更新日時：8/9/2006 1:35:00 PM 印刷日時： 最終印刷日時：8/14/2006 3:54:00 PM

ファイル名：Consolidated Financial Results for the Three Months ended June 30, 2006
August 9, 2006
Note: The following report is an English translation of the Japanese-language original.
Listed company’s name
INPEX Holdings Inc.
(URL http://www.inpexhd.co.jp/)
Code number
1605: 1st Section of the Tokyo
Stock Exchange
Representative
Contact person

Naoki Kuroda, President
Shuhei Miyamoto, General Manager, Corporate Communications Unit.
TEL +81-3-5448-0205

1. Preparation of the Financial Results
Application of simplified accounting method
Note:: NoThe Company was established as a joint holding company of INPEX CORPORATION and Teikoku Oil Co., Ltd. onApril 3, 2006. Since the Company started to compile the consolidated financial results from this period, ‘‘any changes inaccounting policies from the latest fiscal year’’ or ‘‘any changes in scope of consolidation and equity method ofaccounting’’ are not disclosed.

2. Financial and Operating Results for the Three Months ended June 30, 2006 (April 1, 2006 through June 30, 2006)(1) Consolidated operating results
Note: Amounts less than one million yen are rounded off.
Net sales
Operating income
Ordinary income
Net income
For the three months ended
Million yen%
Million yen% Million yen% Million yen%
June 30, 2006
223,032
130,390
25,760－－ 132,818－－
Net income pershare—basic
For the three months ended
June 30, 2006
Notes:Net income pershare—diluted

Yen

Yen－

11,025.74

1. Since the Company started to compile the consolidated financial results from this period, no consolidated financial
results of the corresponding period of the previous year nor percentage changes from the corresponding period of theprevious year are disclosed.
2. Average number of shares issued and outstanding in this period (consolidated):Three months ended June 30, 2006; 2,336,354 shares― 1 ―更新日時：8/9/2006 1:35:00 PM 印刷日時： 最終印刷日時：8/14/2006 3:54:00 PM

ファイル名：(Qualitative Information on Consolidated Financial Results)
During the three months ended June 30, 2006, consolidated net sales were ¥223,032 million. Consolidated net
sales of crude oil were ¥141,316 million. Consolidated net sales of natural gas were ¥75,724 million. The average
crude oil price for the three months ended June 30, 2006 was US$65.78 per bbl. The average yen against the U.S.
dollar for the three months ended June 30, 2006 was ¥114.52 per U.S. dollar.
Cost of sales for the three months ended June 30, 2006 was ¥75,356 million. Exploration expenses were ¥5,997million. Selling, general and administrative expenses were ¥11,287 million. As a result, operating income was¥130,390 million.
Other income for the three months ended June 30, 2006 was ¥8,637 million. Other expenses were ¥6,209 million.
As a result, ordinary income for the three months ended June 30, 2006 was ¥132,818 million.
Income taxes - current for the three months ended June 30, 2006 were ¥107,110 million. Income taxes – deferred
for the three months ended June 30, 2006 were ¥ (3,334) million. Minority interests were ¥3,282 million. As aresult of above effects, consolidated net income for the three months ended June 30, 2006 was ¥25,760 million.

(2) Consolidated financial position
Total assets
As of June 30, 2006
Notes:

Million yen

Million yen

1,449,551

894,154%

58.7Yen364,230.57

1. Since the Company started to compile the consolidated financial position from this period, the consolidated financial
position at the end of the previous period is not disclosed.
2. Number of shares at the end of this period (consolidated):
As of June 30, 2006; 2,336,192 shares(Consolidated cash flows)
Operating activities
For the three months ended
June 30, 2006
Notes:

Note: Amounts less than one million yen are rounded off.
Shareholders’
Net assets
Net assets per shareequity ratio

Million yen

66,137

Note: Amounts less than one million yen are rounded off.
Cash and cash
Investing activities Financing activities equivalents at the endof the period
Million yen(46,116)

Million yen(6,727)

Million yen

163,077

Since the Company started to compile the consolidated cash flows from this period, the consolidated cash flows of thecorresponding period of the previous year are not disclosed.

(Qualitative Information on Consolidated Financial Position)
Consolidated total assets were ¥1,449,551 million as of June 30, 2006. Current assets were ¥346,783 million.
Fixed assets were ¥1,102,767 million.
Total liabilities were ¥555,396 million and total net assets were ¥894,154 million. Minority interests included in
total net assets were ¥43,242 million .
As for cash flows during the three months ended June 30, 2006, net cash provided by operating activities was¥66,137 million. Net cash used in investing activities was ¥46,116 million. Net cash used in financing activitieswas ¥6,727 million. After deducting ¥1,359 million for the effect of exchange rate changes on cash and cash
equivalents, the net increase in cash and cash equivalents during the three months ended June 30, 2006 amountedto ¥11,934 million. Cash and cash equivalents at the end of the three months ended June 30, 2006 totaled ¥163,077
million by adding ¥11,934 million which was an increase in cash and cash equivalents during the period and¥151,143 million at beginning of the period.

[Accompanied materials]
1. Condensed Consolidated Balance Sheet
2. Condensed Consolidated Statement of Income
3. Condensed Consolidated Statement of Cash Flows
4. Production, Orders Received and Sales Performance[Supplemental materials]
1. Condensed Consolidated Balance Sheets of INPEX CORPORATION and Teikoku Oil Co., Ltd.
2. Condensed Consolidated Statements of Income of INPEX CORPORATION and Teikoku Oil Co., Ltd.

― 2 ―

更新日時：8/9/2006 1:35:00 PM 印刷日時： 最終印刷日時：8/14/2006 3:54:00 PM

ファイル名：[Reference]
Projected Consolidated Operating Results for the year ending March 31, 2007
Net sales
Ordinary income
Net income
Semiannual (April 1, 2006 throughSeptember 30, 2006)
Annual (April 1, 2006 throughMarch 31, 2007)

Net income per share

Million yen

Million yen

Million yen

467,000

274,000

58,00024,826.72

Yen

918,000

521,000

118,000

50,509.53

Reference:
1. The projected net income per share for the year ending March 31, 2007 is calculated based on theexpected average number of shares outstanding of 2,336,192 at March 31, 2007.
2. The above forecasts are calculated based on the following assumptions:
Crude oil price (Brent)
2nd Quarter*
US$ 65.00/bbl（First-Half* US$ 67.72/bbl）
Second-Half * US$ 57.50/bbl（Full Year* US$ 62.61/bbl）

Foreign currency exchange 2nd Quarter¥115/US$
rates
Second-Half¥110/US$First-Half : April 1, 2006-September 30, 2006
*2nd Quarter : July 1, 2006- September 30, 2006
Second-Half : October 1, 2006- March 31, 2007
Full Year : April 1, 2006- March 31, 2007
Our crude oil prices are different for each crude oil, and there are also price difference between ourcrude oil price and price of Brent. Price differential are caused by its quality and its pricing range is
not constant due to the market conditions. Most of our crude oil prices are lower than Brent price.
*The aforementioned projections are based on currently available information and contain many
uncertainties. Changing business conditions including oil and gas price levels, production and sales
plans, projects development schedules, government regulations and financial and tax schemes may
cause actual results to differ from the above forecasts.

― 3 ―更新日時:8/8/2006 7:53:00 PM

ファイル名:②H19.3第1四半期_要約BS(英文)1. Condensed Consolidated Balance Sheet(Millions of yen)
As of June 30,
2006
Accounts
Amounts

Ratio％(Assets)
Current assets
Cash and deposits
Accounts receivable-tradeMarketable securities
Other
Total current assets
Fixed assets
Tangible fixed assets
Intangible assets
Investments and other assets
Investment securities
Recoverable accounts
under production sharing
Other

155,360
65,58735,33490,501
346,78323.9

212,471
274,02214.7
18.9

325,734
304,323
40,979Less allowance forrecoverable accounts
under production sharing(46,534)

Less allowance forinvestments in exploration(8,230)Total investments and otherassetsTotal fixed assets
Total assets(Liabilities)
Current liabilities
Accounts payable
Short-term loans and current
portion of long-term debt
Income taxes payable
Other
Total current liabilities
Long-term liabilities
Long-term debt
Other
Total long-term liabilities
Total liabilities(Net assets)
Shareholders’ capital
Capital stock
Additional paid-in capital
Retained earnings
Treasury stock
Total Shareholders’ equity
Valuation, translation adjustments
and others
Unrealized holding loss on
securities
Translation adjustments
Total valuation, translation
adjustments and others
Minority interests
Total net assets
Total liabilities and net assets

616,27342.5

1,102,767
1,449,551

76.1
100.0

22,99926,976
95,114
90,167235,257

16.2

230,292
89,846
320,138
555,39622.1
38.3

30,000415,892
430,735(19,865)
856,762

2.1
28.7
29.7
(1.4)
59.1

(6,875)

(0.5)

1,026

0.1

(5,849)(0.4)

43,242894,154
1,449,551

3.0
61.7
100.0
― 4 ―

印刷日時:06/08/14 15:54

更新日時:8/8/2006 12:54:00 PM

ファイル名:③H19.3第1四半期_要約PL(英文)2. Condensed Consolidated Statement of Income(Millions of yen)Accounts

For the three months
ended June 30, 2006
Amounts

ⅠNet sales
ⅡCost of sales
Gross profit
ⅢExploration expenses
ⅣSelling, general andadministrative expenses
Operating income
ⅤOther income
1 Interest income
2 Equity in earnings ofaffiliates
3 Foreign exchange gain
4 Other
ⅥOther expenses
1 Interest expense
2 Provision for allowance
for recoverable accounts
under production sharing
3 OtherOrdinary income
Income before income
taxes and minority interests
Income taxes-current
Income taxes-deferred
Minority interests
Net income

223,032
75,356
147,675
5,997

Ratio
％
100.0
33.8
66.2
2.7

11,2875.0

130,390
8,637
2,903

58.5
3.9

412
3,002
2,318
6,209
2,733

2.8

726
2,750
132,818

59.6

132,81859.6

107,110(3,334)
3,282
25,760

48.0
(1.5)
1.5
11.6

― 5 ―

印刷日時:06/08/14 15:55

更新日時:8/8/2006 7:49:00 PM

ファイル名:④H19.3第1四半期_要約CF(英文)3. Condensed Consolidated Statement of Cash Flows(Millions of yen)
For the three months
ended June 30, 2006

Accounts

Amounts
Cash flows from operating activities
Income before income taxes and minority interests

132,818
6,608

Depreciation and amortization
Amortization of goodwill
Provision for allowance for recoverable accounts underproduction sharing
Interest and dividend income
Interest expense
Foreign exchange gain
Equity in earnings of affiliates
Accounts receivable
Recovery of recoverable accounts under productionsharing (capital expenditures)
Recoverable accounts under production
sharing (operating expenditures)
OtherSubtotal
Interest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Proceeds from sales of marketable securities
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of investment securities
Proceeds from sales of investment securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Other
Net cash used in investing activities
Cash flows from financing activities
Proceeds from long-term debt
Repayment of long-term debt
Cash dividends paid
Stock transfer payment
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period

― 6 ―

1,736
1,441
(4,086)
2,733(1,649)(412)
6,016
23,362(3,988)(2,696)
161,883
4,039(1,958)(97,826)
66,137
12,143(10,774)
110(26,420)
8,523(28,484)(1,214)(46,116)
9,750(4,890)(10,783)(867)
62(6,727)(1,359)11,934
151,143
163,077

印刷日時:06/08/14 15:55

2ファイル名:

更新日時:8/9/2006 9:13:00 AM

印刷日時:06/08/14 15:56

4. Production, Orders Received and Sales Performance(1) Production
The following table shows production by business segment:
Business segment

Category

For the three months ended June 30, 2006

Millions of barrels
21
Crude oil(Thousands of barrels per day)
232
Billions of cubic feet85
Natural gas(Millions of cubic feet per day)
Crude oil and935
natural gas
MillionsofBOEbusinesses
35
Subtotal(Thousands of BOE per day)388
Thousands of kiloliters
Petroleum Products
60TonsIodine133
Notes: 1. The amount of LPG produced abroad is included in ‘Crude oil’. On the other hand, the amount ofLPG produced in the domestic refinery is included in ‘Petroleum Products’
2. A portion of crude oil production volume is consumed as fuel for petroleum products.
3. The production by the Company’s affiliates accounted for by the equity method is included in thefigures above. Also the production is a result for the three months ended 30 June regardless of aclosing date on the basis of fiscal periods of its subsidiaries or affiliates.
4. The production volume of crude oil and natural gas under the production sharing contracts
entered by INPEX Holdings Group corresponds to the net economic take of our group.
Figures calculated by multiplying the gross production volume by our company’s interest shareare 27 millions of barrels (291 thousands of barrels per day) of crude oil, 163 billions of cubicfeet (1,792 millions of cubic feet per day)of natural gas, and in total 54 millions of BOE (590thousands of BOE per day),
5. BOE means barrels of oil equivalent.
6. Iodine is refined on consignment by another company.
7. Figures are rounded to nearest whole number.
(2) Orders received
This information is not disclosed since the amount of orders received accounted for a minor portion of totalsales. In addition, there is no production for orders received in crude oil and natural gas businesses.

― 7 ―2ファイル名:

更新日時:8/9/2006 9:13:00 AM

印刷日時:06/08/14 15:56(3) Sales performancea) We take back the full amount of crude oil produced under the production sharing contracts, and primarilysell it domestically to Japanese power companies and refining companies. We sell natural gas producedin Indonesia in the form of LNG and LPG to Japanese power companies and urban gas companies
through PERTAMINA and also sell a part to customers in South Korea, Taiwan and other countries. We
sell natural gas produced in Japan to customers using our pipeline.
b) The following table shows sales performance by business segment:(Millions of yen)
Business segment

Crude oil and naturalgas businesses

Category

For the three months ended June 30, 2006

Crude Oil

141,316Natural Gas

75,724

Others5,569

Subtotal

222,610

Other Businesses

421
Total

223,032

Notes: 1. LPG is included in natural gas.
2. The above amounts do not include the related consumption tax.
3. The Company’s subsidiaries of which closing date for fiscal year is December 31 areconsolidated their operating result for the three months ended March 31 except those subsidiaries
prepared their financial statements for consolidation purpose as of the consolidation closing date.
However, the significant effects of the difference in fiscal periods were properly adjusted inconsolidation.

― 8 ―更新日時:8/8/2006 7:46:00 PM

ファイル名:⑥H19.3第1四半期_補足データ要約BS(英文)印刷日時:06/08/14 15:56[Supplemental materials]
1. Condensed Consolidated Balance Sheets of INPEX CORPORATION and Teikoku Oil Co., Ltd.
(Millions of yen)Accounts

INPEX CORPORATION（Consolidated）
As of June 30, 2006

Teikoku Oil Co., Ltd.
（Consolidated）
As of June 30, 2006

Amounts

Amounts(Assets)
Current assets
Cash and deposits
Accounts receivable-tradeMarketable securities
OtherTotal current assets
Fixed assets
Tangible fixed assets
Intangible assets
Investments and other assets
Investment securities
Recoverable accounts
under production sharing
Other

139,583
56,06019,98690,969306,599

15,303
11,053
15,34821,78363,48963,810135,565

132,719
1,110

225,131100,603

303,414908

28,871

12,889Less allowance forrecoverable accounts
under production sharing(45,866)(668)

Less allowance forinvestments in exploration(5,297)(2,804)

Total investments and otherassets

506,254

110,929

Total fixed assets
Total assets(Liabilities)
Current liabilities
Accounts payable
Short-term loans and current
portion of long-term debt
Income taxes payable
Other
Total current liabilities
Long-term liabilities
Long-term debt
Other
Total long-term liabilities
Total liabilities

705,630
1,012,229

244,759
308,248

20,971

2,463

21,102

5,873

93,45971,694
207,228

1,648
18,01828,003

198,786
44,119242,905450,134

31,505
41,122
72,627
100,631

29,46062,402
429,388521,251

19,57911,222135,056
165,858(1,306)

39,217

1,045

403

(260)

39,621

41,104562,094
1,012,229

2,138
207,617308,248(Net assets)
Shareholders’ capital
Capital stock
Additional paid-in capital
Retained earnings
Treasury stock
Total Shareholders’ equity
Valuation, translation adjustments
and others
Unrealized holding loss onsecurities
Translation adjustments
Total valuation, translation
adjustments and others
Minority interests
Total net assets
Total liabilities and net assets― 9 ―更新日時:8/9/2006 9:43:00 AM

ファイル名:⑦H19.3第1四半期_補足データ要約PL(英文)印刷日時:06/08/14 15:57

2. Condensed Consolidated Statements of Income of INPEX CORPORATION and Teikoku Oil Co., Ltd.
(Millions of yen)
INPEX CORPORATION
Teikoku Oil Co., Ltd.
(Consolidated)(Consolidated)Accounts
For the three months ended For the three months ended
June 30, 2006
June 30, 2006
AmountsAmounts
ⅠNet sales
ⅡCost of sales
Gross profit
ⅢExploration expenses
ⅣSelling, general andadministrative expenses
Operating income
ⅤOther income
1 Interest income
2 Equity in earnings ofaffiliates
3 Foreign exchange gain
4 Other
ⅥOther expenses
1 Interest expense
2 Provision for allowance
for recoverable accounts
under production sharing
3 OtherOrdinary income
Income before incometaxes and minority interests
Income taxes-current
Income taxes-deferred
Minority interests
Net income― 10 ―

203,372
67,391
135,981
5,948

24,194
12,48911,704
48

4,395

5,367

125,637
7,095
2,817

6,288
1,756
86

329

82

3,045
901
5,357
2,531

1,586
625
202

603

122

2,222
127,375300
7,418

127,375

7,418

103,837(4,012)
3,190
24,359

3,267
747
92
3,311