Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANMay 13, 2021

Announcement of Revision of Consolidated Financial Forecasts
for the Six Months Ending June 30, 2021 and Fiscal Year Ending
December 31, 2021 as well as Dividend Forecast
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today the revision of its
consolidated financial forecasts for the six months ending June 30, 2021 and for the fiscal year
ending December 31, 2021, as well as its dividend forecast announced on February 10, 2021.
1. Revision of consolidated financial forecasts for the six months ending June 30,2021 (From January 1, 2021 to June 30, 2021)

Previous forecasts(February 10, 2021): A
Revised forecasts: B
Increase (decrease):
B-A
Percentage (%) change

NetsalesOperatingincomeOrdinary
incomeNet income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

416,000

146,000

157,000

35,00023.97

484,000

206,000

201,000

45,00030.82

68,00060,00044,00010,000

16.3

41.1

28.0

28.6

391,683

123,799

149,276△120,799

Reference:
Consolidated financial results forthe six months ended June 30,△82.732020

2. Revision of consolidated financial forecasts for the year ending December 31,
2021 (January 1, 2021 –December 31, 2021)
Net income
Net
Operating
Ordinary
attributable to Net income
sales
incomeincomeowners ofper shareparentPrevious forecasts
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen(February 10, 2021): A
883,000
319,000
353,000
100,000
68.48
Revised forecasts: B
1,055,000
452,000
483,000
140,000
95.88
Increase (decrease): B172,000
133,000
130,000
40,000APercentage (%) change
19.5
41.7
36.8
40.0
Reference:
Consolidated financial results forthe year ended December 31,
2020

771,046

248,471257,335△111,699△76.50Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN3. Reasons for the revisions
INPEX revised its consolidated financial forecasts for the six months ending June 30, 2021
and its consolidated financial forecasts for the fiscal year ending December 31, 2021 as aresult of factors including the revision of its crude oil price assumptions for the year1 and therecovery of the crude oil price in the first quarter, etc.
1Crude oil price and exchange rate assumptions
Previous Forecasts

Revised Forecasts(February 10, 2021)(May 13, 2021)

Crude oil price(Brent)

1st Half:
2nd Half:
Full Year:

US$ 53.0/bbl
US$ 53.0/bbl
US$ 53.0/bbl (Average)

1st Half: US$ 60.7/bbl
2nd Half: US$ 60.0/bbl
Full Year: US$ 60.3/bbl (Average)

Exchange rate

1st Half:
2nd Half:
Full Year:¥103.0/US$¥103.0/US$¥103.0/US$ (Average)

1st Half: ¥107.1/US$
2nd Half: ¥108.0/US$
Full Year: ¥107.5/US$ (Average)

NB: Forecasts above are based on information that is currently available and reflect uncertainties. The finalresults may differ from the forecasts due to changes in business conditions including oil and natural gas
price levels, production and sales plans, project development schedules, government regulations andfinancial and tax schemes, etc.

4. Reasons and details concerning revision of dividend forecast
Based on the shareholder return policy outlined in the Medium-term Business Plan 2018-2022formulated in May 2018, INPEX will seek in principle to maintain stable dividend payouts andenhance shareholder returns in stages during the period covered by the business plan inaccordance with the improvement in the company’s financial performance, with the payout
ratio set at 30 percent or higher.
As outlined in sections 1 to 3 above, the consolidated financial forecasts for the six months
ending June 30, 2021 and for the fiscal year ending December 31, 2021 have been revisedupward. Based on this, INPEX expects the annual dividend for the current fiscal year to amountto 33 yen per common stock (16.5 yen interim dividend and 16.5 yen year-end dividend), an
upward revision from the 27 yen per common stock (13.5 yen interim dividend and 13.5 yenyear-end dividend) forecasted at the beginning of the fiscal year.

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN・Dividends of common stock
Cash dividends per share
End of 2nd quarterEnd of fiscal year

Total

Previous forecasts (February 10, 2021)

13.50 yen

13.50 yen

27.00 yenRevised forecasts
Reference:
Dividends for the year ended December

16.50 yen

16.50 yen

33.00 yen

12.00 yen

12.00 yen

24.00 yen

31, 2020

INPEX will also revise the dividend for the year ending December 31, 2021 for Class A stock (notlisted).
・Dividends of Class A stock
Cash dividends per share
End of 2nd quarterEnd of fiscal year

Total

Previous forecasts (February 10, 2021)

5,400 yen

5,400 yen

10,800 yen

Revised forecasts
Reference:
Dividends for the year ended December

6,600 yen

6,600 yen

13,200 yen

4,800 yen

4,800 yen

9,600 yen31, 2020
(Note): INPEX conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013.
However, for Class A stock (not listed), no stock split was implemented. The article specifying that dividendsof Class A stock are equivalent to dividends of common stock prior to the stock split is included in the Articlesof Incorporation.

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