Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANMay 11, 2022

Announcement of Revision of Consolidated Financial Forecasts
for the Six Months Ending June 30, 2022 and Fiscal Year Ending
December 31, 2022
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today the revision of its
consolidated financial forecasts for the six months ending June 30, 2022 and for the fiscal year
ending December 31, 2022 announced on February 9, 2022.
1. Revision of consolidated financial forecasts for the six months ending June 30,2022 (From January 1, 2022 to June 30, 2022)

Previous forecasts(February 9, 2022): A
Revised forecasts: B
Increase (decrease):
B-A
Percentage (%) change

NetsalesOperatingincomeOrdinary
incomeNet income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

820,000
1,019,000

394,000
535,000

466,000
613,000

150,000
200,000

108.18144.25

199,000

141,000

147,000

50,000

24.3

35.8

31.5

33.3

498,397

223,673

219,845

51,982

Reference:
Consolidated financial results forthe six months ended June 30,

35.60

2021

2. Revision of consolidated financial forecasts for the year ending December 31,
2022 (January 1, 2022 –December 31, 2022)
Net income
Net
Operating
Ordinary
attributable to Net income
sales
incomeincomeowners ofper share
parentPrevious forecasts
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen(February 9, 2022): A
1,541,000
716,000
824,000
250,000
180.31
Revised forecasts: B
1,851,000
924,000
1,042,000
300,000
216.37
Increase (decrease):
310,000
208,000
218,000
50,000
B-A
Percentage (%) change
20.129.1
26.5
20.0
Reference:
Consolidated financial results forthe year ended December 31,
2021

1,244,369

590,657

657,627

223,048153.87

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN3. Reasons for the revisions
Crude oil and natural gas production operations largely progressed steadily, and INPEX
revised its consolidated financial forecasts for the six months ending June 30, 2022 and for thefiscal year ending December 31, 2022 due to factors including the upturn in crude oil prices inthe first quarter and the revision of its crude oil price assumptions for the year1 as well as thedepreciation of the Japanese yen against the US dollar.
1

Crude oil price and exchange rate assumptions
Previous Forecasts(February 9, 2022)

Revised Forecasts(May 11, 2022)

Crude oil price(Brent)

1st Half:
2nd Half:
・3rd quarter・4th quarter
Full Year:

US$ 80.0/bbl
US$ 70.0/bbl
・US$ 75.0/bbl
・US$ 65.0/bbl
US$ 75.0/bbl

1st Half:
2nd Half:
・3rd quarter・4th quarter
Full Year:

US$ 95.0/bbl
US$ 75.0/bbl
・US$ 80.0/bbl
・US$ 70.0/bbl
US$ 85.0/bbl

Exchange rate

1st Half:
2nd Half:
Full Year:¥110.0/US$¥110.0/US$¥110.0/US$

1st Half:
2nd Half:
Full Year:¥120.0/US$¥120.0/US$¥120.0/US$

NB: Forecasts above are based on information that is currently available and reflect uncertainties. Actual
results may differ from the forecasts due to changes in business conditions including oil and natural gas
prices, production and sales plans, project development schedules, government regulations and financial
and tax schemes, etc.

Based on the shareholder return policy outlined in INPEX Vision@2022, INPEX will, in principle,
maintain stable dividend payouts during the period covered by the medium-term business planfrom fiscal year 2022 to fiscal year 2024 with a total payout ratio of around 40 percent or greater,
and a minimum annual dividend per share of 30 yen. During this period, INPEX will also strive
to strengthen shareholder returns through means including share buybacks based on thecompany’s business environment, financial base and management conditions, etc.
The annual dividend forecast amounts for the year ending December 31, 2022 remains
unchanged as of now at 27 yen per common stock for the interim dividend and 27 yen percommon stock for the year-end dividend. INPEX will determine its shareholder returns for thisfiscal year based on the above shareholder return policy after assessing its year-end forecasts
etc. in the second quarter of the fiscal year ending December 2022.
Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233