Consolidated Financial Results for the year ended December 31, 2023 [Japanese GAAP]
February 13, 2024
Note: The following report is an English translation of the Japanese-language original.
Company name

: INPEX CORPORATION

Stock Exchange on which the Company is listed

Code number
Representative: 1605: Takayuki Ueda, President

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

Contact person: Yoshihiro Wakita, General Manager, Corporate Communications Unit
TEL+81-3-5572-0750: Tokyo Stock Exchange

Scheduled date of ordinary general meeting of shareholders: March 26, 2024

Scheduled date of filing Annual Securities Report
Scheduled date of payment of cash dividends: March 27, 2024
: March 27, 2024

Preparation of supplementary explanatory materials
Meeting of financial results presentation: Yes: 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, 2023 (January 1, 2023 through December 31, 2023)(1) Consolidated operating results(Figures in % represent the changes from the previous fiscal year)

Net sales

Operating income

For the year ended
December 31, 2023

Millions of yen%

2,165,702

December 31, 2022

2,324,660

Net income attributableto owners of parent

Ordinary income

Millions of yen%

Millions of yen

%

(6.8)

1,121,844–

1,246,408

Millions of yen%(10.0)

1,350,448–

1,441,995(6.3)

371,531(19.4)–

461,069–(Note): Consolidated comprehensive income: for the year ended December 31, 2023, ¥575,268 million; [(34.7)%]
for the year ended December 31, 2022, ¥880,770 million; [–%]Net income pershare-basic

Net income pershare-diluted

Net income as apercentage of net
assets excluding
non-controllinginterests

Ordinary income
as a percentage of
total assets

Operating income
as a percentage ofnet sales

For the year ended

Yen

Yen

%

%

%

December 31, 2023
December 31, 2022

287.05337.37

–
–

9.4
13.5

21.1
25.3

51.8
53.6

(Reference): Equity in earnings (losses) of affiliates:

for the year ended December 31, 2023, ¥40,917 million
for the year ended December 31, 2022, ¥165,684 million(Note): The figures for the year ended December 31, 2022 were adjusted retrospectively according to the changes in accounting policies, and the figures after
retrospective application are presented. The changes from the previous fiscal year are not shown.

(2) Consolidated financial position

Total assets

Net assets

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

Millions of yen%

Yen

As of December 31, 2023

6,523,182

4,419,182

63.5

3,289.78

As of December 31, 2022

6,259,853

4,022,370

60.1

2,879.68(Reference): Net assets excluding non-controlling interests: as of December 31, 2023, ¥4,139,353 million
as of December 31, 2022, ¥3,760,852 million(Note): The figures as of December 31, 2022 were adjusted retrospectively according to the changes in accounting policies, and the figures after retrospective
application are presented.

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of the year

For the year ended
December 31, 2023

Millions of yen

Millions of yen

Millions of yen

Millions of yen

786,324(324,347)(480,339)

200,879

December 31, 2022

751,284(525,574)(241,928)

211,656

2. Dividends
Cash dividends per share
At 1st
At 2ndAt 3rdAt fiscal
quarter end quarter end quarter end year end
For the year ended
December 31, 2022

Total

Total cash
dividends(Annual)Cash dividends
Payout ratio as a percentage(Consolidated)of net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

30.00

62.00

83,420

18.4

2.4

37.00

–
–

32.00

December 31, 2023

–
–

37.00

74.00

94,94325.8

2.4

For the year ending
December 31, 2024

–

38.00

–

38.00

76.00

29.0

(forecast)(Notes): 1. “Dividends” as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit “Dividends of ClassA stock.”
2. “Payout ratio (Consolidated)” and “Cash dividends as a percentage of net assets (Consolidated)” for the year ended December 31, 2022 were adjusted
retrospectively according to the changes in accounting policies, and have been calculated using the figures after retrospective application.

3. Forecasts for Consolidated Financial Results for the year ending December 31, 2024 (January 1, 2024 through December 31, 2024)(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Revenue
Millions of yen

For the six months ending
June 30, 2024
For the year ending
December 31, 2024

Operating profit

Profit attributable to Basic earnings
owners of parent
per share

Profit before tax% Millions of yen% Millions of yen% Millions of yen%

Yen

1,043,000–

544,000–

559,000–

155,000–

123.191,931,000–

1,010,000–

1,043,000–

330,000–

262.27(Note): The Group has voluntary adopted International Financial Reporting Standards (“IFRS”) instead of the Japanese Generally Accepted Accounting
Principles (“Japanese GAAP”) previously applied, beginning with the consolidated financial statements included in the Annual Securities Report for theyear ended December 31, 2023. Therefore, the forecasts for consolidated financial results for the year ending December 31, 2024 were prepared inaccordance with IFRS, and the changes from the financial results for the year ended December 31, 2023, for which Japanese GAAP was applied, are notshown.

*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: Yes

2. Other changes in accounting policies
3. Changes in accounting estimates: None: None4. Restatement of corrections: None(Note): Please refer to “3. Consolidated Financial Statements and Principal Notes (5) Notes to Consolidated Financial Statements (Changes in Accounting
Policies)” on page 13 for further information.

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

1,386,667,167 shares as of December 31, 2023
1,386,667,167 shares as of December 31, 2022

2. Number of treasury stock at the end of the period:

128,422,706 shares as of December 31, 2023
80,672,863 shares as of December 31, 2022

3. Average number of shares:

1,294,325,142 shares for the year ended December 31, 2023
1,366,647,207 shares for the year ended December 31, 2022

(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, 2023: 891,560 shares As of December 31, 2022: 910,363 shares)(Reference) Non-Consolidated Financial Results
1. Financial results for the year ended December 31, 2023 (January 1, 2023 through December 31, 2023)(1) Operating results(Figures in % represent the changes from the previous fiscal year)

Net sales

Operating income

For the year ended
December 31, 2023

Millions of yen

265,246

10.0

21,262

December 31, 2022

241,04255.7(11,091)%

Millions of yen

Net income pershare-basic

Ordinary income%

Net income

Millions of yen%

Millions of yen%–

39,517–

203,674(80.6)

22,757(90.2)–

231,656–

Net income pershare-diluted

For the year ended
December 31, 2023

Yen

Yen

17.58

–

December 31, 2022

169.51–(2) Financial position
Total assets

Net assets

Net assets as apercentage of total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

As of December 31, 2023

2,657,503

1,918,170

72.2

1,524.48

As of December 31, 2022

3,035,629

2,108,065

69.4

1,614.15(Reference): Net assets: as of December 31, 2023, ¥1,918,170 million
as of December 31, 2022, ¥2,108,065 million<Reason for differences with the non-consolidated results for the year ended December 31, 2022>
For the year ended December 31, 2023, a difference has arisen in net sales between the actual results for the previous fiscal year and the actual results for thecurrent fiscal year due to the impact from the increased sales price of natural gas, and other factors. In addition, a difference has arisen in operating income
between the actual results for the previous fiscal year and the actual results for the current fiscal year due to the impact from increased net sales, and other factors.
Moreover, for the year ended December 31, 2023, differences have arisen in ordinary income and net income between the actual results for the previous fiscal
year and the actual results for the current fiscal year due to the impact from decreased dividend income, and other factors.

*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, 2024” are based on the currently available
information and contain many uncertainties. The final results might be significantly different from the aforementioned forecasts due to changes in businessconditions including oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax
schemes. Regarding the forecasts, please refer to “1. (4) Outlook for the Next Period” on page 4.

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

For the year ended

Yen

Yen

Yen

Yen

Yen

December 31, 2022
December 31, 2023––

12,000.00
14,800.00––

12,800.00
14,800.00

24,800.00
29,600.00

For the year ending
December 31, 2024–

15,200.00–

15,200.00

30,400.00(forecast)(Note): The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A 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 isincluded 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 .................................................................................................................................. 3(3) Summary of Cash Flows .................................................................................................................................................................. 3(4) Outlook for the Next Period ............................................................................................................................................................. 4(5) Dividend policy and Dividends for the year ended December 31, 2023 and for the year ending December 31, 2024 .................... 4
2. Basic Rationale for Selection of Accounting Standards ........................................................................................................................ 4
3. Consolidated Financial Statements and Principal Notes........................................................................................................................ 5(1) Consolidated Balance Sheet ............................................................................................................................................................. 5(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .......................................................... 7
Consolidated Statement of Income .................................................................................................................................................... 7
Consolidated Statement of Comprehensive Income .......................................................................................................................... 8(3) Consolidated Statement of Changes in Net Assets .......................................................................................................................... 9(4) Consolidated Statement of Cash Flows.......................................................................................................................................... 11(5) Notes to Consolidated Financial Statements .................................................................................................................................. 13(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)......................................................................................................................................................................................................... 13(Changes in Accounting Policies) ................................................................................................................................................... 13(Additional Information) ................................................................................................................................................................. 13(Segment Information and Others) .................................................................................................................................................. 14(Per Share Information) ................................................................................................................................................................... 19(Significant Subsequent Events) ...................................................................................................................................................... 19
4. Other.................................................................................................................................................................................................... 20(1) Production, Orders Received and Sales Performance .................................................................................................................... 20-1-

1. Summary of Operating Results and other
The changes in accounting policies have been made from the year ended December 31, 2023, and the figures after retrospective
application are used in the comparative analysis with the year ended December 31, 2022. Please refer to “3. Consolidated Financial
Statements and Principal Notes (5) Notes to Consolidated Financial Statements (Changes in Accounting Policies)” for further
information.
In addition, the change in reportable segments has been made from the year ended December 31, 2023, and the figures reflect therevision of the method of calculation for a portion of the sales volume and average sales price in the comparative analysis with theyear ended December 31, 2022.
(1) Summary of Consolidated Operating Results
During the year ended December 31, 2023, the Japanese economy has recovered moderately from the impact of the novel
coronavirus (COVID-19). With improvements in the employment and income environments, further recovery is expected tocontinue. However, the downturn of overseas economies, such as the impact of global monetary tightening and concerns about the
future of China’s economy, creates a risk of downward pressure on Japan’s economy. In addition, there are continuing concerns
about the impacts of rising prices, the Russia-Ukraine situation and the Israel-Palestine conflict, and fluctuations in financial andcapital markets.
Of the international crude oil price indices, which significantly influence the financial performance of the Group, Brent crude (on anear-term closing price basis), considered a benchmark index for crude oil, started the current fiscal year at US$82.10 per barrel,
and in January, crude oil prices continued to rise against the backdrop of expectations for recovery in crude oil demand due to theend of China’s zero-COVID policy, and other factors. Thereafter, crude oil prices generally remained at around US$70 to US$75
per barrel in early spring due to concerns that financial difficulties of several financial institutions in the U.S. and Europe would
exert downward pressure on the global economy, but crude oil prices trended upward and temporarily reached a high of over
US$95 per barrel in late September. In October, with the Israel-Palestine conflict, there was an unstable period of temporary
volatile fluctuation in crude oil prices. As a result of the decision at the December OPEC+ meeting to postpone the reduction of
crude oil production targets (strengthening production cuts) by oil-producing countries, coupled with increased market uncertainty
regarding these cuts, crude oil prices remained weak, ending the fiscal year at US$77.04. The Group’s average crude oil sales pricefor the year ended December 31, 2023 reflected this shift and fell to US$82.83 per barrel, down US$14.88 from the previous fiscal
year.
The foreign exchange market, another important factor that affects the business of the Group, began to trade at ¥131 level against
the U.S. dollar. During the first half of the year, there was heightened speculation about policy adjustments by the Bank of Japan,
leading to a narrowing of the Japan-U.S. interest rate gap, temporarily strengthening the yen to the ¥127 level. However, the Bankof Japan’s decision to maintain its policy interest rate coupled with favorable U.S. economic indicators resulted in increased
interest in the dollar and a consistent depreciation of the yen. During the second half of the year, concerns about a slowdown in
inflation in the U.S. and speculation about corrective measures in the Bank of Japan’s monetary policy led to a temporary
weakening of the dollar to the ¥138 level, but due to robust economic indicators in the U.S. and prolonged monetary easing by the
Bank of Japan, the yen depreciated again, rising to the upper ¥151 level in November. Toward the end of the fiscal year, the yen
appreciated slightly due to hints at rate cuts by the U.S. Federal Reserve Board and downward revisions of U.S. economic
indicators, resulting in TTM closing at ¥141.82 against the U.S. dollar, ¥9.12 less than that of the end of the previous fiscal year.
Reflecting these situations, the average exchange rate of the Japanese yen against the U.S. dollar on consolidated net sales
depreciated by ¥8.87 to ¥140.62 per U.S. dollar from the previous fiscal year.
Consolidated net sales for the year ended December 31, 2023 decreased by ¥158.9 billion, or 6.8%, to ¥2,165.7 billion from theprevious fiscal year due to a decrease in sales price of crude oil. Net sales of crude oil decreased by ¥169.4 billion, or 9.5%, to¥1,609.2 billion, and net sales of natural gas increased by ¥10.6 billion, or 2.0%, to ¥535.7 billion. Sales volume of crude oil
decreased by 92 thousand barrels, or 0.1%, to 138,024 thousand barrels, and sales volume of natural gas increased by 37,398
million cf, or 8.5%, to 479,814 million cf. Sales volume of overseas natural gas increased by 36,825 million cf, or 10.5%, to387,974 million cf, and sales volume of domestic natural gas increased by 16 million m3, or 0.6%, to 2,452 million m3 (91,502
million cf). The average sales price of overseas crude oil decreased by US$14.88, or 15.2%, to US$82.83 per barrel. The averagesales price of overseas natural gas decreased by US$1.27, or 18.4%, to US$5.62 per thousand cf, and the average sales price ofdomestic natural gas increased by ¥8.10, or 9.9%, to ¥90.08 per m3. The average exchange rate of the Japanese yen against the U.S.
dollar on consolidated net sales depreciated by ¥8.87, or 6.7%, to ¥140.62 per U.S. dollar.
The decrease of ¥158.9 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 ¥36.6 billion to the increase, a decrease in unit sales price pushing sales downof ¥320.0 billion, the depreciation of the Japanese yen against the U.S. dollar contributing ¥124.5 billion to the increase, and adecrease in net sales excluding crude oil and natural gas of ¥0.1 billion.

-2-

Meanwhile, cost of sales decreased by ¥49.4 billion, or 5.2%, to ¥893.9 billion. Exploration expenses increased by ¥12.2 billion, or
42.0% to ¥41.4 billion. Selling, general and administrative expenses increased by ¥2.8 billion, or 2.7%, to ¥108.4 billion. As aresult, operating income decreased by ¥124.5 billion, or 10.0%, to ¥1,121.8 billion.
Other income decreased by ¥24.6 billion, or 7.3%, to ¥311.0 billion. Other expenses decreased by ¥57.6 billion, or 41.1%, to ¥82.4
billion mainly due to the absence of the modification loss on financial assets and others. As a result, ordinary income decreased by¥91.5 billion, or 6.3%, to ¥1,350.4 billion.
Extraordinary loss was ¥89.0 billion as a result of posting impairment loss for certain projects due to changes in the external
environment, including a tightening of environmental regulations in Australia, and others. Total amount of current income taxes
and deferred income taxes decreased by ¥71.4 billion, or 7.5%, to ¥880.0 billion, and net profit attributable to non-controllinginterests was ¥9.8 billion. As a result of the above effects, net income attributable to owners of parent decreased by ¥89.5 billion,
or 19.4%, to ¥371.5 billion.
Financial results by segment are as follows:
The changes in segment income and reportable segments have been made from the year ended December 31, 2023, and the figures
based on the changed segment income and reportable segments are used in the comparative analysis with the year ended December
31, 2022. Please refer to “3. Consolidated Financial Statements and Principal Notes (5) Notes to Consolidated Financial Statements(Segment Information and Others)” for further information.
1) Oil & Gas JapanNet sales increased by ¥18.2 billion, or 8.5%, to ¥232.8 billion due to an increase in sales price of natural gas. Net income
attributable to owners of parent increased by ¥6.1 billion, or 17.2%, to ¥41.9 billion.
2) Oil & Gas Overseas - Ichthys Project
Net sales increased by ¥4.6 billion, or 1.3%, to ¥373.1 billion due to an increase in sales volume. Net income attributable toowners of parent increased by ¥9.7 billion, or 3.3%, to ¥302.6 billion mainly due to the absence of modification loss onfinancial assets and others.
3) Oil & Gas Overseas - Other Projects
Net sales decreased by ¥192.3 billion, or 11.2%, to ¥1,529.5 billion due to a decrease in sales price of crude oil. Net income
attributable to owners of parent decreased by ¥74.7 billion, or 63.2%, to ¥43.5 billion mainly due to an increase in impairment
loss.
(2) Summary of Consolidated Financial Position
Total assets as of December 31, 2023 increased by ¥263.3 billion to ¥6,523.1 billion from ¥6,259.8 billion as of December 31,
2022. Current assets increased by ¥88.8 billion to ¥818.2 billion due to an increase in securities and others. Fixed assets increasedby ¥174.4 billion to ¥5,704.9 billion due to an increase in investments and other assets, and others.
Meanwhile, total liabilities decreased by ¥133.4 billion to ¥2,104.0 billion from ¥2,237.4 billion as of December 31, 2022. Current
liabilities increased by ¥39.0 billion to ¥565.8 billion and long-term liabilities decreased by ¥172.5 billion to ¥1,538.1 billion.
Net assets increased by ¥396.8 billion, to ¥4,419.1 billion from ¥4,022.3 billion as of December 31, 2022. Total shareholders’equity increased by ¥190.0 billion, to ¥3,098.3 billion. Total accumulated other comprehensive income increased by ¥188.4 billion
to ¥1,040.9 billion and non-controlling interests in net assets increased by ¥18.3 billion to ¥279.8 billion.
(3) Summary of Cash Flows
Regarding consolidated cash flows for the year ended December 31, 2023 net cash provided by operating activities amounted to¥786.3 billion, up ¥35.0 billion from the previous fiscal year, mainly due to a decrease in trade receivables and a decrease in equity
in earnings of affiliates, which is a non-cash item, despite a decrease in income before income taxes due to a decline in crude oilselling prices and the posting of modification gain on financial assets and others, which is a non-cash item. Net cash used ininvesting activities amounted to ¥324.3 billion, down ¥201.2 billion from the previous fiscal year, mainly due to the posting ofproceeds from sales and redemptions of securities and a decrease in long-term loans made despite an increase in payments forpurchases of securities. Net cash used in financing activities amounted to ¥480.3 billion, up ¥238.4 billion from the previous fiscal
year, mainly due to an increase in repayments of long-term debt. The effect of exchange rate changes on cash and cash equivalents
was an increase of ¥7.5 billion, and with this effect, net cash decreased ¥10.7 billion during the year ended December 31, 2023.
The balance of cash and cash equivalents as of December 31, 2023 totaled ¥200.8 billion, reflecting a net decrease of ¥10.7 billion
from ¥211.6 billion at the beginning of the period.

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(4) Outlook for the Next Period(Billions of yen)
For the year ending
December 31, 2024
(Forecasts)
Revenue

1,931.0

Operating profit

1,010.0

Profit before tax

1,043.0

Profit attributable to owners of parent

330.0

The Group will voluntarily adopt the International Financial Reporting Standards (IFRS) in place of the existing accounting
principles generally accepted in Japan, starting with the consolidated financial statements in the Annual Securities Report for theyear ended December 31, 2023. Therefore, the forecasted consolidated operating results for the year ending December 31, 2024
will be prepared in accordance with IFRS.
The above forecasts are based on an average crude oil price assumption of US$78.0 per barrel (Brent crude oil) for the first quarterof 2024, an average of US$73.0 per barrel (Brent crude oil) for the second quarter of 2024, an average of US$73.0 per barrel (Brent
crude oil) for the third quarter of 2024, an average of US$68.0 per barrel (Brent crude oil) for the fourth quarter of 2024, andconsequently an average of US$73.0 per barrel (Brent crude oil) for the year ending December 31, 2024. The average exchange
rate assumption for the year ending December 31, 2024 is ¥138 to the U.S. dollar.
(5) Dividend policy and Dividends for the year ended December 31, 2023 and for the year ending December 31, 2024
Based on the shareholder return policy outlined in the Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022)
announced in February 2022, the Company will, in principle, maintain stable dividend payouts during the period covered by themedium-term business plan from fiscal year 2022 to fiscal year 2024 with a total payout ratio of around 40% or greater, and aminimum annual dividend per share of ¥30. During this period, the Company will also strive to strengthen shareholder returns
through means including the acquisition of own shares based on the Company’s business environment, financial base andmanagement conditions, etc.
Moreover, in “Sustainable Growth of Corporate Value,” announced in August 2023, the Company decided on an annual dividend
per share of ¥74 for the year ended December 31, 2023, and will strive to make best efforts to ensure that the amount for the year
ending December 31, 2024 is equal to or greater than the previous fiscal year.
In accordance with the policy stated above, the Company has set the year-end dividend at ¥37 per common stock for the year ended
December 31, 2023. Combined with the mid-term dividend of ¥37 per common stock, the planned total dividends for the year
ended December 31, 2023 are ¥74 per common stock. The Company has also set the year-end dividend at ¥14,800 per Class A
stock for the year ended December 31, 2023. Combined with the mid-term dividend of ¥14,800 per Class A stock (unlisted), theplanned total dividends for the year ended December 31, 2023 are ¥29,600 per Class A stock.
For the year ending December 31, 2024, the Company expects mid-term dividend of ¥38, year-end dividend of ¥38, bringing thetotal dividends to ¥76 per common stock. The Company expects mid-term and year-end dividends of ¥15,200 each, bringing thetotal dividend to ¥30,400 per Class A stock.
The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock,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.
2. Basic Rationale for Selection of Accounting Standards
The Group has decided to voluntarily adopt the International Financial Reporting Standards (IFRS) in place of the existingaccounting principles generally accepted in Japan, starting with the consolidated financial statements in the Annual Securities
Report for the year ended December 31, 2023, for the purpose of enhancing the international comparability of financial informationand improving group management by unifying accounting procedures.

-4-3. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheet(Millions of yen)Accounts

As of December 31, 2022

As of December 31, 2023

Cash and deposits

227,829

169,241

Accounts receivable-trade and contract assets

252,938

198,128

Securities

58,152

243,087

Inventories

68,154

68,660Accounts receivable-other

61,75864,845

Other73,58888,208Less allowance for doubtful accounts(13,020)(13,915)

Total current assets

729,401

818,256

Buildings and structures, net

157,137

152,597

Wells, net

340,259

332,209

1,583,141

1,515,980(Assets)
Current assets

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net
Land18,17818,096

Construction in progress

339,787

411,330

Other, net

34,61536,3202,473,118

2,466,534

40,33232,020Total tangible fixed assets
Intangible assets
Goodwill
Exploration and development rights

152,178

152,015

Mining rights

283,518

288,429

6,674

9,008

482,704

481,473

Other
Total intangible assets
Investments and other assets
Investment securities

742,914900,235

1,279,383

1,306,529

Recoverable accounts under production sharing

521,541

483,386

Deferred tax assets

69,70597,435Long-term loans receivable

Asset for retirement benefits

1,734

4,506

Other

15,76524,286

(690)

(743)

Less allowance for recoverable accounts under
production sharing(53,873)(56,060)

Less allowance for investments in exploration(1,852)(2,658)2,574,629

2,756,918

5,530,452

5,704,926

6,259,853

6,523,182

Less allowance for doubtful accounts

Total investments and other assets
Total fixed assets
Total assets-5-

(Millions of yen)Accounts

As of December 31, 2022

As of December 31, 2023

Accounts payable-trade47,18338,064

Short-term loans

75,878161,059

Income taxes payable

126,675

136,634

Accounts payable-other

118,448111,702

Provision for bonuses

1,458

1,994

Provision for bonuses to officers

130

120

Provision for loss on business

8,631

3,080

Provision for exploration projects

3,391

9,416

Asset retirement obligations

15,50419,018Other

129,439

84,731

Total current liabilities

526,740

565,821(Liabilities)
Current liabilities

Long-term liabilities
Bonds payable

30,00030,000Long-term debt

1,164,369

865,923

192,507278,864

Provision for stocks payment

245

422

Provision for special repair and maintenance

705

663

Liability for retirement benefits

689

803

Asset retirement obligations

303,159

345,256

Other

19,064

16,245

1,710,742

1,538,179

2,237,483

2,104,000

Common stock

290,809290,809

Capital surplus

683,382

683,898

Retained earnings

2,055,459

2,345,007

Treasury stock(121,358)(221,330)

Total shareholders’ equity

2,908,293

3,098,386

4,147

3,999

Deferred tax liabilities

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

Accumulated other comprehensive income
Unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges

32,42130,224

Translation adjustments

815,989

1,006,742

Total accumulated other comprehensive income

852,558

1,040,966

261,517

279,829

Total net assets

4,022,370

4,419,182

Total liabilities and net assets

6,259,853

6,523,182

Non-controlling interests-6-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)
For the year ended
December 31, 2022

Accounts
Net sales

For the year ended
December 31, 2023

2,324,660

2,165,702

Cost of sales

943,414893,934

Gross profit

1,381,245

1,271,768

Exploration expenses

29,202

41,467

Selling, general and administrative expenses

105,634

108,456

1,246,408

1,121,844

Interest income

64,687

95,389Dividend income

9,499

4,523

165,684

40,917

7,396–

30,37531,937–

116,507

Other

57,99521,757

Total other income

335,638

311,031

32,37855,982–

2,187

85,483–Operating income
Other income

Equity in earnings of affiliates
Gain on reversal of allowance for recoverable accounts
under production sharing
Foreign exchange gain
Modification gain on financial assets and others

Other expenses
Interest expense
Provision for allowance for recoverable accounts under
production sharing
Modification loss on financial assets and others
Expense related to idle assets

9,503

10,470Other

12,686

13,786

Total other expenses

140,051

82,427

1,441,995

1,350,448

Impairment loss

25,79989,048

Total extraordinary loss

25,79989,048

Income before income taxes

1,416,196

1,261,400

Income taxes-current

952,982

831,282

Income taxes-deferred(1,476)48,782

Total income taxes

951,506

880,064

Net income

464,689

381,335

3,620

9,804

461,069

371,531

Ordinary income
Extraordinary loss

Net income attributable to non-controlling interests
Net income attributable to owners of parent-7-

Consolidated Statement of Comprehensive Income(Millions of yen)
For the year ended
December 31, 2022

Accounts
Net income

For the year ended
December 31, 2023

464,689

381,335

1,581

(148)

195

337

Translation adjustments

355,243

188,303

Share of other comprehensive income of affiliates
accounted for by the equity-method

59,0605,440

Total other comprehensive income

416,081

193,933

880,770

575,268

Owners of parent

870,186

559,939

Non-controlling interests

10,584

15,329Other comprehensive income
Unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges

Comprehensive income
Total comprehensive income attributable to-8-

(3) Consolidated Statement of Changes in Net Assets
For the year ended December 31, 2022
(Millions of yen)
Shareholders’ equity

Balance at the beginning of the period

Common stock

Capital surplus

Retained earnings

290,809681,398

1,783,841

Cumulative effects of changes inaccounting policies
Restated balance

Treasury stock

Total shareholders’equity(75,425)(33,776)
290,809681,398

1,750,065

2,680,624(33,776)(75,425)

2,646,848

Changes during the period
Change in ownership interest of parent
arising from transactions with noncontrolling shareholders

1,984

1,984

Cash dividends paid

(80,426)(80,426)

Net income attributable to owners of parent

461,069

461,069

Purchase of treasury stock(121,191)(121,191)

Disposal of treasury stock10

10(75,248)

75,248–Cancellation of treasury stock
Net changes in items other than those inshareholders’ equity
Total changes during the period

–

1,984

305,394(45,932)

261,445

Balance at the end of the period

290,809683,382

2,055,459(121,358)

2,908,293

Accumulated other comprehensive income

Balance at the beginning of the period

Unrealized
holding gain
(loss) on
securities

Deferred gain
(loss) on hedges

Translation
adjustments

2,640(16,171)456,972

Total accumulated Non-controllinginterests
othercomprehensive
income443,441

222,344

Cumulative effects of changes inaccounting policies
Restated balance

Total net assets

3,346,409(33,776)

2,640(16,171)456,972

443,441

222,3443,312,633

Changes during the period
Change in ownership interest of parent
arising from transactions with noncontrolling shareholders

1,984

Cash dividends paid

(80,426)

Net income attributable to owners of parent

461,069

Purchase of treasury stock(121,191)

Disposal of treasury stock

10

Cancellation of treasury stock
Net changes in items other than those inshareholders’ equity

1,507

48,592359,017409,117

39,173448,291

Total changes during the period

1,507

48,592359,017409,117

39,173

709,736

Balance at the end of the period

4,147

32,421

815,989852,558

261,517

4,022,370-9-

For the year ended December 31, 2023
(Millions of yen)
Shareholders’ equity

Balance at the beginning of the period

Common stock

Capital surplus

Retained earnings

290,809683,382

2,055,459

Treasury stock

Total shareholders’equity(121,358)

2,908,293

Changes during the period
Change in ownership interest of parent
arising from transactions with noncontrolling shareholders

516

516

Cash dividends paid

(90,176)(90,176)

Net income attributable to owners of parent

371,531371,531

Purchase of treasury stock(99,999)(99,999)

Disposal of treasury stock

28

28

Change in scope of consolidation

8,193

8,193

Net changes in items other than those inshareholders’ equity
Total changes during the period–

516

289,548(99,971)

190,092

Balance at the end of the period

290,809683,898

2,345,007(221,330)

3,098,386

Accumulated other comprehensive income

Balance at the beginning of the period

Unrealized
holding gain
(loss) on
securities

Deferred gain
(loss) on hedges

Translation
adjustments

4,147

32,421

815,989

Total accumulated Non-controllinginterests
othercomprehensive
income852,558

261,517

Total net assets

4,022,370

Changes during the period
Change in ownership interest of parent
arising from transactions with noncontrolling shareholders

516

Cash dividends paid

(90,176)

Net income attributable to owners of parent

371,531

Purchase of treasury stock(99,999)

Disposal of treasury stock

28

Change in scope of consolidation
Net changes in items other than those inshareholders’ equity

8,193
(148)

(2,196)

190,752

188,408

18,311

206,719

Total changes during the period(148)(2,196)

190,752

188,408

18,311

396,811

Balance at the end of the period

3,999

30,224

1,006,742

1,040,966

279,829

4,419,182- 10 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
For the year ended
December 31, 2022

Accounts

For the year ended
December 31, 2023

Cash flows from operating activities
Income before income taxes

1,416,196

1,261,400

Depreciation and amortization

292,560

252,285

Impairment loss

25,79989,048

Expense related to idle assets

9,503

10,470

Amortization of goodwill

8,963

8,910

Increase (decrease) in provision for allowance forrecoverable accounts under production sharing(7,396)

2,187

Increase (decrease) in provision for exploration projects(6,738)

5,804

837

(3,135)

Increase (decrease) in other provisions
Increase (decrease) in liability for retirement benefits(7,854)113

Decrease (increase) in asset for retirement benefits(1,734)(2,813)

Interest and dividend income(74,186)(99,913)Interest expense

32,44656,045

Foreign exchange loss (gain)(5,500)(6,369)(165,684)(40,917)

Modification loss on financial assets and others

85,483–Modification gain on financial assets and others

Equity in losses (earnings) of affiliates–(116,507)

Recovery of recoverable accounts under production sharing(capital expenditures)

70,78184,017

Decrease (increase) in recoverable accounts under
production sharing (operating expenditures)(5,359)(10,349)

Decrease (increase) in trade receivables(57,090)

62,638Decrease (increase) in inventories(16,140)

913

Increase (decrease) in trade payables

21,775(15,520)

Decrease (increase) in accounts receivable-other(10,295)

5,198

Increase (decrease) in accounts payable-other

4,738(10,190)

Increase (decrease) in advances received(113)(1,925)(3,749)18,533

1,607,241

1,549,927

Interest and dividends received

70,081

116,793

Interest paid

(20,016)(51,343)

Income taxes paid

(906,022)(829,052)

Net cash provided by operating activities

751,284

786,324

Other
Subtotal- 11 -

(Millions of yen)
For the year ended
December 31, 2022

Accounts

For the year ended
December 31, 2023

Cash flows from investing activities
Payments for time deposits(47,770)(38,145)

Proceeds from time deposits

43,772

26,831

Payments for long-term time deposits(3,291)(28,132)

Proceeds from long-term time deposits–

14,066

Payments for purchases of tangible fixed assets(187,100)(174,008)

Proceeds from sales of tangible fixed assets

2,595

320

Payments for purchases of intangible assets(1,877)(3,816)

Payments for purchases of securities(57,651)(361,665)

Proceeds from sales and redemptions of securities–

301,665

Payments for purchases of investment securities(108,412)(144,043)

Proceeds from sales and redemptions of investment
securities

47,142

11,062

Purchase of shares of subsidiaries resulting in change inscope of consolidation(31,410)–Investment in recoverable accounts under production
sharing (capital expenditures)(39,095)(35,568)

Decrease (increase) in short-term loans receivable398(2,004)Long-term loans made(335,297)(3,783)

Collection of long-term loans receivable

158,497

152,153

Payments for acquisitions of participating interests(7,689)(28,767)

Other

41,615(10,512)(525,574)(324,347)(5,450)20,121

Net cash used in investing activities
Cash flows from financing activities
Increase (decrease) in short-term loans
Proceeds from long-term debt

164,105

102,895

Repayments of long-term debt

(217,584)(404,210)

21,653

11,792

Purchase of treasury stock(121,191)(99,999)

Cash dividends paid

(80,399)(90,147)

Cash dividends paid to non-controlling interests(11,140)(8,294)

8,078(12,496)(241,928)(480,339)

Effect of exchange rate changes on cash and cash equivalents

36,662

7,585

Net increase (decrease) in cash and cash equivalents

20,443(10,777)

Cash and cash equivalents at beginning of the period

191,213

211,656

Cash and cash equivalents at end of the period

211,656

200,879

Proceeds from non-controlling interests for additional
sharesOther
Net cash provided by (used in) financing activities- 12 -

(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 Accounting Policies)(International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021))
Some of the Group’s foreign consolidated subsidiaries and foreign equity-method affiliates have applied IAS 12 “Income Taxes”(amended in May 2021) from the year ended December 31, 2023.
Due to the amendments, for transactions, such as for leases and decommissioning obligations, that give rise to equal taxable anddeductible temporary differences at the time of the transaction, it is clarified that a company should recognize deferred tax
liabilities and deferred tax assets arising from those differences. The amendments have been applied retrospectively and werereflected in the consolidated financial statements for the previous fiscal year.
As a result of this change, in the consolidated balance sheet as of December 31, 2022, compared with the figures before theretrospective application, investment securities decreased by ¥2,451 million, deferred tax liabilities increased by ¥13,540 million,
retained earnings decreased by ¥10,983 million and translation adjustments decreased by ¥5,008 million. In the consolidated
statement of income for the year ended December 31, 2022, equity in earnings of affiliates increased by ¥3,752 million andincome taxes-deferred decreased by ¥19,040 million, compared with the figures before the retrospective application. In addition,
because the cumulative effect was reflected in net assets as of the beginning of the year ended December 31, 2022, in the
consolidated statement of changes in net assets for the year ended December 31, 2022, retained earnings at the beginning of theperiod decreased by ¥33,776 million.
(Additional Information)(Modification gain and loss on financial assets and others)
In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign
consolidated subsidiaries, the gain or loss was recognized mainly due to modification of financial assets that do not result inderecognition, revisions to estimated future cash flows of financial assets, and other factors.
(Application of practical solution on the accounting and disclosure under the group tax sharing system)
The Company and certain domestic consolidated subsidiaries have transitioned from the non-consolidated tax payment system tothe group tax sharing system from the year ended December 31, 2023. In accordance with the transition, the accounting treatment
and disclosure of corporate tax, local tax and tax effect accounting are based on “Practical Solution on the Accounting andDisclosure Under the Group Tax Sharing System” (Accounting Standards Board of Japan (“ASBJ”) Practical Issues Task Force
No.42, August 12, 2021).

- 13 -

(Segment Information and Others)(Segment information)
1. Information on changes in reportable segments and others
The reportable segments of the Group are components of the Group for which discrete financial information is available andregularly reviewed by the Board of Directors to make decisions about allocation of managerial resources and to assess theirperformance. Following the significant reclassifications to the business portfolio based on the Medium-term Business Planannounced in 2022 and the accompanying changes of the evaluation and analysis indicators used by the Board of Directors, theGroup made corresponding changes in segment income and reportable segments.
Segment income was previously reconciled with operating income on the consolidated statement of income. However, because
net income attributable to owners of parent is a management target in the Medium-term Business Plan and it is used as anindicator by the Board of Directors to make decisions about allocation of managerial resources and assess performance, thereconciliation was changed and segment income is reconciled with net income attributable to owners of parent on the
consolidated statement of income from the year ended December 31, 2023 in order to conduct evaluations and analyses that are
more in line with actual conditions. In addition, as the main business of the Group is the global exploration, development,
production and sales of oil and natural gas, and loans and investments in companies engaged in such activities, namely the oiland natural gas business (“Oil & Gas”), the Group had previously used reportable segments by region. However, due tosignificant reclassifications to the business portfolio, the addition of initiatives for the five net-zero businesses to the Long-term
Strategy, and other factors, the reportable segments have been classified as “Oil & Gas Japan” and “Oil & Gas Overseas” fromthe year ended December 31, 2023. The “Oil & Gas Overseas” segment is further classified as “Ichthys Project,” which is amajor operator project of the Group, and “Other Projects,” which is comprised of other overseas projects. The “Other” category
consists of the operating segments that are not included in the reportable segments, including the five net-zero businesses.
The reportable segments and other category after the changes are as follows.
Reportable segments, etc.
Oil & Gas Japan
Oil & Gas
Overseas
Other

Main business and project nameMinami-Nagaoka Gas Field, Naoetsu LNG Terminal

Ichthys Project

Ichthys LNG Project in Australia and exploration of surrounding area

Other Projects

Projects in Australia (excluding the Ichthys LNG Project), Southeast Asia, Europe, Abu Dhabi,
and other areas
Five net-zero businesses, transportation and sales business, civil engineering business, etc.

The segment information disclosed for the year ended December 31, 2022 has been prepared based on the categories after thechanges. In addition, the changes in accounting policies have been made from the year ended December 31, 2023, and thefigures after retrospective application are used in the year ended December 31, 2022.

2. Basis of measurement of sales and income (loss), assets, and other items by reportable segment
The accounting policies for the reportable segments conform to the accounting policies adopted for the preparation of theconsolidated financial statements. Internal sales between segments are based on prices for third-party transactions.

- 14 -

3. Information on sales and income (loss), assets, and other items by reportable segment
For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)(Millions of yen)
Reportable segments
Oil & Gas
Japan

Other
*1

Oil & Gas Overseas

Total

Adjustments*2

Consolidated*3

Ichthys Project Other Projects

Net sales
Sales to third parties

214,600

368,503

1,721,896

19,6592,324,660–

2,324,660

Intercompany sales and transfers
between segments

6,102

23,348–

5,513

34,964(34,964)–

Total

220,703391,851

1,721,896

25,172

2,359,624(34,964)

2,324,660

Segment income (loss)

35,772292,895

118,340(5,346)441,662

19,406

461,069

Segment assets

281,370

3,553,161

1,957,119

153,516

5,945,167

314,6856,259,853

14,430110,903

165,440894

291,668891

292,560

–

–

2,010

–

2,010

6,952

8,963

–

470,007

101,594

84,710656,312–656,312

10,597

91,336

201,752

3,086

306,7718,096

314,870

Other items
Depreciation and amortization
Amortization of goodwill
Investment to affiliates accounted
for by the equity method
Increase of tangible fixed assets andintangible assets

Notes: 1. The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.
2. (1) Adjustments of segment income (loss) of ¥19,406 million consist of elimination of inter-segment transactions of ¥747 million and corporate income(loss) of ¥18,658 million that are not allocated to reportable segments or the “Other” category. Corporate income (loss) mainly consists of thedifference between the actual income taxes incurred by the Group and the income taxes allocated to each segment using the calculation method
established internally.
(2) Adjustments of segment assets of ¥314,685 million consist of inter-segment transactions of ¥(410) million and corporate assets of ¥315,096 million
that are not allocated to reportable segments or the “Other” category. Corporate assets are mainly goodwill, cash and deposits, investment securities
and administrative assets that are not allocated to a reportable segment.
(3) Adjustments of depreciation and amortization of ¥891 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 a reportable segment.
(5) Adjustments of increase of tangible fixed assets and intangible assets of ¥8,096 million consist mainly of capital expenditure to corporate assets.
3. Segment income (loss) is reconciled with net income attributable to owners of parent on the consolidated statement of income.

- 15 -

For the year ended December 31, 2023 (January 1, 2023 through December 31, 2023)(Millions of yen)
Reportable segments
Oil & Gas
Japan

Other
*1

Oil & Gas Overseas

Total

Adjustments*2

Consolidated*3

Ichthys Project Other Projects

Net sales
Sales to third parties

232,897373,173

1,529,555

30,076

2,165,702–

2,165,702

Intercompany sales and transfers
between segments

6,974

20,446–

13,97541,396(41,396)–

Total

239,872

393,619

1,529,555

44,052

2,207,099(41,396)

2,165,702

Segment income (loss)

41,938302,651

43,594(10,240)

377,943(6,412)

371,531

Segment assets

258,3443,706,297

1,838,418

223,6026,026,662

496,519

6,523,182

16,126

128,307

105,577

1,101

251,113

1,172

252,285

–

–

1,957

–

1,957

6,952

8,910

–

537,105

118,935

156,812812,853–

812,853

8,795

88,654110,403

1,453

209,307

6,147

215,455

Other items
Depreciation and amortization
Amortization of goodwill
Investment to affiliates accounted
for by the equity method
Increase of tangible fixed assets andintangible assets

Notes: 1. The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.
2. (1) Adjustments of segment income (loss) of ¥(6,412) million consist of elimination of inter-segment transactions of ¥2,005 million and corporate
expenses of ¥(8,417) million that are not allocated to reportable segments or the “Other” category. Corporate expenses are mainly amortization of
goodwill and general administrative expenses that are not allocated to a reportable segment and “Other” category.
(2) Adjustments of segment assets of ¥496,519 million consist of elimination of inter-segment transactions of ¥(199) million and corporate assets of¥496,719 million that are not allocated to reportable segments or the “Other” category. Corporate assets are mainly goodwill, cash and deposits,
investment securities and administrative assets that are not allocated to a reportable segment.
(3) Adjustments of depreciation and amortization of ¥1,172 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 a reportable segment.
(5) Adjustments of increase of tangible fixed assets and intangible assets of ¥6,147 million consist mainly of capital expenditure to corporate assets.
3. Segment income (loss) is reconciled with net income attributable to owners of parent on the consolidated statement of income.

- 16 -

(Relative information)
For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

Natural gas(excluding LPG)

1,778,662

LPG

521,676

Other

3,469

20,851

Total
2,324,660

2. Geographical information(1) Sales(Millions of yen)
Asia & Oceania(excluding China andThailand)Japan
908,073553,395

China

Thailand

346,209

Other

151,279

Total

365,701

2,324,660

Note: Sales by geographical area is determined based upon the final destination and customer.

(2) Tangible fixed assets(Millions of yen)Japan

Australia
220,634

UAE

1,847,957

Other
306,125

Total
98,401

2,473,118

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

Sales

Relative reportable segment

Ichthys LNG Pty Ltd

212,364

Oil & Gas Overseas - Ichthys Project

For the year ended December 31, 2023 (January 1, 2023 through December 31, 2023)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

Natural gas(excluding LPG)

1,609,207

LPG

527,895

Other

7,886

20,713

Total
2,165,702

2. Geographical information(1) Sales(Millions of yen)
Asia & Oceania(excluding China andThailand)Japan
781,488496,934

China

Thailand343,705

Other

226,265

317,308

Total
2,165,702

Note: Sales by geographical area is determined based upon the final destination and customer.

(2) Tangible fixed assets(Millions of yen)Japan

Australia
217,552

UAE

1,833,231

Other332,438- 17 -

Total
83,312

2,466,534

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

Sales

Ichthys LNG Pty Ltd

Relative reportable segment
228,313

Oil & Gas Overseas - Ichthys Project(Information on impairment loss from fixed assets by reportable segment)
For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)(Millions of yen)
Reportable segments
Oil & Gas
Japan
Impairment loss–

Oil & Gas Overseas

Other

Total

Adjustments

Consolidated–

25,799Ichthys Project Other Projects–

25,799–25,799For the year ended December 31, 2023 (January 1, 2023 through December 31, 2023)(Millions of yen)
Reportable segments
Oil & Gas
Japan
Impairment loss–

Oil & Gas Overseas

Other

Total

Adjustments

Consolidated–

89,048Ichthys Project Other Projects–

89,048–89,048(Information on amortization of goodwill and unamortized balance by reportable segment)
For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)(Millions of yen)
Reportable segments
Oil & GasJapan
Balance as of December 31, 2022–

Oil & Gas Overseas

Other

Total

Adjustments*1

Consolidated

22,59740,332Ichthys Project Other Projects–

17,735–

17,735

Notes: 1. This is the unamortized balance of goodwill not attributable to a reportable segment.
2. Please refer to “Segment information” regarding to the amounts of amortization of goodwill.

For the year ended December 31, 2023 (January 1, 2023 through December 31, 2023)(Millions of yen)
Reportable segments
Oil & GasJapan
Balance as of December 31, 2023–

Oil & Gas Overseas

Other

Total

Adjustments*1

Consolidated

15,64432,020Ichthys Project Other Projects–

16,376

Notes: 1. This is the unamortized balance of goodwill not attributable to a reportable segment.
2. Please refer to “Segment information” regarding to the amounts of amortization of goodwill.

(Information on negative goodwill by reportable segment)
None- 18 -–

16,376(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
December 31, 2022
(1) Net assets excluding non-controlling interests per share

For the year ended
December 31, 2023

¥2,879.68

For the year ended
December 31, 2022
(2) Net income per share¥3,289.78

For the year ended
December 31, 2023

¥337.37¥287.05

Net income attributable to owners of parent (Millions of yen)

461,069

371,531

Amount not attributable to common shareholders (Millions of
yen)

0

0

[0]

[0]

461,069

371,531

1,366,647,207

1,294,325,142(Calculation basis)(of which Net income attributable to owners of parent related
to Class A stock (Millions of yen))
Net income attributable to owners of parent related tocommon shareholders (Millions of yen)
Average number of common stock (shares)
Notes:

1. Diluted net income per share is not presented because there is 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 theend of the period. Additionally, in computing net income per share, above shares of the Company are included in the treasury stock to be deductedfrom the average number of shares during the period. The numbers of shares of treasury stock deducted from the total number of shares issued at theend of the period in computing net assets excluding non-controlling interests per share were 910,363 shares and 891,560 shares as of December 31,
2022 and 2023 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 603,363 shares and 897,293 shares for the year ended December 31, 2022 and 2023 respectively.
3. The changes in accounting policies have been made from the year ended December 31, 2023, and the figures after retrospective application are usedin the year ended December 31, 2022. As a result, net assets excluding non-controlling interests per share decreased by ¥12.25 and net income pershare increased by ¥16.68 for the year ended December 31, 2022.

(Significant Subsequent Events)
None- 19 -

4. Other(1) Production, Orders Received and Sales Performance
The change in reportable segments has been made from the year ended December 31, 2023, and the figures disclosed for the year
ended December 31, 2022 have been prepared based on the categories after the change.
1) Actual production
The following table shows actual production by segment:
Segment

For the year ended
December 31, 2022

Category

Crude oil
Natural gas
Oil & Gas Japan
Subtotal
IodineElectric power generation
Crude oilIchthys Project

Natural gas
Subtotal

Oil & Gas
Overseas

Crude oil

Other Projects

Natural gas
Subtotal
Sulfur

Other

Electric power generation
Crude oil
Natural gas

Total

Subtotal

For the year ended
December 31, 2023

1.0 MMbbls

0.9 MMbbls(2.6 Mbbls per day)

(2.5 Mbbls per day)

36.8 Bcf

34.4 Bcf(100.9 MMcf per day)

(94.3 MMcf per day)

7.7 MMboe

7.2 MMboe(21.0 Mboe per day)(19.7 Mboe per day)559.1t541.4t

193.7 million kWh

183.8 million kWh12.4 MMbbls

12.3 MMbbls(34.0 Mbbls per day)

(33.7 Mbbls per day)

322.6 Bcf

354.2 Bcf

(883.9 MMcf per day)

(970.5 MMcf per day)

75.1 MMboe

80.4 MMboe(205.8 Mboe per day)

(220.2 Mboe per day)

129.1 MMbbls

126.5 MMbbls(353.6 Mbbls per day)

(346.6 Mbbls per day)82.7 Bcf

87.4 Bcf(226.7 MMcf per day)(239.4 MMcf per day)

144.3 MMboe

142.5 MMboe(395.4 Mboe per day)(390.4 Mboe per day)61.1 Mtons

153.1 Mtons

744.3 million kWh

1,542.6 million kWh

142.5 MMbbls

139.7 MMbbls(390.3 Mbbls per day)

(382.8 Mbbls per day)

442.2 Bcf

476.1 Bcf

(1,211.5 MMcf per day)

(1,304.3 MMcf per day)

227.1 MMboe

230.1 MMboe(622.2 Mboe per day)

(630.3 Mboe per day)

Iodine559.1t541.4tSulfur

61.1 Mtons

153.1 Mtons

937.9 million kWh

1,726.4 million kWh

Electric power generation

Notes: 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.
4. The production volume of crude oil and natural gas under the production sharing contracts entered into by the 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 153.2 MMbbls (419.6 Mbbls perday) of crude oil, 452.7 Bcf (1,240.3 MMcf per day) of natural gas, and in total 239.7 MMboe (656.6 Mboe per day) for the year ended December 31,
2022, and 147.1 MMbbls (403.1 Mbbls per day) of crude oil, 486.0 Bcf (1,331.4 MMcf per day) of natural gas, and in total 239.5 MMboe (656.0 Mboe
per day) for the year ended December 31, 2023.
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.

- 20 -

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:(Millions of yen)Segment

Category

Sales volume
Crude oil
Natural gas
Oil & Gas Japan

Ichthys Project(excluding LPG)
LPG

Net sales
5,989

412 Mbbls

4,539

90,917 MMcf

199,715

91,502 MMcf

220,855

1 Mbbls

5

–

–

Other

8,889

7,502

214,600

232,897

Crude oil

11,880 Mbbls

156,139

12,526 Mbbls

144,859

Natural gas(excluding LPG)

288,140 MMcf

212,364

327,735 MMcf

228,313Natural gas

368,503(excluding LPG)
LPG

1,611,177

125,086 Mbbls

1,449,287

63,008 MMcf

108,054

60,239 MMcf

77,048108 Mbbls

878

452 Mbbls

2,968

1,786

1,529,555

–

5,356

–

10,520350 MMcf

1,542

338 MMcf

1,677

2,584

–

–

LPG

10,175

Other

4,917
12,961

19,659Subtotal

Total

250

1,721,896

Subtotal
Crude oil
Natural gas(excluding LPG)

373,173

125,768 Mbbls

Other

Other

Net sales

Subtotal

Crude oil

Other Projects

Sales volume

468 Mbbls

Subtotal
Oil & Gas
Overseas

For the year ended
December 31, 2023

For the year ended
December 31, 2022

30,076

Crude oil

138,116 Mbbls

1,778,662

138,024 Mbbls

1,609,207

Natural gas(excluding LPG)

442,416 MMcf

521,676

479,814 MMcf

527,895

109 Mbbls

3,469

452 Mbbls

7,886

LPG
Other

20,851

20,713

Total

2,324,660

2,165,702- 21 -