Consolidated Financial Results for the Six Months ended June 30, 2024 [IFRS]
August 8, 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 filing Semi-annual Financial Report
Scheduled date of payment of cash dividends: August 9, 2024
: September 2, 2024

Preparation of supplementary explanatory materials
Meeting of financial results presentation: Yes: Yes (for institutional investors and securities analysts)(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Six Months ended June 30, 2024 (January 1, 2024 through June 30, 2024)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Revenue

Operating profit

Profit before tax

Profit

For the six months ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024
June 30, 2023

1,190,861
1,078,994

10.4–

700,071
607,248

15.3–

713,216
709,505

0.5–

210,953
255,027(17.3)–

Profit attributable toowners of parent
For the six months ended
June 30, 2024
June 30, 2023

Total comprehensive
incomeBasic earnings per share Diluted earnings per share

Millions of yen%

Millions of yen

%

Yen

Yen

212,586(14.5)

821,95929.0

169.26169.14248,493–

637,194–190.27190.14Equity attributable toowners of parent

Ratio of equity
attributable to owners ofparent to total assets(2) Consolidated financial position
Total assets

Total equity

Millions of yen

Millions of yen

Millions of yen%

As of June 30, 2024

7,765,620

5,243,668

4,927,105

63.4

As of December 31, 2023

6,739,476

4,499,033

4,209,101

62.5

2. Dividends
Cash dividends per share
At 1st quarter end

At 2nd quarter end

At 3rd quarter end

At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

For the year ended
December 31, 2023

–

37.00

–

37.00

74.00

For the year ending
December 31, 2024

–

43.00

–

43.00

86.00

For the year ending
December 31, 2024
(Forecasts)(Notes): 1. Changes in projected dividends for the year ending December 31, 2024 from the previous forecast: Yes
2. “Dividends” as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit “Dividends of Class A
stock.”
3. For information regarding revision of dividend forecast, please refer to the press release “Notice Concerning Interim Dividend and Revision to Yearend Dividend Forecast” issued today (August 8, 2024).

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 previous fiscal year)

Revenue
Millions of yen

For the year ending
December 31, 2024

2,254,000

Operating profit% Millions of yen

4.1

1,249,000

Profit attributable to Basic earnings
owners of parent
per share

Profit before tax% Millions of yen

12.1

1,282,000% Millions of yen

2.3

360,000

%

Yen

11.9

290.25(Note): Changes in forecasts for consolidated financial results for the year ending December 31, 2024 from the previous forecast: Yes*Notes(1) Significant changes in scope of consolidation(Changes in the specified subsidiaries during the period due to change in scope of consolidation): None(2) Changes in accounting policies and changes in accounting estimates
1. Changes in accounting policies required by IFRS
2. Other changes in accounting policies: None: None3. Changes in accounting estimates: None(3) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period

1,259,136,067 shares as of June 30, 2024

(including treasury stock):
2. Number of treasury stock at the end of the period:

1,386,667,167 shares as of December 31, 2023
11,345,833 shares as of June 30, 2024

3. Average number of shares:

128,422,706 shares as of December 31, 2023
1,255,990,910 shares for the six months ended June 30, 2024
1,306,002,898 shares for the six months ended June 30, 2023

(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 June 30, 2024: 827,850 shares As of December 31, 2023: 891,560 shares)*This semi-annual earnings report is not subject to audit by certified public accountants or audit firms.
*Explanation regarding the appropriate use of estimated consolidated financial results
The aforementioned forecasts “3. Forecasts for Consolidated Financial 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 forecasts due to changes in business conditions including
oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax schemes. Regarding theforecasts, please refer to “1. Qualitative Information/Financial Statements (4) Explanation Regarding Future Forecast Information Such as Forecasts for
Consolidated Financial Results” 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

Yen

Yen

Yen

Yen

Yen

For the year ended
December 31, 2023–

14,800.00–

14,800.00

29,600.00

For the year ending
December 31, 2024–

17,200.00–

17,200.00

34,400.00

For the year ending
December 31, 2024
(Forecasts)(Notes): 1. 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.
2. For information regarding revision of dividend forecast, please refer to the press release “Notice Concerning Interim Dividend and Revision to Yearend Dividend Forecast” issued today (August 8, 2024).

Index of the Attachments
1.

Qualitative Information/Financial Statements ................................................................................................................................... 2(1) Explanation on Consolidated Financial Results .......................................................................................................................... 2
(2)
(3)

2.

Explanation on Consolidated Financial Position ......................................................................................................................... 3
Explanation on Cash Flows......................................................................................................................................................... 3(4) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results ............................. 4
Condensed Semi-annual Consolidated Financial Statements and Principal Notes ............................................................................ 5(1)(2)

Condensed Semi-annual Consolidated Statement of Financial Position ..................................................................................... 5
Condensed Semi-annual Consolidated Statement of Profit or Loss and Condensed Semi-annual Consolidated Statement of(3)

Comprehensive Income............................................................................................................................................................... 7
Condensed Semi-annual Consolidated Statement of Changes in Equity..................................................................................... 9

(4)
(5)

Condensed Semi-annual Consolidated Statement of Cash Flows ............................................................................................. 11
Notes to Condensed Semi-annual 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
3.

(Segment information)..................................................................................................................................................................... 13
Supplementary Information............................................................................................................................................................. 14(1)

Production, Orders Received and Sales Performance ............................................................................................................... 14-1-

1. Qualitative Information/Financial Statements(1) Explanation on Consolidated Financial Results
Regarding the Company’s consolidated financial results for the six months ended June 30, 2024, revenue increased by ¥111.8
billion, or 10.4%, to ¥1,190.8 billion from the corresponding period of the previous fiscal year due to the depreciation in the
average exchange rate of the Japanese yen against the U.S. dollar during the period. Revenue of crude oil increased by ¥125.6
billion, or 16.4%, to ¥892.1 billion, and revenue of natural gas (excluding LPG) decreased by ¥15.1 billion, or 5.1%, to ¥281.3
billion. Sales volume of crude oil increased by 934 thousand barrels, or 1.3%, to 70,635 thousand barrels, and sales volume ofnatural gas increased by 9,319 million cf, or 3.7%, to 258,874 million cf. Sales volume of overseas natural gas increased by 8,353
million cf, or 4.2%, to 209,398 million cf, and sales volume of domestic natural gas increased by 26 million m3, or 2.0%, to 1,321
million m3 (49,295 million cf). The average sales price of overseas crude oil increased by U.S.$1.48, or 1.8%, to U.S.$82.92 perbarrel. The average sales price of overseas natural gas decreased by U.S.$0.41, or 6.8%, to U.S.$5.61 per thousand cf, and theaverage sales price of domestic natural gas decreased by ¥25.44, or 24.9%, to ¥76.74 per m3. The average exchange rate of theJapanese yen against the U.S. dollar on consolidated revenue depreciated by ¥17.41, or 12.9%, to ¥152.39 per U.S. dollar.
The increase of ¥111.8 billion in revenue was mainly derived from the following factors: regarding revenue of crude oil andnatural gas, an increase in sales volume contributing ¥20.2 billion to the increase, a decrease in unit sales price contributing ¥33.5
billion to the decrease, the depreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing¥123.7 billion to the increase, and an increase in revenue excluding crude oil and natural gas of ¥1.3 billion.
Meanwhile, cost of sales increased by ¥47.8 billion, or 11.2%, to ¥473.1 billion. Exploration expenses increased by ¥45.4 billion
to ¥49.4 billion. Selling, general and administrative expenses increased by ¥9.5 billion, or 19.0%, to ¥59.8 billion. Other
operating income increased by ¥5.6 billion, or 39.5%, to ¥19.7 billion. Other operating expenses decreased by ¥6.2 billion, or
51.4%, to ¥5.9 billion. Share of profit of investments accounted for using equity method increased by ¥71.9 billion to ¥77.7
billion. As a result, operating profit increased by ¥92.8 billion, or 15.3%, to ¥700.0 billion.
Finance income decreased by ¥58.6 billion, or 41.5%, to ¥82.8 billion. Finance costs increased by ¥30.4 billion, or 77.5%, to¥69.6 billion. As a result, profit before tax increased by ¥3.7 billion, or 0.5%, to ¥713.2 billion.
Income tax expense increased by ¥47.7 billion, or 10.5%, to ¥502.2 billion. Loss attributable to non-controlling interests was ¥1.6
billion compared with ¥6.5 billion of profit attributable to non-controlling interests for the corresponding period of the previous
fiscal year. As a result of the above effects, profit attributable to owners of parent decreased by ¥35.9 billion, or 14.5%, to ¥212.5
billion.
Operating results by segment are as follows:1)

Oil & Gas Japan
Revenue decreased by ¥31.3 billion, or 22.7%, to ¥107.1 billion due to a decrease in sales price of natural gas. Profit
attributable to owners of parent decreased by ¥18.9 billion, or 66.9%, to ¥9.3 billion.

2)

Oil & Gas Overseas - Ichthys Project
Although revenue increased by ¥29.1 billion, or 15.8%, to ¥213.0 billion due to the depreciation of the Japanese yen
against the U.S. dollar and an increase in sales volume, profit attributable to owners of parent decreased by ¥3.5 billion, or
2.3%, to ¥150.0 billion due to factors including an increase in exploration expenses.

3)

Oil & Gas Overseas - Other Projects
Although revenue increased by ¥110.9 billion, or 14.9%, to ¥853.4 billion due to the depreciation of the Japanese yen
against the U.S. dollar and an increase in sales volume, profit attributable to owners of parent decreased by ¥8.5 billion, or
14.1%, to ¥52.0 billion due to factors including an increase in income tax expense.

-2-(2) Explanation on Consolidated Financial Position
Total assets as of June 30, 2024 increased by ¥1,026.1 billion to ¥7,765.6 billion, compared to December 31, 2023. Current assets
increased by ¥281.4 billion to ¥1,119.9 billion due to an increase in other financial assets, and others. Non-current assets
increased by ¥744.6 billion to ¥6,645.7 billion due to an increase in oil and gas assets, and others.
Meanwhile, total liabilities increased by ¥281.5 billion to ¥2,521.9 billion. Current liabilities increased by ¥205.8 billion to¥778.0 billion and non-current liabilities increased by ¥75.6 billion to ¥1,743.9 billion.
Total equity increased by ¥744.6 billion to ¥5,243.6 billion. Equity attributable to owners of parent increased by ¥718.0 billion to¥4,927.1 billion. Non-controlling interests increased by ¥26.6 billion to ¥316.5 billion.
(3) Explanation on Cash Flows
The Group’s cash and cash equivalents as of June 30, 2024 totaled ¥233.1 billion, reflecting a net increase of ¥7.7 billion from
¥201.1 billion as of December 31, 2023, with the effect of exchange rate changes of ¥24.2 billion added to it.
The status of cash flows from operating, investing, and financing activities and their factors during the six months ended June 30,2024 are as follows:
1) Cash flows from operating activities
Net cash provided by operating activities amounted to ¥368.9 billion, down ¥74.1 billion from the corresponding period of theprevious fiscal year, mainly due to an increase in trade and other receivables and an increase in income taxes paid (despite adecrease in finance income, which is a non-cash item, and an increase in trade and other payables).
2) Cash flows from investing activities
Net cash used in investing activities amounted to ¥318.1 billion, down ¥52.4 billion from the corresponding period of theprevious fiscal year, mainly due to a decrease in payments for purchases of investments and an increase in proceeds from saleand redemption of investments.
3) Cash flows from financing activities
Net cash used in financing activities amounted to ¥43.0 billion, down ¥88.4 billion from the corresponding period of theprevious fiscal year, mainly due to a decrease in repayments of long-term borrowings and a net increase in commercial papers.

-3-(4) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results
The Company revised its consolidated financial forecasts other than profit attributable to owners of parent for the fiscal year
ending December 31, 2024 due to factors including generally steady progress in production in the Ichthys Project and other key
projects made during the six months ended June 30, 2024, as shown below. The revised forecasts also reflect the revision of aforecast of sales volume, and crude oil price and exchange rate assumptions for the third quarter onwards.
Forecasts for consolidated financial results for the year ending December 31, 2024
(Millions of yen)
Revenue

Operating profit

Profit before tax

Profit attributable toowners of parent

Previous Forecasts: A

2,178,000

1,210,000

1,241,000

360,000

Revised Forecasts: B

2,254,000

1,249,000

1,282,000

360,000

76,00039,00041,000

–

3.5

3.2

3.3

–

Increase (Decrease): B-A
Percentage change (%)

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

Crude oil price(Brent)Exchange rate

Revised Forecasts

First Half average:

U.S.$82.5/bbl

First Half average (actual):

U.S.$83.4/bbl

Second Half average:

U.S.$77.5/bbl

Second Half average:

U.S.$76.6/bbl- 3rd quarter average:

U.S.$78.7/bbl- 3rd quarter average:

U.S.$79.0/bbl- 4th quarter average:

U.S.$76.2/bbl- 4th quarter average:

U.S.$74.2/bbl

Full Year average:

U.S.$80.0/bbl

Full Year average:

U.S.$80.0/bbl

First Half average:¥148.0/U.S.$First Half average (actual):¥152.4/U.S.$

Second Half average:¥142.0/U.S.$

Second Half average:¥143.6/U.S.$

Full Year average:¥145.0/U.S.$

Full Year average:¥148.0/U.S.$

Crude oil prices at which the Company sells products vary depending on crude oil type and differ from Brent crude oil prices.
Crude oil price differences are determined by the quality of each crude oil type, etc., and are also affected by market conditions.

-4-2. Condensed Semi-annual Consolidated Financial Statements and Principal Notes(1) Condensed Semi-annual Consolidated Statement of Financial Position(Millions of yen)Accounts

As of December 31, 2023

As of June 30, 2024

AssetsCurrent assets
Cash and cash equivalents

201,149

233,158

Trade and other receivables

232,017305,625

Inventories

69,85682,464

Income taxes receivable

10,6401,475

Loans receivable

42,35053,855

Other financial assets

227,068

382,005

Other current assets

37,992

43,974

Subtotal

821,075

1,102,559

Assets held for sale

17,341

17,341

Total current assets

838,417

1,119,900

3,601,558

3,988,630

Non-current assets
Oil and gas assets
Other property, plant and equipment

25,481

25,880Goodwill

20,47122,221Intangible assets

9,033

8,705

751,903947,262

1,306,529

1,448,265

95,890118,086

896

1,330

Deferred tax assets

72,977

67,070

Other non-current assets

16,316

18,266

Investments accounted for using equity method
Loans receivable
Other financial assets
Asset for retirement benefits

Total non-current assets
Total assets-5-

5,901,058

6,645,719

6,739,476

7,765,620

(Millions of yen)Accounts

As of December 31, 2023

As of June 30, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

207,913

246,432

Bonds and borrowings

161,059

275,898

Other financial liabilities

40,80856,597

Income taxes payable

131,721

169,255

Asset retirement obligations

19,01818,510

Other current liabilities

11,69011,346

Total current liabilities

572,212

778,042

Bonds and borrowings

895,923

937,870

Other financial liabilities

66,02564,473803

839

Asset retirement obligations

369,483

395,690

Deferred tax liabilities

332,940

341,297

Other non-current liabilities

3,054

3,737

Total non-current liabilities

1,668,230

1,743,909

2,240,442

2,521,951

290,809290,809

Non-current liabilities

Liability for retirement benefits

Total liabilities
EquityCommon stock
Capital surplus

679,131459,574Retained earnings

2,746,530

2,912,528

Treasury stock(221,330)(26,235)

Other components of equity

713,959

1,290,427

4,209,101

4,927,105

289,932

316,5634,499,033

5,243,668

6,739,476

7,765,620

Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity-6-(2) Condensed Semi-annual Consolidated Statement of Profit or Loss and Condensed Semi-annual Consolidated Statement ofComprehensive Income
Condensed Semi-annual Consolidated Statement of Profit or Loss
(Millions of yen)
For the six months ended
June 30, 2023

For the six months ended
June 30, 2024

Revenue

1,078,994

1,190,861

Cost of sales(425,373)(473,178)

Gross profit

653,621717,682

Exploration expenses(3,994)(49,464)

Selling, general and administrative expenses(50,257)(59,806)

Other operating income

14,18819,790

Other operating expenses(12,156)(5,908)

5,848

77,776

Operating profit

607,248700,071

Finance income

141,496

82,803Finance costs(39,239)(69,657)

Profit before tax

709,505

713,216

Income tax expense(454,478)(502,263)

Profit255,027

210,953

248,493

212,586

6,533(1,632)

255,027

210,953

Basic earnings per share (Yen)

190.27169.26

Diluted earnings per share (Yen)

190.14169.14

Accounts

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

Profit attributable to
Owners of parent
Non-controlling interests
ProfitEarnings per share-7-

Condensed Semi-annual Consolidated Statement of Comprehensive Income(Millions of yen)
For the six months ended
June 30, 2023

Accounts
Profit

For the six months ended
June 30, 2024

255,027

210,953

Financial assets measured at fair value through othercomprehensive income

2,032(2,350)Total items that will not be reclassified to profit or loss

2,032

(2,350)Cash flow hedges(1,115)(1,083)

Exchange differences on translation of foreign operation

Other comprehensive income
Items that will not be reclassified to profit or loss

Items that may be reclassified subsequently to profit or loss
377,552

615,174

Financial assets measured at fair value through othercomprehensive income

(504)

(179)

Share of other comprehensive income of investments
accounted for using equity method

4,201

(555)

380,134

613,356

382,167

611,006

637,194

821,959

Owners of parent

612,818

789,054

Non-controlling interests

24,37532,904Comprehensive income

637,194

821,959

Total items that may be reclassified subsequently to
profit or loss
Other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to-8-

(3) Condensed Semi-annual Consolidated Statement of Changes in Equity
For the six months ended June 30, 2023
(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Common stock

As of January 1, 2023
ProfitOther comprehensive income

Capital surplus Retained earnings Treasury stock

Exchangedifferences on
Cash flow hedges
translation offoreign operation

290,809679,113

2,521,998(121,358)

423,504

32,421––

248,493

–

–

–

–

–

–

–

359,710

3,086

Total comprehensive income––

248,493–359,7103,086

Disposal of treasury stock

–

(27)

–

27

–

–

Dividends––(41,820)–––

Changes in ownership interest in
subsidiaries

–

(120)

–

–

–

–

Share-based payment transactions

–

94

–

–

–

–

Transfer from other components of equity toretained earnings––(3,262)

–

–

–

–

(53)

(45,083)27––

290,809

679,059

2,725,409(121,330)

783,215

35,507

Total transactions with owners
As of June 30, 2023

Equity attributable to owners of parent
Other components of equity
Financial assets
measured at fair value
through othercomprehensive
incomeAs of January 1, 2023

Non-controllinginterests

Total

Total

Total

(19,107)436,818

3,807,381

261,178

4,068,560––

248,493

6,533

255,027

1,528

364,324

364,324

17,842

382,167

Total comprehensive income

1,528

364,324

612,818

24,375637,194

Disposal of treasury stock

–

–

–

–

–

Dividends––(41,820)(4,667)(46,488)

Changes in ownership interest in
subsidiaries

–

–

(120)

7,829

7,709

Share-based payment transactions

–

–

94

–

94

3,262

3,262

–

–

–

3,262

3,262

(41,847)

3,162(38,684)(14,316)

804,405

4,378,353

288,716

4,667,069

ProfitOther comprehensive income

Transfer from other components of equity toretained earnings
Total transactions with owners
As of June 30, 2023

-9-For the six months ended June 30, 2024
(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Common stock

As of January 1, 2024

Capital surplus Retained earnings Treasury stock

Exchangedifferences on
Cash flow hedges
translation offoreign operation

290,809679,1312,746,530(221,330)

694,996

30,224

Profit––212,586–––

Other comprehensive income

–

–

–

–

580,636(1,638)

Total comprehensive income––

212,586–

580,636(1,638)Purchase of treasury stock

–

–

–

(24,999)––

Disposal of treasury stock

–

(95)

–

95

–

–

Cancellation of treasury stock–(219,999)–

219,999––

Dividends––(46,588)–––

Changes in ownership interest in
subsidiaries

–

437

–

–

–

–

Share-based payment transactions

–

99

–

–

–

–

–

(219,557)(46,588)

195,094––

290,809459,574

2,912,528(26,235)

1,275,632

28,586

Total transactions with owners
As of June 30, 2024

Equity attributable to owners of parent
Other components of equity
Financial assets
measured at fair value
through othercomprehensive
incomeAs of January 1, 2024

Non-controllinginterests

Total

Total

Total

(11,261)

713,959

4,209,101

289,932

4,499,033––

212,586(1,632)210,953(2,529)576,468

576,468

34,537611,006

Total comprehensive income(2,529)576,468

789,054

32,904

821,959

Purchase of treasury stock––(24,999)–(24,999)

Disposal of treasury stock

–

–

–

–

–

Cancellation of treasury stock

–

–

–

–

–

Dividends––(46,588)(10,017)(56,605)

Changes in ownership interest in
subsidiaries

–

–

437

3,743

4,181

Share-based payment transactions

–

–

99

–

99

–

–

(71,050)(6,273)(77,323)(13,791)

1,290,427

4,927,105

316,563

5,243,668

ProfitOther comprehensive income

Total transactions with owners
As of June 30, 2024

- 10 -

(4) Condensed Semi-annual Consolidated Statement of Cash Flows(Millions of yen)Accounts

For the six months ended
June 30, 2023

For the six months ended
June 30, 2024

Cash flows from operating activities
Profit before tax

709,505

713,216

Depreciation and amortization

158,924

188,590

1,283(2,828)(102,256)(13,145)

Foreign exchange loss (gain)

4,924(1,609)

Share of loss (profit) of investments accounted for using
equity method(5,848)(77,776)584(7,049)Decrease (increase) in trade and other receivables

66,177(43,220)

Increase (decrease) in trade and other payables(14,617)18,800

Other operating activities(1,557)32,479Subtotal

817,118

807,456

Interest received

50,08460,772

Increase (decrease) in asset retirement obligations
Finance income and finance costs (income)Decrease (increase) in inventories

Dividends received

6,248

18,837

Interest paid

(30,206)(30,796)

Income taxes paid

(400,125)(487,276)

Net cash provided by (used in) operating activities

443,119

368,994

Payments into time deposits(2,792)(174,705)

Proceeds from withdrawal of time deposits

5,501

34,351(8,233)(34,154)(97,832)(117,956)(1,099)(2,188)(326,239)(79,997)

34,45879,541(46,553)(19,016)–(40,907)

Net decrease (increase) in short-term loans receivable(6,582)

1,718

Long-term loans made

(1,214)(34,299)

Collection of long-term loans receivable

86,20560,413

Other investing activities(6,210)9,045(370,593)(318,156)

Cash flows from investing activities

Payments for acquisition of exploration and evaluation
assetsPayments for acquisition of development and production
assetsPayments for purchases of other property, plant andequipment
Payments for purchases of investments
Proceeds from sale and redemption of investments
Payments for purchases of investments accounted for using
equity method
Payments for acquisition of businesses

Net cash provided by (used in) investing activities- 11 -

(Millions of yen)Accounts

For the six months ended
June 30, 2023

For the six months ended
June 30, 2024

Cash flows from financing activities
Net increase (decrease) in commercial papers

88,000170,000

Net increase (decrease) in short-term borrowings

20,121(23,230)

Proceeds from long-term borrowings

102,872

75

Repayments of long-term borrowings(285,736)(100,845)

Repayments of lease liabilities(9,601)(11,731)–(24,999)(41,804)(46,565)

7,709

4,223

Cash dividends paid to non-controlling interests(4,667)(10,017)

Other financing activities(8,455)(0)

Net cash provided by (used in) financing activities(131,562)(43,091)

Net increase (decrease) in cash and cash equivalents(59,036)

7,747

Cash and cash equivalents at beginning of the year

208,238

201,149

Purchase of treasury stock
Cash dividends paid
Capital contribution from non-controlling interests

Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of the period- 12 -

6,066

24,261

155,267

233,158

(5) Notes to Condensed Semi-annual 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(Segment information)
Reportable segment profit represents profit attributable to owners of parent as presented in the condensed semi-annual
consolidated statement of profit or loss. Intersegment transactions follow pricing based on arm’s-length principles.
The revenue and financial results for the Group’s reportable segments are as follows:
For the six months ended June 30, 2023 (January 1, 2023 through June 30, 2023)(Millions of yen)
Reportable segments
Oil & Gas Overseas

Oil & Gas
Japan

Other*

Total

Adjustments

Consolidated

1,078,994

Ichthys Project

Other Projects

138,553

183,930

742,509

14,001

1,078,994

–

3,234

9,280

–

4,146

16,661(16,661)–

Total

141,787

193,210742,509

18,1481,095,655(16,661)

1,078,994

Segment profit (loss)

28,313

153,578

60,53910,491

252,922(4,428)248,493

Revenue
Revenue from external customers
Intersegment revenue

Note:

The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.

For the six months ended June 30, 2024 (January 1, 2024 through June 30, 2024)(Millions of yen)
Reportable segments
Oil & GasJapan

Oil & Gas Overseas

Other*

Total

Adjustments

Consolidated

Ichthys Project

Other Projects

107,161

213,068

853,436

17,195

1,190,861–

1,190,861

3,536

14,495–

4,280

22,313(22,313)–

Revenue
Revenue from external customers
Intersegment revenue
Total

110,698

227,564

853,436

21,476

1,213,174(22,313)

1,190,861

Segment profit (loss)

9,362

150,01252,015

1,224

212,614(28)

212,586

Note:

The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.

- 13 -

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

Category

For the six months ended
June 30, 2023
0.5 MMbbls

0.4 MMbbls(2.6 Mbbls per day)

(2.3 Mbbls per day)17.6 Bcf

15.5 Bcf(97.1 MMcf per day)

(84.9 MMcf per day)Subtotal

3.7 MMboe(20.3 Mboe per day)

3.2 MMboe(17.8 Mboe per day)

Iodine281.3t278.9t103.0 million kWh

93.9 million kWh

6.4 MMbbls

6.7 MMbbls(35.1 Mbbls per day)

(36.6 Mbbls per day)

Crude oil
Natural gas
Oil & Gas Japan

Electric power generation
Crude oilIchthys Project

Natural gas
Subtotal

Oil & Gas
Overseas40.8 MMboe

44.5 MMboe(225.2 Mboe per day)(244.7 Mboe per day)63.5 MMbbls(348.8 Mbbls per day)

50.6 Bcf

50.2 Bcf(279.7 MMcf per day)

(275.9 MMcf per day)72.7 MMboe

72.7 MMboe(401.7 Mboe per day)

(399.7 Mboe per day)

64.5 Mtons

80.3 Mtons

Electric power generation

723.9 million kWh

1,113.2 million kWh

Crude oil

70.3 MMbbls(388.4 Mbbls per day)70.6 MMbbls(387.7 Mbbls per day)Natural gas

246.9 Bcf
(1,364.1 MMcf per day)

262.7 Bcf
(1,443.5 MMcf per day)

117.1 MMboe

120.5 MMboe(647.2 Mboe per day)(662.1 Mboe per day)

281.3t278.9tNatural gas

SulfurTotal

197.0 Bcf
(1,082.6 MMcf per day)63.5 MMbbls

Subtotal

Other

178.7 Bcf
(987.3 MMcf per day)

(350.6 Mbbls per day)

Crude oil

Other Projects

For the six months ended
June 30, 2024

Subtotal
IodineSulfurElectric power generation

64.5 Mtons

80.3 Mtons

826.8 million kWh

1,207.2 million kWh

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, etc. 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 74.0 MMbbls (408.7 Mbbls perday) of crude oil, 251.5 Bcf (1,389.8 MMcf per day) of natural gas, and in total 121.9 MMboe (673.2 Mboe per day) for the six months ended June 30,
2023, and 74.2 MMbbls (407.6 Mbbls per day) of crude oil, 265.8 Bcf (1,460.3 MMcf per day) of natural gas, and in total 125.0 MMboe (686.6 Mboe
per day) for the six months ended June 30, 2024.
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.

- 14 -

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(excluding LPG)

Revenue

183 Mbbls

2,238

48,338 MMcf

132,348

49,295 MMcf

101,363

3,675

Overseas
Other Projects

138,553

Total

107,161

69,281

7,125 Mbbls

90,586

165,355 MMcf

114,648

170,428 MMcf

122,481

Crude oil

63,226 Mbbls

691,041

63,326 Mbbls

793,553Natural gas(excluding LPG)

35,690 MMcf

48,541

38,970 MMcf

56,561Natural gas(excluding LPG)

183,930

213,068

Other

2,926

3,320

Subtotal

742,509853,436

Crude oil
Other

3,559

6,237 Mbbls

Subtotal

Oil & Gas

Revenue

2,529

SubtotalIchthys Project

Sales volume

239 Mbbls

Other
Crude oil

For the six months ended
June 30, 2024

For the six months ended
June 30, 2023

Natural gas(excluding LPG)

–

3,652

–

5,814

172 MMcf

964

181 MMcf

911

Other

9,385

10,470Subtotal

14,001

17,195Crude oil

69,701 Mbbls

766,504

70,635 Mbbls

892,193

Natural gas(excluding LPG)

249,555 MMcf

296,502258,874 MMcf

281,317

Other

15,987

17,350Total

1,078,994

1,190,861- 15 -