Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
<under Japanese GAAP>May 14, 2024
Note: The following report is a summary of the Japanese-language original.

Company name: Japan Petroleum Exploration Co., Ltd.
Listing:
Prime Market, Tokyo Stock Exchange
Securities code: 1662
URL:
https://www.japex.co.jp/en/
Representative: YAMASHITA Michiro, Representative Director and President
Inquiries:
MATSUMOTO Akinori, General Manager, Corporate Communication OfficeTelephone:+81-3-6268-7110 (from overseas)
Scheduled date of ordinary general shareholders’ meeting:June 26, 2024
Scheduled date to commence dividend payments:
June 27, 2024
Scheduled date to file Securities Report:
June 26, 2024
Presentation of supplementary material on financial results:
Yes
Holding of financial results presentation meeting (for institutional investors and analysts): Yes
1.
(1)(Millions of yen with fractional amounts discarded, unless otherwise noted)

Consolidated financial results for the fiscal year ended March 31, 2024
(April 1, 2023 – March 31, 2024)(Percentages indicate year-on-year changes.)
Consolidated operating results
Net sales

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen

March 31, 2024

325,863(3.2)

55,247(11.0)

68,808(17.2)

53,661(20.4)March 31, 2023

336,49235.1

62,085 213.4

83,13090.3

67,394–

Note: Comprehensive income: FY2024/3: 108,087 million yen (57.9 %)% Millions of yen% Millions of yen%

FY2023/3: 68,436 million yen (– %)Ratio ofRatio ofordinary profit to operating profit tototal assets
net sales

Basic earnings per
share

Diluted earnings
per share

Return on equity

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

994.43

–

11.5

11.2

17.0

March 31, 2023

1,236.65

–

16.9

16.0

18.5

Reference: Equity in earnings (losses) of affiliates: FY2024/3: 214 million yen FY2023/3: 7,109 million yen(2)

Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

As of March 31, 2024

660,928

537,57476.2

9,532.46

As of March 31, 2023

568,180

457,16974.9

7,849.18

Reference: Equity

As of March 31, 2024: 503,902 million yen

As of March 31, 2023: 425,632 million yen

-1-

(3)

Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodFiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

90,564(99,659)(28,596)

152,598

March 31, 2023

104,581(52,723)(14,506)

186,166

2.

Cash dividends
Annual dividends
Fiscalyear-end Annual

Totalannual cash
dividends

Ratio of
Dividend
dividends topayout ratio
net assets(consolidated) (consolidated)First
quarter

Secondquarter

Third
quarter

Yen

Yen

Yen

Yen

Yen

Millions of
yen

%

%

Fiscal year ended
March 31, 2023–

150.00–220.00370.0020,090

29.9

5.1

Fiscal year ended
March 31, 2024–

125.00–175.00300.0016,04830.2

3.5

Fiscal year ending
March 31, 2025
(Forecast)–125.00

–

25.00

–

30.1

Note: At the Board of Directors held today (May 14, 2024), JAPEX passed a resolution to conduct a 5-for-1 stock split of shares of common
stock, with an effective date of October 1, 2024. The year-end dividend per share for the fiscal year ending March 31, 2025 (forecast) isstated after considering the effect of such the stock split, and the total annual dividend is expressed as "-." If the stock split is notconsidered, the year-end dividend for the fiscal year ending March 31, 2025 (forecast) will be 125.00 yen, and the total annual dividend
will be 250.00 yen.

3.

Consolidated financial forecasts for the fiscal year ending March 31, 2025 (April 1, 2024 – March 31, 2025)(Percentages indicate year-on-year changes.)

Net sales

Fiscal year ending
March 31, 2025

Operating profit

Ordinary profit
Millionsof yenMillionsof yen%Millionsof yen%379,400

16.4

52,400(5.2)%

55,500 (19.3)

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

42,800 (20.2)

165.99Note: Basic earnings per share is calculated considering the effect of the stock split as noted in "2. Cash dividends. " Without considering thestock split, basic earnings per share in the consolidated earnings forecast for the fiscal year ending March 31, 2025 is 829.97 yen.

*
(1)

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

(2)

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

Note: For details, please refer to “(5) Notes to consolidated financial statements (Changes in accounting estimates)” of “3. Consolidated
financial statements and significant notes thereto” on page 17 of the attached material.

(3)

Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024
54,300,076 shares
As of March 31, 2023
54,300,076 sharesb. Number of treasury shares at the end of the period
As of March 31, 2024
1,438,286 shares
As of March 31, 2023
73,730 sharesc. Average number of shares during the period
Fiscal year ended March 31, 2024
53,961,853 sharesFiscal year ended March 31, 2023
54,497,361 shares-2-Reference: Summary of non-consolidated results
Non-consolidated financial results for the fiscal year ended March 31, 2024
(April 1, 2023 – March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales

Operating profit% Millions of yen

ProfitFiscal year ended

Millions of yen

March 31, 2024

190,114(18.5)

36,347(34.4)

54,808(18.4)

46,872(20.2)March 31, 2023

233,160

74.5

55,373 313.0

67,16972.1

58,769–Basic earnings per share

Diluted earnings per
share

Fiscal year ended

Yen

Yen

March 31, 2024

868.63–

March 31, 2023

1,078.40–(2)% Millions of yen

Ordinary profit% Millions of yen%

Non-consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

As of March 31, 2024

552,910449,21181.2

8,497.85

As of March 31, 2023

492,716

381,52277.4

7,035.75

Reference: Equity

As of March 31, 2024: 449,211 million yen

As of March 31, 2023: 381,522 million yen* Financial results reports are not required to be audited by certified public accountants or an audit
corporation.
* Proper use of financial forecasts, and other special matters
The forward-looking statements, including the financial forecasts shown in this document are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. As such,they do not constitute guarantees by the Company of future performance. Actual performance and other results
may differ materially from these forecasts due to various factors.
For the suppositions that form the assumptions for financial forecasts and cautions concerning the use thereof,
please refer to the section of “(4) Future outlook” of “1. Overview of operating results and others” on page 7 of
the attached material to the financial results report.

-3-

(Attached Material)
1. Overview of operating results and others(1) Overview of operating results for the fiscal year under review
In the fiscal year ended March 31, 2024, the Japanese economy was on a gradual recovery path, mainly due
to a pickup in personal consumption and improved employment conditions. However, there were concernsthat a downturn in overseas economies, such as due to the effects of global monetary tightening andconcerns about the future of the Chinese economy, may put downward pressure on the Japanese economy.
The Japan Crude Cocktail (JCC) price fell from the mid-$80s per barrel at the beginning of the fiscal year tothe lower $80s per barrel in July mainly due to concerns over the slowdown in the US and Chinese
economies. Thereafter, the price rose to the lower $90s per barrel in November due to production cuts by
Saudi Arabia and Russia, turmoil in the Middle East and other factors, but turned downward mainly due tothe decision by OPEC+ not to strengthen the production cuts, with the JCC price finishing the fiscal year in
the mid-$80 level.
In the currency exchange market, the yen started the fiscal year in the mid-¥130/US$ level, but the yen
sharply depreciated from the first half to the second half of the fiscal year. Although the yen temporarily
appreciated from December onwards, it weakened again toward the end of the fiscal year and was in theupper ¥140/US$ level at the end of the fiscal year.
As for the domestic natural gas market, the JAPEX Group faced a severe domestic market environment due
to a decline in demand driven by soaring gas prices, etc. resulting from the tense international situation
following Russia’s invasion of Ukraine in February 2022 and the significant depreciation of the yen, as wellas the typical competition in the entire energy industry. Furthermore, in the domestic electricity market, spot
market prices on the Japan Electric Power Exchange (JEPX) remained at low levels during the fiscal year
under review due to factors such as the decline in LNG prices.
In recent years, the business environment surrounding the JAPEX Group has changed significantly,
including the acceleration of the global move toward decarbonization. To respond promptly and flexibly tothese changes in the business environment, in May 2021, we formulated and announced “JAPEX2050:
Toward a Carbon-Neutral Society” which outlines the responsibilities and challenges we must take in orderto achieve global net-zero CO2 emissions by 2050, and the direction for JAPEX’s future actions andbusiness development, and then in March 2022, we formulated and announced the “JAPEX Management
Plan 2022-2030,” which is based on the basic policy of improving profitability and building a businessfoundation for 2030 and beyond. We are diligently promoting our businesses based on these plans.
During the fiscal year, net sales was ¥325,863 million, a decrease of ¥10,628 million (-3.2%) year on year.
Gross profit was ¥87,296 million, a decrease of ¥8,814 million (-9.2%) year on year. Main factors behindthe year-on-year decrease for net sales and decrease for gross profit include a decrease in the selling prices
of crude oil, natural gas, LNG and electricity due to the calming of the market prices of crude oil and others
compared to the previous fiscal year.
Exploration expenses was ¥3,536 million, an increase of ¥651 million (+22.6%) year on year. Selling,
general and administrative expenses was ¥28,512 million, a decrease of ¥2,627 million (-8.4%) year on
year. As a result, operating profit was ¥55,247 million, a decrease of ¥6,838 million (-11.0%) year on year.
Ordinary profit was ¥68,808 million, a decrease of ¥14,321 million (-17.2%) year on year, due mainly todecreases in share of profit of entities accounted for using equity method.
Profit before income taxes decreased by ¥14,299 million year on year to ¥68,784 million. Profit attributableto owners of parent decreased by ¥13,732 million year on year to ¥53,661 million.

-4-Below is a breakdown of net sales.
(i) E&P BusinessNet sales from the E&P Business came to ¥88,810 million, an increase of ¥32,747 million (+58.4%) year
on year, mainly due to the growth of sales volume for crude oil in North America, Europe and the Middle
East.
(ii) Infrastructure/Utility BusinessNet sales from the Infrastructure/Utility Business came to ¥172,147 million, a decrease of ¥41,510
million (-19.4%) year on year. This was mainly the result of a decrease in the selling prices following thecalming in the market prices for crude oil and others, and decreased sales volumes for natural gas and
LNG.
(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 ¥64,905 million, a decrease of ¥1,865 million (-2.8%) year on year.
Below is a summary of performance by segment (before elimination of intersegment transactions).
(1) Japan
Net sales in the Japan segment are mainly composed of crude oil, natural gas (including LNG), electricity,
contract services, oil products and the like. In the fiscal year under review, net sales came to ¥256,470
million, a decrease of ¥46,577 million (-15.4%) year on year, mainly due to a decrease in the selling prices
following the calming in the market prices for crude oil and others, and decreased sales volumes for natural
gas and LNG. Segment profit decreased by ¥17,724 million (-25.7%) year on year to ¥51,130 million,
mainly due to deteriorations in balance of sales revenue resulting from lower sales prices.
(2) North America
Net sales in the North America segment are mainly composed of crude oil and natural gas. In the fiscal year
under review, net sales came to ¥30,607 million, an increase of ¥21,445 million (+234.1%) year on year,
mainly due to the growth of sales volume for crude oil. Segment profit, like net sales, increased by ¥7,207
million (+171.2%) year on year to ¥11,417 million, mainly due to the growth of sales volume for crude oil.
(3) Europe
Net sales in the Europe segment are mainly composed of crude oil and natural gas. In the fiscal year underreview, net sales came to ¥2,609 million, due to the start of production of crude oil and natural gas in the
UK North Sea block located offshore Aberdeen. With respect to segment profit (loss), there was segment
profit of ¥426 million (compared to segment loss of ¥170 million in the previous fiscal year).
(4) Middle East
Net sales from the Middle East segment are composed of crude oil. In the fiscal year under review, net sales
came to ¥36,182 million, an increase of ¥11,899 million (+49.0%) year on year, mainly due to the growth ofsales volume for crude oil. With respect to segment profit (loss), there was segment profit of ¥4,750 million(compared to segment loss of ¥112 million in the previous fiscal year).

-5-(2) Overview of financial position for the fiscal year under review
Total assets at the end of this fiscal year increased by ¥92,748 million from the previous fiscal year-end to¥660,928 million.
Current assets decreased by ¥32,022 million from the previous fiscal year-end. This was due to decreases incash and deposits, and notes and accounts receivable - trade. Non-current assets increased by ¥124,771
million from the previous fiscal year-end. This was mainly due to an increase in property, plant andequipment owing to the recording of wells, and an increase in investment securities owing to a rise in theirmarket values.
Liabilities increased by ¥12,343 million from the previous fiscal year-end to ¥123,354 million.
Current liabilities decreased by ¥15,155 million from the previous fiscal year-end. This was due mainly todecreases in notes and accounts payable - trade, and income taxes payable. Non-current liabilities increasedby ¥27,498 million from the previous fiscal year-end. This was mainly due to an increase in deferred tax
liabilities resulting from the rise in market values of investment securities and other factors.
Net assets increased by ¥80,405 million from the previous fiscal year-end to ¥537,574 million.
The main factors were increases in retained earnings and in valuation difference on available-for-salesecurities.

(3) Overview of cash flows for the fiscal year under review
As of March 31, 2024, cash and cash equivalents (hereinafter “net cash”) decreased by ¥33,567 million
compared to the end of the previous fiscal year to ¥152,598 million. Below is a summary of cash flows foreach activity.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to ¥90,564 million. This was mainly due to profit before
income taxes of ¥68,784 million and recovery of recoverable accounts of ¥27,775 million.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥99,659 million. Net cash was mainly used in purchase ofproperty, plant and equipment of ¥65,924 million and payments of recoverable accounts of ¥25,379 million,
while net cash was provided by interest and dividends received of ¥10,712 million.
(Cash flows from financing activities)
Net cash used in financing activities was ¥28,596 million. Net cash was mainly used in dividends paid of¥18,726 million and purchase of treasury shares of ¥7,973 million.

-6-

Reference: Trend of cash flow indicators
Fiscal years ended March 31

2020

2021

2022

2023

2024

Equity ratio (%)

64.2

64.0

78.7

74.9

76.2

Equity ratio on mark-to-market basis (%)

16.2

18.8

30.3

42.6

54.9

Interest-bearing debt to cash flow ratio (years)

1.8

2.6

–

0.0

0.0

Interest coverage ratio (times)

14.8

14.9

–

20,910.5

196.4

Equity ratio: Equity/Total assets
Equity ratio on mark-to-market basis: Total market capitalization/Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt/Cash flows
Interest coverage ratio: Cash flow/Interest paid
Notes:
1. The above indicators are calculated based on consolidated financial figures.
2. Total market capitalization is calculated based on the number of shares outstanding (excluding treasury shares).
3. Cash flow here is cash flows from operating activities.
4. Interest-bearing debt is all debt subject to interest payments within liabilities (excluding lease obligations) shown on the
consolidated balance sheet.
5. The interest-bearing debt to cash flow ratio and the interest coverage ratio for the fiscal year ended March 2022 are omitted since
the cash flows from operating activities were negative.

(4) Future outlook
The latest financial forecasts are based on a JCC price of $85 per barrel for the whole fiscal year, and an
exchange rate of ¥140/$ for the whole fiscal year. Actual non-consolidated results for the fiscal year underreview came to $86.28 per barrel and ¥143.28/$.
Net sales for the fiscal year ending March 31, 2025 is expected to increase by ¥53,536 million (+16.4%)
from the fiscal year under review to ¥379,400 million. This is mainly due to the expected growth in sales
volume of crude oil in US, Europe and the Middle East.
Operating profit is expected to decrease by ¥2,847 million (-5.2%) to ¥52,400 million from the fiscal year
under review, mainly due to an expected decrease in sales prices of crude oil, natural gas and electricity inJapan.
Ordinary profit is expected to decrease by ¥13,308 million (-19.3%) from the fiscal year under review to¥55,500 million. This mainly reflects the absence of foreign exchange gains recorded in the fiscal year
under review.
Profit attributable to owners of parent is expected to decrease by ¥10,861 million (-20.2%) from the fiscal
year under review to ¥42,800 million.

(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
As stated in the “JAPEX Management Plan 2022-2030” disclosed in March 2022, JAPEX aims tosustainably increase corporate value through proactive investment using retained earnings and expansion of
the business base from the fiscal year ended March 31, 2023, and has a basic policy of paying dividends inline with its business performance each fiscal year based on a target consolidated dividend payout ratio of
30% as a way to return these results to shareholders while striving to maintain the annual dividends of ¥50
per share even in the event of a temporary downturn in business performance due to factors such as changes
in the business environment. (However, in the year when profit attributable to owners of parent fluctuatessignificantly due to extraordinary income or loss or other exceptional factors, the amount of dividend will be
determined in consideration of such fluctuations.)
Based on the above policy, we intend to pay a year-end dividend of ¥175 per share for the fiscal year underreview (ended March 31, 2024). Combined with the interim dividend, the annual dividend will be ¥300 per
share.
At the Board of Directors held on May 14, 2024, JAPEX passed a resolution to conduct a 5-for-1 stock splitof shares of common stock, with an effective date of October 1, 2024. The Company plans to pay an interim
dividend of ¥125 per share and a year-end dividend of ¥25 per share for the next fiscal year (ending March
31, 2025). If the stock split is not considered, the annual dividend will be ¥250 per share (including aninterim dividend of ¥125 per share).
-7-2. Basic rationale for selecting the accounting standard
The JAPEX Group currently has a policy to prepare the consolidated financial statements based on the generally
accepted accounting standards in Japan (Japanese GAAP), giving consideration to the possibility of comparing theconsolidated financial statements between terms.
Concerning the adoption of International Financial Reporting Standards (IFRS), the JAPEX Group intends to
respond appropriately giving due consideration to the situation in Japan and overseas.

-8-

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Contract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Wells
Accumulated depreciation
Wells, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Allowance for overseas investment loss
Total investments and other assets
Total non-current assets
Total assets-9-

As of March 31, 2024

191,956
47,993
480
3,000
2,216
11
21,613
14,574(54)281,791

169,997
40,790
820
3,000
2,602
40
19,885
12,684(53)
249,768

181,787(145,756)
36,03094,048(77,417)
16,630147,047(126,573)
20,473
11,53228,284
23,644(18,184)5,460
118,411
5,569

194,088(150,437)
43,650163,906(93,079)
70,826
156,073(131,848)
24,225
11,53016,00328,925(18,860)
10,064
176,300
5,265

115,940
1,307
3,813
1,703
40,031(47)(341)
162,407286,388568,180

180,415
1,247
5,738
3,363
39,040(47)(163)
229,593411,160
660,928

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings
Income taxes payable
Contract liabilities
Provision for loss on disaster
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-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- 10 -

As of March 31, 2024

26,489
260
9,333
155
2,119
25,89264,250

9,520
250
5,309
115
169
33,73049,095250
20,461
3,428
20,043
2,577
46,759111,010–
41,7393,414
24,687
4,417
74,258123,354

14,288362,989(136)
377,141

14,288397,846(8,094)
404,040

46,324
(699)
2,275
590
48,491
31,536457,169
568,180

84,686
8,704
4,881
1,589
99,862
33,671
537,574
660,928

(2) Consolidated statement of income and Consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Exploration expenses
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Gain on derivatives
Other
Total non-operating income
Non-operating expenses
Interest expenses
Administrative expenses of inactive oil and gas field
Commitment fees
Provision for loss on disaster
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 11 -

Fiscal year ended
March 31, 2024

336,492
240,380
96,1112,885*1 *2 31,139
62,085

325,863
238,567
87,296
3,536*1 *2 28,512
55,247

1,173
3,520

2,265
4,090

7,109

214

5,332
6,082
373
23,592

7,634
–
1,495
15,700

5
47
312
1,509
673
2,547
83,130

626
821
320
49
320
2,139
68,808

0
0

1
1

8
38
46
83,084
11,223
3,878
15,102
67,981587
67,3940
25
25
68,784
10,895
1,172
12,06756,716
3,055
53,661

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther 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- 12 -

Fiscal year ended
March 31, 2024

67,981

56,716(2,019)
715
1,993
(873)

38,357
9,237
2,636
998

639

141

454
68,436

51,370108,087

67,848105,032

587

3,054

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity14,288

2,607

310,592(3,886)323,602

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentChange in scope of equity
method(9,537)(9,537)67,394

67,394(63)(63)

Purchase of treasury shares(4,263)(4,263)

Disposal of treasury shares

8

8

8,004

–

Cancellation of treasury shares(8,004)

Transfer from retained
earnings to capital surplus
Net changes in items other thanshareholders’ equity

5,396

Total changes during period
Balance at end of period(5,396)––(2,607)52,396

3,749

53,53914,288–362,989(136)

377,141

Accumulated other comprehensive income
Valuationdifference Deferred gains
on available- or losses on
for-salehedgessecurities
Balance at beginning of period

48,346(1,862)

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehenadjustment
plans
sive income
89

1,464

48,036

Non-controllinginterests

Total net assets

31,131

402,770

Changes during period
Dividends of surplus(9,537)

Profit attributable to owners ofparent67,394

Change in scope of equity
method(63)

Purchase of treasury shares(4,263)

Disposal of treasury shares

8

Cancellation of treasury shares–

Transfer from retained
earnings to capital surplus–

Net changes in items other thanshareholders’ equity(2,021)

1,163

2,185

(873)

454

405

859

Total changes during period(2,021)

1,163

2,185

(873)

454

405

54,399Balance at end of period

46,324

(699)

2,275

590

48,491

31,536457,169- 13 -

Fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)(Millions of yen)

Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

14,288–Retained earnings

Treasury shares

362,989

Total shareholders’equity(136)

377,141

Changes during period
Dividends of surplus(18,732)(18,732)

Profit attributable to ownersof parent

53,66153,661(71)(71)

Change in scope of equity
methodPurchase of treasury shares(7,973)(7,973)

Disposal of treasury shares

15

15

Cancellation of treasury
shares–Transfer from retained
earnings to capital surplus–

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period––

34,857(7,957)

26,89914,288–397,846(8,094)

404,040

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginning of period

46,324(699)

Foreigncurrencytranslation
adjustment
2,275

Remeasurements ofdefined benefit
plans
590

Total
Non-controlling
Total net assets
accumulated
interests
othercomprehensive income
48,491

31,536457,169

Changes during period
Dividends of surplus(18,732)

Profit attributable to ownersof parent

53,661

Change in scope of equity
method(71)

Purchase of treasury shares(7,973)

Disposal of treasury shares

15

Cancellation of treasury
shares–Transfer from retained
earnings to capital surplus–

Net changes in items otherthan shareholders’ equity

38,361

9,404

2,606

998

51,371

2,135

53,506

Total changes during period

38,361

9,404

2,606

998

51,3712,135

80,405

Balance at end of period

84,686

8,704

4,881

1,589

99,862

33,671

537,574- 14 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on retirement of property, plant and equipment
Loss (gain) on valuation of short-term and long-term
investment securities
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for loss on disaster
Increase (decrease) in allowance for overseas
investment loss
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Recovery of recoverable accounts
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in accounts receivable - other
Increase (decrease) in accrued consumption taxes
Other, net
Subtotal
Income taxes refund (paid)
Net cash provided by (used in) operating activities- 15 -

Fiscal year ended
March 31, 2024

83,084
14,25737

68,784
27,646
23

10

–

4
616
51
347

(0)
(1,659)(13)(1,967)44(178)(4,693)
5(5,646)(6,355)626(8,558)(7,109)(214)

18,295(893)(9,139)21,537(10,541)
3,768
721
104,759(177)
104,581

27,775
7,038
1,391(17,495)
9,191(4,175)
2,863
104,722(14,157)
90,564

(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement obligations
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Payments of recoverable accounts
Loan advances
Proceeds from collection of loans receivable
Interest and dividends received
Proceeds from dividends of residual property
Proceeds from capital reduction of investments
Proceeds from distributions from investment
partnerships
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Interest paid
Repayments of lease liabilities
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period*- 16 -

Fiscal year ended
March 31, 2024

(36,106)
34,45330(35,973)
2
(191)
(8)
(2,625)(56,233)
45,757–(65,924)
3
(317)
(19)
(7,685)674

318(27,729)(1,694)
7,135
8,974
271
19

(25,379)(2,225)16
10,712
378
653

145

749

(101)
(52,723)(465)(99,659)(260)(4,263)(9,531)
(181)
(5)
(264)
(14,506)(260)(7,973)(18,726)
(919)
(461)
(256)
(28,596)

4,301

4,123

41,653
144,513
186,166(33,567)
186,166
152,598*

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

(Changes in accounting estimates)
Changes in asset retirement obligations estimates
Regarding the asset retirement obligations recorded as expenses pertaining to the future withdrawal of offshore
platform and well abandonment in domestic oil and gas fields (hereinafter “expenses pertaining to thewithdrawal, etc.”), the estimate of the expenses pertaining to the withdrawal, etc. required at the end of the
projects was changed as a result of obtaining new information regarding the expenses pertaining to thewithdrawal, etc. The amount increase of ¥2,966 million due to the estimate change was added to the asset
retirement obligations balance from before the change.
Furthermore, due to said changes in the estimate, operating profit for the fiscal year under review decreased by¥2,215 million, and ordinary profit and profit before income taxes both decreased by ¥2,929 million.
(Consolidated balance sheet)
Liabilities for guarantees
JAPEX provides a guarantee of obligation for borrowings, etc. from financial institutions to the following
subsidiaries and associates.

(Millions of yen)

As of March 31, 2023

As of March 31, 2024

Abashiri Biomass Power 2 LLC.
Abashiri Biomass Power 3 LLC.
Ozu Biomass Power Co., Ltd.
Kumamoto Mirai LNG Co., Ltd.
Employees (borrowings for housing funds)

2,218
2,107
412
25
16

Abashiri Biomass Power 3 LLC.
Abashiri Biomass Power 2 LLC.
Kumamoto Mirai LNG Co., Ltd.
Employees (borrowings for housing funds)

1,964
1,845
19
11

Total

4,781

Total

3,840

(Consolidated statement of income)*1. Below is a breakdown of major expense items and amount of selling, general and administrative expenses:(Millions of yen)
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
Personnel expenses
10,96911,540(of the above, retirement benefit expenses)
507
517
Taxes and dues
3,750
1,418
Subcontracting construction expenses
2,775
3,173
Depreciation
3,979
3,187
*2. Total amount of research and development expenses included in general and administrative expenses(Millions of yen)
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
291
181

- 17 -

(Consolidated statement of changes in equity)
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
1. Class and total number of issued shares and class and number of treasury shares
Number of shares atthe beginning of the
fiscal year (shares)

Increase (shares)

Decrease (shares)

Number of shares atthe end of the fiscal
year (shares)

Common shares

57,154,776–

2,854,700

54,300,076

Total

57,154,776–

2,854,700

54,300,076

Common shares

1,518,982

1,414,348

2,859,600

73,730Total

1,518,982

1,414,348

2,859,600

73,730Issued shares

Treasury shares

Notes:

1. The decrease of 2,854,700 shares in total issued shares of common shares comprises a decrease due to thecancellation of treasury shares by resolution of the Board of Directors.
2. The increase of 1,414,348 shares in treasury shares of common shares comprises an increase of 1,414,100 shares
due to the acquisition of treasury shares by resolution of the Board of Directors and an increase of 248 shares due tothe purchase of shares less than one unit.
3. The decrease of 2,859,600 shares in treasury shares of common shares comprises decreases due to 2,854,700 sharesin cancellation of treasury shares by resolution of the Board of Directors and 4,900 shares in the provision of sharesthrough the Board Benefit Trust (BBT).
4. The number of treasury shares of common shares includes shares held by the Board Benefit Trust (BBT) (76,000
shares at the beginning of the fiscal year ended March 31, 2023 and 71,100 shares at the end of the fiscal year
ended March 31, 2023).

2. Dividends(1) Cash dividends paid
Resolution

Class of shares

Total dividends Dividends per share(Millions of yen)
(Yen)

Record date

Effective dateOrdinary General Meetingof Shareholders held on
Common shares
1,392
25March 31, 2022
June 29, 2022
June 28, 2022
Meeting of the Board of
Directors held on
Common shares
8,144
150 September 30, 2022 December 12, 2022
November 10, 2022
Notes: 1. The total amount of the dividend at the Ordinary General Meeting of Shareholders held on June 28, 2022 includes a
dividend of ¥1 million for shares held by the Board Benefit Trust (BBT).
2. The total amount of the dividend at the meeting of the Board of Directors held on November 10, 2022 includes a
dividend of ¥10 million for shares held by the Board Benefit Trust (BBT).

(2) Dividends payments whose record date is in the fiscal year under review but whose effective date is in thefollowing fiscal year
Resolution

Class of shares

Total dividends(Millions of yen)

Resource ofdividends

Dividends
per share(Yen)

Record date

Effective dateOrdinary General
Meeting ofCommon shares
11,945 Retained earnings
220 March 31, 2023 June 28, 2023
Shareholders held on
June 27, 2023
Note:
The total amount of the dividend at the Ordinary General Meeting of Shareholders held on June 27, 2023 includes a
dividend of ¥15 million for shares held by the Board Benefit Trust (BBT).

- 18 -

Fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)
1. Class and total number of issued shares and class and number of treasury shares
Number of shares atthe beginning of the
fiscal year (shares)

Increase (shares)

Decrease (shares)

Number of shares atthe end of the fiscal
year (shares)

Common shares

54,300,076––

54,300,076

Total

54,300,076––

54,300,076

Common shares

73,7301,373,056

8,500

1,438,286

Total

73,7301,373,056

8,500

1,438,286

Issued shares

Treasury shares

Notes:

1. The increase of 1,373,056 shares in treasury shares of common shares comprises an increase of 1,373,000 shares
due to the acquisition of treasury shares by resolution of the Board of Directors and an increase of 56 shares due tothe purchase of shares less than one unit.
2. The decrease of 8,500 shares in treasury shares of common shares comprises a decrease in shares due to theprovision of shares through the Board Benefit Trust (BBT).
3. The number of treasury shares of common shares includes shares held by the Board Benefit Trust (BBT) (71,100
shares at the beginning of the fiscal year ended March 31, 2024 and 62,600 shares at the end of the fiscal year
ended March 31, 2024).
4. The Board of Directors resolved at its meeting held on November 10, 2023 to cancel treasury shares in accordancewith the provisions of Article 178 of the Companies Act. However, the cancellation procedures were not completed
for the following treasury shares by the end of the fiscal year ended March 31, 2024.
Carrying value¥7,972 million
Class of shares
Common shares
Number of shares
1,373,000 shares

2. Dividends(1) Cash dividends paid
Resolution

Class of shares

Total dividends Dividends per share(Millions of yen)
(Yen)

Record date

Effective dateOrdinary General Meetingof Shareholders held on
Common shares
11,945220
March 31, 2023
June 28, 2023
June 27, 2023
Meeting of the Board of
Directors held on
Common shares
6,787
125 September 30, 2023 December 12, 2023
November 10, 2023
Notes: 1. The total amount of the dividend at the Ordinary General Meeting of Shareholders held on June 27, 2023 includes a
dividend of ¥15 million for shares held by the Board Benefit Trust (BBT).
2. The total amount of the dividend at the meeting of the Board of Directors held on November 10, 2023 includes a
dividend of ¥7 million for shares held by the Board Benefit Trust (BBT).

(2) Dividends payments whose record date is in the fiscal year under review but whose effective date is in thefollowing fiscal year
Resolution

Class of shares

Total dividends(Millions of yen)

Resource ofdividends

Dividends
per share(Yen)

Record date

Effective dateOrdinary General
Meeting ofCommon shares
9,261 Retained earnings
175 March 31, 2024 June 27, 2024
Shareholders held on
June 26, 2024
Note:
The total amount of the dividend to be resolved at the Ordinary General Meeting of Shareholders on June 26, 2024
includes a dividend of ¥10 million for shares held by the Board Benefit Trust (BBT).

- 19 -

(Consolidated statement of cash flows)* Reconciliation of cash and cash equivalents at end of period and the amount recorded in the consolidatedbalance sheet
Fiscal year ended
March 31, 2023
191,956

Cash and deposits
Time deposits with maturity over three months(Millions of yen)
Fiscal year ended
March 31, 2024
169,997(8,789)(20,398)

3,000

3,000

186,166

152,598

Short-term investments, etc. having maturities
within three months from the acquisition date
(Securities) Money management fund andothersCash and cash equivalents- 20 -

(Segment information, etc.)[Segment information]
1. Summary of reportable segments
The JAPEX Group’s reportable segments are segments for which separated financial information isavailable and which are periodically examined by the Board of Directors to determine allocation ofmanagerial resources and assess business performance, among components of the JAPEX Group.
In addition to business activities in Japan, the JAPEX Group has developed business activities overseas
through a project company established at each business location.
Therefore, the JAPEX Group consists of segments by business location and considers “Japan,” “North
America,” “Europe” and “Middle East” as reportable segments.
“Japan” consists of business activities such as exploration, development, and production of crude oil andnatural gas, and sales of crude oil as the E&P Business in Japan; sales of natural gas and LNG, contract
services for transportation of natural gas, and generation and sales of electric power, etc. as theInfrastructure/Utility Business; and manufacturing, purchase, sale and transportation of oil products,
contract services for well drilling work, etc. as the Other Businesses.
“North America” consists of business activities such as exploration, development, production, sale, etc. of
crude oil and natural gas as E&P Business in North America.
“Europe” consists of business activities such as development, production, sale, etc. of crude oil and natural
gas as E&P Business in Europe.
“Middle East” consists of business activities such as development, production, sale, etc. of crude oil as
E&P Business in the Middle East.
2. Method for calculating net sales, profit (loss), assets and other items by reportable segment
The method for accounting for reported operating segments is basically the same as the description in“Notes to significant accounting policies for preparation of consolidated financial statements” of the latest
securities report submitted on June 27, 2023 (English version released on our website on August 24, 2023).
Profit of reportable segments is the figure based on operating profit. Intersegment revenue and transfers are
based on prevailing market prices.

- 21 -

3. Information regarding net sales, profit (loss), assets and other items by reportable segment
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)(Millions of yen)Amounton theAdjustment consolidated(Note) 2
financialstatements(Note) 3

Reportable segment
Others(Note) 1

Total

Japan

North
America

EuropeMiddleEast

Total

303,047

9,161–

24,283

336,492–

336,492–

336,492

–

–

–

–

–

–

–

–

–

303,047

9,161–

24,283

336,492–

336,492–

336,492

Segment profit(loss)

68,855

4,210

(170)

(112)

72,783–72,783(10,697)62,085

Segment assets

71,44527,662

20,61125,450145,170–

145,170423,009568,180

10,044

3,654

–

293

13,991–

13,991

265

14,257

326

–

–

(11)

315

6,793

7,109

–

7,109

1,107

–

–

286

1,394

10,26911,664–

11,664

5,898

25,7386,300–

37,937–37,937

195

38,132

Net sales
Net sales tooutside clientsIntersegment sales
or transfers
Total

Other items
Depreciation
Share of profit(loss) of entities
accounted forusing equity
methodInvestments inentities accounted
for using equity
methodIncrease inproperty, plant andequipment andintangible assets- 22 -

Fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)(Millions of yen)Amounton theAdjustment consolidated(Note) 2
financialstatements(Note) 3

Reportable segment
Japan

North
America

256,463

Others(Note) 1

Total

EuropeMiddleEast

Total

30,6072,609

36,182

325,863–

325,863–

325,863

6

–

–

–

6

–

6

(6)

–

256,470

30,6072,609

36,182

325,869–

325,869(6)

325,863

Segment profit

51,13011,417426

4,750

67,725–67,725(12,477)

55,247

Segment assets

69,73880,33328,197

22,618200,887–

200,887

460,041

660,928

11,161

15,181

695

293

27,331–

27,331

315

27,646

Net sales
Net sales tooutside clientsIntersegment sales
or transfers
Total

Other items
Depreciation

Share of profit(loss) of entities
168
(49)
(529)
2
(407)
622
214
–
accounted forusing equity
methodInvestments inentities accounted
1,526
1,457
3,032
–
6,015
7,532
13,547–for using equity
methodIncrease inproperty, plant and
6,445
65,6904,652
076,788–76,788266
equipment andintangible assets
Notes: 1. The “Others” category represents operating segments that are not included in reportable segments, andincludes Russia, etc.
2. Major components of adjustment are as follows:(1) Segment profit(Millions of yen)
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
Elimination of intersegment transactions
1
1
Corporate expenses *(10,698)(12,478)

Total(10,697)(12,477)
Corporate expenses are mainly general and administrative expenses and experimentation and researchexpenses, all of which are not attributable to the reportable segments.
(2) Segment assets(Millions of yen)
As of March 31, 2023
As of March 31, 2024*

Elimination of intersegment transactions
Corporate assets *1
Other assets *2

(10)

(9)

2,277

1,604

420,743

458,445

Total
423,009460,041*1. Corporate assets are mainly assets for management by the headquarters that do not belong to thereportable segments.
*2. Assets allocated to segments are recoverable accounts included in property, plant and equipment,
intangible assets, and investments and other assets, whereas other assets are assets other thanproperty, plant and equipment, intangible assets, and recoverable accounts that are not allocated tosegments.
3. Segment profit was adjusted to operating profit in the consolidated statement of income.

- 23 -

214

13,54777,055

[Related information]
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
1. Information by product or service
E&P BusinessNet sales to outsideclients

Infrastructure/Utility Business

Natural gas Natural gas
Crude oil(overseas)(Japan)55,703(Millions of yen)

360

LNG

97,360Net sales to outsideclients

Oil products/
merchandise

7,750

56,573

US

303,009

2,447

5,988

336,492(Millions of yen)
Iraq

9,161

58,735

Total

Others

2. Information by geographical area
(1) Net sales
Japan

Others

51,572Other businesses
Contract
services

Electricity

Others

24,299Total
21

336,492

Note: Net sales are classified into countries or regions based on the place where products, etc. were delivered and thelocation where services were rendered.

(2) Property, plant and equipment
Japan

US

72,789(Millions of yen)
UK

Others25,01020,611Name of client
TOHOKU NATURAL GAS Co.,Inc.

Net sales

Total–

3. Information by major client

118,411(Millions of yen)
38,133- 24 -

Related segment
JapanFiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)
1. Information by product or service
E&P BusinessNet sales to outsideclients

Infrastructure/Utility Business

Natural gas Natural gas(overseas)(Japan)Crude oil
87,808(Millions of yen)

1,002

LNG

81,487

Net sales to outsideclients

Oil products/
merchandise

6,395

55,423

US

256,438

7,197

3,087

325,863(Millions of yen)Iraq

30,60753,272

Total

Others

2. Information by geographical area
(1) Net sales
Japan

Others30,190

Other businesses
Contract
services

Electricity

Others36,207

Total

2,609

325,863

Note: Net sales are classified into countries or regions based on the place where products, etc. were delivered and thelocation where services were rendered.

(2) Property, plant and equipment
Japan70,404

US(Millions of yen)UK

77,698Others28,197

Total
0176,300

3. Information by major client
The information is omitted because there are no sales to external customers that account for 10% or moreof the net sales in the consolidated statement of income.

- 25 -

(Per share information)

Fiscal year ended
March 31, 2023
(April 1, 2022 –March 31, 2023)¥7,849.18

Net assets per share

Fiscal year ended
March 31, 2024
(April 1, 2023 –March 31, 2024)¥9,532.46

Basic earnings per share¥1,236.65¥994.43
Notes: 1. Diluted earnings per share is not presented, since there is no dilutive share.
2. The shares of JAPEX held by the Board Benefit Trust (BBT) are included in the treasury shares that are deductedfrom the total number of issued shares at the fiscal year end when calculating net assets per share (71,100 shares in
the fiscal year ended March 31, 2023, and 62,600 shares in the fiscal year ended March 31, 2024).
Moreover, they are also included in the treasury shares that are deducted when calculating the average number ofshares during the period in order to calculate basic earnings per share (72,604 shares in the fiscal year ended March
31, 2023, and 65,270 shares in the fiscal year ended March 31, 2024).
3. The basis for calculation of basic earnings per share is as follows:
Fiscal year ended
March 31, 2023
(April 1, 2022 –March 31, 2023)

Fiscal year ended
March 31, 2024
(April 1, 2023 –March 31, 2024)

67,39453,661––

Profit attributable to owners of parent related to commonshares (Millions of yen)

67,39453,661

Average number of shares during the period (Thousands ofshares)54,49753,961

Profit attributable to owners of parent (Millions of yen)Amounts not attributable to common shareholders (Millionsof yen)- 26 -

(Significant subsequent events)(Stock Split and Partial Amendment to the Articles of Incorporation)
JAPEX resolved at the Board of Directors held on May 14, 2024, to conduct a stock split and partiallyamend its Articles of Incorporation in connection with this split.
(1) Purpose of the stock split
The purpose of the stock split is to increase the liquidity of its shares and expand the investor base by
reducing the price per unit of investment.
(2)

Outline of the stock split① Method of the stock split
Each share of common stock owned by shareholders listed or recorded in the closing register ofshareholders on the record date of September 30, 2024, will be split into five shares.
② Number of shares to be increased by the stock split
Total number of issued shares before the stock split
54,300,076 shares
Number of shares to be increased by the stock split
217,200,304 shares
Total number of issued shares following the stock split
271,500,380 shares
Total number of authorized shares following the stock split
600,000,000 shares
Note: The total number of shares issued above is expected to change during the period up to therecord date of the stock split due to the repurchase and cancellation of treasury shares.
③ Schedule of the stock split
Public notice of record date
Record date
Effective date
④ Effect on per share information
Per share information based on
the assumption that the stock split
was conducted at the beginning of
the previous fiscal year is asfollows.
Net assets per share

Basic earnings per share
Diluted earnings per share(3)

September 13, 2024
September 30, 2024
October 1, 2024

Fiscal year ended
March 31, 2023
(April 1, 2022 –March 31, 2023)

Fiscal year ended
March 31, 2024
(April 1, 2023 –March 31, 2024)¥1,569.84¥1,906.49

Fiscal year ended
March 31, 2023
(April 1, 2022 –March 31, 2023)¥247.33-

Fiscal year ended
March 31, 2024
(April 1, 2023 –March 31, 2024)¥198.89-

Partially amend the JAPEX’s Articles of Incorporation in connection with the stock split.
① Purpose of the amendment
In connection with the stock split, an associated article of the Article of Incorporation will be amended
effective Tuesday, October 1, 2024, in accordance with Article 184, Paragraph 2 of the Companies Act.
② Details of the amendment
Details of the amendment are as follows:
Current Articles of Incorporation(Total Number of Issuable Shares)
Article 6.
The total number of the Company’s issuable
shares shall be one hundred and twenty million(120,000,000) shares.

- 27 -(The underlined text is to be amended.)
Proposed Amendment(Total Number of Issuable Shares)
Article 6.
The total number of the Company’s issuable
shares shall be six hundred million(600,000,000) shares.

③ Schedule of the amendment
Effective date
(4)

October 1, 2024

Other information① Change in the amount of stated capital
There will be no change in the amount of stated capital as a result of the stock split.
② Dividends
As the stock split takes effect on October 1, 2024, the Year-end dividend for the year ending March 31,
2024, with a record date of March 31, 2024, and the interim dividend for the year ending March 31,
2025, with a record date of September 30, 2024, will be paid based on the total number of issued shares
before the stock split.

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4. Others
Status of production and sales
1. Production
Fiscal year ended
March 31, 2023
(April 1, 2022 – March 31, 2023)
Crude oil (kL)E&P Business
Natural gas (thousand m3)
Infrastructure LNG (t)/Utility
Electricity (thousand kWh)Business

Fiscal year ended
March 31, 2024
(April 1, 2023 – March 31, 2024)

751,616

1,143,923(518,697)(911,914)

523,998554,757(14,136)(70,533)

1,258–

2,509,471

3,085,392

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.

2. SalesFiscal year ended
March 31, 2023
(April 1, 2022 – March 31, 2023)
Net sales
Sales volume(Millions of yen)
Crude oil (kL)E&P Business Natural gas (overseas)(thousand m3)

Fiscal year ended
March 31, 2024
(April 1, 2023 – March 31, 2024)
Net sales
Sales volume(Millions of yen)

695,633

55,703

1,240,742

87,808

11,494360

65,950

1,002

Subtotal

56,06388,810Natural gas (Japan)(thousand m3)

989,051

97,360955,826

81,487

LNG (t)340,503

51,572

275,149

30,190Infrastructure/
Utility Business Electricity (thousand kWh)

3,005,864

58,7353,548,750

53,272OthersOtherbusinesses

5,988

7,197

Subtotal

213,657

172,147

Contract services

7,750

6,395

Oil products/merchandise

56,57355,423

Others

2,447

3,087

Subtotal

66,77164,905

Total

336,492

325,863

Notes: 1. “Crude oil” includes crude oil that the JAPEX Group produced in oil fields and the crude oil purchased from othercompanies.
2. “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 under the
Infrastructure/Utility Business, since both natural gas produced in Japan and LNG vaporized gas are sold together
by our company’s supply network, which consists of the natural gas fields in Japan and the LNG terminals thatvaporize gas linked by a pipeline network.
3. “Others” of the Infrastructure/Utility Business includes commissioned transportation of natural gas and contracted
vaporization of LNG used for power plant fuel, etc.
4. Under the Other Businesses, “Oil products/merchandise” includes liquefied petroleum gas (LPG), fuel oil, gas oiland kerosene, and “Others” includes other subcontracted tasks.

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