Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANNovember 6, 2019

Announcement of Differences between Consolidated Financial Forecasts
and Actual Financial Results for the Six Months Ended September 30,
2019 and Revision of Consolidated Financial Forecasts for the Fiscal YearEnding December 31, 2019
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today the differences
between its consolidated financial forecasts for the six months ended September 30,
2019 announced on August 8, 2019 and the actual results announced today in the“Consolidated Financial Results for the Six Months ended September 30, 2019.”
In addition, INPEX also revised its consolidated financial forecasts for the fiscal year
ending December 31, 2019 announced on August 8, 2019.

1. Differences between consolidated financial forecasts and actual financial
results for the six months ended September 30, 2019
(April 1, 2019 – September 30, 2019)

Previous forecasts(August 8, 2019): A
Actual results: B
Increase (decrease):
B-A
Percentage (%)
changeNetsales

Operatingincome

Ordinaryincome

Net income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

581,000
575,269

276,000
280,715260,000
271,104

49,00069,487

33.56
47.59

(5,731)

4,715

11,104

20,487

(1.0)

1.7

4.3

41.8

438,205

226,434

246,977

34,034

Reference:
Consolidated financial
results for the six months
ended September 30, 201823.31

2. Revision of consolidated financial forecasts for the year ending December 31,
2019 (April 1, 2019 –December 31, 2019)
NetsalesPrevious forecasts(August 8, 2019): ARevised forecasts: B
Increase (decrease):
B-A
Percentage(%)
changeOperatingincomeOrdinary
incomeNet income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

988,000
984,000

472,000
476,000

460,000
465,000

90,000100,000

61.64
68.48

(4,000)

4,000

5,000

10,000(0.4)

0.8

1.1

11.1

971,388474,281519,278

96,106

Reference:
Consolidated financial
results for the year ended
March 31, 2019

3. Reasons for the differences and revisions
Financial results for the six months ended September 30, 2019 have exceeded theconsolidated financial forecasts announced on August 8, 2019, mainly due to tax effects
regarding the sale of a crude oil development and production business in the Americas
segment and a portion of expenses being shifted to the second half of the fiscal year.
Consolidated financial forecasts for the fiscal year ending December 31, 2019 have beenrevised taking into consideration the consolidated financial results for the six months
ended September 30, 2019 as well as other factors.
The above forecasts are calculated based on the following assumptions:1

Crude oil price and exchange rate assumptions

Previous Forecasts

Revised Forecasts(August 8, 2019)(November 6, 2019)

1st Half:
Crude oil price
2nd Half:(Brent)
Full Year:

US$ 66.7/bbl
US$ 65.0/bbl
US$ 66.2/bbl (Average)

1st Half: US$ 65.2/bbl (Actual)
2nd Half: US$ 60.0/bbl
Full Year: US$ 63.5/bbl (Average)

1st Half:
Exchange rate 2nd Half:
Full Year:¥110.0/US$¥110.0/US$¥110.0/US$ (Average)

1st Half: ¥108.6/US$ (Actual)
2nd Half: ¥110.0/US$
Full Year: ¥109.1/US$ (Average)

65.81

Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANNB: Forecasts above are based on information that is currently available and reflect
uncertainties. The final results may differ from the 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, etc.

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