Support Material

Financial Results for the nine months ended September 30, 2021
November 5, 2021

Cautionary Statement
This presentation includes forward-looking information that reflects the plans andexpectations of the Company. Such forward-looking information is based on the current
assumptions and judgments of the Company in light of the information currently available toit, and involves known and unknown risks, uncertainties and other factors. Such risks,
uncertainties and other factors may cause the Company’s performance, achievements orfinancial 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 andproduction
The Company undertakes no obligation to publicly update or revise the disclosure of
information in this presentation (including forward-looking information) after the date of thispresentation.

Copyright © 2021 INPEX CORPORATION. All rights reserved.

1

Subsidiaries and Affiliates

58 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

51 %

Production

December

JODCO Lower Zakum Limited

UAE

100%

Production

DecemberINPEX Eagle Ford, LLC

United States

100%

Production

December

Ownership

Phase

Accounting Term

19 Equity Method Affiliates
Major Affiliates

Country / Region

Ichthys LNG Pty Ltd

Australia

66.245%

Production

December

MI Berau B.V.

Indonesia

44%

Production

DecemberAngola Block 14 B.V.

Angola49.99%

Production

December

Copyright © 2021 INPEX CORPORATION. All rights reserved.

2

Highlights of the Consolidated Financial Results
for the nine months ended September 30, 2021

3Q FY2020(Jan - Sept ’20)
Net sales(Billions of yen)

3Q FY2021(Jan - Sept ’21)

Change% Change

592.7

849.2

256.4

43.3%

Crude oil sales

390.3

621.3

230.9

59.2%

Natural gas sales (including LPG)

192.0

216.0

24.0

12.5%

Others

10.4

11.8

1.4

13.6%

Operating income (Billions of yen)

191.2

402.3

211.0

110.3%

Ordinary income (Billions of yen)

199.0

427.2

228.2

114.7%Net income (loss) attributable toowners of parent (Billions of yen)(125.4)

137.7

263.1

-

Net income (loss) per share* (Yen)(85.90)94.32

180.22-Average crude oil price (Brent) ($/bbl)

42.53

67.97

25.44

59.8%

Average exchange rate (¥/$)

107.57108.581.01yendepreciation

0.9%
depreciation* Average number of INPEX shares issued and outstanding during the nine months ended September 30, 2021: 1,460,206,019 shares

Copyright © 2021 INPEX CORPORATION. All rights reserved.

3

Crude Oil Sales
3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

Change% Change

Net sales (Billions of yen)

390.3

621.3

230.9

59.2%

Sales volume (thousand bbl)

92,21487,148(5,067)(5.5%)

Average unit sales price ofoverseas production ($/bbl)

39.30

65.59

26.29

66.9%

Average unit sales price ofdomestic production (¥/kl)

31,02847,37816,35052.7%

Average exchange rate (¥/$)

107.60108.66

1.06yendepreciation

1.0%
depreciation

3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

ChangeJapan

474(75.4 thousand kl)

426(67.7 thousand kl)(49)(-7.7 thousand kl)(10.2%)

Asia & Oceania

11,415

13,553

2,139

18.7%

Eurasia (Europe & NIS)

13,553

11,652(1,901)(14.0%)

Middle East & Africa

64,03759,070(4,968)(7.8%)

Americas2,7352,447(289)(10.6%)

92,21487,148(5,067)(5.5%)

Sales volume by region (thousand bbl)

Total

Copyright © 2021 INPEX CORPORATION. All rights reserved.

% Change4Natural Gas Sales (excluding LPG)
3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

Change% Change

Net sales (Billions of yen)

189.9

210.2

20.3

10.7%

Sales volume (million cf)

343,758

338,904(4,854)(1.4%)

Average unit sales price ofoverseas production ($/thousand cf)

3.70

4.55

0.85

23.0%

Average unit sales price ofdomestic sales (¥/m3)

49.71

42.56

(7.15)(14.4%)

Average exchange rate (¥/$)

108.05108.780.73yendepreciation

0.7%
depreciation

3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

ChangeJapan

56,462(1,513million m3*)

66,039(1,770million m3*)

9,577(+257million m3*)

17.0%

Asia & Oceania

266,232

256,430(9,802)(3.7%)

Eurasia (Europe & NIS)

6,744

6,954

210

3.1%

Middle East & Africa----Americas

14,321

9,482(4,840)(33.8%)

343,758

338,904(4,854)(1.4%)

Sales volume by region (million cf)

Total% Change

3* 1m =41.8605MJ
Copyright © 2021 INPEX CORPORATION. All rights reserved.

5

3Q FY2021 Analysis of Net Sales Increase(Billions of Yen)
Crude Oil+246.4

Natural Gas (including LPG)

+11.1
Crude Oil+5.9

Natural Gas (including LPG)

+0.9

849.2
592.7

Crude Oil(21.4)

Natural Gas (including LPG)

+11.8

Copyright © 2021 INPEX CORPORATION. All rights reserved.

6

Statement of Income(Billions of Yen)

3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)Change% Change

Net sales

592.7

849.2

256.4

43.3%

Cost of sales

339.4

385.5

46.1

13.6%

Gross profit

253.3

463.6

210.2

83.0%

Exploration expenses

5.9

4.0

(1.9)

(32.1%)

Selling, general andadministrative expenses

56.1

57.2

1.1

2.0%

Operating income

191.2

402.3

211.0

110.3%

Other income

41.2

63.9

22.7

55.1%

Other expenses

33.5

39.1

5.5

16.5%

Ordinary income

199.0

427.2

228.2

114.7%

Extraordinary loss (Impairment loss)

191.2-(191.2)(100.0%)Total income taxes

128.7

299.4

170.7

132.6%Net income (loss) attributable tonon-controlling interests

4.4

(9.8)

(14.2)-Net income (loss) attributable toowners of parent(125.4)

137.7

263.1

-Copyright © 2021 INPEX CORPORATION. All rights reserved.

Decrease in sales volume :(9.6)

Increase in unit sales price :+257.6

Exchange rate:
Others :+6.9+1.4

Cost of sales for Crude Oil:
(Change)

255.6
+44.7

Cost of sales for Natural Gas*: +120.4(Change)+0.3* Including LPG
Main factor for change :Interest income+21.27

Other Income and Expenses(Billions of Yen)

3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

Change% Change

Other income

41.2

63.9

22.7

55.1%

Interest income

0.9

22.2

21.2

-Dividend income

6.1

5.3

(0.8)

(13.3%)

Equity in earnings of affiliates

28.1

2.8(25.2)(89.8%)

-7.2

7.2

-

Other

6.0

26.3

20.3

337.9%

Other expenses

33.5

39.1

5.5

16.5%

Interest expense

15.6

10.3

(5.2)

(33.7%)

Provision for allowance for recoverable
accounts under production sharing

2.8-(2.8)(100.0%)Foreign exchange loss

7.3

8.81.5

21.3%

Other

7.7

19.8

12.1

156.6%

Gain on reversal of allowance for recoverable
accounts under production sharing

Copyright © 2021 INPEX CORPORATION. All rights reserved.

8

3Q FY2021
Analysis of Income before One-off Profit (Loss) Increase(Billions of Yen)
* Income before one-off profit (loss)= Net income (loss) attributable to owners of parent − one-off profit (loss)+85.8

Copyright © 2021 INPEX CORPORATION. All rights reserved.

9

3Q FY2021
Analysis of Impact of One-off Profit (Loss)(Billions of Yen)

Prelude FLNG ProjectEagle Ford
Lucious Oil Field
Bayu-Undan Gas-Condensate Field(130.0)(33.4)(18.8)
(8.9)

+10.5

(166.7)

Copyright © 2021 INPEX CORPORATION. All rights reserved.

10

Revisions of Financial Forecasts
for the year ending December 31, 2021

 Assumptions
1st half (Jan-Jun)

2nd half (Jul-Dec)

Full year

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

65.2

65.0

65.1

Exchange rate (yen/US$)

107.8

110.0

108.9

1st half (Jan-Jun)

2nd half (Jul-Dec)

Full year

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

65.2

74.1 *1

69.7

Exchange rate (yen/US$)

107.8

110.1 *2

108.9

(August 10, 2021)(November 5, 2021)*1: 3rd quarter (Actual) : US$73.2/bbl, 4th quarter (Forecast) : US$75.0/bbl*2: 3rd quarter (Actual) : ¥110.1/US$, 4th quarter (Forecast) : ¥110.0/US$

 Financial Forecasts for the year ending December 31, 2021
Previous forecasts(August 10, 2021)

Revised forecasts(November 5, 2021)

Change% Change

1,134.0

1,220.0

86.0

7.6%

Operating income (billions of yen)

513.0

588.0

75.0

14.6%

Ordinary income (billions of yen)

545.0

611.0

66.0

12.1%

Net income attributable to owners of parent(billions of yen)

170.0

185.0

15.0

8.8%

Net sales (billions of yen)

 Dividend per share

End of 2Q

End of fiscal year(forecast)

Full year(forecast)¥20.00¥20.00¥40.00

Copyright © 2021 INPEX CORPORATION. All rights reserved.

11

FY2021 Financial Forecasts
Analysis of Net Income(Billions of Yen)

* Income before one-off profit (loss)= Net income attributable to owners of parent − one-off profit (loss)

Exchange Rate (yen/US$)
Aug 10 Forecast 108.9
Nov 5 Forecast 108.9220200

Crude Oil Price (Brent) （US$/bbl）
Aug 10 Forecast 65.1
Nov 5 Forecast 69.7

180

5.0

21.50.0

0.1

7.4(19.0)

160
140
120

204.0

100
80

185.0

175.0

170.0

60
40
200

Net income
attributable toowners of parent

Impact fromone-offprofit (loss)

Income before
one-offprofit (loss)(Previousforecasts
Aug 10, 2021)(Previousforecasts
Aug 10, 2021)(Previousforecasts
Aug 10, 2021)

Impact fromcrude oil price

Copyright © 2021 INPEX CORPORATION. All rights reserved.

Impact fromexchange rateDecrease in
exploration
expenses

Project-relatedchanges

Income before one-off profit (loss) +29.0

Income before
one-offprofit (loss)

Impact fromone-offprofit (loss)

Net income
attribute toowners of parent(Revisedforecasts
Nov 5, 2021)(Revisedforecasts
Nov 5, 2021)(Revisedforecasts
Nov 5, 2021)

12

FY2021 Cash Flow Forecast * Approximately ¥420 billion in free cash flow* forecasted for FY2021.
(Billions of Yen)

Approx.
620

Approx.
200
Approx.
420* Including the Ichthys Downstream IJV (Incorporated Joint Venture)
Copyright © 2021 INPEX CORPORATION. All rights reserved.

13

Appendix

LPG Sales

3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

Change% Change

Net sales (Billions of yen)

2.1

5.7

3.6

172.9%

Sales volume (thousand bbl)

210

685

475

226.1%

Average unit sales price ofoverseas production ($/bbl)

34.77

59.13

24.36

70.1%

Average unit sales price ofdomestic production (¥/kg)

60.64

80.14

19.50

32.2%

Average exchange rate (¥/$)

107.21108.791.58yendepreciation

1.5%
depreciation% Change

3Q FY2020(Jan - Sept ’20)

3Q FY2021(Jan - Sept ’21)

ChangeJapan1(0.1 thousand ton)2(0.2 thousand ton)

0(+0.0 thousand ton)

16.7%

Asia & Oceania

208

683

474

227.6%

Eurasia (Europe & NIS)----

Middle East & Africa----

Americas

-

--

-

210

685

475

226.1%

Sales volume by region (thousand bbl)

Total

Copyright © 2021 INPEX CORPORATION. All rights reserved.

15

Balance Sheet(Billions of yen)

December
2020

September
2021

Current assets

387.0

532.4

145.4

37.6%

2,069.7

2,196.7

126.9

6.1%

Intangible assets

441.8438.9(2.8)(0.6%)

Recoverable accounts under production
sharing

575.5

553.0

(22.5)(3.9%)

Other

1,229.7

1,370.9

141.2

11.5%

Less allowance for recoverable
accounts under production sharing(69.4)(62.2)

7.2(10.4%)

Total assets

4,634.5

5,030.0

395.4

8.5%

Current liabilities

339.2

396.2

57.0

16.8%

Long-term liabilities

1,293.8

1,347.6

53.7

4.2%

Total net assets

3,001.3

3,286.0

284.7

9.5%

(Non-controlling interests)

264.7

257.9

(6.8)

(2.6%)

Total liabilities and net assets

4,634.5

5,030.0

395.4

8.5%

Net assets per share (Yen)

1,874.08

2,073.78

199.70

10.7%

Tangible fixed assets

Copyright © 2021 INPEX CORPORATION. All rights reserved.

Change% Change

Summary of financial information for
Ichthys downstream JV (100% basis the Company equity share is 66.245%)(Billions of yen)
• Current assets : 259.5• Fixed assets :3,655.6• Total assets:
3,915.1*Fixed Assets include interest
expenses for qualified assets under
the accounting standards as well as
investments before FID.
The total of long-term loans andshort-term loans is 1.1 trillion yen.
Adding the off-balanced net loans ofIchthys downstream JV brings thetotal of INPEX net loans to be 2.0
trillion yen (as of September 2021).
(Billions of yen)
Total shareholders’ equity: +93.3
Accumulated other comprehensive
income :+198.2• Unrealized gain (loss) fromhedging instruments:+28.3• Translation adjustments: +169.4

16

Net Production (January to September 2021)
Oil, Condensate and LPG
2% 1%8315%

562.6 thousand BOE/day

329.3 thousand BOE/day

502%

Japan

4967%

Oil and Gas Total

15%

Asia/Oceania

14 24

Eurasia219

4%

Middle East/Africa
Americas219

Natural Gas
2%

263%

319%

111252

1,212.7 million cf/day(233.3 thousand BOE/day)

45%
Japan
Asia/Oceania

39%

54

Eurasia
Middle East/Africa

Japan

1,045
86%

10%

AmericasAsia/Oceania
Eurasia
Americas* The production volume under the production sharing contracts corresponds to the net economic take of the INPEX Group.
* Revised net production volume outlook for FY2021: 576 thousand BOE/day(Outlook at the beginning of FY2021: 559 thousand BOE/day, outlook at the end of Q2: 571 thousand BOE/day)
Copyright © 2021 INPEX CORPORATION. All rights reserved.

17

Historical Crude Oil Prices(US$/bbl)

Brent

80

WTI

Dubai

7060
5040
3020
100JanFeb

Mar

AprMay

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2019

Brent
WTI
Dubai

JanFeb

Mar

Apr

May

Jun

Jul

2020

AugSep

Oct

Nov

Dec

JanFeb

Mar

Apr

May

Jun

Jul

Aug

Sep

2021

2021
Jan to Sep 2020 Jan to Dec 2020
Jan to Sep 2021
(Average)(Average)(Average)
JanFeb Mar Apr May Jun
JulSep Oct
42.53
43.21
55.32 62.28 65.70 65.33 68.31 73.41 74.29 70.51 74.88
67.78
38.32
39.40
52.10 59.06 62.36 61.70 65.16 71.35 72.43 67.71 71.54
64.82
41.40
42.21
54.77 60.86 64.41 62.89 66.31 71.57 72.90 69.49 72.61
66.20

Copyright © 2021 INPEX CORPORATION. All rights reserved.

18

Business Development Strategy- Towards a Net Zero Carbon Society by 2050 (1)Basic Policy on Management
INPEX will proactively engage in energy structure reforms towards the realization of a net zerocarbon society by 2050, while responding to the growing energy demands of Japan and the world andfulfilling its responsibility for the development and stable supply of energy over the long-term.

1.

Stable supply of energy The company will continue to position its upstream
business as a core business and will work to fulfill its
two social responsibilities of providing a stablesupply of energy and responding to climate change
by strengthening its upstream business and making itcleaner.
 INPEX will accelerate its shift to natural gas andcontinue enhancing initiatives to expand its Global
Gas Value Chain in Japan and growing markets inAsia, while promoting carbon neutral LNG.

* The company is currently considering plans including to bring forward the timing of the announcement of the next Medium-term Business Plan, given factors
including the announcement of the “Business Development Strategy - Towards a Net Zero Carbon Society by 2050” on January 27, 2021.
Copyright © 2021 INPEX CORPORATION. All rights reserved.

19

Business Development Strategy- Towards a Net Zero Carbon Society by 2050 (2)2.

Goals and Initiatives Towards a Net Zero Carbon Society

 INPEX will set its climate change response goals to contribute to the realization of the ParisAgreement objectives in relation to climate change.

2050

2030

NET ZERO in absolute emissions
30% OR MORE reduction of net*21
carbon intensity (Scope1+2)*(Scope1+2)※ Carbon dioxide
Capture, Utilizationand Storage、 CO2回収・有効利用・貯留

Scope 3 Reduction
work together with all relevant
stakeholders to address challenges
across the value chains The company will actively promote five business pillars in order to offer solutions responding tothe needs of society.
● Geothermal: Japan & Indonesia● Wind: Fixed-bottom offshore project inAkita, Japan, Creation of floating offshore
wind business● CO2 EOR Demonstration Tests in Niigata,Japan etc.
● Ichthys LNG Project CCS●Concept of Integrated Hydrogen
Business Test Project in Kashiwazaki,Niigata, Japan● Clean Ammonia Business in Abu Dhabi● Carbon-Free Hydrogen Businessoutside Japan●Methanation: Scale-up of test facilitiesin Niigata● Artificial Photosynthesis● New Fields: Drones, Methane cracking,
Carbon material business● Contribution to forest conservation
activities in Indonesia and other countries*1 on INPEX equity share basis*2 in comparison with 2019

*3 Carbon dioxide Capture, Utilization and Storage

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20