[Explanatory Material]

Financial Results
for the Six Months Ended September 30, 2021

November 9, 2021

Japan Petroleum Exploration Co., Ltd.

Note: This material is an English translation of the Japanese-language original

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

Contents
Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2021
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Note) This material also serves as the presentation material for the financial results briefing for the institutional investors and analysts to be held
on November 10, 2021.
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

2

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2021
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

3

Financial Highlights■ 2Q FY3/22 Results （Year-on-Year）(Billion Yen)

FY3/21 2Q (a)FY3/22 2Q (a)ChangeOperating profit

(6.2)

9.5

+15.8

-

Ordinary profit

(6.8)

19.3

+26.1

-

Profit attributable to owners of parent(6.9)(119.6)(112.7)-• Operating profit：(E&P) Increase in profit of domestic sales and diluted bitumen sales due to a rise of crude oil prices(I/U) Increase in profit due to an increase of the sales volume of electricity by operating for the fullreporting period in Fukushima Natural Gas Power Plant**Operated by Fukushima Gas Power Co., Ltd., which is invested by 5 companies as partners, including JAPEX• Extraordinary losses：

44.2 bn. JPY of loss on transfer of interests (Shale gas project in Canada), 94.1 bn. JPY of loss on saleof shares of subsidiaries (Oil sands project in Canada)■ FY3/22 Forecasts Revision （vs. Aug. 10 Forecasts）(Billion Yen)

Aug 10, 2021 (f)Nov 9, 2021 (f)ChangeOperating profit

11.8

16.6

+4.7

+40%

Ordinary profit

26.1

28.3

＋2.2

+9%

(114.0)(69.8)+44.1-

Profit attributable to owners of parent• Operating profit：(E&P) Increase in sales volume of natural gas produced in Japan and a rise of sales prices(I/U) Increase in marginal gain on LNG procurement• Extraordinary income：39.8 bn. JPY of gain on sale of investment securities■ Shareholder Return• Annual dividend forecast for the FY3/22 remains unchanged at 50 JPY per share (25.0 JPY at the interim and 25.0 JPY at the year-end)• Decided to repurchase own shares for up to 3 million shares or 8 billion JPY
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

4

Reduction of strategic shareholdings and shareholder returns
Partial sale of INPEX shares•

Sold a portion of holding shares in INPEX CORPORATION and reduced our holding
ratio from the perspective of asset efficiency and other factors.

•

JAPEX to recognize 39.8 billion JPY of extraordinary income from sale of investment
securities in 3Q FY3/22.

•

Proceeds from sale of 49.8 billion JPY will be allocated to shareholder returns andinvestment in growth.

Number of shares owned before
the sale

106,893,200(7.32 %*1 of the total number of outstanding shares excl. treasury shares)

Number of shares sold

53,446,600 (Sale price per share: 946 yen)

Aim to improve efficiency of

Number of shares owned after the sale 53,446,600 （3.80%*2 of the total number of outstanding shares excl. treasury shares)

while balancing between

Repurchase of own shares

securing funds for•

A portion of the proceeds from the aforementioned sales will be used torepurchase shares for shareholder returns and improve capital efficiency.

•

All of the repurchased treasury shares will be cancelled.
Own shares to be repurchased

Up to 3,000,000*3 shares or up to 8 billion JPY

Repurchase method

Market purchases

Repurchase period

From November 10, 2021 to November 9, 2022

both assets and capital

investment in growth andshareholder returns

Note)*1: Share holding ratio to 1,460,357,100 shares after excluding 1,966,500 shares of treasury shares as of September 30, 2021
*2: Share holding ratio to 1,406,910,100 shares after excluding 1,966,500 shares of treasury shares as of September 30, 2021, and 53,446,600 shares of treasury shares repurchased by
INPEX through ToSTNeT-3 today.
*3: 5.25% of 57,152,394 shares, which is the number of shares obtained by excluding 2,382 shares of treasury shares from the total number of issued shares as of October 31, 2021.
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

5

FY3/22 Current Progress on Main Business
E&P Business【Maintain and Increase domestic production volume】• Decided an additional development at Katakai Gas Field in Niigata (Apr.）【Review of Business portfolio】• Transferred the interest of Shale Gas Project in Canada *Transaction closed in Jul.
• Ended our promotion of Oil Sands Project in Canada *Transaction closed in Sep.

Infrastructure/Utility Business【Renewable energy development】• Established the PHOTON sustainable PV investment limited partnership, a fund targeting at post-FIT era (Sep.)• Decided to construct Chofu Biomass Power Plant in Shimonoseki-city, Yamaguchi Prefecture (Sep.)• Decided to participate in the 2nd and 3rd plants of Abashiri biomass power generation project in Hokkaido (Sep.)【Development of new gas demand and diversification of LNG procurement】• Signed the Energy Service Provider contract with Boehringer Ingelheim Seiyaku Co., Ltd. to provide natural gas basedenergy for Yamagata Plant (Jun.)• Signed a LNG fuel sales contract for limestone carrier to Nippon Steel Corporation/Nittetsu Cement Co., Ltd. (Sep.)• Received the first carbon-neutral LNG cargo at Soma LNG terminal (Oct.)

New Business Development【CCS/CCUS and carbon recycling】• Started joint study on CO2 utilization around Niigata(May)• Started joint study of CCUS project using joint Crediting Mechanism at Sukowati oil field in Indonesia (Jun.)• Started joint study on energy transportation and supply infrastructure for CO2, hydrogen and ammonia (Jun.)• Established “Tomakomai Sector-Coupling Study Committee” for developing scenarios in carbon recycling technology
implementation(Sep.)
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6

FY3/22 Current Progress on Main ESG Challenges
E

Environment【Contribution to the Low-carbonization】
 Formulated “JAPEX2050’’, a carbon-neutral direction & objective for 2050 (May) Established the Carbon Reduction Project Office in domestic E&P Project division to strengthen carbon-neutral measures indomestic oil and gas fields (Oct.) Obtained third-party evaluation for disclosed ESG information (Sep.)

S

Social【Developing a Rewarding work environment】
 Officially introduced the work-from-home system (Apr.) Implemented the vaccination against COVID-19 at the headquarters (Jul.- Aug.)G

Governance【Strengthen Corporate Governance Structure】
 Established the Risk Management Committee and Sustainability Committee (Apr.)【External evaluation obtained in the FY3/22】
 MSCI Japan Empowering Women (WIN) Select (Jun.)
 R&I’s Credit Ratings (newly obtained)：Long-term Ａ+ (Stable) / Short-term a-1 (Oct.)

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

7

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2021
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

8

E&P Business (Year-on-Year)
1-2Q FY3/21 (a)Net sales：Million Yen

Sales volume

Net sales

1-2Q FY3/22 (a)Sales volume

ChangeNet sales

Sales volume

Net sales-

37,547-

49,820--+12,273

+33%

1,126

28,452345

17,494

(781)

(69%)

(10,957)

(39%)

138

3,726

154

7,465

+16

+12%

[1]

+3,739

+100%

187

4,701

176

9,358

(11)

(6%)

[2] +4,656+99%

Purchased crude oil

800

20,024

13

671

[3]

(786)

(98%)

(19,353)(97%)

Diluted bitumen*2

613

7,757

959

31,121

[4]

+346

+56%

+23,363

+301%

229

1,336

128

1,204

(100)

(44%)

(132)

(10%)

-

E&P Business
Breakdown
Crude oil
Crude oil - Japan
Crude oil - Overseas*1

Natural Gas - Overseas*3

Thousand KL

Million M3

Main factors for change[1] Increase in sales price※Due to the trasfer of interest, overseas crude oil and natural gas sales related to JML
are recorded for the three months from January to March 2021.

[2] Increase in sales price of crude oil from Garraf Oil Field in Iraq
[3] Decrease in sales volume of purchased crude oil from SODECO※Due to the sale of JACOS's shares, diluted bitumen sales are recorded fordue to application of the “Accounting Standard for Revenue Recognition

the eight months from January to August 2021.

[4] Increase in sales volume and price of diluted bitumen from the Hangingstone
Lease in Canada*1 Include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 Include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd.,(JML) and Japex (U.S.) Corp.)

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9

I/U Business Sales (Year-on-Year)
1-2Q FY3/21 (a)Net sales：Million Yen

Sales volume

Net sales

Sales volume

ChangeNet sales

Sales volume-

43,982-

46,382520

25,059455

21,238

216

-

233

94

6,475

1,274
-

-

Infrastructure & Utility Business1-2Q FY3/22 (a)Net sales--+2,400

+5%

(64)

(12%)

(3,820)

(15%)

-

+16

+8%

-

-

96

8,186

+1

+2%

+1,710+26%

10,042

1,605

14,998[2] +331+26%+4,955

+49%

2,405

-

1,960

-

(445)

(19%)

Breakdown
Natural Gas - Japan- Produced in Japan

LNG
Electricity

Million M3
Thousand
Ton
Million kWh

Other*-[1]-Main factors for change[1]Decrease in sales volume due to application of the “Accounting Standard for Revenue Recognition”, and sales volume related to the commissioning of the
Fukushima Natural Gas Power Plant in the FY3/21[2]Increase in sales volume of electricity due to the Fukushima Natural Gas Power Plant operating for the full reporting period, and increase in sales price* Including net sales from commissioned regasification of LNG

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10

FY3/22 Results (Year-on-Year)
Million Yen

1-2Q FY3/21 (a)1-2Q FY3/22 (a)ChangeNet sales

98,127

118,507+20,380+21%

Gross profit

8,884

25,784+16,900+190%

Operating profit(6,271)

9,540+15,812-

Ordinary profit(6,837)

19,349+26,187-

Profit attributable to owners of parent(6,975)(119,676)(112,700)-

Oil Price, Exchange Rate and Sales Price
1-2Q FY3/21 (a)1-2Q FY3/22 (a)ChangeWTI

USD/bbl

39.59

62.21

+22.62

Crude oil price (CIF)

USD/bbl

38.11

67.38

+29.27

Exchange rate

JPY/USD

107.46109.15+1.69

USD/bbl

18.64

46.90

+28.26

CAD/mcf

2.09

2.96

+0.87

JACOS Diluted bitumen
JML Natural gas＊1*2*1 Diluted bitumen sales price of Japan Canada Oil Sands Ltd. (Excl. Royalty)*2 Natural gas sales price of JAPEX Montney Ltd. (Excl. Royalty)

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11

Operating Profit (Year-on-Year)(Billion Yen)

(6.2)

OP total

E&P-Overseas

E&P Business

9.5

Overseas : + 10.1 bn.

(7.9 bn.)(7.9)

Domestic : + 2.6 bn.

5.4 bn. →2.1

I/U Business

5.4
8.1

+3.3 bn.

3.3

(3.6)

Others(0.4 bn.)(5.0)

1-2Q FY3/21 (a)3.3 bn.

Others *(4.0)(10.0)(0.0 bn.) →• Increase in sales volume of electricity due to the
Fukushima Natural Gas Power Plant operating for the fullreporting period

(0.0)

I/U

8.1 bn.

Increase in profit due to a rise of crude oil prices•

E&P-Japan→ 2.1 bn.

Improvement in diluted bitumen sales due to a rise of
crude oil prices

•

0.0

5.0

10.0

15.0

1-2Q FY3/22 (a)

•

∗

12

→

(4.0 bn.)

Operating income (contracting, oil products and commodities, andothers) not belonging to the above business units, less headquarters
administrative expenses* The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

(3.6 bn.)

Decrease in profit of contract services and others

Analysis of Net Income change (Year-on-Year)(Billion Yen)

JACOS
Japex Garraf
JML+8.4 bn.
+1.0 bn.
+0.7 bn.

JML
Japex Garraf
JAPEX+3.5 bn.
+2.9 bn.
+2.0 bn.

SODECO

Losses on sale of JACOS' shares
Losses on JML’s interests transfer

Net
incomeOperating profit*+15.8 bn.

FY3/21
1-2Q (a)E&Poverseas

E&P
Japan

I/U

FY3/21(a)
1-2Q

(7.9)

5.4

FY3/22(a)
1-2Q

2.1

8.1

+3.0 bn.

(94.1 bn.)
(44.2 bn.)Non-operating income+10.3 bn.
OthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

3.3

0.0

(0.0)

0.6

(0.5)

6.4

(0.6)

(138.6)

(0.4)

0.8

OthersForeignexchange
gains and loss

Equity on
earnings

(0.0)

(3.6)

(3.9)

3.3

(4.0)

3.9

* The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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13

Net
incomeFY3/22
1-2Q (a)Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2021
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

14

E&P Business Sales Forecasts (vs Aug. 10 Forecasts)
Previous (f) Aug. 10, 2021
Net sales：Million Yen

Sales volume

Net sales

Revised (f) Nov. 9, 2021
Sales volume

ChangeSales volume

Net sales

Net sales-

71,444-

72,690--+1,246+2%

Crude oil

822

40,027816

40,393

(6)

(1%)

+365

+1%

Crude oil - Japan

285

13,628286

13,923

+1

+1%

+294

+2%

513

25,217505

25,261

(7)

(2%)

+43

+0%

24

1,181

24

1,208

+0

+1%

+27

+2%

949

30,211

959

31,121

+10

+1%

+910

+3%

130

1,205

129

1,175

(0)

(0%)

(29)

(2%)

-

E&P Business
Breakdown

Crude oil - overseas*1

Thousand KL

Purchased crude oil

Diluted bitumen*2
Natural Gas - Overseas*3

Million M3

Main factors for change[1] Increase in sales volume and price of diluted bitumen from the Hangingstone Lease in Canada*1 Include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 Include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.)

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15

[1]

I/U Business Sales Forecasts (vs Aug. 10 Forecasts)
Previous (f) Aug. 10, 2021
Net sales：Million Yen

Sales volume

Net sales

Revised (f) Nov. 9, 2021
Sales volume

ChangeNet sales

Sales volume

Net sales--+3,703

+3%

+15

+2%

+2,564

+5%

-

-

-

108,899-

112,6021,026

51,5101,042

54,075

491

-

502

-

+10

+2%

Ton

301

21,487

293

22,397

(7)

(3%)

[2]

+910

+4%

Million kWh

3,164

31,0383,111

31,370

(53)

(2%)

[3]

+331

+1%

-

4,863

-

4,759

-

-

(103)

(2%)

-

Infrastructure & Utility Business

Breakdown
Natural Gas - Japan- Produced in Japan

Thousand

LNG
Electricity
OthersMillion M3*-

Main factors for change[1] Increase in sales volume and price[2]-[3] Increase in sales price due to review of LNG price assumption* Including net sales from commissioned regasification of LNG

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16

[1]

FY3/22 Forecasts (vs Aug. 10 Forecasts)
Million Yen

Previous (f) Aug. 10, 2021

Revised (f) Nov. 9, 2021

ChangeNet sales

220,789

235,098+14,308+6%

Gross profit

42,141

46,935+4,793+11%

Operating profit

11,894

16,669+4,774+40%

Ordinary profit

26,15928,390+2,231+9%(114,021)(69,847)+44,174-

Profit attributable to owners of parent

Oil Price, Exchange Rate and Sales PricePrevious (f) Aug. 10, 2021

Revised (f) Nov. 9, 2021

ChangeWTI

USD/bbl

64.38

64.06

(0.32)

Crude oil price (CIF)

USD/bbl

68.28

68.60

+0.32

Exchange rate

JPY/USD

108.12108.60+0.48

JACOS Diluted bitumen＊1

USD/bbl

46.84

46.90

+0.06

CAD/mcf

2.96

2.96

+0.00

JML Natural gas*2*1 Diluted bitumen sales price of Japan Canada Oil Sands Ltd. (Excl. Royalty)*2 Natural gas sales price of JAPEX Montney Ltd. (Excl. Royalty)
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17

Operating Profit (vs Aug. 10 Forecasts)(Billion Yen)

11.8

OP total

16.6

E&P Business
Overseas : +0.4 bn.

0.9 bn. →1.3 bn.

Domestic : +1.6 bn.

15.3 bn.

17.0 bn.

•
0.9

E&P-Overseas∗

1.3Internal transaction price from E&P Business to I/U Business for theinternal control

15.3

E&P-Japan

17.0

I/U Business+2.6 bn.

2.0

I/U

Others→Increase in the sales unit price* of natural gas related todomestic gas

4.7•

4.7 bn.

Increase in marginal gain on LNG procurement(6.4)

Others*(6.4)(10.0)

2.0 bn. →

(5.0)

0.0

Previous (f) Aug. 10, 2021

5.0

10.0

15.0

20.0

Revised (f) Nov. 9, 2021

+0.0 bn.
∗

18→(6.4 bn.）

Operating income (contracting, oil products and commodities, andothers) not belonging to the above business units, less headquarters
administrative expenses* The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

(6.4 bn.)Analysis of Net Income change (vs Aug. 10 Forecasts)(Billion Yen)
Gain on sale of investment securities 39.8 bn.
Losses on sale of JACOS‘ shares(4.1 bn.)
Losses on JML’s interests transfer
1.0 bn.
Gain on sales of non-current assets
1.3 bn.

(114.0)Japex Garraf
JACOS

Net
incomeJML+0.3 bn.
+0.1 bn.

(1.5 bn.)

Operating profit*+4.7 bn.

SODECO +0.4 bn.

Non-operating income(2.5 bn.)
OthersIncometaxes

Profitattributable
to noncontrollinginterest

10.1

(0.1)

(133.7)

5.4

0.8

10.6

(1.5)

(96.0)

1.1

1.0

OthersEquity on
earnings

2.0

(6.4)

4.2

4.7

(6.4)

2.6

E&P
overseas

E&P
Japan

I/U

FY3/22 (f)Aug. 100.9

15.3

FY3/22 (f)Nov. 91.3

17.0* The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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19

Net
incomeExtraordinary
incomeForeignexchange
gains andloss

FY3/22 (f)Aug. 10(69.8)

FY3/22 (f)Nov. 9

E&P Business Sales Forecasts (Year-on-Year)
FY3/22 Revised (f)FY3/21 (a)Net sales：Million Yen

Sales volume

E&P BusinessNet sales

Sales volume

ChangeSales volume

Net sales

Net sales-

97,482-

72,690--(24,791)

(25%)

2,313

72,916816

40,393(1,496)(65%)(32,523)

(45%)

287

8,835

286

13,923(1)(0%)[1] +5,088

+58%

538

18,268505

25,261(33)(6%)[2] +6,992

+38%

1,486

45,81224

1,208[3] (1,462)(98%)(44,604)

(97%)

1,319

21,695959

31,121

(360)

(27%)

[4] +9,426

+43%

470

2,870

129

1,175

(340)

(72%)

(1,694)(59%)-

Breakdown
Crude oil
Crude oil - Japan
Crude oil - overseas*1

Thousand KL

Purchased crude oil*2

Diluted bitumen

Natural Gas - Overseas*3

Million M3[5]

Main factors for change[1] Increase in sales price[2] Increase in sales price of crude oil from Garraf Oil Field in Iraq
[3] Decrease in sales volume of purchased crude oil from SODECO due to application of the “Accounting Standard for Revenue Recognition"[4] Increase in sales volume of diluted bitumen at the Hangingstone Lease in Canada[5] Decrease in sales volume due to the interests transfer of the Canadian shale gas project*1 Include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 Include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.)

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20

I/U Business Sales Forecasts (Year-on-Year)
FY3/21 (a)Net sales：Million Yen

Sales volume

FY3/22 Revised (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales--+11,301

+11%

(140)

(12%)

+2,783

+5%

(25)

(5%)

-

-

-

101,301-

112,6021,183

51,291

1,042

54,075

528

-

502

-

Ton

284

15,591

293

22,397

[2]

+9

+3%

+6,805+44%

Electricity

Million kWh

3,016

30,0873,111

31,370

[3]

+94

+3%

+1,282+4%

Others*

-

-

4,331

-

4,759

-

+428

+10%

-

Infrastructure & Utility Business

Breakdown
Natural Gas - Japan- Produced in Japan

LNG

Million M3
Thousand[1]-Main factors for change[1] Decrease in sales volume due to application of the “Accounting Standard for Revenue Recognition”, and sales volume related to the commissioning of
the Fukushima Natural Gas Power Plant in the FY3/21, increase in sales price[2] Increase in sales volume and price[3] Increase in sales volume of electricity taken from the Fukushima Natural Gas Power Plant* Including net sales from commissioned regasification of LNG

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21

FY3/22 Forecasts (Year-on-Year)
Million Yen

FY3/22 Revised (f)FY3/21 (a)ChangeNet sales

240,078

235,098(4,979)(2%)

Gross profit

36,53446,935+10,400+28%

Operating profit

4,192

16,669+12,476+298%

Ordinary profit

10,001

28,390+18,389+184%

Profit attributable to owners of parent(2,725)(69,847)(67,121)-

Oil Price, Exchange Rate and Sales Price
FY3/21 (a)FY3/22 Revised (f)ChangeWTI

USD/bbl

40.87

64.06

+23.19Crude oil price (CIF)

USD/bbl

42.91

68.60

+25.69Exchange rate

JPY/USD

105.86108.60+2.74

USD/bbl

25.06

46.90

+21.84

CAD/mcf

2.14

2.96

+0.82

JACOS Diluted bitumen
JML Natural gas＊1*2*1 Diluted bitumen sales price of Japan Canada Oil Sands Ltd. (Excl. Royalty)*2 Natural gas sales price of JAPEX Montney Ltd. (Excl. Royalty)

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22

Operating Profit (Year-on-Year)(Billion Yen)

4.1

OP total

E&P-Overseas

E&P Business
16.6(10.7)

Overseas : +12.1 bn.

(10.7 bn.)→

1.3 bn.

Domestic : +8.5 bn.

8.4 bn.

→17.0 bn.

•

•
•

1.3

Improvement in diluted bitumen sales due to a rise of
crude oil prices and improvement in WCS differential

Increase in profit due to a rise of crude oil prices
Increase in the sales unit price* of natural gas related todomestic gas∗

8.4

E&P-Japan

17.0

I/U Business(7.5 bn.)

12.2

I/U

OthersInternal transaction price from E&P Business to Infrastructure/Utilities
Business for the internal control

•

4.7

•

(5.7)

FY3/21 (a)→4.7 bn.

Others*(6.4)(15.0) (10.0) (5.0)

12.2 bn.

Reversal of transient gains due to the hike in the JEPX
spot market price in FY3/21
Decrease in marginal gain on LNG procurement

0.0

5.0

10.0

15.0

20.0

(0.6 bn.)•∗

FY3/22 Revised (f)23→(6.4 bn.)

Operating income (contracting, oil products and commodities, andothers) not belonging to the above business units, less headquarters
administrative expenses* The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

(5.7 bn.)

Decrease in profit of contract services and others

Analysis of Net Income change (Year-on-Year)(Billion Yen)

JACOS
JML
Japex Garraf+8.7 bn.
+1.6 bn.
+1.4 bn.

Japex Garraf＋3.0 bn.

SODECO
DGN+4.2 bn.
+0.4 bn.

Gain on sale of investment securities
39.8 bn.
Losses on JML’s interests transfer(42.6 bn.)
Losses on sale of JACOS' shares(94.1 bn.)
Gain on sales of non-current assets+1.3 bn.
（FY3/21）Impairment losses＋16.3 bn.
（FY3/21）Provision for loss on disaster ＋0.9 bn.

NetincomeOperating profit*+12.4 bn.

Non-operating income+5.9 bn.
OthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

5.8

0.6(17.3)

(1.9)

(2.6)

10.6

(1.5)

(96.0)

1.1

1.0

OthersForeignexchange
gains and loss

Equity on
earnings

12.2

(5.7)

(0.6)

4.7

(6.4)

2.6

FY3/21 (a)E&Poverseas

E&P
Japan

I/U

FY3/21 (a)(10.7)

8.4

FY3/22
Revised (f)

1.3

17.0

* The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

24

Net
incomeFY3/22
Revised(f)Cash Flows and Debt
Million Yen

FY3/21 (a)FY3/22 (a)FY3/21 (a)FY3/22 (f)

1-2Q

1-2Q

Full year

Full year
Aug.10Cash flows from operating activities

Nov.9

14,769(7,558)43,26328,608

20,955

Depreciation

10,455

11,831

22,59917,034

17,667

Recovery of recoverable accounts

3,161

6,289

15,19622,031

20,912

Cash flows from investing activities

(813)

(625)

(6,453)

9,629

50,408Purchase of property, plant and equipment(9,601)(8,310)(15,153)(14,223)(16,621)

Payments of recoverable accounts(10,810)(12,401)(14,971)(23,417)(26,462)

Cash flows from financing activities(7,616)(54,201)(15,626)(82,142)(70,265)

Cash and cash equivalents at end of period

143,433

98,263

157,963

114,059

159,061Interest-bearing debt*1--

118,71064,85852,905

EBITDA*2--

37,15044,70550,417

Debt-to-EBITDA ratio

-

-

3.2

1.5

1.1

*1 Interest-bearing debt includes lease obligations, retirement benefit liabilities and contingent liabilities*2 EBITDA is the total of operating profit, depreciation, interest and dividends received on investment cash flow
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

25

Appendix
1. Net Sales
2. Financial Results
3. Segment Profit
4. Price Assumptions for FY3/22 Forecasts
5. Sensitivities Analysis on FY3/22 Forecasts Basis
6. Main Business and Major Assets
7. IR Materials
8. Glossary

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

26

Appendix

1. Net Sales - E&P BusinessMillion Yen
1Q
Sales

2Q

22,904

Sales volume of Crude oil (Thousand KL)
Net sales
Sales volume of Crude oil - Japan (Thousand KL)
Net sales
Sales volume of Crude oil - overseas *1 (Thousand KL)
Net sales
Sales volume of Purchased crude oil (Thousand KL)
Net sales
Sales volume of Diluted bitumen (Thousand KL)
Net sales *2
Sales volume of Natural gas -overseas *3(Million M3)

FY3/22

FY3/21
1-2Q

14,64237,547Full year
97,482

1Q

2Q

16,796

1-2Q

33,024

Full year (f)49,8208.10

11.9

71,444

72,690

687

438

1126

2,313

114

230

345

822

816

15,936

12,51528,452

72,916

5,556

11,93817,49440,02740,393

60

78

138

287

85

69

154

285

286

1,800

1,926

3,726

8,835

3,927

3,537

7,465

13,62813,923

168

18

187

538

22

154

176

513

505

4,393

307

4701

18,268

1,312

8,045

9,358

25,21725,261

458

341

800

1,486

6

6

13

24

24

9,742

10,281

20,02445,812

316

354

671

1,181

1,208

410

203

613

1,319

351

608

959

949

959

6,258

1,499

7,757

21,695

10,05821,06331,121

30,211

31,121

111

118

229

470

128

0

128

130

129

Net sales

709

627

1336

2,870

1,181

22

1,204

1,205

1,175

WTI（USD/bbl）

45.10

27.94

39.59

40.87

58.10

66.07

62.21

64.38

64.06

Crude oil price (CIF) (USD/bbl) *4

44.41

33.34

38.11

42.91

64.25

71.31

67.38

68.28

68.60

Exchange rate (JPY/USD) *4

108.04106.88107.46105.86108.43109.96109.15108.12

108.6

Diluted bitumen *2 (USD/bbl)

22.30

11.29

18.64

25.06

40.99

49.75

46.90

46.84

46.9

JML natural gas *5 (CAD/mcf)

2.36

1.85

2.09

2.14

2.96

-

2.96

2.96

2.96

*1 Include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 Include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.)*4 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate
*5 Gas sales price of JAPEX Montney Ltd. (Excl. Royalty)

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

27

Appendix

1. Net Sales - I/U BusinessMillion Yen

FY3/22

FY3/21
1Q

2Q

1-2Q

Full year (f)
8.10
11.9

101,301

23,00923,372

46,382

108,899

112,602

520

1,183

233

222

455

1,026

1,042

12,26025,05951,291

10,70910,52921,23851,51054,075

109

106

216

528

123

109

233

491

502

53

41

94

284

52

44

96

301

293

3,597

2,878

6,475

15,591

4,397

3,788

8,186

21,48722,397

448

825

1274

3,016

765

840

1,605

3,164

3,111

Net sales

3,493

6,548

10,04230,087

7,163

7,834

14,99831,03831,370

Others*

1,108

1,297

2,405

4,331

739

1,220

1,960

4,863

4,759

Sales
Sales volume of Natural gas – Japan (Million M3)
Net sales
Sales volume of Natural gas produced in Japan (Million M3)
Sales volume of LNG (Thousand ton)
Net sales
Sales volume of Electricity (Million kWh)

1Q

2Q

1-2Q

20,99722,98543,982248

271

12,798* Including the revenue from contracted transportation of natural gas and commissioned regasification of LNG

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

28

Full year

Appendix

2. Financial Results
Million Yen

FY3/21
1Q

Net sales

2Q

FY3/22
1-2Q

Full year

1Q

2Q

Full year (f)

1-2Q

8.10

11.9

51,01847,10898,127240,078

50,08368,424

118,507

220,789

235,098

E&P Business

22,904

14,64237,547

97,482

16,79633,024

49,82071,444

72,690Infrastructure/Utility Business

20,99722,98543,982

101,301

23,00923,372

46,382

108,899

112,602

Others

7,116

9,480

16,597

41,294

10,277

12,02622,30340,44549,804

Cost of sales

48,61940,62389,242

203,543

38,90453,81892,722

178,647

188,163

Gross profit

2,399

6,485

8,884

36,534

11,17914,60525,784

42,141

46,935

206

180

387

989

132

120

252

680

474

SG&A expenses

7,443

7,325

14,76931,352

7,647

8,344

15,991

29,566

29,791

Operating profit(5,250)(1,021)(6,271)

4,192

3,400

6,140

9,540

11,894

16,669Non-operation income(4,325)

3,759

(566)

5,809

7,091

2,718

9,809

14,265

11,721

Exploration expenses

Interest income

216

117

334

412

37

50

87

172

220

Interest expenses

(972)

(809)

(1,782)(2,529)

(322)

(982)

(1,305)(824)(1,297)

Dividend income

49

1,283

1,332

2,823

48

2,138

2,186

3,635

3,393

2,116

1,250

3,366

5,808

3,549

2,921

6,470

10,12910,619Provision for overseas investment

85

85

171

342

92

85

177

253

253

Foreign exchange gains and loss

(5,809)1,837(3,971)

(639)

3,851

89

3,941

-

2,668

(10)

(6)

(17)

(408)

(165)

(1,584)(1,750)(3,376)(4,135)(9,575)

2,737(6,837)

10,001

10,491

8,858

19,34926,15928,390

(3)

(11)

(15)

(17,324)(1)(138,663)(138,665)(133,795)(96,004)(9,578)2,725(6,852)(7,322)

10,489(129,805)(119,315)(107,636)(67,613)

173

463

636

(1,923)

2,832(3,316)

(484)

5,487

1,170

(215)

(298)

(514)

(2,673)

550

294

844

897

1,063

(9,536)2,561(6,975)(2,725)

7,106(126,782) (119,676) (114,021)(69,847)

Share of profit of entities accounted forusing equity method

Other
Ordinary profit
Extraordinary income
Profit before income taxes
Income taxes
Profit attributable to non-controlling interests
Profit attributable to owners of parent

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

29

Appendix

3. Segment Profit
Million Yen

FY3/21(a)1Q

10,934

18,40322,547

157

27

185

(319)

19

103

123

(214)

32

(4,223)(3,268)(7,492)(9,374)(1,146)

2,883

1,737

1,279

1,631

-

-

-

-

-

-

-

-

-

(42)

(18)

(61)

(132)

(47)

(34)

(81)

(219)

(173)

-

-

-

-

-

-

-

-

-

301

(83)

217

165

537

676

1,214

1,255

1,645

(2)

0

(2)

(10)

(3)

(2)

(6)

(10)

(14)

-

-

-

-

-

-

-

-

-

1,961

1,223

3,184

6,138

3,534

2,820

6,354

10,354

10,601(2,075)(2,207)(4,283)(8,453)(2,066)(2,198)(4,264)(8,825)(8,982)(5,250)(1,021)(6,271)

4,192

3,400

6,140

9,540

11,894

16,669

Share of profit of entities
accounted for using equity

Share of profit of entities
accounted for using equity
methodOperating profit (loss)
Share of loss of entities
accounted for using equity
methodOperating loss

OthersShare of profit of entities
accounted for using equity
methodAdjustments andEliminations*2
Amounts on consolidated
statement of income *3

*1
*2
*3

Operating profit (loss)

11.9

4,811

Operating loss

*1

8.10

6,122

methodMiddle East

Full year(f)1-2Q

21,988methodEurope2Q

5,348

accounted for using equity

North America

1Q

Full year

4,558

Share of profit (loss) of entities

Operating profit (loss)

1-2Q

790

Operating profit

Japan

2Q

FY3/22

Include the Sakhalin Oil and Gas Development Co., Ltd., Energi Mega Pratama Inc., and others
Mainly intersegment elimination and corporate expense.
Furthermore, Corporate expense represents mainly general and administrative expenses and experiment and research expense that are not allocated to reporting segments.
Segment profit (loss) is reconciled to operating profit in the consolidated statements of income.

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

30

Appendix

4. Price Assumptions for FY3/22 Forecasts
Upper: from January 2020 to March 2021
Full year

Lower: from January 2021 to March 2022
Jan.-Mar.

Apr.-Jun.

Jul.-Sep.

Oct.-Dec.

Jan.-Mar.

FY3/21

45.10

28.54

41.02

42.77

-

40.87

FY3/22 Revised (f)58.10*1

66.07*1

69.85

-

-

64.06

FY3/21

-

44.41

33.34

44.51

49.99

42.91

FY3/22 Revised (f)-64.25*1

71.31*1

70.00

70.00

68.60

FY3/21-108.04106.88105.46104.03105.86

FY3/22 Revised (f)-108.43*1

109.96*1

108.00108.00108.60FY3/21

22.30

11.29

29.77

31.25

-

25.06

FY3/22 Revised (f)40.99*149.75*1

51.26

-

-

46.90

FY3/21

2.36

1.85

1.89

2.43

-

2.14

FY3/22 Revised (f)2.96*1

-

-

-

-

2.96

Market Price
WTI

USD/bblCrude oil price (CIF) *2

USD/bblExchange rate*2

JPY/USD

Sales Price
JACOS
Diluted bitumen*3

JML
Natural gas*4

USD/bbl

CAD/mcf*1 Actual*2 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate
*3 Diluted bitumen sales price of Japan Canada Oil Sands Ltd. (Excl. Royalty)*4 Natural Gas sales price of JAPEX Montney Ltd. (Excl. Royalty)
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

31

Appendix

5. Sensitivities Analysis on FY3/22 Forecasts Basis
Impacts on profit（Million Yen）

FY3/22
3Q-4Q
Assumptions

Fluctuation

Crude oil price

Crude oil price(CIF)
USD 70.00/bbl

Exchange rate

JPY 108.00/USD

Main factors for change
Increase factor “+”/ Decrease factor “( )”Operating profit

Profitattributable toowners of parent

Increase by
1USD/bbl

(20)

(20)

+ Sales of oil and gas(Increase in LNG procurement cost)

1 weaker JPY
against USD

160

80

+ Sales of oil and gas(Increase in LNG procurement cost)【Assumptions】• Changes in equity method investment gain are not included in the above amount.
• In addition to the impact of exchange rate fluctuations shown on the above, translation adjustments of foreign-currencydenominated receivables and payables also occur• Actual profits are influenced by various other factors besides crude oil prices and exchange rates.

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

32

Appendix

6. Overview: E&P Business (Japan/Overseas)
Updates on 2Q and afterCanada: Completed transfer of Shale Gas Project interest in July
Canada: Completed transaction to end our promotion of the the Oil Sands Project in September
Japan：Established Carbon Reduction Project Office in Domestic E&P Project Division to strengthen Carbon-Neutral
measures in domestic Oil and Gas Fields, in October
Current StatusJapan: Producing oil and natural gas at a total of 10 fields in Hokkaido, Akita, Yamagata and Niigata Prefectures /Considering the measures to increase production at existing oil and gas fields
Overseas: Participating in the projects of crude oil and natural gas development and production / Considering new assets
and interests acquisition[Major overseas E&P projects]
Segment

EuropeMiddle
East
Other
Areas
Other
Areas

Project Title (operator)

UK North Sea: Seagull Project(Neptune E&P UK Limited)

Iraq: Garraff Project(PETRONAS Carigali Iraq Holding B.V.)

Indonesia: Kangean Project(Kangean Energy Indonesia Ltd.)

Russia: Sakhalin 1 Project(Exxon Neftegas Ltd.)Interest（JAPEX net）

StatusGross Production volume

JAPEX UK E&P Ltd.(100％)15% (15％)

Development*1-

Japex Garraf Ltd. (55％)

30% (16.5%)

Production/
Development*2

Approx. 78,000bbl/d*3

Energi Mega Pratama Inc.(25％)

100％ (25%)

Production

Sakhalin Oil and Gas Development
Co., Ltd.(15.29％)

30% (4.59%)

Production/
Development

Project company（JAPEX‘s share）*1：Production commencement is scheduled at early 2023.
*2：The timing of achieving production target of 230,000 bbl/d is unforeseeable due to Covid-19 pandemic situation and other factors.
*3：Average of Jan-Sep 2021, due to the change in consolidated interim period

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

33(Average of Jan-Jun 2021)

4,730,000m3/d
Approx. 28,800 boe/dUndisclosed

Appendix

6. Overview: I/U Business（Gas Supply and Electricity）
Updates on 2Q and after

Decisions on Renewable Energy Projects：Investment in the Chofu Biomass Power Generation Project in September, Participation in
Abashiri Biomass Power Generation Project (Units 2 and 3) in September. Established PHOTON sustainable PV investment limited
partnership in September.
Signed a LNG fuel sales contract for limestone carrier to Nippon Steel Corporation/Nittetsu Cement Co., Ltd. in September
JAPEX's first carbon-neutral LNG received at Soma LNG Terminal in Fukushima Prefecture in October.

Current Status

Gas Supply: Stable supply of natural gas and LNG through our domestic gas supply network / Promoting gas sales expansion
including response to demand for fuel conversion- Soma LNG terminal in Fukushima Prefecture: Engaging the contract work of LNG vaporization and delivery of power generation fuel to theadjacent Fukushima natural gas power plant

Electricity: Stable supply of electricity with low environmental impact generated by the power plants in operation / Participating in
renewable energy development and investment projects and considering new projects【Power plants in which we participate】
Type
Natural gas fired
Renewable Energy - Solar
Renewable Energy - Solar
Renewable Energy -Biomass
Renewable Energy -Biomass

Power plant (operator)
Fukushima Natural Gas Power Plant（Fukushima Gas Power Co., Ltd.）
Mega solar power generation
at Japex Hokkaido District Office
Yufutsu Solar Power Plant（Solar Power Tomakomai Co., Ltd.）
Chofu Biomass Power Plant（Chofu Bio-Power LLC）
Abashiri Biomass 2nd/ 3rd Power Plant（Abashiri Biomass 2nd/ 3rd Power Plant LLC.）

Share

Location

Capacity

Status33%

Shinchi Town, Soma County,
Fukushima

1,180,000kW

In operation

100%

Tomakomai City, Hokkaido

1,800kW

In operation

20%

Tomakomai City, Hokkaido

13,000kW

In operation

39.9%

Shimonoseki City, Yamaguchi

94.3%

Abashiri City, Hokkaido

74,950kW
In development（to be determined）
total of 19,800kW
In development（to be determined）【Participation in renewable energy investment funds】
 PHOTON sustainable PV investment limited partnership(Established in September 2021 to invest in PV power projects in Japan across the development andoperation phases, with a 5-year investment period and a 15-year operational period.)【Power projects under consideration and participation】
 Consortium to study large-scale offshore wind power：Noshiro, Mitane, and Oga offshore wind power generation project, Akita Central Offshore Wind Power
Generation Project, Offshore Wind Power Generation Project off Yuza Town
Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

34

Appendix

6. Overview: New Business (Creation of environmentally friendly businesses）
Updates on 2Q and after

Establishment of “Tomakomai Sector-Coupling Study Committee” for developing scenarios in carbon recycling technology
implementation as part of the “Feasibility Study Project for a Carbon Recycling Project Based in the Tomakomai Area”
commissioned by NEDO in September
Current Status

Studying early practical application and commercialization of CCS (Carbon Dioxide Capture and Storage)/CCUS(Carbon Dioxide Capture, Utilization, and Storage)Considering collaboration and participation in carbon neutral businesses, with the potential for collaboration with
CCS/CCUS[Ongoing demonstration tests and study projects] Demonstration test in progress• Large-scale CCS demonstration test in Tomakomai City (JAPEX has invested and served technical supports for the operator,
Japan CCS Co., Ltd.) Business feasibility study and review in progress• Feasibility study on a carbon recycling project based in the Tomakomai Area
• Feasibility study on CO2-IOR at the Higashi-Niigata gas field (Joint study with Mitsubishi Gas Chemical Company, Inc., basedon the collaboration with CO2 emitted from their Niigata Plant)• Joint Study on Feasibility Evaluation of CCUS Project Utilizing Bilateral Credits in Sukowati Oil Field, Indonesia (With Pertamina
and LEMIGAS)

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

35

Appendix

7. IR Materials
Please visit our website for the integrated report and IR materials.

 Integrated Report2021

 IR Materials
IR Libraryhttps://www.japex.co.jp/ir/uploads/JAPEX_IR2021_e.pdf

https://www.japex.co.jp/en/ir/library/•

Financial Results•

Explanatory Materials

https://www.japex.co.jp/en/ir/library/result/https://www.japex.co.jp/en/ir/library/explanatory/

 Financial Information
https://www.japex.co.jp/en/ir/figure/•

10-year performance and financial data
(Excel format)

https://www.japex.co.jp/ir/uploads/JAPEX_10yearF
inancialData_e.xlsx

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

36

Appendix

8. Glossary■Abbreviations
BOE(D)

Barrels of Oil Equivalent (per Day)

CCS

Carbon dioxide Capture and Storage

CCUS

Carbon dioxide Capture, Utilization and Storage

CIF

Cost, Insurance and Freight

FID

Final Investment Decision

GHG

Greenhouse Gas

HSE

Health, Safety and Environment

JCC

Japan Crude Cocktail

MH

Methane Hydrate

RRR

Reserve Replacement Ratio

WTIWest Texas Intermediate■Main Subsidiaries and Affiliates
JACOS*

Japan Canada Oil Sands Limited

Canada / Oil Sands Project

JML

JAPEX Montney Ltd.

Canada / Shale Gas Project

Japex Garraf

Japex Garraf Ltd.

Iraq / Garraf Project

EMPI

Energi Mega Pratama Inc.

Indonesia / Kangean Project

SODECO

Sakhalin Oil & Gas Development Co., Ltd.

Russia / Sakhalin-1 Project

DGN

Diamond Gas Nethelands B.V.

Malaysia LNG Project 3（Tiga）

FGP

Fukushima Gas Power Co., Ltd.

Natural gas-fired electric power generation BusinessNote) *In the second quarter of FY22/3, all shares held by the Group were sold, and therefore JACOS was excluded from the scope of consolidation.
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Cautionary Statement
This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical fact andthese are made by the management’s judgement based on the obtainable information at the time of the disclosure.
Actual results may significantly differ from those future outlooks due to various factors.
This document is not intended to invite investment.
Copyright : All information contained herein is protected by copyright, and may not be copied or reproduced without
prior consent of JAPEX.

Note:・Abbreviations used herein are as follows:(a) = Actual results(f) = Forecasts
FY = Fiscal Year (FY3/22, for instance, means 12 months ending March 31, 2022)
・Figures in parentheses in "Operating profit," "Ordinary profit," " Share of profit of entities accounted for using equity
method," and " Profit attributable to owners of parent" represent losses in each category.
Any inquiries about the information contained herein or other Investor Relations questions are requested to be directed to:
Corporate Communication Office, Japan Petroleum Exploration Co., Ltd. (JAPEX)Tokyo, JAPAN TEL: +81-3-6268-7111

Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved.

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