[Explanatory Material]

Financial Results

for the Fiscal Year Ended March 31, 2024

May 14, 2024

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

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

Contents
Ⅰ. Financial Highlights and Business Progress
Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term
Enhancement of Corporate Value
Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024
Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Note: This material also serves as the presentation material for the financial results briefing for the institutional investors andanalysts to be held on May 15, 2024.
Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

2

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term
Enhancement of Corporate Value
Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024
Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

3

Ⅰ. Financial Highlights and Business Progress

Financial Highlights
FY3/24 Results（Year-on-Year）(Billion Yen)

FY3/23 (a)FY3/24 (a)ChangeOperating profit

62.0

55.2

(6.8)

Ordinary profit

83.1

68.8

(14.3)

Profit attributable to owners of parent

67.3

53.6

(13.7)



Operating profit： Decreased due to lower sales prices of crude oil, natural gas, and LNG, etc. (-)



Ordinary profit ： Decreased in equity method profit, etc. (-)

FY3/25 Forecasts（Year-on-Year）(Billion Yen)

FY3/24 (a)FY3/25 (f)ChangeOperating profit

55.2

52.4

(2.8)

Ordinary profit

68.8

55.5

(13.3)

Profit attributable to owners of parent

53.6

42.8

(10.8)



Operating profit： Expect to decline in sales prices of crude oil, natural gas, etc. (-)



Ordinary profit ： Expect to decrease in foreign exchange gains, etc. (-)

Shareholders Return

FY3/24 annual dividend per share (result)：300 yen per share (interim 125 yen + year-end 175 yen)

FY3/25 dividend per share (forecast)：125 yen for interim and 25 yen for year-end**A 5-for-1 stock split of common stock, effective October 1, 2024, was resolved at the Board of Directors’ meeting held on
May 14, 2024. The year-end dividend per share for FY2024 (forecast) without considering the stock split is 125 yen

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Ⅰ. Financial Highlights and Business Progress

Management Goal and Fund Allocation
Management target (quantitative target)
Item

TargetFY2023

Assumptions

Oil Price（JCC）50USD/bbl
Exchange Rate 110yen/USD

Oil Price（JCC） 86.28USD/bbl
Exchange Rate 143.28yen/USD

Business profit*1

FY2026 30 billion Yen
FY2030 50 billion Yen

55.8 billion Yen

52.6 billion Yen

5%

11.5%

8.4%

6：4

7：3

8：2

ROE

FY2026
FY20308%

Profit composition(E&P：non-E&P)

FY2026
FY20305：5

FY2024 forecast
Oil Price（JCC）85USD/bbl
Exchange Rate 140yen/USD

Fund allocation
Item

Assumed allocation*2

FY2023Growth investment

Cumulative total for
FY2026 275 billion Yen
FY2030 450 billion Yen

73.3 billion Yen

Shareholders
returnCumulative total for
FY202625 billion Yen
FY203050 billion Yen（Breakdown）
Year-end dividend of previous FY
11.9 billion Yen
billion Yen Interim dividend 6.7 billion Yen
Share repurchases 7.9 billion Yen

26.6

FY2024 forecast

77 billion Yen＋α(cumulative total 194.5billion
Yen+α)（Breakdown）

27.7 billion Yen Year-end dividend of previous FY(cumulative total
68.1 billion Yen）

9.2 billion Yen
Interim dividend
6.4 billion Yen
Share repurchases 12.0 billion Yen*1: Operating profit and equity method profit (Including profits to be distributed under limited liability investment partnership and silent partnership agreements)*2: Five-years cumulative total from FY2022 through FY2026 and nine-years from FY2022 through FY2030

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5

Ⅰ. Financial Highlights and Business Progress

Main Updates and Outlook on Priority Items
FY2023 result

E&P

FY2024 outlook【Japan】⮚ Additional development of Katakai gas field in Niigata：Started production of thefirst well（Dec）/Drilling the second well

【Japan】⮚ Additional development of Katakai gas field in Niigata：Start production of thesecond well（second half of the year）【Overseas】⮚ Capital participation in a subsidiary of U.K.-based Longboat Energy PLC(Longboat JAPEX Norge AS : LBJ) which promotes exploration and development
in offshore Norway (May)⮚ Acquisition of additional well interests in tight oil development project in U.S.
(May＆Dec)⮚ Started production of crude oil and natural gas at the Seagull project in U.K.
North Sea（Nov）【Overseas】⮚ All well development work complete at the Seagull project in U.K. North Sea,
expanding production.（second half of the year）⮚ Production to begin step by step from additional interests acquired in the U.S. tightoil development.

Ongoing●●

Considering low-carbon measures for domestic operations
Ongoing overseas development project Garraf project : Continue additional development to 230,000 barrels per day.

Exploration and Development of Norwegian Offshore blocks through LBJ.

【Development of domestic renewable energy】⮚ Established PJ Asset Management Co., Ltd., to develop, manage and operate ofsolar power generation projects（Jun）

I/U⮚ Started operation of Mitsuke PV Power Plant, Niigata（Aug）⮚ Invested in Storage battery-related company PowerX, Inc（Aug）【LNG transport and supply】⮚ Conducts Feasibility Study of Energy Service Utilizing LNG to the Industrial Parkin Northern Vietnam（Aug）
Ongoing

●
●

CN

⮚
⮚
⮚

the “Business Feasibility Study on Japanese Advanced CCS Project” by JOGMEC
in FY2023 (Jul＆Aug)
Launched our first concrete CCS commercialization study in advanced overseas
country by capital participation in Blue Spruce Operating LLC of the U.S. (Oct)CO2 injection field test at Sukowati oil field in Indonesia（Dec）
Commenced joint study to establish ammonia supply base in Soma area,
Fukushima（Jan）
Signed a storage site agreement with PETROS to develop the CCS project in
Malaysia（Feb）

Ongoing●●【Development of domestic renewable energy】⮚ Ozu Biomass Power Plant in Ehime begins commercial operation（Aug）⮚ Chofu Biomass Power Plant in Yamaguchi begins commercial operation（Jan）＋ Focus on participation in
new renewable energy projects in Japan and overseas

Development of domestic renewable energy (Under construction) Tahara Biomass Power Plant in Aichi (FY2025)
Overseas LNG midstream and downstream business development Continue to consider new business opportunities.

⮚ CCS Studies in Tomakomai Area and East-Niigata Area were commissioned as⮚＋ Focus on acquisition of new overseas oil and gas interests＋Continue to consider participation in new CN projects
in Japan and overseas

Feasibility study of domestic CN business： Promoting commercialization studies in the Tomakomai and Higashi-Niigata areas
Overseas CCS/CCUS feasibility study：Indonesia CO2 EOR with Pertamina Group / Malaysia CCS with PETRONAS / America CCS with BSO

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Ⅰ. Financial Highlights and Business Progress

Main Updates on Shareholders return and ESG items
FY2023 result

FY2024 outlook● Commenced share repurchases (Nov)● Actual dividends：300 yen per year (interim 125 yen + year-end● Completion of share repurchase(Aug) /Cancel repurchased shares

175 yen, Dividend payout ratio 30.2%)

Shareholders
returnE(Sep)● Annual dividends forecast：interim 125 yen + year-end 25 yen,
Dividend payout ratio 30.1%※A 5-for-1 stock split of common stock, effective October 1, 2024,
was resolved. The year-end dividend per share for FY2024(forecast) without considering the stock split is 125 yen● Participation in GX League and goal setting（Apr＆Sep）● Commitment to decarbonized society⮚ Offsetting Scope 2 GHG emissions by purchasing non-fossil fuelcertificates（Year-round）⮚ Reduction of GHG emissions Scope 2 by starting operation of a

＋Enhance the climate change-related disclosures＋Strengthen activities to realize CN society,including GX-related activities

solar power generation facility on idle land in Mitsuke（Aug）● Launch of TNFD (biodiversity) framework initiatives（Oct）

Ｅ
Ｓ
Ｇ● Developed and disclosed multi-stakeholder policies（May）● Started trial of office environment reform (Nov)● Conducted human rights due diligence on domestic group

S

●
●

G

companies (Nov)
Selected as the health & productivity stock selection and White
500 company in health & productivity management outstandingorganizations recognition program (Mar)
Implementation of the free dress code trial in office hours（Yearround）● Publication of “Action to Implement Management that is Consciousof Cost of Capital and Stock Price”（Nov）

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● Officially starts the free dress code in office hours（Apr）● Reform of the personnel system（Jul）＋Enhance the investment
in human capital and related disclosures＋Promote optimization of organization andoperations by utilizing DX and other measures＋ Continue addressing with “Action to Implement
Management that is Conscious of Cost of Capitaland Stock Price”
7

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term
Enhancement of Corporate Value
Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024
Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

8

Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value

Initiatives for Sustainable Growth andMedium- to Long-term Enhancement of Corporate Value
Market Evaluation Status
Item

FY2023

TSE prime average
FY2022

PBR*

x0.7

x1.2

0.8
0.6

ROE

11.5%

8.5%

0.4

PER*

x6.9

x15.0

0.0

0.3

0.4

0.7

0.6

0.2

FY20202020年度* Share price of March 29, 2024 (6,860 yen) is used

Policies aimed at Enhancing Corporate Value

Changes in PBR

1.0

FY20212021年度FY2022
2022年度FY2023
2023年度Already announced in the financial results for the second quarter of the fiscal year ending March 31, 2024.

●

Analyzed that the main reason of less than 1x P/B ratio is due to below-average PER, while ROE has been above the TSE Prime average●

Recognized that the low PER is partly due to the lack of understanding and confidence in our efforts to enhance corporate value, in
addition to structural factors such as the sustainability of the oil and natural gas business toward decarbonized society and the volatilityof oil and natural gas prices●

Future policies to enhance corporate value have been summarized as “Investments focused on capital efficiency,” “Enhancement ofshareholder returns,” and “Continuous dialogue with stakeholder”

Progress of Policies【Investments focused on capital efficiency】●

Organize policies to build core assets that are expected to contribute to profits in the medium to long term (next page)●

Ongoing share repurchases (Nov 2023 - Aug 2024)●

Stock split to increase the liquidity of the Company's shares and expand the investor base (Oct 2024)【Enhancement of shareholder returns 】【Continuous dialogue with stakeholder】

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Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value

Toward Building Core Assets ①
Pivot from strengthening profitability to building a business foundation for the late 2020s, 30s and beyond
Current
Awareness●●●●

Investment●
Policy●●Recognize that oil and natural gas will remain significant energy sources. Reaffirmed the importance of stable energy supply amid rising geopolitical risks
Recognize that CCS/CCUS business, necessary for the sustainable use of oil and natural gas have the potential to become a multi-trillion yen domestic market in the future
In E&P field, investment in the U.S. business has improved profitability in the short term. In I/U field, FGP, Soma LNG terminal, and LNG procurement margins contributed toearnings, and investments were also made in the biomass power generation business in Japan. In CN field, continued to study commercialization of CCS/CCUS in Japan andoverseas
Forecast to secure the management plan targets for FY2026 (business profit of 30 billion yen and ROE of 5%) even with only the assets already acquired by the end of FY2023
Focus the improved cash flow on building competitive and sustainable assets (core assets) for the late 2020s, 30s and beyond, which is the issue for the future
Position E&P field and CCS/CCUS, which are expected to contribute to profits in the future, as immediate core assets
In the I/U field, make investments with profitability in mind, considering environmental changes, such as excessive competition in offshore wind power< Progress in cash flow >●●●< Progress in Business Profit >Operating CF reached about 1.5 times of the FY2026 cumulative value
two years ahead of the schedule
Growth investments generally progressed as planned
Progress in shareholder returns will be approximately 2.5 times of the
FY2026 cumulative value by FY2024

Cash-inManagement plan*
FY2022-2026

Forecast
FY2022-2024●

Aim to further increase business profit by investing in growth fromFY2024 onward
100

Forecast
FY2022-2024

16.9%

80

Business Profit

Operating CF
318.4 billion yen

GrowthInvestments
275 billion yen

Shareholder Returns
25 billion yen

GrowthInvestments
194.5 billion
yen + αShareholder
Returns 68.1
billion yen* Assuming oil price (JCC) 50USD/bbl and exchange rate 110 yen/USD

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40

ROE

Aiming to add on
through additional
investment

11.5%

60

Cash on hand +bank loans
100 billion yen

Operating CF
200 billion yen

Forecast to secure the business profit of the management plan target for
FY2026, even with only the assets already acquired by the end of FY2023(Billion yen)

Cash out
Management plan*
FY2022-2026

●

69.0

15
10

8.4%
55.8

52.6

FY2022

FY2023

FY2024FY2026JCC

102.26

86.28

85.00

70.00

Exchangerate

132.86143.28140.00140.00

20

(%)

30.0

5%

5
0

0

10

Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value

Toward Building Core Assets ②
Develop operator business mainly overseas and build core assetsthat are cost-competitive and sustainable⮚ Concentrate management resources in the U.S., where we have accumulated knowledge and networks, and Norway,

E&P

I/U

where we have established a base through capital participation⮚ Build core assets by starting with a small operator business in the U.S. and gradually expanding the scale of operations,and by working with Longboat Energy Norge AS, in which we have a stake, for even exploration activities in Norway⮚ In Japan, continue to pursue potential through additional reserves through Katakai additional development etc. andoffshore exploration

Strengthening earnings base to withstand changes in the external environment,such as oil price fluctuations⮚ Promote initiatives to further increase stable cash flow, particularly in renewable energy and overseas supply
infrastructure businesses

Become one of the leading CCS/CCUS companies in Japan as the top runner in CCS/CCUS in Japan⮚ Focus on launching two projects in the Higashi Niigata and Tomakomai areas commissioned as “Business Feasibility
CNStudy on Japanese Advanced CCS Project” to build hub and cluster CCS/CCUS business assets after 2030
⮚ In advanced overseas countries, lead the final investment decision for the CCS project under consideration with BSO of
the U.S., in which we had a capital participation, and also participate in other minor investment projects⮚ In emerging countries, taking a leading role in promoting CCS/CCUS feasibility studies in Sarawak, Malaysia, andSukowati oil field, Indonesia

Strengthening the management base underpins the building of core assets⮚ Transition from a “job qualification grading system” to a “role grading system” based on the roles that one plays tomake it easier for talented people to play more active role (Jul 2024)

Human
Capital⮚ Allocate human resources to new growth areas generated by the organizational integration of the domestic E&P

DX⮚ Complete the construction of an integrated data infrastructure, identified as an issue in BPR (Business Processbusiness and the natural gas and LNG supply business (Jul 2025)

Reengineering) by FY2025, to achieve greater efficiency, sophistication, and productivity in operations from FY2026

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Ⅰ. Financial Highlights and Business Progress
Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term
Enhancement of Corporate Value
Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024
Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

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12

Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024

FY3/24 Results (Year-on-Year)
Million Yen

FY3/23 (a)FY3/24 (a)ChangeNet sales

336,492

325,863(10,628)(3%)

Gross profit

96,111

87,296(8,814)(9%)

Operating profit

62,08555,247(6,838)(11%)

Ordinary profit

83,13068,808(14,321)(17%)

Profit attributable to owners of parent

67,39453,661(13,732)(20%)

Oil Price and Exchange Rate
FY3/23 (a)FY3/24 (a)ChangeWTI

USD/bbl

94.42

77.69

(16.73)

Crude oil price (CIF)

USD/bbl102.2686.28(15.98)Exchange rate

JPY/USD

132.86143.28+10.42

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Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024

E&P Business Sales (Year-on-Year)
FY3/23 (a)Net sales：Million Yen

Sales volume-

E&P Business

FY3/24 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

56,063-88,810--+32,747+58%

695

55,7031,240

87,808+545+78%+32,105+58%

238

20,760225

17,792(12)(5%)(2,967)

(14%)

436

33,084994

68,397[1] +558+128%+35,313

+107%

20

1,858

20

1,618

(0)

(3%)

(240)

(13%)

11

360

65

1,002

+54

+474%

+641

+178%

Breakdown
Crude oil
Crude oil - Japan
Crude oil - Overseas

Thousand KL*1

Purchased crude oil*2Natural Gas - Overseas

Million M3

Main factors for change[1] Increase in sales volume of U.S. tight oil development and Iraq Garraf project / Sales begin from the Seagull project in U.K. North Sea*1 Amounts of overseas consolidated subsidiaries, Japex Garraf Ltd., Japex (U.S.) Corp. and Japex UK E&P Ltd.
*2 Amounts of overseas consolidated subsidiaries, Japex (U.S.) Corp. and Japex UK E&P Ltd.

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14

Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024

I/U Business Sales (Year-on-Year)
FY3/23 (a)Net sales：Million Yen

Sales volume-

Infrastructure & Utility Business

FY3/24 (a)Net sales

Sales volume

ChangeNet sales

Sales volume--(41,510)

(19%)

(33)

(3%)

(15,873)

(16%)

(16)

(4%)

-

-

(65)

(19%)

(21,382)

(41%)

+542

+18%

[3] (5,463)

(9%)

-

+1,209+20%-

213,657-

172,147

989

97,360955

81,487

461

-

444

-

Net sales

Breakdown
Natural Gas - Japan

Million M3- Produced in Japan

LNG

Thousand Ton

340

51,572275

30,190Electricity

Million kWh

3,005

58,735

3,548

53,272

-

5,988

-

7,197

Other*

-

[1]

[2]

-

Main factors for change[1]-[2] Decrease in sales volume and sales price[3] Decrease in sales price*Including biomass fuel sales, net sales from commissioned transportation of natural gas and commisioned regasification of LNG

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Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024

Operating Profit (Year-on-Year)(Billion Yen)

62.0

OP total

55.2

Overseas : ＋13.6 bn.

1.9 bn. →15.6 bn.

Japan : (14.2 bn.)

41.1 bn.

→• Increase in sales volume of tight oil development in U.S.（+）• Absence of one-time expenses of the Iraqi Garraf project, etc.
（+）

15.6

∗

Internal transaction price from E&P Business to I/U Business for the internalmanagement

I/U Business

41.1

E&P-Japan

26.8(3.7 bn.)

24.6 bn. →20.8 bn.

Decrease in marginal gain on LNG procurement （－）
Raw material slide time lag（+）

•
•

24.6

I/U

26.8bn.

Decrease in sales volume and sales price of crude oil （－）
Decrease in sales volume and sales price* of natural gas
（－）

•
•

1.9

E&P-Overseas

E&P Business

20.8

Others *Others(5.6)(2.4 bn.)(8.1)(20.0) (10.0)

0.0

10.0

FY3/23(a)

20.0

30.0

40.0

50.0

FY3/24(a)

60.0

70.0

(5.6 bn.)→(8.1 bn.)• Increase in general and administrative expenses(Personnel and digital-related expenditures etc.) （－）• Decrease in profit of contract services at subsidiaries (－)∗

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

Note) The amounts in the operating profit breakdown by business segment are the figures for the Group’s internal management
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Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024

Analysis of Net Income change (Year-on-Year)(Billion Yen)
JAPEX
Japex Garraf

JUS
Japex Garraf

Net
income+7.2 bn.
＋4.8 bn.

＋1.1 bn.
＋1.1 bn.

SODECO
DGN
EMPI
LJN

Operating profit*(6.8 bn.)(3.3 bn.)(2.2 bn.)(0.5 bn.)(0.4 bn.)Non-operating income(7.4 bn.)
OthersIncometaxes

Profitattributable tononcontrollinginterest

7.1

8.6

(0.0)

15.1

0.5

0.2

5.7

(0.0)

12.0

3.0

OthersEquitymethodprofit

24.6

(5.6)

5.3

20.8

(8.1)

7.6

E&P
overseas

E&P
Japan

I/U

FY3/23(a)

1.9

41.1

FY3/24(a)

15.6

26.8

Net
incomeExtraordinary
incomeForeignexchange
gains and loss

FY3/23(a)(FY3/23)Gain on derivatives(6.0 bn.)
Interest income/Dividend income +1.6 bn.

FY3/24(a)Note) The amounts in the operating profit breakdown by business segment are the figures for the Group’s internal management
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17

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Initiatives for Sustainable Growth and Medium- to Long-term
Enhancement of Corporate Value
Ⅲ. Financial Results for the Fiscal Year Ended March 31, 2024
Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

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18

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

FY3/24 Forecasts
Million Yen

FY3/24 (a)FY3/25 (f)ChangeNet sales

325,863

379,400+53,536+16%

Gross profit

87,29686,300

(996)

(1%)

Operating profit

55,24752,400(2,847)(5%)

Ordinary profit

68,80855,500(13,308)(19%)

Profit attributable to owners of parent

53,66142,800(10,861)(20%)

Oil Price and Exchange Rate
FY3/24 (a)FY3/25 (f)ChangeWTI

USD/bbl

77.69

80.00

+2.31

Crude oil price (CIF)

USD/bbl

86.28

85.00

(1.28)

Exchange rate

JPY/USD

143.28140.00(3.28)

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19

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

E&P Business Sales Forecasts
FY3/24 (a)Net sales：Million Yen

E&P Business

Sales volume

FY3/25 (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

88,810-141,190--+52,379

+59%

1,240

87,8082,009

138,031

+768

+62%

+50,222+57%

225

17,792220

16,507(5)(2%)(1,285)(7%)

994

68,3971,769

120,096

+775

+78%

+51,698

+76%

20

1,618

18

1,427

(1)

(9%)

(190)

(12%)

65

1,002

151

3,158

+85

+130%

+2,156+215%-

Breakdown
Crude oil
Crude oil - Japan
Crude oil - overseas*1

Thousand KL

Purchased crude oil

Natural Gas - Overseas*2

Million M3[1]

Main factors for change[1] Increase in sales volume of U.S. tight oil development, Garraf Project in Iraq and the Seagull project in U.K. North Sea*1 Amounts of overseas consolidated subsidiaries, Japex Garraf Ltd., Japex (U.S.) Corp., and JAPEX UK E&P Ltd.
*2 Amounts of overseas consolidated subsidiaries, Japex (U.S.) Corp., and JAPEX UK E&P Ltd.

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20

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

I/U Business Sales Forecasts
FY3/24 (a)Net sales：Million Yen

Sales volume-

Infrastructure & Utility Business

FY3/25 (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

172,147-

171,691--955

81,487970

76,623

+14

+1%

444

-

457

-

+13

(456)

(0%)

(4,863)

(6%)

+3%

-

-

Breakdown
Natural Gas - Japan

Million M3- Produced in Japan

[1]

LNG

Thousand Ton

275

30,190366

34,401

[2]

+91

+33%

+4,210+14%Electricity

Million kWh

3,548

53,272

2,980

44,678

[3]

(568)

(16%)

(8,593)(16%)

Others*

-

-

7,197

-

15,988+8,790

+122%

-

-

[4]

Main factors for change[1] Decrease in sales price[2] Increase in sales volume[3] Decrease in sales volume[4] Increase in sales volume of biomass fuel for our biomass power plants* Including biomass fuel sales, net sales from commissioned transportation of natural gas and commisioned regasification of LNG

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21

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Operating Profit Forecasts
E&P Business(Billion Yen)

Overseas : +9.5 bn.
55.2

OP total

52.4

∗

26.8

(8.8 bn.)•

12.0

23.6 bn.

20.8 bn.

→12.0 bn.

→(8.3 bn.)

Decrease in marginal gain on LNG procurement （－）

Others*

(8.1)
(8.3)
(10.0)

26.8 bn. →I/U Business

20.8(20.0)

25.1 bn.

Internal transaction price from E&P Business to I/U Business for theinternal management

23.6

I/U

→

Decrease in sales volume and sales price of crude oil （－）
Decrease in sales price* of natural gas (Japan) （－）

•
•

25.1

E&P-Japan

Others•Japan : (3.2 bn.)

15.6

E&P-Overseas

15.6 bn.

Increase in sales volume of tight oil development in U.S.
（＋）
Increase in sales volume of the Seagull project in U.K.
North Sea（＋）•(0.2 bn.)
0.0

10.0

FY3/24(a)

20.0

30.0

40.0

FY3/25 (f)

50.0

60.0

∗

(8.1 bn.)

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

Note) The amounts in the operating profit breakdown by business segment are the figures for the Group’s internal management
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22

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Analysis of Change in Net Income Forecasts(Billion Yen)

Interest income/Dividend income (1.0 bn.)
Interest expenses(1.6 bn.)

JUS
JUK
Japex Garraf

Net
income+8.3 bn.
+3.0 bn.
(1.6 bn.)

JAPEX
Japex Garraf

Operating profit*(2.8 bn.)(2.8 bn.)(4.6 bn.)Non-operating income(10.4 bn.)
OthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

0.2

5.7

(0.0)

12.0

3.0

0.6

2.5

-

11.9

0.8

OthersForeignexchange
gains and loss

Equitymethodprofit

20.8

(8.1)

7.6

12.0

(8.3)

-

FY3/24 (a)E&POverseas

E&P
Japan

I/U

FY3/24 (a)

15.6

26.8

FY3/25 (f)

25.1

23.6

Net
incomeFY3/25(f)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

23

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Balance sheet
Million Yen

FY3/23(a)FY3/24(a)ChangeCurrent assets

281,791

249,768(32,022)

Non-current assets

286,388411,160+124,771

Property, plant and equipment

118,411

176,300+57,889

Investment securities

115,940

180,415+64,474

Recoverable accounts

23,455

20,916(2,538)Other

28,58033,528+4,947

Total assets

568,180

660,928+92,748

Current liabilities

64,25049,095(15,155)

Non-current liabilities

46,75974,258+27,498

Total net assets

457,169

537,574+80,405

Valuation difference on available-for-sale securities

46,324

84,686+38,361

Non-controlling interests

31,53633,671+2,135

Total liabilities and net assets

568,180

660,928+92,748

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

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

Increase in market value ofinvestment securities
Capital participation in Norwegianbusiness, etc.

Recording of net income for theperiod (＋)
Increase in unrealized gains onavailable-for-sale securities (＋)
Decrease due to dividend payment
and share repurchase (-)

24

Ⅳ. Financial Forecasts for the Fiscal Year Ending March 31, 2025

Cash Flows and Debt
Million Yen

Cash flows from operating activities

FY3/23 (a)FY3/24 (a)Full year

Full year

FY3/25 (f)Full year
May 14

104,581

90,564

123,326

Profit before income taxes

83,08468,78455,500Depreciation

14,25727,64642,098Recovery of recoverable accounts

18,29527,77554,166

Cash flows from investing activities(52,723)(99,659)(112,674)

Purchase of property, plant and equipment(35,973)(65,924)(74,238)

Payments of recoverable accounts(27,729)(25,379)(41,746)

Cash flows from financing activities(14,506)(28,596)(30,624)

Cash and cash equivalents at end of period

186,166

152,598

132,626

Interest-bearing debt*1

10,413

9,091

17,789

EBITDA*2

85,316

93,606

100,370

0.1

0.1

0.2

Debt-to-EBITDA ratio*1 Interest-bearing debt includes lease obligations, retirement benefit liabilities and contingent liabilities*2 EBITDA is the total of operating profit, depreciation, interest and dividends received based on investment cash flow statement
Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

25

Appendix
1. Net Sales

2. Financial Results
3. Segment Profit

4. Price Assumptions for FY3/25 Forecasts

5. Sensitivities Analysis on FY3/25 Forecasts Basis
6. Business Overview

7. Integrated Report and IR-related Materials, etc.
8. Glossary

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

26

Appendix

1. Net Sales - ①E&P
Million Yen FY3/23 (a)Full year

FY3/24 (a)
1Q

2Q

3Q

FY3/25 (f)4Q

Full year

Full year
May 14

Sales

56,063

10,72436,81125,304

15,96988,810141,190

695

152

497

349

240

1,240

2,009

55,703

10,60836,65025,091

15,45787,808138,031

238

50

50

60

63

225

220

20,760

3,700

3,962

5,115

5,014

17,792

16,507

436

97

441

283

171

994

1,769

33,084

6,532

32,312

19,524

10,02868,397

120,096

20

5

5

5

5

20

18

1,858

375

375

451

414

1,618

1,427

Sales volume of Natural gas -overseas *2 (Million M3)

11

10

15

16

23

65

151

Net sales

360

116

160

213

511

1,002

3,158

WTI（USD/bbl）

94.42

76.11

73.78

82.49

78.36

77.69

80.00

Crude oil price (CIF) (USD/bbl) *3

102.26

85.17

81.77

90.79

86.32

86.28

85.00

Sales volume of Crude oil (Thousand KL)
Net sales
Sales volume of Crude oil - Japan (Thousand KL)
Net sales
Sales volume of Crude oil - overseas *1 (Thousand KL)
Net sales
Sales volume of Purchased crude oil (Thousand KL)
Net sales(Reference)
Proved reserves at the end of FY2023: 141MMBOE (56MMBOE Japan, 84MMBOE overseas / 86MMBOE of Crude oil, 54MMBOE of Natural gas)
Production volume in FY2023 32MBOED (12MBOED Japan, 20MBOED overseas / 20MBOED Crude oil , 12MBOED Natural gas)
*1 Amounts of overseas consolidated subsidiaries, Japex Garraf Ltd. and Japex (U.S.) Corp. for FY3/23, Japex Garraf Ltd., Japex (U.S.) Corp., and JAPEX UK E&P Ltd., for FY3/24 and FY3/25*2 Amounts of overseas consolidated subsidiaries, Japex (U.S.) Corp. for FY3/23, Japex (U.S.) Corp. and JAPEX UK E&P Ltd., for FY3/24 and FY3/25*3 Domestic sales price average of crude oil referring to crude oil price (CIF)

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

27

Appendix

1. Net Sales - ②I/U
Million Yen FY3/23 (a)Full year

FY3/24 (a)
1Q

2Q

3Q

FY3/25 (f)4Q

Full year

Full year
May 14

213,657

36,39838,28836,02761,433

172,147

171,691

989

202

197

246

309

955

970

97,36020,20016,18919,351

25,745

81,48776,623

461

102

90

111

139

444

457

340

30

30

38

175

275

366

Net sales

51,572

1,498

4,551

4,143

19,99630,19034,401

Sales volume of Electricity (Million kWh)

3,005

774

1,171

695

906

3,548

2,980

Net sales

58,735

13,137

16,113

10,80813,212

53,272

44,678Others*

5,988

1,561

1,434

1,723

2,478

7,197

15,988JLC Price (JPY / ton)

126,286

89,887

88,343

95,287

98,994

93,12885,800

Sales
Sales volume of Natural gas – Japan (Million M3)
Net sales
Sales volume of Natural gas produced in Japan (Million M3)
Sales volume of LNG (Thousand ton)

* Including biomass fuel sales, net sales from commissioned transportation of natural gas and commissioned regasification of LNG

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

28

Appendix

2. Financial Results
Million Yen FY3/23 (a)Full year

FY3/24 (a)2Q

1Q

FY3/25 (f)3Q

Full year

4Q

Full year
May 14

Net sales

336,492

61,321

89,387

79,22995,924

325,863

379,400

E&P Business

56,063

10,72436,81125,304

15,96988,810141,190

Infrastructure/Utility Business

213,657

36,39838,28836,02761,433

172,147

171,691

Others

66,771

14,19914,286

17,897

18,52264,90566,518

Cost of sales

240,380

40,812

66,591

59,78971,373

238,567

293,100

Gross profit

96,111

20,50822,795

19,44024,551

87,29686,300Exploration expenses

2,885

255

726

1,035

1,518

3,536

1,800

SG&A expenses

31,139

7,349

6,470

7,037

7,653

28,512

32,100Operating profit

62,085

12,903

15,597

11,366

15,37955,24752,400Non-operation income (expense)

21,044

5,315

5,318

(2,339)5,267

13,561

3,100

Interest income

1,173

520

464

559

720

2,265

1,000

Interest expenses

(5)

(24)

(34)

(161)

(406)

(626)

(2,300)

Dividend income

3,520

57

1,977

71

1,984

4,090

4,300

7,109

338

932

245

(1,301)214

600

Provision for overseas investment

(44)

(15)

0

(23)

116

78

200

Foreign exchange gains and loss

5,332

4,764

1,587

(3,103)

4,385

7,634

-

Other

3,958

(325)

390

72

(232)

(95)

(700)

83,13018,21920,916

9,027

20,64668,80855,500Extraordinary income (loss)

(46)

(9)

(3)

(7)

(3)

(24)

-

Profit before income taxes

83,084

18,20920,912

9,019

20,642

68,78455,500

Income taxes

15,102

4,335

4,757

476

2,498

12,067

11,900

587

874

1,384

(202)

998

3,055

800

67,394

12,99914,7708,745

17,14553,66142,800Share of profit of entities accounted forusing equity method

Ordinary profit

Profit attributable to non-controlling interests
Profit attributable to owners of parent

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29

Appendix

3. Segment Profit
Million Yen

FY3/23 (a)FY3/24 (a)Full year

2Q

1Q

FY3/25 (f)3Q

4Q

Full year

Full year
May.14

Operating profit

Japan

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

North America

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

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

Middle East

Share of profit (loss) of entities
accounted for using equity
methodOperating profit*1

OthersShare of profit (loss) of entities
accounted for using equity
methodAdjustments andEliminations*2
Amounts on consolidated
statement of income*3
*1
*2
*3

Operating profit

68,855

13,732

12,608

9,612

15,176

51,13039,031

326

136

50

(64)

45

168

334

4,210

1,952

3,536

3,440

2,488

11,417

19,732

-

-

-

-

(49)

(49)

(66)

(170)

(111)

(137)

(111)

786

426

3,490

-

-

-

(61)

(467)

(529)

(378)

(112)

447

2,672

1,110

519

4,750

3,154

(11)

(1)

(3)

7

-

2

-

-

-

-

-

-

-

-

6,793

202

884

364

(829)

622

709

(10,697)(3,118)(3,082)(2,684)(3,591)(12,477)(13,008)62,085

12,903

15,597

11,366

15,37955,24752,400Include the Sakhalin Oil and Gas Development Co., Ltd., Energi Mega Pratama Inc., and others
Mainly intersegment elimination and corporate expense.
Furthermore, corporate expense represents mainly general and administrative expenses and experiment and research expense that are not allocated to reporting segments
Segment profit (loss) is reconciled to operating profit in the consolidated statements of income

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30

Appendix

4. Price Assumptions for FY3/25 Forecasts
Upper: from January 2023 to March 2024
Full year

Lower: from January 2024 to March 2025
Jan.-Mar.

Apr.-Jun.

Jul.-Sep.

Oct.-Dec.

Jan.-Mar.

FY3/24 (a)

-

85.17

81.77

90.79

86.32

86.28

FY3/25 (f)

-

85.00

85.00

85.00

85.00

85.00

FY3/24 (a)

76.11

73.78

82.49

78.36

-

77.69

FY3/25 (f)

80.00

80.00

80.00

80.00

-

80.00

FY3/24 (a)-89,887

88,343

95,287

98,994

93,128

FY3/25 (f)-86,40085,60085,60085,60085,800FY3/24 (a)-134.36141.06148.53146.51

143.28

FY3/25 (f)-140.00140.00140.00140.00140.00Market Price
Crude oil price (CIF)

WTI*

USD/bbl

USD/bbl

JLC price

JPY/TonExchange rate

JPY/USD* Domestic sales price average of crude oil referring to crude oil price (CIF)

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31

Appendix

5. Sensitivities Analysis on FY3/25 Forecasts Basis
Impacts on profit（Million Yen）

Main factors for change
positive factor “+”/ negative factor “-”FY3/25
Assumptions

Fluctuation

Crude oil price

WTI
USD 80.00/bbl
Crude oil price (CIF), Brent
USD 85.00/bbl

Increase by
1USD/bbl

620+ Sales of oil and gas- Increase in LNG procurement cost

Exchange rate

JPY 140.00/USD

1 weaker JPY
against USD

580+ Sales of oil and gas- Increase in LNG procurement cost

Operating profit【Assumptions】• Changes in equity method profit/loss are not considered in the above amount• In addition to the impact of exchange rate fluctuations shown on the above, translation adjustments of foreign-currencydenominated receivables and payables also may occur• Actual profits are influenced by various other factors besides crude oil prices and exchange rates

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32

Appendix

6. Business Overview ① E&P Field
3

E&P Business site

4

5
A

1

6
JAPEX Group E&P business base site

Japan

2

Overseas Our oil and gas E&P fields/projects (as of Apr., 2024)
No.

Oil and gas field/Project title (Operator)

10 fields
6 projects

Interest Share（JAPEX’s net）

Production type

Status

Production Volume*1

Differ by interest

Crude oil/natural gas

Production/
Development

Undisclosed

A

Japan: Domestic oil and gas fields(Total of 10 locations in Hokkaido, Akita, Yamagata, and Niigata)1

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

30% (16.5%)

Crude oil

Production/
Development

Approx. 154,000bbl

2

Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.)

100％ (25%)

Crude oil/natural gas

Production

Approx. 2,450,000m3(Approx. 14,928boed)

3

Norway: Offshore Blocks (Equinor ASA, etc.*2)

Differ by interest

Crude oil/natural gas

Exploration/Production/
Development

ー*3

4

UK North Sea: Seagull Project (BP Exploration Operating Company Ltd.)

15% (15％)

Crude oil/natural gas

Production/
Development

Undisclosed

5

Russia: Sakhalin-1 Project (Sakhalin-1 Limited Liability Company: S1LLC)

30% (4.59％) *4

Crude oil/natural gas

Production/
Development

Undisclosed

6

North America: Tight Oil Development (EOG Resources Inc., etc.*2)

Differ by interest

Crude oil/natural gas

Production/
Development

9,360boe*5*1: Average daily Production for FY2023 (No.1: Apr.2023-Mar.2024, No.2,6: Jan.-Dec.2023) *2: Operators differ by interest. Main operators listed.
*3: Completion of capital participation (49.9% stake) in Jul. 2023. Since the procedures for the acquisition of interests in production assets were completed at the end of Jan. 2024, there was no production by
the Group during this period (Jan-Dec 2023).
*4: Pursuant to Government of the Russian Federation order on Nov. 2022,Sakhalin Oil and Gas Development Co., Ltd.(SODECO) was approved to subscribe for 30% equity of the S1LLC. *5 Stated in net.

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

33

Appendix

6. Business Overview ② I/U Field - Gas Supply
Features of JAPEX's domestic gas supply network

High-pressure gas pipeline network over 800 km total

2 LNG terminals for ocean-going carriers

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

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

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

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

34

Appendix

6. Business Overview ③ I/U Field - Electricity
1

JAPEX’s joining power plants are

8 sites

Total(Renewable energy 7 sites

Total output 1,389,800kW

Renewable energy 209,800kW)※ Total output represents gross plant output

2

3

 Power plants in development and operation (as of Apr., 2024)
No.

Name

Location

Type

Capacity
(kW)

Share

StatusA

Fukushima Natural Gas Power Plant

Shinchi Town,
Fukushima

Natural gas(LNG)

1,180,000

33%

In operation

1

Abashiri Biomass No.2&3 Power Plants

Abashiri City,
Hokkaido

Biomass(wood chip)

19,80033.8%

In operation

2

Mega solar power generation
at JAPEX Hokkaido District Office

Tomakomai City,
Hokkaido

PV

1,800

100%

In operation

3

Yufutsu Solar Power Plant

Tomakomai City,
HokkaidoPV13,00020%

In operation

4

Mitsuke PV Power Plant

Mitsuke City,
Niigata

PV

250

100%

In operation

5

Tahara Biomass Power Plant

Tahara City,
Aichi

Biomass(wood pellet)

50,000

39.9%

Under
construction

6

Ozu Biomass Power Plant

Ozu City,
Ehime

Biomass(wood pellet)

50,00035%

Underconstruction

7

Chofu Biomass Power Plant

Shimonoseki City,
Yamaguchi

Biomass(wood pellet)

74,950

39.9%

Under
construction

 Other renewable energy project

PHOTON Sustainable Solar Investment Limited Partnership(funding up to 10 billion yen in PV generation projects including
non-FIT projects; 50% of our investment ratio)

7

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5
6

4

A

Gas power plant
Renewable power plant
Renewable power plant(under construction)

35

Appendix

6. Business Overview ④ CN Field
4
3

A
2
1
 Ongoing initiatives to participate in / promote (as of Apr., 2024)
No.

Major Initiatives

Country Study on technical issues of energy transportation infrastructure for the realization of CN society with JFE Engineering Feasibility study of CCUS project in Tomakomai area, Hokkaido with Idemitsu and HEPCO (Jan 2023～)
 JAPEX, Idemitsu, and HEPCO commissioned a CCS Study in Tomakomai Area as the “Business Feasibility Study on Japanese Advanced CCS Project” in FY2023

A

Japan

by JOGMEC (Jul 2023)
 JAPEX, MGC, TOHOKU-EPCO, HC and NRI commissioned a Study in East-Niigata Area as the “Business Feasibility Study on Japanese Advanced CCS Project” in
FY2023 by JOGMEC (Aug 2023)
 Agreed on Joint Study with Nippon Gas Line on domestic marine transportation of liquefied CO2 and port developments (Nov 2023)
 Commencement of Joint Study with MGC, IHI, Mitsui & Co., and MOL to establish ammonia supply base in Soma area, Fukushima (Jan 2024~)

1

Indonesia

2

Malaysia

3

U.S.

4

Canada Signed a Memorandum of Understanding with SKK Migas for cooperation in realizing Hub & Cluster CCS/CCUS in Indonesia (Sep 2023)
 Started CO2 injection testing at the Sukowati oil field in Indonesia based on a joint study agreement with JOGMEC and the Pertamina Group (Dec 2023～)
 Joint Study on CCS：Jointly conducted site surveys and technical studies with a view to implementing CO2 geological storage with PETRONAS, JGC Global
Corporation, and Kawasaki Kisen Kaisha (Jan 2022～)
 Agreed with JFE Steel Corporation to establish CCS value chain originated from JAPAN in conjunction with the above CCS joint study in FY2023 (Jun 2023),
Chugoku Electric Power and Nippon Gas Line newly participated in the same study (Feb 2024).
 Capital participation in Blue Spruce Operating LLC of the U.S. to participate in our first CCS business study project in advanced overseas country (Oct 2023)
 Signed MOU to foster growth and collaboration in energy market throughout with Invest Alberta Corporation（Mar 2024）

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Appendix

7. Integrated Report and IR-related Materials, etc.
Please visit our website for the integrated report and IR materials.
Integrated Report Integrated Reporthttps://www.japex.co.jp/en/ir/library/integratedreport/
The latest issue(Integrated Report 2023, published in October 2023)

is available directly via the following link

https://www.japex.co.jp/en/ir/uploads/pdf/JAPEX_IR2023_e.pdf

Disclosure Materials Archive Financial Results

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

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

 Securities Reporthttps://www.japex.co.jp/en/ir/library/report/

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

Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

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

https://www.japex.co.jp/en/ir/stock/dividend/37

Appendix

8. Glossary Abbreviations
BOE(D)

Barrels of Oil Equivalent (per Day)

CCS

Carbon dioxide Capture and Storage

CCUS

Carbon dioxide Capture, Utilization and Storage

CIF

Cost, Insurance and FreightCN

Carbon neutral

E&P

Exploration and Production

I/U

Infrastructure & Utility

JCC

Japan Crude Cocktail

WTIWest Texas Intermediate Main Subsidiaries and Affiliates
Japex Garraf

Japex Garraf Ltd.

Iraq / Garraf Project

EMPI

Energi Mega Pratama Inc.

Indonesia / Kangean Project

SODECO

Sakhalin Oil & Gas Development Co., Ltd.

Russia / Sakhalin-1 Project

LBJ

Longboat JAPEX Norge AS

Norway: Offshore Blocks

FGP

Fukushima Gas Power Co., Ltd.

Natural gas-fired electric power generation Business

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Cautionary Statement
This document contains future outlooks such as plans, forecasts, strategies, and others which are nothistorical facts and these are made by the management’s judgement based on the obtainable
information at the time of the disclosure. Actual results may significantly differ from those future
outlooks due to various factors.
This document is not intended to invite investment.
Copyright: All information contained herein is protected by copyright, and may not be copied or
reproduced without prior consent of JAPEX.
Note:・Abbreviations used herein are as follows:(a) = Actual results(f) = Forecasts
FY = Fiscal Year (FY3/24, for instance, means 12 months ending March 31, 2024)
・Figures in parentheses in "Operating profit," "Ordinary profit," " Share of profit of entities accounted for using equity
method," and " Profit attributable to owners of parent" represent losses in each category.
Any inquiries about the information contained herein or other Investor Relations questions are requested to be directed to:
Corporate Communication Office, Japan Petroleum Exploration Co., Ltd. (JAPEX)Tokyo, JAPAN TEL: +81-3-6268-7111

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Copyright © 2024 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

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