Consolidated Financial Results for the Nine Months ended September 30, 2022 [Japanese GAAP]
November 8, 2022
Note: The following report is an English translation of the Japanese-language original.
Company name
Code number
Representative
Contact person: INPEX CORPORATION
Stock Exchange on which the Company is listed : Tokyo Stock Exchange: 1605
URL https://www.inpex.co.jp: Takayuki Ueda, President: Yoshihiro Wakita, General Manager, Corporate Communications Unit
TEL +81-3-5572-0233
Scheduled date of filing Quarterly Financial Report: November 9, 2022
Scheduled date of payment of cash dividends:–
Preparation of supplementary explanatory materials: Yes
Meeting of quarterly financial results presentation: None(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the Nine Months ended September 30, 2022 (January 1, 2022 - September 30, 2022)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the nine months ended
September 30, 2022
September 30, 2021

Operating income

Net income attributableto owners of parent

Ordinary income

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

1,698,743
849,214

100.0
43.3

915,892
402,376

127.6
110.3

1,027,661
427,269

140.5
114.7

267,429
137,72294.2–(Note): Consolidated comprehensive income: for the nine months ended September 30, 2022, ¥964,243 million; [190.3%]
for the nine months ended September 30, 2021, ¥332,138 million; [–%]Net income pershare-basic
For the nine months ended
September 30, 2022
September 30, 2021

Net income pershare-diluted
Yen

Yen

193.6694.32––(2) Consolidated financial position
Total assets
As of September 30, 2022
As of December 31, 2021

Net assets

Net assets excluding non-controllinginterests as a percentage of total assets

Millions of Yen

Millions of Yen%

6,840,511
5,158,196

4,190,518
3,346,409

57.7
60.6

(Reference): Net assets excluding non-controlling interests: as of September 30, 2022, ¥3,947,818 million
as of December 31, 2021, ¥3,124,065 million

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
December 31, 2021
For the year ending
December 31, 2022
For the year ending
December 31, 2022
(forecast)At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

–

20.00

–

28.00

48.00

–

30.00

–
30.00

60.00

(Notes): 1. Changes in projected dividends for the year ending December 31, 2022 from the previous forecast: None
2. “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. Forecasts for Consolidated Financial 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

For the year ending
December 31, 2022

2,302,000

Operating income% Millions of Yen

85.0% Millions of Yen

1,241,000 110.1

Net income
attributable toowners of parent

Ordinary income% Millions of Yen

1,370,000 108.3

400,000

Net income
per share
%

Yen

79.3

292.58(Notes): 1. Changes in forecasts for consolidated financial results for the year ending December 31, 2022 from the previous forecast: Yes
2. The effect of the acquisition of own shares decided at the meeting of the Board of Directors held on August 8, 2022 is taken into account in the calculation of“Net income per share.”Notes(1) Significant changes in scope of consolidation(Changes in the specified subsidiaries during the period due to change in scope of consolidation): None(2) Adoption of accounting treatments which are exceptional for quarterly consolidated financial statements: None(3) 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
3. Changes in accounting estimates
4. Restatement of corrections: Yes: None: Yes: None(Note): Please refer to “2. Consolidated Financial Statements and Principal Notes (3) Notes to Consolidated Financial Statements (Changes in Accounting
Policies) and (Changes in Accounting Estimates)” on pages 8 and 9 for further information.

(4) 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:

1,386,667,167 shares as of September 30, 2022
1,462,323,600 shares as of December 31, 2021
37,619,463 shares as of September 30, 2022
75,805,993 shares as of December 31, 2021
1,380,953,337 shares for the nine months ended September 30, 2022
1,460,206,019 shares for the nine months ended September 30, 2021

(Note): The shares held by “the Board Incentive Plan Trust” are included in number of treasury stock at end of period.
(As of September 30, 2022: 910,363 shares As of December 31, 2021: 149,593 shares)*This quarterly earnings 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 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 business conditions 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. Qualitative Information / Financial
Statements (3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results” on page 3.

Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
December 31, 2021
For the year ending
December 31, 2022
For the year ending
December 31, 2022
(forecast)At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

–

8,000.00–

11,200.00

19,200.00–

12,000.00–
12,000.00

24,000.00(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. Qualitative Information ∕ Financial Statements...................................................................................................................................... 2(1) Explanation on Consolidated Financial Results ............................................................................................................................... 2(2) Explanation on Consolidated Financial Position.............................................................................................................................. 3(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results ...................................... 3
2. Consolidated Financial Statements and Principal Notes........................................................................................................................ 4(1) Consolidated Balance Sheet ............................................................................................................................................................. 4(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .......................................................... 6
Consolidated Statement of Income .................................................................................................................................................... 6
Consolidated Statement of Comprehensive Income .......................................................................................................................... 7(3) Notes to Consolidated Financial Statements .................................................................................................................................... 8(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern) . 8(Note on significant changes in shareholders’ equity) ....................................................................................................................... 8(Changes in Accounting Policies) ..................................................................................................................................................... 8(Changes in Accounting Estimates)................................................................................................................................................... 9(Additional Information) ................................................................................................................................................................... 9(Segment Information and Others) .................................................................................................................................................. 10(Significant Subsequent Events) ...................................................................................................................................................... 11
3. Supplementary Information ................................................................................................................................................................. 12(1) Production, Orders Received and Sales Performance .................................................................................................................... 12-1-

1. Qualitative Information ∕ Financial Statements(1) Explanation on Consolidated Financial Results
Net sales for the nine months ended September 30, 2022 increased by ¥849.5 billion, or 100.0%, to ¥1,698.7 billion from thecorresponding period of the previous fiscal year due to an increase in sales price of crude oil and natural gas. Net sales of crude oil
increased by ¥697.0 billion, or 112.2%, to ¥1,318.3 billion, and net sales of natural gas increased by ¥149.0 billion, or 69.0%, to¥365.1 billion. Sales volume of crude oil increased by 15,773 thousand barrels, or 18.1%, to 102,921 thousand barrels, and sales
volume of natural gas decreased by 16,605 million cf, or 4.9%, to 322,299 million cf. Sales volume of overseas natural gas
decreased by 12,831 million cf, or 4.7%, to 260,035 million cf, and sales volume of domestic natural gas decreased by 101 million
m3, or 5.7%, to 1,668 million m3 (62,264 million cf). The average sales price of overseas crude oil increased by US$34.24, or
52.2%, to US$99.83 per barrel. The average sales price of overseas natural gas increased by US$2.59, or 56.9%, to US$7.14 per
thousand cf, and the average sales price of domestic natural gas increased by ¥32.48, or 76.3%, to ¥75.04 per m3. The averageexchange rate of the Japanese yen against the U.S. dollar on consolidated net sales depreciated by ¥19.65, or 18.1%, to ¥128.33 per
U.S. dollar.
The increase of ¥849.5 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 ¥96.5 billion to the increase, an increase in unit sales price contributing ¥511.6
billion to the increase, the depreciation of the Japanese yen against the U.S. dollar contributing ¥237.8 billion to the increase, andan increase in net sales excluding crude oil and natural gas of ¥3.4 billion.
Meanwhile, cost of sales increased by ¥295.8 billion, or 76.7%, to ¥681.3 billion. Exploration expenses increased by ¥19.1 billion,or 473.3%, to ¥23.1 billion. Selling, general and administrative expenses increased by ¥21.0 billion, or 36.8%, to ¥78.3 billion. As
a result, operating income increased by ¥513.5 billion, or 127.6%, to ¥915.8 billion.
Other income increased by ¥160.8 billion, or 251.3%, to ¥224.8 billion due to an increase in equity in earnings of affiliates andothers. Other expenses increased by ¥73.9 billion, or 189.1%, to ¥113.0 billion due to posting modification loss on financial assets
and others. As a result, ordinary income increased by ¥600.3 billion, or 140.5%, to ¥1,027.6 billion.
Extraordinary loss was ¥18.2 billion as a result of posting impairment loss for a certain project due to the downward revision in
forecasted production volume and others. Total amount of current income taxes and deferred income taxes increased by ¥451.3
billion, or 150.7%, to ¥750.8 billion, and net loss attributable to non-controlling interests was ¥8.8 billion. As a result of the above
effects, net income attributable to owners of parent increased by ¥129.7 billion, or 94.2%, to ¥267.4 billion.
Financial results by segment are as follows:
1) JapanNet sales increased by ¥53.1 billion, or 59.0%, to ¥143.2 billion due to an increase in sales price of crude oil and natural gas.
Operating loss was ¥16.9 billion compared with ¥8.9 billion of operating income for the corresponding period of the previous fiscal
year due to an increase in cost of sales.
2) Asia & Oceania
Net sales increased by ¥127.7 billion, or 54.0%, to ¥364.6 billion due to an increase in sales price of crude oil and natural gas.
Operating income increased by ¥81.9 billion, or 73.5%, to ¥193.3 billion.
3) Eurasia (Europe & NIS)
Net sales increased by ¥160.6 billion, or 193.8%, to ¥243.5 billion due to increases in sales volume and sales price of crude oil.
Operating income increased by ¥117.7 billion, or 593.0%, to ¥137.5 billion.
4) Middle East & Africa
Net sales increased by ¥497.9 billion, or 118.2%, to ¥919.2 billion due to increases in sales volume and sales price of crude oil.
Operating income increased by ¥331.9 billion, or 125.0%, to ¥597.6 billion.
5) Americas
Net sales increased by ¥9.9 billion, or 55.4%, to ¥28.0 billion due to an increase in sales price of crude oil. Operating income
increased by ¥7.0 billion, or 85.0%, to ¥15.3 billion.

-2-(2) Explanation on Consolidated Financial Position
Total assets as of September 30, 2022 increased by ¥1,682.3 billion to ¥6,840.5 billion from ¥5,158.1 billion as of December 31,
2021. Current assets increased by ¥316.0 billion to ¥834.8 billion due to an increase in accounts receivable-trade and contract
assets, posting of securities, and others. Fixed assets increased by ¥1,366.3 billion to ¥6,005.6 billion due to increases in tangible
fixed assets, investments and other assets, and others.
Meanwhile, total liabilities increased by ¥838.2 billion to ¥2,649.9 billion from ¥1,811.7 billion as of December 31, 2021. Current
liabilities increased by ¥362.4 billion to ¥711.3 billion and long-term liabilities increased by ¥475.7 billion to ¥1,938.6 billion.
Net assets increased by ¥844.1 billion to ¥4,190.5 billion. Total shareholders’ equity increased by ¥130.3 billion to ¥2,811.0
billion. Total accumulated other comprehensive income increased by ¥693.3 billion to ¥1,136.8 billion and non-controllinginterests in net assets increased by ¥20.3 billion to ¥242.7 billion.
(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results
Crude oil and natural gas production operations largely progressed steadily, and the Company revised its forecasts for consolidated
financial results for the year ending December 31, 2022 due to factors including the upturn in crude oil prices and the depreciationof the Japanese yen against the U.S. dollar in the nine months ended September 30, 2022 and the revision of its crude oil price andexchange rate assumptions for the year.
Forecasts for consolidated financial results for the year ending December 31, 2022
(Millions of yen)
Net sales

Operating income

Ordinary income

Net income attributableto owners of parent

Previous Forecasts: A

2,182,000

1,133,000

1,255,000

350,000

Revised Forecasts: B

2,302,000

1,241,000

1,370,000

400,000

120,000

108,000

115,000

50,000

5.5

9.5

9.2

14.3

Increase (Decrease): B-A
Percentage change (%)

The above forecasts are calculated based on the following assumptions:
Previous Forecasts

Crude oil price (Brent)

Exchange rate

Revised Forecasts

First Half average(actual):

US$104.9/bbl

First Half average(actual):

US$104.9/bbl

Second Half average:

US$85.1/bbl

Second Half average:

US$91.4/bbl

・3rd quarter average: US$95.1/bbl

・3rd quarter average(actual):

US$97.7/bbl

・4th quarter average: US$75.0/bbl

・4th quarter average: US$85.0/bbl

Full Year average:

US$95.0/bbl

Full Year average:

US$98.1/bbl

First Half average(actual):¥123.2/US$First Half average(actual):¥123.2/US$

Second Half average:¥126.9/US$

Second Half average:¥139.1/US$

Full Year average:¥125.0/US$

Full Year average:¥131.1/US$

Note: Crude oil prices at which the Company sells products vary depending on crude oil type and differ from Brent crude oil prices. Crude oil price differences
are determined by the quality of each crude oil type, etc., and are also affected by market conditions.

-3-2. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheet(Millions of yen)Accounts

As of December 31, 2021

As of September 30, 2022

(Assets)
Current assets
Cash and deposits

201,765

252,410

Accounts receivable-trade168,224–

Accounts receivable-trade and contract assets–

246,889

Securities–

86,864Inventories

47,81762,764

Other

113,161

201,077

Less allowance for doubtful accounts(12,104)(15,140)

Total current assets

518,864

834,866

Buildings and structures, net

163,165

157,702

Wells, net

345,946

427,573

1,418,656

1,757,452

Land

18,66618,004

Construction in progress

292,836

351,692

Other, net

20,57826,1492,259,849

2,738,575

Goodwill

29,55042,767

Other

417,110465,460

Total intangible assets

446,660

508,227

403,356

781,781

1,011,801

1,445,456

Recoverable accounts under production sharing

548,170

530,542

Other

33,41756,861

(652)

(748)

Less allowance for recoverable accounts under
production sharing(61,871)(53,581)Less allowance for investments in exploration(1,400)(1,470)1,932,821

2,758,842

4,639,332

6,005,645

5,158,196

6,840,511

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net

Total tangible fixed assets
Intangible assets

Investments and other assets
Investment securities
Long-term loans receivable

Less allowance for doubtful accounts

Total investments and other assets
Total fixed assets
Total assets-4-

(Millions of yen)Accounts

As of December 31, 2021

As of September 30, 2022

(Liabilities)
Current liabilities
Accounts payable-trade

14,88849,985

Short-term loans

80,493

97,077

Commercial papers–

92,000

Income taxes payable

51,350174,975

Provision for bonuses

1,386

–

Provision for bonuses to officers

200

105

Provision for loss on business

9,400

8,490

Provision for exploration projects

9,444

5,181

672

3,101

Other

181,051

280,447

Total current liabilities

348,888711,363

Asset retirement obligations

Long-term liabilities
Bonds payable

30,00030,000Long-term debt

1,069,721

1,320,597

Provision for stocks payment

100

221

Provision for special repair and maintenance

650

730

Liability for retirement benefits

7,048

8,068

Asset retirement obligations

258,339

383,483

Other

97,037

195,527

1,462,897

1,938,628

1,811,786

2,649,992

Common stock

290,809290,809

Capital surplus

681,398

681,491

Retained earnings

1,783,841

1,895,596

Treasury stock(75,425)(56,890)2,680,624

2,811,006

2,640

5,903

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

35,622

Translation adjustments

456,972

1,095,285

Total accumulated other comprehensive income

443,441

1,136,811

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

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

Non-controlling interests

222,344242,700

Total net assets

3,346,409

4,190,518

Total liabilities and net assets

5,158,196

6,840,511-5-

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)Accounts

For the nine months ended
September 30, 2021

For the nine months ended
September 30, 2022

Net sales

849,214

1,698,743

Cost of sales

385,562

681,384

Gross profit

463,652

1,017,358

Exploration expenses

4,038

23,153

Selling, general and administrative expenses

57,23778,312

Operating income

402,376

915,892

Interest income

22,26636,389Dividend income

5,305

8,591

Equity in earnings of affiliates

2,863

119,798

7,230

7,688

–

9,047

Other

26,33343,305

Total other income

63,998224,819

Interest expense

10,35919,525

Foreign exchange loss

8,862

–

–

83,314

Other

19,883

10,210Total other expenses

39,105

113,049

427,269

1,027,661

Impairment loss–

18,274

Total extraordinary loss–

18,274

Income before income taxes

427,269

1,009,387

Income taxes-current

266,104

721,040

Income taxes-deferred

33,32329,774

Total income taxes

299,428

750,815

Net income

127,841

258,572

Net loss attributable to non-controlling interests(9,880)(8,856)

Net income attributable to owners of parent

137,722

267,429

Other income

Gain on reversal of allowance for recoverable accounts
under production sharing
Foreign exchange gain

Other expenses

Modification loss on financial assets

Ordinary income
Extraordinary loss

-6-

Consolidated Statement of Comprehensive Income(Millions of yen)Accounts

For the nine months ended
September 30, 2021

Net income

For the nine months ended
September 30, 2022

127,841

258,572

530

3,316

Deferred gain (loss) on hedges(3,388)2,466Translation adjustments

170,160

629,897

Share of other comprehensive income of affiliates
accounted for by the equity-method

36,99469,990Total other comprehensive income

204,297705,671

332,138

964,243

Owners of parent

336,012960,799

Non-controlling interests(3,874)

3,444

Other comprehensive income
Unrealized holding gain (loss) on securities

Comprehensive income
Total comprehensive income attributable to-7-(3) 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)
For the nine months ended September 30, 2022 (January 1, 2022 through September 30, 2022):
None(Note on significant changes in shareholders’ equity)
For the nine months ended September 30, 2022 (January 1, 2022 through September 30, 2022):
None(Changes in Accounting Policies)(Application of Accounting Standard for Revenue Recognition and others)
Effective from the beginning of the first quarter ended March 31, 2022, the Group applied “Accounting Standard for Revenue
Recognition” (Accounting Standards Board of Japan (“ASBJ”) Statement No. 29, March 31, 2020, hereinafter referred to as“Revenue Recognition Accounting Standard”) and others. Under the Revenue Recognition Accounting Standard and others,
revenue is recognized when the control of the promised goods or services is transferred to the customer at the amount expected tobe received in exchange for the goods or services.
The main changes resulting from the application of the Revenue Recognition Accounting Standard and others are as follows:
1. Exchange transactions
For exchange transactions involving petroleum products of the same nature and value between entities in the same line ofbusiness, the Group has changed the practice to recognize revenue based on a net amount.
2. Light oil delivery taxes
For light oil delivery taxes which fall under the amount collected for third parties, the Group changed the practice to recognize
revenue at an amount excluding light oil delivery taxes from consideration for transactions.
In accordance with the transitional treatment provided in the provisory clause of paragraph 84 of the Revenue Recognition
Accounting Standard, the cumulative effect at the end of the previous fiscal year from retrospective application of the Revenue
Recognition Accounting Standard is treated as adjustment to retained earnings at the beginning of the first quarter ended March
31, 2022, and the new accounting policy is applied from the adjusted beginning balance of retained earnings.
As a result, consolidated net sales and cost of sales for the nine months ended September 30, 2022 decreased by ¥1,227 million,
respectively, and there was no effect on operating income, ordinary income, and income before income taxes. In addition, there
was also no effect on the beginning balance of retained earnings for the nine months ended September 30, 2022.
Due to the application of Revenue Recognition Accounting Standard and others, “Accounts receivable-trade” under current assetsof the consolidated balance sheet as of December 31, 2021 has been included in “Accounts receivable-trade and contract assets”
under current assets from the consolidated balance sheet as of March 31, 2022. In accordance with the transitional treatment
provided for in paragraph 89-2 of the Revenue Recognition Accounting Standard, figures for the fiscal year ended December 31,
2021 have not been restated in accordance with the new presentation method.
(Application of Accounting Standard for Fair Value Measurement and others)
Effective from the beginning of the first quarter ended March 31, 2022, the Group applied “Accounting Standard for Fair Value
Measurement” (ASBJ Statement No. 30, July 4, 2019, hereinafter referred to as “Fair Value Measurement Accounting Standard”)
and others. In accordance with the transitional treatment provided for in paragraph 19 of the Fair Value Measurement AccountingStandard and paragraph 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), theGroup applied prospectively a new accounting policy prescribed by the Fair Value Measurement Accounting Standard and others.
This application has no effect on the consolidated financial statements.

-8-

(Changes in Accounting Estimates)(Change in estimates for asset retirement obligation)
Regarding domestic oil and gas production facilities and gas supply and marketing facilities in Japan, the Group has obligations toprevent mine pollution at abandoned well sites after the completion of the production under Japanese Mine Safety Act and restore
sites to their original condition at the time of business termination in accordance with lease contracts.
Among these facilities, certain domestic oil and gas production facilities are operated complementarily and holistically inconnection with the LNG terminal and it had been difficult to formulate reasonable long-term production plan considering thebalance between the production and the inflow of LNG. The Group had planned to operate domestic gas supply and marketing
facilities permanently as highly public infrastructures for energy supply and it had been impossible to determine the timing ofdecommission. For this reason, the Group had not recognized asset retirement obligation since the Group had not been able toestimate it reasonably until the end of the previous fiscal year.
For the first quarter ended March 31, 2022, the Group reviewed the production and development plan considering the formulationand publication of “Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022)” in February 2022. As a result,it has been possible to determine reasonably the timing of decommission of domestic oil and gas production facilities and certain
gas supply and marketing facilities that the Group had not recognized asset retirement obligation since it had been impossible todetermine the timing of decommission, and the asset retirement obligation of ¥12,149 million has been recorded. Due to thischange, consolidated operating income, ordinary income and income before income taxes for the nine months ended September
30, 2022 decreased by ¥11,366 million respectively.
(Additional Information)(Modification loss on financial assets)
In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign
consolidated subsidiaries, the loss was recognized due to modification of financial assets that do not result in derecognition.

-9-

(Segment Information and Others)(Segment Information)
I. For the nine months ended September 30, 2021 (January 1, 2021 through September 30, 2021)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

MiddleEast& Africa

Americas90,141

236,837

82,888421,31218,034

849,214–849,214

–

6,203

–

–

–

6,203

(6,203)–

Total

90,141

243,040

82,888421,31218,034855,418(6,203)

849,214Segment income (loss)

8,902

111,434

19,855

265,679

8,296

414,168(11,792)

402,376

Total

Net sales
Sales to third parties
Intercompany sales and transfers
between segments

Notes: 1. Adjustments of segment income (loss) of ¥(11,792) million are corporate expenses. Corporate expenses are mainly amortization of goodwill and generaladministrative expenses that are not allocated to a reportable segment.
2. Segment income (loss) is reconciled with operating income on the consolidated statement of income.

2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment
None
II. For the nine months ended September 30, 2022 (January 1, 2022 through September 30, 2022)
1. Information on sales and income (loss) by reportable segment(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

MiddleEast& Africa

Americas143,291

364,625

243,567

919,235

28,024

1,698,743–

1,698,743–

10,062–––

10,062(10,062)–

Total

143,291

374,687

243,567

919,235

28,024

1,708,806(10,062)

1,698,743

Segment income (loss)(16,982)

193,345

137,591

597,649

15,348926,952(11,059)

915,892

Total

Net sales
Sales to third parties
Intercompany sales and transfers
between segments

Notes: 1. Adjustments of segment income (loss) of ¥(11,059) million are corporate expenses. Corporate expenses are mainly amortization of goodwill and generaladministrative expenses that are not allocated to a reportable segment.
2. Segment income (loss) is reconciled with operating income on the consolidated statement of income.

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2. Information on impairment loss from fixed assets, goodwill and other items by reportable segment(Impairment loss from fixed assets)
Impairment loss due to the downward revision in forecasted production volume and others is as follows.
“Americas” segment ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ Eagle Ford shale play: ¥18,274 million(Significant change in goodwill)
In “Eurasia (Europe & NIS)” segment, the Group included INPEX Norway Co., Ltd. and INPEX Idemitsu Norge AS in thescope of consolidation. As a result, goodwill in the segment increased by ¥18,432 million for the nine months ended September
30, 2022. The figures for the increase in goodwill reflect changes in the initial allocation of acquisition costs due to thefinalization of the tentative accounting treatment of business combinations.
3. Information on changes in reportable segments and others(Application of Accounting Standard for Revenue Recognition and others)
As stated in the “Changes in Accounting Policies,” effective from the beginning of the first quarter ended March 31, 2022, theGroup applied the Revenue Recognition Accounting Standard and others, and changed the method of accounting in connection
with revenue recognition. Accordingly, the method of calculating net sales and income (loss) by reportable segment was alsochanged in the same manner. As a result, net sales for the nine months ended September 30, 2022 in “Japan” segment decreasedby ¥1,227 million compared with the previous method, and there was no effect on segment income (loss).
(Significant Subsequent Events)
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3. Supplementary Information(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
Segment

Category

For the nine months ended
September 30, 2021
0.8 MMbbls(2.9 Mbbls per day)

Crude oil30.2 Bcf

27.7 Bcf(101.6 MMcf per day)Subtotal

6.5 MMboe(23.7 Mboe per day)

5.8 MMboe(21.2 Mboe per day)

Iodine411.5t412.3t164.9 million kWh

168.2 million kWh

13.6 MMbbls

12.1 MMbbls(49.8 Mbbls per day)

(44.2 Mbbls per day)

285.4 Bcf
(1,045.4 MMcf per day)

273.8 Bcf
(1,003.1 MMcf per day)

68.8 MMboe

64.8 MMboe(251.9 Mboe per day)

(237.5 Mboe per day)

293.8 million kWh

315.3 million kWh13.5 MMbbls

17.4 MMbbls(49.4 Mbbls per day)(63.6 Mbbls per day)

6.9 Bcf(25.5 MMcf per day)13.4 Bcf(49.2 MMcf per day)

Japan

Electric power generation
Crude oil
Natural gas
Subtotal
Electric power generation
Crude oil

Eurasia(Europe & NIS)

Natural gas

14.7 MMboe

19.8 MMboe(54.0 Mboe per day)

(72.4 Mboe per day)–

105.5 million kWh

Sulfur71.4 Mtons

53.4 Mtons

Crude oil

59.8 MMbbls(218.9 Mbbls per day)

73.8 MMbbls(270.2 Mbbls per day)

2.2 MMbbls

2.3 MMbbls(8.1 Mbbls per day)

(8.4 Mbbls per day)

8.5 Bcf(31.1 MMcf per day)

2.6 Bcf(9.5 MMcf per day)

3.8 MMboe

2.9 MMboe(14.1 Mboe per day)(10.5 Mboe per day)

89.9 MMbbls(329.3 Mbbls per day)

106.2 MMbbls(389.1 Mbbls per day)

331.1 Bcf

317.6 Bcf

(1,212.7 MMcf per day)

(1,163.4 MMcf per day)Subtotal

153.6 MMboe(562.6 Mboe per day)

167.1 MMboe(611.7 Mboe per day)

Iodine411.5t412.3t458.7 million kWh589.1 million kWh71.4 Mtons

53.4 Mtons

Subtotal
Electric power generation

Middle East & Africa

Crude oil
AmericasNatural gas
Subtotal
Crude oil
Natural gas

Total

0.7 MMbbls(2.7 Mbbls per day)

(110.8 MMcf per day)Natural gas

Asia & Oceania

For the nine months ended
September 30, 2022

Electric power generation
SulfurNotes: 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.
Also the production volume is a result for the nine months ended September 30 regardless of the fiscal year-ends of its subsidiaries or affiliates.

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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
take of the Group. Figures calculated by multiplying the gross production volume by the Company’s interest share are 97.6 MMbbls (357.6 Mbbls perday) of crude oil, 343.0 Bcf (1,256.3 MMcf per day) of natural gas, and in total 163.4 MMboe (598.6 Mboe per day) for the nine months ended
September 30, 2021, and 114.3 MMbbls (418.6 Mbbls per day) of crude oil, 325.2Bcf (1,191.2 MMcf per day) of natural gas, and in total 176.5 MMboe(646.1 Mboe per day) for the nine months ended September 30, 2022.
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.
3) Actual sales
The following table shows sales by segment:

Segment

Category(Millions of yen)
For the nine months ended
September 30, 2022

For the nine months ended
September 30, 2021
Net sales

Net sales

Crude oil

3,205

4,551

Natural gas(excluding LPG)

75,303

125,188

LPG

13

5

Other

11,621

13,545

Subtotal

90,143

143,291

Crude oil

96,984

158,378

Natural gas(excluding LPG)

134,066

203,386

LPG

5,786

2,859

Subtotal

236,837

364,625

Crude oil

83,981

209,700

Natural gas(excluding LPG)

(1,329)32,126

Other

236

1,740

Subtotal

82,888

243,567

Middle East & Africa

Crude oil

421,309919,235

Crude oil

15,822

26,483

AmericasNatural gas(excluding LPG)

2,212

1,540

Subtotal

18,03428,024Crude oil

621,303

1,318,349

Natural gas(excluding LPG)

210,253362,242

LPG

5,799

2,865

Other

11,85815,286

Total

849,214

1,698,743

Japan

Asia & Oceania

Eurasia(Europe & NIS)

Total

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