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

Consolidated Financial Results
for the Six Months Ended September 30, 2013
＜Supplementary Material＞
November 8 , 2013

Japan Petroleum Exploration Co., Ltd.

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
FY = Fiscal Year (FY2014, for instance, means 12 months ending March 31, 2014)
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

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[foreign exchange rate: JP¥/US$]

Trends in Crude Oil Price and Foreign Exchange Rate

Japan Crude Cocktail (JCC) Price in the first 10 days of October 2013
on a prompt report basis : US$ 112.86/bbl JP¥ 98.94/US$
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Consolidated Financial Estimates for FY2014 （ Highlight ）FY2014FY2013[ Billion JP¥]

1H(a)Full(a)change1H(a)Full(e)*1H

Full

105.9

231.0

120.2

232.7

14.3

1.6

Operating income

1.7

13.9

11.520.7

9.7

6.8

Ordinary income

3.0

28.0

19.9

28.8

16.8

0.7(24.4)

(0.8)

15.8

21.5

40.3

22.3

US$/bbl116.16114.67108.53100.00(7.63)(14.67)

Exchange rate JP¥/US$

80.35

81.71

97.58

90.00

17.23

8.29

Bitumen price

CA$/bbl

52.02

50.71

52.22

45.87

0.20

(4.84)

Exchange rate JP¥/CA$

76.77

87.05

94.01

90.00

17.24

2.95

Net sales

Net income
JCC price* The estimates for the full-year (April 1, 2013 - March 31, 2014) have been left unchanged from the initial estimates (announced on
May 10, 2013) due to uncertainties of the impact of overseas projects on the estimates and the volatility of Japan Crude Cocktail(JCC) price, foreign exchange rate and others.
PointFY2014 1H vs FY2013 1H

Operating income+¥ 9.7 billion

Gross profit+¥ 8.5 billion

Ordinary income

Non-operating income(expenses)+¥ 7.0 billion

Net income

Extraordinary income(losses)+¥ 34.7 billion

Increased+¥ 16.8 billion Increased+¥ 40.3 billion Increased4

1H Result

Actual Financial Results for 1H FY2014 (Summary)[ Billion ￥]FY2013

FY2014
Initialestimate(May10 ‘13)

1H (a)% change(vs Initialestimate)

105.9

99.7

120.2+21%

Operating income

1.7

9.3

11.5+24%

Ordinary income

3.0

12.5

19.9+60%(24.4)

9.7

15.8+64%

116.16100.00108.53

Exchange rate
JP¥/US$

80.35

90.00

97.58

Bitumen price
CA$/bbl

52.02

47.25

52.22

Exchange rate
JP¥/CA$

76.77

90.00

94.01

1H (a)(e)

Net Sales

Net income
JCC price
US$/bblMain points of difference with initial estimate :□ Operating income + ¥ 2.2 billion
Gross profit+ ¥ 2.3 billion
Exploration expenses- ¥ 0.2 billion□ Ordinary income + ¥ 7.4 billion
Equity in earnings+ ¥ 3.2 billion
Foreign exchange profit+ ¥ 0.5 billion□ Net income+ ¥ 6.2 billion
Income taxes etc.
- ¥ 1.2 billion

Billion ￥Billion ￥1HNet Sales (left axis)

FY2013 1H(a)FY2014 1H(e)Initial Estimate

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

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FY2014 1H(a)1H Result

Actual Sales of Natural Gas in 1H FY2014 ( vs FY2013 )Sales volume : Million M3
Net sales : Million ￥Natural gas:
Of which,
Domestically produced gas:

FY2013

FY2014

1H(a)

1H(a)

changeSales volume685

614(70)Net sales

30,05431,883

1,828

Sales volume498408(89)Sales volume of “Domestically produced gas” stated herein does not include purchased gas.

Sales volume （total）
Of which, domestically produced gas

Sales volume decreased by 70 million M3 (-10%) vs FY2013 1H

Net sales increased by ¥1,828 million (+6%) vs FY2013<Cause of decrease>-Decrease in sales volume 70 million M3 (-10%)<Cause of increase >-Increase in sales price of natural gas

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1H Result

Actual Sales of Crude Oil in 1Q FY2014 ( vs FY2013 )Sales volume : Thousand KL
Net sales : Million ￥FY2013

FY2014

1H(a)

1H(a)

changeSales volume920

877

(42)

Net sales

46,46353,9197,456

Domestically produced
crude oil:

Sales volume240

188(51)

Net sales

14,291

12,828(1,462)

Overseas subsidiary
crude oil:

Sales volume

187

Net sales

61478

417

Sales volume

187

165(21)

Net sales

4,708

5,110

401

Crude oil:

-Increase in sales of crude oilpurchased from overseas

Breakdown of equity oil

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

Oil price and Exchange rate assumptions
US$/bbl116.16108.53(7.63)

Exchange rateJP¥ / US$

80.35

97.58

17.23

Bitumen price

CA$/bbl

52.02

52.22

0.20

Exchange rateJP¥ / US$

76.77

94.01

17.24

JCC price

Sales volume and net sales of “Domestically produced crude oil” stated herein do not include purchased crude oil.
Sales volume and net sales of “Overseas subsidiary crude oil” stated herein are amounts of Japex (U.S.) Corp. and JAPEX Montney Ltd.,
overseas consolidated subsidiaries.

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1H Result

Actual Financial Results for 1H FY2014 (vs FY2013)
FY2013

FY2014

1H(a)

1H(a)

Net sales

105,958

120,281

14,323Gross profit

23,63832,161

8,522

Exploration expenses

7,316

5,723

(1,593)

SG&A expenses

14,542

14,893350

Operating income

1,778

11,543

9,765[ Million ￥]ChangeNon-operating income(expenses)

1,284

8,358

7,074

Ordinary income

3,062

19,902

16,839Extraordinary income(losses)(34,773)

2

34,775

Income taxes(7,772)

3,983

11,755495

38(456)(24,433)

15,88340,316

Minority interests in income
Net income

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Causes of increase(+) or decrease(-)
Gross profit
Domestic crude oil and natural gas +¥6.7 billion
LNG substitution expense+¥1.6 billion

Exploration expenses
Domestic exploration
Overseas exploration- ¥0.3 billion+¥1.9 billion

Non-operating income (expenses)
Equity in earnings of affiliates+¥4.7 billion
Foreign exchange profit+¥0.9 billion
Gain and loss on sales of securities etc.

+¥0.6 billion

Extraordinary income (losses)
Gain on transfer of mining rights - ¥2.4 billion
Impairment loss for the business assets for
production operation of Yufutsu oil & gas field+¥37 billion