Note: The following report is an English translation of the Japanese-language original.

Consolidated financial results
ended March 31, 2012
＜Supplementary material＞

May 11 , 2012
Japan Petroleum Exploration Co., Ltd.
copyright©2012 JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights reserved.

Cautionary statement

Any information contained herein with respect to JAPEX’s plans, estimates, strategies
and other statements that are not historical facts are forward-looking statements about
the future performance of JAPEX. Readers should be aware that actual results andevents may differ substantially from these projections due to various factors.
The provision of this document should not be construed as a solicitation for investment.
Copyright : All information contained herein is protected by copyright, and may not be
copied or reproduced without the prior consent of JAPEX.

Note: The following abbreviations are used within this document:
1H = First half (1Q-2Q)
2H = Second half (3Q-4Q)(a) = Actual result(e) = Estimate
Any inquiries about the information contained herein or other Investor Relations questions
should be directed to:Investor Relations Group, Media & Investor Relations Department,
Japan Petroleum Exploration Co., Ltd. (JAPEX)TEL: +81-3-6268-7111

2

$140

¥120

$130

¥115

$120

¥110

$110

$ denominated price $/bbl (left axis)

¥105

$100

¥100

$90

¥95

$80

¥90

$70

¥85

Exchange rate \/$(right axis)

$60

¥80

$50

¥75

$40

¥70
2009-01
2009-022009-032009-04
2009-05
2009-06
2009-072009-08
2009-09
2009-10
2009-11
2009-122010-01
2010-022010-032010-04
2010-05
2010-06
2010-072010-08
2010-092010-10
2010-112010-122011-01
2011-02
2011-03
2011-04
2011-05
2011-06
2011-072011-08
2011-09
2011-10
2011-11
2011-12
2012-01
2012-022012-032012-04[Price] $denominated $/bbl

Trends in Crude oil prices and Foreign exchange rates

Japan Crude Cocktail (JCC) Price in the first 20 days of April 2012
on a prompt report basis : USD 126.54/bbl

Yen

82.80/USD
3

Actual results for FY2012 and Estimate for FY2013 (Highlight)
Billion ￥60

235

230.6

■ Actual results for FY2012 ( vs FY2011)[ Billion ￥]FY2011(a)

FY2012(a)change230

Net Sales

199.6

230.6

30.9

16%

50225

Operating income

13.8

15.0

1.2

9%

45220

Ordinary income

17.1

22.1

5.0

29%

Net income

10.0

17.0

7.070%

82.69

112.4329.74

36%

86.24

78.93(7.31)

(8%)

55

Net Sales (right axis)

214.6

40215

35210

30205

Billion ￥20025199.6

2015105195

22.1
17.1

15.0

13.8

17.0

16.8 16.5

185
10.0

10.0190

180
1750
FY2011FY2012

Operating income (left axis)

FY2013

JCC price
USD/bblExchange rate
Yen/USD■ Estimate for FY2013 ( vs FY2012)
FY2012(a)

FY2013(e)changeNet Sales

230.6

214.6(16.0)(7%)

Operating income

15.0

10.0(5.0)(33%)

Ordinary income

22.1

16.8(5.3)(24%)

Net income

17.0

16.5(0.5)(3%)

112.43100.00(12.43)

(11%)

78.93

80.00

1.07

1%

[ Billion ￥]JCC price
USD/bbl(e)

Exchange rate

Ordinary income (left axis)

Yen/USDNet income (left axis)

4Actual results for FY2012 ( Highlight )[ Million ￥]FY2012FY2011
ActualInitialestimate(May 2011)

Revisedestimate ①(Nov. 2011)

Revisedestimate ②(Feb. 2012)

Actual

199,651

223,479

229,031226,227

230,638

Operating income

13,84911,7578,365

12,214

15,045

Ordinary income

17,122

15,634

12,974

17,932

22,159Net income

10,01011,528

10,17513,80517,027

Net Sales

JCC priceUSD/bbl

82.69

90.00

105.66111.13112.43

Exchange rate

Yen/USD

86.24

85.00

80.52

79.69

78.93

Bitumen price

CAD/bbl

48.32

47.82

46.25

49.71

49.81

Exchange rate

Yen/CAD

81.47

85.00

80.00

76.22

76.22

Initial estimate (May 2011)

Revised estimate ① (Nov. 2011)【＋】 Rise in crude oil prices【－】 Downward revision of the production and sales plans for natural gas & crude oil

Revised estimate ① (Nov. 2011)

Revised estimate ② (Feb. 2012)【＋】 Rise in crude oil prices 【＋】Decrease in exploration expenses 【＋】Increase in non-operating income (expenses)

Revised estimate ② (Feb. 2012)

Actual results【＋】Rise in natural gas prices & crude oil prices 【＋】Increase in demand 【－】 Increase in non-operating income (expenses)
Ordinary income ¥ 22.1 billion (+¥4.2billion )Net income ¥17.0 billion (+¥3.2billion )5

Actual sales of Natural gas in FY2012(vs FY2011)
FY2011Natural gas:
Of which,
Domestically produced gas:

FY2012

1H (a)

Full (a)1H (a)

Full (a)change1H

FullSales volume

million M3696

1,553742

1,73045176

Net sales

million ￥27,039

61,09031,17074,9574,130

13,867

Sales volumemillion M3529

1,185

522

1,194(7)9Sales volume of “Domestically produced gas” stated herein does not include purchased gas.
Million M3

1,800

Natural gas(supplied by gas pipeline )

1,600
1,400

1,730

Sales volume （total）
Of which, domestically produced gas

1,553

1,200
1,000

1,185

1,194

Sales volume increased by 176 million M3 (+11%) vs FY11-Increase in demand for utility gas customers and industrial users

800

Net sales increased by ¥13.8 billion (+22%) vs FY11600-Increase in demand (+176 million M3 (+11%))-Rise in sales prices

400200FY2011FY2012

6Actual sales of Crude oil in FY2012 (vs FY2011)
FY 2011

Sales volume : Thousand KL
Net sales : Million ￥1H (a)

changeFY 2012Full (a)1H (a)

Full (a)1H

FullSales volume

946

1,899

896

1,778

(50)

(120)

Net sales

38,242

77,62946,64989,891

8,406

12,262

Domestically produced
crude oil:

Sales volume

246

547

239

529

（6)

(18)

Net sales

11,08325,777

13,92530,351

2,841

4,573

Overseas subsidiary
crude oil:Sales volume3512(1)(2)

Net sales

117

187

84

128(33)(59)

Sales volume

197

409

175

382

(21)

(26)

Net sales

5,512

10,141

4,207

9,137

(1,304)(1,003)

JCC price

USD/bbl

78.95

82.69

112.38112.43

33.43

29.74

Exchange rate

Yen/USD

90.71

86.24

81.07

78.93

(9.64)(7.31)

Bitumen price

CAD/bbl

52.98

48.32

45.70

49.81

(7.28)

1.49

Exchange rate

Yen/CAD

83.76

81.47

83.38

76.22

(0.38)(5.25)

Crude oil:
Breakdown of equity oil

Bitumen:Oil price and Exchange rate assumptions

Domestically produced crude oil : 【＋】 Rise in crude oil prices

FY2012529

2382

Bitumen : 【－】Decrease in production volume and Strong yen

FY2011

547

5409

Sales volume and net sales of “Domestically produced crude oil” stated herein do not include
purchased crude oil. Royalty is excluded in the net sales and price of Bitumen.
Sales volume and net sales of “Overseas subsidiary crude oil” stated herein are amounts of Japex(U.S.) Corp., an overseas consolidated subsidiary.

7Thousand- KL200

Domestically produced crude oil

400600800

Overseas subsidiary crude oil

1,000
Bitumen

Actual results for FY2012 (vs FY2011)≪Causes of increase(+) or decrease(-) ≫FY2011(a)

FY2012(a)changeNet sales

199,651

230,638

30,986Gross profit

54,73256,278

1,545

Exploration expenses

9,798

7,805

(1,992)

SG&A expenses

31,08433,426

2,342[ Million ￥]Operating income

13,84915,045

1,195

Non-operating income(expenses)

3,272

7,114

3,842

Ordinary income

17,122

22,1595,037

Extraordinary income(losses)(4,166)

311

4,477

2,161

4,746

2,585

783

696

(86)

10,01017,0277,016

Income taxes
Minority interests in income
Net income

8

Gross profit
Domestic crude oil and natural gas+ ¥5.8 billion
LNG substitution expence - ¥2.3 billion
Transportation fee of natural gas- ¥2.0 billion

Exploration expenses
Domestic exploration+ ¥1.8 billion
Non-operating income (expenses)
Dividends income
Gain on sales of securities+ ¥2.4 billion+ ¥0.7 billion

Extraordinary income (losses)(Impact on FY2011）

Loss on adjustment for changes of accounting
standard for asset retirement obligations+ ¥2.3 billion
Loss on Great East Japan Earthquake+ ¥1.5 billion(Impact on FY2012）

Insurance income regarding Great East Japan
Earthquake+ ¥0.6 billion

Estimates for FY2013 (Point)
FY2013

FY2012[ Million ￥]change

1H (a)

Full (a)1H (e)

Full (e)1H

104,596

230,638

95,823

214,653(8,773)(15,985)

Operating income

6,219

15,045

4,858

10,003(1,361)(5,042)

Ordinary income

7,887

22,1595,503

16,819(2,385)(5,341)

Net income

6,333

17,027

6,441

16,526107(501)

Net Sales

Full

JCC price

USD/bbl112.38112.43100.00100.00(12.38)(12.43)

Exchange rate

Yen/USD

81.07

78.93

80.00

80.00

(1.07)

1.07

Bitumen price

CAD/bbl

45.70

49.81

54.12

52.91

8.42

3.10

Exchange rate

Yen/CAD

83.38

76.22

80.00

80.00

(3.38)

3.78

Point

FY2013
FY2013 vs FY2012

Operating income Exploration expenses-¥ 6.0 billion

 Non-operating income(expenses)-¥ 0.3 billion

 Extraordinary income(losses)+¥ 2.0 billion

 Income taxes+¥ 2.7 billion-¥ 5.0 billion
Ordinary income-¥ 5.3 billion
Net income-¥ 0.5 billion

9： Dividends income

Estimated Natural gas sales in FY2013
FY2013

FY2012Natural gas:
Of which,
Domestically produced gas:

1H (a)

Full (a)1H (e)

Full (e)change1H

Full

Sales volume

Million M3742

1,730698

1,501(45)(229)

Net sales

Million ￥31,17074,957

31,38567,225215(7,733)

Sales volume

Million M3

522

1,194519

1,072(4)(123)

Sales volume of “Domestically produced gas” stated herein does not include purchased gas.
Million M3

1,800
1,600

Natural gas( supplied by gas pipeline )

1,730

1,400

Sales volume （total）
1,501

Of which, domestically produced gas1,200
1,000

1,194
1,072

800

Sales volume decreased by 229 million M3 (-13%) vs FY2012-Decrease in demand for utility gas customers and industrial users

600

Net sales decreased by ¥7.7 billion (-10%) vs FY2012

400-Decrease in sales volume ( -229 million M3 (-13%))200
FY2012FY201310

Estimated Crude oil sales in FY2013
FY 2012

Sales volume : Thousand KL
Net sales : Million ￥1H (a)

changeFY 20131H (e)

Full (a)Full (e)1H

FullSales volume896

1,778804

1,763(92)(15)

Net sales

46,64989,891

37,57781,603(9,072)(8,288)Domestically produced
crude oil:

Sales volume

239

529

251

489

11(40)Net sales

13,92530,351

12,92025,146(1,006)(5,205)

Overseas subsidiary
crude oil:

Sales volume

12

1

2

(1)

(1)

Net sales

84

128

4891

(36)

(37)

Sales volume

175

382

173

380

(3)

(3)

Net sales

4,207

9,137

4,705

10,103498

966

JCC price

USD/bbl112.38112.43100.00100.00(12.38)(12.43)

Exchange rate

Yen/USD

81.07

78.93

80.00

80.00

(1.07)

1.07

Bitumen price

CAD/bbl45.70

49.8154.12

52.91

8.42

3.10

Exchange rate

Yen/CAD

83.38

76.22

80.00

80.00

(3.38)

3.78

Crude oil:
Breakdown of equity oil

Bitumen:Oil price and Exchange rate assumptions

Domestically produced crude oil : 【－】Fall in crude oil prices

FY2013489

Bitumen : 【＋】Increase in sales price and Weakening of the yen

FY2012

529

ThousandKL
Sales volume and net sales of “Domestically produced crude oil” stated herein do not include
purchased crude oil. Royalty is excluded in the net sales and price of Bitumen.
Sales volume and net sales of “Overseas subsidiary crude oil” stated herein are amounts of Japex(U.S.) Corp., an overseas consolidated subsidiary.

11200

Domestically produced crude oil

2380
2400382600

800

Overseas subsidiary crude oil

1,000
BitumenEstimates for FY2013≪Causes of increase(+) or decrease(-) ≫FY2012(a)

FY2013(e)changeNet sales

230,638

214,653(15,985)

Gross profit

56,27854,865(1,413)

Exploration expenses

7,805

13,896

6,090

SG&A expenses

33,42630,966(2,461)

Operating income

15,045

10,003(5,042)Non-operating income(expenses)

7,114

6,816(299)

Ordinary income

22,15916,819(5,341)

311

2,378

2,067

4,746

1,969(2,778)

696702

5

17,027

16,526(501)[ Million ￥]Extraordinary income(losses)
Income taxes
Minority interests in income
Net income

12Gross profit
Domestic crude oil and natural gas- ¥4.0 billion
Transportation on consignment income+ ¥2.1 billion

Exploration expenses
Domestic exploration
Overseas exploration- ¥4.2 billion- ¥1.8 billion

Non-operating income (expenses)
Dividends income- ¥0.5 billion

Oil price and Exchange rate assumptions and impact on profits
Assumption

Impact on Profits

JCC price

Exchange rate

Bitumen price

USD 100 /bbl

Yen 80 /USD

CAD 52.91 /bbl
（ Yen 80 /CAD ）USD 1 /bbl increase in
crude oil prices would pushprofits up by...

A weakening in the yen toYen 5/USD would pushprofits up by…

CAD 1/bbl increase inbitumen prices would pushprofits up by…

Operating income

200 million Yen

890 million Yen( 2.38 billiion CAD )190 million Yen

Net income

130 million Yen

620 million Yen(2.09 billion CAD )170 million YenFY2012

FY2013change1H (a)

2H (a)

Full (a)1H (e)

2H (e)

Full (e)USD/bbl112.38112.48112.43100.00100.00100.00(12.43)

Exchange rate

Yen / USD

81.07

77.17

78.93

80.00

80.00

80.00

1.07

Bitumen price

CAD/bbl

45.70

43.98

49.81

54.12

51.89

52.91

3.01

Exchange rate

Yen /CAD

83.38

81.47

76.22

80.00

80.00

80.00

3.78

JCC priceNote1: Royalty is excluded in “Bitumen price”.
Note2: In addition to the impact of exchange rate fluctuations shown on the above, translation adjustments of foreigncurrency- denominated receivables and payables also occur.
Actual profits are influenced by a variety of other factors besides crude oil prices and exchange rates.

13