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INPEX CORPORATION (TSE 1605)
Q3 FY2023 Results Q&A Summary

The following is a summary of the Q&A session with shareholders andinvestors regarding the Q3 FY2023 results announcement. Please referto the content below in conjunction with the earnings reports andsupporting material.
１．Financial Forecast
Q1 ︓The FY2023 net income forecast is 340 billion yen. What isthe reason for the decrease in net income from 461 billion
yen in FY2022︖
Although the yen is weaker than in the same period of theprevious year, the decline in oil prices and the impairment loss
from the Prelude LNG project described below contributed to adecrease in net income. Nevertheless, a net income of 340 billion
yen would be the second highest figure on record.
２．P/B ratio
Q1 ︓What are your thoughts on the current level of INPEXʼsP/B ratio and stock price?
We announced "Sustainable Growth of Corporate Value” at theQ2 FY2023 Investor Meeting. Since then, the stock price and P/Bratio have registered an upward trend. Although the stock price
was in the 1,300 yen range and the P/B ratio was around 0.5 at
the beginning of this year, the stock price rose to 2,256 yen and
the P/B ratio increased to around 0.7 at the end of September
after the announcement. We aim to improve P/B ratio andcorporate value by promoting the three initiatives of “improving
capital efficiency,” “growth initiatives to gain market confidence”
and “stronger shareholder returns and deeper dialogue withinvestors” in a unified manner, as specified in “Sustainable
Growth of Corporate Value.”
Q2 ︓When is the next progress report on P/B ratio disclosure︖
We plan to conduct a progress analysis once a year as requestedby the Tokyo Stock Exchange.
３．Ichthys Project
Q1 ︓What is the level of the Ichthys Projectʼs profit
contribution?
For the first nine months of FY2023, the Ichthys segment profit
was 229 billion yen. The full-year forecast is around 290 billion
yen, reflecting the projectʼs steady production.
1Q2 ︓How many cargoes were shipped in Q3?
LNG
OnshoreCondensate
Offshore
Condensate
LPG

July

AugustSeptember

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４．Abadi Project
Q1 ︓Please explain the progress and the outlook of the project.
We will work closely and cooperate with our new partners,
Pertamina and Petronas, to resume various on-site activities andproceed with Front End Engineering Design (FEED). In parallelwith FEED, we will carry out the necessary preparations such as
marketing and financing. Based on this, we will review thevarious investment requirements and advance the project withthe goal of reaching a Final Investment Decision and production
startup at an early stage.
５．Prelude Project
Q1 ︓Please explain why you posted an impairment loss for thePrelude Project.
Due to policy changes by the Australian authorities affecting
Preludeʼs business environment such as the revision of the PRRT
and the Safeguard Mechanism, we independently reviewed theinvestment plan of the Prelude Project. As a result, theproduction forecast was revised downward. In addition, thediscount rate, which is used to calculate the projectʼs recoverablevalue, has increased due to the rising interest rates. Thesechanges in the external environment and the decrease inrecoverable value resulted in the impairment loss.
６．Other
Q1 ︓Are there any plans for additional shareholder returns in
FY2023?
We will consider additional shareholder returns based on theresults of the fourth quarter of FY2023.
End2

Cautionary Statement
This document includes forward-looking information that reflects the plans and expectations ofthe Company.
Such forward-looking information is based on the current assumptions and judgments of theCompany in light of the information currently available to it, and involves known and unknown
risks, uncertainties, and other factors. Such risks, uncertainties and other factors may cause theCompanyʼs performance, achievements or financial position to be materially different from any
future results, performance, achievements or financial position expressed or implied by suchforward-looking information. Such risks, uncertainties and other factors include, without
limitation:nPrice volatility and change in demand in crude oil and natural gasnForeign exchange rate volatilitynChange in costs and other expenses pertaining to exploration, development andproduction

The Company undertakes no obligation to publicly update or revise the disclosure of informationin this document (including forward-looking information) after the date of this document.
This document is an English language translation of the document originally created inJapanese. In case of discrepancies, the Japanese version prevails.

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