Support Material
Financial Results for the nine months ended September 30, 2023

November 9, 2023

Cautionary Statement
This presentation includes forward-looking information that reflects the plans and expectations of theCompany. Such forward-looking information is based on the current assumptions and judgments of
the Company in light of the information currently available to it, and involves known and unknown
risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause theCompany’s performance, achievements or financial position to be materially different from any future
results, performance, achievements or financial position expressed or implied by such forward-looking
information. Such risks, uncertainties and other factors include, without limitation:◼ Price volatility and change in demand in crude oil and natural gas◼ Foreign exchange rate volatility◼ Change in costs and other expenses pertaining to exploration, development and production
The Company undertakes no obligation to publicly update or revise the disclosure of information inthis presentation (including forward-looking information) after the date of this presentation.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

1

Subsidiaries and Affiliates

68 Consolidated Subsidiaries
Major Subsidiaries

Country / Region

Ownership

Phase

Accounting Term

INPEX Sahul, Ltd.

Timor-Leste

100%

Production

December

INPEX Ichthys Pty Ltd

Australia

100%

Production

December

INPEX Oil & Gas Australia Pty Ltd

Australia

100%

Production

December

INPEX Southwest Caspian Sea, Ltd.

Azerbaijan

51%

Production

December

INPEX North Caspian Sea, Ltd.

Kazakhstan

51%

Production

DecemberJapan Oil Development Co., Ltd.

UAE

100%

Production

December

JODCO Onshore Limited

UAE

65.76%

Production

December

JODCO Lower Zakum Limited

UAE

100%

Production

December

INPEX Idemitsu Norge AS

Norway50.51%

Production

December

INPEX Masela, Ltd.

Indonesia

51.93%

Preparation fordevelopment

December

Ownership

Phase

Accounting Term

25 Equity Method Affiliates
Major Equity Method Affiliates

Country / Region

Ichthys LNG Pty Ltd

Australia

66.245%

Production

December

MI Berau B.V.

Indonesia

44%

Production

December

Copyright © 2023 INPEX CORPORATION. All rights reserved.

2

Highlights of the Consolidated Financial Results
for the nine months ended September 30, 2023

3Q FY2022

3Q FY2023

ChangeAverage crude oil price (Brent) ($/bbl)

102.48

81.94

Average exchange rate (¥/$)

128.30138.24

Net sales (Billions of yen)

1,698.7

Operating income (Billions of yen)

% Change(20.54)(20.0%)

9.94yen

7.7%

depreciation

depreciation

1,601.8(96.9)(5.7%)

915.8

839.3

(76.5)(8.4%)

Ordinary income*1 (Billions of yen)

1,027.7

995.6(32.1)(3.1%)Net income attributable toowners of parent*1 (Billions of yen)

266.6

280.3

13.7

5.1%

Net income per share*1*2 (Yen)

193.10215.15

22.05

11.4%

*1 International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023,
and the figures for 3Q FY2022 listed as reference to 3Q FY2023 have been revised due to this.
*2 Average number of INPEX shares issued and outstanding during the nine months ended September 30, 2022: 1,380,953,337 shares
Average number of INPEX shares issued and outstanding during the nine months ended September 30, 2023: 1,303,261,977 shares

Copyright © 2023 INPEX CORPORATION. All rights reserved.

3

Sales by Product
3Q FY2022

3Q FY2023

Change% Change

Net sales (Billions of yen)

1,318.3

1,167.4(150.9)(11.4%)

Sales volume (thousand bbl)

102,921104,728

1,807

1.8%

Average unit price of overseas sales ($/bbl)

99.83

80.67

(19.16)(19.2%)

Average exchange rate (¥/$)

128.43138.199.76yendepreciation

7.6%
depreciation

Net sales (Billions of yen)

362.2

412.5

50.3

13.9%

Sales volume (million cf)

322,299362,722

40,423

12.5%

Average unit price of overseas sales ($/thousand cf)

6.75

5.76

(0.99)(14.7%)

Average unit price of domestic sales (¥/m3)

75.15

93.96

18.81

25.0%

Average exchange rate (¥/$)

128.76137.94

9.18yenDepreciation

7.1%
depreciation

Net sales (Billions of yen)

2.8

6.7

3.8

134.5%

Sales volume (thousand bbl)

69

441

372

536.2%

Average unit price of overseas sales ($/bbl)

66.18

47.02

(19.16)(29.0%)

Average exchange rate (¥/$)

126.37137.4911.12yendepreciation

8.8%
depreciation

Crude OilNatural Gas(excluding LPG)

LPG

* 1m3=41.8605MJ

Copyright © 2023 INPEX CORPORATION. All rights reserved.

4

3Q FY2023
Analysis of Net Income (3Q FY2022 vs 3Q FY2023)(Billions of Yen)

+13.7
Increase in exploration expenses:(0.8)

Increase in provision for explorations (other expense):(9.6)

Main factors for change:
Decrease in other (other income):(32.0)

Increase in interest expenses:(22.5)

Increase in Interest income:+31.4

Increase in sales volume: +63.0(Crude oil:+23.5, Natural gas (including LPG): +39.5 )Decrease in unit price: (262.5)(Crude oil: (256.6), Natural gas (including LPG): (5.9) )Exchange rate: +102.7(Crude oil: +82.1, Natural gas (including LPG): +20.6 )+27.9
Net impact ofrevaluation of financial assets

Others: (0.1)

3Q FY2022
Net income
attributable toowners of parent*2

Decrease in
Net sales(86.1)(3.4)+106.3Operating income (loss)*1

Other income (expense)*1

Income taxes

Decrease in
Cost of sales

Increase in
Exploration
expenses

Increase in
SG&A

Equity inearnings
of affiliates

Net interest
incomeand others

Impairment
loss

Revaluation offinancial assets

Tax effect onrevaluation offinancial assets

Other tax
expenses

Net income
3Q FY2023(loss)Net income
attributable
attributable toto non-controlling owners of parent
interests*1 Income (loss) related to movement of provision for explorations included in “other income (expense)” in the consolidated financial statements, is presented in “operating income (loss)” in this slide.
*2 International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023,
and the figures for 3Q FY2022 listed as reference to 3Q FY2023 have been revised due to this.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

5Balance Sheet(Billions of yen)

Current assets
Tangible fixed assets
Intangible assets
Recoverable accounts under
production sharing

Other

December 2022

September 2023

Change% Change

729.4

966.8

237.4

32.5%

2,473.1

2,568.6

95.5

3.9%

482.7

462.8

(19.8)(4.1%)

521.5

493.0

(28.4)(5.5%)

2,106.9

2,535.7

428.7

20.4%

Summary of financial information for
Ichthys downstream Incorporated Joint
Venture (100% basis, including theCompany’s equity share 66.245%)(Billions of yen)
• Current assets:• Fixed assets*1:• Total assets:

337.4
4,614.8
4,952.3*1 Fixed assets include interest expense and** capitalized costs before FID.

Less allowance for recoverable
accounts under production sharing(53.8)(55.7)

(1.9)

3.6%

Total assets

6,259.8

6,971.3

711.4

11.4%

Of which the total of long-term loans andshort-term loans is 1.3 trillion yen.

Current liabilities

526.7

824.1

297.3

56.5%

Long-term liabilities

1,710.7

1,563.1(147.5)(8.6%)

Total net assets*2

4,022.3

4,584.0

561.7

14.0%

Adding the off-balanced net interestbearing debt of the Ichthys downstream
IJV brings the total of INPEX net loans tobe 1.4 trillion yen (as of September 2023).

of which (Translation adjustments)

815.9

1,207.3

391.3

48.0%

of which (Non-controlling interests)

261.5

266.1

4.6

1.8%

Total liabilities and net assets*2

6,259.8

6,971.3

711.4

11.4%

Net assets per share*2 (Yen)2,879.68

3,351.88

472.2016.4%(Billions of yen)
Total shareholders’ equity:
Accumulated othercomprehensive income:+161.8+395.1*2 International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023,
and the figures for December 2022 listed as reference to 3Q FY2023 have been revised.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

6

Statement of Income(Billions of Yen)

3Q FY2022

3Q FY2023

Change% Change

Increase in sales volume:+63.0

Decrease in unit price:(262.5)

Exchange rate:+102.7

Net sales

1,698.7

1,601.8(96.9)(5.7%)

Others :(0.1)

Cost of sales

681.3

654.5

(26.8)(3.9%)

Cost of sales for Crude Oil:
Change:429.6(35.9)

Gross profit

1,017.3

947.2(70.0)(6.9%)

Cost of sales for Natural Gas*1:
Change:

213.6
+5.8

Exploration expenses

23.1

23.9

0.8

3.5%

Selling, general and administrative expenses

78.3

83.9

5.6

7.2%

Operating income

915.8

839.3

(76.5)(8.4%)

*3

224.9

221.7

(3.2)

(1.4%)

Other expenses

113.0

65.4

(47.6)(42.1%)

Ordinary income*3

1,027.7

995.6(32.1)(3.1%)

Modification gain on financial
assets and others*2:+95.0

Extraordinary loss (Impairment loss)

18.2

75.6

57.4

314.2%

Other(32.0)

Total income taxes*3

751.7

645.3

(106.3)(14.1%)

Main factors for change :Other income

Net income (loss) attributable tonon-controlling interests

(8.8)

(5.8)

3.0

(34.4%)Net income attributable toowners of parent*3

266.6

280.3

13.7

5.1%

*1 Including LPG

Main factors for change:
Interest income:+31.4

Equity in earnings of affiliates:(90.5)

Gain on reversal of allowance forrecoverable accounts under production
sharing:(7.6)

Interest expenses:+22.5

Modification loss on financial
assets and others:(83.3)

Income taxes decreased mainly due tolower revenues from lower crude oil
prices in some high-tax countries.

*2 In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the gain or loss was recognized mainly due to modification of financial assetsthat do not result in derecognition, revisions to estimated future cash flows of financial assets, and other factors. It includes the gain or loss incurred from transactions with affiliated companies.
Adjusted for equity in earnings of affiliates and tax effect accounting, the impact to consolidated net income was minimal.
*3 International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023,
and the figures for 3Q FY2022 listed as reference to 3Q FY2023 have been revised due to this.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

7

FY2023 Revision of Financial Forecasts◼ Financial Forecasts for the year ending December 31, 2023
Previous forecasts(August 9, 2023)

Crude oil price (Brent)（US$/bbl）

Revised forecasts(November 9, 2023)
80.0

82.7

1st half (Jan-Jun)：79.9

1st half (Jan-Jun)：79.9

2nd half (Jul-Dec)：80.1

2nd half (Jul-Dec)：85.5

Change% Change

2.7

3.4%

3.6

2.7%

135.0

138.6

1st half (Jan-Jun)：135.0

1st half (Jan-Jun)：135.0

2nd half (Jul-Dec)：135.0

2nd half (Jul-Dec)：142.3

Net sales (billions of yen)

2,031.0

2,155.0

124.0

6.1%

Operating income (billions of yen)

1,009.0

1,107.0

98.0

9.7%

Ordinary income (billions of yen)

1,151.0

1,291.0

140.0

12.2%

320.0

340.0

20.0

6.3%

Exchange rate（yen/US$）Net income attributable to owners ofparent (billions of yen)

Total

◼ Shareholder Returns

Payout Ratio

End of 2Q

End of fiscal year
(forecast)

Full year(forecast)

Total Share Buybacks¥37.00¥37.00¥74.00¥100 billion

Copyright © 2023 INPEX CORPORATION. All rights reserved.

Around57%
8

FY2023 Financial Forecasts
Analysis of Net Income (Previous forecasts vs Revised forecasts)(Billions of Yen)

400

Market factors+22.7 Billions of Yen

350

11.0

Business Activities factors+3.4 Billions of Yen

3.4

11.7

Other factors(6.1) Billions of Yen

1.0
35.0

(1.0)

10.0

2.0

9.7

3.1

(13.0)
300(52.9)

Exchange Rate (Yen/US$)
Aug 9 Forecast 135.0
Revised Forecast 138.6

250
Crude Oil Price (Brent) （US$/bbl）
Aug 9 Forecast 80.0
Revised Forecast 82.7

200

150

340.0

320.0

100

50

0

FY2023
Impact from
Net income
crude oil price(Previous forecasts
August 9, 2023)

Impact fromexchange rate

Decrease insales volume

Decrease in
exploration
expenses

Copyright © 2023 INPEX CORPORATION. All rights reserved.

Decrease in
G＆A

PreludeIchthys
Decrease in
Decrease in
Impairment loss decarbonization asset retirement project-related
cost
obligation
lossesDivestments

Decrease intaxes costs

Others

FY2023
Net income(Revised forecasts
November 9, 2023)

9

FY2023 Cash Flow* Forecast
Previous forecasts(February 9, 2023)(Billions of Yen)

Previous forecasts(May 10, 2023)

Previous forecasts(August 9, 2023)

Revised forecasts(November 9, 2023)

ChangeDevelopment expenditure (Oil & Gas Business)

349.0

342.0

347.0

213.0

(134.0)Development expenditure (5 Net Zero Businesses)

94.0

72.0

76.0

81.0

5.0

Exploration expenditure (inclusive of some 5 Net ZeroBusinesses)

71.0

59.0

55.0

50.0

(5.0)

Others (Divestment etc.)(18.0)(19.0)(20.0)(19.0)

1.0

Growth Investment

496.0

454.0

458.0

325.0

(133.0)

Other (Purchase and disposal of investment securities etc.)

14.0

111.0

(78.0)

105.0

183.0

Cash Flow from Investment (inclusive of exploration
investment)

510.0

565.0

380.0

430.0

50.0

(Billions of Yen)

Approx.
800

Approx.
430
Approx.Approx.
930
930
Approx.
500* Including cashflow of Ichthys LNG Pty Ltd, the Ichthys Downstream IJV (Incorporated Joint Venture ), an equity method affiliate.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

10Appendix

3Q FY2023
Net Production Volume
Crude Oil, Condensate and LPG(384 thousand BOE/day)O&G Japan 9 23
3 （1%）O&G Overseas
382 （99%）
253

Ichthys PJ

Crude Oil
9 and
23 Gas Total(635 thousand BOE/day)278

34 （9%）

O&G Japan

Other PJ

20 （3%）

348 （91%）

253

O&G Overseas278615 （97%）

Natural Gas
1,326 million cf/day (251 thousand BOE/day)O&G Japan
96 （7%）O&G Overseas
1,230 （93%）

Ichthys PJ

Other PJ

970 （79%）260 （21%）

Ichthys PJ

Other PJ

220 （37%）395 （63%）* The production volume under the production sharing contracts corresponds to the net economic take of the INPEX Group.
* Revised net production volume outlook for FY2023: 633 thousand BOE/day.
* During the January to September 2023 period, the Ichthys LNG Project shipped 96 LNG cargos from the onshore LNG facility in Darwin.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

12Performance and Efficiency Indices
FY2022(Actual)FY2023(Forecasts)

Crude oil price (Brent) (US$/bbl)

99.04

82.7

Exchange rate (yen/US$)

131.64

138.6

ROE

13.5％

Around 8.7%

ROIC *

9.4%

Around 8.2%

0.46

0.35

Net debt/equity ratio(Includes Ichthys downstream Incorporated Joint Venture and differs frominstitutional accounting basis)◼ P/B ratio
0.67

0.48

2022/12

0.47

0.49

2023/32023/62023/9* The company defines ROIC as adjusted net income (before interest expenses, extraordinary profit/loss and net income/loss attributable to non-controlling interests) divided by total invested capital including consolidated capital,
interest-bearing debt and loans including project financing for the Ichthys Downstream IJV.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

13

Other Income and Expenses(Billions of Yen)

3Q FY2022

3Q FY2023

Change% Change

Other income

224.9

221.7

(3.2)

(1.4%)

Interest income

36.3

67.8

31.4

86.5%

Dividend income

8.5

4.1

(4.3)

(51.1%)

119.9

29.3

(90.5)(75.5%)

Gain on reversal of allowance for recoverable
accounts under production sharing

7.6

-

(7.6)

(100.0%)Foreign exchange gain

9.0

14.0

4.9

55.1%

-

95.0

95.0

-

Other

43.3

11.2

(32.0)(74.0%)

Other expenses

113.0

65.4

(47.6)(42.1%)

Interest expense

19.5

42.0

22.5

115.2%

Provision for allowance for recoverable accounts
under production sharing

-

1.9

1.9

-

Modification loss on financial assets and others

83.3

-

(83.3)(100.0%)

Other

10.2

21.4

11.2

110.5%

Equity in earnings of affiliates*

Modification gain on financial assets and others* International Accounting Standards (IAS) 12 “Income Taxes” (amended in May 2021) has been applied to some foreign consolidated subsidiaries and foreign equity-method affiliates from FY2023,
and the figures for 3Q FY2022 listed as reference to 3Q FY2023 have been revised.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

14

3Q FY2023
Net Sales(Billions of Yen)

Product

3Q FY2023

Change% Change

Crude Oil

4.5

3.5

(1.0)

(23.0%)Natural Gas (excluding LPG)

143.2

180.4

37.1

25.9%

LPG

0.0

-

(0.0)

(100.0%)

Other

7.1

5.6

(1.4)

(20.7%)

Total

154.9

189.5

34.6

22.3%

Crude Oil

156.3

148.1

(8.2)

(5.3%)Natural Gas (excluding LPG)

184.2

209.0

24.8

13.5%

LPG

0.5

2.8

2.3

405.0%

Total

341.1

360.0

18.9

5.5%

Crude Oil

95.5

74.2

(21.2)(22.3%)Natural Gas (excluding LPG)

31.4

20.4

(10.9)(35.0%)

Other

0.2

0.1

0.0

(17.0%)

Total

127.1

94.8

(32.2)(25.4%)

Crude Oil

1,058.3

936.4(121.8)(11.5%)Natural Gas (excluding LPG)

2.2

1.3

(0.8)

(39.4%)

Other

1.5

0.0

(1.5)

(99.1%)

Total

1,062.1

937.8(124.2)(11.7%)

Crude Oil

3.5

5.1

1.5

42.8%

Natural Gas (excluding LPG)

1.1

1.3

0.2

18.5%

LPG

2.2

3.8

1.5

68.0%

Other

6.3

9.2

2.8

44.8%

Total

13.3

19.5

6.1

46.0%

Crude Oil

1,318.3

1,167.4(150.9)(11.4%)Natural Gas (excluding LPG)

362.2

412.5

50.3

13.9%

LPG

2.8

6.7

3.8

134.5%

Other

15.2

15.1

(0.1)

(1.1%)

Total

1,698.7

1,601.8(96.9)(5.7%)

Japan

Australia & Southeast Asia
Oil & Gas

EuropeAbu Dhabi and others(Middle East, NIS etc.)

3Q FY2022

Other

Total

Copyright © 2023 INPEX CORPORATION. All rights reserved.

15

3Q FY2023
Sales Volume

Product

Japan

Oil & Gas

Abu Dhabi and others(Middle East, NIS etc.)

Other

Total

Change% Change

452

322

(130)

(28.8%)Natural Gas (excluding LPG)
(million cf)

71,13971,654

515

0.7%

1

-

(1)

(100.0%)

Crude Oil (thousand bbl)

11,357

13,220

1,862

16.4%

Natural Gas (excluding LPG)
(million cf)

234,965

271,374

36,409

15.5%

69

441

373

541.5%

Crude Oil (thousand bbl)

6,841

6,362

(479)

(7.0%)Natural Gas (excluding LPG)
(million cf)

8,904

11,602

2,697

30.3%

Crude Oil (thousand bbl)

84,27084,824554

0.7%

Natural Gas (excluding LPG)
(million cf)

7,023

7,835

812

11.6%

Natural Gas (excluding LPG)
(million cf)

268

257

(11)

(3.9%)

Crude Oil (thousand bbl)

102,921104,728

1,807

1.8%

Natural Gas (excluding LPG)
(million cf)

322,299362,722

40,423

12.5%

69

441

372

536.2%LPG (thousand bbl)

Europe3Q FY2023

Crude Oil (thousand bbl)

LPG (thousand bbl)

Australia &Southeast Asia

3Q FY2022

LPG (thousand bbl)

Copyright © 2023 INPEX CORPORATION. All rights reserved.

16

3Q FY2023
Net Production Volume
Product

Japan

Oil & Gas

Australia &Southeast Asia

EuropeAbu Dhabi and others(Middle East, NIS etc.)

OthersTotal

3Q FY2022

3Q FY2023

Change% Change

Crude Oil (thousand bbl)

727

694

△33

△4.5%

Natural Gas (excluding LPG)
(million cf)

27,74426,269△1,475△5.3%

Iodine (ton)

412

410

△2

△0.6%

Electric power generation(million KWh)

164

158

△6

△3.8%

Crude Oil (thousand bbl)

12,055

12,856801

6.6%

Natural Gas (excluding LPG)
(million cf)

273,844316,794

42,94915.7%

Crude Oil (thousand bbl)

6,956

5,959

△996

△14.3%Natural Gas (excluding LPG)
(million cf)

8,289

11,183

2,894

34.9%

Oil (thousand bbl)

86,482

85,341△1,141△1.3%

Natural Gas (excluding LPG)
(million cf)

7,718

7,727

9

0.1%

Sulfer (thousand ton)

53

101

48

89.1%

Electric power generation(million KWh)

425

1,069

644

151.6%

Oil (thousand bbl)

106,219

104,850△1,368△1.3%

Natural Gas (excluding LPG)
(million cf)

317,596

361,973

44,378

14.0%

Iodine (ton)

412

410

△2

△0.6%

Sulfer (thousand ton)

53

101

48

89.1%

Electric power generation(million KWh)

589

1,226

638

108.4%*The volume of LPG produced overseas is included in “Crude Oil.”
Copyright © 2023 INPEX CORPORATION. All rights reserved.

17