Support Material

Financial Results for the nine months ended September 30, 2022
November 8, 2022

Cautionary Statement
This presentation includes forward-looking information that reflects the plans and expectationsof the Company. Such forward-looking information is based on the current assumptions andjudgments 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 otherfactors may cause the Company’s performance, achievements or financial position to bematerially different from any future results, performance, achievements or financial position
expressed or implied by such forward-looking information. Such risks, uncertainties and otherfactors include, without limitation:
 Price volatility and change in demand in crude oil and natural gas
 Foreign exchange rate volatility
 Change in costs and other expenses pertaining to exploration, development andproduction
The Company undertakes no obligation to publicly update or revise the disclosure of
information in this presentation (including forward-looking information) after the date of thispresentation.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

1

Subsidiaries and Affiliates
67 Consolidated Subsidiaries
Major Subsidiaries

Country / Region

Ownership

Phase

Accounting Term

INPEX Sahul, Ltd.

Timor-Leste

100%

Production

December

INPEX Ichthys Pty Ltd

Australia

100%

Production

December

INPEX Oil & Gas Australia Pty Ltd

Australia

100%

Production

December

INPEX Southwest Caspian Sea, Ltd.

Azerbaijan

51%

Production

December

INPEX North Caspian Sea, Ltd.

Kazakhstan

51%

Production

DecemberJapan Oil Development Co., Ltd.

UAE

100%

Production

December

JODCO Onshore Limited

UAE

65.76%

Production

December

JODCO Lower Zakum Limited

UAE

100%

Production

December

INPEX Eagle Ford, LLC

United States

100%

Production

December

INPEX Idemitsu Norge AS

Norway50.5%

Production

December

Ownership

Phase

Accounting Term

22 Equity Method Affiliates
Major Equity Method Affiliates

Country / Region

Ichthys LNG Pty Ltd

Australia

66.245%

Production

December

MI Berau B.V.

Indonesia

44%

Production

December

Copyright © 2022 INPEX CORPORATION. All rights reserved.

2

Highlights of the Consolidated Financial Results
for the nine months ended September 30, 2022

3Q FY2021(Jan - Sept ’21)

3Q FY2022(Jan - Sept ’22)

Change% Change

849.2

1,698.7

849.5

100.0%

Crude oil sales

621.3

1,318.3

697.0

112.2%Natural gas sales (including LPG)

216.0

365.1

149.0

69.0%

Others

11.8

15.2

3.4

28.9%

Operating income (Billions of yen)

402.3

915.8

513.5

127.6%

Ordinary income (Billions of yen)

427.2

1,027.6

600.3

140.5%Net income attributable toowners of parent (Billions of yen)

137.7

267.4

129.7

94.2%

Net income per share* (Yen)

94.32

193.6699.34

105.3%

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

67.97

102.48Average exchange rate (¥/$)

108.58128.30Net sales(Billions of yen)

34.51
50.8%
19.72yen
18.2%
depreciation depreciation* Average number of INPEX shares issued and outstanding during the nine months ended September 30, 2022: 1,380,953,337

Copyright © 2022 INPEX CORPORATION. All rights reserved.

3

Net Sales by Product Type
3Q FY2021(Jan - Sept ’21)

Crude OilNatural Gas(excluding LPG)

Change% Change

Net sales (Billions of yen)621.3

1,318.3

697.0

112.2%

Sales volume (thousand bbl)

87,148102,921

15,773

18.1%

65.59

99.83

34.24

52.2%

47,37863,28015,902

33.6%

Average exchange rate (¥/$)

108.66128.4319.77yendepreciation

18.2%
depreciation

Net sales (Billions of yen)

210.2

362.2

151.9

72.3%

Sales volume (million cf)

338,904

322,299(16,605)(4.9%)

4.55

7.14

2.59

56.9%

42.56

75.04

32.48

76.3%

108.78127.7718.99yendepreciation

17.5%
depreciation

Net sales (Billions of yen)

5.7

2.8

(2.9)

(50.6%)

Sales volume (thousand bbl)

685

69

(615)

(89.9%)

59.13

66.18

7.05

11.9%

80.14

108.93

28.79

35.9%

108.79126.3717.58yendepreciation

16.2%
depreciation

Average unit sales price ofoverseas sales ($/bbl)
Average unit sales price ofdomestic sales (¥/kl)

Average unit sales price ofoverseas sales ($/thousand cf)
Average unit sales price ofdomestic sales (¥/m3)
Average exchange rate (¥/$)

LPG

3Q FY2022(Jan - Sept ’22)

Average unit sales price ofoverseas production ($/bbl)
Average unit sales price ofdomestic production (¥/kg)
Average exchange rate (¥/$)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

4

3Q FY2022 Analysis of Net Sales Increase(Billions of Yen)

Crude OilNatural Gas (including LPG)

Crude OilNatural Gas (including LPG)

Crude OilNatural Gas (including LPG)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

+202.2+35.6+382.3+129.2+112.4(15.8)

5

Statement of Income(Billions of Yen)

3Q FY2021(Jan - Sept ’21)

3Q FY2022(Jan - Sept ’22)

Change% Change

Net sales

849.2

1,698.7

849.5

100.0%

Cost of sales

385.5

681.3

295.8

76.7%

Gross profit

463.6

1,017.3

553.7

119.4%

Exploration expenses

4.0

23.1

19.1

473.3%

Selling, general andadministrative expenses

57.2

78.3

21.0

36.8%

Operating income

402.3

915.8

513.5

127.6%

Other income

63.9

224.8

160.8

251.3%

Other expenses

39.1

113.0

73.9

189.1%

Ordinary income

427.2

1,027.6

600.3

140.5%

－

18.2

18.2

－

299.4

750.8

451.3

150.7%

Extraordinary loss (Impairment loss)
Total income taxes
Net income (loss) attributable tonon-controlling interests

(9.8)

(8.8)

1.0

(10.4%)Net income attributable to owners ofparent

137.7

267.4

129.7

94.2%

Increase in sales volume :+96.5

Increase in unit sales price :+511.6

Exchange rate:+237.8Others :+3.4

Cost of sales for Crude Oil:
(Change)465.6+209.9

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

207.7
+87.3

*1 Including LPG

Main factors for change :Interest income+14.1

Equity in earnings of affiliates+116.9Main factors for change :Modification loss on financial assets*2 +83.3
Interest paid

+9.1

Foreign exchange loss

(8.8)

*2 In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the loss wasrecognized due to modification of financial assets that do not result in derecognition. It includes the loss incurred from transactions with affiliated companies. Adjusted
for equity in earnings of affiliates and tax effect accounting, the impact to consolidated net income was (20.6).
Copyright © 2022 INPEX CORPORATION. All rights reserved.

6

Other Income and Expenses(Billions of Yen)

3Q FY2021(Jan - Sept ’21)

3Q FY2022(Jan - Sept ’22)

Change% Change

Other income

63.9

224.8

160.8

251.3%

Interest income

22.2

36.3

14.1

63.4%

Dividend income

5.3

8.5

3.2

61.9%

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

2.8

119.7

116.9

－

7.2

7.6

0.4

6.3%

-

9.0

9.0

－

Other

26.3

43.3

16.9

64.5%

Other expenses

39.1

113.0

73.9

189.1%

Interest expense

10.3

19.5

9.1

88.5%

Foreign exchange loss

8.8

-

(8.8)

(100.0%)

-

83.3

83.3

－

19.8

10.2

(9.6)

(48.6%)

Modification loss on financial assets
Other

Copyright © 2022 INPEX CORPORATION. All rights reserved.

7

3Q FY2022
Analysis of Net income attributable to owners of parent(Billions of Yen)

+129.7

Copyright © 2022 INPEX CORPORATION. All rights reserved.

8Balance Sheet(Billions of yen)

As of
As of
December 31, 2021 September 30, 2022

Change% Change

Summary of financial information for
Ichthys downstream JV (100% basis the Company equity share is 66.245%)(Billions of yen)
• Current assets :251.9• Fixed assets :4,627.9• Total assets:
4,879.9*Fixed Assets include interest expenses
for qualified assets under theaccounting standards as well as
investments before FID.

518.8

834.8

316.0

60.9%

2,259.8

2,738.5

478.7

21.2%

Intangible assets

446.6

508.2

61.5

13.8%

Recoverable accounts under
production sharing

548.1

530.5

(17.6)(3.2%)

1,446.5

2,281.8

835.3

57.7%

(61.8)(53.5)

8.2(13.4%)The total of interest-bearing debt is 1.5
trillion yen.

5,158.1

6,840.5

1,682.3

32.6%

Current liabilities

348.8

711.3

362.4

103.9%

Long-term liabilities

1,462.8

1,938.6

475.7

32.5%

Adding the off-balanced net interestbearing debt of Ichthys downstream JV
brings the total of INPEX net loans tobe 2.0 trillion yen (as of Sept 2022).

Total net assets

3,346.4

4,190.5

844.1

25.2%

(Non-controlling interests)

222.3

242.7

20.3

9.2%

Total liabilities and net assets

5,158.1

6,840.5

1,682.3

32.6%

Net assets per share (Yen)2,253.17

2,926.37

673.2029.9%

Current assets
Tangible fixed assets

Other
Less allowance for recoverable
accounts under production sharing
Total assets

Copyright © 2022 INPEX CORPORATION. All rights reserved.

(Billions of yen)
Total shareholders’ equity: +130.3
Accumulated other comprehensive
income :+693.3• Unrealized gain (loss) fromhedging instruments:+51.7• Translation adjustments: +638.3

9

Revisions of Financial Forecasts
for the year ending December 31, 2022

 Assumptions

1st half (Jan-Jun)

2nd half (Jul-Dec)

Full year

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

104.9

85.1

95.0

Exchange rate (yen/US$)

123.2

126.9

125.0

1st half (Jan-Jun)

2nd half (Jul-Dec)

Full year

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

104.9

91.4

98.1

Exchange rate (yen/US$)

123.2

139.1

131.1

(August 8, 2022)(November 8, 2022)

 Financial Forecasts for the year ending December 31, 2022
Previous forecasts
as of August 8, 2022

Revised forecasts
as of November 8, 2022

Change% Change

Net sales (billions of yen)

2,182.0

2,302.0

120.0

5.5%

Operating income (billions of yen)

1,133.0

1,241.0

108.0

9.5%

Ordinary income (billions of yen)

1,255.0

1,370.0

115.0

9.2%

350.0

400.0

50.0

14.3%

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

 Dividend per share
At 2nd quarter end

At fiscal year end (forecast)

Total (forecast)¥30.00¥30.00¥60.00

Copyright © 2022 INPEX CORPORATION. All rights reserved.

10

FY2022 Financial Forecasts
Analysis of Net Income(Billions of Yen)
500
450

33.3

400

13.4

17.2

350
300

150

(18.3)(8.2)

Exchange Rate (yen/US$)
Aug 8 Forecast 125.0
Nov 8 Forecast 131.1

250
200

(0.2)

12.8

350.0

Crude Oil Price (Brent) （US$/bbl）
Aug 8 Forecast 95.0
Nov 8 Forecast 98.1

400.0

100
50
0

FY2022
Net income(Previous
forecasts
as of August 8,
2022)

Impact fromcrude oil priceImpact fromexchange rate

Copyright © 2022 INPEX CORPORATION. All rights reserved.

Increase in
exploration
expensesProfit related Impairment loss
from the sale of on EagleFord
Lucius

Production
issuesin certain
projects

Others

FY2022
Net income(Revised
forecasts
as of Nov 8,
2022)
11

FY2022 Cash Flow Forecast *(Billions of Yen)

Previous forecasts
as of August 8, 2022

Revised forecasts
as of November 8, 2022

Development expenditure (Oil & Gas Business)

309.0

306.0

△3.0

Development expenditure (5 Net Zero Businesses)

120.0

123.0

3.0

Exploration expenditure

350.0

35.0

0

Divestment etc.

△24.0

△56.0

△32.0

Growth Investment

440.0

408.0

△32.0

Others (purchase and disposal of investment securities etc.)

10.0

△23.0

△33.0

Cash Flow from Investment (inclusive of exploration investment)

450.0

385.0

△65.0

Change(Billions of Yen)

Approx.
385
Approx.
990

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

12Appendix

Net Production (January to September 2022)
Oil, Condensate and LPG
2% 1%

3
8

Oil and Gas Total
612 thousand BOE/day

389 thousand BOE/day

11%

44
16%

2% 3%

Japan
Asia/Oceania

64
270

11 21

Eurasia (Europe/NIS)
Middle East/Africa

70%

Americas44%

Natural Gas
4%

1%

9%

9
49 102

39%

270

238

1,163 million cf/day(223 thousand BOE/day)
72
Japan
Asia/Oceania

1,003

86%

Eurasia (Europe/NIS)
Americas

12%
Japan

Asia/Oceania

Middle East/Africa

AmericasEurasia (Europe/NIS)* The production volume under the production sharing contracts corresponds to the net economic take of the INPEX Group.
* Revised net production volume outlook for FY2022: 618 thousand BOE/day (Outlook at the beginning of FY2022: 608 thousand BOE/day, outlook at the end of Q2: 619 thousand BOE/day)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

14

Historical Crude Oil Prices(US$/bbl)

Brent

130

WTI

120

Dubai

110
100
90
80
70
60
50
40
30
20
10
0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2020

Brent
WTI
Dubai

Jan
85.57
82.98
83.46

Feb
94.10
91.63
92.34

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2021

Mar
112.46108.26110.89Copyright © 2022 INPEX CORPORATION. All rights reserved.

Apr105.92101.64102.792022
May111.96109.26108.13Jun
117.50114.34113.24

Mar

Apr

May

Jun

Jul

Aug

Sep

2022

Jul
105.12
99.38
103.12

Aug
97.74
91.48
96.60

Sep
90.57
83.80
90.91

Average
1Q-3Q
102.33
98.09
100.1615

INPEX VISION @2022
Long-term Strategy (1)INPEX will transform net zero carbon from an ideal to reality.

Invest up to about 1 trillion JPY in the 5 net zero businesses and aim for thesebusinesses to generate about 10% of operating cash flow1 by 2030

［ 9 years between 2022 and 2030 ］
Revenue

Expenditure
Debt reduction
Maintain a strong
financial position
Shareholder returns
Adequate shareholder returns

Operating CF
before exploration
Approx.

5-6T JPY

2

5 net zero businesses
Achieve commercializationand establish a strong position(Maximize use of government
support and collaboration withindustry, academia andgovernment, etc.)

2030
Reduce net carbon
intensity by
30% or more

Growthinvestment
Approx.

3.8-4.4T JPY2

Promote investment forsustainable growth
Including 0.7-1T JPY2
for 5 net zerobusinesses

Oil & gas business
Maintain and expand
stable supply
Strengthen and expand the businessas a revenue base while making it
cleaner through CCUS, etc.

Build awell-balanced
portfolio

1 Operating Cash flow before exploration (including Ichthys LNG Pty Ltd, the Ichthys Downstream Incorporated Joint Venture). Cash flow from renewable energy business is estimated based on equity operating cash flow.
2 Estimates based on the assumption of a Brent oil price of 60-70 USD per barrel

Copyright © 2022 INPEX CORPORATION. All rights reserved.

16

INPEX VISION @2022
Long-term Strategy (2)AroundMedium-termbusiness plan period
HydrogenAmmonia

CCUS

RenewableenergyMethanation

Forestconservation

Kashiwazaki
demonstration project

700t/year

Kashiwazaki demonstration
project, etc.

6Kt/year

Renewable power
generating capacity

500MW

Domestic technology
development business

400N㎥/h

REDD+ project3

1.5MMt

GHG intensity
reduction by

10% or more

2030

Approx.
150 times

Approx.
400 times

Approx.
2-4 times

Approx.
25 times

Project
participation

Commercialization of
3 or more projects

Supply of approx.
10% of domestic
demand100Kt/year1CO₂ injection

2.5MMtper year

Scale up

Renewable power
generating capacity

10K N㎥/h

Around 2035

Expansion(60Kt/year)

Carbon credit acquisition

2MMt

per year

Monetization as
CCUS business

Future production ofgreen hydrogen2

1-2GW

Production business scale

2050

Production business scale

60K N㎥/h(360Kt/year)

Expansion

Expanded sustainable
forest conservation
business

Sustained
efforts

Expandedstable supply ofclean oil & gas

GHG intensity reduction by
Making thebusiness cleaner

Oil & gas

30% or more(vs. 2019)

Investment ratio for gas business
Investment ratio
for gas businessApprox. 50%

Around 10% of
operating CF

Approx. 70%

Gas shift

Reinforced trading functions4
LNG handling volume

Approx. 10MMt

All figures based on INPEX equity portion

1 Ammonia volume shown in hydrogen equivalent
2 Hydrogen that is produced by splitting water using electricity generated from renewable energy
3 Concept defined at the 2010 United Nations Climate Change Conference that augments REDD (Reducing Emissions from Deforestation and forest Degradation) with the active preventionof forest degradation through forest management and enhancement of carbon stocks through forestation. 4:Inclusive of midstream and downstream business, etc.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

17

INPEX VISION @2022
Mid-term Business Plan 2022-2024 (1)Accelerate efforts to realize “Vision for around 2030”
5 net zero businesses▶ Steadfastly implement demonstration
and research activities▶ Prepare for full-scale investment(p.17)

Oil and gas business▶ Safely and stably operatebusinesses▶ Contribute to the stable supply ofenergy and secure revenue andcash flow

Resilient management framework
Build financial strength to prepare for
future investments and risks andimprove stakeholder returns
Strengthen R&D and reinforce
organizational structure, etc.

▶
▶

Business Targets

Management Targets
Index

Targets for FY 2024 1
Brent USD60 basis

Net income
attributable to ownersof parent

170 billion JPY

Operating CF before
exploration2

600 billion JPY

ROEAround 6.0%

Net debt/equity ratio2

Brent USD70 basis

240 billion JPY
700 billion JPY
Around 8.0％

50% or less

1 Exchange rate assumption: 110 JPY/USD
2 Includes Ichthys downstream Incorporated Joint Venture and differs from financial accounting basis

Copyright © 2022 INPEX CORPORATION. All rights reserved.

Index

Targets for FY 2024

Net production
volumeLevel exceeding 700 thousand BOED

Production cost per
barrelReduction towards 5 USD per barrel or below

Net carbon intensity3

Reduction of 10% (4.1kg/boe) or more
over a 3-year period towards 2030 target4

SafetyZero major accidents

3 Net carbon intensity = (equity share emissions volume (Scope 1＋2) - offset) / net production volume
4 Reduction of 2019 net carbon intensity (41.1kg/boe) by over 30%

18

INPEX VISION @2022
Mid-term Business Plan 2022-2024 (2)Cash Allocation◦(for a 3-year period between
2022-2024)(Assumptions: Inclusive of
the Ichthys downstream IJV,
110 JPY/USD exchange
rate)

Pursue debt reduction of about 500B JPY and achieve a net interest-bearing
debt level * of about 1.5T JPY.

→Aim for a net D/E ratio of 50% or less* and establish a robust financial base◦

Aim for annual returns of 60B JPY or more based on 170B JPY net profit
level, in line with the shareholder returns policy.

◦

Of which about 900B JPY allocated to oil and gas business.
Secure level required to sustain stable supply as a key business.
Of which about 200B JPY allocated to 5 net zero businesses.
To accelerate business, raise investment in 5 net zero businesses to about
20% of total.

◦
5 net zero businesses
About 200B JPY◦◦

Operating cash flow to further increase by about 300B JPY at a 70 USD/barrel
oil price.
To be used strategically and comprehensively considering business strategy
progress, shareholder returns and financial base, etc.

* Includes Ichthys downstream Incorporated Joint Venture and differs from financial accounting basis

Shareholder Returns
Strengthen shareholder returns in accordance with growthin financial performance, with stable dividends as a basis•

Aim for total payout ratio of around 40% or greater•

Implement share buybacks based on business environment,
financial base and management conditions, etc.

•

Set minimum annual dividend per share of 30 JPY even in caseof short-term deterioration of business environment, etc.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

19

Climate Change Goals
 INPEX has set its own goals to contribute to realizing a net zero carbon society as
outlined in the Paris Agreement.

2050

2030

Scope 3NET ZERO*1

30% OR MORE*2

REDUCTION

in absolute emissions(Scope 1+2)

reduction of net carbon intensity(Scope 1+2)

*1 on INPEX equity share basis*2 in comparison with 2019

work together withall relevant stakeholders toaddress challenges
across the value chains

TO ACHIEVE THESE GOALS INPEX WILL…
Promote CCUS;
Strengthen renewable energy initiatives;
Promote forest conservation for CO2 absorption;
Maintain current low methane emissions intensity of approximately 0.1%*3 (calculated by methane
emissions / natural gas production); andAim to eliminate routine flaring by 2030.*3*3: in INPEX-operated projects

PROMOTE THE ONGOING DISCLOSURE OF CLIMATE-RELATED INFORMATION IN LINE WITH TCFD RECOMMENDATIONS.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

20