Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
<under Japanese GAAP>May 12, 2023
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/
Representative: FUJITA Masahiro, Representative Director and President
Inquiries:
MATSUMOTO Akinori, General Manager, Corporate Communication Office(TEL) +81-3-6268-7110 (from overseas)
Scheduled date of ordinary general shareholders’ meeting:June 27, 2023
Scheduled date to commence dividend payments:
June 28, 2023
Scheduled date to file Securities Report:
June 27, 2023
Presentation of supplementary material on financial results:
Yes
Holding of financial results presentation meeting (for institutional investors and analysts): Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.
(1)Consolidated financial results for the fiscal year ended March 31, 2023
(April 1, 2022 – March 31, 2023)(Percentages indicate year-on-year changes.)
Consolidated operating results
Net sales

Operating profit

Fiscal year ended

Millions of yen

March 31, 2023

336,49235.1

62,085 213.4

83,13090.3

67,394–

March 31, 2022

249,140

3.8

19,809 372.5

43,674 336.7(30,988)–

Note: Comprehensive income:% Millions of yen

Profit attributable toowners of parent

Ordinary profit

FY2023/3: 68,436 million yen (– %)% Millions of yen% Millions of yen%

FY2022/3: (18,992) million yen (– %)Basic earnings per
share

Diluted earnings
per share

Return on equity

Ratio ofordinary profit tototal assets

Ratio ofoperating profit to
net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2023

1,236.65

–

16.9

16.0

18.5

March 31, 2022

(545.64)

–

(8.0)

8.0

8.0

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

FY2022/3: 14,226 million yen

Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

As of March 31, 2023

568,180

457,16974.9

7,849.18

As of March 31, 2022

471,941

402,77078.7

6,679.85

Reference: Equity

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

As of March 31, 2022: 371,638 million yen

-1-

(3)

Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

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

186,166

March 31, 2022

(1,052)52,067(70,939)

144,513

2.

Cash dividends
Annual 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, 2022

–

25.00

–

25.00

50.00

2,821

–

0.7

Fiscal year ended
March 31, 2023–

150.00–220.00370.0020,090

29.9

5.1

Fiscal year ending
March 31, 2024
(Forecast)–

100.00–100.00200.003.

Fiscalyear-end Annual

Totalannual cash
dividends

31.9

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

Fiscal year ending
March 31, 2024

Operating profit

Ordinary profit

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

300,600(10.7)

41,200(33.6)

45,500(45.3)

34,000(49.6)

627.00

*
(1)

Notes
Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting
in the change in scope of consolidation): Yes
New inclusion: one company (JAPEX Insurance Ltd.)
Exclusion: one company (Canada Oil Sands Co., Ltd.)(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: None
d. Restatement: None(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, 2023
54,300,076 shares
As of March 31, 2022
57,154,776 sharesb. Number of treasury shares at the end of the period
As of March 31, 2023
73,730 shares
As of March 31, 2022
1,518,982 sharesc. Average number of shares during the period
Fiscal year ended March 31, 2023
54,497,361 sharesFiscal year ended March 31, 2022
56,794,126 shares-2-Reference: Summary of non-consolidated results
Non-consolidated financial results for the fiscal year ended March 31, 2023
(April 1, 2022 – March 31, 2023)(Percentages indicate year-on-year changes.)(1) Non-consolidated operating results
Net sales

Operating profit% Millions of yen

Ordinary profit% Millions of yen

ProfitFiscal year ended

Millions of yen

March 31, 2023

233,160

74.5

55,373 313.0

67,16972.1

58,769–March 31, 2022

133,642(21.0)

13,40739,01858.9(20,003)–

7.5

Basic earnings per share

Diluted earnings per
share

Fiscal year ended

Yen

Yen

March 31, 2023

1,078.40–

March 31, 2022

(352.20)–(2)% 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, 2023

492,716

381,52277.4

7,035.75

As of March 31, 2022

423,049

337,87279.9

6,072.94

Reference: Equity

As of March 31, 2023: 381,522 million yen

As of March 31, 2022: 337,872 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, 2023, economic and social activities continued to normalize even amid theongoing effects of the novel coronavirus disease (COVID-19). However, there is concern that the contractionin the overseas economy caused by global monetary tightening may have a negative effect on the Japanese
economy.
The Japan Crude Cocktail (JCC) price rose from the upper $100s per barrel at the beginning of the fiscal year
to the upper $110s per barrel in the first half of the fiscal year due to pressure on crude oil supply and demandcaused by the crisis in Ukraine. Thereafter, concern over slowing demand with the renewed spread of
COVID-19 in China and concerns over the impact of interest rate hikes by the U.S. Federal Reserve Board(FRB) led to a decline in prices, with the JCC price finishing the fiscal year in the mid-$80 level.
In the currency exchange market, the yen started the fiscal year in the lower ¥120/US$ level, but the trend of
yen depreciation strengthened from the first half to the second half of the fiscal year. While the trend shiftedto yen appreciation from January onwards, the exchange rate was around the mid-¥130/US$ level at the endof the fiscal year. As a result, the JAPEX Group’s average oil sales price for the fiscal year rose compared tothe previous fiscal year.
On the other hand, the JAPEX Group faced a severe domestic market environment with respect to natural gas
sales. In addition to competition with prices of other oil products, that was due to continuing competition in
the entire energy industry driven by the full retail liberalization of electricity and gas.
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 to thesechanges 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 order to achieve
global net-zero CO2 emissions by 2050, and the direction for JAPEX’s future actions and businessdevelopment, and then in March 2022, we formulated and announced the “JAPEX Management Plan 20222030,” which is based on the basic policy of improving profitability and building a business foundation for2030 and beyond. We are diligently promoting our businesses based on these plans.
During the fiscal year, net sales was ¥336,492 million, an increase of ¥87,351 million (+35.1%) year on year.
Gross profit was ¥96,111 million, an increase of ¥46,208 million (+92.6%) year on year. Main factors behindthe year-on-year increase for net sales and increase for gross profit include a rise in the selling prices of crude
oil and natural gas in Japan as a result of the rising price of crude oil and LNG, despite the absence of sales ofdiluted bitumen as a result of the transfer of all the shares of Japan Canada Oil Sands Limited (JACOS),
which had been a consolidated subsidiary to promote the oil sands project in Canada in the previous fiscal
year.
Exploration expenses was ¥2,885 million, an increase of ¥2,525 million (+702.0%) year on year. Selling,
general and administrative expenses was ¥31,139 million, an increase of ¥1,405 million (+4.7%) year on
year. As a result, operating profit was ¥62,085 million, an increase of ¥42,276 million (+213.4%) year on
year.
Ordinary profit was ¥83,130 million, an increase of ¥39,456 million (+90.3%) year on year, due mainly to arecording of gain on derivatives.
Profit before income taxes improved by ¥101,585 million year on year to ¥83,084 million (loss before income
taxes of ¥18,501 million in the previous fiscal year) due mainly to the absence of loss on sale of shares ofsubsidiary resulting from the transfer of all the shares in JACOS and loss on transfer of interests owned by
JAPEX Montney Ltd. in the shale gas project of North Montney Area in British Columbia, Canada, whichwere recorded in the same period of the previous fiscal year. Profit attributable to owners of parent improvedby ¥98,383 million year on year to ¥67,394 million (loss attributable to owners of parent of ¥30,988 million
in the previous fiscal year).

-4-Below is a breakdown of net sales.
(i) E&P BusinessNet sales from the E&P Business came to ¥56,063 million, a decrease of ¥17,359 million (-23.6%) year on
year, mainly due to the absence of the sales of diluted bitumen resulting from the transfer of all the sharesof JACOS, despite a rise in the selling price of crude oil.
(ii) Infrastructure/Utility BusinessNet sales from the Infrastructure/Utility Business came to ¥213,657 million, an increase of ¥93,812
million (+78.3%) year on year. This was mainly the result of a rise in the selling prices due to the rising
crude oil price and LNG price, despite the decreased sales volume for natural gas (Japan) and electricity.
(iii) Other Businesses
Net sales from other businesses, such as the contract services (drilling and geological surveys, etc.), sale ofoil products, including liquefied petroleum gas (LPG), fuel oil and the like, as well as other subcontracted
tasks, came to ¥66,771 million, an increase of ¥10,898 million (+19.5%) 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 ¥303,047
million, an increase of ¥110,378 million (+57.3%) year on year, mainly due to higher sales prices of crude oil,natural gas, and electric power. Segment profit increased by ¥44,115 million (+178.3%) year on year to¥68,855 million, mainly due to improvements in balance of sales revenue resulting from higher sales prices.
(2) North America
Net sales in the North America segment are mainly composed of crude oil and natural gas (including diluted
bitumen). In the fiscal year under review, net sales came to ¥9,161 million, a decrease of ¥24,652 million (72.9%) year on year, due mainly to the absence of the sales of diluted bitumen resulting from the transfer of
all the shares of JACOS. Segment profit increased by ¥2,420 million (+135.3%) year on year to ¥4,210
million, mainly due to improvements in balance of sales revenue resulting from higher sales prices.
(3) Europe
In the Europe segment, development of the UK North Sea block located offshore Aberdeen was conducted. In
the fiscal year under review, there was segment loss of ¥170 million (compared to segment loss of ¥151
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 ¥24,283 million, an increase of ¥1,626 million (+7.2%) year on year. With respect to segment profit(loss), there was segment loss of ¥112 million, a decrease of ¥2,757 million (compared to segment profit of¥2,644 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 ¥96,238 million from the previous fiscal year-end to¥568,180 million.
Current assets increased by ¥54,871 million from the previous fiscal year-end. This was due to increases incash and deposits, and raw materials and supplies. Non-current assets increased by ¥41,367 million from theprevious fiscal year-end. This was mainly due to increases in the recording of wells and construction inprogress under property, plant and equipment, and other factors.
Liabilities increased by ¥41,839 million from the previous fiscal year-end to ¥111,010 million.
Current liabilities increased by ¥39,009 million from the previous fiscal year-end. This was mainly due toincreases in notes and accounts payable - trade, income taxes payable, and accounts payable - other underother. Non-current liabilities increased by ¥2,830 million from the previous fiscal year-end. The main factor
was an increase in deferred tax liabilities.
Net assets increased by ¥54,399 million from the previous fiscal year-end to ¥457,169 million.
The main factor was an increase in retained earnings.

(3) Overview of cash flows for the fiscal year under review
As of March 31, 2023, cash and cash equivalents (hereinafter “net cash”) increased by ¥41,653 million
compared to the end of the previous fiscal year to ¥186,166 million. Below is a summary of cash flows foreach activity.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to ¥104,581 million. This was mainly due to profit before
income taxes of ¥83,084 million and increase in trade payables of ¥21,537 million.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥52,723 million. Net cash was mainly used in purchase ofproperty, plant and equipment of ¥35,973 million and payments of recoverable accounts of ¥27,729 million,
while net cash was provided by interest and dividends received of ¥8,974 million.
(Cash flows from financing activities)
Net cash used in financing activities was ¥14,506 million. Net cash was mainly used in dividends paid of¥9,531 million and purchase of treasury shares of ¥4,263 million.

-6-

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

2019

2020

2021

2022

2023

Equity ratio (%)

63.6

64.2

64.0

78.7

74.9

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

20.9

16.2

18.8

30.3

42.6

Interest-bearing debt to cash flow ratio (years)

4.3

1.8

2.6

0.0

Interest coverage ratio (times)

8.0

14.8

14.9

–
–

20,910.5

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 consolidatedbalance 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 $75 per barrel for the whole fiscal year, and an
exchange rate of ¥125/$ for the whole fiscal year. Actual non-consolidated results for the fiscal year underreview came to $102.26 per barrel and ¥132.86/$.
Net sales for the fiscal year ending March 31, 2024 is expected to decrease by ¥35,892 million (-10.7%) fromthe fiscal year under review to ¥300,600 million. This is because the factors for increased net sales, due to the
expected increase in sales volume of overseas crude oil, are outweighed by factors for decreased net sales,
including the settling of sales prices for crude oil, natural gas, and electricity.
Operating profit is expected to decrease by ¥20,885 million (-33.6%) to ¥41,200 million from the fiscal year
under review, mainly due to an expected decrease in sales prices of crude oil, natural gas and electricity.
Ordinary profit is expected to decrease by ¥37,630 million (-45.3%) from the fiscal year under review to¥45,500 million. This mainly reflects a decrease in share of profit of entities accounted for using equity
method, and the absence of foreign exchange gains recorded in the fiscal year under review.
Profit attributable to owners of parent is expected to decrease by ¥33,394 million (-49.6%) from the fiscal
year under review to ¥34,000 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, the Company 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 ¥220 per share for the fiscal year underreview (ended March 31, 2023). Combined with the interim dividend, the annual dividend will be ¥370 per
share. For the next fiscal year ending March 31, 2024, we intend to pay the annual dividend of ¥200 per share(including an interim dividend of ¥100 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, 2022
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, 2023

147,241
47,158
405
3,030
2,143
29
12,503
14,458(51)
226,920

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

178,766(141,557)
37,20875,314(73,388)
1,925
146,470(122,216)
24,253
11,536
14,797
20,945(17,829)
3,116
92,837
5,802

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

108,910
49
3,709
2,319
31,734(45)(297)
146,380
245,021471,941

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

(Millions of yen)
As of March 31, 2022
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
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- 10 -

As of March 31, 2023

11,479
260
2,196
258
1,841
9,205
25,241

26,489
260
9,333
155
2,119
25,89264,250510
16,867
3,376
19,5393,636
43,92969,171250
20,461
3,428
20,043
2,577
46,759111,010

14,288
2,607
310,592(3,886)323,602

14,288–362,989(136)
377,141

48,346(1,862)
89
1,464
48,036
31,131
402,770
471,941

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

(2) Consolidated statement of income and Consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2022
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
Late charges
Commitment fees
Provision for loss on disaster
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on forgiveness of debts
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on disaster
Loss on sale of shares of subsidiaries
Loss on transfer of interests
Loss on liquidation of subsidiaries
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 11 -

Fiscal year ended
March 31, 2023

249,140
199,237
49,903359*1 *2 29,734
19,809336,492
240,380
96,1112,885*1 *2 31,139
62,085

266
4,049

1,173
3,520

14,226

7,109

10,002–
1,535
30,080

5,332
6,082
373
23,592

1,187
3,335
292
331
1,069
6,215
43,674

5
–
312
1,509
720
2,547
83,1301,307
39,82642,462
83,596

0
–
–
0

0
46
*3 1,416
94,37344,724
3,889
1,320
145,772(18,501)
2,855
6,797
9,652
(28,153)
2,835(30,988)

8
38
–
–
–
–
–
46
83,084
11,223
3,878
15,102
67,981587
67,394

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2022
Profit (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- 12 -

Fiscal year ended
March 31, 2023

(28,153)

67,981

4,121(1,718)
6,412
(202)

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

547

639

9,161
(18,992)454
68,436(24,548)

67,848

5,556

587

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)(Millions of yen)
Shareholders' equity
Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity14,288–344,438(151)

358,575

Balance at beginning of period
Changes during period
Dividends of surplus(2,857)(2,857)

Loss attributable to owners ofparent(30,988)(30,988)

Change in ownership interestof parent due to transactions
with non-controlling interests
Change in scope of equity
method

2,607

2,607
–

Purchase of treasury shares(3,737)(3,737)

Disposal of treasury shares

2

2

Cancellation of treasury shares–

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

Total changes during period
Balance at end of period

–

2,607

(33,846)(3,734)(34,973)

14,288

2,607

310,592(3,886)323,602

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

44,228

(488)

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehenadjustment
plans
sive income(3,810)1,667

41,596

Non-controllinginterests

Total net assets

34,320434,492

Changes during period
Dividends of surplus(2,857)

Loss attributable to owners ofparentChange in ownership interestof parent due to transactions
with non-controlling interests
Change in scope of equity
method(30,988)
2,607–

Purchase of treasury shares(3,737)

Disposal of treasury shares

2

Cancellation of treasury shares–

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

–
4,117

(1,374)

3,900

(202)

6,440

(3,189)3,251

Total changes during period

4,117(1,374)

3,900

(202)

6,440

(3,189)(31,721)

Balance at end of period

48,346(1,862)

89

1,464

48,036

31,131

402,770- 13 -

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 ownership interestof parent due to transactions
with non-controlling interests
Change 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 ownership interestof parent due to transactions
with non-controlling interests–

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- 14 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit (loss) 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 allowance for overseas
investment loss
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of short-term and long-term
investment securities
Loss (gain) on liquidation of subsidiaries
Share of loss (profit) of entities accounted for using
equity method
Loss on transfer of interests
Recovery of recoverable accounts
Gain on forgiveness of debts
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, 2023

(18,501)
17,72145

83,084
14,257
37

–

10

15
64
(168)

4
616
51

(75)

44

(4,316)
1,187(9,911)(4,693)
5(5,646)53,579

0

3,899

–

(14,226)(7,109)44,724
17,780(42,462)(12,410)(2,737)(9,422)
2,292(2,360)(18,989)
5,726(6,778)(1,052)–
18,295–(893)(9,139)21,537(10,541)
3,768
1,068
104,759(177)
104,581(Millions of yen)
Fiscal year ended
March 31, 2022
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
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
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 transfer of interests
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Interest paid
Repayments of lease liabilities
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
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, 2023

(41,247)
44,92030(16,278)
2,248
(290)
(128)
(11,827)(36,106)
34,45330(35,973)
2
(191)
(8)
(2,625)53,062674

29,382–(23,244)(6,721)
24
19,860
6
75
2,701
(507)
52,067(27,729)(1,694)
7,135
8,974
271
19
–
43
(52,723)

20,900(20,900)(59,703)(3,737)(2,857)(2,085)
(674)
(255)

–
–
(260)
(4,263)(9,531)
(181)
(5)
(264)

(1,626)–(70,939)(14,506)

6,475

4,301

(13,449)
157,963
144,51341,653
144,513
186,166*(5) Notes to consolidated financial statements(Notes on premise of going concern)
No item to report.
(Consolidated balance sheet)Contingent liabilities(Millions of yen)
As of March 31, 2023

As of March 31, 2022
(1) Liabilities for guarantees on borrowings to financial institutions
Kumamoto Mirai LNG Co., Ltd.

31

Abashiri Biomass Power 2 LLC.

2,218

Employees (borrowings for housing funds)
Greenland Petroleum Exploration Co.,
Ltd.

22

Abashiri Biomass Power 3 LLC.

2,107

20

Ozu Biomass Power Co., Ltd.

412

Kumamoto Mirai LNG Co., Ltd.
Employees (borrowings for housing
funds)

25
16(2) Guarantees on liabilities related to production facilities
Kangean Energy Indonesia Ltd.

116

Total

191

–
Total

4,781

(Consolidated statement of income)*1. Below is a breakdown of major expense items and amount of selling, general and administrative expenses:
Fiscal year ended
March 31, 2022
Personnel expenses(of the above, retirement benefit expenses)
Freight costs
Taxes and dues
Depreciation

11,248
560
5,130
1,941
4,162

(Millions of yen)
Fiscal year ended
March 31, 2023
10,969
507
2,594
3,750
3,979

*2. Total amount of research and development expenses included in general and administrative expenses(Millions of yen)
Fiscal year ended
March 31, 2023
291

Fiscal year ended
March 31, 2022
179

*3. Losses on disasterFiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)
The JAPEX Group recorded losses due to damage caused by the earthquake that occurred off the coast of
Fukushima Prefecture in March 2022. Losses on disaster of ¥1,416 million includes provision for loss on
disaster of ¥970 million.

- 17 -

(Consolidated statement of changes in equity)
Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)
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––

57,154,776

Total

57,154,776––

57,154,776

Common shares

79,982

1,440,600

1,600

1,518,982

Total

79,982

1,440,600

1,600

1,518,982

Issued shares

Treasury shares

Notes:

1. The increase of 1,440,600 shares in treasury shares of common shares comprises an increase due to the purchase oftreasury shares by resolution of the Board of Directors.
2. The decrease of 1,600 shares in treasury shares of common shares comprises a decrease due to the provision ofshares through the Board Benefit Trust (BBT).
3. The number of treasury shares of common shares includes shares held by the Board Benefit Trust (BBT) (77,600
shares at the beginning of the fiscal year ended March 31, 2022 and 76,000 shares at the end of the fiscal year
ended March 31, 2022).
4. The Board of Directors resolved at its meeting held on November 9, 2021 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, 2022.
Carrying value¥3,737 million
Class of shares
Common shares
Number of shares
1,440,600 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 Meeting
Common shares
1,428
25March 31, 2021
June 28, 2021
of Shareholders held on
June 25, 2021
Meeting of the Board of
Common shares
1,428
25 September 30, 2021 December 13, 2021
Directors held on
November 9, 2021
Notes: 1. The total amount of the dividend at the Ordinary General Meeting of Shareholders held on June 25, 2021 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 9, 2021 includes a
dividend of ¥1 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
1,392 Retained earnings
25 March 31, 2022 June 29, 2022
Shareholders held on
June 28, 2022
Note:
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).

- 18 -

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
Common shares
8,144
150 September 30, 2022 December 12, 2022
Directors held on
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).

- 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, 2022
147,241

Cash and deposits
Time deposits with maturity over three months(Millions of yen)
Fiscal year ended
March 31, 2023
191,956(5,727)(8,789)

3,000

3,000

144,513

186,166

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 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 andnatural gas 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“Material matters that serve as the basis for preparing consolidated financial statements” of the latest
securities report submitted on June 28, 2022 (Japanese only). 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, 2022 (April 1, 2021 – March 31, 2022)(Millions of yen)Amounton theAdjustment consolidated(Note) 2
financialstatements(Note) 3

Reportable segment
Others(Note) 1

Total

Japan

North
America

EuropeMiddleEast

Total

192,669

33,814–22,657249,140–

249,140–

249,140

–

–

–

–

–

–

–

–

–

192,669

33,814–22,657249,140–

249,140–

249,140

Segment profit(loss)

24,739

1,789

(151)

2,644

29,022–

29,022(9,213)19,809Segment assets

75,607

4,631

13,88518,308112,433–

112,433

359,508

471,941

10,203

6,901

–

366

17,471–

17,471

250

17,721

(47)

–

–

(13)

(61)

14,287

14,226–

14,226

679

–

–

286

966

10,603

11,569–11,569

6,109

3,000

4,532

–

13,643–

13,643

243

13,886

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, 2023 (April 1, 2022 – March 31, 2023)(Millions of yen)Amounton theAdjustment consolidated(Note) 2
financialstatements(Note) 3

Reportable segment
Japan

North
America

303,047

Others(Note) 1

Total

EuropeMiddle
East

Total

9,161

–

24,283

336,492–

336,492–

336,492

–

–

–

–

–

–

–

–

–

Net sales
Net sales tooutside clientsIntersegment sales
or transfers

303,047

9,161–

24,283

336,492–

336,492–

336,492

Segment profit(loss)

Total

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

Other items
Depreciation

Share of profit(loss) of entities
accounted for
326
–
–
(11)
315
6,793
7,109
–
using equity
methodInvestments inentities accounted
1,107
–
–
286
1,394
10,26911,664–for using equity
methodIncrease inproperty, plant and
5,898
25,7386,300–
37,937–37,937
195
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 (loss)(Millions of yen)
Fiscal year ended
Fiscal year ended
March 31, 2022
March 31, 2023
Elimination of intersegment transactions
4
1
Corporate expenses *(9,218)(10,698)

Total(9,213)(10,697)* 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)
Elimination of intersegment transactions
Corporate assets *1
Other assets *2

As of March 31, 2022

As of March 31, 2023

(12)

(10)

2,239

2,277

357,280

420,743

Total
359,508
423,009*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 (loss) was adjusted to operating profit in the consolidated statement of income.

- 23 -

7,109

11,664

38,132

[Related information]
Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)
1. Information by product or service(Millions of yen)
E&P BusinessNet sales to outsideclients

Crude oil

Dilutedbitumen

41,056

31,121

Infrastructure/Utility Business

Natural gas Natural gas(overseas)(Japan)1,244

LNG

58,024

Electricity

Others34,320

4,903

22,596

Other businesses
Contract
services

Oil products/merchandise

6,395

47,354

Net sales to outsideclients

Total
Others2,122249,140

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

Canada192,592

Iraq

32,835

Others

22,671

Total

1,041

249,140

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

76,753(Millions of yen)
Total

UK
2,198

13,88592,837

3. Information by major client(Millions of yen)
Name of client
TOHOKU NATURAL GAS Co.,Inc.

Net sales
19,751- 24 -

Related segment
JapanFiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
1. Information by product or service(Millions of yen)
E&P BusinessNet sales to outsideclients

Crude oil

Dilutedbitumen55,703–

Infrastructure/Utility Business

Natural gas Natural gas(overseas)(Japan)360

LNG

97,360Electricity

Others58,735

5,988

51,572Other businesses
Contract
services

Oil products/merchandise

7,750

56,573

Net sales to outsideclients

Total
Others2,447

336,492

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

Canada303,009

Iraq–

Others

24,299

Total

9,183

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)
Total

UK
25,01020,611

118,411

3. Information by major client(Millions of yen)
Name of client
TOHOKU NATURAL GAS Co.,Inc.

Net sales
38,133

Related segment
Japan[Information on impairment losses on non-current assets by reportable segment]
Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)
No item to report.
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
No item to report.
[Information on amortization and unamortized balance of goodwill by reportable segment]
Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)
No item to report.
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
No item to report.
[Information on gain on bargain purchase by reportable segment]
Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)
No item to report.
Fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
No item to report.

- 25 -

(Per share information)

Net assets per share
Basic earnings (loss) per share

Fiscal year ended
March 31, 2022
(April 1, 2021 –March 31, 2022)¥6,679.85

Fiscal year ended
March 31, 2023
(April 1, 2022 –March 31, 2023)¥7,849.18¥(545.64)¥1,236.65

Notes: 1. Diluted earnings per share for the fiscal year ended March 31, 2022 is not presented, since basic loss per share wasrecorded and there is no dilutive share. Diluted earnings per share for the fiscal year ended March 31, 2023 is notpresented, since there is no dilutive share.
2. The Company’s shares held by the Board Benefit Trust (BBT) are included in the treasury shares that are deductedfrom the total number of issues shares at the fiscal year end when calculating net assets per share (76,000 shares in
the fiscal year ended March 31, 2022, and 71,100 shares in the fiscal year ended March 31, 2023).
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 (loss) per share (76,486 shares in the fiscal year ended
March 31, 2022, and 72,604 shares in the fiscal year ended March 31, 2023).
3. The basis for calculation of basic earnings (loss) per share is as follows:

Profit (loss) attributable to owners of parent(Millions of yen)Amounts not attributable to common shareholders (Millionsof yen)Profit (loss) attributable to owners of parent related tocommon shares (Millions of yen)
Average number of shares during the period (Thousands ofshares)(Significant subsequent events)
No item to report.

- 26 -

Fiscal year ended
March 31, 2022
(April 1, 2021 –March 31, 2022)

Fiscal year ended
March 31, 2023
(April 1, 2022 –March 31, 2023)(30,988)

67,394––(30,988)

67,39456,79454,497

4. Others
Status of production and sales
1. Production
Fiscal year ended
March 31, 2022
(April 1, 2021 – March 31, 2022)
Crude oil (kL)E&P Business Natural gas (thousand m3)

Bitumen (kL)
Infrastructure LNG (t)/Utility
Electricity (thousand kWh)Business

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

806,390751,616(525,392)(518,697)

674,588523,998(132,025)(14,136)

656,377–(656,377)

(–)

2,136

1,258

2,655,529

2,509,471

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.

2. SalesFiscal year ended
March 31, 2022
(April 1, 2021 – March 31, 2022)
Net sales
Sales volume(Millions of yen)

E&P Business

Fiscal year ended
March 31, 2023
(April 1, 2022 – March 31, 2023)
Net sales
Sales volume(Millions of yen)

Crude oil (kL)

669,926

41,056695,633

55,703

Diluted bitumen (kL)959,777

31,121––Natural gas (overseas)(thousand m3)

130,214

1,244

11,494360

Subtotal
Natural gas (Japan)(thousand m3)

73,42256,063

1,061,244

58,024

989,051

97,360

LNG (t)295,536

22,596

340,503

51,572

Infrastructure/U
Electricity (thousand kWh)tility Business

3,023,294

34,3203,005,864

58,735

OthersOtherbusinesses

4,903

5,988

Subtotal

119,845

213,657

Contract services

6,395

7,750

Oil products/merchandise

47,35456,573

Others

2,122

2,447

Subtotal

55,872

66,771

Total

249,140

336,492

Notes: 1. “Crude oil” includes crude oil that the JAPEX Group produced 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 under the
Infrastructure/Utility Business, since both natural gas produced in Japan and LNG vaporized gas are sold together- 27 -

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.
4. “Others” of the Infrastructure/Utility Business includes commissioned transportation of natural gas and contracted
vaporization of LNG used for power plant fuel, etc.
5. Under the Other businesses, “Oil products/merchandise” includes liquefied petroleum gas (LPG), fuel oil, gas oiland kerosene, and “Others” includes other subcontracted tasks.

- 28 -