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

August 5, 2016
Company Name: Japan Petroleum Exploration Co., Ltd.
Securities Code: 1662
President:
Hideichi Okada
Inquiries:
Samdeck Nakamoto, General Manager, Media and Investor Relations Department
TEL:+81-3-6268-7110

Notice of Financial Forecasts Revision
Based on recent business performance, Japan Petroleum Exploration Co., Ltd. (hereinafter“JAPEX”)
hereby revises its consolidated financial forecasts announced on May 12, 2016, as follows.
1.

Revision to consolidated forecasts for the six months ending September 30, 2016 (April 1, 2016 September 30, 2016).
ProfitNet
Operating
Ordinary
Net sales
attributable
income perincome
incometo owners
shareof parent(Unit:Millions ofyen)(Unit:Millions ofyen)(Unit:Millions ofyen)(Unit:Millions ofyen)(Unit: yen)Previous forecasts (A)80,596(2,339)

(372)

657

11.50

Revised forecasts (B)90,129(3,316)

(466)

399

Difference in amount (B – A)

9,533

(977)

(94)

(258)

6.98
－

Rate of change (%)

11.8－－(39.3)－

124,157

5,407

8,842

7,963

139.34(Reference) FY 2016/3 1Q-2Q

Note: FY=Fiscal Year (FY2017/3, for instance, means 12 months ending March 31, 2017)
2.

Revision to consolidated forecasts for FY 2017/3 (April 1, 2016 - March 31, 2017)
ProfitOperating
Ordinary
Net sales
attributable
incomeincometo ownersof parent(Unit:Millions ofyen)(Unit:Millions ofyen)(Unit:Millions ofyen)(Unit:Millions ofyen)

Net
income pershare(Unit: yen)Previous forecasts for FY2017/3 (A)194,575

400

1,014

1,985

34.73

Revised forecasts for FY2017/3 (B)198,057(549)

725

1,874

32.79

3,482(950)(289)(110)

－

1.8－

(28.5)(5.6)－

240,302

8,336

4,652

2,090

36.58

Difference in amount (B – A)
Rate of change (%)(Reference) Actual results for FY 2016/3

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3. Reason for revision:
JAPEX revises the consolidated financial forecasts of the six months ending September 30, 2016. Although
net sales is expected to increase, operating income, ordinary income and profit attributable to owners ofparent for the six months ending September 30, 2016 are expected to decrease compared to the previous
forecasts unveiled on May 12, 2016.
Regardless of increasing net sales by the increase in sales volume of overseas oil, operating income,ordinary income and profit attributable to owners of parent are expected to decline due to correct the nominalof exchange rates (USD/JPY).
Amount of decrease in ordinary income and profit attributable to owners of parent is expected to shrink byrecording foreign currency translation gains and losses in foreign currency-denominated debt of overseas
subsidiary (Unrealized gain or loss at the time of converting the US dollar-denominated debt in the Canadiandollar) as non-operating income.
Additionally, for the same reasons as above, JAPEX revises the consolidated financial forecasts of the fiscal
year ending March 31, 2017. Compared to the previous forecasts unveiled on May 12, 2016, net sales isexpected to increase, but operating income is expected to turn into operating expenses, and ordinary income
and profit attributable to owners of parent are expected to decrease.
(Reference)[Nominal JCC price]
Previous forecasts:
April – September, 2016
October, 2016 – March, 2017$40 per barrel$50 per barrel

Current forecasts:
April – June, 2016
July, 2016 – March, 2017$37.17 per barrel (Actual)$50 per barrel (Forecast)[Nominal exchange rates]
Previous forecasts:
April, 2016 – March, 2017

JPY115/USD

Current forecasts:
April – June, 2016
July, 2016 – March, 2017

JPY110.71/USD (Actual)
JPY105/USD (Forecast)*The aforementioned forecasts are based on management’s assumptions with information available at thistime and the actual results may be different from the forecast figures because of various factors that could
occur in the future.

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