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

Consolidated financial results
for the nine months ended December 31 , 2012
＜Supplementary material＞
February 8 , 2013

Japan Petroleum Exploration Co., Ltd.
copyright©2013 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:(a) = actual result(e) = estimate
Any inquiries about the information contained herein or other Investor Relations questions
are requested to be directed to:Investor Relations Group,Media & Investor Relations Department,
Japan Petroleum Exploration Co., Ltd.
Tokyo, JAPANTEL: +81-3-6268-7111

2

Trends in Crude oil prices and Foreign exchange rates

Japan Crude Cocktail (JCC) Price in the first 10 days January 2013
on a prompt report basis : USD 112.48/bbl
JPY 84.84/USD
3

3Q Result

Actual results for 1Q-3Q FY2013 (Summary)Billion ￥FY2012
1Q-3Q
(a)

FY20131Q-3Q(a)change

165.6

164.5

(1.1)

(1%)

Operating income

5.7

7.4

+1.7

30%

Ordinary income

8.2

11.6+3.3

41%

Net income

6.2(18.0)(24.3)－%

111.59115.36+3.77

Exchange rate
Yen/USD

79.57

79.93+0.36

Bitumen price
CAD/bbl

47.95

51.05

+3.10

Exchange rate
Yen/CAD

73.97

79.14

+13.08[ Billion ￥]Net sales

JCC price
USD/bblBillion ￥%ChangeMain points of difference with FY2012 : Operating income +¥ 1.7billion→ Gross profit +¥4.1billion Exploration expenses -¥3.4billion
 Ordinary income +¥ 3.3billion

Net Sales (left axis)

Operating income (right axis)
Ordinary income (right axis)→ Foreign exchange gains/losses +¥0.9billion

Net income (right axis)

 Net income -¥24.3billion→ Impairment loss -¥37billion

4

3Q Result

Actual sales of Natural gas in 1Q-3Q FY2013
FY2012
1Q-3Q(a)FY2013
1Q-3Q(a)changeSales volume

1,214

1,067

(147)

Net sales

52,08247,377(4,704)

Sales volume830

753

(77)

Sales volume : Million M3
Net sales : Million ￥Natural gas :Of which,
Domestically produced gas :Sales volume of “Domestically produced gas” stated herein does not include purchased gas.
Million M3

Sales volume （total）
Of which, domestically produced gas

Sales volume decreased by 147million M3 (-12%) vs FY12.
-Decrease in demand for industrial users.

Net sales decreased by ¥ 4.7 billion (-9%) vs FY12.
- Increase in natural gas sales prices made up a part of the decrease in net sales
caused by a 147 million M3 volume decrease (-12%).

53Q Result

Actual sales of Crude oil in 1Q-3Q FY2013
FY2012
1Q-3Q(a)

FY2013
1Q-3Q(a)Sales volume

1,402

1,351

(51)

Net sales

70,68969,227(1,462)

Domestically produced
crude oil:

Sales volume381

349(32)

Net sales

21,65520,559(1,095)

Overseas subsidiary
crude oil:

Sales volume22+0Net sales

99121+21Sales volume281262(18)Net sales

6,274

6,663+389

Sales volume : Thousand KL
Net sales : Million ￥Crude oil:change-Decrease in production volume

Breakdown of equity oil

Bitumen:-Decrease in production volume- Rise in bitumen price.

Oil price and Exchange rate assumptions
JCC price

USD/bbl111.59115.36+3.77

Exchange rate

Yen/USD

79.57

79.93

+0.36

Bitumen price

CAD/bbl

47.95

51.05

+3.10

Exchange rate

Yen/CAD

73.97

79.14

+5.17

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.

63Q Result

Actual results for 1Q-3Q FY2013 (vs FY2012)
FY2012
1Q-3Q(a)

FY20131Q-3Q(a)changeNet sales

165,685

164,519(1,166)Gross profit

35,09839,220+4,122

Exploration
expenses

5,924

9,374+3,449

SG&A expenses

23,43322,369

(1,063)Operating income

5,740

7,477

+1,736

Non-operatingincome(expenses)

2,524

4,167+1,642

Ordinary income

8,265

11,644+3,379[ Million ￥]Extraordinary income(losses)

Gross profit
Domestic crude oil and natural gas +¥1.0 billion
LNG substitution expense- ¥0.4 billion

Receipt of transportation fee of natural gas+ ¥3.3 billion
Overseas consolidated subsidiaries + ¥0.3 billion

Exploration expenses
Domestic exploration
Overseas exploration-¥1.7 billion-¥1.6 billion

Non-operating income (expenses)
Foreign exchange profit or loss+ ¥0.9billion

Extraordinary income (losses)(65)(34,708)(34,642)

Income taxes

1,492(5,566)(7,058)

Minority interests
in income

442586

+143

6,264

(18,083)(24,348)

Net income≪Causes of increase(+) or decrease(-) ≫7

Gain on transfer of mining rights+ ¥2.5 billion
Impairment loss for the business assets for production
operation of Yufutsu oil & gas field- ¥37 billion

Revised Full Year Forecast

Revised estimates for FY2013 (Summary)
Initialestimate(May ‘12)Previous
estimate(Oct. 2012)

Revisedestimate(Feb.2013)

214.7

222.2

Operating income

10.0

Ordinary income
Net incomechange%change228.7+6.5+3%

10.3

11.9

+1.6

+16%

16.8

18.9

25.0

+6.2

+33%

16.5

(11.6)

(5.2)

+6.5

－%

100.00112.08113.99+1.91

Exchange rate
Yen/USD

80.00

80.19

81.18

+0.98

Bitumen price
CAD/bbl

52.91

48.76

50.69

+1.93

Exchange rate
Yen/CAD

80.00

80.00

87.05

+7.05

1Q (a)

2Q (a)

3Q (a)

4Q (e)

124.11106.79113.61110.00

54.22

49.57

48.61

49.62

[ Billion ￥]Net Sales

JCC price
USD/bbl

JCC price
USD/bbl
Bitumen price
CAD/bblMain points of revised estimate : causes of increase(+) or decrease(-)
 Operating income +¥1.6 billion (+16%)
 Ordinary income+¥6.2 billion (+33%)
 Net income→ Rise in crude oil prices→ Increase in dividends income+¥6.5 billion (－)

8Billion ￥Net Sales (left axis)

Operating income (right axis)
Ordinary income (right axis)
Net income (right axis)

Billion ￥Revised Full Year Forecast

Revised estimated Natural gas sales in FY2013 ( vs previous estimate)
Initialestimate(May 2012)

Previousestimate(Oct. 2012)

Revisedestimate(Feb. 2013)

Sales volume

1,501

1,466

1,457(9)Net sales

67,22568,40668,617+211

Sales volume

1,072

1,024

1,023

(1)

Sales volume : Million M3
Net sales : Million ￥Natural gas :Of which,Domestically produced gas :changeSales volume of “Domestically produced gas” stated herein does not include purchased gas.
Million M3

Sales volume （total）
Of which, domestically produced gas

Sales volume decreased by +9 million M3 (-1%) vs previous estimate.

Net sales increased by ¥ 0.2 billion (+0%) vs previous estimate.
-Rise in sales prices

9Revised Full Year Forecast

Revised estimated Crude oil sales in FY2013 ( vs previous estimate)
Initialestimate(May 2012)

Sales volume : Thousand KL
Net sales : Million ￥Previousestimate(Oct.2012)

Revisedestimate(Feb. 2013)changeSales volume

1,764

1,689

1,686(3)Net sales

81,604

83,473

87,118+3,645

Domestically produced
crude oil :Sales volume

489

452

467+16

Net sales

25,14625,902

27,630+1,728

Overseas subsidiary
crude oil :Sales volume

2

56+1

Net sales

91271

281+10

Sales volume

380

362

349(12)

Net sales

10,103

8,917

9,691+775

Crude oil :Breakdown of equity oil

Bitumen :Oil price and Exchange rate assumptions
JCC price

USD/bbl

100.00112.08113.99+1.91

Exchange rate

Yen/USD

80.00

80.19

81.18

+0.98

Bitumen price

CAD/bbl

52.91

48.76

50.69

+1.93

Exchange rate

Yen/CAD

80.00

80.00

87.05

+7.05

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 overseasconsolidated subsidiary.

10Revised Full Year Forecast

Revised estimates for FY2013 ( vs previous estimate)(Oct. 2012)

Revisedestimate(Feb. 2013)changeNet sales

222,228

228,749+6,520Gross profit

55,39558,388+2,993

Exploration expenses

13,46913,071(398)

SG&A expenses

31,62233,393+1,771

Operating income

10,304

11,925+1,621Non-operating income(expenses)

8,551

13,106+4,555

Ordinary income

18,85525,031+6,176Extraordinary income(losses)(34,750)(34,476)+274

Income taxes(4,992)(5,419)

(427)

727

1,126+399(11,630)(5,152)+6,478[ Million ￥]Minority interests in income

Net income

Previousestimate

11≪Causes of increase(+) or decrease(-) ≫Gross profit
Domestic crude oil and natural gas +¥2.8 billion
Overseas consolidated subsidiaries +¥0.3 billion

Exploration expenses
Domestic exploration+ ¥0.2 billion

Overseas exploration+ ¥0.2 billion

Non-operating income (expenses)
Dividends income+¥2.6 billion

Foreign exchange profit or loss +¥0.9 billion
Equity in earnings of affiliates+¥0.6 billion

Revised Full Year Forecast

Revised estimated Natural gas sales in FY2013 (vs FY2012)
FY2012

Sales volume : Million M3
Net sales : Million ￥Natural gas:
Of which,
Domestically produced gas:

FY2013 Revised estimate (Feb. 2013)
4Q(e)Full (e)change(vs FY2012)

Full (a)1Q-3Q(a)Sales volume

1,730

1,067

390

1,457(273)

Net sales

74,95747,377

21,23968,617(6,340)

Sales volume1,194753

270

1,023(171)

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

Sales volume （total）

Million M3

Of which, domestically produced gas

Sales volume decreased by 273 million M3 (-16%) vs FY2012.
- Decrease in demand for industrial users.
- Decrease in sales volume because of the decline in production volume.

Net sales decreased by ¥ 6.3 billion (-8%) vs FY2012.
- Increase in natural gas sales prices made up a part of the decrease in net sales
caused by a 273 million M3 volume decrease (-16%).

(e)

12

Revised Full Year Forecast

Revised estimated Crude oil sales in FY2013 (vs FY2012)
Sales volume : Thousand KLNet sales : Million ￥FY2012

FY2013 Revised estimate (Feb. 2013)

Full (a)1Q-3Q (a)4Q (e)

Full (e)change(vs FY2012)

Sales volume

1,778

1,351

335

1,686

(92)

Net sales

89,891

69,227

17,891

87,118(2,774)

Domestically produced
crude oil:

Sales volume

529

349

118

467

(62)

Net sales

30,351

20,5597,071

27,630(2,271)

Overseas subsidiary
crude oil:

Sales volume

22

3

6+4Net sales

128

121

160

281+153

Sales volume

382

262

87

349

(33)

Net sales

9,137

6,663

3,028

9,691+554

Crude oil:

Breakdown of equity oil

Bitumen:Oil price and Exchange rate assumptionsJCC price

USD/bbl112.43115.36110.00113.99+1.56

Exchange rate

Yen/USD

78.93

79.93

85.00

81.18

+2.25

Bitumen price

CAD/bbl

49.81

51.05

49.62

50.69

+0.88

Exchange rate

Yen/CAD

76.22

79.14

87.05

87.05

+10.83

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.

13

Revised Full Year Forecast

Revised estimates for FY2013 (vs FY2012)≪Causes of increase(+) or decrease(-) ≫FY2012(a)

FY2013(e)changeNet sales

230,638

228,749(1,890)Gross profit

56,27858,388+2,110Exploration expenses

7,805

13,071+5,265

SG&A expenses

33,42633,393(34)

Operating income

15,045

11,925Non-operating income(expenses)

7,114

Ordinary income[ Million ￥]Extraordinary income(losses)

Income taxes
Minority interests in income

Net income

Gross profit
Domestic crude oil and natural gas -¥0.8 billion
LNG substitution expense- ¥0.5 billion
Receipt of transportation fee of natural gas+ ¥3.3 billion
Overseas consolidated subsidiaries + ¥0.1 billion

Exploration expenses
Domestic exploration- ¥3.2 billion(3,121)

Overseas exploration- ¥2.1 billion

13,106+5,992Non-operating income (expenses)

22,15925,031+2,871

311(34,476)(34,787)

4,746(5,419)(10,166)696

1,126+429

17,027(5,152)(22,179)

14

Dividends income+¥4.0 billion

Foreign exchange profit or loss +¥0.8 billion
Equity in earnings of affiliates+¥0.6 billion

Extraordinary income (losses)
Gain on transfer of mining rights + ¥2.8 billion
Impairment loss for the business assets for
production operation of Yufutsu oil & gas field- ¥37 billion