Support Material

Financial Results for the six months ended June 30, 2022
August 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

DecemberINPEX 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 six months ended June 30, 2022

2Q FY2021(January - June ’21)

2Q FY2022(January - June ’22)

498.3

1,098.4

600.0

120.4%

Crude oil sales

375.3

843.2

467.8

124.6%Natural gas sales (including LPG)

114.8

244.6

129.7

113.1%

8.2

10.6

2.4

29.7%

Operating income (Billions of yen)

223.6

584.4

360.8

161.3%

Ordinary income (Billions of yen)

219.8

626.1

406.3

184.8%Net income attributable toowners of parent (Billions of yen)

51.9

184.4

132.4

254.9%Net income per share* (Yen)

35.60

133.0697.46

237.8%

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

65.23

104.94

39.71

60.9%

Average exchange rate (¥/$)

107.82123.15

15.33yendepreciation

14.2%
depreciation

Net sales(Billions of yen)

OthersChange% Change* Average number of INPEX shares issued and outstanding during the six months ended June 30, 2022: 1,386,326,951

Copyright © 2022 INPEX CORPORATION. All rights reserved.

3

Crude Oil Sales
2Q FY2021(January - June ’21)

2Q FY2022(January - June ’22)

Net sales (Billions of yen)

375.3

843.2

467.8

124.6%

Sales volume (thousand bbl)

55,45470,956

15,50228.0%

Average unit sales price ofoverseas sales ($/bbl)

62.71

96.29

33.58

53.5%

Average unit sales price ofdomestic sakes (¥/kl)

45,004

81,78436,78081.7%

Average exchange rate (¥/$)

107.92

123.3715.45yendepreciation

14.3%
depreciation

Copyright © 2022 INPEX CORPORATION. All rights reserved.

Change% Change

4Natural Gas Sales (excluding LPG)
2Q FY2021(January - June ’21)

2Q FY2022(January - June ’22)

Net sales (Billions of yen)

113.3

242.4

129.0

113.9%

Sales volume (million cf)

203,293

238,760

35,466

17.4%

Average unit sales price ofoverseas sales ($/thousand cf)

3.84

6.63

2.79

72.7%

Average unit sales price ofdomestic sales (¥/m3)

41.04

70.86

29.82

72.7%

Average exchange rate (¥/$)

107.72

122.6614.94yendepreciation

13.9%
depreciation

Change% Change* 1m3=41.8605MJ

Copyright © 2022 INPEX CORPORATION. All rights reserved.

5

2Q FY2022 Analysis of Net Sales Increase(Billions of Yen)
Crude Oil

+257.7Natural Gas (including LPG)

+95.6

Crude Oil+104.8

Crude Oil+105.1

Natural Gas (including LPG)

+14.6

Natural Gas (including LPG)

+19.5

Copyright © 2022 INPEX CORPORATION. All rights reserved.

6

Statement of Income(Billions of Yen)

2Q FY2021(January - June ’21)

2Q FY2022(January - June ’22)

Change% Change

Net sales

498.3

1,098.4

600.0

120.4%

Cost of sales

233.7

447.5

213.7

91.4%

Gross profit

264.6

650.9

386.3

146.0%

Exploration expenses

2.2

13.3

11.1

486.7%

Selling, general andadministrative expenses

38.6

53.0

14.3

37.2%

223.6

584.4

360.8

161.3%

36.7

143.1

106.4

289.8%

Operating income
Other income
Other expenses

40.5

101.4

60.9

150.2%Ordinary income

219.8

626.1

406.3

184.8%

Total income taxes

176.0

445.3

269.3

153.0%Net income (loss) attributable tonon-controlling interests

(8.1)

(3.6)

4.5

(55.7%)Net income attributable to owners ofparent

51.9

184.4

132.4

254.9%

Increase in sales volume :+119.5

Increase in unit sales price :+353.3

Exchange rate:+124.7

Others :+2.4

Cost of sales for Crude Oil:
(Change)

306.5+147.2

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

135.4
+67.3

*1 Including LPG

Main factors for change :Dividend incomeEquity in earnings of affiliates+4.8+101.3

Main factors for change :Equity in losses of affiliates(12.9)

Modification loss on financial assets*2 +80.0
Foreign exchange loss

(9.4)

*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. Adjustedfor equity in earnings of affiliates and tax effect accounting, the impact to consolidated net income was (19.8).
Copyright © 2022 INPEX CORPORATION. All rights reserved.

7

Other Income and Expenses
2Q FY2021(January - June ’21)

2Q FY2022(January - June ’22)

Other income

36.7

143.1

106.4

289.8%

Interest income

14.4

16.5

2.0

14.0%

Dividend income

3.4

8.3

4.8

139.9%-101.3

101.3－(Billions of Yen)

Change% Change

Equity in earnings of affiliates
Gain on reversal of allowance forrecoverable accounts under production
sharing
Other

4.3

6.7

2.4

55.1%

14.3

10.1(4.2)(29.4%)

Other expenses

40.5

101.4

60.9

150.2%

Interest expense

6.9

9.9

2.9

42.7%

Equity in losses of affiliates

12.9-(12.9)(100.0%)Foreign exchange loss

10.6

1.2(9.4)(88.2%)

-80.0

80.0

－

9.9

10.2

0.3

3.6%

Modification loss on financial assets
OtherCopyright © 2022 INPEX CORPORATION. All rights reserved.

8

2Q FY2022
Analysis of Net income attributable to owners of parent(Billions of Yen)

+132.4

Copyright © 2022 INPEX CORPORATION. All rights reserved.

9Balance Sheet(Billions of yen)

December2021

June 2022

Change% Change

Current assets

518.8

700.6

181.7

35.0%

2,259.8

2,626.1

366.2

16.2%

Intangible assets

446.6

506.7

60.0

13.4%

Recoverable accounts under production
sharing

548.1

527.7

(20.4)(3.7%)

1,446.5

2,116.9

670.4

46.3%

(61.8)(54.4)

7.3(11.9%)The total of long-term loans and shortterm loans is 1.3 trillion yen.

5,158.1

6,423.7

1,265.5

24.5%

Current liabilities

348.8

602.2

253.4

72.6%

Long-term liabilities

1,462.8

1,800.9

338.0

23.1%

Adding the off-balanced net loans ofIchthys downstream JV brings the totalof INPEX net loans to be 1.9 trillion yen(as of June 2022).

Total net assets

3,346.4

4,020.4

674.0

20.1%

(Non-controlling interests)

222.3

251.0

28.6

12.9%

Total liabilities and net assets

5,158.1

6,423.7

1,265.5

24.5%

Net assets per share (Yen)2,253.17

2,720.09

466.92

20.7%

Tangible fixed assets

OtherLess allowance for recoverable
accounts under production sharing
Total assets

Copyright © 2022 INPEX CORPORATION. All rights reserved.

Summary of financial information for
Ichthys downstream JV (100% basis the Company equity share is 66.245%)(Billions of yen)
• Current assets :158.5• Fixed assets :4,367.4• Total assets:
4,525.9*Fixed Assets include interest expenses
for qualified assets under theaccounting standards as well as
investments before FID.

(Billions of yen)
Total shareholders’ equity: +144.6
Accumulated other comprehensive
income :+500.7• Unrealized gain (loss) fromhedging instruments:+25.9• Translation adjustments: +470.1

10

Statement of Cash Flows(Billions of Yen)

2Q FY2021(January - June ’21)

2Q FY2022(January - June ’22)

ChangeIncome (loss) before income taxes

219.8

626.1

406.3

Depreciation and amortization

77.2

141.1

63.9

-80.0

80.0

28.2

41.7

13.4

(0.6)

(3.9)

(3.3)

Income taxes paid

(127.8)(350.1)(222.2)

Other(18.3)(123.9)(105.6)

178.6

411.0

232.4

-11.0

11.0

(63.5)(81.8)(18.2)

16.0(67.6)(83.7)(13.6)(17.7)

(4.1)

(1.9)

(210.1)(208.1)-(31.4)(31.4)

Payments for acquisitions of participating interests

(1.4)

-1.4

Other(1.2)

14.0

15.3

Net cash provided by (used in) investing activities(65.8)(383.7)(317.8)Net cash provided by (used in) financing activities(125.4)

12.1

137.6

Cash and cash equivalents at end of the period

171.3

268.6

97.3

Modification loss on financial assets
Recovery of recoverable accounts under production sharing (capitalexpenditures)
Recoverable accounts under production sharing (operatingexpenditures)

Net cash provided by (used in) operating activities
Payments for time deposits / Proceeds from time deposits
Payments for purchases of tangible fixed assets
Payments for purchases of marketable securities/investment securities
and proceeds from sales of marketable securities/investment securities
Investment in recoverable accounts under production sharing (capitalexpenditures)
Long-term loans made / Collection of long-term loans receivable
Purchase of shares of subsidiaries resulting in change in scope ofconsolidation

Copyright © 2022 INPEX CORPORATION. All rights reserved.

11Differences between Consolidated Financial Forecasts
and Actual Results for the six months ended June 30, 2022

 Assumptions
1st half(May 11, 2022)(Previous Forecasts)

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

95.0

Exchange rate (yen/US$)

120.0

1st half(August 8, 2022)(Actual Results)

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

104.9

Exchange rate (yen/US$)

123.2

 Differences between Consolidated Financial Forecasts and Actual Results for the six
months ended June 30, 2022
Previous Forecasts(May 11, 2022)

Actual Results

Change% Change

1,019.0

1,098.4

79.4

7.8%

Operating income (billions of yen)

535.0

584.4

49.49.2%

Ordinary income (billions of yen)

613.0

626.1

13.1

2.1%

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

200.0

184.4

(15.6)(7.8%)Net Sales (billions of yen)

Copyright © 2022 INPEX CORPORATION. All rights reserved.

12

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)

95.0

75.0

85.0

Exchange rate (yen/US$)

120.0

120.0

120.0

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

(May 11, 2022)(August 8, 2022)

 Financial Forecasts for the year ending December 31, 2022
Previous forecasts(May 11, 2022)

Revised forecasts(August 8, 2022)

Change% Change

1,851.0

2,182.0

331.0

17.9%

Operating income (billions of yen)924.0

1,133.0

209.0

22.6%

Ordinary income (billions of yen)

1,042.0

1,255.0

213.0

20.4%

300.0

350.0

50.0

16.7%

Net sales (billions of yen)

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

 Dividend per share

End of 2Q

End of fiscal year(forecast)

Full year(forecast)¥30.00¥30.00¥60.00

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13

FY2022 Financial Forecasts
Analysis of Net Income(Billions of Yen)
450
400

62.4

8.9

13.8

7.1(19.8)350(15.4)(7.0)

Exchange Rate (yen/US$)May 11 Forecast 120.0
Aug 8 Forecast 125.0300
250

Crude Oil Price (Brent) （US$/bbl）
May 11 Forecast 85.0
Aug 8 Forecast 95.0

200

350.0
150

300.0

100500

FY2022
Net income(Previousforecasts
May 11, 2022)

Impact fromcrude oil priceImpact fromexchange rate

Decrease in
exploration
expenses

Copyright © 2022 INPEX CORPORATION. All rights reserved.

Foreign exchange
gain due topaid-in capital
reduction froma certain project

Ichthys debt
revaluation

Production issues
in certain projects

Project-relatedloss

FY2022
Net income(Revised forecasts
Aug 8, 2022)

14

Net Sales, Ordinary Income and Net Income Attributable to Owners of Parent(Billions of Yen)
2,200.0
1,900.01,600.0

1,255.0

1,300.0

1,042.0

1,000.0

657.6

700.0

257.3
400.0
100.0
-200.02018/3

Net sales

2019/3

2019/12(9 months)

Ordinary income

Copyright © 2022 INPEX CORPORATION. All rights reserved.

2020/122021/122022/12(Previous forecast)

2022/12(forecast)

Net income attributable to owners of parent
15

Sales and Investment Forecasts
for the Year ending December 31, 2022
Forecasts for the year ending
December 31, 2022

Forecasts as ofFebruary 9, 2022

Forecasts as ofAugust 8, 2022

Change(Reference)
Half-year results

133,071

140,915

7,844

70,956Natural gas (million cf) *2482,857

454,767(28,090)

238,760(Sales outside of Japan)

401,076

371,791(29,285)

194,334(Sales in Japan)

81,781(2,191 million m3)

82,975(2,223 million m3)

1,195(32 million m3)

44,426(1,190 million m3)

664

571

(93)

34

Development expenditure*4

404.0

421.0

17.0

185.2

Exploration expenditure

43.0

35.0

(8.0)

14.0

Other capital expenditure

9.0

7.0

(2.0)

1.6

Sales Volume

Crude oil (thousand bbl) *1

LPG (thousand bbl)*3(Billions of yen)

Exploration expenses and Provision
for explorations*5

Exploration expenses
39.9
Provision for explorations
3.5(Non-controlling interest portion)*6

Exploration expenses
32.8

43.4

26.0

Provision forexplorations
2.7

Exploration expenses
13.3

35.6

(7.8)

21.3

(4.7)

Provision for explorations
0.5

13.9

2.0

Note: Within the FY2022 forecasts for development expenditure and others, 120.0billion yen is attributable to expenditures for 5 net zero businesses*1 CF for domestic crude oil sales and petroleum products : 1kl=6.29bbl*2 CF for domestic natural gas sales : 1m3=37.32cf*3 CF for domestic LPG sales : 1t=10.5bbl*4 Development expenditure includes investment in Ichthys downstream and acquisition costs*5 “Provision for allowance for recoverable accounts under production sharing” + ”Provision for exploration projects”, related to exploration activities*6 Capital increase from Non-controlling interests, etc.

Copyright © 2022 INPEX CORPORATION. All rights reserved.

16

FY2022 Cash Flow Forecast * Approximately ¥510 billion in free cash flow* forecasted for FY2022.
(Billions of Yen)

Approx.
960

Approx.
450
Approx.
510* Including the Ichthys Downstream IJV (Incorporated Joint Venture)
Copyright © 2022 INPEX CORPORATION. All rights reserved.

17