Correction on 2023/3/29 is reflected

Consolidated Financial Results for the year ended December 31, 2022 [Japanese GAAP]
February 9, 2023
Note: The following report is an English translation of the Japanese-language original.
Company name
Code number: INPEX CORPORATION: 1605

Stock Exchange on which the Company is listed : Tokyo Stock Exchange
URL https://www.inpex.co.jp

Representative
Contact person: Takayuki Ueda, President: Yoshihiro Wakita, General Manager, Corporate Communications Unit
TEL+81-3-5572-0233

Scheduled date of ordinary general meeting of shareholders
Scheduled date of filing Financial Report: March 28, 2023
: March 29, 2023

Scheduled date of payment of cash dividends
Preparation of supplementary explanatory materials: March 29, 2023
: Yes

Meeting of financial results presentation: 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, 2022 (January 1, 2022 - December 31, 2022)(1) Consolidated operating results(Figures in % represent the changes from the previous fiscal year)

Net sales

Operating income

Net income attributableto owners of parent

Ordinary income

For the year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

December 31, 2022
December 31, 2021

2,324,660
1,244,369

86.8
61.4

1,246,408
590,657

111.0
137.7

1,438,242
657,627

118.7
155.6

438,276
223,048

96.5–(Note): Consolidated comprehensive income: for the year ended December 31, 2022, ¥862,986 million; [74.2%]
for the year ended December 31, 2021, ¥495,449 million; [–%]Net income pershare-basic

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

%

%

%

Net income pershare-diluted

For the year ended
December 31, 2022

320.69

–

12.7

25.2

53.6

December 31, 2021

153.87

–

7.6

13.4

47.5

Yen

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

for the year ended December 31, 2022, ¥161,931 million
for the year ended December 31, 2021, ¥38,834 million

(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

6,262,304
5,158,196

4,038,361
3,346,409

60.3
60.6

2,891.93
2,253.17

As of December 31, 2022
As of December 31, 2021

(Reference): Net assets excluding non-controlling interests: as of December 31, 2022, ¥3,776,843 million
as of December 31, 2021, ¥3,124,065 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
December 31, 2022

Millions of yen

Millions of yen

Millions of yen

751,284(525,574)(241,928)

211,656

December 31, 2021

445,457(130,727)(315,215)

191,213Millions of yen

2. Dividends
Cash dividends per share
At 1st
At 2ndAt 3rdAt fiscal
quarter end quarter end quarter end year end

Total

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

For the year ended

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

December 31, 2021
December 31, 2022

–

–

–

20.00
30.00

–

28.00
32.00

48.00
62.00

68,03383,420

31.2
19.3

2.1
2.1

–

32.00

–

32.00

64.00

For the year ending
December 31, 2023

31.0

(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, 2023 (January 1, 2023 - December 31, 2023)(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Net sales
Millions of yen

For the six months ending
June 30, 2023
For the year ending
December 31, 2023

1,013,000

Operating income% Millions of yen% Millions of yen(7.8)

507,000 (13.3)

1,885,000 (18.9)

892,000 (28.4)

Net income
attributable toowners of parent

Ordinary income

596,000% Millions of yen(4.8)

1,005,000 (30.1)

Net income
per share
%

Yen

7.9

152.37

270,000 (38.4)

206.74

199,000

*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: Yes

2. Other changes in accounting policies
3. Changes in accounting estimates: None: None4. Restatement of corrections: None(Note): Please refer to “3. Consolidated Financial Statements and Principal Notes (5) Notes to Consolidated Financial Statements (Changes in Accounting
Policies)” on page 14 for further information.

(3) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stock):

1,386,667,167 shares as of December 31, 2022
1,462,323,600 shares as of December 31, 2021

2. Number of treasury stock at the end of the period:

80,672,863 shares as of December 31, 2022
75,805,993 shares as of December 31, 2021

3. Average number of shares:

1,366,647,207 shares for the year ended December 31, 2022
1,449,617,608 shares for the year ended December 31, 2021

(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, 2022: 910,363 shares As of December 31, 2021: 149,593 shares)

(Reference) Non-Consolidated Financial Results
1. Financial results for the year ended December 31, 2022 (January 1, 2022 - December 31, 2022)(1) Operating results(Figures in % represent the changes from the previous fiscal year)

Net sales
For the year ended
December 31, 2022

Millions of yen

December 31, 2021

Operating income

Ordinary income

Net income%

Millions of yen%

Millions of yen%

Millions of yen%

241,04255.7(11,091)–

203,674–

231,656–

154,773

21.2

7,907

–

13,606–

13,272–

Net income pershare-basic

Net income pershare-diluted

For the year ended

Yen

Yen

December 31, 2022
December 31, 2021

169.51
9.16––(2) Financial position
Total assets

As of December 31, 2022
As of December 31, 2021

Net assets

Net assets as apercentage of total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

3,035,629
2,992,411

2,108,065
2,075,526

69.4
69.4

1,614.15
1,496.93(Reference): Net assets: as of December 31, 2022, ¥2,108,065 million
as of December 31, 2021, ¥2,075,526 million<Reason for differences with the non-consolidated results for the year ended December 31, 2021>
For the year ended December 31, 2022, a difference has arisen in net sales between the actual results for the previous fiscal year and the actual results for thecurrent fiscal year due to the impact from the increased sales price of crude oil and natural gas, and other factors.
In addition, a difference has arisen in operating income between the actual results for the previous fiscal year and the actual results for the current fiscal year due
to the impact from the increased cost of sales, and other factors. Moreover, for the year ended December 31, 2022, differences have arisen in ordinary income andnet income between the actual results for the previous fiscal year and the actual results for the current fiscal year due to the impact from recording dividend
income, and other factors.

*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, 2023” 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 4.

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
December 31, 2022

At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

–
–

8,000.00––

11,200.00

19,200.00

12,000.00

12,800.00

24,800.00–

12,800.00–

12,800.00

25,600.00

For the year ending
December 31, 2023
(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 .............................................................................................................................................. 2(1) Summary of Consolidated Operating Results .................................................................................................................................. 2(2) Summary of Consolidated Financial Position .................................................................................................................................. 3(3) Summary of Cash Flows .................................................................................................................................................................. 3(4) Outlook for the Next Period ............................................................................................................................................................. 4(5) Dividend policy and Dividends for the year ended December 31, 2022 and for the year ending December 31, 2023 .................... 4
2. Basic Rationale for Selection of Accounting Standards ........................................................................................................................ 5
3. Consolidated Financial Statements and Principal Notes........................................................................................................................ 6(1) Consolidated Balance Sheet ............................................................................................................................................................. 6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .......................................................... 8
Consolidated Statement of Income .................................................................................................................................................... 8
Consolidated Statement of Comprehensive Income .......................................................................................................................... 9(3) Consolidated Statement of Changes in Net Assets ........................................................................................................................ 10(4) Consolidated Statement of Cash Flows.......................................................................................................................................... 12(5) Notes to Consolidated Financial Statements .................................................................................................................................. 14(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)......................................................................................................................................................................................................... 14(Changes in Accounting Policies) ................................................................................................................................................... 14(Additional Information) ................................................................................................................................................................. 14(Segment Information and Others) .................................................................................................................................................. 15(Per Share Information) ................................................................................................................................................................... 19(Significant Subsequent Events) ...................................................................................................................................................... 19
4. Other.................................................................................................................................................................................................... 20(1) Production, Orders Received and Sales Performance .................................................................................................................... 20-1-

1. Summary of Operating Results and other(1) Summary of Consolidated Operating Results
During the year ended December 31, 2022, the Japanese economy was on a path to recovery from the impact of the novel
coronavirus (COVID-19), but from February, the economic outlook became uncertain because of rising tensions due to the Ukraine
conflict. Since then, the economy has shown a moderate recovery and is expected to further improve as society learns to coexist
with COVID-19. Even so, the global economic downturn poses a risk to Japan’s economy as global monetary tightening continues.
Furthermore, the impact of inflation and supply disruptions on economic activities continues to be a concern.
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 current fiscal year at US$78.98 per barrel.
The crude oil price moved above US$120 in the first half of the year due to the imposing of economic sanctions against Russia,
mainly by the EU, after the Russian invasion of Ukraine in February, and moves by major Western countries to ban imports ofRussian energy products. However, the price declined in the second half of the year, reaching US$85.91 at the end of the current
fiscal year, due to global decline in demand for crude oil caused by concerns over the reemergence of a new type of coronavirus
infection in China and economic recession mainly in the U.S. and Europe. The Group’s average crude oil sales price for the year
ended December 31, 2022 reflected this shift and rose to US$97.71 per barrel, up US$29.28 from the previous fiscal year.
The foreign exchange market, another important factor that affects the business of the Group, began to trade at ¥115 level against
the U.S. dollar. On the first half of the year Japanese Yen climbed to ¥136 level against the U.S. dollar as a result of the sharp
increase in resource prices caused by the Russian invasion of Ukraine and increased U.S. interest rates accompanying theworldwide advance of inflation. The latter half of the year, continued differences in U.S. and Japan monetary policy resulted inappreciation of the U.S. dollar against the yen, reaching the ¥150 level at one point. However, awareness of a decreasing gap
between U.S. and Japanese interest rates resulting from decreased concern over U.S. inflation and the Bank of Japan’s decision to
widen the range of permissible fluctuation in long-term interest rates led foreign exchange markets to transition to appreciation of
the yen towards the end of the year, with TTM closing at ¥132.70 against the U.S. dollar, ¥17.68 less than that of the end of theprevious fiscal year. Reflecting these situations, the average exchange rate of the Japanese yen against the U.S. dollar on
consolidated net sales depreciated by ¥21.62 to ¥131.73 per U.S. dollar from the previous fiscal year.
Consolidated net sales for the year ended December 31, 2022 increased by ¥1,080.2 billion, or 86.8%, to ¥2,324.6 billion from theprevious fiscal year due to an increase in sales price of crude oil and natural gas. Net sales of crude oil increased by ¥873.4 billion,
or 96.5%, to ¥1,778.6 billion, and net sales of natural gas increased by ¥204.5 billion, or 63.8%, to ¥525.1 billion. Sales volume ofcrude oil increased by 17,998 thousand barrels, or 15.0%, to 138,116 thousand barrels, and sales volume of natural gas decreased
by 22,389 million cf, or 4.8%, to 442,416 million cf. Sales volume of overseas natural gas decreased by 16,777 million cf, or 4.4%,
to 360,291 million cf, and sales volume of domestic natural gas decreased by 150 million ㎥, or 6.4%, to 2,201 million ㎥ (82,125
million cf). The average sales price of overseas crude oil increased by US$29.28, or 42.8%, to US$97.71 per barrel. The averagesales price of overseas natural gas increased by US$2.21, or 44.6%, to US$7.17 per thousand cf, and the average sales price ofdomestic natural gas increased by ¥37.0, or 80.9%, to ¥82.73 per ㎥. The average exchange rate of the Japanese yen against the
U.S. dollar on consolidated net sales depreciated by ¥21.62, or 19.6%, to ¥131.73 per U.S. dollar.
The increase of ¥1,080.2 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 ¥113.6 billion to the increase, an increase in unit sales price contributing¥616.9 billion to the increase, the depreciation of the Japanese yen against the U.S. dollar contributing ¥347.3 billion to theincrease, and an increase in net sales excluding crude oil and natural gas of ¥2.2 billion.
Meanwhile, cost of sales increased by ¥374.4 billion, or 65.8%, to ¥943.4 billion. Exploration expenses increased by ¥22.7 billion,
or 353.1% to ¥29.2 billion. Selling, general and administrative expenses increased by ¥27.2 billion, or 34.8%, to ¥105.6 billion. As
a result, operating income increased by ¥655.7 billion, or 111.0%, to ¥1,246.4 billion.
Other income increased by ¥219.6 billion, or 195.7%, to ¥331.8 billion due to an increase in equity in earnings of affiliates andothers. Other expenses increased by ¥94.7 billion, or 209.3%, to ¥140.0 billion due to posting modification loss on financial assets
and others. As a result, ordinary income increased by ¥780.6 billion, or 118.7%, to ¥1,438.2 billion.
Extraordinary loss was ¥25.7 billion as a result of posting impairment loss for a certain project due to the downward revision in
forecasted production volume and others as well as the increased probability of sale. Total amount of current income taxes anddeferred income taxes increased by ¥541.0 billion, or 126.0%, to ¥970.5 billion, and net profit attributable to non-controllinginterests was ¥3.6 billion. As a result of the above effects, net income attributable to owners of parent increased by ¥215.2 billion,
or 96.5%, to ¥438.2 billion.

-2-

Financial results by segment are as follows:
1) JapanNet sales increased by ¥76.9 billion, or 59.2%, to ¥207.0 billion due to an increase in sales price of crude oil and natural gas.
Operating loss was ¥13.0 billion compared with ¥11.4 billion of operating income for the previous fiscal year due to an increase incost of sales.
2) Asia & Oceania
Net sales increased by ¥155.2 billion, or 43.7%, to ¥510.1 billion due to an increase in sales price of crude oil and natural gas.
Operating income increased by ¥102.0 billion, or 58.1%, to ¥277.5 billion.
3) Eurasia (Europe & NIS)
Net sales increased by ¥203.8 billion, or 174.3%, to ¥320.8 billion due to increases in sales volume and sales price of crude oil.
Operating income increased by ¥141.2 billion, or 457.1%, to ¥172.1 billion.
4) Middle East & Africa
Net sales increased by ¥634.7 billion, or 102.7%, to ¥1,252.9 billion due to increases in sales volume and sales price of crude oil.
Operating income increased by ¥434.8 billion, or 115.6%, to ¥810.8 billion.
5) Americas
Net sales increased by ¥9.4 billion, or 39.1%, to ¥33.7 billion due to an increase in sales price of crude oil and gas. Operating
income increased by ¥6.0 billion, or 59.3%, to ¥16.3 billion.
(2) Summary of Consolidated Financial Position
Total assets as of December 31, 2022 increased by ¥1,104.1 billion to ¥6,262.3 billion from ¥5,158.1 billion as of December 31,
2021. Current assets increased by ¥210.5 billion to ¥729.4 billion due to an increase in accounts receivable-trade and contract
assets, posting of securities, and others. Fixed assets increased by ¥893.5 billion to ¥5,532.9 billion due to increases in tangible
fixed assets, investments and other assets, and others.
Meanwhile, total liabilities increased by ¥412.1 billion to ¥2,223.9 billion from ¥1,811.7 billion as of December 31, 2021. Current
liabilities increased by ¥177.8 billion to ¥526.7 billion and long-term liabilities increased by ¥234.3 billion to ¥1,697.2 billion.
Net assets increased by ¥691.9 billion, to ¥4,038.3 billion from ¥3,346.4 billion as of December 31, 2021. Total shareholders’equity increased by ¥238.6 billion, to ¥2,919.2 billion. Total accumulated other comprehensive income increased by ¥414.1 billion
to ¥857.5 billion and non-controlling interests in net assets increased by ¥39.1 billion to ¥261.5 billion.
(3) Summary of Cash Flows
Regarding consolidated cash flows for the year ended December 31, 2022, net cash provided by operating activities amounted to¥751.2 billion, up ¥305.8 billion from the previous fiscal year, mainly due to an increase in income before income taxes as a resultof an increase in sales prices, despite an increase in income taxes paid. Net cash used in investing activities amounted to ¥525.5
billion, up ¥394.8 billion from the previous fiscal year, mainly due to increases in long-term loans made and payments forpurchases of investment securities. Net cash used in financing activities amounted to ¥241.9 billion, down ¥73.2 billion from theprevious fiscal year, mainly due to an increase in proceeds from long-term debt, despite increases in repayments of long-term debt
and purchase of treasury stock. The effect of exchange rate changes on cash and cash equivalents was an increase of ¥36.6 billion,
and with this effect, net cash increased ¥20.4 billion during the year ended December 31, 2022. The balance of cash and cash
equivalents as of December 31, 2022 added an increase of ¥20.4 billion during the period to the ¥191.2 billion from the beginningof the period, amounting to ¥211.6 billion.

-3-(4) Outlook for the Next Period(Billions of yen)
Fiscal Year Ended
December 31, 2022
(Actual)Fiscal Year Ending
December 31, 2023
(Forecasts)

Year-on-Year
Increase/Decrease

Net Sales

2,324.6

1,885.0(18.9)%

Operating income

1,246.4

892.0(28.4)%

Ordinary income

1,438.2

1,005.0(30.1)%

438.2

270.0

(38.4)%Net income attributable to ownersof parent

As for the Company’s financial outlook for the year ending December 31, 2023, net sales for the six months ending June 30, 2023
are expected to decrease 7.8% year-on-year to ¥1,013.0 billion, and net sales for the year ending December 31, 2023 are expected
to decrease 18.9% year-on-year to ¥1,885.0 billion. Operating income for the six months ending June 30, 2023 is expected todecrease 13.3% year-on-year to ¥507.0 billion, while operating income for the year ending December 31, 2023 is expected todecrease 28.4% year-on-year to ¥892.0 billion.
Ordinary income for the six months ending June 30, 2023 is expected to decrease 4.8% year-on-year to ¥596.0 billion, and ordinary
income for the year ending December 31, 2023 is expected to decrease 30.1% year-on-year to ¥1,005.0 billion. Net income
attributable to owners of parent for the six months ending June 30, 2023 is expected to increase 7.9% year on year to ¥199.0
billion, and net income attributable to owners of parent for the year ending December 31, 2023 is expected to decrease 38.4% yearon-year to ¥270.0 billion.
Net sales for the year ending December 31, 2023 are expected to decrease due to the assumptions for the sales price of crude oilbeing set lower year on year and foreign exchange being set with yen appreciating year on year despite the expectation that sales
volume will increase. Operating income for the year ending December 31, 2023 is also expected to decrease due to an increase in
exploration expenses and other factors. Ordinary income for the year ending December 31, 2023 is also expected to decrease due
mainly to a decrease in equity in earnings of affiliates and other factors. Net income attributable to owners of parent for the year
ending December 31, 2023 is expected to decrease year-on-year.
The above forecasts are based on an average crude oil price assumption of US$80.0 per barrel (Brent) for the first quarter of 2023,
an average of US$75.0 per barrel (Brent) for the second quarter of 2023, an average of US$75.0 per barrel (Brent) for the third
quarter of 2023, an average of US$70.0 per barrel (Brent) for the fourth quarter of 2023, and consequently an average of US$75.0
per barrel (Brent) for the year ending December 31, 2023. The average exchange rate assumption for the year ending December 31,
2023 is ¥125 to the U.S. dollar.
(5) Dividend policy and Dividends for the year ended December 31, 2022 and for the year ending December 31, 2023
Based on the shareholder return policy outlined in the Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022)
announced in February 2022, the Company will, in principle, maintain stable dividend payouts during the period covered by themedium-term business plan from fiscal year 2022 to fiscal year 2024 with a total payout ratio of around 40% or greater, and aminimum annual dividend per share of ¥30. During this period, the Company will also strive to strengthen shareholder returns
through means including the acquisition of own shares based on the Company’s business environment, financial base andmanagement conditions, etc.
In accordance with the policy stated above, the Company has set the year-end dividend at ¥32 per common stock for the year ended
December 31, 2022. Combined with the mid-term dividend of ¥30 per common stock, the planned total dividends for the year
ended December 31, 2022 are ¥62 per common stock. The Company has also set the year-end dividend at ¥12,800 per Class A
stock for the year ended December 31, 2022. Combined with the mid-term dividend of ¥12,000 per Class A stock (unlisted), theplanned total dividends for the year ended December 31, 2022 are ¥24,800 per Class A stock.
For the year ending December 31, 2023, the Company expects mid-term dividend of ¥32, year-end dividend of ¥32, bringing thetotal dividends to ¥64 per common stock. The Company expects mid-term and year-end dividends of ¥12,800 each, bringing thetotal dividend to ¥25,600 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,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 is included in the Articles of Incorporation.

-4-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.

-5-

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

As of December 31, 2021

As of December 31, 2022

(Assets)
Current assets
Cash and deposits

201,765

227,829

Accounts receivable-trade168,224–

Accounts receivable-trade and contract assets–

252,938

Securities–

58,152Inventories

47,817

68,154

Accounts receivable-other

42,30961,758

Other

70,85273,588Less allowance for doubtful accounts(12,104)(13,020)

Total current assets

518,864

729,401

Buildings and structures, net

163,165

157,137

Wells, net

345,946

340,259

1,418,656

1,583,141

Fixed assets
Tangible fixed assets

Machinery, equipment and vehicles, net
Land18,666

18,178Construction in progress

292,836

339,787

Other, net

20,57834,6152,259,849

2,473,118

Total tangible fixed assets
Intangible assets
Goodwill

29,55040,332

Exploration and development rights

150,902

152,178

Mining rights

260,182

283,518

6,025

6,674

446,660

482,704

Other
Total intangible assets
Investments and other assets
Investment securities

403,356

745,365

1,011,801

1,279,383

Recoverable accounts under production sharing

548,170

521,541

Deferred tax assets

21,71369,705Long-term loans receivable

Asset for retirement benefits
Other
Less allowance for doubtful accounts
Less allowance for recoverable accounts under
production sharing
Less allowance for investments in exploration
Total investments and other assets
Total fixed assets
Total assets

-6-

–

1,734

11,704

15,765

(652)

(690)

(61,871)(53,873)(1,400)(1,852)

1,932,821

2,577,080

4,639,332

5,532,903

5,158,196

6,262,304

(Millions of yen)Accounts

As of December 31, 2021

As of December 31, 2022

(Liabilities)
Current liabilities
Accounts payable-trade

14,88847,183

Short-term loans

80,49375,878

Income taxes payable

51,350126,675

Accounts payable-other98,518118,448

Provision for bonuses

1,386

1,458

Provision for bonuses to officers

200

130

Provision for loss on business

9,400

8,631

Provision for exploration projects

9,444

3,391

672

15,504

Other

82,533

129,439

Total current liabilities

348,888526,740

Asset retirement obligations

Long-term liabilities
Bonds payable

30,00030,000Long-term debt

1,069,721

1,164,369

81,192

178,967

100

245

Deferred tax liabilities
Provision for stocks payment
Provision for special repair and maintenance

650

705

Liability for retirement benefits

7,048

689

Asset retirement obligations

258,339

303,159

Other

15,845

19,064

1,462,897

1,697,202

1,811,786

2,223,943

Common stock

290,809290,809

Capital surplus

681,398

683,382

Retained earnings

1,783,841

2,066,443

Treasury stock(75,425)(121,358)

2,680,624

2,919,277

2,640

4,147

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

Total shareholders’ equity
Accumulated other comprehensive income
Unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges(16,171)

32,421

Translation adjustments

456,972

820,997

Total accumulated other comprehensive income

443,441

857,566

222,344

261,517

Total net assets

3,346,409

4,038,361

Total liabilities and net assets

5,158,196

6,262,304

Non-controlling interests-7-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)
For the year ended
December 31, 2021

Accounts
Net sales

For the year ended
December 31, 2022

1,244,369

2,324,660

Cost of sales

568,921

943,414Gross profit

675,448

1,381,245

Exploration expenses

6,445

29,202

Selling, general and administrative expenses

78,346105,634

Operating income

590,657

1,246,408

Interest income

31,11564,687

Dividend income

7,456

9,499

Equity in earnings of affiliates

38,834

161,931

Gain on reversal of allowance for recoverable accounts
under production sharing

7,572

7,396

–

30,375

Other27,26857,995

Total other income

112,246

331,885

Interest expense

13,74732,378Foreign exchange loss

6,709

–

–

85,483

Other

24,81922,190Total other expenses

45,276140,051

657,627

1,438,242

Impairment loss

14,17025,799Total extraordinary loss

14,17025,799

Income before income taxes

643,457

1,412,443

Income taxes-current

395,437

952,982

Income taxes-deferred

34,094

17,563

Total income taxes

429,532

970,546

Net income

213,924

441,897

Net income (loss) attributable to non-controlling interests(9,123)

3,620

Net income attributable to owners of parent

223,048438,276

Other income

Foreign exchange gain

Other expenses

Modification loss on financial assets

Ordinary income
Extraordinary loss

-8-

Consolidated Statement of Comprehensive Income(Millions of yen)
For the year ended
December 31, 2021

Accounts
Net income

For the year ended
December 31, 2022

213,924

441,897

Unrealized holding gain (loss) on securities

564

1,581

Deferred gain (loss) on hedges

(807)

195

235,828

360,251

45,93959,060281,524

421,089

495,449

862,986

Owners of parent

497,228

852,401

Non-controlling interests(1,778)

10,584

Other comprehensive income

Translation adjustments
Share of other comprehensive income of affiliates
accounted for by the equity-method
Total other comprehensive income
Comprehensive income
Total comprehensive income attributable to-9-(3) Consolidated Statement of Changes in Net Assets
For the year ended December 31, 2021
(Millions of yen)
Shareholders’ equity

Balance at the beginning of the period

Common stock

Capital surplus

Retained earnings

290,809674,374

1,607,524

Total shareholders’equityTreasury stock(5,428)2,567,279

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

7,024

7,024

Cash dividends paid

(46,731)(46,731)

Net income attributable to owners of parent

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

2,091(54,054)

221,224

Total accumulated Non-controllinginterests
othercomprehensive
income169,261

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 attributable to owners of parent

223,048

Purchase of treasury stock(69,999)

Disposal of treasury stock3

Net changes in items other than those inshareholders’ equity

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- 10 -

For the year ended December 31, 2022
(Millions of yen)
Shareholders’ equity

Balance at the beginning of the period

Common stock

Capital surplus

Retained earnings

290,809681,398

1,783,841

Treasury stock

Total shareholders’equity(75,425)

2,680,624

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

1,984

1,984

Cash dividends paid

(80,426)(80,426)

Net income attributable to owners of parent

438,276438,276

Purchase of treasury stock(121,191)(121,191)

Disposal of treasury stock10

10(75,248)

75,248–Cancellation of treasury stock
Net changes in items other than those inshareholders’ equity
Total changes during the period

–

1,984

282,601(45,932)

238,652

Balance at the end of the period

290,809683,382

2,066,443(121,358)

2,919,277

Accumulated other comprehensive income

Balance at the beginning of the period

Unrealized
holding gain
(loss) on
securities

Deferred gain
(loss) on hedges

Translation
adjustments

2,640(16,171)456,972

Total accumulated Non-controllinginterests
othercomprehensive
income443,441

222,344

Total net assets

3,346,409

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

1,984

Cash dividends paid

(80,426)

Net income attributable to owners of parent

438,276

Purchase of treasury stock(121,191)

Disposal of treasury stock

10

Cancellation of treasury stock–

Net changes in items other than those inshareholders’ equity

1,507

48,592364,025

414,125

39,173453,299

Total changes during the period

1,507

48,592364,025

414,125

39,173691,952

Balance at the end of the period

4,147

32,421820,997

857,566

261,517

4,038,361- 11 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
For the year ended
December 31, 2021

Accounts

For the year ended
December 31, 2022

Cash flows from operating activities
Income before income taxes

643,457

1,412,443

Depreciation and amortization

203,184

292,560

Impairment loss

14,17025,799Amortization of goodwill

6,856

8,963

(7,570)(7,396)

Increase (decrease) in provision for exploration projects(814)(6,738)

Increase (decrease) in other provisions

1,614

837

Increase (decrease) in liability for retirement benefits(1,050)(7,854)

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

Decrease (increase) in asset for retirement benefits–(1,734)

Interest and dividend income(38,571)(74,186)

Interest expense

13,77732,446

Foreign exchange loss (gain)

13,618(5,500)Equity in losses (earnings) of affiliates(38,834)(161,931)–

85,48362,23670,781(4,106)(5,359)Decrease (increase) in trade receivables(83,689)(57,090)

Decrease (increase) in inventories(14,534)(16,140)

Increase (decrease) in trade payables(3,721)

21,775Decrease (increase) in accounts receivable-other(7,927)(10,295)

Increase (decrease) in accounts payable-other

25,614

4,738

Increase (decrease) in advances received

6,237

(113)

Other

4,309

5,753

Subtotal

794,255

1,607,241

Interest and dividends received

15,40470,081

Interest paid

(11,466)(20,016)

Income taxes paid

(352,735)(906,022)

Net cash provided by operating activities

445,457

751,284

Modification loss on financial assets
Recovery of recoverable accounts under production sharing(capital expenditures)
Decrease (increase) in recoverable accounts under
production sharing (operating expenditures)- 12 -

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

Accounts

For the year ended
December 31, 2022

Cash flows from investing activities
Payments for time deposits(17,784)(47,770)

Proceeds from time deposits

18,906

43,772–(3,291)(140,470)(187,100)

Payments for long-term time deposits
Payments for purchases of tangible fixed assets
Proceeds from sales of tangible fixed assets

195

2,595

Payments for purchases of intangible assets(2,762)(1,877)–(57,651)(6,026)(108,412)

18,444

47,142–(31,410)(30,812)(39,095)

333

398

Long-term loans made(34,868)(335,297)

Collection of long-term loans receivable

69,372

158,497

Payments for acquisitions of participating interests(7,736)(7,689)

Other

2,481

41,615(130,727)(525,574)

Increase (decrease) in short-term loans(94,630)(5,450)

Proceeds from issuance of bonds

30,000–

Proceeds from long-term debt

66,313

164,105

Repayments of long-term debt

(157,405)(217,584)

6,455

21,653Purchase of treasury stock(69,999)(121,191)

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

Cash dividends paid

(46,718)(80,399)

Cash dividends paid to non-controlling interests(3,548)(11,140)

Other(10,202)

8,078

Net cash used in financing activities(315,215)(241,928)

Effect of exchange rate changes on cash and cash equivalents

19,29336,662

Net increase (decrease) in cash and cash equivalents

18,807

20,443

Cash and cash equivalents at beginning of the period

172,405

191,213

Cash and cash equivalents at end of the period

191,213

211,656

Payments for purchases of securities
Payments for purchases of investment securities
Proceeds from sales and redemptions of investment
securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
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

Proceeds from non-controlling interests for additional
shares- 13 -

(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 Accounting Policies)(Application of Accounting Standard for Revenue Recognition and others)
Effective from the beginning of the year ended December 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 year ended December 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 year ended December 31, 2022 decreased by ¥1,657 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 and per share information for the year ended December 31, 2022.
Due to the application of the Revenue Recognition Accounting Standard and others, “Accounts receivable-trade” under current
assets of 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 December 31, 2022. In accordance with the transitional
treatment provided for in paragraph 89-2 of the Revenue Recognition Accounting Standard, figures for the previous fiscal year
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 year ended December 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.
(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.

- 14 -

(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 by geographical 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 those described in “Basis of Preparation ofConsolidated Financial Statements.” Internal sales between segments are based on prices for third-party transactions.
As stated in the “Changes in Accounting Policies,” effective from the beginning of the year ended December 31, 2022, the Groupapplied the Revenue Recognition Accounting Standard and others, and changed the method of accounting in connection withrevenue recognition. Accordingly, the method of calculating net sales and income (loss) by reportable segment was also changed in
the same manner. As a result, net sales for the year ended December 31, 2022 in “Japan” segment decreased by ¥1,657 million
compared with the previous method, and there was no effect on segment income (loss).
3. Information on sales and income (loss), assets, and other items by reportable segment
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)

MiddleEast& 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
Sales to third parties
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

Notes: 1. (1) Adjustments of segment income (loss) of ¥(13,602) million are corporate expenses. Corporate expenses are mainly amortization of goodwill andgeneral 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 a reportable segment.
(5) Adjustments of investment to affiliates accounted for by the equity method of ¥1,502 million consist of investment to affiliates accounted for by theequity 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.

- 15 -

For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)(Millions of yen)
Reportable segments
Adjustments Consolidated
*1
*2

Japan

Asia &
Oceania

Eurasia(Europe& NIS)

MiddleEast& Africa

Americas207,082

510,147

320,8031,252,913

33,712

2,324,660–

2,324,660–

17,439–––17,439(17,439)–

207,082

527,587

320,8031,252,913

33,712

2,342,099(17,439)2,324,660

Segment income (loss)(13,081)

277,597

172,197

810,885

16,371

1,263,970(17,562)

1,246,408

Segment assets

299,669

4,143,287

761,520686,271

28,5695,919,317

342,987

6,262,304

15,287

133,605

22,596

114,969

5,173

291,631929

292,560

–

–

2,010

–

–

2,010

6,952

8,963

–

594,988

58,4962,541–

656,026

2,735

658,762

13,153

101,269

98,76771,455

21,606306,2528,617

314,870

Total

Net sales
Sales to third parties
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

Notes: 1. (1) Adjustments of segment income (loss) of ¥17,562 million are corporate expenses. Corporate expenses are mainly amortization of goodwill andgeneral administrative expenses that are not allocated to a reportable segment.
(2) Adjustments of segment assets of ¥342,987 million include elimination of inter-segment transactions of ¥(19) million and corporate assets of¥343,006 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 ¥929 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 a reportable segment.
(5) Adjustments of investment to affiliates accounted for by the equity method of ¥2,735 million consist of investment to affiliates accounted for by theequity method not attributable to a reportable segment.
(6) Adjustments of increase of tangible fixed assets and intangible assets of ¥8,617 million consist mainly of capital expenditure to corporate assets.
2. Segment income (loss) is reconciled with operating income on the consolidated statement of income.

- 16 -

(Relative information)
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

UAE

1,683,503

Other326,453

Total
33,4502,259,849

3. Information by major customer
None
For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)
1. Products and service information(Millions of yen)
Crude oil
Sales to third parties

1,778,662

Natural gas(excluding LPG)
521,676

LPG

Other

3,469

20,851

Total
2,324,660

2. Geographical information(1) Sales(Millions of yen)
Asia & Oceania(excluding China)Japan
908,073China

704,674

Other
346,209

Total
365,701

2,324,660

Note: Sales by geographical area is determined based upon the final destination and customer.

(2) Tangible fixed assets(Millions of yen)Japan

Australia
220,634

UAE

1,847,957

Other
306,125

3. Information by major customer
None- 17 -

Total
98,401

2,473,118

(Information on impairment loss from fixed assets by reportable segment)
For the year ended December 31, 2021 (January 1, 2021 through December 31, 2021)(Millions of yen)
Reportable segments
Asia &
OceaniaJapan
Impairment loss–

Eurasia
East Americas(Europe Middle&
Africa& NIS)

14,170–––Eliminationsand other

Total
14,170–Total

14,170For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)(Millions of yen)
Reportable segments
Asia &
OceaniaJapan
Impairment loss–

Eurasia
East(Europe Middle& Africa Americas& NIS)–––

25,799Eliminationsand other

Total
25,799–

Total

25,799(Information on amortization of goodwill and unamortized balance by reportable segment)
For the year ended December 31, 2021 (January 1, 2021 through December 31, 2021)(Millions of yen)
Reportable segments
Asia &
OceaniaJapan
Balance as of December 31,
2021–

Eurasia
East(Europe Middle& Africa Americas& NIS)

–

–

–

Total

–

–

Eliminationsand other
*1

Total

29,55029,550Notes: 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.

For the year ended December 31, 2022 (January 1, 2022 through December 31, 2022)(Millions of yen)
Reportable segments
Asia &
OceaniaJapan
Balance as of December 31,
2022–

Eurasia
East(Europe Middle& Africa Americas& NIS)
17,735––

Notes: 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.

(Information on negative goodwill by reportable segment)
None- 18 -–

Total

Eliminationsand other
*1

Total

17,735

22,59740,332

(Per Share Information)
Net assets excluding non-controlling interests per share, net income per share and the calculation basis are as follows:
For the year ended
December 31, 2021
(1) Net assets excluding non-controlling interests per share

For the year ended
December 31, 2022

¥2,253.17
For the year ended
December 31, 2021

(2) Net income per share¥2,891.93
For the year ended
December 31, 2022

¥153.87¥320.69

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

223,048438,276

Amount not attributable to common shareholders (Millions of
yen)

0

0

(of which Net income attributable to owners of parent related
to Class A stock (Millions of yen))

(0)

(0)

223,048438,276

1,449,617,608

1,366,647,207(Calculation basis)

Net income attributable to owners of parent related tocommon shareholders (Millions of yen)
Average number of common stock (shares)
Notes:

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 theend of the period. Additionally, in computing net income per share, above shares of the Company are included in the treasury stock to be deductedfrom the average number of shares during the period. The numbers of shares of treasury stock deducted from the total number of shares issued at theend of the period in computing net assets excluding non-controlling interests per share were 149,593 shares and 910,363 shares as of December 31,
2021 and 2022 respectively. The numbers of shares of treasury stock deducted from the average number of shares during the period in computing net
income per share were 150,738 shares and 603,363 shares for the year ended December 31, 2021 and 2022 respectively.

(Significant Subsequent Events)
None- 19 -

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

For the year ended
December 31, 2021

Category
Crude oil

1.1 MMbbls(2.9 Mbbls per day)

1.0 MMbbls(2.6 Mbbls per day)Natural gas

40.2 Bcf(110.2 MMcf per day)

36.8 Bcf(100.9 MMcf per day)Japan

8.6 MMboe

Subtotal(23.6 Mboe per day)

IodineAsia & Oceania

Electric power generation

207.6 million kWh

199.3 million kWh

Crude oil18.8 MMbbls(51.6 Mbbls per day)16.5 MMbbls(45.3 Mbbls per day)

397.5 Bcf

Natural gas(1,088.9 MMcf per day)95.6 MMboe

90.3 MMboe(261.9 Mboe per day)(247.4 Mboe per day)

392.4 million kWh425.4 million kWh
23.4 MMbbls(64.2 Mbbls per day)Natural gas

9.6 Bcf(26.4 MMcf per day)19.6 Bcf(53.7 MMcf per day)Subtotal

20.0 MMboe(54.8 Mboe per day)26.9 MMboe(73.8 Mboe per day)Sulfur–313.2million kWh

94.0 Mtons

61.1 Mtons

Crude oil84.3 MMbbls(230.9 Mbbls per day)

98.8 MMbbls(270.6 Mbbls per day)

Crude oil

2.9 MMbbls(8.1 Mbbls per day)

2.7 MMbbls(7.5 Mbbls per day)

9.4 Bcf

Natural gas(25.8 MMcf per day)
4.8 MMboe

Subtotal

Total(1,048.3 MMcf per day)18.3 MMbbls

Electric power generation

Americas382.6 Bcf

(50.1 Mbbls per day)

Crude oil

Middle East & Africa(21.0 Mboe per day)559.1tElectric power generation(Europe & NIS)

7.7 MMboe

556.5tSubtotal

Eurasia

For the year ended
December 31, 2022

3.1 Bcf(8.6 MMcf per day)
3.4 MMboe(13.0 Mboe per day)(9.4 Mboe per day)

Crude oil

125.4 MMbbls(343.5 Mbbls per day)

142.5 MMbbls(390.3 Mbbls per day)Natural gas

456.7 Bcf
(1,251.3 MMcf per day)

442.2 Bcf
(1,211.5 MMcf per day)Subtotal
IodineElectric power generation
Sulfur

213.3 MMboe

227.1 MMboe(584.3 Mboe per day)(622.2 Mboe per day)556.5t559.1t600.0 million kWh

937.9 million kWh

94.0 Mtons

61.1 Mtons

Notes: 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.

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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 136.1 MMbbls (373.0 Mbbls perday) 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 the year ended December 31,
2021, and 153.2 MMbbls (419.6 Mbbls per day) of crude oil, 452.7 Bcf (1,240.3 MMcf per day) of natural gas, and in total 239.7 MMboe (656.6 Mboe
per day) for the year ended December 31, 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.

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

Category

For the year ended
December 31, 2021

For the year ended
December 31, 2022

Net salesJapan

Asia & Oceania

Eurasia(Europe & NIS)

Middle East & Africa
AmericasTotal

Net sales

Crude oil

4,350

5,989

Natural gas(excluding LPG)

107,516

182,043

LPG

20

5

Other

18,20519,043

Subtotal

130,092

207,082

Crude oil

143,470

212,815Natural gas(excluding LPG)

204,577

293,868

LPG

6,871

3,463

Subtotal

354,919

510,147

Crude oil

117,604

275,154

Natural gas(excluding LPG)

(1,034)

43,840

Other

389

1,807

Subtotal

116,959

320,803

Crude oil

618,158

1,252,913

Crude oil

21,616

31,788

2,623

1,924

Natural gas(excluding LPG)
Subtotal

24,24033,712

Crude oil

905,199

1,778,662

Natural gas(excluding LPG)

313,684

521,676

LPG

6,891

3,469

Other

18,59420,851Total

1,244,369

2,324,660- 22 -