Note: The following is an English translation of the Japanese-language original

August 9, 2022
Company Name:
Securities Code:
Representative:
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Japan Petroleum Exploration Co., Ltd. (JAPEX)
1662 (Prime Market of the Tokyo Stock Exchange)
Masahiro Fujita, Representative Director and President
Corporate Communication Office+81-3-6268-7110

Notice of Financial Forecasts Revision, Dividend Forecast Revision,and Recording of Non-operating Income
Japan Petroleum Exploration Co., Ltd. (JAPEX) hereby revised its consolidated financial forecasts anddividend forecasts for the fiscal year ending March 31, 2023, disclosed on May 13, 2022 based on our recent
business trends and performance as follows.
We also have recorded non-operating income in the first quarter of FY2023/3 (from April 1 to June 30, 2022).

1. Financial Forecasts Revision(1) Revision to consolidated forecasts for FY2023/3 (April 1, 2022 - March 31, 2023)

Previous forecasts (A)Revised forecasts (B)Difference in amount (B - A)
Rate of change (%)(Reference) FY 2022/3

Net sales

OperatingprofitOrdinary
profit(Millions of yen)

(Millions of yen)

(Millions of yen)

244,344
275,75531,411
12.9
249,140

20,91639,70518,78989.8
19,80928,75850,98822,22977.3
43,674

Note: FY=Fiscal Year (FY2023/3, for instance, means 12 months ending March 31, 2023)

Profitattributableto owners ofparent

Net income
per share

25,59040,007
14,41756.3(30,988)468.67734.79(Millions of yen)

(Yen)

(545.64)(2) Reasons of revision
Compared to the previous forecasts on May 13, 2022, net sales and operating profit are expected to increase,mainly due to expected increases in sales prices of crude oil, natural gas, and electricity, despite an expected
decrease in sales volume of mainly crude oil (overseas).
Ordinary profit and profit attributable to owners of the parent are expected to increase due to the above as
well as an expected increase in equity in earnings of affiliates.

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(3) Reference:[Crude Oil Price (CIF)]
Previous
Apr. 2022 to Mar. 2023 (forecast)(USD/bbl)

Revised70.00 Apr. 2022 to Jun. 2022 (average of actual)101.55

Jul. 2022 to Sep. 2022 (forecast)

100.0090.00

Oct. 2022 to Mar. 2023 (forecast)[Exchange Rate]
Previous
Apr. 2022 to Mar. 2023 (forecast)(JPY/USD)

Revised110.00 Apr. 2022 to Jun. 2022 (average of actual)
Jul. 2022 to Mar. 2023 (forecast)

122.50120.00Note) The aforementioned forecasts are based on the current available information and the actual performances and other results
may differ materially due to various factors in the future.

2. Dividends Forecasts Revision(1) Details of Revision
2nd quarter-end

Dividend per Share (Yen)
Year-end

7011025

Previous forecasts (on May 13 , 2022)
Revised forecasts
Actual dividends for FY2023/3
Actual dividends for FY2022/37011025

Annual total

14022050(2) Reasons of revision
Our basic policy for profit distribution is to pay dividends in line with business results for each fiscal yearwith a target consolidated dividend payout ratio of 30%. Based on this policy, in conjunction with the revisionof the consolidated earnings forecasts for FY2023/3 disclosed today, we have revised upward our interim andyear-end dividends forecasts to 110 yen per share each (annual total dividends of 220 yen).

3. Recording of non-operating income(1) Share of profit of entities accounted for using equity method
In the first quarter of FY2023/3, we recorded the share of profit of entities accounted for using equity
method of 5,988 million yen as non-operating income.
(2) Foreign exchange gains
In the first quarter of FY2023/3, we recorded foreign exchange gains of 6,748 million yen as non-operating
income. This was mainly due to the revaluation of foreign currency-denominated assets and liabilities heldby the JAPEX Group at the exchange rates at the end of the quarter.
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