Consolidated Financial Results for the Nine Months Ended December 31, 2021
<under Japanese GAAP>
February 9, 2022

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

Company name: Japan Petroleum Exploration Co., Ltd.
Listing:
Tokyo Stock Exchange, First Section
Securities code: 1662
URL:
https://www.japex.co.jp/
Representative: FUJITA Masahiro, Representative Director and President
Inquiries:
ASAI Masaru, General Manager, Corporate Communication Office
TEL: +81-3-6268-7110 (from overseas)
Scheduled date to commence dividend payments:–
Scheduled date to file Quarterly Report:
February 10, 2022
Presentation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results presentation meeting (for institutional investors and analysts):
1.
(1)

Yes

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

Consolidated financial results for the nine months ended December 31, 2021
(April 1, 2021 – December 31, 2021)
Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net sales

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit

Nine months ended

Millions of yen

December 31, 2021

171,364

14.2

11,649–24,533–(85,057)–

December 31, 2020

150,099 (39.4)(4,448)–(2,948)–(3,776)–

Note: Comprehensive income: Nine months ended December 31, 2021:
Nine months ended December 31, 2020:

Basic earnings per share% Millions of yen(96,808) million yen(14,732) million yen

%

(– %)
(– %)

Diluted earnings per share

Nine months ended

Yen

Yen

December 31, 2021

(1,491.67)–

December 31, 2020

(66.12)–(2)% Millions of yen

Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of December 31,
2021

449,382

331,681

66.9

As of March 31, 2021

624,786

434,492

64.0

Reference: Equity

2.

As of December 31, 2021: 300,466 million yen

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

Cash dividends

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

First quarter
Yen

Second quarter
Yen

Annual dividends
Third quarter
Yen

Fiscal year-end
Yen

–

25.00

–

25.00

50.00

–

25.00

–
25.00

50.00

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

-1-

AnnualYen

3.

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

Net sales

Fiscal year ending
March 31, 2022

Operating profit

Ordinary profit

Profit attributable Basic earnings per
to owners of parent
shareMillionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

235,749(1.8)

16,168285.7

31,972219.7(39,029)–(687.28)

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

*
(1)

Notes
Changes in significant subsidiaries during the nine months under review (changes in specified subsidiaries
resulting in the change in scope of consolidation): Yes
New inclusion: –Exclusion: one company (Japan Canada Oil Sands Limited)

Note: For details, please refer to “(3) Notes to quarterly consolidated financial statements (Changes in significant subsidiaries during thenine months under review)” of “2. Consolidated financial statements and significant notes thereto” on page 9 of the attachedmaterial.

(2)

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

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

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

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

(4)

Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2021
57,154,776 shares
As of March 31, 2021
57,154,776 sharesb. Number of treasury shares at the end of the period
As of December 31, 2021
615,682 shares
As of March 31, 2021
79,982 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2021
57,021,331 shares
Nine months ended December 31, 2020
57,116,753 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of financial forecasts, and other special matters
The forward-looking statements, including the financial forecasts shown in this document are based on
information currently available to our company and on certain assumptions deemed to be reasonable. As
such, they do not constitute guarantees by our company of future performance. Actual performance and otherresults may differ materially from these forecasts due to various factors.
For the suppositions that form the assumptions for financial forecasts and cautions concerning the use
thereof, please refer to “(3) Explanation of consolidated financial forecasts and other forward-looking
statements” of “1. Qualitative information regarding settlement of accounts for the nine months ended
December 31, 2021” on page 4 of the attached material to the quarterly financial results report.

-2-

(Attached Material)
1. Qualitative information regarding settlement of accounts for the nine months ended December 31,
2021(1) Explanation of operating results
During the nine months ended December 31, 2021, net sales was ¥171,364 million, an increase of ¥21,264
million (+14.2%) year on year. Gross profit was ¥34,511 million, an increase of ¥15,769 million (+84.1%)
year on year. Main factors behind the year-on-year increase for net sales and increase for gross profit were
improvements in sales of crude oil in Japan and diluted bitumen due to a rise in crude oil prices and anincrease in the electricity sales volume from the Fukushima Natural Gas Power Plant accompanying the fullreporting period operation, despite a decrease in revenue due to the net presentation of most of the crude oilpurchase and sales following the application of the Accounting Standard for Revenue Recognition.
Exploration expenses was ¥353 million, a decrease of ¥352 million (-49.9%) year on year. Selling, generaland administrative expenses was ¥22,508 million, an increase of ¥25 million (+0.1%) year on year. As aresult, operating profit improved by ¥16,097 million year on year to ¥11,649 million (operating loss of¥4,448 million in the same period of the previous fiscal year).
Ordinary profit improved by ¥27,482 million year on year to ¥24,533 million (ordinary loss of ¥2,948 million
in the same period of the previous fiscal year), due mainly to the turnaround from foreign exchange losses
to foreign exchange gains and an increase in share of profit of entities accounted for using equity method.
Loss before income taxes deteriorated by ¥69,634 million to ¥72,604 million compared with the same periodof the previous fiscal year, mainly due to the recording of loss on sale of shares of subsidiaries resulting fromthe transfer of all the shares in Japan Canada Oil Sands Limited (JACOS), a consolidated subsidiary that
promotes the oil sands project in Canada, and loss on transfer of interests resulting from the transfer of
JAPEX Montney Ltd. (JML)’s interest in the shale gas project of North Montney Area in British Columbia,
Canada, despite the recording of gain on sale of investment securities in the third quarter due to the sale ofa portion of strategic shareholdings. Loss attributable to owners of parent deteriorated by ¥81,280 million to¥85,057 million compared with the same period of the previous fiscal year.
Below is a breakdown of net sales.
(i) E&P BusinessNet sales from the E&P Business came to ¥54,560 million, an increase of ¥437 million (+0.8%) year on
year, mainly due to higher sales prices of crude oil, natural gas (overseas) and diluted bitumen, despitea decrease in most of the crude oil purchase and sales due to the impact of the net presentation.
(ii) Infrastructure/Utility BusinessNet sales from the Infrastructure/Utility Business came to ¥79,165 million, an increase of ¥11,473
million (+16.9%) year on year. This was mainly the result of an increase in the electricity sales volume
due to the Fukushima Natural Gas Power Plant operating for the full reporting period, despite thedecrease from reduced sales volume for natural gas (Japan).
(iii) Other Businesses
Net sales from other businesses, such as the contract services (drilling and geological surveys, etc.), saleof oil products, including liquefied petroleum gas (LPG), fuel oil and the like, as well as othersubcontracted tasks, came to ¥37,638 million, an increase of ¥9,354 million (+33.1%) year on year.

(2)

Explanation of financial position
At the end of the third quarter, total assets decreased by ¥175,404 million from the previous fiscal year-end
to ¥449,382 million.
Current assets decreased by ¥18,377 million from the previous fiscal year-end. This was mainly due todecreases in cash and deposits, and notes and accounts receivable - trade, despite an increase in raw materials
and supplies. Non-current assets decreased by ¥157,026 million from the previous fiscal year-end. This wasdue mainly to a decrease in property, plant and equipment resulting from excluding JACOS from-3-

consolidation by the sale of all the shares of JACOS, and a decrease in investment securities resulting fromthe sale of a portion of strategic shareholdings.
Liabilities decreased by ¥72,593 million from the previous fiscal year-end to ¥117,701 million.
Current liabilities decreased by ¥14,311 million from the previous fiscal year-end. This was due mainly tothe decrease in current portion of long-term borrowings included in other because of JAPEX fulfilling its
guarantee obligation for consolidated subsidiary JML’s borrowings. Also, regarding this borrowing, theamount of the subrogation payment received from the guarantor was transferred to reimbursement
obligations. Non-current liabilities decreased by ¥58,282 million from the previous fiscal year-end. This was
mainly due to the decrease of long-term borrowings by fulfilling guarantee obligation of JACOS’s
borrowings, and a decrease in deferred tax liabilities related to the market value of investment securities held
as a result of the sale of investment securities mentioned above.
Net assets decreased by ¥102,810 million from the previous fiscal year-end to ¥331,681 million.
The main factors were decreases in retained earnings and valuation difference on available-for-sale securities.

(3) Explanation of consolidated financial forecasts and other forward-looking statements
The consolidated financial forecasts for the fiscal year ending March 31, 2022 have been revised from theforecasts announced on November 9, 2021.
Please refer to the “Notice of Financial Forecasts Revision” released on February 9, 2022, the same day ofthis report.

-4-

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

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

As of December 31, 2021

162,368
39,519132,945––

34,765

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

3,030
3,902
357
16,32811,364(37)
202,656

157,841
108,903266,745

38,19454,856
93,051

6,129
6,129

5,856
5,856

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

86,73861,223(44)(100)
147,818
246,725
449,382(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Reimbursement obligations
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Provisions
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-6-

As of December 31, 2021

21,546
–
2,020
1,528
78,682
103,776

22,08043,397
10,486
1,116
12,38489,46550,180
7,919
3,545
971
21,262
2,637
86,517
190,294

770
1,899
3,481
521
19,0262,536
28,235
117,701

14,288–344,438(151)
358,575

14,2882,607
256,524(1,443)271,977

44,228(488)(3,810)1,667
41,59634,320434,492
624,786

31,546(751)(3,795)
1,489
28,48931,214
331,681449,382

(2) Consolidated quarterly statement of income and Consolidated quarterly statement ofcomprehensive income
Consolidated quarterly statement of income
Nine months ended
December 31, 2020
Net sales
Cost of sales
Gross profit
Exploration expenses
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Late charges
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of shares of subsidiaries
Loss on transfer of interests
Other
Total extraordinary losses
Loss before income taxes
Income taxes
Loss
Profit (loss) attributable to non-controlling interests
Loss attributable to owners of parent-7-(Millions of yen)

Nine months ended
December 31, 2021

150,099
131,358
18,741706
22,483(4,448)

171,364
136,853
34,511353
22,508
11,649

371
1,439

164
2,255

5,312

9,466

–
648
7,772

5,100
624
17,610

2,162
–
3,652
458
6,273
(2,948)

1,246
2,215
–
1,265
4,726
24,533

10
–
10

1,307
39,826
41,13327––
532(2,970)1,860(4,830)(1,054)(3,776)

9
94,372
43,616273
138,272(72,604)
10,743(83,348)
1,708(85,057)

Consolidated quarterly statement of comprehensive income(Millions of yen)

Nine months ended
December 31, 2020
Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-8-

Nine months ended
December 31, 2021

(4,830)(83,348)(4,044)(197)(4,181)(128)(12,678)
(287)
(406)
(177)

(1,349)89(9,901)(14,732)(13,460)(96,808)(13,507)(98,164)(1,225)

1,355

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

(Notes on significant changes in the amount of shareholders’ equity)

At a meeting of the Board of Directors held on November 9, 2021, JAPEX made a resolution concerning the
repurchase of own shares, and as of December 31, 2021, it acquired 537,300 treasury shares.
As a result, treasury shares increased by ¥1,294 million during the nine months ended December 31, 2021,
amounting to ¥1,443 million as of December 31, 2021.

(Changes in significant subsidiaries during the nine months under review)

Japan Canada Oil Sands Limited has been excluded from the scope of consolidation because all held sharesof the said company were sold during the second quarter of the fiscal year under review.
It is considered certain that this change in the scope of consolidation has significant effects on the
consolidated financial statements for the fiscal year under review in which the third quarter falls, and adecrease in total assets in the consolidated balance sheet, a decrease in net sales in the consolidated statementof income, etc. are expected.

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

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

Calculation of taxes

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

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

As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) andrelevant revised ASBJ regulations were applied from the beginning of the first quarter of this fiscal year, weconcluded to recognize the revenue at the time the control of promised goods or services is transferred to theclient, at the amount expected to be received upon the exchange of said goods or services.
The JAPEX Group conducts the “E&P Business,” the “Infrastructure/Utility Business,” and “Other
businesses” in the four reportable segments provided in the segment information: “Japan,” “North America,”“Europe” and “Middle East.”
In the E&P Business, exploration, development, production, provision of production services, and sales ofcrude oil and natural gas are conducted at business locations in Japan and overseas. It is judged that in thesesales, legal ownership and physical possession of assets, as well as significant risks and economic rewards
associated with ownership of assets, are transferred, and the right to receive consideration for delivered
products is obtained, at the time the products are delivered to clients. Thus, revenue is recognized at thattime. As for provision of production services, when control over goods or services is transferred to clientsover time, revenue is recognized according to progress in the satisfaction of performance obligations. For
measurement of progress, the output approach based on production volume is used.
In the Infrastructure/Utility Business, sales of gases (natural gas and LNG) and electricity are conducted atbusiness locations in Japan. It is judged that in these sales, legal ownership and physical possession of assets,
as well as significant risks and economic rewards associated with ownership of assets, are transferred, andthe right to receive consideration for delivered products is obtained, at the time the products are delivered toclients. Thus, revenue is recognized at that time.
In the Other businesses, contract services (drilling and geological surveys, etc.) and sales of oil products, etc.
are conducted at business locations in Japan. As for contract services, when control over goods or services
is transferred to clients over time, revenue is recognized according to progress in the satisfaction of
performance obligations. For measurement of progress, the input approach based on incurred costs is used.
It is judged that in sales of oil products, etc., legal ownership and physical possession of assets, as well as-9-significant risks and economic rewards associated with ownership of assets, are transferred, and the right toreceive consideration for delivered products is obtained, at the time the products are delivered to clients.
Thus, revenue is recognized at that time.
In identification of performance obligations, it is examined whether the JAPEX Group acts as a principal oran agent. If the nature of its promise is a performance obligation to provide the specified goods or services
itself, as a principal it presents revenue at the gross amount of consideration in its consolidated statement ofincome. If the nature is a performance obligation to make arrangements so that these goods or services areprovided by other parties, as an agent it presents revenue at the amount of commissions or fees, or the net
amount of consideration, in its consolidated statement of income.
Revenue is recognized based on the transaction price under contracts with clients. If a contract contains
multiple performance obligations, the transaction price is allocated to each performance obligation at a ratioof standalone selling price. Since consideration for transactions is usually paid within one year after thesatisfaction of performance obligations, such consideration does not include any significant financial
component.
The application of the Accounting Standard for Revenue Recognition and relevant revised ASBJ regulations
is subject to the transitional treatment provided for in the proviso to paragraph 84 of the Accounting Standard
for Revenue Recognition. The cumulative effect of the retrospective application, assuming the new
accounting policy had been applied to periods prior to the beginning of the first quarter of the current fiscal
year was added to or deducted from the opening balance of retained earnings of the first quarter of the current
fiscal year, and thus the new accounting policy was applied from such opening balance; provided, however,that the new accounting policy was not retrospectively applied to contracts for which nearly all the revenue
amounts had been recognized according to the previous treatment in periods prior to the beginning of thefirst quarter of the current fiscal year, by applying the method provided for in paragraph 86 of the AccountingStandard for Revenue Recognition.
Consequently, for the nine months ended December 31, 2021, net sales decreased by ¥44,810 million, costof sales decreased by ¥44,770 million, and selling, general and administrative expenses decreased by ¥40
million. There was no effect on operating profit, ordinary profit, and loss before income taxes. In addition,
there was also no effect on the opening balance of retained earnings of the current fiscal year.
Due to the application of the Accounting Standard for Revenue Recognition and relevant revised ASBJ
regulations, “Notes and accounts receivable - trade” under current assets of the consolidated balance sheet
as of the end of the previous fiscal year has been included in “Notes and accounts receivable - trade, andcontract assets” under current assets from the quarterly consolidated balance sheet as of the end of the firstquarter of the current fiscal year. In accordance with the transitional treatment provided for in paragraph 892 of the Accounting Standard for Revenue Recognition, figures for the previous fiscal year have not been
restated in accordance with the new approach to presentation. Furthermore, the information on
disaggregation of revenue from contracts with clients during the first nine months of the previous fiscal year
has not been disclosed as allowed by the transitional treatment provided for in paragraph 28-15 of the“Accounting Standard for Quarterly Financial Reporting” (ASBJ Statement No. 12, March 31, 2020).

Application of Accounting Standard for Fair Value Measurement, Etc.

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

- 10 -

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

At the end of the third quarter, the specific dissipation of the COVID-19 pandemic still remains uncertain,
and the impact on economic activities in Japan and overseas has continued. Although the timing COVID-19
dissipates is still unknown and difficult to be predicted, we expect that the situation will gradually recoveras time goes by.
The Garraf Oil Field in the southern part of the Republic of Iraq, which had temporarily suspended its
development and production operation due to the impact of COVID-19, resumed its production operationfrom July 2020. However, due to restrictions on transfer and other factors, the additional development wasdelayed and therefore, the increase in production volume to a scale of 230,000 barrels a day, which was
expected at the end of 2020, has likewise had its timeline for such achievement put forward. Also, productioncommencement from UK North Sea’s Seagull field, which was scheduled for the end of this year, has been
delayed to early 2023 as a result of revising the development plan, which considers the impact of COVID19 and others.
At present, although the crude oil prices are trending upwards under a tight market with respect to oil demandand supply, which reflects the policy of the production reduction measure maintained by OPEC Plus,
globally soaring LNG prices caused by political tensions concerning Ukraine, and other factors, we consider
that the prolonging of the effects of the COVID-19 pandemic and the global movement toward
decarbonization could give rise to the possibility of irreversible structural changes in various areas such asenergy demand and environmental concerns, which could suppress the demand for fossil fuels for someconsiderable time. Moreover, there have been calls to focus on a “green recovery” while undertaking the
global economic recovery from the COVID-19 pandemic, which could further accelerate the growing tideof decarbonization. In light of the changes in the business environment surrounding our company and thetrend of rising global carbon prices, our projection for the medium- to long-term oil price is set at $50 per
barrel.
Should assumptions change under such circumstances, we have options involving recoverability of deferred
tax assets with respect to accounting estimates of high uncertainty.
The estimate change resulting from the above-mentioned hypothetical fluctuations may impact taxable
income for the JAPEX Group including its consolidated subsidiaries, and the amount of deferred tax assets
recorded may increase or decrease.

Changes to fiscal year of consolidated subsidiaries

Previously, concerning JAPEX’s consolidated subsidiary, Japex Garraf Ltd., whose closing date is December
31, the quarterly consolidated financial statements for the relevant period were prepared using the quarterly
financial statements for the same quarterly accounting period of said subsidiary as a basis and making
necessary adjustments for major transactions that occurred between said subsidiary’s closing date and theconsolidated closing date. However, said subsidiary has changed to the method of performing provisional
closing on the consolidated closing date in order to offer more appropriate understanding of businessinformation and disclosure of quarterly consolidated financial statements.

- 11 -

3. Supplemental information
Status of production and sales(1) Production
Nine months ended
December 31, 2020
(April 1, 2020 –December 31, 2020)

Nine months ended
December 31, 2021
(April 1, 2021 –December 31, 2021)(Reference)
Fiscal year ended
March 31, 2021
(April 1, 2020 – March 31, 2021)

598,126

652,573

849,859(370,288)(441,584)(541,855)

735,998

515,424

1,032,521(343,449)(130,981)(473,685)

622,332

656,377

889,315(622,332)(656,377)(889,315)

LNG (t)3,341
2,136Electricity(thousand
1,743,254
1,979,477
kWh)Notes: 1. The figures in parentheses represent overseas production and are included in the total.
2. Part of the natural gas production volume is used as a feedstock for LNG.
3. Bitumen is a type of extra-heavy oil extracted from oil sands.

3,341

Crude oil (kl)E&P
Business

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

2,543,189

(2) Sales
Nine months ended
December 31, 2020
(April 1, 2020 –December 31, 2020)
Net sales
Sales volume(Millions of yen)

Crude oil (kl)E&P
Business

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

38,122421,772

22,241

2,313,521

72,916

937,981

14,071

959,777

31,121

1,319,808

21,695340,972

1,929

129,429

1,197

470,5102,870

54,12354,56097,482Natural gas(Japan)(thousand m3)

813,368

36,658727,889

36,135

1,183,102

51,291

LNG (t)213,258

11,059217,254

16,822284,216

15,5912,080,915

16,6542,241,078

22,656

3,016,755

30,087

Electricity(thousand kWh)
Others

3,319

3,550

4,331

67,691

79,165

101,301

5,962

4,625

7,633

21,00831,33031,931

1,313

1,682

1,729

Subtotal

28,284

37,63841,294

Total

150,099

171,364

240,078

Subtotal

Otherbusinesses(Millions of yen)

(Reference)
Fiscal year ended
March 31, 2021
(April 1, 2020 – March 31, 2021)
Net sales
Sales volume1,447,872

Subtotal

Infrastructure/Utility
Business

Nine months ended
December 31, 2021
(April 1, 2021 –December 31, 2021)
Net sales
Sales volume

Contract
Services
Oil products/merchandise
Others

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

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