Support Material

Financial Results for the year ended December 31, 2022
February 9, 2023

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

Copyright © 2023 INPEX CORPORATION. All rights reserved.

1

Highlights of the Consolidated Financial Results
for the year ended December 31, 2022
FY2021

FY2022

Change% Change

1,244.3

2,324.6

1,080.2

86.8%

Crude oil sales

905.1

1,778.6

873.4

96.5%

Natural gas sales (including LPG)

320.5

525.1

204.5

63.8%

Others

18.5

20.8

2.2

12.1%

Operating income (Billions of yen)

590.6

1,246.4655.7

111.0%

Ordinary income (Billions of yen)

657.6

1,438.2

780.6

118.7%Net income attributable toowners of parent (Billions of yen)

223.0

438.2

215.2

96.5%

Net income per share* (Yen)153.87

320.69166.83108.4%Net sales(Billions of yen)

* Average number of INPEX shares issued and outstanding during the year ended December 31, 2022: 1,366,647,207

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

70.95

99.04

28.09

39.6%

Average exchange rate (¥/$)

109.90131.6421.74yendepreciation

19.8%
depreciation

Copyright © 2023 INPEX CORPORATION. All rights reserved.

2

Sales by Product
FY2021
Net sales (Billions of yen)

Natural Gas(excluding LPG)

LPG

Change% Change

905.1

1,778.6

873.4

96.5%

120,118

138,116

17,99815.0%

Average unit price of overseas sales ($/bbl)

68.43

97.71

29.28

42.8%

Average unit price of domestic sales (¥/kl)

50,01480,48330,46960.9%

Average exchange rate (¥/$)

110.09131.8021.71yendepreciation

19.7%
depreciation

Net sales (Billions of yen)

313.6

521.6

207.9

66.3%

Sales volume (million cf)

464,805

442,416(22,389)(4.8%)

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

4.96

7.17

2.21

44.6%

Average unit price of domestic sales (¥/m3)

45.73

82.73

37.00

80.9%

Average exchange rate (¥/$)

110.16131.4121.25yendepreciation

19.3%
depreciation

Net sales (Billions of yen)

6.8

3.4(3.4)(49.7%)

Sales volume (thousand bbl)

710

109(601)(84.7%)

Average unit price of overseas sales ($/bbl)

60.21

63.85

3.64

6.0%

Average unit price of domestic sales (¥/kg)

89.32

108.93

19.61

22.0%

Average exchange rate (¥/$)

110.16127.8617.70yendepreciation

16.1%
depreciation

Sales volume (thousand bbl)
Crude OilFY2022

Copyright © 2023 INPEX CORPORATION. All rights reserved.

3

Statement of Income(Billions of Yen)FY2021

FY2022

Change% Change

Net sales

1,244.3

2,324.6

1,080.2

86.8%

Increase in sales volume :+113.6

Cost of sales

568.9

943.4

374.4

65.8%

Increase in unit price :+616.9Gross profit

675.4

1,381.2

705.7

104.5%

Exchange rate:
Others :+347.3
+2.2

6.4

29.2

22.7

353.1%

Exploration expenses

Cost of sales for Crude Oil:
(Change)645.1+258.9

Cost of sales for Natural Gas*1: 286.8(Change)+118.2

Selling, general andadministrative expenses

78.3

105.6

27.2

34.8%

Operating income590.6

1,246.4655.7

111.0%

Other income

112.2

331.8

219.6

195.7%

Other expenses

45.2

140.0

94.7

209.3%

Ordinary income

657.6

1,438.2

780.6

118.7%

Extraordinary loss (Impairment loss)

14.1

25.7

11.6

82.1%

Main factors for change :Modification loss on financial assets*2

Total income taxes

429.5

970.5

541.0

126.0%+85.4

Net income (loss) attributable to noncontrolling interests

(9.1)

3.6

12.7

(139.7%)

Net income attributable to owners ofparent

223.0

438.2

215.2

96.5%

*1 Including LPG
Main factors for change :Equity in earnings of affiliates
Interest income
Foreign exchange gain+123.0
+33.5
+30.3

Interest expenses+18.6

Foreign exchange loss(6.7)

Main factor for change :Eagle Ford+25.7*2 In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the loss was recognized due tomodification of financial assets that do not result in derecognition. It includes the loss incurred from transactions with affiliated companies. Adjusted for equity in earnings ofaffiliates and tax effect accounting, the impact to consolidated net income was (21.1).
Copyright © 2023 INPEX CORPORATION. All rights reserved.

4

Other Income and Expenses(Billions of Yen)
Other income

112.2

FY2022
331.8

Change219.6%Change
195.7%

Interest income

31.1

64.6

33.5

107.9%

Dividend income

7.4

9.4

2.0

27.4%

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

38.8

161.9

123.0

317.0%

7.5

7.3(0.1)(2.3%)

-30.3

30.3

-

Other27.2

57.9

30.7

112.7%

Other expenses

45.2

140.0

94.7

209.3%

Interest expenses

13.7

32.3

18.6

135.5%

Foreign exchange loss

6.7-(6.7)(100.0%)

-85.4

85.4

-

24.8

22.1

(2.6)

(10.6%)

Modification loss on financial assets
Other

Copyright © 2023 INPEX CORPORATION. All rights reserved.

FY2021

5

FY2022 Analysis of Net Income(Billions of Yen)

Increase in sales volume : +113.6 (Crude oil: +135.5, Natural gas (including LPG): (21.8) )Increase in unit price : +616.9 (Crude oil: +445.9, Natural gas (including LPG): +171.0 )Exchange rate: +347.3 (Crude oil: +291.9, Natural gas (including LPG): +55.3 )Others : +2.2

+215.2

Copyright © 2023 INPEX CORPORATION. All rights reserved.

6

Balance Sheet(Billions of yen)

December 31, 2021 December 31, 2022

Current assets

Change% Change

518.8

729.4

210.5

40.6%

2,259.8

2,473.1

213.2

9.4%

Intangible assets

446.6

482.7

36.0

8.1%

Recoverable accounts under
production sharing

548.1

521.5

(26.6)(4.9%)

Other

1,446.5

2,109.4

662.8

45.8%

Less allowance for recoverable
accounts under production sharing(61.8)(53.8)

7.9(12.9%)

Total assets

5,158.1

6,262.3

1,104.1

21.4%

Current liabilities

348.8

526.7

177.8

51.0%

Long-term liabilities

1,462.8

1,697.2

234.3

16.0%

Total net assets

3,346.4

4,038.3

691.9

20.7%

(Non-controlling interests)

222.3

261.5

39.1

17.6%

Total liabilities and net assets

5,158.1

6,262.3

1,104.1

21.4%

Net assets per share (Yen)2,253.17

2,891.93

638.76

28.3%

Tangible fixed assets

Copyright © 2023 INPEX CORPORATION. All rights reserved.

Summary of financial information forIchthys downstream JV (100% basis,including the Company’s equity share66.245%)(Billions of yen)
• Current assets : 205.1• Fixed assets : 4,176.5• Total assets:
4,381.7*Fixed assets include interest expenses
which are not included in CAPEX, andcapitalized costs before FID.

The total of long-term loans and shortterm loans is 1.2 trillion yen.
Adding the off-balanced net loans of theIchthys IJV brings the total of INPEX netloans to be 1.7 trillion yen (as ofDecember 31, 2022).

(Billions of yen)
Total shareholders’ equity: +238.6
Accumulated other comprehensive
income : +414.1

7

Statement of Cash Flows(Billions of Yen)FY2021

FY2022

ChangeIncome before income taxes

643.4

1,412.4

768.9

Depreciation and amortization

203.1

292.5

89.3

Impairment loss

14.1

25.7

11.6

-85.4

85.4

Recovery of recoverable accounts under production sharing (capital expenditures)

62.2

70.7

8.5

Recoverable accounts under production sharing (operating expenditures)

(4.1)

(5.3)

(1.2)

Equity in losses (earnings) of affiliates(38.8)(161.9)(123.0)

Income taxes paid

(352.7)(906.0)(553.2)

Other(81.9)(62.4)

19.4

Net cash provided by (used in) operating activities

445.4

751.2

305.8

1.1

(3.9)

(5.1)

(140.4)(187.1)(46.6)

12.4(118.9)(131.3)(30.8)(39.0)

(8.2)

34.5

(176.8)(211.3)-(31.4)(31.4)

Payments for acquisitions of participating interests

(7.7)

(7.6)

0.0

Other

0.2

39.4

39.1

Net cash provided by (used in) investing activities(130.7)(525.5)(394.8)Net cash provided by (used in) financing activities(315.2)(241.9)73.2

Cash and cash equivalents at end of the period

191.2

211.6

20.4

Modification loss on financial assets

Payments for time deposits / Proceeds from time deposits
Payments for purchases of tangible fixed assets
Payments for purchases of securities/investment securities and proceeds from sales ofsecurities/investment securities
Investment in recoverable accounts under production sharing (capital expenditures)
Long-term loans made / Collection of long-term loans receivable
Purchase of shares of subsidiaries resulting in change in scope of consolidation

Copyright © 2023 INPEX CORPORATION. All rights reserved.

8FY2022 Cash Flow*1(Billions of Yen)

FCF +683.8*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 © 2023 INPEX CORPORATION. All rights reserved.

9

Financial Indices
D/E Ratio (Net)*1

D/E Ratio (Net) *1 including the Ichthys IJV

65.1%

45.8%

FY2021

FY2022

31.3%

25.4%

FY2021

FY2022Equity Ratio*2

60.6%

60.3%

FY2021

FY2022*1 D/E Ratio (Net) = (Interest-bearing debt-Cash and deposits)/ (Net asset - Non-controlling interests)*2 Equity Ratio = (Net assets - Non-controlling interests)/Total assets
Copyright © 2023 INPEX CORPORATION. All rights reserved.

10

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

1,438.2

1,400.0
1,200.0
1,000.0
657.6

800.0
600.0
257.3

400.0
200.00.0-200.0

2018/3
Net sales

2019/32019/12(9 months)

Ordinary incomeCopyright © 2023 INPEX CORPORATION. All rights reserved.

2020/122021/122022/12Net income attributable to owners of parent
11

Consolidated Financial Forecasts for the year ending December 31, 2023
AssumptionsFirst Half (Jan to Jun 2023)

Second Half (Jul to Dec 2023)

Full Year (Jan to Dec 2023)

Brent oil price ($/bbl)*1

77.5

72.5

75.0

Average exchange rate (¥/$)

125.0

125.0

125.0

*1 Quarterly breakdown of the Brent oil price assumption is as follows: $80 for Q1,$75 for Q2 and Q3, $70 for Q4

Full YearFY2022 (Actual)

FY2023 (Forecast)

Change% Change

Net Sales (Billions of yen)

2,324.6

1,885.0(439.6)(18.9%)

Operating Income (Billions of yen)

1,246.4

892.0(354.4)(28.4%)

Ordinary Income (Billions of yen)

1,438.2

1,005.0(433.2)(30.1%)

438.2

270.0

(168.2)(38.4%)Net income attributable to owners ofparent (Billions of yen)
1st Half

FY2022 2Q (Actual)

Net Sales (Billions of yen)

FY2023 2Q (Forecast)

Change% Change

1,098.4

1,013.0(85.4)(7.8%)

Operating Income (Billions of yen)584.4507.0(77.4)(13.2%)

Ordinary Income (Billions of yen)

626.1

596.0(30.1)(4.8%)Net income attributable to owners ofparent (Billions of yen)

184.4

199.0

14.6

7.9%

Cash dividends per share*2 (yen)FY2022 (Actual)

FY2023 (Forecast)

2Q End30.0

32.0

FY End

32.0

32.0

TOTAL

62.0

64.0

*2 FY2023 dividend reference dates are June 30, 2023 for the mid-term dividend and December 31, 2023 for the year-end dividend.
Copyright © 2023 INPEX CORPORATION. All rights reserved.

12

FY2023 Financial Forecasts Analysis of Increase(Billions of Yen)
Crude Oil Price (Brent) （US$/bbl）
FY2022 Actual
99.04
FY2023 Forecast 75.00

500450Exchange Rate (Yen/US$)FY2022 Actual
131.64FY2023 Forecast 125.00

400350(110.7* )300(21.2)(35.9)(19.7)

250
200

63.5
(10.9)

1.7(35.0)

438.2
Market factors(151.6) Billions of Yen

150

Other factors(33.3) Billions of Yen

Business activities factors+16.7 Billions of Yen

270.0

100500

FY2022
Net income(actual)

Impact fromcrude oil priceImpact fromexchange rate

Impact frominterest ratesIncrease insales volume

Increase inexploration
expenses

Increase in
G＆AIchthys
decarbonization
costOthers

FY2023
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 price sensitivity for
FY2023 takes into consideration certain natural gas sales applying oil prices on a delayed basis.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

13

FY2023 Sales Volume (Forecast)

FY2022 (actual)

FY2023 (forecast)

Change% ChangeSales Volume

Crude oil (thousand bbl) *1

138,116

139,642

1,526

1.1%

Natural gas (million cf) *2

442,416

524,197

81,781

18.5%

Overseas360,291438,249

77,958

21.6%

Japan

82,125(2,201 million m3)

85,948(2,303 million m3)

3,823(102 million m3)

4.7%

109

514

406

373.0%LPG (thousand bbl) *3*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

Note: At Ichthys LNG Project, no large-scale shutdown maintenance works are planned for FY2023 and approximately 11 LNG cargoes per month are expected to be shipped for FY2023.

Copyright © 2023 INPEX CORPORATION. All rights reserved.

14

FY2023 Cash Flow* Forecast(Billions of Yen)FY2022 (Actual)

FY2023 (Forecast)

ChangeDevelopment expenditure (Oil & Gas Business)

279.4

349.0

69.6

Development expenditure (5 Net Zero Businesses)

81.8

94.0

12.2

Exploration expenditure (inclusive of some 5 Net Zero Businesses)

30.4

71.0

40.6

Others (Divestment etc.)(55.5)(18.0)

37.5

Growth Investment

336.1

496.0

159.9

Others (Purchase and disposal of investment securities etc.)

41.7

14.0

(27.7)Cash Flow from Investment (inclusive of exploration investment)

377.8

510.0

132.2

(Billions of Yen)

Approx.
800

Approx.
510

Approx.
290* Including cashflow of Ichthys LNG Pty Ltd, the Ichthys Downstream IJV (Incorporated Joint Venture ), an equity method affiliate
Copyright © 2023 INPEX CORPORATION. All rights reserved.

15

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, 2023*1(Billions of yen)

At Beginning of 1Q : +6.0 (-6.0)
Brent Crude Oil Price;$1/bbl increase (decrease)*2
Exchange Rate; ¥1 depreciation (appreciation)
against the U.S. dollar*3

The impact on net income will change in FY2022 as below;
At beginning of 2Q : +4.0 (-4.0)
At beginning of 3Q : +2.0 (-2.0)
At beginning of 4Q : +0.8 (-0.8)+3.2 (-3.2)*1 The sensitivities calculated at the beginning of the fiscal year (January 2023) represent the impact on net income for the year ending December 31, 2023 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 thebeginning 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 : +0.8 billions of yen, 2Q : +1.2 billions of yen, 3Q : +2.0 billions of yen , 4Q : +2.0 billions of yen)
 At beginning of 2Q : +4.0 billions of yen (1Q : －－－－－－－－ , 2Q : +0.8 billions of yen, 3Q : +1.2 billions of yen , 4Q : +2.0 billions of yen)
 At beginning of 3Q : +2.0 billions of yen (1Q : －－－－－－－－ , 2Q : －－－－－－－－ , 3Q : +0.8 billions of yen , 4Q : +1.2 billions of yen)
 At beginning of 4Q : +0.8 billions of yen (1Q : －－－－－－－－, 2Q : －－－－－－－－ , 3Q : －－－－－－－－ , 4Q : +0.8 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 the exchange rate at the endof the fiscal year and the end of the previous fiscal year is largely neutralized.

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16