Consolidated Financial Results for the Three Months Ended June 30, 2021
<under Japanese GAAP>
August 10, 2021

Note: The following report is a summary of the Japanese-language original.

Company name: Japan Petroleum Exploration Co., Ltd.
Listing:
Tokyo Stock Exchange, First Section
Securities code: 1662
URL:
https://www.japex.co.jp/
Representative: Masahiro Fujita, Representative Director and President
Inquiries:
Masaru Asai, General Manager, Corporate Communication Office
TEL: +81-3-6268-7110 (from overseas)
Scheduled date to commence dividend payments:–
Scheduled date to file Quarterly Report:
August 11, 2021
Presentation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results presentation meeting (for institutional investors and analysts):
1.
(1)

Yes

(Millions of yen with fractional amounts discarded, unless otherwise noted)

Consolidated financial results for the three months ended June 30, 2021
(April 1, 2021 – June 30, 2021)
Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net sales

Three months ended

Operating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

June 30, 2021

50,083

(1.8)

3,400

–

10,491

–

7,106

–

June 30, 2020

51,018 (45.3)(5,250)–(9,575)–(9,536)–

Note: Comprehensive income: Three months ended June 30, 2021:
Three months ended June 30, 2020:

17,818 million yen(7,425) million yen

Basic earnings per share
Three months ended

(– %)
(– %)

Diluted earnings per share

Yen

Yen

June 30, 2021

124.50–June 30, 2020

(166.86)–(2)

Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of June 30, 2021

613,994

450,006

67.7

As of March 31, 2021

624,786

434,492

64.0

Reference: Equity

2.

As of June 30, 2021: 415,717 million yen

As of March 31, 2021: 400,171 million yen

Cash dividends

Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
Fiscal year ending
March 31, 2022
(Forecasts)

First quarter
Yen

Second quarter
Yen

Annual dividends
Third quarter
Yen

Fiscal year-end
Yen

–

25.00

–

25.00

50.00

25.00

–

25.00

50.00

AnnualYen–

Note: Revisions to the latest forecasts of cash dividends: None

-1-

3.

Consolidated financial forecasts for the fiscal year ending March 31, 2022 (April 1, 2021 – March 31, 2022)(Percentages indicate year-on-year changes.)

Net sales

Fiscal year ending
March 31, 2022

Operating profit

Ordinary profit

Millionsof yen%Millionsof yen%Millionsof yen220,789(8.0)

11,894183.7

26,159Profit attributable Basic earnings per
to owners of parent
shareMillionsof yen%Yen

161.5 (114,021)–(1,997.76)%

Note: Revisions to the consolidated financial forecasts most recently announced: Yes

*
(1)

Notes
Changes in significant subsidiaries during the three months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): None

(2)

Application of specific accounting for preparing quarterly consolidated financial statements: Yes(3)

Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
b. Changes in accounting policies due to other reasons: Nonec.
Changes in accounting estimates: None
d. Restatement: None

Note: For details, please refer to “(3) Notes to consolidated financial statements (Application of specific accounting for preparing
quarterly consolidated financial statements)” of “2. Consolidated financial statements and significant notes thereto” on page 9 of
the attached material.

Note: For details, please refer to “(3) Notes to consolidated financial statements (Changes in accounting policies)” of “2. Consolidated
financial statements and significant notes thereto” on pages 9-10 of the attached material.

(4)

Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2021
57,154,776 shares
As of March 31, 2021
57,154,776 sharesb. Number of treasury shares at the end of the period
As of June 30, 2021
79,982 shares
As of March 31, 2021
79,982 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2021
57,074,794 shares
Three months ended June 30, 2020
57,152,444 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of financial forecasts, and other special matters
The forward-looking statements, including the financial forecasts shown in this document are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. As
such, they do not constitute guarantees by the Company of future performance. Actual performance andother results may differ materially from these forecasts due to various factors.
For the suppositions that form the assumptions for financial forecasts and cautions concerning the use
thereof, please refer to “(3) Explanation of consolidated financial forecasts and other forward-looking
statements” of “1. Qualitative information regarding settlement of accounts for the three months ended June30, 2021” on page 4 of the attached material to the quarterly financial results report.

-2-

(Attached Material)
1. Qualitative information regarding settlement of accounts for the three months ended June 30,2021(1) Explanation of operating results
During the three months ended June 30, 2021, net sales was ¥50,083 million, a decrease of ¥935 million (1.8%) year on year. Gross profit was ¥11,179 million, an increase of ¥8,779 million (+365.9%) year on
year. Major factors behind the year-on-year decrease for net sales and increase for gross profit were
improvements in sales of crude oil in Japan and diluted bitumen due to a rise in crude oil prices, along withan increase in the electricity sales volume due to the Fukushima Natural Gas Power Plant operating for thefull reporting period. Due to the application of the Accounting Standard for Revenue Recognition, our
accounting for transactions in which our role was agent that previously presented the gross amounts for net
sales and cost of sales separately has changed to an accounting method of presenting the net amounts,
thereby causing a reduction in revenue.
Exploration expenses was ¥132 million, a decrease of ¥74 million (-36.1%) year on year. Selling, generaland administrative expenses was ¥7,647 million, an increase of ¥203 million (+2.7%) year on year. As aresult, operating profit improved by ¥8,650 million year on year to ¥3,400 million (operating loss of¥5,250 million in the same period of the previous fiscal year).
Ordinary profit improved by ¥20,066 million year on year to ¥10,491 million (ordinary loss of ¥9,575 million
in the same period of the previous fiscal year), due mainly to the turnaround from foreign exchange losses
to foreign exchange gains and an increase in share of profit of entities accounted for using equity method.
Profit before income taxes improved by ¥20,068 million year on year to ¥10,489 million (loss before
income taxes of ¥9,578 million in the same period of the previous fiscal year). Profit attributable to ownersof parent improved by ¥16,642 million year on year to ¥7,106 million (loss attributable to owners of parentof ¥9,536 million in the same period of the previous fiscal year).
Below is a breakdown of net sales.
(i) E&P BusinessNet sales from the E&P Business came to ¥16,796 million, a decrease of ¥6,108 million (-26.7%) year
on year. Looking at the principle factors behind this result, although the sales prices of crude oil,natural gas (overseas) and diluted bitumen all rose, the application of the Accounting Standard for
Revenue Recognition has led to revenues being presented as net amounts for the majority of crude oilpurchases and sales.
(ii) Infrastructure/Utility BusinessNet sales from the Infrastructure/Utility Business came to ¥23,009 million, an increase of ¥2,012
million (+9.6%) year on year. This was mainly the result of an increase in the electricity sales volume
due to the Fukushima Natural Gas Power Plant operating for the full reporting period, despite thedecrease from a lower sales price and reduced sales volume for natural gas (Japan).
(iii) Other Businesses
Net sales from other businesses, such as the contract services (drilling and geological surveys, etc.),
sale of oil products, including liquefied petroleum gas (LPG), fuel oil and the like, as well as othersubcontracted tasks, came to ¥10,277 million, an increase of ¥3,160 million (+44.4%) year on year.

(2)

Explanation of financial position
At the end of the first quarter, total assets decreased by ¥10,792 million from the previous fiscal year-end
to ¥613,994 million.
Current assets decreased by ¥37,401 million from the previous fiscal year-end. This was mainly due todecreases in cash and deposits, and notes and accounts receivable - trade. Non-current assets increased by¥26,608 million from the previous fiscal year-end. This was mainly due to an increase in property, plantand equipment of foreign consolidated subsidiaries resulting from the impact of foreign exchange-3-

translation, a rise in market values in investment securities, and an increase in recoverable accounts
included in other under other investments and other assets resulting from investments made.
Liabilities decreased by ¥26,306 million from the previous fiscal year-end to ¥163,987 million.
Current liabilities decreased by ¥31,887 million from the previous fiscal year-end. This was mainly due torepayments of current portion of long-term borrowings included in other. Non-current liabilities increasedby ¥5,580 million from the previous fiscal year-end. This was mainly due to an increase in long-termborrowings resulting from the impact of foreign exchange translation and an increase in deferred tax
liabilities resulting from the above-mentioned rise in market values of investment securities.
Net assets increased by ¥15,514 million from the previous fiscal year-end to ¥450,006 million.
The main factors were increases in retained earnings, valuation difference on available-for-sale securities
and foreign currency translation adjustment.

(3) Explanation of consolidated financial forecasts and other forward-looking statements
The consolidated financial forecasts for the fiscal year ending March 31, 2022 have been revised from theforecasts announced on May 13, 2021.
Please refer to the “Notice of Financial Forecasts Revision and Recording of Non-operating Income”
released on August 10, 2021, the same day of this report.

-4-

2. Consolidated financial statements and significant notes thereto(1) Consolidated quarterly balance sheet(Millions of yen)

As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, andcontract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Allowance for overseas investment loss
Total investments and other assets
Total non-current assets
Total assets-5-

As of June 30, 2021

162,368
39,519133,534––

26,059

3,030
4,297
140
8,001
3,715
(38)
221,034

3,030
4,469
311
11,0085,256(37)
183,633

157,841
108,903266,745

163,570
114,920
278,491

6,129
6,129

6,131
6,131

105,070
26,224(44)(373)
130,877
403,752
624,786

113,995
32,058(44)(271)
145,737
430,360
613,994(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Provisions
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Provisions
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-6-

As of June 30, 2021

21,546
1,528
80,702
103,776

16,1281,471
54,28971,88950,180
7,919
3,545
971
21,262
2,637
86,517
190,294

53,63010,281
3,394
909
21,264
2,618
92,098
163,987

14,288344,438(151)
358,575

14,288350,116(151)
364,252

44,22849,501(488)(3,810)1,667
41,59634,320434,492
624,786(1,039)1,395
1,607
51,46434,288450,006
613,994

(2) Consolidated quarterly statement of income and Consolidated quarterly statement ofcomprehensive income
Consolidated quarterly statement of income
Three months ended
June 30, 2020
Net sales
Cost of sales
Gross profit
Exploration expenses
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent-7-(Millions of yen)Three months ended
June 30, 2021

51,01848,619
2,399
206
7,443
(5,250)50,08338,904
11,179
132
7,647
3,400

216
49

37
48

2,116

3,549

–
197
2,579

3,851
178
7,666

972
5,809
122
6,904
(9,575)

322
–
252
574
10,491

–
–

0
0

2
0
3
(9,578)173(9,752)(215)(9,536)1–
1
10,489
2,832
7,656
550
7,106

Consolidated quarterly statement of comprehensive income(Millions of yen)Three months ended
June 30, 2020
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests-8-

Three months ended
June 30, 2021

(9,752)

7,656

4,810
(65)
(1,049)
(42)

5,274
(307)
5,438
(59)

(1,325)

(184)

2,326
(7,425)

10,162
17,818(7,176)

16,974(248)

843

(3) Notes to consolidated financial statements(Notes on premise of going concern)
No item to report.

(Notes on significant changes in the amount of shareholders’ equity)
No item to report.

(Application of specific accounting for preparing quarterly consolidated financial statements)
Deferral accounting of cost variance

Cost variance arising from seasonal changes in production level is deferred as current assets (other)because such variance is expected to be almost completely eliminated by the end of the cost accounting
period.

Calculation of taxes

For the taxes, JAPEX and some of its consolidated subsidiaries compute first by reasonably estimating theeffective tax rate after applying tax effect accounting against profit before income taxes for the fiscal year
including the first quarter, and next by multiplying the quarterly profit before income taxes by such
estimated effective tax rate.
However, in cases where the calculation of taxes using such estimated effective tax rate yields a result thatis not reasonable to a significant extent, the effective statutory tax rate is used.
Note that income taxes - deferred is included in income taxes.

(Changes in accounting policies)
Application of Accounting Standard for Revenue Recognition, Etc.

As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) andrelevant revised ASBJ regulations were applied from the beginning of the first quarter of this fiscal year,
we concluded to recognize the revenue at the time the control of promised goods or services is transferredto the client, at the amount expected to be received upon the exchange of said goods or services.
The JAPEX Group conducts the “E&P Business,” the “Infrastructure/Utility Business,” and “Other
businesses” in the four reportable segments provided in the segment information: “Japan,” “North
America,” “Europe” and “Middle East.”
In the E&P Business, exploration, development, production, provision of production services, and sales ofcrude oil and natural gas are conducted at business locations in Japan and overseas. It is judged that inthese sales, legal ownership and physical possession of assets, as well as significant risks and economic
rewards associated with ownership of assets, are transferred, and the right to receive consideration fordelivered products is obtained, at the time the products are delivered to clients. Thus, revenue is recognizedat that time. As for provision of production services, when control over goods or services is transferred toclients over time, revenue is recognized according to progress in the satisfaction of performanceobligations. For measurement of progress, the output approach based on production volume is used.
In the Infrastructure/Utility Business, sales of gases (natural gas and LNG) and electricity are conducted atbusiness locations in Japan. It is judged that in these sales, legal ownership and physical possession ofassets, as well as significant risks and economic rewards associated with ownership of assets, aretransferred, and the right to receive consideration for delivered products is obtained, at the time theproducts are delivered to clients. Thus, revenue is recognized at that time.
In the Other businesses, contract services (drilling and geological surveys, etc.) and sales of oil products,
etc. are conducted at business locations in Japan. As for contract services, when control over goods orservices is transferred to clients over time, revenue is recognized according to progress in the satisfactionof performance obligations. For measurement of progress, the input approach based on incurred costs isused. It is judged that in sales of oil products, etc., legal ownership and physical possession of assets, aswell as significant risks and economic rewards associated with ownership of assets, are transferred, and theright to receive consideration for delivered products is obtained, at the time the products are delivered toclients. Thus, revenue is recognized at that time.
In identification of performance obligations, it is examined whether the JAPEX Group acts as a principal
or an agent. If the nature of its promise is a performance obligation to provide the specified goods orservices itself, as a principal it presents revenue at the gross amount of consideration in its consolidated
statement of income. If the nature is a performance obligation to make arrangements so that these goods orservices are provided by other parties, as an agent it presents revenue at the amount of commissions or
fees, or the net amount of consideration, in its consolidated statement of income.
Revenue is recognized based on the transaction price under contracts with clients. If a contract contains
multiple performance obligations, the transaction price is allocated to each performance obligation at a-9-

ratio of standalone selling price. Since consideration for transactions is usually paid within one year after
the satisfaction of performance obligations, such consideration does not include any significant financial
component.
The application of the Accounting Standard for Revenue Recognition and relevant revised ASBJ
regulations is subject to the transitional treatment provided for in the proviso to paragraph 84 of the
Accounting Standard for Revenue Recognition. The cumulative effect of the retrospective application,
assuming the new accounting policy had been applied to periods prior to the beginning of the first quarterof the current fiscal year was added to or deducted from the opening balance of retained earnings of thefirst quarter of the current fiscal year, and thus the new accounting policy was applied from such opening
balance; provided, however, that the new accounting policy was not retrospectively applied to contracts forwhich nearly all the revenue amounts had been recognized according to the previous treatment in periods
prior to the beginning of the first quarter of the current fiscal year, by applying the method provided for inparagraph 86 of the Accounting Standard for Revenue Recognition.
Consequently, for the three months ended June 30, 2021, net sales decreased by ¥12,253 million, cost of
sales decreased by ¥12,241 million, and selling, general and administrative expenses decreased by ¥12
million. There was no effect on operating profit, ordinary profit, and profit before income taxes. In
addition, there was also no effect on the opening balance of retained earnings for the first quarter of thecurrent fiscal year.
Due to the application of the Accounting Standard for Revenue Recognition and relevant revised ASBJ
regulations, “Notes and accounts receivable - trade” under current assets of the consolidated balance sheet
as of the end of the previous fiscal year has been included in “Notes and accounts receivable - trade, andcontract assets” under current assets from the quarterly consolidated balance sheet as of the end of the firstquarter of the current fiscal year. In accordance with the transitional treatment provided for in paragraph89-2 of the Accounting Standard for Revenue Recognition, figures for the previous fiscal year have notbeen restated in accordance with the new approach to presentation. Furthermore, the information on
disaggregation of revenue from contracts with clients during the first three months of the previous fiscal
year has not been disclosed as allowed by the transitional treatment provided for in paragraph 28-15 of the
Accounting Standard for Quarterly Financial Reporting.

Application of Accounting Standard for Fair Value Measurement, Etc.

We concluded to apply the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30,
July 4, 2019) and relevant ASBJ regulations from the beginning of the first quarter of this fiscal year. And
we decided to apply new accounting policies stipulated in the Accounting Standard for Fair Value
Measurement and relevant ASBJ regulations prospectively in accordance with the transitional treatment
provided for in paragraph 19 of the Accounting Standard for Fair Value Measurement and paragraph 44-2of the Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019). There wasno effect of this application on the consolidated financial statements.

- 10 -

(Additional information)
Accounting estimates in connection with the spread of novel coronavirus disease (COVID-19)

While the dissipation of the COVID-19 pandemic remains uncertain as of the end of the first quarter,
prolonged stagnation is seen in economic activities in Japan and overseas. Although the timing COVID-19
dissipates is still unknown and difficult to be predicted, we expect that the situation will gradually recoveras time goes by.
The Garraf Oil Field in the southern part of the Republic of Iraq, which had temporarily suspended its
development and production operation due to the impact of COVID-19, resumed its production operationfrom July last year. However, due to restrictions on transfer and other factors, the additional development
was delayed and therefore, the increase in production volume to a scale of 230,000 barrels a day, which
was expected at the end of last year, will be delayed to later years. Also, scheduling and other mattersconcerning the development in the UK North Sea’s Seagull field, for which we are aiming for productioncommencement by the end of this year, are subject to change.
We consider that the prolonging of the effects of the COVID-19 pandemic and the global movement
toward decarbonization could give rise to the possibility of irreversible structural changes in various areas
such as energy demand and environmental concerns, which could suppress the demand for fossil fuels forsome considerable time. Moreover, there have been calls to focus on a “green recovery” while undertaking
the global economic recovery from the COVID-19 pandemic, which could further accelerate the growing
tide of decarbonization. In light of the changes in the business environment surrounding our company andthe trend of rising global carbon prices, our projection for the medium- to long-term oil price is set at $50
per barrel.
Should assumptions change under such circumstances, we have options involving recoverability ofdeferred tax assets with respect to accounting estimates of high uncertainty. The estimate change resulting
from the above-mentioned hypothetical fluctuations may impact taxable income for the JAPEX Group
including its consolidated subsidiaries, and the amount of deferred tax assets recorded may increase or
decrease.

(Significant subsequent events)
Completion of transfer of interests in the shale gas project of North Montney Area, British
Columbia, Canada

With regard to all 10% interests in the shale gas project of North Montney Area, British Columbia, Canada
owned by JAPEX Montney Ltd. (hereinafter “JML”), a consolidated subsidiary, and related assets, JML
completed the procedures for transfer to Petronas Energy Canada Ltd. (headquarters: Alberta, Canada), theoperator of the field, on July 5, 2021.
In line with the transfer of these interests and assets, we will record an extraordinary loss of approximately
C$497 million due to loss on transfer of interests in the second quarter of the fiscal year ending March 31,
2022.

Ending promotion of the Oil Sands Project in Canada and the transfer of all shares of Japan
Canada Oil Sands Limited

On July 29, 2021, the Board of Directors resolved to end its promotion of the oil sands project in Canada
by Japan Canada Oil Sands Limited (“JACOS”) and to transfer all the shares of JACOS, which holds
100% of said shares through Canada Oil Sands Co., Ltd. (“CANOS”), a consolidated subsidiary, to HE
Acquisition Corporation (“HAC”).
Under the medium-term business plan unveiled in May 2018, with the recognition of the necessity oftransition to a business structure capable of sustainable growth even in the market environment of $50-60
per barrel, the E&P Business has been striving to improve its profitability by optimizing the businessportfolio, including the sale of the assets. The environment surrounding the E&P Business is expected to
become even more difficult due to the prolonged effects of the COVID-19 pandemic since early last year,
structural changes induced by the new normal of a post-COVID-19 world, and acceleration of the global
decarbonization. In light of this situation, the end of its promotion of this project and to transfer all sharesof JACOS was decided, after considering the medium- to long-term position of the project, as it continue
to strengthen resilience to low oil prices and a low-carbon environment.
CANOS entered into a share transfer agreement with HAC on July 29, 2021, and the scheduled effective
date of the share transfer is September 15, 2021.
We expect to record approximately ¥90.0 billion of loss on sale of shares of subsidiaries under
extraordinary losses in the consolidated financial results for the six months ending September 30, 2021,
concerning the sale of JACOS shares held by CANOS.

- 11 -

3. Supplemental information
Status of production and sales(1) Production
Three months ended
June 30, 2020
(April 1, 2020 –June 30, 2020)Three months ended
June 30, 2021
(April 1, 2021 –June 30, 2021)(Reference)
Fiscal year ended
March 31, 2021
(April 1, 2020 – March 31, 2021)

272,427

191,636

849,859(199,944)(118,779)(541,855)

246,935

256,822

1,032,521(112,222)(129,403)(473,685)

245,845

246,887

889,315(245,845)(246,887)(889,315)

LNG (t)1,589
421
Electricity(thousand
356,989
679,638
kWh)
Notes: 1. The figures in parentheses represent overseas production and are included in the total.
2. Part of the natural gas production volume is used as a feedstock for LNG.
3. Bitumen is a type of extra-heavy oil extracted from oil sands.

3,341

Crude oil (kl)E&P
Business

Natural gas(thousand m3)
Bitumen (kl)Infrastructure/
UtilityBusiness- 12 -

2,543,189

(2) Sales
Three months ended
June 30, 2020
(April 1, 2020 –June 30, 2020)
Net sales
Sales volume(Millions of yen)

Crude oil (kl)E&P
Business

Dilutedbitumen (kl)Natural gas(overseas)(thousand m3)(Millions of yen)

15,936

114,834

5,556

2,313,521

72,916410,100

6,258

351,045

10,0581,319,808

21,695111,347709

128,298

1,181

470,5102,870

22,904

16,796

97,482Natural gas(Japan)(thousand m3)

248,948

12,798233,299

10,7091,183,102

51,291

LNG (t)53,533

3,597

52,567

4,397

284,216

15,591

Electricity(thousand kWh)

448,4613,493

765,257

7,163

3,016,755

30,087

Others

1,108

739

4,331

20,99723,009101,301

641

1,021

7,633

6,029

8,722

31,931

446

533

1,729

Subtotal

7,116

10,277

41,294

Total

51,01850,083240,078

Subtotal

Otherbusinesses(Millions of yen)

(Reference)
Fiscal year ended
March 31, 2021
(April 1, 2020 – March 31, 2021)
Net sales
Sales volume687,671

Subtotal

Infrastructure/Utility
BusinessThree months ended
June 30, 2021
(April 1, 2021 –June 30, 2021)
Net sales
Sales volume

Contract
Services
Oil products/merchandise
Others

Notes: 1. “Crude oil” includes crude oil that the JAPEX Group produces in oil fields and the crude oil purchased from othercompanies.
2. Diluted bitumen is bitumen diluted by ultra-light crude oil for pipeline transportation.
3. “Natural gas (Japan)” of the Infrastructure/Utility Business refers to gas supplied in Japan via pipeline andcomprises the total of natural gas produced in Japan and regasified LNG. Natural gas (Japan) is classified underthe Infrastructure/Utility Business, since both natural gas produced in Japan and LNG vaporized gas are soldtogether by the Company’s supply network, which consists of the natural gas fields in Japan and the LNG
terminals that vaporize gas linked by a pipeline network.
4. “Others” of the Infrastructure/Utility Business includes commissioned transportation of natural gas and contracted
vaporization of LNG used for power plant fuel.
5. Under the Other businesses, “Oil products/merchandise” includes liquefied petroleum gas (LPG), fuel oil, gas oiland kerosene, and “Others” includes other subcontracted tasks.
6. Monetary amounts in the table do not include consumption taxes.

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