[Explanatory Material]

Financial Results
for the Six Months Ended September 30, 2022

November 10, 2022

Japan Petroleum Exploration Co., Ltd.
Note: This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

Contents
Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2022
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

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 11, 2022.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

2

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2022
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

3

Ⅰ. Financial Highlights and Business Progress

Financial Highlights
2Q FY3/23 Results （Year-on-Year）(Billion Yen)

1-2Q FY3/22 (a)1-2Q FY3/23 (a)ChangeOperating profit

9.5

19.3

+9.7

Ordinary profit

19.3

43.0

+23.7

(119.6)31.4+151.1

Profit attributable to owners of parentOperating profit： Increase due to rise in sales prices of crude oil and natural, etcOrdinary profit： Increase due to foreign exchange gains and valuation gains on LNG transactionsExtraordinary losses： Increase in profit due to the absence of extraordinary losses (in FY3/22) by ending our participationin two projects in Canada

FY3/23Forecasts Revision （vs Aug.9 Forecasts）(Billion Yen)

ChangePrevious (f) Aug. 9, 2022

Revised (f) Nov. 10, 2022

Operating profit

39.7

45.2

+5.5

Ordinary profit

50.9

66.9

＋15.9

Profit attributable to owners of parent

40.0

53.0

+12.9



Operating profit： Expect to see an increase in profit due to an improvement in the sales of natural gas and electric power

Ordinary profit： Expect to see an increase in foreign exchange gains and a valuation gain on LNG transactions

Shareholders ReturnRevised FY3/23 annual dividends forecasts to 300.0 yen per share (interim 150 yen + year-end 150 yen)

Share buyback from November 2021 had reached the maximum total amount of 8 billion yen at the end of August, andall of acquired shares were cancelled at the end of September

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

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Ⅰ. Financial Highlights and Business Progress

Major Business Progress in the First Half of FY3/23
E&P Field【Pursuit of domestic potentials】• Adopted to an operator of a joint study for acid stimulation in Onnagawa tight oil formation as a publicly solicitedprojects by JOGMEC in Apr.
• Started additional development work of Katakai gas field in Niigata in Jul.

【Acquisition of new overseas interests】• Decided to expand our investment for tight oil businesses in the United States in May.

I/U Field【Development of domestic renewable energy】• Started the construction of investing biomass power plants of Ozu Biomass Power Plant at Ehime in Jun., Chofu Biomass
Power Plant at Yamaguchi in Jul., Tahara Biomass Power Plant at Aichi in Sep.
• Commenced commercial operation of Abashiri Biomass No.2 Power Plant at Hokkaido in Oct. *No. 3 is under construction【LNG transport and supply】• Held a trial of truck to ship method of LNG Bunkering operation at Tomakomai Port at Hokkaido in Sep.

CN Field【Feasibility studies】• Commissioned a feasibility study of a hub and cluster type CCUS project at the Niigata East Port area in May.
• Newly Joined JGC CORPORATION and Kawasaki Kisen Kaisha, Ltd. to a joint feasibility study for CCS in Malaysia withPetronas in Jul.

【Others】• Joined as a member of “CCS Project Cost and Implementation Scheme Study WG” in “CCS Long-term Roadmap Study
Comittee" organized by Ministry of Economy, Trade and Industry (METI)• Joined “Global CCS Institute,” the world’s leading CCS think tank in May.
• Participated in “CCS+ Initiative,” the an international platform aiming to scale-up CCS projects in Jun.
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Ⅰ. Financial Highlights and Business Progress

ESG-related Initiatives in the First Half of FY3/23【Published the Integrated Report 2022 (Sep. in Japanese / Oct. in English)】（Highlights）• Climate change response GHG emissions intensity* of JAPEX operations in FY2021 was 3.2
tons-CO2/TJ (19% reduction from FY2019)*Target set in “JAPEX2050:Toward a Carbon-Neutral Society” formulated in
May 2021 is to reduce emission intensity by 40% in FY2030 compared to
FY2019.

• Governancehttps://www.japex.co.jp/en/ir/uploads/pdf/JAPEX_IR2022_e.pdf

 Contains a skills matrix of directors and auditors and a roundtablediscussion with outside directors on the topic of board effectiveness.

S（Society）【Human Capital Management】• Implemented "Comeback Recruitment“ program for our alumni in Jul.

 Adopted a registration system for ex-employees for receiving “comeback offer".

• Decided to expand the incentive plan for employee stock ownership in Sep.

 Expecting for our employees to work their each business and other works with our management while keeping ashareholder perspective.

G（Governance）【Strengthen of the management structure】•

Increased the ratio of outside directors and female directors on the Board of Directors in Jun.
 In the eleven directors elected at the Ordinary General Meeting of Shareholders in June: 5 of outside (increased one
director from four in the previous year) and 2 of female (increased one director from one in the previous year).

【Expansion of shareholders return】• Completed repurchase of shares in Aug. and cancelled all repurchased shares in Sep.
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

6

Ⅰ. Financial Highlights and Business Progress

Progress on Targets and Fund Allocation for FY3/23
Quantitative Targets and Fund Allocation Policies in JAPEX Management Plan 2022-2030
 Set the quantitative targets, including long-term to be achieved by FY2030 and interim by FY2026.
 To allocate 450 billion yen to investment in growth and 50 billion yen to shareholder returns, from 500 billion
yen accumulating 500 billion yen in cash inflows until FY2030

Quantitative target
Items

2Q FY3/23

FY3/23Forecasts

Business Profit

25.9 billion yen

51.3 billion yen

ROE

N/A

N/A

Profit Composition(E&P：non-E&Ps)

9：1

9：1

Items

2Q FY3/23

FY3/23Forecasts

Assumed allocation*1

Growth Investments

14.9 billion yen

42.9 billion yen

FY2026275 billion yen
FY2030 450 billion yen

Shareholder Returns

5.6 billion yen*2

13.8 billion yen*3

Medium-to Long-term Targets*
FY202630 billion yen

FY2030 50 billion yen
FY20265%

FY20308%

FY2026

6：4

FY2030

5：5

Fund Allocation+New

FY2026
FY203025 billion yen

50 billion yen*1 Five-year cumulative total from FY2022 through FY2026 and nine-year cumulative total through FY2030, *2 FY 3/22 dividend + share buyback ,*3 FY3/22 dividend + share buyback + FY3/23 interim dividend
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

7

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2022
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

8

Ⅱ. Financial Results for the Six Months Ended September 30, 2022

FY3/23 Results (Year-on-Year)
Million Yen

1-2Q FY3/22 (a)1-2Q FY3/23 (a)ChangeNet sales

118,507

120,708+2,200+2%Gross profit

25,78433,980+8,195+32%

Operating profit

9,540

19,304+9,764+102%

Ordinary profit

19,34943,084+23,734+123%(119,676)

31,430+151,106-%

Profit attributable to owners of parent

Oil Price, Exchange Rate and Sales Price
1-2Q FY3/22 (a)1-2Q FY3/23 (a)ChangeWTI

USD/bbl62.21

101.53+39.32

Crude oil price (CIF)

USD/bbl67.38

107.25+39.87

Exchange rate

JPY/USD

109.15127.44+18.29Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

9

Ⅱ. Financial Results for the Six Months Ended September 30, 2022

E&P Business (Year-on-Year)
1-2Q FY3/22 (a)Net sales：Million Yen

Sales volume

1-2Q FY3/23 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

49,820-14,142--(35,678)(72%)

Crude oil

345

17,494141

14,101

(203)

(59%)

(3,392)(19%)

Crude oil - Japan

154

7,465

116

10,495

(38)

(25%)

+3,029

+41%

176

9,358

14

2,651

(161)

(92%)

(6,706)

(72%)

13

671

10

955

(3)

(23%)

+283

+42%

959

31,121

-

-

[3]

(959)

-

(31,121)

-

128

1,204

1

40

[4]

(127)

(99%)

(1,164)(97%)-

E&P Business
Breakdown

Crude oil - Overseas*1

Thousand KL

Purchased crude oil*2

Diluted bitumen

Natural Gas - Overseas*3

Million M3

[2]

[1]

Main factors for change[1] Increase in sales price[2] Decrease in sales volume of crude oil from Garraf Oil Field in Iraq
[3] Absence of sales volume of diluted bitumen from the Hangingstone Lease in Canada[4] Decrease in sales volume due to the interests transfer of the shale gas project in Canada*1 FY3/22 includes the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.) and FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd., and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 FY3/22 includes the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.) and FY3/23 includes the volume of Japex (U.S.) Corp.

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Ⅱ. Financial Results for the Six Months Ended September 30, 2022

I/U Business Sales (Year-on-Year)
1-2Q FY3/22 (a)Net sales：Million Yen

Sales volume-

Infrastructure & Utility Business1-2Q FY3/23 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

46,382-

76,779--+30,397+66%

455

21,238446

35,966(9)(2%)[1] +14,728

+69%

233

-

211

-

(21)

(9%)

-

-

96

8,186

94

13,486(2)(3%)[2] +5,300

+65%

1,605

14,998

1,452

25,251

(152)

(10%)

[3] +10,253

+68%

-

1,960

-

2,074

-

+114

+6%

Breakdown
Natural Gas - Japan
Million M3- Produced in Japan

LNG
Electricity

Thousand
Ton
Million kWh

Other*--

Main factors for change[1]-[2] Increase in sales price of domestic natural gas and LNG due to soaring JLC price[3] Increase in sales price* Including net sales from commissioned regasification of LNG

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11

Ⅱ. Financial Results for the Six Months Ended September 30, 2022

Operating Profit (Year-on-Year)
E&P Business(Billion Yen)

Overseas : (1.8 bn.)

2.1 bn. → 0.2 bn.

Absence of sales volume of diluted bitumen•
9.5

OP total

19.3

Domestic : +8.0 bn.
•

2.1
0.2

∗

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

I/U Business

8.1

E&P-Japan

16.1 bn.

Increase in sales price of crude oil (Japan) due to a rise of
crude oil prices
Increase in sales price* of natural gas (Japan) due to arise of JLC price•
E&P-Overseas

8.1 bn. →16.1+2.5 bn.

3.3 bn. → 5.8 bn.

Increase in marginal gain on LNG procurement

•
3.3

I/U

5.8

Others *+1.0 bn.

(4.0)

Others

∗(3.0)(10.0)(5.0)

0.0

1-2Q FY3/22 (a)

5.0

10.0

15.0

(4.0 bn.) →(3.0 bn.)

Operating income (contracting, oil products and commodities, andothers) not belonging to the above business units, less headquarters
administrative expenses

20.0

1-2Q FY3/23 (a)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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Ⅱ. Financial Results for the Six Months Ended September 30, 2022

Analysis of Net Income change (Year-on-Year)(FY3/22) Losses related to JML(FY3/22) Losses related to JACOS and CANOS(Billion Yen)

+44.2 bn.
+94.3 bn.

Gain on valuation of derivatives
Interest expenses

JUS
JACOS

+0.5 bn.
(1.8 bn.)

Japex Garraf
JAPEX
CANOS
JML

+6.4 bn.
+1.3 bn.

+3.9 bn.
+1.2 bn.
+1.0 bn.
(0.7 bn.)
JAPEX
Japex Garraf

Net
incomeOperating profit*+9.7 bn.

FY3/22
1-2Q (a)E&Poverseas

E&P
Japan

I/U

FY3/22
1-2Q (a)2.1

8.1

FY3/23
1-2Q (a)

0.2

16.1

(7.7 bn.)(0.6 bn.)Non-operating income+13.9 bn.

Net
incomeOthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

6.4

(0.6)

(138.6)

(0.4)

0.8

6.6

7.9

(0.0)

8.9

2.6

OthersForeignexchange
gains and loss

Equity on
earnings

3.3

(4.0)

3.9

5.8

(3.0)

9.1

FY3/23
1-2Q (a)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Six Months Ended September 30, 2022
Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

14

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14

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

FY3/23 Forecasts (vs Aug. 9 Forecasts)
Million Yen

Previous (f) Aug. 9, 2021

Revised (f) Nov. 10, 2022

ChangeNet sales

275,755

304,563+28,807+10%

Gross profit

69,575

77,174+7,599+11%

Operating profit

39,70545,242+5,536+14%

Ordinary profit

50,98866,951+15,962+31%

Profit attributable to owners of parent

40,00753,000+12,992+32%

Oil Price and Exchange Rate
Previous (f) Aug. 9, 2021

Revised (f) Nov. 10, 2022

ChangeWTI

USD/bbl

97.05

94.33

(2.72)

Crude oil price (CIF)

USD/bbl

95.64

93.04

(2.60)

Exchange rate

JPY/USD

120.75128.59+7.84

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15

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

E&P Business Sales Forecasts (vs Aug. 9 Forecasts)
Net sales：Million Yen

Previous (f) Aug. 9, 2022

Revised (f) Nov. 10, 2022

Sales volume

Sales volume

Net sales

Net sales

ChangeSales volume

Net sales-

52,241-

51,167--(1,073)(2%)

697

51,981703

50,853+5+1%(1,127)(2%)

242

18,378242

19,250

+0

+0%

[1]

+872

+5%

Crude oil - overseas*1

432

31,869439

29,896

+7

+2%

[2]

(1,973)(6%)

Purchased crude oil

23

1,733

20

1,706

(2)

(9%)

(26)

(2%)

12

260

13

314

+0

+8%

+54

+21%

-

E&P Business
Breakdown
Crude oil
Crude oil - Japan

Thousand KL

Natural Gas - Overseas*2

Million M3

Main factors for change[1] Increase in sales price (July to September)[2] Decrease in sales price due to revision of crude oil price (CIF) price assumptions from Garraf Oil Field in Iraq

*1 Includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd., and Japex (U.S.) Corp.)*2 Includes the volume of Japex (U.S.) Corp.

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16

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

I/U Business Sales Forecasts (vs Aug. 9 Forecasts)
Net sales：Million Yen-

Infrastructure & Utility Business

Previous (f) Aug. 9, 2022

Revised (f) Nov. 10, 2022

Sales volume

Sales volume

Net sales

ChangeNet sales

Sales volume

Net sales-

163,388-

191,034--+27,646

+17%

1,008

77,744

1,012

89,894+3+0%[1] +12,149

+16%

483

-

483

-

(0)

(0%)

-

-

358

35,729349

41,804

(8)

(2%)

[2]

+6,074

+17%

2,900

44,6643,031

53,304

+130

+4%

[3]

+8,639

+19%

-

5,249

-

6,032

+782

+15%

Breakdown
Natural Gas - Japan
Million M3- Produced in Japan
Thousand

LNG

Ton

Electricity
OthersMillion kWh

*

-

-

-

Main factors for change[1]-[2]Increase in sales price of domestic natural gas and LNG due to soaring JLC price[3] Increase in sales price* Including net sales from commissioned regasification of LNG

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17

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Operating Profit Forecasts(Billion Yen)

Overseas : +1.0 bn.

39.7

OP total

E&P Business

45.2

E&P-Overseas

5.1

∗

•

10.2

•

9.2

10.2 bn. →9.2 bn.

Increase in marginal gain on LNG procurement due to arise of JLC price
Additional cost (5 billion yen) prepared for the possibilityof LNG spot procurement(6.2)

Others*(5.8)+0.3 bn.
(10.0)

36.7 bn.

I/U Business

36.7(1.0 bn.)

Others31.6 bn. →Internal transaction price from E&P Business to Infrastructure/Utilities
Business for the internal control

31.6

I/U

5.1 bn.

Increase in sales price* of natural gas (Japan) due to a riseof JLC price•

E&P-Japan→

Increased in production remuneration from Iraq's Gharaf oil
field, etc.

•

Domestic : +5.1 bn.
4.0

4.0 bn.

0.0

10.0

Previous (f) Aug. 9, 2022

20.0

30.0

40.0

50.0

∗

(6.2 bn.) →(5.8 bn.)

Operating income (contracting, oil products and commodities, andothers) not belonging to the above business units, less headquarters
administrative expenses

Revised (f) Nov. 10, 2022

Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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18

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Analysis of Change in Net Income Forecasts(Billion Yen)

Japex Garraf +0.9 bn.

NetincomeJapex Garraf +4.3 bn.
JAPEX+0.7 bn.

Operating profit*+5.5 bn.

FY3/23 (f)Aug. 9E&P
overseas

E&P
Japan

I/U

FY3/23 (f)Aug. 94.0

31.6

FY3/23 (f)Nov. 105.1

36.7

SODECO(0.6 bn.)

Gain on valuation of derivatives+6.0 bn.

Non-operating income+10.4 bn.

Net
incomeOthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

7.0

3.2

(0.0)

9.8

1.1

6.3

9.2

(0.0)

11.0

2.8

OthersForeignexchange
gains and loss

Equity on
earnings

10.2

(6.2)

1.0

9.2

(5.8)

6.0

FY3/22 (f)Nov. 10Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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19

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

FY3/23 Forecasts
Million Yen

FY3/22 (a)FY3/23 Revised (f)ChangeNet sales

249,140

304,563+55,422+22%

Gross profit

49,903

77,174+27,271+55%

Operating profit

19,80945,242+25,432+128%

Ordinary profit

43,674

66,951+23,277+53%(30,988)

53,000+83,988-

Profit (loss) attributable to owners of parent

Oil Price and Exchange Rate
FY3/22 (a)FY3/23 Revised (f)ChangeWTI

USD/bbl

64.06

94.33

+30.27

Crude oil price (CIF)

USD/bbl

73.28

93.04

+19.76

Exchange rate

JPY/USD

111.20128.59+17.39**FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)

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20

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

E&P Business Sales Forecasts
FY3/22 (a)Net sales：Million Yen

Sales volume

FY3/23 Revised (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

73,422-

51,167--(22,254)(30%)

Crude oil

669

41,056703

50,853+33+5%+9,796+24%

Crude oil - Japan286

15,570242

19,250

(44)

(15%)

+3,680+24%

357

24,105439

29,896+82+23%+5,791

+24%

25

1,381

20

1,706

(4)

(18%)

+325

+24%

959

31,121

-

-

[3]

(959)

-

(31,121)

-

130

1,244

13

314

[4]

(116)

(90%)

(929)

(75%)

-

E&P Business
Breakdown

Crude oil - overseas*1

Thousand KL

Purchased crude oil

Diluted bitumen*2
Natural Gas - Overseas*3

Million M3

[2]

[1]

Main factors for change[1] Increase in sales price[2] Increase in sales volume and sales price of tight oil in United States[3] Absence of sales volume of diluted bitumen due to the interests transfer of the Hangingstone Lease in Canada[4] Decrease in sales volume due to the interests transfer of the Canadian shale gas project*1 FY3/22 includes the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.) and FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd., and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 FY3/22 includes the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.) and FY3/23 includes the volume of Japex (U.S.) Corp.

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21

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

I/U Business Sales Forecasts
FY3/22 (a)Net sales：Million Yen

Sales volume-

Infrastructure & Utility Business

FY3/23 Revised (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

119,845-

191,034--+71,189

+59%

1,061

58,024

1,012

89,894(49)(5%)[1] +31,869

+55%

527

-

483

-

(43)

(8%)

-

-

295

22,596349

41,804+53+18%+19,208

+85%

3,023

34,3203,031

53,304+7+0%[3] +18,983

+55%

-

4,903

-

6,032

-

+1,128+23%

Breakdown
Natural Gas - Japan
Million M3- Produced in Japan
Thousand

LNG

Ton

Electricity
OthersMillion kWh

*

-

[2]

-

Main factors for change[1]-[2]Increase in sales price of domestic natural gas and LNG due to soaring JLC price ,and increase in sales volume of LNG[3] Increase in sales price* Including net sales from commissioned regasification of LNG

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

22

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Operating Profit Forecasts(Billion Yen)

Overseas : +2.4 bn.

19.8

OP total

E&P Business

45.2

•
•

2.6 bn.

2.6

E&P-Overseas•

5.1

20.1 bn. →36.7 bn.

Increase in sales price of crude oil (Japan) due to a rise of
crude oil prices
Increase in sales price* of natural gas (Japan) due to a riseof JLC price∗Internal transaction price from E&P Business to Infrastructure/Utilities
Business for the internal control

20.1

E&P-Japan

36.7

I/U Business+5.7 bn.
•

3.5

I/U

Others

5.1 bn.

Increase in sales volume of tight oil in United States
Absence of sales volume of diluted bitumen

Domestic : +16.6 bn.
•

→

9.2

(6.5)

9.2 bn.

Increase in marginal gain on LNG procurement, etc.
 Absence of temporary factor (Increase in the cost due to analternative LNG cargo procurement from the LNG spot
market) Additional cost (5 billion yen) prepared for the possibility of
LNG spot procurement(5.8)(10.0)

3.5 bn. →Others*0.0

10.0

FY3/22 (a)

20.0

30.0

40.0

FY3/23 Revised (f)50.0+0.7 bn.
∗(6.5 bn.) →(5.8 bn.)

Operating income (contracting, oil products and commodities, andothers) not belonging to the above business units, less headquarters
administrative expenses

Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

23

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Analysis of Change in Net Income Forecasts(Billion Yen)

(FY3/22) Gain on sale of investment securities(39.8 bn.)
(FY3/22) Gain on JML’s forgiveness of debts(29.3 bn.)
(FY3/22) Gain on CANOS’s forgiveness of debts(13.1 bn.)
(FY3/22) Gain on sales of non-current assets(1.2 bn.)(FY3/22) Losses on sale of JACOS' shares+94.3 bn.
(FY3/22) Losses on JML’s interests transfer+44.7 bn.
(FY3/22) Losses on JML’s liquidation of subsidiaries +3.8 bn.

JUS+4.0 bn.
Japex Garraf +0.3 bn.
JAPEX(1.8 bn.)

JAPEX(5.3 bn.)
Japex Garraf (1.2 bn.)
CANOS
+3.0 bn.

SODECO(7.6 bn.)

Gain on valuation of derivatives
Interest expenses

Net
incomeOperating profit*+25.4 bn.

Non-operating income(2.1 bn.)
OthersIncometaxes

Profitattributable tononcontrollinginterest

14.2

(0.3)

(62.1)

9.6

2.8

6.3

9.2

(0.0)

11.0

2.8

OthersEquity on
earnings

3.5

(6.5)

10.0

9.2

(5.8)

6.0

FY3/22 (a)

E&P
Japan

I/U

FY3/22 (a)

2.6

20.1

FY3/23
Revised (f)

5.1

36.7

Net
incomeExtraordinary
incomeForeignexchange
gains and loss

E&P
overseas+6.0 bn.
+1.1 bn.

FY3/23
Revised (f)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

24

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Balance sheet
Million yen

As of Mar. 31, As of Sep. 30,2022(a)2022(a)ChangeCurrent assets

226,920

237,804+10,884

Non-current assets

245,021272,144+27,123

Property, plant and equipment

92,837104,084+11,246

Investment securities

108,910

108,750(160)

Recoverable accounts

16,01929,677+13,657

other27,252

29,632+2,379471,941

509,949+38,007

Total assets

Capital investment of tight oil
development in U.S. and Seagull
project in U.K. North Sea, etc.

Increase in Income taxes payable, etc

Current liabilities

25,24135,222+9,980Non-current liabilities

43,92942,895(1,034)

Total net assets

402,770

431,832+29,061

Valuation difference on available-for-sale securities

48,34644,963(3,382)

Non-controlling interests

31,131

33,617+2,485471,941

509,949+38,007

Total liabilities and net assets

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

Recording of profit and increase inforeign currency translation
adjustment
Decrease due to dividend payment
and share repurchase25

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Cash Flows and Debt
Million Yen

FY3/22 (a)FY3/23 (a)FY3/22 (a)FY3/23 (f)

1-2Q

1-2Q

Full year

Full year
Aug.9

Cash flows from operating activities

Nov.10(7,558)42,806(1,052)81,582

86,200Depreciation

11,831

5,497

17,721

13,262

13,351

Recovery of recoverable accounts

6,289

-

17,78021,53918,286

Cash flows from investing activities(625)(22,080)

52,067(60,870)(56,130)

Purchase of property, plant and equipment(8,310)(14,735)(16,278)(42,069)(39,850)

Payments of recoverable accounts(12,401)(13,657)(23,244)(33,197)(32,252)

Cash flows from financing activities(54,201)(5,985)(70,939)(12,069)(14,526)

98,263

168,384

144,513

153,156

160,056

Interest-bearing debt*1

-

-

6,156

10,457

10,457

EBITDA*2--

57,39165,72370,914Debt-to-EBITDA ratio

-

-

0.1

0.1

0.1

Cash and cash equivalents at end of period*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 based on investment cash flow statement

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26

Appendix
1. Net Sales
2. Financial Results
3. Segment Profit
4. Price Assumptions for FY3/23 Forecasts
5. Sensitivities Analysis on FY3/23 Forecasts Basis
6. Business Overview
7. Integrated Report and IR Materials
8. Glossary

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

27

Appendix

1. Net Sales - E&P
FY3/22 (a)Million Yen

Sales
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)

FY3/23

1Q

2Q

1-2Q

16,79633,024

49,820

Full year
73,422

1Q

2Q

1-2Q

Full year (f)

7,266

6,876

14,142

8.9

11.10

52,241

51,167

114

230

345

669

79

62

141

697

703

5,556

11,93817,494

41,056

7,251

6,850

14,101

51,98150,853

85

69

154

286

67

49

116

242

242

3,927

3,537

7,465

15,570

5,640

4,855

10,495

18,37819,250

22

154

176

357

7

7

14

432

439

1,312

8,045

9,358

24,105

1,192

1,458

2,651

31,86929,896

6

6

13

25

5

5

10

23

20

316

354

671

1,381

418

536

955

1,733

1,706

351

608

959

959

-

-

-

-

-

10,05821,06331,121

31,121

-

-

-

-

-

128

0

128

130

0

0

1

12

13

Net sales

1,181

22

1,204

1,244

14

25

40

260

314

WTI（USD/bbl）

58.10

66.07

62.21

64.06

94.41

108.65101.53

97.05

94.33

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

64.25

71.31

67.38

73.28

101.55115.31

107.25

95.64

93.04

Exchange rate (JPY/USD) *4

108.43109.96109.15111.20122.50133.58127.44120.75128.59Diluted bitumen *2 (USD/bbl)

40.99

49.75

46.90

46.90

-

-

-

-

-

JML natural gas *5 (CAD/mcf)

2.96

-

2.96

2.96

-

-

-

-

-

*1 FY3/22 include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.), FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd.,and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 FY3/22 include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.), FY3/23 includes the volume of 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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

28

Appendix

1. Net Sales - I/U
FY3/22 (a)Million Yen

FY3/23

1Q

2Q

1-2Q

Full year

1Q

2Q

1-2Q

23,00923,372

46,382

119,845

36,00940,77076,779163,388

191,034

233

222

455

1,061

231

214

446

1,008

1,012

10,70910,52921,23858,024

17,92318,04335,966

77,74489,894

123

109

233

527

109

101

211

483

483

52

44

96

295

49

44

94

358

349

4,397

3,788

8,186

22,596

6,062

7,424

13,48635,72941,804

765

840

1,605

3,023

665

787

1,452

2,900

3,031

Net sales

7,163

7,834

14,99834,32010,986

14,26525,251

44,66453,304

Others*

739

1,220

1,960

4,903

1,037

1,037

2,074

5,249

6,032

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)Full year (f)
8.9
11.10

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

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

29

Appendix

2. Financial Results
Million Yen

FY3/22 (a)1Q

Net sales

2Q

FY3/23

1-2Q

Full year

1Q

50,08368,424

118,507249,140

E&P Business

16,79633,024

49,82073,422

Infrastructure/Utility Business

23,00923,372

46,382

119,845

Others2Q

58,617

1-2Q

Full year (f)
8.9

11.10

275,755

304,563

62,091

120,708

7,266

6,876

14,142

52,241

51,16736,00940,77076,779163,388

191,034

10,277

12,02622,30355,872

15,341

14,44429,78660,12662,360

Cost of sales

38,90453,81892,722

199,237

41,92044,80786,727206,180

227,388

Gross profit

11,17914,60525,78449,903

16,696

17,28333,98069,575

77,174

132

120

252

359

97

1,042

1,140

1,375

3,057

SG&A expenses

7,647

8,344

15,99129,734

6,788

6,746

13,53528,49428,875

Operating profit

3,400

6,140

9,540

19,809

9,810

9,494

19,30439,70545,242Non-operation income

7,091

2,718

9,809

23,864

12,78910,98923,77911,28321,709

Exploration expenses

Interest income

37

50

87

266

149

257

406

702

775

Interest expenses

(322)

(982)

(1,305)(1,187)

(1)

(1)

(2)

(6)

(28)

Dividend income

48

2,138

2,186

4,049

47

1,603

1,651

3,173

3,510

3,549

2,921

6,470

14,226

5,988

696

6,684

7,046

6,348

Provision for overseas investment

92

85

177

66

-

0

0

(83)

(83)

Foreign exchange gains and loss

3,851

89

3,941

10,002

6,748

2,428

9,176

1,024

6,086

Other

(165)

(1,584)(1,750)(3,559)

(142)

6,004

5,861

(572)

5,100

10,491

8,858

19,34943,67422,60020,48343,08450,98866,951

Share of profit of entities accounted forusing equity method

Ordinary profit
Extraordinary income
Profit before income taxes
Income taxes
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent(1)(138,663)(138,665)(62,175)

(1)

(14)

(15)

(54)

(71)

10,489(129,805)(119,315)(18,501)

22,59820,46943,06850,934

66,8802,832(3,316)

(484)

9,652

5,304

3,665

8,970

9,817

11,026

550

294

844

2,835

1,653

1,013

2,667

1,108

2,853

7,106

(126,782)(119,676)(30,988)

15,64015,79031,43040,00753,000

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30

Appendix

3. Segment Profit
Million Yen

FY3/22 (a)1Q

2Q

FY3/23 (f)1-2Q

Full year

1Q

2Q

1-2Q

Full year
8.9

Operating profit

Japan

11.10

6,122

4,811

10,934

24,73911,472

11,21522,68843,812

48,557

19

103

123

(47)

291

24

315

363

509

(1,146)

2,883

1,737

1,789

227

320

548

4,181

4,206

-

-

-

-

-

-

-

-

-

(47)

(34)

(81)

(151)

(33)

(55)

(88)

(195)

(187)

-

-

-

-

-

-

-

-

-

537

676

1,214

2,644

522

611

1,134

1,978

2,952

(3)

(2)

(6)

(13)

(3)

(3)

(6)

(27)

(28)

-

-

-

-

-

-

-

-

-

3,534

2,820

6,354

14,287

5,699

675

6,375

6,710

5,868

(2,066)(2,198)(4,264)(9,213)(2,378)(2,598)(4,977)(10,070)(10,286)

3,400

6,140

9,540

19,809

9,810

9,494

19,30439,70545,242

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

North America

Share of profit of entities
accounted for using equity
methodOperating loss

EuropeShare of profit of entities
accounted for using equity
methodOperating profit

Middle East

Share of loss of entities
accounted for using equity
methodOperating profit

Others*1

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

*1
*2
*3

Operating profit (loss)

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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

31

Appendix

4. Price Assumptions for FY3/23 Forecasts
Upper: from January 2021 to March 2022
Full year

Lower: from January 2022 to March 2023
Jan.-Mar.

Apr.-Jun.

Jul.-Sep.

Oct.-Dec.

Jan.-Mar.

2021 (a)

-

64.25

71.31

77.30

82.70

73.28

Revised (f)Nov.10-101.55*1

115.31*1

80.00

80.00

93.04

2021 (a)

58.10

66.07

69.85

-

-

64.06

Revised (f)Nov.1094.41*1

108.65*1

94.26*1

80.00

-

94.33

2021 (a)-47,544

58,141

79,284

88,184

68,288

Revised (f)Nov.10-101,863*1

122,182

105,700

85,867

103,9032021 (a)-108.43109.96111.69114.52111.20

Revised (f)Nov.10-122.50*1

133.58*1

130.00130.00128.59Market Price
Crude oil price (CIF) *3

WTI*2

USD/bbl

JLC price

Exchange rate

USD/bbl

JPY/Ton*3

JPY/USD*1 Actual*2 FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)*3 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

32

Appendix

5. Sensitivities Analysis on FY3/23 Forecasts Basis
FY3/23
2Q-4Q
Assumptions

Crude oil price

WTI
3Q： USD 94.26/bbl
4Q： USD 80.00/bbl

Impacts on profit（Million Yen）
Fluctuation

Main factors for change
positive factor “+”/ negative factor “( )”Operating profit

Profitattributable toowners of parent

Increase by
1USD/bbl

100

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

1 weaker JPY
against USD

250

140

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

Crude oil price (CIF)
3Q-4Q：USD 80.00/bbl

Exchange rate

JPY 130.00/USD【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-currency-denominatedreceivables and payables also may occur.
• Actual profits are influenced by various other factors besides crude oil prices and exchange rates.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

33

Appendix

6. Business Overview ① 2Q of FY3/23 and onwards
E&P Field
 Japan: Producing oil and gas at 10 fields in Hokkaido, Akita, Yamagata, and Niigata / considering measures to increase production at existing fields• Proceeding an additional development around Katakai oil and gas field in Niigata• Considering measures for carbon neutrality including reduction of GHG emissions from field operations, investigation of CO2 storage capacity

 Overseas: Participating in the projects of crude oil and natural gas development / Considering new interests acquisition

 Started drilling the 1st well for additional development work of Katakai gas field in Niigata in Jul.

※Production of the first well is scheduled to begin in the second half of 2023, and the second well drilling is scheduled in mid-2023 or later.

 (Under development) UK North Sea Seagull Project (scheduled to start production in the first half of 2023), Iraq Garraf oil field (in progress ofdevelopment work).

I/U Field
 Domestic gas supply: Stably supplying natural gas and LNG by our supply network / Expanding sales volume including demands for fuel conversion•

Soma LNG terminal: Engaging the contract work of LNG vaporization and delivery of power generation fuel to the adjacent Fukushima Natural Gas Power Plant

 Overseas LNG Supply Infrastructure: Considering participation in projects to develop and operate supply infrastructure such as LNG terminals,
mainly in Southeast Asia, where natural gas demands are growing demands
 Electricity: Stably supplying electricity as a energy source with lower environmental impact generated by the power plants in operation /Participating in renewable energy development as well as considering participation to new projects

 Started commercial operation of the Abashiri Biomass 2nd Power Plant in Oct.

※ 3rd Power Plant is under construction (scheduled to commence commercial operation in Feb. 2023)

 (Under construction)Tahara Biomass Power Plant in Aichi, Ozu Biomass Power Plant in Ehime, Chofu Biomass Power Plant in Yamaguchi

CN Field Conducting study towards early adaptation and commercialization of CCS (Carbon dioxide Capture and Storage)/CCUS (Carbon dioxide Capture,
Utilization, and Storage)
 Considering cooperation and participation in carbon-neutral businesses, with the potential collaboration with CCS/CCUS• Seeking regional and inter-industrial collaboration in combination with CCS/CCUS, such as the realization of carbon recycling(Under consideration in Japan) Feasibility studies are underway in the Tomakomai area in Hokkaido and the Niigata East Port area.
(Under consideration overseas) Participating in feasibility studies in Indonesia and Malaysia

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34

Appendix

6. Business Overview ② E&P Field
development andproduction site

[4] Russia・Sakhalin 1 Project*

O&G [3] UK North Sea: Seagull Project* Included in oursales profit

OIL[1] Iraq: Garraf Project*
OIL[5] United States:
Tight Oil Development*

O&G

OIL

[A] Japan: Domestic oil and gas fields*(10 sites in Hokkaido, Akita, Yamagata, and Niigata)

Our affiliated oil and gas development
and production base[2] Indonesia・Kangean Project

Japan

GAS

Overseas

10 fields
5 projects

 Our oil and gas E&P fields/projects (as of September,2022)
No.

Oil and gas field/Project title (Operator)

Interest Share（JAPEX’s net）

Production type

Status

Production Volume*1

A

Japan: Domestic oil and gas fields(Total of 10 locations in Hokkaido, Akita, Yamagata, and Niigata)

Differ by interest

Crude oil/natural gas

In production/
Additional development

Undisclosed

1

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

30% (16.5%)

Crude oilIn production/
Additional Development

Approx. 132,000bbl*2

2

Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.)

100％ (25%)

Natural gas

In production

Approx. 3,790,000m3(Approx. 23,000boed)

3

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

15% (15％)

Crude oil/natural gas

In development-

4

Russia: Sakhalin 1 Project*3

30% (4.59%)

Crude oilIn production/
development

Undisclosed

5

North America: Tight Oil Development(Marathon Oil Corporation, EOG Resources Inc., etc.)

Differ by interest

Crude oilIn production/
development

Undisclosed*1: Average daily Production for cumulative 2Q FY2022 (Jan-Jun 2022 for overseas projects) / *2:Average daily production Apr-Sep 2022
*3:Contractual rights and obligations pursuant to the production sharing agreement were transferred to a new business entity, pursuant to the presidential decree of Russia etc., on Oct.2022.

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35

Appendix

6. Business Overview ③ I/U Field - Gas Supply
Features of JAPEX's domestic gas supply network

High-pressure gas pipeline network over 800 km total

2 LNG terminals for ocean-going carriers
Capable to supply from Sea of Japan and Pacific Ocean Domestic gas supplyDomestic produced gas and regasified LNG supply via pipelines
Receive, storage, regasify, and deliver LNG
LNG satellite system: tank trucks, tank containers on rail, domestic vessels)
Third-party or consignment use of our gas pipelines and LNG terminals etc.

 Respond to diversification of domestic gas supplySupport fuel switching to natural gas from other fossil fuels
Propose and provide energy services in cooperation with city
gas suppliers LNG procurement
Procure competitive LNG with a combination of term and spot
contracts Overseas LNG supply infrastructure

Launch new projects or other process mainly in Southeast Asiawith stronger demands for gasOngoing feasibility study: Northern Vietnam LNG terminal project

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

36

Appendix

6. Business Overview ④ I/U Field - Electricity[1] Abashiri Biomass
BIO
Power Plant No.2&3

JAPEX’s joining power plants are

7 sites

Total(Renewable energy 6 sites

Total output 1,389,550kW
Renewable energy[2] Mega solar power generation
at JAPEX Hokkaido District Office*209,550kW)PV[3] Yufutsu Solar Power Plant

PV Power plants in development and operation (as of the end of October 2022)
No.

Name

Location

Type

Capacity
(kW)

Share

StatusA

Fukushima Natural Gas Power Plant

Shinchi Town,
Fukushima

Natural gas(LNG)

1,180,000

33%

In operation

1

Abashiri Biomass No.2&3 Power Plants

Abashiri City,
Hokkaido

Biomass(wood chip)

19,80033.8%

In operation(No.2)
In construction(No.3)

2

Mega solar power generation
at JAPEX Hokkaido District Office

Tomakomai City,
Hokkaido

PV

1,800

100%

In operation

3

Yufutsu Solar Power Plant

Tomakomai City,
HokkaidoPV13,00020%

In operation

Tahara Biomass Power Plant

Tahara City,
Aichi

Biomass(wood pellets)

50,00039.9%

In construction

Biomass(wood pellet)

50,00035%

In construction

Biomass(wood pellet)

74,95039.9%

In construction

4
5

Ozu Biomass Power Plant

Ozu City,
Ehime

6

Chofu Biomass Power Plant

Shimonoseki City,
Yamaguchi Other renewable energy project[A] Fukushima Natural Gas Power Plant

LNG[4] Tahara Biomass Power Plant

 PHOTON Sustainable Solar Investment Limited Partnership(funding up to 10 billion yen in PV generation projects including
non-FIT projects; 50% of our investment ratio)[5] Ozu Biomass Power Plant

BIO

BIO

[6] Chofu Biomass Power Plant
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

BIO

Gas power plant
Renewable power plant* Included in our sales profit

37Appendix

6. Business Overview ⑤ CN Field Required factors to realize a hub & cluster CCS/CCUS
Verification and Establishment ofTechnology

 Survey of suitable sites for CO2 storage
and amounts that can be stored CO2 capture and transportation
technology
 CO2 indention and storage technology•

Inter-company and Cross-industry

Examination and Development of Collection of CO2 from emitting sites

 Legal system for CO2 underground storage

Collaboration

Legal Systems, etc.

＋  CO transportation network construction ＋  Appropriate system of CO transportation•

2

Transportation to utilization destinations
and collection surpluses Underground storage of surplus CO2

2

infrastructures with publicness

 CO2 trading system•

Including stored CO2 monitoring

Including collaboration with overseas CO2
trading

 Ongoing CCS/CCUS initiatives to promote/participate in (as of the end of October, 2022)
Japan

Realize hub & cluster model by FY2030

 Consideration in JAPEX Examination of CO2 storage capacity in our oil and gas fields, etc.
 Study of re-injection of associated CO2 from our oil and gas field
operations

 Feasibility study with companies/cross-industry
 Feasibility study on carbon recycling business utilizing interindustry collaboration in the Tomakomai area with Deloitte
Tohmatsu Consulting as a NEDO-commissioned project Feasibility study of a business in the Niigata area that makes
effective use of CO2 with Mitsubishi Gas Chemical Feasibility Study for a Hub & Cluster Type CCUS Project in Niigata
East Port Area (FY2022 Publicly solicited project by JOGMEC)

CommonOverseas

Early profit earning in advanced countries& consideration in emerging countries

 Consideration in JAPEX
 Consideration for participation in CCS/CCUS projects in North
America, Europe and other systematically advanced areas
 Feasibility study on companies/cross-industry
 Joint feasibility study of a CCUS project in Indonesia's Sukowati
oil field utilizing bilateral credits with Pertamina Group andRemigas Joint CCS study in Malaysia: Investigation of suitable sites andtechnical evalutions for CO2 underground storage (withPETRONAS, JGC CORPORATION, and Kawasaki Kisen Kaisha, Ltd.,and works by 3 Japanese companies are adopted as a subsidy
project by the Japanese government

 Technical and other related study Study on technical issues of energy transportation infrastructure for the realization of a CN society with JFE Engineering

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

38

Appendix

7. Integrated Report and IR Materials
Please visit our website for the integrated report and IR materials.
Integrated Report Integrated Reporthttps://www.japex.co.jp/en/ir/library/integratedreport/
The latest issue(Integrated Report 2022, published in September 2022)

is available directly via the following link

https://www.japex.co.jp/en/ir/uploads/pdf/JAPEX_IR2022_e.pdf

Disclosure Materials Archive Financial Results

https://www.japex.co.jp/en/ir/library/result/ Explanatory Materials

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

Performance information, etc.
 Financial highlights for 5 years* Past 10 years’ CVS data is also available Shareholder Returns (Dividends)

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

https://www.japex.co.jp/en/ir/figure/https://www.japex.co.jp/ir/uploads/JAPEX_10yearFinancialData_e.xlsx

https://www.japex.co.jp/en/ir/stock/dividend/39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

E&P

Exploration and Production

FID

Final Investment Decision

GHG

Greenhouse Gas

HSE

Health, Safety and Environment

JCC

Japan Crude Cocktail

JEPX

Japan Electric Power Exchange

MH

Methane Hydrate

RRR

Reserve Replacement Ratio

WTIWest Texas Intermediate Main Subsidiaries and Affiliates
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 Netherlands B.V.

Malaysia LNG Project 3（Tiga）

FGP

Fukushima Gas Power Co., Ltd.

Natural gas-fired electric power generation Business

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

40

Cautionary Statement
This document contains future outlooks such as plans, forecasts, strategies, and others which are nothistorical fact and these 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 tovarious 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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

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Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

42