

8.1

11.8

12.6

0.8

Others1.5(10.1)(7.1)

3.0

Renewable Energy

(2.3)

(1.8)

(1.5)

0.3

Hydrogen and CCUS

-

-

-

8.4

7.5

7.5

Consolidated financial statements* Invested capital and adjusted profit for each of the segments are referred on page 27.

(0.0)

21

Appendix

22

Progress against Medium-term Business Plan 2022-2024
FY2022(Actual)FY2023(Actual)2Q FY2024(Actual)FY2024(Forecast)

FY2024 MTP Targets

Assumptions
Management Targets

Brent Oil Price (US$ per barrel)

99.04

82.17

83.42

80.0

60

70

Exchange rate (JPY/US$)

131.64140.66152.36

148.0

110

110

¥461.0 billion¥321.7 billion¥212.5 billion¥360.0 billion¥170.0 billion¥240.0 billion¥1,061.6 billion¥1,068.7 billion¥543.4 billion¥906.0 billion¥600.0 billion¥700.0 billion

13.5%

8.0%

8.4%

Around 6.0%

Around 8.0％

0.46

0.31

0.34*20.33*20.5 or less

0.5 or less

622 thousand

630 thousand

662 thousand

645 thousand

US$5.8

US$5.6

US$4.9

US$5.628kg/boe

28kg/boe

Profit attributable to owners of parent *1(Net income attributable to owners of parent for FY2022)

Operating cashflow before exploration *1(Includes Ichthys downstream IJV and differs frominstitutional accounting basis)ROE *1
Net debt/equity ratio *1(Includes Ichthys downstream IJV and differs frominstitutional accounting basis)

Net production volume (boed)Business Targets

Production cost per barrel(excluding royalties)
Net Carbon Intensity{ (equity share emissions volume (Scope 1＋2) - offset) / (netproduction volume of upstream oil & gas business +electricity generated using renewable energy)}

Safety28kg/boe

Level exceeding 700 thousand boed
Reduction towards US$5 per barrel or
below
Reduction of 10% (4.1kg/boe) or more
over a 3-year period towards 2030
target2030 target: Reduction of 2019 net carbon intensity(41.1kg/boe) by over 30%

Zero major
accidents*1 FY2022 figures are based on JGAAP. FY2023 and FY2024 figures are based on IFRS.
*2 The formula has been changed as follows. . (Change applies from FY2024 and onwards)(Before) {Debt -(Cash and deposits + Securities within 3 months + Securities over 3 months)}/Equity(After) {Debt + Lease liabilities -(Cash and deposits + Securities within 3 months)} /Equity

Zero major
accidents

Zero major
accidents

Aim to achieve
zero major accidents

Zero major accidents

Fatalities, major leaks and serious injuries, etc.
at INPEX-operated projects

23

Consolidated Financial Forecasts for the year ending December 31, 2024
First Half Results and Second Half Forecasts

First halfPrevious
Forecasts(May 14,2024)

2Q Results(August 8,2024)

Change% Change

Average crude oil price(Brent) ($/bbl)

82.5

83.42

0.92

Average exchange rate
(¥/$)

148.0

152.36

Depreciation

Depreciation

Revenue(Billions of Yen)

1,150.0

1,190.8

40.8

3.5%

Operating profit(Billions of Yen)

666.0

700.0

34.0

Profit before tax(Billions of Yen)

678.0

713.2

Profit attributable toowners of parent(Billions of Yen)

205.0

212.5

Second half
(Reference information)

Previous
Forecasts(May 14,2024)

Revised
Forecasts

Change% Change(1.2%)(August 8,2024)

Average crude oil price(Brent) ($/bbl)

77.5

76.6

(0.9)

Average exchange rate
(¥/$)

142.0

143.6

Depreciation

Depreciation

Revenue(Billions of Yen)

1,028.0

1,063.2

35.2

3.4%

5.1%

Operating profit(Billions of Yen)

544.0

549.0

5.0

0.9%

35.2

5.2%

Profit before tax(Billions of Yen)

563.0

568.8

5.8

1.0%

7.5

3.7%

Profit attributable toowners of parent(Billions of Yen)

155.0

147.5

(7.5)

(4.8%)

4.36 yen

1.2%

2.9%

1.6 yen

1.1%

24

Progress against Medium-term Business Plan 2022-2024
Cash Allocation(Billions of yen)

Expected cash allocation for 2022-2024 (3-year period)
Assumptions: Inclusive of Ichthys downstream IJV, exchange Rate of ¥110/US$+US$10/bbl

About 2,100+300

US$60/bbl

Revenue* Refer next page for yearly breakdown of cash allocation.

1. Debt reduction etc.
About 1,190

300
1. Debt reduction
About 500

Operatingcash flow
beforeexploration
About 1,800

Cash allocation for 2022-2024 (3-year period)*

Assumptions: Inclusive of Ichthys downstream IJV, FY2024 figures are forecasts
Brent oil price (3-year average): $87.1
Exchange rate (3-year average): ¥140.1/US$

2. SH returns
About 200

Operatingcash flow
beforeexploration
About 3,040

2. SH returns
About 620

3. Growth
Investment
About 1,100

3. Growth
Investment
About 1,230

5 Net Zero Businesses
About 200

5 Net Zero Businesses
About 180

Expenditure

Revenue

Expenditure25Cash Allocation of Operating Cash Flow before Exploration*1（Billions of yen）

FY2023 Actual

FY2022 Actual

Brent oil price $99.0
Exchange rate ¥131.6/US$

Brent oil price $82.2
Exchange rate ¥140.7/US$

Debt
Reduction etc.*2
524.0
Cash Flow before
Exploration
1,061.6

Revenue

1,068.7

Shareholder
Returns*3
190.1

GrowthInvestment
336.1

GrowthInvestment
333.6

5 Net Zero Businesses
81.8

5 Net Zero Businesses
78.9

Expenditure

Assumptions:
Brent oil price $80.0
Exchange rate ¥148.0/US$

Debt
Reduction etc.*2
121.0

Debt
Reduction etc.*2
545.0
Cash Flow before
Exploration

Shareholder
Returns*3
201.5

FY2024 Forecast

Revenue*1 Including cashflow of Ichthys downstream IJV (Ichthys LNG Pty Ltd), a joint venture.
*2 Including increase/decrease of cash and deposits etc.
*3 FY2022: FY2021 year end dividend (28 yen) + FY2022 interim dividend (30 yen) + buybacks
FY2023: FY2022 year end dividend (32 yen) + FY2023 interim dividend (37 yen) + buybacks
FY2024: FY2023 year end dividend (37 yen) + FY2024 interim dividend (43 yen) + buybacks (forecasts)

Expenditure

Shareholder
Returns*3
230.0

Cash Flow before
Exploration
906.0

GrowthInvestment
555.0

5 Net Zero Businesses
15.0

Revenue

Expenditure26

FY2024 Invested Capital and Adjusted Profit by Segment
Previous Forecasts(May 14, 2024)(Billions of Yen)
O&G Japan

O&G Overseas Ichthys

O&G Overseas Other

Other

Renewable Energy
Hydrogen and CCUS

(inclusive of R&D expenses etc.)

Consolidated financial statements

Revised Forecasts(August 8, 2024)

ChangeInvested Capital*1

237.0

238.8

1.8

Adjusted Profit*2

16.5

17.7

1.2

Invested Capital*1

4,077.7

4,120.3

42.6

Adjusted Profit*2

304.4

290.7

(13.7)

Invested Capital*1

1,349.4

1,357.0

7.6

Adjusted Profit*2

159.5

170.7

11.2

Invested Capital*1

134.6

133.4

(1.3)

Adjusted Profit*2(13.6)(9.4)

4.2

Invested Capital*1

141.0

146.7

5.7

Adjusted Profit*2

(2.6)

(2.2)

0.4

Invested Capital*1

-

-

-

Adjusted Profit*2(18.0)(16.7)

1.3

Invested Capital*1

6,292.2

6,304.4

12.2

Adjusted Profit*2

474.7

474.9

0.2

*1 Invested capital : Annual average of the total of capital stock, interest-bearing liabilities as recorded in consolidated financial statements and project finance of the Ichthys downstream IJV.
*2 Adjusted profit : Profit before deduction of interest payments, impairment loss etc., non-controlling shareholder profit/loss.

27

Ichthys Project
Cargoes Shipped by Product Type
2018

2019

2020

2021

2022

2023

11

104

122

117

112

129

1

19

22

21

21

23

4

29

34

32

29

29

2

27

34

32

30

34

LNG
Plant Condensate（Onshore）
Field Condensate（Offshore）
LPG

FY2024January

February

March

April

May

June

July

August

LNG

10

12

12

10

11

11

10

-

-

-

-

-

76

Plant Condensate（Onshore）

2

2

2

2

2

2

2

-

-

-

-

-

14

Field Condensate（Offshore）

3

2

3

3

2

3

2

-

-

-

-

-

18

LPG

3

2

4

2

3

3

3

-

-

-

-

-

20

September OctoberNovember December

Total

28

Statement of Financial Position(Billions of yen)

December 2023

June 2024

Change% Change

Current assets

838.4

1,119.9

281.4

33.6%

5,901.0

6,645.7

744.6

12.6%

3,601.5

3,988.6

387.0

10.7%

751.9

947.2

195.3

26.0%

1,306.5

1,448.2

141.7

10.8%

6,739.4

7,765.6

1,026.1

15.2%

572.2

778.0

205.8

36.0%

Non-current liabilities

1,668.2

1,743.9

75.6

4.5%

Equity4,499.0

5,243.6

744.6

16.6%

694.9

1,275.6

580.6

83.5%

141.82161.14

19.32

13.6%

289.9

316.5

26.6

9.2%

Total liabilities and equity

6,739.4

7,765.6

1,026.1

15.2%

Equity attributable to owners of parent per share (Yen)

3,345.22

3,948.66

603.4418.0%

Non-current assets(Oil and gas assets)(Investments accounted for using equity method)(Loans receivable)
Total assets
Current liabilities(Exchange differences on translation of foreign operation)
Closing exchange rate (¥/US$)(Non-controlling interests)

Summary of financial information for Ichthys
downstream IJV, a joint venture (100% basis, including
the Company’s equity share 67.82%) is as follows:(Billions of yen)
• Current assets:• Non-current assets*:• Current liabilities:• Non-current liabilities:• Equity:

194.5
4,841.9387.9
3,493.4
1,155.1* Non-current assets include interest expenses which are notincluded in CAPEX, and capitalized costs before FID.

Of which the total of interest-bearing debt is
1,300.5 billion yen.
Adding the off-balanced interest-bearing debt of
the Ichthys downstream IJV brings the total of
INPEX net debt*1 to 1,674.1 billion yen. (Net D/E
Ratio*2 is 0.34)

Forecasts for December 2024 are as follows:• Exchange differences on translation of foreign
operation:¥655.3 billion• Closing exchange rate:¥140.0/US$*1 The formula has been changed as follows: (Change applies from this results announcement)(Before) Debt -(Cash and deposits + Securities within 3 months + Securities over 3 months)(After) Debt + Lease liabilities -(Cash and deposits + Securities within 3 months)*2 The formula has been changed as follows: (Change applies from this results announcement)(Before) {Debt -(Cash and deposits + Securities within 3 months + Securities over 3 months)}/Equity(After) {Debt + Lease liabilities -(Cash and deposits + Securities within 3 months)} /Equity

29

Statement of Profit or Loss
2Q FY2023

2Q FY2024

Change% Change

Revenue

1,078.9

1,190.8

111.8

10.4%

Increase in sales volume:+20.2

Cost of sales

Decrease in unit price:(33.5)(425.3)(473.1)(47.8)

11.2%

Exchange rate:+123.7(Billions of Yen)

Gross profit

653.6

717.6

64.0

9.8%

Exploration expenses(3.9)(49.4)(45.4)－

Selling, general and administrative expenses(50.2)(59.8)

(9.5)

19.0%

Other operating income

14.1

19.7

5.6

39.5%

Other operating expenses(12.1)(5.9)

6.2(51.4%)

5.8

77.7

71.9

－

Operating profit

607.2

700.0

92.8

15.3%

Finance income

141.4

82.8

(58.6)(41.5%)

Finance costs(39.2)(69.6)(30.4)

77.5%

Profit before tax

709.5

713.2

3.7

0.5%

Income tax expense(454.4)(502.2)(47.7)

10.5%

6.5

(1.6)

(8.1)

－

248.4

212.5

(35.9)(14.5%)

Share of profit (loss) of investments accounted for using equity method

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

Others :+1.3

Cost of sales for crude oil:
Change:(314.8)(41.4)

Cost of sales for natural gas:
Change:(148.6)(5.1)

30

Other Income and Expenses / Finance Income and Costs
2Q FY2023

2Q FY2024

Other operating income

14.1

19.7

5.6

39.5%

Foreign exchange gain

－

3.3

3.3

－

Other

14.1

16.4

2.2

15.8%

Other operating expenses(12.1)(5.9)

6.2(51.4%)

Foreign exchange loss

(9.2)

－

9.2

(100.0%)

Other

(2.9)

(5.9)

(2.9)

101.5%

Finance income

141.4

82.8

(58.6)(41.5%)

Interest income

44.6

64.5

19.9

44.7%

Dividend income
Gain arising from changes in terms of financial
assets without derecognition and others*1
Other

3.7

5.1

1.4

36.9%

92.7

10.8

(81.8)(88.3%)

0.2

2.1

1.8

618.6%

Finance costs(39.2)(69.6)(30.4)

77.5%

Interest expense(36.3)(52.7)(16.4)

45.1%

Other

(2.8)

(16.8)(14.0)

488.1% Includes derivative valuation losses*2(Billions of Yen)

*1
*2

ChangeChange %Note

Income related to revaluation offinancial assets*1

In accordance with IFRS 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the gain or loss is recognized mainly due to modification of financial assets that do not result in derecognition, revisions toestimated future cash flows of financial assets, and other factors. It includes the gain or loss incurred from transactions with joint ventures, and such gain or loss is adjusted for shares of profit of investments accounted for using
equity method and tax effect accounting. As a result, the impact on profit attributable to owners of parent is immaterial.
The Company recognizes the estimated present value of costs related to future removal and abandonment of oil and natural gas production facilities, etc. as asset retirement obligations. There may be fluctuations in profit or loss
due to changes in the discount rate used to revaluate the present value of asset retirement obligations at the end of each quarter. To neutralize the profit or loss impact, the group has been utilizing derivative transactions (interest
rate swaps) since FY2024. Derivative valuation gains or losses arising from these transactions are recognized as finance income or finance costs, and they are offset by the profit or loss resulting from the revaluation of the asset
retirement obligations for the purpose of neutralization. As a result, the impact on profit attributable to owners of parent is immaterial.

31

2Q FY2024
Revenue(Billions of Yen)Japan

Australia &Southeast Asia
Oil & Gas
EuropeAbu Dhabi and others(Middle East, NIS etc.)

Other

Total

Product
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total

2Q FY2023
2.5
132.3
3.6
138.5
101.3
146.7
2.8
250.9
44.1
15.5
0.1
59.7
614.8
0.8
0.0
615.7
3.6
0.9
9.3
14.0
766.5
296.5
15.9
1,078.9

2Q FY2024
2.2
101.3
3.5
107.1
115.0
166.7
3.2
284.9
44.8
11.2
0.1
56.1
724.2
1.0
725.3
5.8
0.9
10.4
17.1
892.1
281.3
17.3
1,190.8

Change(0.2)(30.9)(0.1)(31.3)
13.7
19.9
0.4
34.0
0.7
(4.2)
(0.0)
(3.5)
109.3
0.1
(0.0)
109.5
2.1
(0.0)
1.0
3.1
125.6
(15.1)
1.3
111.8% Change(11.5%)(23.4%)(3.2%)(22.7%)
13.5%
13.6%
14.7%
13.6%
1.6%
(27.5%)(8.6%)(6.0%)
17.8%
22.1%(100.0%)
17.8%
59.2%
(5.5%)
11.6%
22.8%
16.4%
(5.1%)
8.5%
10.4%

32

2Q FY2024
Sales Volume
Product

Japan

Australia &Southeast Asia
Oil & Gas
EuropeAbu Dhabi and others(Middle East, NIS etc.)

Other

Total

2Q FY2023

2Q FY2024

Change% Change

Crude Oil(thousand bbl)

239

183

(55)

(23.1%)Natural Gas (excluding LPG)
(million cf)

48,33849,295958

2.0%

Crude Oil(thousand bbl)

9,273

8,998

(276)

(3.0%)Natural Gas (excluding LPG)
(million cf)

187,484

195,954

8,471

4.5%

Crude Oil(thousand bbl)

3,863

3,397

(467)

(12.1%)Natural Gas (excluding LPG)
(million cf)

8,278

8,118

(160)

(1.9%)

Crude Oil(thousand bbl)

56,32658,057

1,731

3.1%

Natural Gas (excluding LPG)
(million cf)

5,284

5,326

42

0.8%

Natural Gas (excluding LPG)
(million cf)

172

181

9

5.0%

Crude Oil(thousand bbl)

69,701

70,635934

1.3%

Natural Gas (excluding LPG)
(million cf)

249,555

258,874

9,319

3.7%

33

2Q FY2024
Net Production Volume*
Product

Japan

Oil & Gas

Australia &Southeast Asia
EuropeAbu Dhabi and others(Middle East, NIS etc.)
OthersTotal* The volume of LPG produced overseas is included in “Crude Oil.”

2Q FY2023

2Q FY2024

Change% Change

Crude Oil (thousand bbl)

471

416

△ 55

△11.7%Natural Gas (million cf)

17,582

15,460△ 2,121△12.1%

Iodine(ton)

281

279

△2

△0.9%

Electric power generation (million KWh)

103

94

△9

△8.8%

Crude Oil (thousand bbl)

9,076

8,920

△ 156

△1.7%

Natural Gas (million cf)

216,278

233,773

17,4948.1%

Crude Oil (thousand bbl)

4,173

3,319

△ 854

△20.5%Natural Gas (million cf)

7,873

8,154

281

3.6%

Crude Oil (thousand bbl)

56,572

57,906

1,334

2.4%

Natural Gas (million cf)

5,173

5,330

157

3.0%

Sulfur (thousand ton)

64

80

16

24.5%

Electric power generation (million KWh)

724

1,113

389

53.8%

Crude Oil (thousand bbl)

70,29270,560269

0.4%Natural Gas (million cf)

246,906

262,718

15,812

6.4%

Iodine(ton)

281

279

△2

△0.9%

Sulfur (thousand ton)

64

80

16

24.5%

Electric power generation (million KWh)

827

1,207

380

46.0%

34

A Company Capable of Sustainable Development -ESG initiatives-

INPEX Sustainability Report 2023

• Featured articles on energy transition and digitalization.
• Enhanced disclosure on biodiversity and nature conservation
initiatives.

Integrated Report 2023

• Messages from the officers in charge of climate change
response, HSE and human capital• Message from the chair of the Nomination and Compensation
Advisory Committee• History of efforts to strengthen corporate governance35