Support Material
Financial Results for the year ended December 31, 2021
February 9, 2022

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 © 2022 INPEX CORPORATION. All rights reserved.

1

Highlights of the Consolidated Financial Results
for the year ended December 31, 2021
FY2020

FY2021

Change% Change

771.0

1,244.3

473.3

61.4%

Crude oil sales

505.5

905.1

399.6

79.1%

Natural gas sales (including LPG)

250.5

320.5

69.9

27.9%

Others

14.9

18.5

3.6

24.5%

Operating income (Billions of yen)

248.4

590.6

342.1

137.7%

Ordinary income (Billions of yen)

257.3

657.6

400.2

155.6%Net income (loss) attributable toowners of parent (Billions of yen)(111.6)

223.0

334.7

‐

Net income (loss) per share* (Yen)(76.50)153.87230.37

‐

27.74

64.2%

Net sales(Billions of yen)

* Average number of INPEX shares issued and outstanding during the year ended December 31, 2021: 1,449,617,608

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

43.21

70.95

Average exchange rate (¥/$)

106.77109.903.13yen
2.9%
depreciation depreciation

Copyright © 2022 INPEX CORPORATION. All rights reserved.

2

Crude Oil Sales
FY2020

FY2021

Change% Change

505.5

905.1

399.6

79.1%

117,282

120,118

2,837

2.4%

Average unit price of overseas sales ($/bbl)

40.31

68.43

28.12

69.8%

Average unit price of domestic sales (¥/kl)

31,00150,01419,013

61.3%

Average exchange rate (¥/$)

106.84110.093.25yendepreciation

3.0%
depreciation% Change

Net sales (Billions of yen)

Sales volume (thousand bbl)

Sales volume by region (thousand bbl)
FY2020

FY2021

ChangeJapan

621(98.7thousand kl)

547(87.0 thousand kl)(74)(‐11.7 thousand kl)(11.9%)

Asia & Oceania

15,58018,508

2,927

18.8%

Eurasia (Europe & NIS)

16,91815,528(1,390)(8.2%)

Middle East & Africa

81,02282,261

1,239

1.5%

Americas

3,141

3,275

134

4.3%

117,282

120,118

2,837

2.4%

Total
Copyright © 2022 INPEX CORPORATION. All rights reserved.

3

Natural Gas Sales (excluding LPG)

FY2020

FY2021

Change% Change

Net sales(Billions of yen)

247.8

313.6

65.8

26.6%

Sales volume(million cf)

467,466

464,805(2,661)(0.6%)

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

3.61

4.96

1.35

37.4%

Average unit price of domestic sales(¥/m3)

46.93

45.73

(1.20)(2.6%)

Average exchange rate(¥/$)

106.88110.16

3.28yendepreciation

3.1%
depreciation

FY2020

FY2021

ChangeJapan

77,413(2,074 million m3 *)

87,737(2,351 million m3 *)10,325(+277 million m3 *)13.3%

Asia & Oceania
Eurasia (Europe & NIS)
Middle East & Africa
AmericasTotal

361,864
9,086‐
19,102
467,466

357,227
9,628‐
10,213464,805(4,637)541‐(8,889)(2,661)(1.3%)
6.0%‐(46.5%)(0.6%)

Sales volume by region (million cf)% Change* 1m3=41.8605MJ
Copyright © 2022 INPEX CORPORATION. All rights reserved.

4

Analysis of Net Sales(Billions of Yen)
1,400
411.6

33.0

3.6

1,200
1,000
25.0

800

+360.8Natural Gas (including LPG) +50.7
Crude Oil

600
400

Crude Oil

1,244.3+12.1

Natural Gas (including LPG) +12.8

771.0

200
0

FY2020Net Sales

Increase inSales Volume

Copyright © 2022 INPEX CORPORATION. All rights reserved.

Increase in
Unit Price

Exchange rate

Others

FY2021Net Sales5Statement of Income(Billions of Yen)FY2020

FY2021

Change% Change

Net sales

771.0

1,244.3

473.3

61.4%

Increase in sales volume :Increase in unit price :+25.0+411.6

Cost of sales

439.8

568.9

129.0

29.3%

Exchange rate:
Others :

+33.0
+3.6

Gross profit

331.1

675.4

344.2

103.9%

Exploration expenses

9.0

6.4

(2.6)

(29.0%)

Selling, general andadministrative expenses

73.6

78.3

4.6

6.4%

Operating income

248.4

590.6

342.1

137.7%

Other income

63.8

112.2

48.4

75.9%

Other expenses

54.9

45.2

(9.6)

(17.6%)

Ordinary income

257.3

657.6

400.2

155.6%

Extraordinary loss (Impairment loss)

189.9

14.1

(175.7)(92.5%)

Total income taxes

171.2

429.5

258.3

150.9%Net income (loss) attributable to non‐controlling interests
Net income (loss) attributable toowners of parent

7.8

(9.1)

(17.0)‐(111.6)

223.0

334.7

‐

Cost of sales for Crude Oil: 386.2(Change)+117.9
Cost of sales for Natural Gas*:168.5(Change)+9.3* Including LPG
Main factor for change :Equity in gains of affiliates +38.8
Main factor for change :Equity in losses of affiliates (12.9)

Main factors for change :Prelude FLNG Project
Eagle Ford
Lucius Oil Field
Bayu‐Undan(129.0)(33.2)(18.6)(8.9)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

6

Other Income and Expenses(Billions of Yen)FY2020

FY2021

Change% Change

Other income

63.8

112.2

48.4

75.9%

Interest income

33.4

31.1

(2.3)

(7.1%)

Dividend income

6.7

7.4

0.7

10.7%

Equity in earnings of affiliates

‐

38.8

38.8

‐

Gain on reversal of allowance for recoverable
accounts under production sharing

‐

7.5

7.5

‐

Other

23.5

27.2

3.6

15.6%

Other expenses

54.9

45.2

(9.6)

(17.6%)

Interest expense

19.0

13.7

(5.3)

(28.0%)

Equity in losses of affiliates

12.9

‐

(12.9)(100.0%)

Provision for allowance for recoverable accounts
under production sharing

2.5

‐

(2.5)

(100.0%)

Provision for exploration projects

0.0

‐

(0.0)

(100.0%)Foreign exchange loss

8.2

6.7

(1.4)

(18.3%)

Loss on disposal of fixed assets

0.0

5.9

5.8

‐

Other

11.9

18.8

6.8

57.5%

Copyright © 2022 INPEX CORPORATION. All rights reserved.

7

FY2021
Analysis of Income before One‐off Profit(Billions of Yen)
* Income before one‐off profit= Net income attributable to owners of parent − one‐off profit+185.9Copyright © 2022 INPEX CORPORATION. All rights reserved.

8

FY2021Analysis of Impact of One‐off Profit (Loss)(Billions of Yen)

(Billions of Yen)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

9Balance Sheet(Billions of yen)

December 2020

December 2021

Change% Change

Current assets

387.0

518.8

131.7

34.0%

2,069.7

2,259.8

190.0

9.2%

Intangible assets

441.8

446.6

4.8

1.1%

Recoverable accounts under production sharing

575.5

548.1

(27.3)(4.8%)

Other

1,229.7

1,446.5

216.8

17.6%

Less allowance for recoverable
accounts under production sharing(69.4)(61.8)

7.5(10.9%)

Total assets

4,634.5

5,158.1

523.6

11.3%

Current liabilities

339.2

348.8

9.5

2.8%

Long‐term liabilities

1,293.8

1,462.8

169.0

13.1%

Total net assets

3,001.3

3,346.4

345.0

11.5%

(Non‐controlling interests)

264.7

222.3

(42.4)(16.0%)

Total liabilities and net assets

4,634.5

5,158.1

523.6

11.3%

Net assets per share (Yen)

1,874.08

2,253.17

379.0920.2%

Tangible fixed assets

Summary of financial information for
Ichthys downstream JV (100% basis,including the Company’s equity share
66.245%)(Billions of yen)
• Current assets : 134.4• Fixed assets : 3,703.1• Total assets:
3,837.6*Fixed assets include interest expense
which are not included in CAPEX,
and capitalized costs before FID.

The total of long‐term loans and shortterm loans is 1.1 trillion yen.
Adding the off‐balanced net loans of
the Ichthys IJV brings the total of
INPEX net loans to be 2.0 trillion yen(as of Dec, 2021).

(Billions of yen)
Total shareholders’ equity: + 113.3
Accumulated other comprehensive
income : + 274.1

Copyright © 2022 INPEX CORPORATION. All rights reserved.

10

Statement of Cash Flows(Billions of Yen)FY2020

FY2021

ChangeIncome before income taxes

67.3

643.4

Depreciation and amortization

174.0

203.1

29.0

Impairment loss

189.9

14.1

(175.7)

Recovery of recoverable accounts under production sharing (capital
expenditures)

34.6

62.2

27.5

Decrease (increase) in recoverable accounts under production sharing (operating
expenditures)

(7.1)

(4.1)

2.9

Decrease (Increase) in accounts receivable‐trade

61.7(83.6)(145.4)(218.0)(352.7)(134.6)(9.7)(37.0)(27.2)

292.9

445.4

152.5

Payments for time deposits / Proceeds from time deposits(10.8)

1.1

11.9

Payments for purchases of tangible fixed assets(129.7)(140.4)(10.7)

0.8

12.4

11.5

Investment in recoverable accounts under production sharing (capital
expenditures)(35.0)(30.8)

4.2

Long‐term loans made / Collection of long‐term loans receivable(44.7)

34.5

79.2

Payments for purchase of long‐term loans receivable(201.7)‐

201.7

Payments for acquisitions of participating interests

(5.7)

(7.7)

(1.9)

9.8

0.2

(9.5)

Net cash provided by (used in) investing activities(417.1)(130.7)286.4

Net cash provided by (used in) financing activities

126.7(315.2)(441.9)Cash and cash equivalents at end of the period

172.4

191.2

18.8

Income taxes paid
Other
Net cash provided by (used in) operating activities

Payments for purchases of marketable securities/investment securities andproceeds from sales of marketable securities/investment securities

Other

Copyright © 2022 INPEX CORPORATION. All rights reserved.

576.0

11

FY2021 Cash Flow*1(Billions of Yen)

FCF +410.3*2*1 Including cashflow of Ichthys LNG Pty Ltd, the Ichthys Downstream IJV (Incorporated Joint Venture), an equity method affiliate*2 Including translation adjustments related to available fund
Copyright © 2022 INPEX CORPORATION. All rights reserved.

12

Financial Indices
Equity Ratio*2

Net Debt/Total Capital Employed (Net)*1

26.0%

22.6%

FY2020

FY2021

D/E Ratio (Net)*3

59.0%

60.6%

FY2020

FY2021

D/E Ratio (Net) *3 including the Ichthys IJV

75.8%

*1
*2
*3

38.4%

31.3%

FY2020

FY2021

FY202065.1%

FY2021Net Debt/Total Capital Employed (Net) = (Interest‐bearing debt ‐ Cash and deposits)/(Net assets + Interest‐bearing debt ‐ Cash and deposits)
Equity Ratio = (Net assets ‐ Non‐controlling interests)/Total assets
D/E Ratio (Net) = (Interest‐bearing debt‐Cash and deposits)/ (Net asset ‐ Non‐controlling interests)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

13

Consolidated Financial Forecasts for the year ending
December 31, 2022
First Half (Jan to Jun 2022)

Assumptions

Second Half (Jul to Dec 2022)

Full Year (Jan to Dec 2022)

Brent oil price ($/bbl)*1

80.0

70.0

75.0

Average exchange rate (¥/$)

110.0

110.0

110.0

*1 Quarterly breakdown of the Brent oil price assumption is as follows:$85 for Q1,$75 for Q2 and Q3, $65 for Q4

Full YearFY2021 (Actual)

Net Sales (Billions of yen)

FY2022 (Forecast)

Change% Change

1,244.3

1,541.0

296.7

23.8%

Operating Income (Billions of yen)

590.6

716.0

125.4

21.2%

Ordinary Income (Billions of yen)

657.6

824.0

166.4

25.3%

Net income attributable to owners ofparent (Billions of yen)

223.0

250.0

27.0

12.1%

1st Half

FY2021 2Q (Actual)

FY2022 2Q (Forecast)

Change% Change

Net Sales (Billions of yen)

498.3

820.0

321.7

64.5%

Operating Income (Billions of yen)

223.6

394.0

170.4

76.2%

Ordinary Income (Billions of yen)

219.8

466.0

246.2

112.0%Net income attributable to owners ofparent (Billions of yen)

51.9

150.0

98.1

189.0%Cash dividends per share*2 (yen)FY2021 (Actual)

FY2022 (Forecast)

2Q End20.0

27.0

FY End

28.0

27.0

TOTAL

48.0

54.0

*2 FY2022 dividend reference dates are June 30, 2022 for the mid‐term dividend and December 31, 2022 for the year‐end dividend.
Copyright © 2022 INPEX CORPORATION. All rights reserved.

14

FY2022 Financial Forecasts Analysis of Increase(Billions of Yen)
350

69.1*

300

0.3
(10.2)

250

Exchange Rate (Yen/US$)FY2021 Actual
109.90
FY2022 Forecast 110.00(30.0)(2.2)

200
Crude Oil Price (Brent) （US$/bbl）
FY2021 Actual
70.95
FY2022 Forecast 75.00

150

100

250.0

223.0

50

0
FY2021
Net income(actual)

Impact fromcrude oil priceImpact fromexchange rate

Increase in
exploration
expenses

Project‐relatedchanges

Others

FY2022
Net income(forecast)* The discrepancy between the oil price impact figure shown above and the oil price impact calculated from the difference in the Brent oil prices and the oil pricesensitivity for FY2022 takes into consideration certain natural gas sales applying oil prices on a delayed basis.
Copyright © 2022 INPEX CORPORATION. All rights reserved.

15

FY2021
Net Sales, Ordinary Income and Net Income Attributable to Owners of Parent(Billions of Yen)
1,600.0
1,400.0
1,200.0
1,000.0

824.0
657.6

800.0
600.0

257.3

400.0
200.0
0.0
‐200.02018/3

Net sales

2019/3

2019/12(9 months)

2020/12

Ordinary income

2021/122022/12(forecast)

Net income attributable to owners of parent

Copyright © 2022 INPEX CORPORATION. All rights reserved.

16

FY2022 Sales Volume and Investment Expenditures (Forecast)

FY2021 (actual)

FY2022 (forecast)

Change% Change

Sales Volume

Crude oil (thousand bbl) *1

120,118

133,071

12,953

10.8%

Natural gas (million cf) *2

464,805

482,857

18,052

3.9%

Overseas382,819

401,076

18,257

4.8%

Japan

81,986(2,197 million m3)

81,781(2,191 million m3)(206)((6) million m3)(0.3%)

710

664

(46)

(6.5%)LPG (thousand bbl) *3(Billions of yen)

FY2021 (actual)

Development expenditure and others*4
Exploration expenditure
Other expenditure
Exploration expenses and Provision for explorations*5

FY2022 (forecast)

Provision for explorations0.8(Non‐controlling Interests Portion) *6% Change

183.6

404.0

220.4

120.0%

7.4

43.0

35.6

481.1%

9.0

2.0

28.6%

43.4

36.2

502.8%

26.0

26.0

‐

7.0
Exploration expenses 6.4

Change7.20Exploration expenses 39.9
Provision for explorations 3.5

Note: Within the FY2022 forecasts for development expenditure and others, 120.0billion yen is attributable to expenditures for 5 net zero businesses*1 CF for domestic crude oil sales and petroleum products : 1kl=6.29bbl*2 CF for domestic natural gas sales : 1m3=37.32cf*3 CF for domestic LPG sales : 1t=10.5bbl*4 Includes Ichthys downstream and asset acquisition expenditures*5 “Provision for allowance for recoverable accounts under production sharing” + ”Provision for exploration projects”, relating to exploration activities*6 Capital increase from Non‐controlling interests, etc.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

17

Net Income Sensitivities
 Sensitivities of crude oil price and foreign exchange fluctuation on consolidated net
income attributable to owners of parent for the year ending December 31, 2022*1(Billions of yen)

At Beginning of 1Q : +6.0 (‐6.0)
Brent Crude Oil Price;$1/bbl increase (decrease)*2

The impact on net income will change in FY2022 as below;
At beginning of 2Q : +4.2 (‐4.2)
At beginning of 3Q : +2.3 (‐2.3)
At beginning of 4Q : +1.0 (‐1.0)

Exchange Rate; ¥1 depreciation (appreciation)
against the U.S. dollar*3+2.8 (‐2.8)*1 The sensitivities calculated at the beginning of the fiscal year (January 2022) represent the impact on net income for the year ending December 31, 2022 against a$1/bbl increase (decrease) in the Brent crude oil price on average and a ¥ 1 depreciation (appreciation) against the U.S. dollar. These are based on the financial
situation at the beginning of the fiscal year and are for reference purposes only. The actual impact may change due to fluctuations in production volumes, capital
expenditures and cost recoveries, and may not be constant, depending on crude oil prices and exchange rates.
*2 Net income sensitivity is determined by fluctuations in the oil price and is subject to the average price of crude oil (Brent). A breakdown of quarterly sensitivity
figures is listed below taking into consideration certain natural gas sales applying oil prices on a delayed basis; At beginning of 1Q : +6.0 billions of yen (1Q : +1.0 billions of yen, 2Q : +1.3 billions of yen, 3Q : +1.7 billions of yen , 4Q : +2.0 billions of yen)
 At beginning of 2Q : +4.2 billions of yen (1Q : －－－－－－－－ , 2Q : +1.0 billions of yen, 3Q : +1.2 billions of yen , 4Q : +2.0 billions of yen)
 At beginning of 3Q : +2.3 billions of yen (1Q : －－－－－－－－ , 2Q : －－－－－－－－ , 3Q : +1.0 billions of yen , 4Q : +1.3 billions of yen)
 At beginning of 4Q : +1.0 billions of yen (1Q : －－－－－－－－, 2Q : －－－－－－－－ , 3Q : －－－－－－－－ , 4Q : +1.0 billions of yen)
*3 This is a sensitivity on net income determined by fluctuation of the yen against the U.S. dollar and is subject to the average exchange rate. On the other hand,sensitivity related to the valuation of assets and liabilities denominated in the U.S. dollar on net income incurred by foreign exchange differences between theexchange rate at the end of the fiscal year and the end of the previous fiscal year is largely neutralized.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

18

FY2022 Cash Flow Forecast * Approximately ¥280 billion in free cash flow* forecasted for FY2022.
(Billions of Yen)

Approx.
710

Approx.
430

Approx.
280*1 Including cashflow of Ichthys LNG Pty Ltd, the Ichthys Downstream IJV (Incorporated Joint Venture), an equity method affiliate
Copyright © 2022 INPEX CORPORATION. All rights reserved.

19