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

Consolidated Financial Results
for the Nine Months Ended December 31 , 2014
＜Supplementary Material＞
February 6 , 2015

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 prior consent of JAPEX.
Note: Abbreviations used herein are as follows:
1H = First half (1Q-2Q)
2H = Second half (3Q-4Q)(a) = Actual result(e) = Estimate
FY = Fiscal Year (FY2015, for instance, means 12 months ending March 31, 2015)
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 Price and Foreign Exchange Rate
$130

¥125
¥120

$115

¥115

$110

¥110

$105

¥105

$100

¥100

$95

¥95

$90

¥90

$85

¥85

$80

¥80

$75

Exchange Rate ¥/$ (Right Axis)

$70

¥75
¥70

Japan Crude Cocktail (JCC) Price in the first 10 days of January 2015
on a prompt report basis : US$ 68.72/bbl
3JP￥ 119.54/US$[Foreign Exchange Rate: JP¥/US$]$120

Crude Oil Price US$/bbl (Left Axis)

2011-12
2012-01
2012-022012-032012-04
2012-05
2012-06
2012-072012-08
2012-09
2012-10
2012-11
2012-122013-012013-022013-032013-04
2013-05
2013-06
2013-072013-08
2013-09
2013-10
2013-112013-12
2014-01
2014-022014-032014-04
2014-05
2014-06
2014-072014-08
2014-09
2014-10
2014-11
2014-12[Crude Oil Price: US$/bbl]

$125

¥130

Consolidated Financial Estimates for FY2015 （Highlight）
FY2014[Billion JP¥]

1Q-3Q
(a)

FY2015Full Year
(a)

1Q-3Q
(a)

Difference

Full Year
(e) *

1Q-3Q

Full Year

180.2

276.5

229.4

324.3

+49.1

+47.7

Operating Income

15.9

24.6

23.8

34.6

+7.9

+10.0

Ordinary Income

30.0

43.8

40.5

48.8

+10.5+4.9

Net Income

18.1

29.0

29.3

35.3

+11.1+6.3

Net Sales

JCC Price and Exchange rate

JCC Price(US$/bbl)

109.91110.51106.76101.27

▲3.15

▲9.24

Exchange Rate

(JP¥/US$)

97.92

99.31

103.80103.43

+5.88

+4.12

Bitumen Price(CA$/bbl)

53.93

51.67

56.92

58.16

+2.99+6.49

Exchange Rate

(JP¥/CA$)

94.83

98.42

98.04

95.00

+3.21

▲3.42

*Regarding the Consolidated Financial Estimates, JAPEX has concluded that no changes are necessary to the previous estimate
released on November 7, 2014, after reviewing 3Q Financial Results.
Key Points

FY2015 vs FY2014■ Operating Income + ¥10.0 Billion Increase  Gross Profit■ Ordinary Income■ Net Income+ ¥4.9 Billion Increase+ ¥6.3 Billion Increase4
+ ¥6.8 Billion

Non-operating Income▲ ¥5.1 Billion(Expenses)
Extraordinary Income+ ¥8.2 Billion(Losses)3Q Result

Sales of Natural Gas (1Q-3Q FY2015, Actual)
FY2014
1Q-3Q(a)Sales Volume : Million M3
Net Sales : Million ￥Natural Gas ：FY2015
1Q-3Q
(a)

Difference

Sales Volume985

1,219+233

Net Sales49,76059,220+9,460

Breakdown of Equity Natural Gas
Domestically Produced Gas:

Sales
Volume621591▲30Overseas Subsidiary Gas:

Sales
Volume94307+213

Million M3 1,000

Overseas
Subsidiary Gas

80060094307621

591

Increase by Shale Gas in Canada

Domestically
Produced Gas

400200-

Sales volume and net sales of “Domestically Produced Gas” stated herein
does not include purchased gas.
Sales volume of “Overseas Subsidiary Gas” stated herein are amounts ofJapex (U.S.) Corp. and JAPEX Montney Ltd.

FY2014 1Q-3Q

FY2015 1Q-3Q

53Q Result

Sales of Crude Oil (1Q-3Q FY2015, Actual)
FY2014
1Q-3Q(a)FY2015
1Q-3Q(a)Difference

Sales Volume

1,212

1,711+499

Net Sales

74,666

106,694+32,028

Sales Volume292279▲13Net Sales

20,18019,591▲588

Sales Volume

17562+545

Net Sales

954

34,444+33,491

Sales Volume257244▲12Net Sales

8,277

8,603+326

Sales Volume : Thousand KL
Net Sales : Million ￥Crude oil:

Breakdown of equity oil
Domestically Produced
Crude Oil:Overseas Subsidiary
Crude Oil:
Bitumen:Started selling Oil produced fromGarraf Oil Field, Iraq

Oil Price and Exchange Rate Assumptions
JCC Price

US$/bbl109.91106.76▲3.15

Exchange RateJP¥/US$

97.92

103.80+5.88

Bitumen Price

CA$/bbl

53.93

56.92

+2.99

Exchange Rate

JP¥/CA$

94.83

98.04

+3.21

6

Sales volume and Net sales of “Domestically
Produced Crude Oil” stated herein does notinclude purchased crude oil.
Royalty is excluded from the Net sales and priceof Bitumen.
Sales volume and Net sales of “Overseas
Subsidiary Crude Oil” stated herein are amountsof Japex (U.S.) Corp., JAPEX Montney Ltd. andJapex Garraf Ltd.

3Q Result

Actual Financial Results for 1Q-3Q FY2015 (vs FY2014 1Q-3Q)[ Million ￥]Net Sales

FY2014FY2015

1Q-3Q (a)1Q-3Q (a)180,259

229,431

Difference

Factors of increase(+) and decrease(▲)+49,172
Gross Profit

Gross Profit

46,874

52,681+5,807

ExplorationExpenses

7,692

4,182

▲3,509

SG&A Expenses

23,204

24,617+1,414

Operating
IncomeNon-operating
Income(Expenses)

15,97723,880+7,903

14,052

16,692+2,640

Ordinary
IncomeExtraordinary
Income(Losses)

30,03040,573+10,543▲8,052▲11+8,041

3,797

8,797+5,000

Income TaxesMinority
Interests inIncome

192,421+2,402Net Income

18,161

29,342+11,181
7

Overseas Consolidated Subsidiaries+ ¥5.8 Billion

Exploration Expenses
Domestic Exploration
Overseas Exploration+ ¥4.0 Billion▲ ¥0.5 Billion

Non-operating Income (Expenses)
Exchange Profit+ ¥2.9 Billion

Extraordinary Income (Losses)（Influence of Extraordinary Losses fromprevious year）
Impairment of Assets regarding Production
Assets in Yufutsu Oil and Gas Field+ ¥7.9 Billion