Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANAugust 8, 2022
Announcement of Revision of Consolidated Financial Forecasts
for Fiscal Year Ending December 31, 2022, and Notice of Retained Earnings
Dividend (Interim Dividend) and Revision of Year-End Dividend Forecast
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today the revision of its
consolidated financial forecasts for the fiscal year ending December 31, 2022.
A decision was also made at a meeting of the Board of Directors held on August 8, 2022 toincrease the interim dividend for the six months ended June 30, 2022 and revise the year-end
dividend forecast for the year ending December 31, 2022 with December 31, 2022 as the dateof record.
1. Revision of consolidated financial forecasts for the year ending December 31,2022(January 1, 2022 –December 31, 2022)
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(May 11, 2022): A
1,851,000
924,000
1,042,000
300,000
216.37
Revised forecasts: B
2,182,000
1,133,000
1,255,000
350,000
252.47
Increase (decrease):
331,000
209,000
213,000
50,000
B-A
Percentage (%) change
17.9
22.6
20.4
16.7
Reference:
Consolidated financial results forthe year ended December 31,

1,244,369

590,657

657,627

223,0482021

2. Reasons for the revisions
Crude oil and natural gas production operations largely progressed steadily, and INPEX
revised its consolidated financial forecasts for the fiscal year ending December 31, 2022 due
to factors including the upturn in crude oil prices and the depreciation of the Japanese yen
against the US dollar in the six months ended June 30, 2022 and the revision of its crude oil
price and exchange rate assumptions for the year1.

153.87

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN1

Crude oil price and exchange rate assumptions
Previous Forecasts
Crude oil price(Brent)

1st Half:
2nd Half:
・3rd quarter・4th quarter
Full Year:

Exchange rate

1st Half:
2nd Half:
Full Year:(May 11, 2022)

Revised Forecasts(August 8, 2022)

US$ 95.0/bbl
US$ 75.0/bbl
・US$ 80.0/bbl
・US$ 70.0/bbl
US$ 85.0/bbl

1st Half:
2nd Half:
・3rd quarter・4th quarter
Full Year:

US$ 104.9/bbl
US$ 85.1/bbl
・US$ 95.1/bbl
・US$ 75.0/bbl
US$ 95.0/bbl¥120.0/US$¥120.0/US$¥120.0/US$

1st Half:
2nd Half:
Full Year:¥123.2/US$¥126.9/US$¥125.0/US$

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

3. Details and reasons concerning the increase in the interim dividend and revision of
the year-end dividend forecast(1) Details of the interim dividend for the fiscal year ending December 31, 2022
・Dividends of common stock
Interim Dividends
Most recent
paid for the year
Resolved
forecast
ended December(May 11, 2022)
31, 2021
Date of record
June 30, 2022
June 30, 2022
June 30, 2021
Cash dividend per share
30.00 yen
27.00 yen20.00 yen
Total dividends
41.6 billion yen－
29.207 billion yen
Effective date
September 1, 2022－
September 1, 2021
Dividend source
Retained earnings－
Retained earnings
・Dividends of Class A stock
Resolved
Date of record
Cash dividend per share
Total dividends
Effective date
Dividend source

Most recent
forecast(May 11, 2022)

June 30, 2022
June 30, 2022
12,000 yen
10,800 yen－
12,000 yen－
September 1, 2022－
Retained earnings

Interim Dividends
paid for the year
ended December
31, 2021
June 30, 2021
8,000 yen
8,000 yenSeptember 1, 2021
Retained earnings

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN(2) Details of the year-end dividend
・Dividends of common stock
Dividend per share (yen)At fiscal year
At 2nd quarter end
end
Previous Forecast (May 11, 2022)

27.00 yen

Current Forecast for the year
ending December 31, 2022
Scheduled payment for the year
ending December 31, 2022

30.00 yen

Payment for the year ended
December 31, 2021

20.00 yenTotal

27.00 yen

54.00 yen

30.00 yen

60.00 yen

28.00 yen

48.00 yen・Dividends of Class A stock
Dividend per share (yen)At fiscal year
At 2nd quarter end
end
Previous Forecast (May 11, 2022)

10,800 yen

Current Forecast for the year
ending December 31, 2022
Scheduled payment for the year
ending December 31, 2022

12,000 yen

Payment for the year ended
December 31, 2021

8,000 yenTotal

10,800 yen

21,600 yen

12,000 yen

24,000 yen

11,200 yen

19,200 yen(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 dividends of Class A stock are equivalent to dividends ofcommon stock prior to the stock split is included in the Articles of Incorporation(3) Reasons for the revisions
Based on the shareholder return policy outlined in INPEX Vision@2022, INPEX will, in principle,
maintain stable dividend payouts during the period covered by the medium-term business planfrom fiscal year 2022 to fiscal year 2024 with a total payout ratio of around 40 percent or greater,
and a minimum annual dividend per share of 30 yen. During this period, INPEX will also strive
to strengthen shareholder returns through means including share buybacks based on thecompany’s business environment, financial base and management conditions, etc.
Based on the above policy and the positive financial forecast for the year ending December
31, 2022 announced today, INPEX will increase its interim dividend to 30 yen per common

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANstock, 3 yen up from the most recent forecast of 27 yen per common stock. INPEX also revised
its forecast for its year-end dividend to 30 yen per common stock, 3 yen up from the mostrecent forecast of 27 yen per common stock. As a result, the annual dividend for the fiscal year
ending December 31, 2022 is expected to amount to 60 yen per common stock, combining the30 yen interim dividend and the 30 yen year-end dividend.
INPEX will also revise its interim dividend and forecast for the year-end dividend of Class A
stock (unlisted) for the year ending December 31, 2022, as with the common stock.
Furthermore, a decision was made at a meeting of the Board of Directors held today for INPEX
to acquire its own shares. For details, please refer to “Announcement Concerning Resolution
on Acquisition of Own Shares” announced today.
Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233