Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

February 15, 2022

Announcement of Correction of Consolidated Financial Results for the year
ended December 31, 2021 [Japanese GAAP]TOKYO, JAPAN - INPEX CORPORATION (INPEX) announced today that it has madecorrections to the “Consolidated Financial Results for the year ended December 31, 2021
[Japanese GAAP]” that were disclosed on February 9, 2022, as underlined below. INPEX has
also corrected numerical data due to errors contained in the previously disclosed data.
These corrections do not impact INPEX’s consolidated financial results.
1. Reason for corrections
INPEX has made corrections to the “Consolidated Financial Results for the year ended
December 31, 2021 [Japanese GAAP]” due to the identification of errors contained in a portionof the content after submission.
2. Details of corrections
The details of the corrections are as shown in the attachment.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233

(Attachment)

Summary(Reference) Non-Consolidated Financial Results
1. Financial results for the year ended December 31, 2021 (January 1, 2021 - December 31, 2021)(Before)(1) Operating results(Figures in % represent the changes from the previous fiscal year)

Net sales

Operating income

Ordinary income

Net income

For the year ended
December 31, 2021

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

154,773

21.2

8,001

－

12,937－

12,604－

December 31, 2020

127,676－(3,772)－(134,321)－(130,660)－

Net income pershare-basic

Net income pershare-diluted

For the year ended

Yen

Yen

December 31, 2021
December 31, 2020

8.69
(89.48)－－(Note): The Company changed its non-consolidated fiscal year-end from March 31 to December 31, effective from the year ended December 31, 2019. As aresult, the year ended December 31, 2020 (January 1, 2020 to December 31, 2020) differs from the year ended December 31, 2019 (April 1, 2019 to
December 31, 2019). Therefore, percentage data for changes between the year ended December 31, 2019 and the year ended December 31, 2020 have notbeen provided.

(2) Financial position
Total assets

As of December 31, 2021
As of December 31, 2020

Net assets as apercentage of total assets

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

2,992,505
3,122,776

2,074,857
2,180,198

69.3
69.8

1,496.45
1,493.08(Reference): Net assets: as of December 31, 2021, ¥ 2,074,857 million
as of December 31, 2020, ¥ 2,180,198 million(Corrected)(1) Operating results(Figures in % represent the changes from the previous fiscal year)

Net sales

Operating income

For the year ended
December 31, 2021

Millions of yen%

154,773

December 31, 2020

127,676

Ordinary income

Millions of yen

%

21.2

7,907

－

(3,772)

Net income pershare-basic

Net income

Millions of yen%

Millions of yen%－

13,606－(134,321)－

13,272－－(130,660)－

Net income pershare-diluted

For the year ended

Yen

Yen

December 31, 2021
December 31, 2020

9.16
(89.48)－－(Note): The Company changed its non-consolidated fiscal year-end from March 31 to December 31, effective from the year ended December 31, 2019. As aresult, the year ended December 31, 2020 (January 1, 2020 to December 31, 2020) differs from the year ended December 31, 2019 (April 1, 2019 to
December 31, 2019). Therefore, percentage data for changes between the year ended December 31, 2019 and the year ended December 31, 2020 have notbeen provided.

(2) Financial position
Total assets

As of December 31, 2021
As of December 31, 2020

Net assets

Net assets as apercentage of total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

2,992,411
3,122,776

2,075,526
2,180,198

69.4
69.8

1,496.93
1,493.08(Reference): Net assets: as of December 31, 2021, ¥ 2,075,526 million
as of December 31, 2020, ¥ 2,180,198 million

Attachments
4. Non-Consolidated Financial Statements and Principal Notes(1) Non-Consolidated Balance Sheet(Before)(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

(Assets)
Current assets
Cash and deposits

431

445

Accounts receivable-trade16,552

27,161Finished goods

1,906

6,988

100

288

Raw materials and supplies

6,001

10,652

Advance payments-trade

702

1,596

1,042

1,178

Short-term loans receivable from subsidiaries and affiliates

171,686

181,468

Deposit paid in subsidiaries and affiliates

582,236

549,116

Other

26,89028,548

Allowance for doubtful accounts(44,479)(49,184)

Total current assets

763,070

758,260

Buildings, net

13,762

15,677Structures, net

147,800

141,42064455

44,04841,352

Vehicles, net

23

16

Tools, furniture and fixtures, net

876

784

16,396

16,456136

190

Construction in progress

1,763

2,704

Total tangible fixed assets

224,872

219,058

36,502

29,5505

5

Software

1,114

1,309

Other

3,323

4,526

Total intangible assets

40,94535,391Work in process and partly-finished construction

Prepaid expenses

Fixed assets
Tangible fixed assets

Wells, net
Machinery and equipment, net

Land
Leased assets, net

Intangible assets
Goodwill
Mining right(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

Investments and other assets
Investment securities

53,38937,930Investments in stock of subsidiaries and affiliates

2,021,540

1,910,324

Long-term loans receivable from subsidiaries andaffiliates

117,124

121,240

118

190

Deferred tax assets

4,343

8,992

Other

8,247

8,117

Allowance for doubtful accounts

(600)

(652)

Allowance for investments in exploration(110,276)(106,348)

Total investments and other assets

2,093,887

1,979,794

2,359,705

2,234,245

3,122,776

2,992,505

753

3,549

Short-term debt

89,027－

Current portion of long-term debt

45,83936,18026

24

Accounts payable-other

14,927

15,586

Accrued expenses

2,501

2,359

Income taxes payable

685

1,587

Advances received－

0

Deposits payable

820

14,743

Deposits received from subsidiaries and affiliates

4,952

7,502

Accrued bonuses

1,200

1,168

Accrued bonuses to officers

54

200

Provision for loss on business

9,351

9,400

Asset retirement obligations

1,171

27

437

961

171,747

93,293Long-term prepaid expenses

Total fixed assets
Total assets(Liabilities)
Current liabilities
Accounts payable-trade

Lease obligations

Other
Total current liabilities

(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

Long-term liabilities
Bonds payable－

30,000Long-term debt

708,084

724,981

118

180

Deferred tax liabilities

1,063

1,181

Accrued retirement benefits to employees

7,375

6,268

71

100

Provision for loss on business of subsidiaries and affiliates

15,212

16,365

Provision for loss on guarantees of subsidiaries andaffiliates

34,89139,798Asset retirement obligations

3,816

5,118

195

358

770,829824,354

942,577

917,648

290,809290,809

Legal capital surplus

1,023,802

1,023,802

Total capital surplus

1,023,802

1,023,802

2,105

2,105

Reserve for special depreciation

1,418

－

Mine prospecting reserve

8,204

8,108

857,477

824,864

869,205

835,078(5,428)(75,425)

2,178,389

2,074,265

Unrealized holding gain on securities

2,001

2,566

Unrealized gain (loss) from hedging instruments(192)(1,974)

Total valuation, translation adjustments and others

1,808

591

2,180,198

2,074,857

3,122,776

2,992,505

Lease obligations

Provision for stocks payment

Other
Total long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity
Common stock
Capital surplus

Retained earnings
Other retained earnings
Reserve for advanced depreciation of non-current
assetsRetained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders’ equity
Valuation, translation adjustments and others

Total net assets
Total liabilities and net assets

(Corrected)(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

(Assets)
Current assets
Cash and deposits

431

445

Accounts receivable-trade16,552

27,161Finished goods

1,906

6,988

100

288

Raw materials and supplies

6,001

10,652

Advance payments-trade

702

1,596

1,042

1,178

Short-term loans receivable from subsidiaries and affiliates

171,686

181,468

Deposit paid in subsidiaries and affiliates

582,236

549,116

Other

26,89028,548

Allowance for doubtful accounts(44,479)(49,184)

Total current assets

763,070

758,260

Buildings, net

13,762

15,677Structures, net

147,800

141,42064455

44,04841,352

Vehicles, net

23

16

Tools, furniture and fixtures, net

876

784

16,396

16,456136

190

Construction in progress

1,763

2,610

Total tangible fixed assets

224,872

218,964

36,502

29,5505

5

Software

1,114

1,309

Other

3,323

4,526

Total intangible assets

40,94535,391Work in process and partly-finished construction

Prepaid expenses

Fixed assets
Tangible fixed assets

Wells, net
Machinery and equipment, net

Land
Leased assets, net

Intangible assets
Goodwill
Mining right(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

Investments and other assets
Investment securities

53,38937,930Investments in stock of subsidiaries and affiliates

2,021,540

1,910,324

Long-term loans receivable from subsidiaries andaffiliates

117,124

121,240

118

190

Deferred tax assets

4,343

8,992

Other

8,247

8,117

Allowance for doubtful accounts

(600)

(652)

Allowance for investments in exploration(110,276)(106,348)

Total investments and other assets

2,093,887

1,979,794

2,359,705

2,234,151

3,122,776

2,992,411

753

3,549

Short-term debt

89,027－

Current portion of long-term debt

45,83936,18026

24

Accounts payable-other

14,927

15,586

Accrued expenses

2,501

2,359

Income taxes payable

685

1,587

Advances received－

0

Deposits payable

820

14,743

Deposits received from subsidiaries and affiliates

4,952

7,502

Accrued bonuses

1,200

1,168

Accrued bonuses to officers

54

200

Provision for loss on business

9,351

9,400

Asset retirement obligations

1,171

27

437

961

171,747

93,293Long-term prepaid expenses

Total fixed assets
Total assets(Liabilities)
Current liabilities
Accounts payable-trade

Lease obligations

Other
Total current liabilities

(Millions of yen)Accounts

As of December 31, 2020

As of December 31, 2021

Long-term liabilities
Bonds payable－

30,000Long-term debt

708,084

724,981

118

180

Deferred tax liabilities

1,063

1,181

Accrued retirement benefits to employees

7,375

6,268

71

100

Provision for loss on business of subsidiaries and affiliates

15,212

15,602

Provision for loss on guarantees of subsidiaries andaffiliates

34,89139,798Asset retirement obligations

3,816

5,118

195

358

770,829

823,591

942,577

916,885

290,809290,809

Legal capital surplus

1,023,802

1,023,802

Total capital surplus

1,023,802

1,023,802

2,105

2,105

Reserve for special depreciation

1,418

－

Mine prospecting reserve

8,204

8,108

857,477825,533

869,205

835,747(5,428)(75,425)

2,178,389

2,074,934

Unrealized holding gain on securities

2,001

2,566

Unrealized gain (loss) from hedging instruments(192)(1,974)

Total valuation, translation adjustments and others

1,808

591

2,180,198

2,075,526

3,122,776

2,992,411

Lease obligations

Provision for stocks payment

Other
Total long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity
Common stock
Capital surplus

Retained earnings
Other retained earnings
Reserve for advanced depreciation of non-current
assetsRetained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders’ equity
Valuation, translation adjustments and others

Total net assets
Total liabilities and net assets

(2) Non-Consolidated Statement of Income(Before)(Millions of yen)Accounts

For the year ended
December 31, 2020

For the year ended
December 31, 2021

Net sales

127,676

154,773

Cost of sales

99,570111,387

Gross profit

28,10643,385486

134

Selling, general and administrative expenses

31,39235,249Operating income (loss)(3,772)8,001

Interest Income

13,0699,248

Dividend income

32,47624,888Gain on sales of investment securities

－

6,397

Gain on sales of stocks of subsidiaries and affiliates

－

5,715

9,043

4,679

366

472

Other

3,923

3,707

Total other income

58,87955,110Interest expenses

12,347

8,176

Loss on valuation of shares of subsidiaries and affiliates

161,547

19,948Provision of allowance for doubtful accounts

－

5,246

Provision of allowance for investment loss in exploration

392

551

Provision for loss on business of subsidiaries and affiliates

－

1,179

6,496

4,881

8,645

10,191

Total other expenses

189,428

50,174

Ordinary income (loss)(134,321)

12,937

Income (loss) before income taxes(134,321)

12,937

Income taxes-current

2,057

4,382

Income taxes-deferred(5,719)(4,049)Total income taxes(3,661)333

Net income (loss)(130,660)

12,604

Exploration expenses

Other income

Guarantee commission received
Foreign exchange gain

Other expenses

Provision for loss on guarantees of subsidiaries andaffiliates
Other

(Corrected)(Millions of yen)Accounts

For the year ended
December 31, 2020

For the year ended
December 31, 2021

Net sales

127,676

154,773

Cost of sales

99,570111,481

Gross profit

28,10643,291486

134

Selling, general and administrative expenses

31,39235,249Operating income (loss)(3,772)

7,907

Interest Income

13,0699,248

Dividend income

32,47624,888Gain on sales of investment securities

－

6,397

Gain on sales of stocks of subsidiaries and affiliates

－

5,715

9,043

4,679

366

472

Other

3,923

3,707

Total other income

58,87955,110Interest expenses

12,347

8,176

Loss on valuation of shares of subsidiaries and affiliates

161,547

19,948Provision of allowance for doubtful accounts

－

5,246

Provision of allowance for investment loss in exploration

392

551

Provision for loss on business of subsidiaries and affiliates

－

416

6,496

4,881

8,645

10,191

Total other expenses

189,428

49,411

Ordinary income (loss)(134,321)

13,606

Income (loss) before income taxes(134,321)

13,606

Income taxes-current

2,057

4,382

Income taxes-deferred(5,719)(4,049)Total income taxes(3,661)333

Net income (loss)(130,660)

13,272

Exploration expenses

Other income

Guarantee commission received
Foreign exchange gain

Other expenses

Provision for loss on guarantees of subsidiaries andaffiliates
Other(3) Non-Consolidated Statement of Changes in Net Assets(Before)For the year ended December 31, 2021
(Millions of yen)
Shareholders’ equity
Capital Surplus

Retained earnings
Other retained earnings

Commonstock

Balance at the beginning of theperiod290,809

Legal capitalsurplus

Total capitalsurplusReserve foradvanceddepreciationof non-current
assetsReserve for
specialdepreciation

Mine
prospecting
reserve

1,023,802

1,023,802

2,105

1,418

8,204

Retainedearnings
brought
forward857,477

Changes during the period
Reversal of reserve for special
depreciation(1,418)

1,418

Provision of mine prospecting
reserve－－

Reversal of mine prospecting
reserve(95)

95

Cash dividends paid

(46,731)

Net income (loss)

12,604Purchase of treasury stock
Disposal of treasury stock
Other changes in items other thanthose in shareholders’ equity(net)Total changes during the period

－

－

－

－

(1,418)(95)(32,613)

Balance at the end of the period

290,809

1,023,802

1,023,802

2,105

－

8,108

824,864

Valuation, translation adjustments andothersShareholders’ equity
Retainedearnings
Total
retainedearnings
Balance at the beginning of theperiod869,205

Treasurystock(5,428)

Total
Shareholders’equityUnrealized
holding gain
on securities

Unrealizedgain(loss)
from hedging
instruments

Totalvaluation,translation
adjustments
and others

2,178,389

2,001

(192)

1,808

Total net assets

2,180,198

Changes during the period
Reversal of reserve for special
depreciation

－

－

－

Provision of mine prospecting
reserve－－－

Reversal of mine prospecting
reserve－－－

Cash dividends paid

(46,731)(46,731)(46,731)

Net income (loss)

12,604

12,604

12,604Purchase of treasury stock(69,999)(69,999)(69,999)

Disposal of treasury stock

3

3

3

Other changes in items other thanthose in shareholders’ equity(net)564(1,782)(1,217)(1,217)

Total changes during the period(34,127)(69,996)(104,123)

564(1,782)(1,217)(105,341)

Balance at the end of the period

835,078(75,425)

2,074,265

2,566(1,974)591

2,074,857

(Corrected)
For the year ended December 31, 2021
(Millions of yen)
Shareholders’ equity
Capital Surplus

Retained earnings
Other retained earnings

Commonstock

Balance at the beginning of theperiod290,809

Legal capitalsurplus

Total capitalsurplusReserve foradvanceddepreciationof non-current
assetsReserve for
specialdepreciation

Mine
prospecting
reserve

1,023,802

1,023,802

2,105

1,418

8,204

Retainedearnings
brought
forward857,477

Changes during the period
Reversal of reserve for special
depreciation(1,418)

1,418

Provision of mine prospecting
reserve－－

Reversal of mine prospecting
reserve(95)

95

Cash dividends paid

(46,731)

Net income (loss)

13,272

Purchase of treasury stock
Disposal of treasury stock
Other changes in items other thanthose in shareholders’ equity(net)Total changes during the period

－

－

－

－

(1,418)(95)(31,944)

Balance at the end of the period

290,809

1,023,802

1,023,802

2,105

－

8,108

825,533

Valuation, translation adjustments andothersShareholders’ equity
Retainedearnings
Total
retainedearnings
Balance at the beginning of theperiod869,205

Treasurystock(5,428)

Total
Shareholders’equityUnrealized
holding gain
on securities

Unrealizedgain(loss)
from hedging
instruments

Totalvaluation,translation
adjustments
and others

2,178,389

2,001

(192)

1,808

Total net assets

2,180,198

Changes during the period
Reversal of reserve for special
depreciation

－

－

－

Provision of mine prospecting
reserve－－－

Reversal of mine prospecting
reserve－－－

Cash dividends paid

(46,731)(46,731)(46,731)

Net income (loss)

13,272

13,272

13,272

Purchase of treasury stock(69,999)(69,999)(69,999)

Disposal of treasury stock

3

3

3

Other changes in items other thanthose in shareholders’ equity(net)564(1,782)(1,217)(1,217)

Total changes during the period(33,458)(69,996)(103,454)

564(1,782)(1,217)(104,672)

Balance at the end of the period

835,747(75,425)

2,074,934

2,566(1,974)591

2,075,526