Correction on 2022/02/15 is reflected

Consolidated Financial Results for the year ended December 31, 2021 [Japanese GAAP]
February 9, 2022
Note: The following report is an English translation of the Japanese-language original.
Company name

: INPEX CORPORATION

Stock Exchange on which the Company is listed

Code number: 1605

URL https://www.inpex.co.jp

Representative: Takayuki Ueda, President

Contact person: Munehiro Hosono, General Manager, Corporate Communications Unit
TEL+81-3-5572-0233: Tokyo Stock Exchange

Scheduled date of ordinary general meeting of shareholders
Scheduled date of filing Financial Report: March 25, 2022
: March 28, 2022

Scheduled date of payment of cash dividends: March 28, 2022

Preparation of supplementary explanatory materials
Meeting of financial results presentation: Yes: Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the year ended December 31, 2021 (January 1, 2021 - December 31, 2021)(1) Consolidated operating results(Figures in % represent the changes from the previous fiscal year)

Net sales
For the year ended
December 31, 2021
December 31, 2020

Operating income

Net income attributableto owners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

1,244,369
771,04661.4－

590,657
248,471137.7－

657,627
257,335155.6－

223,048(111,699)－－(Note): Consolidated comprehensive income: for the year ended December 31, 2021, ¥495,449 million; (－%)
for the year ended December 31, 2020, ¥(256,830) million; (－%)

Net income pershare-basic

For the year ended
December 31, 2021
December 31, 2020

Net income pershare-diluted

Net income as apercentage of net
assets excluding
non-controllinginterests

Ordinary income
as a percentage of
total assets

Operating income
as a percentage ofnet sales

Yen

Yen

%

%

%

153.87(76.50)

－
－

7.6
(3.9)

13.4
5.4

47.5
32.2

(Reference): Equity in earnings (losses) of affiliates:

for the year ended December 31, 2021, ¥38,834 million
for the year ended December 31, 2020, ¥(12,999) million(Note): The Company changed its consolidated fiscal year-end from March 31 to December 31, effective from the year ended December 31, 2019. As a result, theyear ended December 31, 2020 (January 1, 2020 to December 31, 2020) differs from the year ended December 31, 2019 (April 1, 2019 to December 31,2019). Therefore, percentage data for changes between the year ended December 31, 2019 and the year ended December 31, 2020 have not been
provided.

(2) Consolidated financial position
Total assets

Net assets excluding
Net assets excluding
non-controlling interests
non-controlling interests
as a percentage of total
per share
assetsNet assets

Millions of yen

Millions of yen%

Yen

5,158,196
4,634,518

3,346,409
3,001,339

60.6
59.0

2,253.17
1,874.08

As of December 31, 2021
As of December 31, 2020

(Reference): Net assets excluding non-controlling interests: as of December 31, 2021, ¥ 3,124,065 million
as of December 31, 2020, ¥ 2,736,541 million(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of the year

For the year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

December 31, 2021
December 31, 2020

445,457
292,915(130,727)(417,189)(315,215)
126,747

191,213
172,405

2. Dividends
Cash dividends per share
At 1st
At 2ndAt 3rdAt fiscal
quarter end quarter end quarter end year end
For the year ended
December 31, 2020
December 31, 2021
For the year ending
December 31, 2022

Total

Total cash
dividends(Annual)Cash dividends
Payout ratio
as a percentage(Consolidated)of net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

－

－
－

12.00
28.00

24.00
48.00

35,04868,033

－

－

12.00
20.00

1.3
2.1

－

27.00

－

27.00

54.00

31.2
30.0

(forecast)(Note): “Dividends” as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit “Dividends of Class A
stock”.

3. Forecasted Consolidated Operating Results for the year ending December 31, 2022 (January 1, 2022 - December 31, 2022)(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
Millions of yen

Operating income% Millions of yen

Net income
attributable toowners of parent

Ordinary income% Millions of yen% Millions of yen

For the six months ending
June 30, 2022

820,000

64.5

394,000

76.2

466,000

112.0

For the year ending
December 31, 2022

1,541,000

23.8

716,000

21.2

824,000

25.3

Net income
per share%Yen

150,000

188.6

108.18250,000

12.1

180.31

*Notes(1) Significant changes in scope of consolidation: None(Changes in the specified subsidiaries during the period due to change in scope of consolidation)(2) Changes in accounting policies, accounting estimates and restatement of corrections
1. Changes in accounting policies resulting from the revision of the accounting standards and other regulations
2. Other changes in accounting policies: None: None3. Changes in accounting estimates
4. Restatement of corrections: None: None(3) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stock):
2. Number of treasury stock at the end of the period:
3. Average number of shares:

1,462,323,600 shares as of December 31, 2021
1,462,323,600 shares as of December 31, 2020
75,805,993 shares as of December 31, 2021
2,119,069 shares as of December 31, 2020
1,449,617,608 shares for the year ended December 31, 2021
1,460,203,728 shares for the year ended December 31, 2020

(Note): The shares held by “the Board Incentive Plan Trust” are included in number of treasury stock at the end of the period.
(As of December 31, 2021: 149,593 shares As of December 31, 2020: 152,569 shares)

(Reference) Non-Consolidated Financial Results
1. Financial results for the year ended December 31, 2021 (January 1, 2021 - December 31, 2021)(1) Operating results(Figures in % represent the changes from the previous fiscal year)

Net sales
For the year ended
December 31, 2021
December 31, 2020

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

154,773
127,676

21.2
－

7,907
(3,772)－－

13,606(134,321)－－

13,272(130,660)－－

Net income pershare-basic

Net income pershare-diluted

For the year ended

Yen

Yen

December 31, 2021
December 31, 2020

9.16
(89.48)－－(Note): The Company changed its non-consolidated fiscal year-end from March 31 to December 31, effective from the year ended December 31, 2019. As aresult, the year ended December 31, 2020 (January 1, 2020 to December 31, 2020) differs from the year ended December 31, 2019 (April 1, 2019 to
December 31, 2019). Therefore, percentage data for changes between the year ended December 31, 2019 and the year ended December 31, 2020 have notbeen provided.

(2) Financial position
Total assets

As of December 31, 2021
As of December 31, 2020

Net assets

Net assets as apercentage of total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

2,992,411
3,122,776

2,075,526
2,180,198

69.4
69.8

1,496.93
1,493.08(Reference): Net assets: as of December 31, 2021, ¥ 2,075,526 million
as of December 31, 2020, ¥ 2,180,198 million<Reason for differences with the non-consolidated results for the year ended December 31, 2020>
The Company recorded ¥161,547 million loss on valuation of shares of subsidiaries and affiliates at the end of the year ended December 31, 2020.
This and other factors made the operating income, ordinary income and net income as of the year ended December 31, 2021 differ from previous fiscal year.

*This financial report is not subject to audit by certified public accountants or audit firms.
*Explanation regarding the appropriate use of estimated consolidated financial results
The aforementioned forecasts “3. Forecasted Consolidated Operating Results for the year ending December 31, 2022” are based on the currently available
information and contain many uncertainties. The final results might be significantly different from the aforementioned forecasts due to changes in businessconditions including oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax
schemes. Regarding the forecasts, please refer to “1. (4) Outlook for the Next Period” on page 5.

Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end

At fiscal year end

Total

For the year ended

Yen

Yen

Yen

Yen

Yen

December 31, 2020
December 31, 2021－－

4,800.00
8,000.00－－

4,800.00
11,200.00

9,600.00
19,200.00－

10,800.00－

10,800.00

21,600.00

For the year ending
December 31, 2022
(forecast)(Note): The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no stock

split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock split isincluded in the Articles of Incorporation.

Index of the Attachments
1. Summary of Operating Results and other ………………………………………………………………………………………
(1) Summary of Consolidated Operating Results …………………………………………………………………………………
(2) Summary of Consolidated Financial Position …………………………………………………………………………………

2
24(3) Summary of Cash Flows ………………………………………………………………………………………………………
(4) Outlook for the Next Period …………………………………………………………………………………………………

45(5) Dividend policy and Dividends for the year ended December 31, 2020 and for the year ending December 31, 2021 ………

6

2. Basic Rationale for Selection of Accounting Standards …………………………………………………………………………
3. Consolidated Financial Statements and Principal Notes ………………………………………………………………………
(1) Consolidated Balance Sheet …………………………………………………………………………………………………
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ………………………………

7
8
8
10

Consolidated Statement of Income ……………………………………………………………………………………………

10

Consolidated Statement of Comprehensive Income …………………………………………………………………………
(3) Consolidated Statement of Changes in Net Assets ……………………………………………………………………………
(4) Consolidated Statement of Cash Flows ………………………………………………………………………………………

11
12
14

(5) Notes to Consolidated Financial Statements …………………………………………………………………………………
(Conditions or events that indicate there could be substantial doubt about
the Company’s ability to continue as a going concern) ………………………………………………………………………

16(Changes in the Presentation) …………………………………………………………………………………………………
(Consolidated Balance Sheet) …………………………………………………………………………………………………

16
17(Consolidated Statement of Income) …………………………………………………………………………………………

18(Consolidated Statement of Changes in Net Assets) …………………………………………………………………………
(Consolidated Statement of Cash Flows) ……………………………………………………………………………………
(Segment Information and Others) ……………………………………………………………………………………………
(Per Share Information) ………………………………………………………………………………………………………

19
21
22
27

(Significant Subsequent Events) ………………………………………………………………………………………………
4. Non-Consolidated Financial Statements and Principal Notes ……................…………………………………………...………
(1) Non-Consolidated Balance Sheet ……………………………………………………………………………………………

28
31
31

(2) Non-Consolidated Statement of Income ………………………………………………………………………………………

34(3) Non-Consolidated Statement of Changes in Net Assets ………………………………………………………………………
(4) Notes to Non-Consolidated Financial Statements ……………………………………………………………………………
(Conditions or events that indicate there could be substantial doubt about
the Company’s ability to continue as a going concern) ………………………………………………………………………

35
37

5. Other ……………………………………………………………………………………………………………………………
(1) Production, Orders Received and Sales Performance …………………………………………………………………………

38
38

- 1 -

16

37

1. Summary of Operating Results and other(1) Summary of Consolidated Operating Resultsnd
During the year ended December 31, 2021, although the global economy continued to face an uncertain outlook due to the impact of
the novel coronavirus (COVID-19), there were signs of a recovery due to economic measures taken by various countries andprogress in vaccinations. Although the Japanese economy is also expected to recover and normalize with the gradual increase insocioeconomic activities after the lifting of the declaration of a state of emergency at the end of September, there are still concerns
about the stagnation of economic activities due to the reemergence of infectious diseases such as mutated strains.
Of the international crude oil price indices, which significantly influence the financial performance of the Group, Brent crude (on anear-term closing price basis), considered a benchmark index for crude oil, started the fiscal year at US$51.09 per barrel. Although
the relaxation of the supply and demand for crude oil due to the gradual reduction in the scale of OPEC+ production cuts and the
spread of the new coronavirus variant weighed on the situation, the demand for oil as an alternative fuel for power generation
increased due to the sharp rise in global natural gas prices, and the acceleration of the normalization of economic activities, among
other factors, caused the upward trend to continue, reaching US$77.78 at the end of the fiscal year. The Group’s average crude oil
sales price for the fiscal year ended December 31, 2021 reflected this shift and rose to US$68.43 per barrel, up US$28.12 from theprevious fiscal year.
The foreign exchange market, another important factor that affects the business of the Group, began to trade at ¥103 level against
the U.S. dollar. On first half of the year, Japanese Yen climbed to ¥110 level against the U.S. dollar due to the expectation of theworld economy normalization after vaccination of COVID-19, and U.S. interest rate rise as FOMC suggested earlier rate hike.
The latter half of the year, the yen continued to climb to ¥115 level against the U.S. dollar due to the expectation of US rate hikeacceleration, however, the yen turned back to ¥112 level due to the rising concern of COVID-19 Omicron variant. Finally, at the endof this period, TTM closed at ¥115.02 against the U.S. dollar which turned out to be ¥11.50 lower than that of the fiscal year end of
December, 2020.
Reflecting these situations, the average sales exchange rate for the Group for this fiscal year was ¥110.11 against the U.S. dollar,
which is ¥3.26 lower than that of the previous fiscal year.

- 2 -Consolidated net sales for the year ended December 31, 2021 increased by ¥473.3 billion, or 61.4%, to ¥1,244.3 billion from theprevious fiscal year due to an increase in sales price of crude oil.
Net sales of crude oil increased by ¥399.6 billion, or 79.1%, to ¥905.1 billion, and net sales of natural gas increased by ¥69.9
billion, or 27.9%, to ¥320.5 billion.
Sales volume of crude oil increased by 2,837 thousand barrels, or 2.4%, to 120,118 thousand barrels. Sales volume of natural gas
decreased by 2,661 million cf, or 0.6%, to 464,805 million cf. Sales volume of overseas natural gas decreased by 12,985 million cf,
or 3.3%, to 377,068 million cf, and sales volume of domestic natural gas increased by 277 million ㎥, or 13.3%, to 2,351 million ㎥(87,737 million cf).
The average sales price of overseas crude oil increased by US$28.12, or 69.8%, to US$68.43 per barrel. The average sales price ofoverseas natural gas increased by US$1.35, or 37.4%, to US$4.96 per thousand cf, and the average sales price of domestic natural
gas decreased by ¥1.20, or 2.6%, to ¥45.73 per ㎥. The average exchange rate of the Japanese yen against the U.S. dollar on
consolidated net sales depreciated by ¥3.26, or 3.1%, to ¥110.11 per U.S. dollar from the previous fiscal year.
The increase of ¥473.3 billion in net sales was mainly derived from the following factors: regarding net sales of crude oil andnatural gas, an increase in sales volume contributing ¥25.0 billion to the increase, an increase in unit sales price contributing ¥411.6
billion to the increase, the depreciation of the Japanese yen against the U.S. dollar contributing ¥33.0 billion to the increase, and anincrease in net sales excluding crude oil and natural gas of ¥3.6 billion.
Cost of sales for the year ended December 31, 2021 increased by ¥129.0 billion, or 29.3%, to ¥568.9 billion. Exploration expenses
decreased by ¥2.6 billion, or 29.0% to ¥6.4 billion. Selling, general and administrative expenses increased by ¥4.6 billion, or 6.4%,
to ¥78.3 billion. As a result, operating income increased by ¥342.1 billion, or 137.7%, to ¥590.6 billion.
Other income increased by ¥48.4 billion, or 75.9% to ¥112.2 billion due to posting equity in earnings of affiliates and others. Other
expenses decreased by ¥9.6 billion, or 17.6% to ¥45.2 billion. As a result, ordinary income increased by ¥400.2 billion, or 155.6%,
to ¥657.6 billion.
Extraordinary loss was ¥14.1 billion as a result of posting impairment loss for certain projects due to the decline in forecasted
production volume and others. Total amount of current income taxes and deferred income taxes increased by ¥258.3 billion, or
150.9%, to ¥429.5 billion, and net loss attributable to non-controlling interests was ¥9.1 billion. As a result of the above effects, net
income attributable to owners of parent for the year ended December 31, 2021 was ¥223.0 billion compared with ¥111.6 billion of
net loss attributable to owners of parent for the previous fiscal year.
Financial results by segment are as follows:
1) JapanNet sales increased by ¥14.2 billion, or 12.3%, to ¥130.0 billion due to an increase in sales volume of natural gas.
Operating income decreased by ¥2.8 billion, or 20.1%, to ¥11.4 billion due to an increase in cost of sales.
2) Asia & Oceania
Net sales increased by ¥133.9 billion, or 60.6%, to ¥354.9 billion due to an increase in sales prices of crude oil and natural gas.
Operating income increased by ¥119.0 billion, or 210.6%, to ¥175.5 billion.
3) Eurasia (Europe & NIS)
Net sales increased by ¥48.5 billion, or 71.1%, to ¥116.9 billion due to an increase in sales price of crude oil.
Operating income increased by ¥26.4 billion, or 589.7%, to ¥30.9 billion.
4) Middle East & Africa
Net sales increased by ¥265.7 billion, or 75.4%, to ¥618.1 billion due to an increase in sales prices of crude oil.
Operating income increased by ¥189.6 billion, or 101.7%, to ¥376.0 billion.
5) Americas
Net sales increased by ¥10.7 billion, or 79.8%, to ¥24.2 billion due to an increase in sales prices of crude oil.
Operating income was ¥10.2 billion compared with ¥2.1 billion of operating loss for the previous fiscal year.

- 3 -(2) Summary of Consolidated Financial Position
Consolidated total assets as of December 31, 2021 increased by ¥523.6 billion to ¥5,158.1 billion from ¥4,634.5 billion as ofDecember 31, 2020. Current assets increased by ¥131.7 billion to ¥518.8 billion due to increases in accounts receivable-trade andothers. Fixed assets increased by ¥391.9 billion to ¥4,639.3 billion due to increases in tangible fixed assets, investments, otherassets, and others.
Meanwhile, total liabilities increased by ¥178.6 billion to ¥1,811.7 billion from ¥1,633.1 billion as of December 31, 2020. Current
liabilities increased by ¥9.5 billion to ¥348.8 billion and long-term liabilities increased by ¥169.0 billion to ¥1,462.8 billion.
Net assets increased by ¥345.0 billion, to ¥3,346.4 billion from ¥3,001.3 billion as of December 31, 2020. Total shareholders’ equity
increased by ¥113.3 billion, to ¥2,680.6 billion. Total accumulated other comprehensive income increased by ¥274.1 billion to¥443.4 billion and non-controlling interests in net assets decreased by ¥42.4 billion to ¥222.3 billion.
(3) Summary of Cash Flows
As for consolidated cash flows for the year ended December 31, 2021, net cash provided by operating activities increased by ¥152.5
billion to ¥445.4 billion due mainly to a combination effect of an increase in income before income taxes caused by increases insales price of crude oil and others and a decrease in impairment loss (non-cash).
Net cash used in investing activities decreased by ¥286.4 billion to ¥130.7 billion due mainly to the absence of payments forpurchases of long-term loans receivable and others.
Net cash used in financing activities was ¥315.2 billion compared with ¥126.7 billion of net cash provided by financing activities
for the previous fiscal year due mainly to decreases in short-term loans and proceeds from long-term debt.
After totaling ¥19.2 billion of the effect of exchange rate changes on cash and cash equivalents, the increase in cash and cash
equivalents for the year ended December 31, 2021 amounted to ¥18.8 billion. Cash and cash equivalents as of December 31, 2021
totaled ¥191.2 billion reflecting the above net increase of ¥18.8 billion, from ¥172.4 billion as of December 31, 2020.

- 4 -(4) Outlook for the Next Period(Billions of yen)
Fiscal Year Ended
December, 2021
(Actual)Net Sales

Fiscal Year Ending
December, 2022
(Forecasts)

Year-on-Year
Increase/Decrease

1,244.3

1,541.0

23.8%

Operating Income

590.6

716.0

21.2%

Ordinary Income

657.6

824.0

25.3%

223.0

250.0

12.1%

Net income attributableto owners of parent

As for the Company’s financial outlook for the year ending December 31, 2022, net sales for the six months ending June 30, 2022
are expected to increase 64.5% year-on-year to ¥820.0 billion, and net sales for the year ending December 31, 2022 are expected toincrease 23.8% year-on-year to ¥1,541.0 billion. Operating income for the six months ending June 30, 2022 is expected to increase
76.2% year-on-year to ¥394.0 billion, while operating income for the year ending December 31, 2022 is expected to increase 21.2%
year-on-year to ¥716.0 billion.
Ordinary income for the six months ending June 30, 2022 is expected to increase 112.0% year-on-year to ¥466.0 billion, andordinary income for the year ending December 31, 2022 is expected to increase 25.3% year-on-year to ¥824.0 billion. Net income
attributable to owners of parent for the six months ending June 30, 2022 is expected to increase 188.6% year on year to ¥150.0
billion, and net income attributable to owners of parent for the year ending December 31, 2022 is expected to increase 12.1% yearon-year to ¥250.0 billion.
Net sales for the year ending December 31, 2022 are expected to increase due to (forecasted) higher crude oil prices and an increasein production volume. Operating income for the year ending December 31, 2022 is also expected to increase despite an increase in
exploration expenses. Ordinary income for the year ending December 31, 2022 is also expected to increase due mainly to anincrease in equity in earnings of affiliates and other factors. Net income attributable to owners of parent for the year ending
December 31, 2022 is expected to increase year-on-year, despite an increase in taxes associated with the expected increase inincome and other factors. The above forecasts are based on an average crude oil price assumption of US$85.0 per barrel (Brent) for
the first quarter of 2022, an average of US$75.0 per barrel (Brent) for the second quarter of 2022, an average of US$75.0 per barrel(Brent) for the third quarter of 2022, an average of US$65.0 per barrel (Brent) for the fourth quarter of 2022, and consequently anaverage of US$75.0 per barrel (Brent) for the year ending December 31, 2022. The average exchange rate assumption for the year
ending December 31, 2022 is ¥110 to the U.S. dollar.

- 5 -(5) Dividend policy and Dividends for the year ended December 31, 2021 and for the year ending December 31, 2022
In its shareholder return policy outlined in the Medium-term Business Plan 2018-2022 announced in May 2018, the Company had
set a basic principle of maintaining stable dividend payouts and enhance shareholder returns in stages during the period covered by
the Business Plan in accordance with the improvement in the Company’s financial performance, with the payout ratio set at 30
percent or higher.
In accordance with the policy stated above, the Company has set the year-end dividend at ¥28 per common stock for the year ended
December 31, 2021. Combined with the mid-term dividend of ¥20 per common stock, the planned total dividends for the year ended
December 31, 2021 are ¥48 per common stock. The Company has also set the year-end dividend at ¥11,200 per Class A stock forthe year ended December 31, 2021. Combined with the mid-term dividend of ¥8,000 per Class A stock (unlisted), the planned total
dividends for the year ended December 31, 2021 are ¥19,200 per Class A stock.
Based on the shareholder return policy outlined in the INPEX Vision @2022, Medium-term Business Plan 2022-2024 newly
announced today, the Company will, in principle, maintain stable dividend payouts during the period covered by the medium-termbusiness plan from fiscal year 2022 to fiscal year 2024 with a total payout ratio of around 40 percent or greater, and a minimum
annual dividend per share of 30 yen. During this period, the Company will also strive to strengthen shareholder returns throughmeans including share buybacks based on the Company’s business environment, financial base and management conditions, etc.
In accordance with the new policy stated above, for the year ending December 31, 2022, the Company expects mid-term and yearend dividends of ¥27 each, bringing the total dividends to ¥54 per common stock. The Company expects mid-term and year-end
dividends of ¥10,800 each, bringing the total dividend to ¥21,600 per Class A stock.
The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock, nostock split was implemented. The article, which outlines that Class A stock dividends are equivalent to common stock dividends
prior to the stock split, is specified in the Articles of Incorporation.

- 6 -2. Basic Rationale for Selection of Accounting Standards
The Group has been analyzing the differences between International Financial Reporting Standards (IFRS) and accounting
principles generally accepted in Japan. The Group will take into consideration the domestic and international situations forappropriate adoption of the IFRS in the future.

- 7 -3. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheet(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

(Assets)
Current assets
Cash and deposits※2

182,978※2

201,765

Accounts receivable-trade※2

83,810※2

168,224

Inventories※2

34,299※2

47,817

Accounts receivable-other

40,748Other※257,48142,309※2

70,852Less allowance for doubtful accounts(12,225)(12,104)

Total current assets

387,093

518,864

Buildings and structures, net

168,002

163,165

Wells, net

265,337

345,946

1,207,911

1,418,656

Land

18,591

18,666

Construction in progress

385,405

292,836

Other, net

24,533

20,578Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net

Total tangible fixed assets※1,※2

2,069,783※1,※2

2,259,849

Intangible assets
Goodwill

35,44529,550Exploration and development rights

156,787

150,902

Mining rights

245,016

260,182

4,587

6,025

441,837446,660

Other
Total intangible assets
Investments and other assets
Investment securities※2297,867※2

403,356

Long-term loans receivable※2

911,424※2

1,011,801

Recoverable accounts under production sharing

575,544548,170

Deferred tax assets

10,237

21,713Other※2Less allowance for doubtful accounts

13,231※2

11,704

(600)

(652)

Less allowance for recoverable accounts under
production sharing(69,441)(61,871)

Less allowance for investments in exploration(2,460)(1,400)1,735,804

1,932,821

4,247,424

4,639,332

4,634,518

5,158,196

Total investments and other assets
Total fixed assets
Total assets- 8 -(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

(Liabilities)
Current liabilities
Accounts payable-trade

15,09014,888

Short-term loans

175,133

80,493

Income taxes payable

12,67651,350Accounts payable-other70,47898,518Provision for bonuses

1,415

1,386

Provision for bonuses to officers

54

200

Provision for loss on business

9,351

9,400

Provision for exploration projects

9,496

9,444

Asset retirement obligations

1,475

672

Other

44,116

82,533

Total current liabilities

339,288348,888

Bonds payable－

30,000Long-term debt

1,059,713

1,069,721

32,594

81,192

Provision for stocks payment

71

100

Provision for special repair and maintenance

577

650

Liability for retirement benefits

8,158

7,048

Asset retirement obligations

172,147

258,339

Other

20,627

15,845

1,293,890

1,462,897

1,633,178

1,811,786

Common stock

290,809290,809

Capital surplus

674,374

681,398

Retained earnings

1,607,524

1,783,841(5,428)(75,425)

2,567,279

2,680,624

2,091

2,640

Deferred gain (loss) on hedges(54,054)(16,171)

Translation adjustments

221,224

456,972

Total accumulated other comprehensive income

169,261

443,441

264,798

222,344

Total net assets

3,001,339

3,346,409

Total liabilities and net assets

4,634,518

5,158,196

Long-term liabilities

Deferred tax liabilities

Total long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity

Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized holding gain (loss) on securities

Non-controlling interests- 9 -(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)
For the year ended
December 31, 2020

Accounts

For the year ended
December 31, 2021

Net sales

771,046

1,244,369

Cost of sales

439,852

568,921

Gross profit

331,194

675,448

Exploration expenses

9,074

6,445

Selling, general and administrative expenses

73,64878,346

Operating income

248,471590,657

Interest income

33,48031,115

Dividend income

6,733

7,456

－

38,834

－

7,572

Other

23,58827,268

Total other income

63,803112,246

Interest expense

19,092

13,747

Equity in losses of affiliates

12,999－Provision for allowance for recoverable accounts under
production sharing

2,566

－

2

－

8,209

6,709

99

5,966

Other

11,97018,852

Total other expenses

54,93945,276257,335

657,627

Other income

Equity in earnings of affiliates
Gain on reversal of allowance for recoverable accounts
under production sharing

Other expenses

Provision for exploration projects
Foreign exchange loss
Loss on disposal of fixed assets

Ordinary income
Extraordinary loss
Impairment loss

※1

189,940※1

14,170Total extraordinary loss

189,940

14,170

Income before income taxes

67,394643,457

Income taxes-current

184,127

395,437

Income taxes-deferred(12,926)

34,094

Total income taxes

171,200

429,532

Net income (loss)(103,806)

213,924

7,893(9,123)(111,699)

223,048

Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to owners of parent- 10 -

Consolidated Statement of Comprehensive Income(Millions of yen)
For the year ended
December 31, 2020

Accounts
Net income (loss)

For the year ended
December 31, 2021

(103,806)

213,924

Unrealized holding gain (loss) on securities(3,483)

564

Deferred gain (loss) on hedging instruments

281

(807)

Translation adjustments(109,917)

235,828

Share of other comprehensive income of affiliates
accounted for by the equity method(39,904)

45,939Total other comprehensive income(153,024)

281,524(256,830)

495,449(260,426)

497,228

3,596(1,778)Other comprehensive income

Comprehensive income
Total comprehensive income attributable to
Owners of parent
Non-controlling interests- 11 -

(3) Consolidated Statement of Changes in Net Assets
For the year ended December 31, 2020
(Millions of yen)
Shareholders’ equity

Balance at the beginning of the period

Common stock

Capital surplus

290,809674,374Retainedearnings

Total
shareholders’equityTreasury stock

1,763,034(5,432)2,722,786

Changes during the period
Change in ownership interest of parent

arising from transactions with noncontrolling shareholders－

Cash dividends paid
Net income (loss) attributable to owners ofparent(43,810)(43,810)(111,699)(111,699)

Purchase of treasury stock－

Disposal of treasury stock3

3

Net changes in items other than those inshareholders’ equity
Total changes during the period－－(155,510)

3(155,507)

Balance at the end of the period

290,809674,374

1,607,524(5,428)2,567,279

Accumulated other comprehensive income

Balance at the beginning of the period

Unrealized
holding gain
(loss) on
securities

Deferred gain
(loss) on hedges

Translation
adjustments

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

5,570(18,128)

330,546

317,988

256,400

Total
net assets

3,297,176

Changes during the period
Change in ownership interest of parent
arising from transactions with noncontrolling shareholders－

Cash dividends paid

(43,810)Net income (loss) attributable to owners of(111,699)

parentPurchase of treasury stock－

Disposal of treasury stock3

Net changes in items other than those in(3,479)(35,926)(109,322)(148,727)

8,397(140,329)

Total changes during the period(3,479)(35,926)(109,322)(148,727)

8,397(295,836)

Balance at the end of the period

2,091(54,054)

221,224

169,261

264,798

3,001,339

shareholders’ equity- 12 -

For the year ended December 31, 2021
(Millions of yen)
Shareholders’ equity

Balance at the beginning of the period

Common stock

Capital surplus

290,809674,374Retainedearnings

Total
shareholders’equityTreasury stock

1,607,524(5,428)2,567,279

Changes during the period
Change in ownership interest of parent
7,024

arising from transactions with noncontrolling shareholders

7,024

Cash dividends paid
Net income (loss) attributable to owners ofparent(46,731)(46,731)223,048

223,048

Purchase of treasury stock(69,999)(69,999)

Disposal of treasury stock3

3

Net changes in items other than those inshareholders’ equity
Total changes during the period

－

7,024

176,316(69,996)

113,344

Balance at the end of the period

290,809681,398

1,783,841(75,425)

2,680,624

Accumulated other comprehensive income

Balance at the beginning of the period

Unrealized
holding gain
(loss) on
securities

Deferred gain
(loss) on hedges

Translation
adjustments

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

2,091(54,054)

221,224

169,261

264,798

Total
net assets

3,001,339

Changes during the period
Change in ownership interest of parent
arising from transactions with noncontrolling shareholders

7,024

Cash dividends paid

(46,731)

Net income (loss) attributable to owners of

223,048parentPurchase of treasury stock(69,999)

Disposal of treasury stock3

Net changes in items other than those in

548

37,882

235,748

274,179(42,454)

231,725

Total changes during the period

548

37,882

235,748

274,179(42,454)345,070

Balance at the end of the period

2,640(16,171)456,972

443,441

222,3443,346,409

shareholders’ equity- 13 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
For the year ended
December 31, 2020

Accounts

For the year ended
December 31, 2021

Cash flows from operating activities
Income before income taxes

67,394643,457

Depreciation and amortization

174,098

203,184

Impairment loss

189,940

14,170

Amortization of goodwill

6,760

6,856

Increase (decrease) in provision for allowance forrecoverable accounts under production sharing

2,544(7,570)

Increase (decrease) in provision for exploration projects(1,907)(814)

Increase (decrease) in other provisions

(777)

1,614

Increase (decrease) in liability for retirement benefits

186(1,050)Interest and dividend income(40,214)(38,571)

Interest expense

19,092

13,777

Foreign exchange loss (gain)

4,809

13,618Equity in losses (earnings) of affiliates

12,999(38,834)

Recovery of recoverable accounts under production sharing(capital expenditures)

34,691

62,236

Decrease (increase) in recoverable accounts under
production sharing (operating expenditures)(7,101)(4,106)

Decrease (increase) in accounts receivable-trade

61,756(83,689)

Decrease (increase) in inventories

6,507(14,534)

Increase (decrease) in accounts payable-trade(6,612)(3,721)

Decrease (increase) in accounts receivable-other

9,972(7,927)

Increase (decrease) in accounts payable-other(21,458)

25,614

Increase (decrease) in advances received

(148)

6,237

Other

8,408

4,309

Subtotal

520,941794,255

9,568

15,404

Interest paid

(19,494)(11,466)

Income taxes paid

(218,099)(352,735)

Net cash provided by operating activities

292,915445,457

Interest and dividends received- 14 -

(Millions of yen)
For the year ended
December 31, 2020

Accounts

For the year ended
December 31, 2021

Cash flows from investing activities
Payments for time deposits(64,283)(17,784)

Proceeds from time deposits

53,40818,906(129,745)(140,470)

Proceeds from sales of tangible fixed assets

404

195

Payments for purchases of intangible assets(3,380)(2,762)(429)(6,026)

1,318

18,444(35,039)(30,812)

543

333

Long-term loans made(84,829)(34,868)

Collection of long-term loans receivable

40,10869,372

Payments for purchases of long-term loans receivable(201,769)－

Payments for acquisitions of participating interests(5,760)(7,736)

Other

12,2662,481(417,189)(130,727)

92,107(94,630)－

30,000

Proceeds from long-term debt

238,564

66,313

Repayments of long-term debt

(158,903)(157,405)

8,900

6,455

Purchase of treasury stock－(69,999)

Purchase of treasury stock of subsidiaries－(35,479)

Cash dividends paid

(43,796)(46,718)

Cash dividends paid to non-controlling interests(4,098)(3,548)Other(6,026)(10,202)

Net cash provided by (used in) financing activities

126,747(315,215)

Effect of exchange rate changes on cash and cash equivalents(3,842)

19,293

Net increase (decrease) in cash and cash equivalents(1,368)18,807

Cash and cash equivalents at beginning of the period

173,774

172,405

Payments for purchases of tangible fixed assets

Payments for purchases of investment securities
Proceeds from sales and redemptions of investment
securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Decrease (increase) in short-term loans receivable

Net cash used in investing activities
Cash flows from financing activities
Increase (decrease) in short-term loans
Proceeds from issuance of bonds

Proceeds from non-controlling interests for additional shares

Cash and cash equivalents at end of the period※1- 15 -

172,405※1

191,213(5) Notes to Consolidated Financial Statements(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)
None(Changes in the Presentation)(Consolidated Statement of Income)“Gurantee commission received”, previously presented separately in other income, is included in “Other” since it has become lesssignificant.
As a result, ¥6,650 million which was recorded as “Gurantee commission received” in other income on the consolidated statementof income in the previous fiscal year is reclassified as “Other”.
“Loss on valuation of investment securities”, previously presented separately in other expenses, is included in “Other” since it has
become less significant.
“Loss on disposal of fixed assets”, previously included in “Other” in other expenses, is presented separately since it has become
more significant.
As a result, ¥5,514 million which was recorded as “Other” in other expenses on the consolidated statement of income in theprevious fiscal year is reclassified as ¥11,970 million of “Other”, which includes ¥6,556 million of “Loss on valuation of
investment securities”, and ¥99 million of “Loss on disposal of fixed assets”.
(Consolidated Statement of Cash Flows)“Loss (gain) on sales of investment securities”, previously presented separately in cash flows from operating activities, is included
in “Other” since it has become less significant.
As a result, ¥6,556 million which was recorded as “Loss (gain) on sales of investment securities” in cash flows from operating
activities on the consolidated statement of cash flows in the previous fiscal year is reclassified as “Other”.

- 16 -

(Consolidated Balance Sheet)*1 Accumulated depreciation of tangible fixed assets
As of December 31, 2020
Accumulated depreciation of tangible fixed assets

As of December 31, 2021

¥1,119,114 million¥1,274,954 million*2 Assets provided as collateral and collateral-backed debt are as follows:Collateralized Assets
As of December 31, 2020

As of December 31, 2021

Millions of yen
35,714

Millions of yen
42,527

Accounts receivable-trade

10,37821,123Inventories

15,338

17,625231,086
1,067,388
138

235,846
1,116,249
153

Construction in progress

55,495

109,499

Investment securities
Long-term loans receivable

144,009722,546

239,475
835,109

Cash and deposits

Wells
Machinery, equipment and vehicles
Land

Other

22,253

16,964

Total

2,304,349

2,634,575

The above is mainly related to the Ichthys LNG Project Finance, and includes others that are pledged as collateral for liabilities ofaffiliates.
3 Contingent liabilities(1) The Company and its consolidated subsidiaries are contingently liable as guarantors of indebtedness of the following companies:
As of December 31, 2020
Ichthys LNG Pty Ltd
Tangguh Trustee*
Oceanic Breeze LNG Transport S.A.
Japan Canada Oil Sands Limited
Employees (housing loans)

As of December 31, 2021
Millions of yen
311,386
31,142755
1,397
9Ichthys LNG Pty Ltd
Tangguh Trustee*
Oceanic Breeze LNG Transport S.A.
Canada Oil Sands Co., Ltd.

Millions of yen
356,450
33,345839
234

Employees (housing loans)

344,6904
390,873* Debt for investment funds of Tangguh LNG project through MI Berau B.V. and MI Berau Japan Ltd.
(The aforementioned debt includes the amount ( ¥29,985 million and ¥33,345 million as of December 31, 2020 and 2021,
respectively) for the construction of Train-3, based on the Company’s participating interest as the guarantor of indebtedness.)- 17 -

(Consolidated Statement of Income)*1 Impairment loss
For the year ended December 31, 2020
The Company groups mining area and other assets as a basic unit that generates cash inflows independently of other groups ofassets. In light of the substantial decline in crude oil prices resulting from the COVID-19-induced reduction in global energy
demand and other factors, the recoverble amount of these groups of assets expected to decrease, the Company reduced therespective carrying amounts of the assets listed below to recoverable amounts, posting the reductions as impairment loss.
Use

Assets related to Prelude
FLNG Project

Assets related to Tight Oil
Project (Eagle Ford)

Assets related to Lucius Oil
Field

Location

Commonwealth of Australia

Texas, United States

Gulf of Mexico, UnitedStatesClassification

Impairment loss
(Millions of yen)

Construction in progress

97,097

Mining rights

31,965

Subtotal

129,062

Wells

11,178

Machinery, equipment and vehicles

1,595

Mining rights

20,462

Subtotal

33,235

Wells

3,553

Machinery, equipment and vehicles

2,421

Mining rights

12,719Subtotal

18,693

Other

8,948

Total

189,940

The recoverable amount of the assets related to Prelude FLNG Project, Tight Oil Project (Eagle Ford) and Lucius Oil Field isreasonably estimated by discounting the future cash flows at a rate of 7.9-10.7%.
For the year ended December 31, 2021
The Company groups mining area and other assets as a basic unit that generates cash inflows independently of other groups ofassets. In light of the decline in forecasted production volume and others, the recoverble amount of this group of assets expected todecrease, the Company reduced the respective carrying amounts of the assets listed below to recoverable amounts, posting the
reductions as impairment loss.
Use

Assets related to Van Gogh
Oil Field / Coniston Oil Field

Location

Commonwealth of Australia

Classification

Impairment loss
(Millions of yen)

Wells

1,493

Machinery, equipment and vehicles

6,632

Construction in progress

6,038

Other

8

Total

14,170

The recoverable amount of the assets related to Van Gogh Oil Field and Coniston Oil Field is reasonably estimated bydiscounting the future cash flows at a rate of 11.5%.

- 18 -

(Consolidated Statement of Changes in Net Assets)
For the year ended December 31, 2020
1. Type and number of shares issued and treasury stock(Shares)
Balance as ofJanuary 1, 2020

Increase

Balance as ofDecember 31, 2020

Decrease

Number of shares
Common stock

1,462,323,600－－

1,462,323,600

Class A stock

1

－

－

1

1,462,323,601－－

1,462,323,601

Common stock

2,121,916

－

2,847

2,119,069

Total

2,121,916

－

2,847

2,119,069

Total
Treasury stock(Note): 1. The decrease of 2,847 shares in treasury stock of common stock was due to delivery of the Company’s shares by the Board
Incentive Plan Trust (the BIP Trust).
2. The number of treasury shares of common stock includes shares of the Company held by the BIP Trust (as of January 1,
2020: 155,416 shares and as of December 31, 2020: 152,569 shares).
2. Share subscription rights
None
3. Dividends(1) Cash dividends paid
Resolution

Ordinary general
meeting of shareholders
March 25, 2020
Board of directors’
meeting
August 6, 2020

Type ofshare

Dividends
per share(Yen)

Cash dividends paid
(Millions of yen)

CommonRecord date

Effective date

26,28618

December 31, 2019

March 26, 2020

Class A
stock

0

7,200

December 31, 2019

March 26, 2020

Commonstock

17,52412

June 30, 2020

September 1, 2020

Class A
stock

0

4,800

June 30, 2020

September 1, 2020

stock

(Note): 1. Total dividend as determined by the resolution of Ordinary general meeting of shareholders on March 25, 2020, includes ¥2million of dividends on the Company’s shares held by the BIP Trust.
2. Total dividend as determined by the resolution of Board of Directors’ meeting on August 6, 2020 includes ¥1 million ofdividends on the Company’s shares held by the BIP Trust.
(2) Dividends, whose record date was in the year ended December 31, 2020, and whose effective date will be in the next fiscal year
Resolution

Ordinary general
meeting of shareholders
March 25, 2021

Type of Source of
share
dividends

Cash dividends
paid(Millions of yen)

Common Retainedstockearnings

17,5240Class Astock

Retainedearnings

Dividends
per share(Yen)

Record date

Effective date

12

December 31, 2020

March 26, 2021

4,800

December 31, 2020

March 26, 2021

(Note): Total dividend as determined by the resolution of Ordinary general meeting of shareholders on March 25, 2021 includes ¥1million of dividends on the Company’s shares held by the BIP Trust.

- 19 -

For the year ended December 31, 2021
1. Type and number of shares issued and treasury stock(Shares)
Balance as ofJanuary 1, 2021

Increase

Balance as ofDecember 31, 2021

Decrease

Number of shares
Common stock

1,462,323,600－－

1,462,323,600

Class A stock

1

－

－

1

1,462,323,601－－

1,462,323,601

Common stock

2,119,069

73,689,900

2,976

75,805,993

Total

2,119,069

73,689,900

2,976

75,805,993

Total
Treasury stock(Note): 1. The increase of 73,689,900 shares in treasury stock of common stock was due to acquisition of the Company’s own sharesbased on the resolution by the Board of Directors’ meeting.
2. The decrease of 2,976 shares in treasury stock of common stock was due to delivery of the Company’s shares by the Board
Incentive Plan Trust (the BIP Trust).
3. The number of treasury shares of common stock includes shares of the Company held by the BIP Trust (as of January 1,
2021: 152,569 shares and as of December 31, 2021: 149,593 shares).
2. Share subscription rights
None
3. Dividends(1) Cash dividends paid
Resolution

Type ofshare

Cash dividends paid
(Millions of yen)

Ordinary general

Commonstock

17,524

Class Astock

meeting of shareholders
March 25, 2021
Board of directors’
meeting
August 10, 2021

Dividends
per share(Yen)

Record date

Effective date

12

December 31, 2020

March 26, 2021

0

4,800

December 31, 2020

March 26, 2021

Commonstock

29,20720

June 30, 2021

September 1, 2021

Class A
stock

0

8,000

June 30, 2021

September 1, 2021

(Note): 1. Total dividend as determined by the resolution of Ordinary general meeting of shareholders on March 25, 2021 includes ¥1million of dividends on the Company’s shares held by the BIP Trust.
2. Total dividend as determined by the resolution of Board of Directors’ meeting on August 10, 2021 includes ¥2 million ofdividends on the Company’s shares held by the BIP Trust.
(2) Dividends, whose record date was in the year ended December 31, 2021, and whose effective date will be in the next fiscal year
Resolution

Ordinary general
meeting of shareholders
March 25, 2022

Type of Source of
share
dividends

Cash dividends
paid(Millions of yen)

Common Retainedstockearnings

38,8260Class Astock

Retainedearnings

Dividends
per share(Yen)

Record date

Effective date28

December 31, 2021

March 28, 2022

11,200December 31, 2021

March 28, 2022

(Note): Total dividend as determined by the resolution of Ordinary general meeting of shareholders on March 25, 2022 includes ¥4million of dividends on the Company’s shares held by the BIP Trust.

- 20 -

(Consolidated Statement of Cash Flows)*1 Cash and cash equivalents at the end of the period are reconciled to the account reported in the consolidated balance sheet as
follows:
For the year ended
December 31, 2020
Millions of yen
182,978

Cash and deposits

For the year ended
December 31, 2021
Millions of yen
201,765

Time deposits for more than three months and others(10,573)(10,551)

Cash and cash equivalents

172,405

191,213- 21 -

(Segment Information and Others)(Segment information)
1. Overview of reportable segments
The reportable segments for the Group’s oil and natural gas development activities are composed of individual mining area andothers for which separate financial information is available in order for the Board of Directors to make Group management decisions.
Since the Group operates oil and natural gas businesses globally, the Group’s reportable segments are the mining areas and others bygeographical region, categorized in “Japan”, “Asia & Oceania” (mainly Indonesia, Australia and East Timor), “Eurasia (Europe &NIS)” (mainly Azerbaijan and Kazakhstan), “Middle East & Africa” (mainly UAE) and “Americas”.
The Company produces oil and natural gas in each segment. In addition, the Company conducts purchasing and marketing activities
for natural gas and petroleum products and others in “Japan” segment.
2. Basis of measurement of sales and income (loss), assets, and other items by reportable segment
Accounting policies for the reportable segments are substantially the same as the accounting policies adopted for preparing theconsolidated financial statements.
Internal sales between segments are based on prices for third-party transactions.
3. Information on sales and income (loss), assets, and other items by reportable segment
For the year ended December 31, 2020 (January 1, 2020 through December 31, 2020)(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East
& Africa

Americas115,838

220,969

68,369352,388

13,481

771,046－

771,046

－

5,320

－

－

－

5,320

(5,320)－115,838

226,290

68,369352,388

13,481

776,367(5,320)771,046

Segment income (loss)

14,341

56,522

4,481

186,408(2,128)259,625(11,154)

248,471

Segment assets

255,069

3,024,426

572,642

493,092

24,455

4,369,687

264,8314,634,518

15,075

100,812

6,923

42,476

7,938

173,227871

174,098

－

－

－

－

(192)

(192)

6,952

6,760

2,014

198,065

14,417

12,471－

226,969

1,205

228,175

4,990

118,840

5,909

46,589

7,783

184,113938

185,052

Total

Net sales(1) Sales to third parties(2) Intercompany sales and transfers
between segments
Total

Other items
Depreciation and amortization
Amortization of goodwill
Investment to affiliates accounted

for by the equity method
Increase of tangible fixed assets andintangible assets

Note: 1. (1) Adjustments of segment income (loss) of ¥(11,154) million are corporate expenses. Corporate expenses are mainly
amortization of goodwill and general administrative expenses that are not allocated to a reportable segment.
(2) Adjustments of segment assets of ¥264,831 million include elimination of inter-segment transactions of ¥(483) million andcorporate assets of ¥265,314 million. Corporate assets are mainly goodwill, cash and deposits, investment securities andassets concerned with the administrative divisions that are not allocated to a reportable segment.
(3) Adjustments of depreciation and amortization of ¥871 million consist mainly of depreciation of corporate assets.
(4) Adjustments of amortization of goodwill of ¥6,952 million consist of amortization of goodwill not attributable to areportable segment.
(5) Adjustments of investment to affiliates accounted for by the equity method of ¥1,205 million consist of investment toaffiliates accounted for by the equity method not attributable to a reportable segment.
(6) Adjustments of increase of tangible fixed assets and intangible assets of ¥938 million consist mainly of capital expenditure
to corporate assets.
2. Segment income (loss) is reconciled with operating income on the consolidated statement of income.

- 22 -

For the year ended December 31, 2021 (January 1, 2021 through December 31, 2021)(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East
& Africa

Americas130,089354,919

116,959

618,161

24,2401,244,369－

1,244,369

－

9,070

－

－

－

9,070

(9,070)－130,089

363,989

116,959

618,161

24,2401,253,440(9,070)1,244,369

Segment income (loss)

11,464

175,542

30,909376,065

10,276604,259(13,602)590,657

Segment assets

262,201

3,394,010

570,860

623,136

38,546

4,888,755

269,440

5,158,196

14,923

116,426

6,862

59,872

4,226

202,311872

203,184

－

－

－

－

(96)

(96)

6,952

6,856

2,277

307,749

18,35918,375－

346,761

1,502

348,264

8,149

66,1405,875

122,340

13,402215,907

6,272

222,179

Total

Net sales(1) Sales to third parties(2) Intercompany sales and transfers
between segments
Total

Other items
Depreciation and amortization
Amortization of goodwill
Investment to affiliates accounted

for by the equity method
Increase of tangible fixed assets andintangible assets

Note: 1. (1) Adjustments of segment income (loss) of ¥(13,602) million are corporate expenses. Corporate expenses are mainly
amortization of goodwill and general administrative expenses that are not allocated to a reportable segment.
(2) Adjustments of segment assets of ¥269,440 million consist mainly of corporate assets of ¥269,440 million. Corporate assets
are mainly goodwill, cash and deposits, investment securities and assets concerned with the administrative divisions that are
not allocated to a reportable segment.
(3) Adjustments of depreciation and amortization of ¥872 million consist mainly of depreciation of corporate assets.
(4) Adjustments of amortization of goodwill of ¥6,952 million consist of amortization of goodwill not attributable to areportable segment.
(5) Adjustments of investment to affiliates accounted for by the equity method of ¥1,502 million consist of investment toaffiliates accounted for by the equity method not attributable to a reportable segment.
(6) Adjustments of increase of tangible fixed assets and intangible assets of ¥6,272 million consist mainly of capital
expenditure to corporate assets.
2. Segment income (loss) is reconciled with operating income on the consolidated statement of income.

- 23 -

(Relative information)
For the year ended December 31, 2020 (January 1, 2020 through December 31, 2020)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

505,517Natural gas(excluding LPG)

LPG

247,854

Other

2,737

Total

14,937771,046

2. Geographical information(1) Sales(Millions of yen)
Asia & Oceania(excluding China)Japan
350,811

China

Other

224,183

90,335

Total
105,716

771,046

Note: Sales by geographical area is determined based upon the final destination and customer.
(2) Tangible fixed assets(Millions of yen)Japan

Australia
224,534

UAE

1,573,641

Other251,290

Total
20,3172,069,783

3. Information by major customer(Millions of yen)
Customer

Sales

Relative reportable segment

Ichthys LNG Pty Ltd

121,521

Asia & Oceania

For the year ended December 31, 2021 (January 1, 2021 through December 31, 2021)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

905,199

Natural gas(excluding LPG)
313,684

LPG

Other

6,891

18,594

Total
1,244,369

2. Geographical information(1) Sales(Millions of yen)
Asia & Oceania(excluding China)Japan504,079

China

390,063

Other
174,276

Total
175,950

1,244,369

Note: Sales by geographical area is determined based upon the final destination and customer.
(2) Tangible fixed assets(Millions of yen)Japan

Australia
216,442

1,683,503

UAE

Other
326,453- 24 -

Total
33,4502,259,849

3. Information by major customer(Millions of yen)
Customer

Sales

Ichthys LNG Pty Ltd

Relative reportable segment
146,021

Asia & Oceania(Information on impairment loss from fixed assets by reportable segment)
For the year ended December 31, 2020 (January 1, 2020 through December 31, 2020)(Millions of yen)
Reportable segments
Japan
Impairment loss－

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East
& Africa

Americas138,011－－51,929Eliminations
and other

Total
189,940

Total

189,940－

For the year ended December 31, 2021 (January 1, 2021 through December 31, 2021)(Millions of yen)
Reportable segments
Japan
Impairment loss－

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East
& Africa

Americas14,170－－－Eliminations
and other

Total
14,170Total

14,170－(Information on amortization of goodwill and unamortized balance by reportable segment)
For the year ended December 31, 2020 (January 1, 2020 through December 31, 2020)(Millions of yen)
Reportable segments
Japan
Balance as of December 31, 2020－

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East
& Africa

Americas
*1

－

－

－

(1,057)

Eliminations
and other*2

Total(1,057)36,502

Total

35,445

Note: 1. This is the unamortized balance of negative goodwill acquired before April 1, 2010 and net amount of goodwill is stated on thebalance sheet.
2. This is the unamortized balance of goodwill not attributable to a reportable segment.
3. Please refer to “Segment information” regarding to the amounts of amortization of goodwill.
For the year ended December 31, 2021 (January 1, 2021 through December 31, 2021)(Millions of yen)
Reportable segments
Japan
Balance as of December 31, 2021－

Asia &
Oceania

Eurasia(Europe& NIS)

Middle East
& Africa

Americas

－

－

－

－

Note: 1. This is the unamortized balance of goodwill not attributable to a reportable segment.
2. Please refer to “Segment information” regarding to the amounts of amortization of goodwill.

- 25 -

Eliminations
and other
*1

Total
－

29,550Total

29,550(Information on negative goodwill by reportable segment)
None- 26 -

(Per Share Information)
Net assets excluding non-controlling interests per share, net income (loss) per share and the calculation basis are as follows:
For the year ended
December 31, 2020
(1) Net assets excluding non-controlling interests per share

For the year ended
December 31, 2021

¥1,874.08

For the year ended
December 31, 2020
(2) Net income (loss) per share¥2,253.17

For the year ended
December 31, 2021¥(76.50)¥153.87(111,699)

223,048

(0)

0

〔(0)〕

〔0〕

(111,699)

223,048

1,460,203,728

1,449,617,608(Calculation basis)
Net income (loss) attributable to owners of parent(Millions of yen)Amount not attributable to common shareholders(Millions of yen)〔of which Net income (loss) attributable to owners of parent
related to Class A stock (Millions of yen) 〕
Net income (loss) attributable to owners of parent related tocommon shareholders (Millions of yen)
Average number of common stock (shares)(Note): 1. Diluted net income per share is not presented because there is no dilutive potential of shares of common stock.
2. For the purpose of computing net assets excluding non-controlling interests per share, the Company’s shares held by the
Board Incentive Plan Trust recorded as treasury stock under shareholders’ equity are included in the treasury stock to be
deducted from the total number of shares issued at the end of the period. Additionally, in computing net income (loss) per
share, above shares of the Company are included in the treasury stock to be deducted from the average number of shares
during the period. The numbers of shares of treasury stock deducted from the total number of shares issued at the end of theperiod in computing net assets excluding non-controlling interests per share were 152,569 shares and 149,593 shares as ofDecember 31, 2020 and 2021 respectively. The numbers of shares of treasury stock deducted from the average number ofshares during the period in computing net income (loss) per share were 153,372 shares and 150,738 shares for the year ended
December 31, 2021 and 2021 respectively.

- 27 -

(Significant Subsequent Events)
I. Business Combination through Acquisition
On October 27, 2021, the Company concluded the agreement on transfer of 50.5% of shares in Idemitsu Snorre Oil Development
Co., Ltd. with Idemitsu Kosan Co., Ltd. and Osaka Gas Summit Resources Co., Ltd. On January 31, 2022, the Company acquired
shares in Idemitsu Snorre Oil Development Co., Ltd. after the approval of the government of Norway and other conditions were
fulfilled.
Following the acquisition, Idemitsu Snorre Oil Development Co., Ltd. and Idemitsu Petroleum Norge AS which is a wholly
owned subsidiary of Idemitsu Snorre Oil Development Co., Ltd. became subsidiaries of the Company because shares in Idemitsu
Petroleum Norge AS are held indirectly by the Company.
1. Outline of the business combination(a) Name and business details of the acquired company
i. NameIdemitsu Snorre Oil Development Co., Ltd.
Business details Exploration, development, production and marketing of crude oil and natural gas in Norway through a
subsidiaryii. Name
Idemitsu Petroleum Norge AS
Business details Exploration, development, production and marketing of crude oil and natural gas in Norway(b) Main reason for the business combination
The Company expects its core upstream business to become more resilient and its corporate value to further improve bystrengthening its operational base in Norway.
Additionally, the Company determined that the business combination enables the Company to fulfill its two social
responsibilities of providing a stable supply of energy while mounting a response to climate change, in addition to making its
upstream business cleaner, by pursuing decarbonization efforts in Norway and around Europe.
(c) Date of the business combination
January 1, 2022 (deemed acquisition date)
January 31, 2022 (share acquisition date)(d) Legal form of the business combination
Acquisition of shares in Idemitsu Snorre Oil Development Co., Ltd. for cash consideration(e) Company name after the business combination
i. INPEX Norway Co., Ltd. (corporate name changed from Idemitsu Snorre Oil Development Co., Ltd.)ii. INPEX Idemitsu Norge AS (corporate name changed from Idemitsu Petroleum Norge AS)(f) Ratio of voting rights acquired
i. Idemitsu Snorre Oil Development Co., Ltd. 50.5%
ii. Idemitsu Petroleum Norge AS

100% (of which indirectly owns 100%)(g) Basis for determination of the acquiring company
The Company acquired shares in Idemitsu Snorre Oil Development Co., Ltd. for cash consideration.

- 28 -

2. Amount and breakdown of the acquisition costs
Consideration for acquisition
Acquisition cost

Cash and deposits¥39,739 million¥39,739 million

3. Amount and breakdown of the main acquisition-related costs
Not yet determined.
4. Amount of goodwill, reason for recognition, and method and period for amortization
Not yet determined.
5. Amount and breakdown of assets received and liabilities assumed on the date of the business combination
Not yet determined.

- 29 -

Ⅱ. Cancellation of the Company’s Own Shares
The Board of Directors of the Company, at its meeting held on January 24, 2022, resolved to cancel its own shares pursuant to
the provisions of Article 178 of the Companies Act, and carried out the cancellation as follows.
1. Type of shares cancelled:

Common shares

2. Total number of shares cancelled:

75,656,433 shares(5.17% of total number of issued shares prior to the cancellation)
February 8, 2022

3. Date of cancellation:(Reference) Number of shares after the cancellation
・Total number of issued shares:
1,386,667,167 shares・Total number of own shares:
0 sharesNote: The shares held by the Board Incentive Plan Trust (149,593 shares) are not included in the number of own shares.

- 30 -

4. Non-Consolidated Financial Statements and Principal Notes(1) Non-Consolidated Balance Sheet(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

(Assets)
Current assets
Cash and deposits

431

445

Accounts receivable-trade16,552

27,161Finished goods

1,906

6,988

100

288

Raw materials and supplies

6,001

10,652

Advance payments-trade

702

1,596

1,042

1,178

Short-term loans receivable from subsidiaries and affiliates

171,686

181,468

Deposit paid in subsidiaries and affiliates

582,236

549,116

Other

26,89028,548

Allowance for doubtful accounts(44,479)(49,184)

Total current assets

763,070

758,260

Buildings, net

13,762

15,677Structures, net

147,800

141,42064455

44,04841,352

Vehicles, net

23

16

Tools, furniture and fixtures, net

876

784

16,396

16,456136

190

Construction in progress

1,763

2,610

Total tangible fixed assets

224,872

218,964

36,502

29,5505

5

Software

1,114

1,309

Other

3,323

4,526

Total intangible assets

40,94535,391Work in process and partly-finished construction

Prepaid expenses

Fixed assets
Tangible fixed assets

Wells, net
Machinery and equipment, net

Land
Leased assets, net

Intangible assets
Goodwill
Mining right- 31 -

(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

Investments and other assets
Investment securities

53,38937,930Investments in stock of subsidiaries and affiliates

2,021,540

1,910,324

Long-term loans receivable from subsidiaries andaffiliates

117,124

121,240

118

190

Deferred tax assets

4,343

8,992

Other

8,247

8,117

Allowance for doubtful accounts

(600)

(652)

Allowance for investments in exploration(110,276)(106,348)

Total investments and other assets

2,093,887

1,979,794

2,359,705

2,234,151

3,122,776

2,992,411

753

3,549

Short-term debt

89,027－

Current portion of long-term debt

45,83936,18026

24

Accounts payable-other

14,927

15,586

Accrued expenses

2,501

2,359

Income taxes payable

685

1,587

Advances received－

0

Deposits payable

820

14,743

Deposits received from subsidiaries and affiliates

4,952

7,502

Accrued bonuses

1,200

1,168

Accrued bonuses to officers

54

200

Provision for loss on business

9,351

9,400

Asset retirement obligations

1,171

27

437

961

171,747

93,293Long-term prepaid expenses

Total fixed assets
Total assets(Liabilities)
Current liabilities
Accounts payable-trade

Lease obligations

Other
Total current liabilities- 32 -

(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

Long-term liabilities
Bonds payable－

30,000Long-term debt

708,084

724,981

118

180

Deferred tax liabilities

1,063

1,181

Accrued retirement benefits to employees

7,375

6,268

71

100

15,212

15,602

34,89139,798

3,816

5,118

195

358

770,829

823,591

942,577

916,885

290,809290,809

Legal capital surplus

1,023,802

1,023,802

Total capital surplus

1,023,802

1,023,802

Reserve for advanced depreciation of non-current
assets

2,105

2,105

Reserve for special depreciation

1,418

－

Mine prospecting reserve

8,204

8,108

857,477825,533

869,205

835,747(5,428)(75,425)

2,178,389

2,074,934

Unrealized holding gain on securities

2,001

2,566

Unrealized gain (loss) from hedging instruments(192)(1,974)

Total valuation, translation adjustments and others

1,808

591

2,180,198

2,075,526

3,122,776

2,992,411

Lease obligations

Provision for stocks payment
Provision for loss on business of subsidiaries and affiliates
Provision for loss on guarantees of subsidiaries andaffiliates
Asset retirement obligations
Other
Total long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity
Common stock
Capital surplus

Retained earnings
Other retained earnings

Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders’ equity
Valuation, translation adjustments and others

Total net assets
Total liabilities and net assets- 33 -

(2) Non-Consolidated Statement of Income(Millions of yen)
For the year ended
December 31, 2020

Accounts

For the year ended
December 31, 2021

Net sales

127,676

154,773

Cost of sales

99,570111,481

Gross profit

28,10643,291486

134

Selling, general and administrative expenses

31,39235,249Operating income (loss)(3,772)

7,907

Interest Income

13,0699,248

Dividend income

32,47624,888Gain on sales of investment securities

－

6,397

Gain on sales of stocks of subsidiaries and affiliates

－

5,715

9,043

4,679

366

472

Other

3,923

3,707

Total other income

58,87955,110Interest expenses

12,347

8,176

Loss on valuation of shares of subsidiaries and affiliates

161,547

19,948Provision of allowance for doubtful accounts

－

5,246

Provision of allowance for investment loss in exploration

392

551

Provision for loss on business of subsidiaries and affiliates

Exploration expenses

Other income

Guarantee commission received
Foreign exchange gain

Other expenses－

416

Provision for loss on guarantees of subsidiaries andaffiliates

6,496

4,881

Other

8,645

10,191

Total other expenses

189,428

49,411

Ordinary income (loss)(134,321)

13,606

Income (loss) before income taxes(134,321)

13,606

Income taxes-current

2,057

4,382

Income taxes-deferred(5,719)(4,049)Total income taxes(3,661)333

Net income (loss)(130,660)

13,272- 34 -

(3) Non-Consolidated Statement of Changes in Net Assets
For the year ended December 31, 2020
(Millions of yen)
Shareholders’ equity
Capital Surplus

Retained earnings
Other retained earnings

Commonstock

Balance at the beginning of theperiod290,809

Legal capitalsurplus

Total capitalsurplus1,023,802

1,023,802

Reserve foradvanceddepreciationof non-current
assetsReserve for
specialdepreciation

Mine
prospecting
reserve

2,105

1,418

8,057

Retainedearnings
brought
forward1,032,095

Changes during the period
Reversal of reserve for special－

depreciation－

Provision of mine prospecting
reserve
Reversal of mine prospecting
reserve

495

(495)

(349)

349

Cash dividends paid

(43,810)Net income (loss)(130,660)

Purchase of treasury stock
Disposal of treasury stock
Other changes in items other thanthose in shareholders’ equity(net)Total changes during the period

－

－

－

－

－

146

(174,617)

Balance at the end of the period

290,809

1,023,802

1,023,802

2,105

1,418

8,204

857,477

Valuation, translation adjustments andothersShareholders’ equity
Retainedearnings
Total
retainedearnings
Balance at the beginning of theperiod

1,043,677

Treasurystock(5,432)

Total
Shareholders’equityUnrealized
holding gain
on securities

Unrealizedgain(loss)
from hedging
instruments

Totalvaluation,translation
adjustments
and others

2,352,857

5,484

(192)

5,292

Total net assets

2,358,149

Changes during the period
Reversal of reserve for special

－

－

－

－

－

－

－

－

－

Cash dividends paid

(43,810)(43,810)(43,810)Net income (loss)(130,660)(130,660)(130,660)

depreciation
Provision of mine prospecting
reserve
Reversal of mine prospecting
reserve

Purchase of treasury stock

－

－

－

Disposal of treasury stock

3

3

3

Other changes in items other thanthose in shareholders’ equity(net)(3,483)－(3,483)(3,483)

Total changes during the period(174,471)

3(174,467)(3,483)－(3,483)(177,951)

Balance at the end of the period

869,205(5,428)2,178,389

2,001

(192)

1,808

2,180,198- 35 -

For the year ended December 31, 2021
(Millions of yen)
Shareholders’ equity
Capital Surplus

Retained earnings
Other retained earnings

Commonstock

Balance at the beginning of theperiod290,809

Legal capitalsurplus

Total capitalsurplus1,023,802

1,023,802

Reserve foradvanceddepreciationof non-current
assetsReserve for
specialdepreciation

Mine
prospecting
reserve

2,105

1,418

8,204

Retainedearnings
brought
forward857,477

Changes during the period
Reversal of reserve for special(1,418)depreciation

1,418

Provision of mine prospecting
reserve
Reversal of mine prospecting
reserve

－

－

(95)

95

Cash dividends paid

(46,731)

Net income (loss)

13,272

Purchase of treasury stock
Disposal of treasury stock
Other changes in items other thanthose in shareholders’ equity(net)Total changes during the period

－

－

－

－

(1,418)(95)(31,944)

Balance at the end of the period

290,809

1,023,802

1,023,802

2,105

－

8,108

825,533

Valuation, translation adjustments andothersShareholders’ equity
Retainedearnings
Total
retainedearnings
Balance at the beginning of theperiod869,205

Treasurystock(5,428)

Total
Shareholders’equityUnrealized
holding gain
on securities

Unrealizedgain(loss)
from hedging
instruments

Totalvaluation,translation
adjustments
and others

2,178,389

2,001

(192)

1,808

Total net assets

2,180,198

Changes during the period
Reversal of reserve for special

－

－

－

－

－

－

－

－

－

Cash dividends paid

(46,731)(46,731)(46,731)

Net income (loss)

13,272

13,272

13,272depreciation
Provision of mine prospecting
reserve
Reversal of mine prospecting
reserve

Purchase of treasury stock(69,999)(69,999)(69,999)

Disposal of treasury stock

3

3

3

Other changes in items other thanthose in shareholders’ equity(net)564(1,782)(1,217)(1,217)

Total changes during the period(33,458)(69,996)(103,454)

564(1,782)(1,217)(104,672)

Balance at the end of the period

835,747(75,425)

2,074,934

2,566(1,974)591

2,075,526- 36 -

(4) Notes to Non-Consolidated Financial Statements(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)
None- 37 -

5. Other(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
Segment

Japan

For the year ended
December 31, 2020

Category
Crude oil

1.1 MMbbls(3.0 Mbbls per day)

1.1 MMbbls(2.9 Mbbls per day)Natural gas

40.5 Bcf(110.5 MMcf per day)

40.2 Bcf(110.2 MMcf per day)Subtotal

8.7 MMboe(23.7 Mboe per day)

8.6 MMboe(23.6 Mboe per day)

Iodine559.0 tons

556.5 tons

Electric power generation

174.1 million kWh

207.6 million kWh

Crude oil15.6 MMbbls(42.7 Mbbls per day)18.8 MMbbls(51.6 Mbbls per day)

394.0 Bcf

397.5 Bcf

(1,076.5 MMcf per day)

(1,088.9 MMcf per day)Subtotal

91.5 MMboe(250.0 Mboe per day)95.6 MMboe(261.9 Mboe per day)Electric power generation

372.9 million kWh

392.4 million kWh

Crude oil

19.0 MMbbls(51.9 Mbbls per day)18.3 MMbbls(50.1 Mbbls per day)Natural gas
Asia & Oceania

Eurasia

9.1 Bcf

9.6 Bcf(24.8 MMcf per day)(26.4 MMcf per day)Subtotal

20.6 MMboe(56.3 Mboe per day)20.0 MMboe(54.8 Mboe per day)Sulfur

88.3 Mtons

94.0 Mtons

Crude oil82.7 MMbbls(225.8 Mbbls per day)84.3 MMbbls(230.9 Mbbls per day)

Crude oil

2.8 MMbbls(7.7 Mbbls per day)

2.9 MMbbls(8.1 Mbbls per day)Natural gas

19.3 Bcf(52.7 MMcf per day)

9.4 Bcf(25.8 MMcf per day)Subtotal

6.4 MMboe(17.5 Mboe per day)

4.8 MMboe(13.0 Mboe per day)

Crude oil

121.2 MMbbls(331.1 Mbbls per day)

125.4 MMbbls(343.5 Mbbls per day)

462.8 Bcf

456.7 Bcf

(1,264.6 MMcf per day)

(1,251.3 MMcf per day)Natural gas(Europe & NIS)

Middle East & Africa

AmericasNatural gas
Total

For the year ended
December 31, 2021

Subtotal
IodineElectric power generation
Sulfur

209.9 MMboe

213.3 MMboe(573.4 Mboe per day)

(584.3 Mboe per day)559.0 tons

556.5 tons

547.0 million kWh600.0 million kWh

88.3 Mtons

94.0 Mtons

Note: 1. The volume of LPG produced overseas is included in “Crude oil”.
2. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
3. The production by the Company’s affiliates accounted for by the equity method is included in the figures above.

- 38 -

4. The production volume of crude oil and natural gas under the production sharing contracts entered into by the Group corresponds to the net economic takeof the Group.
Figures calculated by multiplying the gross production volume by the Company’s interest share are 131.1 MMbbls (358.3 Mbbls per day) of crude oil,472.1 Bcf (1,290.0 MMcf per day) of natural gas, and in total 221.5 MMboe (605.1 Mboe per day) for the year ended December 31, 2020, and 136.1
MMbbls (373.0 Mbbls per day) of crude oil, 472.9 Bcf (1,295.7 MMcf per day) of natural gas, and in total 226.8 MMboe (621.5 Mboe per day) for theyear ended December 31, 2021.
5. “Boe” means barrels of oil equivalent.
6. “Iodine” is refined by other company on consignment.
7. Figures are rounded to the first decimal place.

2) Orders received
Disclosure on this information is omitted because the amount of orders received is accounted for a minor portion of total sales.

- 39 -

3) Actual sales
The following table shows sales by segment:(Millions of yen)Segment

Category

For the year ended
December 31, 2020
Sales volume

Crude oil
Natural gas(excluding LPG)
Japan

LPG

Asia & Oceania

Net sales
3,059

547 Mbbls

4,350

77,413 MMcf

97,35187,737 MMcf

107,516

2 Mbbls

14

2 Mbbls

20

15,413

18,205

Subtotal

115,838

130,092

Crude oil

15,580 Mbbls

71,32418,508 Mbbls

143,470

Natural gas(excluding LPG)

361,864 MMcf

146,921357,227 MMcf

204,577

254 Mbbls

2,723

707 Mbbls

6,871

220,969

354,919

Crude oil

16,918 Mbbls

67,147

15,528 Mbbls

117,604

Natural gas(excluding LPG)

9,086 MMcf

1,698

9,628 MMcf

(1,034)(Europe & NIS)

Americas

Net sales

621 Mbbls

Subtotal

Middle East & Africa

Sales volume

Other

LPG

Eurasia

For the year ended
December 31, 2021

Other

(476)

389

Subtotal

68,369116,959

Crude oil

81,022 Mbbls

352,388

82,261 Mbbls

618,158

Crude oil

3,141 Mbbls

11,5983,275 Mbbls

21,616Natural gas(excluding LPG)

19,102 MMcf

1,882

10,213 MMcf

2,623

Subtotal

13,481

24,240

Crude oil

117,282 Mbbls

505,517

120,118 Mbbls

905,199

Natural gas(excluding LPG)

467,466 MMcf

247,854464,805 MMcf

313,684

257 Mbbls

2,737

710 Mbbls

6,891

Total

LPG
Other

14,937

18,594

Total

771,046

1,244,369

Note: 1. The above amounts do not include the related consumption tax.
2. Sales volumes are rounded to the nearest whole number.
3. Sales for a major customer and sales as a percentage of total net sales are as follows.

For the year ended December 31, 2021
CustomerAmount(Millions of yen)Ichthys LNG Pty Ltd

Ratio
(%)
146,021- 40 -

11.7