Financial Results
for the year ended December 31, 2023
based on International Financial Reporting Standards (IFRS)INPEX CORPORATION (Securities Code:1605)
March 27, 2024

Cautionary Statement
This presentation includes forward-looking information that reflects the plans and expectations of the Company. Such forward-looking
information is based on the current assumptions and judgments of the Company in light of the information currently available to it, andinvolves known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Company’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 in this presentation (including forwardlooking information) after the date of this presentation.

1

Background for Voluntary Adoption of IFRSINPEX has adopted International Financial Reporting Standards (IFRS) to:
１．Facilitate international comparability of financial information
 Many global companies including major international oil companies (IOCs) have adopted IFRS. INPEX’s adoptionof IFRS facilitates the comparability of its financial information with that of global companies and helps improve
convenience for stakeholders, including investors and analysts.
２．Improve the INPEX Group’s business management through standardized accounting procedures Ichthys local entities, which account for the majority of INPEX’s financial performance, and other overseas
subsidiaries and affiliates already adopt IFRS. Extending the adoption of IFRS to Japanese entities is expected tohelp improve the INPEX Group’s business management through efficient financial reporting under unified
account standards and fair performance evaluation.

2

Highlights of the Consolidated Financial Results for the year ended December 31, 2023
FY2022(actual)FY2023(actual)Change(JGAAP)
FY2023(actual)% Change

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

99.04

82.17

(16.87)(17.0%)

82.17

Average exchange rate (¥/$)

131.64140.669.02yendepreciation

6.9%
depreciation

140.66

Revenue (Billions of yen)

2,316.0

2,164.5(151.5)(6.5%)

2,165.7

Operating profit (Billions of yen)

1,503.6

1,114.1(389.4)(25.9%)

1,121.8

Profit before tax (Billions of yen)

1,445.3

1,253.3(191.9)(13.3%)

1,261.4

Profit attributable to owners of parent (Billions of yen)

498.4

321.7

(176.7)(35.5%)

371.5

Net income per share*1 (Yen)364.73248.55(116.18)(31.9%)

287.05Net debt*2 (Billions of yen)

1,734.9

1,319.9(415.0)(23.9%)

1,320.2

Net debt / equity ratio*2 (%)

45.6

31.4

(14.2)

-

31.9

*1

Average number of INPEX shares issued and outstanding during the year ended December 31, 2022: 1,366,647,207 shares
Average number of INPEX shares issued and outstanding during the year ended December 31, 2023: 1,294,325,142 shares*2

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

3Analysis of Profit (FY2022 IFRS vs. FY2023 IFRS)(176.7)(Billions of yen)

Business activities factors*2 (21.7)

One-off factors*3 (155.0)
・FY2022: +75.6
Transition to group tax sharing system,
Tax effect on loss on valuation of investments in subsidiaries,
Tax effect on change in abandonment expenses estimates, etc.
・FY2023: +6.4
Tax effect on change in abandonment expenses estimates, etc.

498.4

・FY2022: +40.7
Divestment gain of Lucius, etc.
・FY2023: +3.4

Decrease in tax expense due to lower crude oil sales and income, etc.

FY2022
Decrease in
ProfitRevenue
attributable to*1owners of parent

Decrease in
Cost of sales

Increase in
Exploration
expenses andSG&A

・FY2022: +11.8
Abu Dhabi PJ, etc.
・FY2023: (15.8)
Australian PJ, etc.

・FY2022: (74.6)
Eagle Ford, North Caspian Sea, ACG, etc.
・FY2023: (88.5)
Prelude, renewable energy PJ, etc.

・Increase in sales volume: +36.5(Crude oil: (1.2), Natural gas: +37.7)
・Decrease in unit price: (316.7)(Crude oil: (268.5), Natural gas: (48.1))
・Exchange rate: +128.4(Crude oil: +105.6, Natural gas: +22.8)

・FY2022: (36.0)
・FY2023: (5.8)

321.7

Since the measures to reduce foreign exchange risks inconsideration of IFRS had not been taken, foreign exchange gain
is recognized in FY2022 for the depreciation of the yen.

Other income(expenses)

Income tax
expenseImpairment
loss

Divestment

Abandonment
expenses*1 For the convenience of analyzing factors that cause changes in profit attributable to owners of parent, the items in the Consolidated Statements of Profit or Loss are rearranged and aggregated.
*2 With regard to business activities factors, impacts to Income tax expense are listed separately, and impacts to Profit attributable to non-controlling interests are included in Other income (expenses).
*3 With regard to one-off factors, impact to tax expense and profit attributable to non-controlling interests are included in each item.

Tax

Foreignexchange
gain (loss)

Revaluationof financial
assets

FY2023
Profitattributable toowners of parent*1

4

Analysis of Profit (FY2023 JGAAP vs. FY2023 IFRS)(49.8)(Billions of yen)

Business activities factors*2 +6.0
Exploration costs are partially capitalized byadopting the successful efforts method

Goodwill is not amortized under IFRS

One-off factors*2 (55.8)
・Increase in impairment loss due to the differences in accounting standards: (25.4)
Prelude, renewable energy PJ, etc.
・Abandonment expenses: +5.3
Australian PJ, etc.
Differences in timing of recognizing foreign exchange gain
for the withdrawal from U.S. and Angola PJ, etc.*3

Mainly due torecognition timing
differences

Total (39.7)

371.5

JGAAP
Net income
attributable toowners of parent*1

Transition to the group tax sharing system, etc.
JGAAP: Recognized in FY2023
IFRS: Recognized in FY2022

Production-related
costs and impact of
their foreignexchange gain, etc.

Decrease in
Exploration
expenses

Absence ofamortization of
goodwillTax expense(business activities)

Impairment loss,
etc.

Absence of
foreign exchange gain

*1 For the convenience of analyzing factors that cause changes in profit attributable to owners of parent, the items in the Consolidated Statements of Profit or Loss are rearranged and aggregated.
*2 Impacts to Income tax expense are listed separately, and impacts to Profit attributable to non-controlling interests are included in each item.
*3 With regard to the divestment of U.S. and Angola PJ, the translation differences are recognized as foreign exchange gain in FY2022 under IFRS and in FY2023 under JGAAP.

321.7

Tax expense(one-off)

OthersIFRS
Profit attributable toowners of parent*1

5

Sales by Product
FY2022

Crude OilNatural Gas(excluding LPG)

LPG

* 1m3=41.8605MJ

FY2023

Change% Change

Net sales (Billions of yen)

1,772.0

1,607.9(164.1)(9.3%)

Sales volume (thousand bbl)

138,118

138,024(94)(0.1%)

Average unit price of overseas sales ($/bbl)

97.64

82.83

Average exchange rate (¥/$)

131.41140.68Net sales (Billions of yen)

519.8

527.8

(14.81)
9.27yendepreciation
8.0(15.2%)
7.1%
depreciation
1.5%

Sales volume (million cf)
Average unit price of overseas sales($/thousand cf)
Average unit price of domestic sales (¥/m3)

442,389

479,81437,425

8.5%

6.87

5.62

(1.25)(18.2%)

81.98

90.08

Average exchange rate (¥/$)

132.11140.20Net sales (Billions of yen)

3.5

7.9

8.10
8.09yendepreciation
4.3

9.9%
6.1%
depreciation
122.1%

Sales volume (thousand bbl)

109

452

343

315.2%

Average unit price of overseas sales ($/bbl)

64.20

46.68

Average exchange rate (¥/$)

131.64140.72(17.52)
9.08yendepreciation(27.3%)
6.9%
depreciation
6

Consolidated Financial Forecasts for the year ending December 31, 2024
Full year

FY2023(actual)FY2024(forecast)

Change% Change

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

82.17

73.0

(9.17)(11.2%)

Average exchange rate (¥/$)

140.66138.0

2.66yenappreciation

1.9%
appreciation

Revenue (Billions of Yen)

2,164.5

1,931.0(233.5)(10.8%)

Operating profit (Billions of Yen)

1,114.1

1,010.0(104.1)(9.4%)

Profit before tax (Billions of Yen)

1,253.3

1,043.0(210.3)(16.8%)

321.7

330.0

8.2

2.6%

ROIC (%)

8.4

6.8

(1.7)

-

ROE (%)*

8.0

7.7

(0.3)

-

Profit attributable to owners of parent (Billions of Yen)

* ROE for the year ended December 31, 2022 (IFRS basis) is 14.6%.

7

FY2024 Financial Forecasts
Analysis of Profit (FY2023 Actual vs. FY2024 Forecast)Market factors(76.7)(Billions of yen)

Business Activities factors(54.3)

Other factors
139.3

Business Activities factors
Decrease in production of domestic O&G asset andProduction Activities
increase in OPEX of Ichthys
Increase in exploration Increase in exploration activities surrounding Ichthys
field and for Bonaparte CCS
expenseIncrease in G&A
Increase in R&D cost for Hydrogen & Ammonia(49.8)(70.3)(6.4)(15.0)(19.3)

Impact fromexchange
rate

+58.7

+10.0
(20.0)

Market factors
Crude Oil Price (Brent)
82.2 → 73.0
(US$/bbl)
Exchange Rate
140.7 → 138.0(Yen/US$)JGAAP
Difference due to
IFRS
Impact fromFY2023change in
FY2023 Profit
Crude oil
Net Income
accounting attributable to
priceattributable tostandard
owners ofowners of parent
parent

+0.6

+40.0

371.5
321.7

+30.0

Production
activities

Divestments
Taxes

Increase in
exploration
expenseIncrease in
G&A

Divestment

Taxes

Other factors
Partial sell-off of assets in Middle East andSoutheast Asia
Tax Optimization by optimizing subsidiaryorganizational structure

PreludeProject
impairment
loss in FY2023

Other Project
losses in
FY2023

Others330.0

IFRS
FY2024 Profit
attributable toowners ofparent8

FY2024 Financial Forecasts
Cash Flow*(Billions of Yen)FY2023(actual)FY2024(forecast)(Billions of yen)

ChangeCash Flow from Operations
before exploration investment

1,068.7714.0(354.7)

Cash Flow from Investment(inclusive of exploration investment)(578.9)(311.0)267.9

Development expenditure(Oil & Gas Business)(229.6)(485.0)(255.4)Development expenditure(5 Net Zero Business)(78.9)(10.0)

68.9

Exploration expenditure(inclusive of some 5 Net Zero Business)(44.6)(71.0)(26.4)

19.4

13.0

(6.4)

Growth Investment(333.6)(553.0)(219.4)

Others(245.3)

242.0

487.3

489.8

403.0

(86.8)(563.9)(410.0)153.9(190.1)(132.0)

58.1

207.1

200.0

(7.1)

Others(inclusive of sale of interests, etc)

(purchase and disposal of investment securities etc.)

Free Cash Flow
Financial Cash Flow
Shareholder Returns
Cash and cash equivalents at end of year

* Including cashflow of Ichthys LNG Pty Ltd, Ichthys downstream Incorporated Joint Venture, an equity method affiliate.

9

ROIC by Segment
FY2024 Forecast

FY2023 Actual
Adjusted Profit※1（Billions of yen）

Invested Capital
as at Year-End※2

ROIC（％）（Billions of yen）

17.8 O&G Domestic

Adjusted Profit※1（Billions of yen）

20.0

Invested Capital
as at Year-End※2

ROIC（％）（Billions of yen）

231.1

8.5

O&G Domestic

42.7

241.0

O&G Overseas Ichthys

364.6

4,095.6

8.8 O&G Overseas Ichthys

270.5

4,030.7

6.7

113.0

1,371.4

8.1 O&G Overseas Others

145.4

1,351.4

10.7

2.0

139.7

1.5 Others(13.3)

177.2

(7.7)

of which (Renewable Energy Business)

(2.6)

142.7

(2.3) of which (Renewable Energy Business)

(0.6)

151.6

(0.4)

of which (Hydrogen and CCUS Business)

(3.7)

-

- of which (Hydrogen and CCUS Business)(17.3)--

Consolidated financial statements

526.8

6,325.8

8.4 Consolidated financial statements

421.2

6,104.7

6.8

O&G Overseas Others
Others*1 Adjusted profit : Net profit before deduction of Interest payments, Impairment loss etc., Non-controlling shareholder profit/loss*2 Invested capital : The total of capital stock, interest-bearing liabilities as recorded in consolidated financial statements and project finance of the Ichthys downstream IJV

10Appendix

11

Statement of Financial Position(Billions of yen)

December 2022

December 2023

Change% Change

Current assets

758.6

838.4

79.8

10.5%

Non-current assets

5,689.8

5,901.0

211.2

3.7%

(Of which Oil and gas assets)

3,540.5

3,601.5

61.0

1.7%

636.5

751.9

115.3

18.1%

1,279.1

1,306.5

27.3

2.1%

6,448.4

6,739.4

291.0

4.5%

540.7

572.2

31.4

5.8%

Non-current liabilities

1,839.1

1,668.2(170.8)(9.3%)

Equity4,068.5

4,499.0

430.4

10.6%

(Of which Exchange differences on translationof foreign operation)

423.5

694.9

271.4

64.1%

(Of which Non-controlling interests)

261.1

289.9

28.7

11.0%

Total liabilities and equity

6,448.4

6,739.4

291.0

4.5%

Equity attributable to owners of parent
per share (Yen)

2,915.31

3,345.22

429.91

14.7%(Of which Investments accounted for using
equity method)(Of which Loans receivable)
Total assets
Current liabilities

Summary of financial information for Ichthys
downstream JV (100% basis, including theCompany’s equity share 66.245%) is as follows:(Billions of yen)
• Current assets:• Non-current assets*:• Current liabilities:• Non-current liabilities:• Equity:

181.5
4,336.985.9
3,499.4
933.0* Non-current assets include interest expenses which are notincluded in CAPEX, and capitalized costs before FID.

Of which the total of interest-bearing debt is
1,056.9 billion yen.
Adding the off-balanced interest-bearing debt of
the Ichthys downstream IJV brings the total of
INPEX net debt is 1,319.9 billion yen.

12

Statement of Income(Billions of Yen)FY2022

FY2023

Change% Change

Revenue

2,316.0

2,164.5(151.5)(6.5%)

Cost of sales(818.1)(848.0)(29.9)

3.7%

Gross profit

1,497.9

1,316.4(181.5)(12.1%)

Exploration expenses(12.7)(25.9)(13.1)

103.9%

Selling, general and administrative expenses(91.9)(95.7)

(3.7)

4.1%

Other operating income

95.9

25.0

(70.8)(73.9%)

Other operating expenses(151.8)(124.0)27.7(18.3%)

Share of profit (loss) of investments accounted forusing equity method

166.2

18.3

(147.8)(88.9%)

Operating profit

1,503.6

1,114.1(389.4)(25.9%)

Finance income

73.8

217.3

143.4

194.4%

Finance costs(132.1)(78.1)

53.9(40.9%)

Profit before tax

1,445.3

1,253.3(191.9)(13.3%)

Income tax expense(959.4)(920.8)38.6(4.0%)

Profit (loss) attributable to non-controlling interests(12.4)

10.8

23.3

－

Profit attributable to owners of parent

498.4

321.7

(176.7)(35.5%)

Increase in sales volume:+36.5

Decrease in unit price:(316.7)

Exchange rate:+128.4

Others :+0.1

Cost of sales for Crude Oil:
Change:(551.6)(13.5)

Cost of sales for Natural Gas*:
Change:(279.9)(10.6)* Including LPG

Share of profit (loss) of investments accounted forusing equity method decreased due to expense
related to revaluation of financial assets at theIchthys Downstream IJV, an equity-method
affiliate.

13

Other Income and Expenses / Finance Income and Costs(Billions of Yen)FY2022

FY2023

ChangeChange %Other operating income

95.9

25.0

(70.8)(73.9%)

Foreign exchange gain

52.7

－

(52.7)(100.0%)Gain on transfer of participating interests

16.6

－

(16.6)(100.0%)

Other

26.4

25.0

(1.3)

(5.2%)

Other operating expenses(151.8)(124.0)27.7(18.3%)

Impairment loss*1(146.3)(100.8)45.4(31.1%)－(10.7)(10.7)

－

Other

(5.4)

(12.3)(6.9)

125.7%

Finance income

73.8

217.3

143.4

194.4%

Interest Income

64.1

94.4

30.2

47.1%

Dividend income

6.5

4.2

(2.2)

(34.5%)

Gain arising from changes in terms of financial
assets without derecognition and others*2

－

116.5

116.5

－

Other

3.0

2.1

(0.9)

(31.6%)

Finance costs(132.1)(78.1)

53.9(40.9%)

Interest expense(42.3)(74.1)(31.7)

75.0%

Loss arising from changes in terms of financial
assets without derecognition and others*2(85.4)－

85.4(100.0%)

Other

(4.2)

(3.9)

0.2

(7.1%)

Foreign exchange gain

*1
*2

Note

FY2022: Eagle Ford, Offshore North Caspian Sea, ACG, etc.
FY2023: Prelude, etc.

Income related to revaluation of financial assets*2

Expense related to revaluation of financial assets*2

Impairment loss on investments accounted for by the equity method are included in "Share of profit (loss) of investments accounted for using equity method" and are therefore not included in the amount of impairment loss above.
In accordance with International Financial Reporting Standards (IFRS) 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the gain or loss was recognized mainly due to modification of financial assets that do not result in derecognition, revisions toestimated future cash flows of financial assets, and other factors. It includes the gain or 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 minimal.

14

Statement of Cash Flows(Billions of Yen)
Profit before tax

FY2022

FY2023

Change1,445.3

1,253.3(191.9)Depreciation and amortization

306.0

319.6

13.5

Impairment loss

146.3

100.8

(45.4)

Finance costs (income)

58.2(139.1)(197.4)

Share of loss (profit) of investments accounted for using equity method(166.2)(18.3)

147.8

Income taxes paid

(905.5)(836.7)

68.8

Other

(101.9)

108.5

210.5

Net cash provided by (used in) operating activities

782.2

788.1

5.8

Payments for acquisition of exploration and evaluation assets(18.0)(47.9)(29.9)

Payments for acquisition of development and production assets(221.5)(202.6)

18.8

Payments for purchases of investments(78.1)(432.3)(354.2)

Proceeds from sale and redemption of investments

19.8

312.7

292.8

Payments for purchases of investments accounted for using the equity method(68.3)(76.5)(8.1)

Proceeds from sale of investments accounted for using the equity method

27.3

－

(27.3)

Payments for acquisition of subsidiaries(31.4)－

31.4

Long-term loans made / Collection of long-term loans receivables(176.4)

146.1

322.5

11.6

(19.4)(31.1)Net cash provided by (used in) investing activities(535.1)(320.1)

215.0

Net cash provided by (used in) financing activities(246.5)(487.2)(240.6)

Cash and cash equivalents at end of the year

208.2

201.1

(7.0)

Other

15

FY2023Net Sales(Billions of Yen)Japan

Australia &Southeast Asia
Oil & Gas
EuropeAbu Dhabi and others(Middle East, NIS etc.)

Other

Total

Product
Crude OilNatural Gas (excluding LPG)
LPG
Other
Total
Crude OilNatural Gas (excluding LPG)
LPG
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
Other
Total
Crude OilNatural Gas (excluding LPG)
LPG
Other
Total
Crude OilNatural Gas (excluding LPG)
LPG
Other
Total

FY2022

5.9
199.7
0
8.8
214.6
208.5
272.4
0.9
481.8
120.4
42.8
0.2
163.5
1,431.7
2.8
1.2
1,435.8
5.4
1.9
2.6
10.1
20.2
1,772.0
519.8
3.5
20.5
2,316.0

FY2023

4.5
220.8
7.5
232.8
193.2
277.3
2.9
473.5
92.6
26.1
0.2
119
1306.91.8
01308.8
10.5
1.6
4.9
12.9
30.1
1,607.9
527.8
7.9
20.7
2,164.5

Change
(1.4)
21.1
(0.0)
(1.3)
18.2
(15.2)
4.9
2.0
(8.2)
(27.7)(16.7)(0.0)(44.5)(124.7)(1.0)(1.2)(126.9)
5.0
(0.2)
2.3
2.7
9.9
(164.1)8.0
4.3
0.1(151.5)% Change(24.2%)
10.6%(100.0%)(15.6%)
8.5%(7.3%)
1.8%
224.7%(1.7%)(23.0%)(39.1%)(21.3%)(27.2%)(8.7%)(35.8%)(98.5%)(8.8%)
93.1%(12.9%)
87.3%
27.4%
49.2%
(9.3%)
1.5%
122.1%
0.7%(6.5%)

16