[Explanatory Material]

Financial Results
for the Fiscal Year Ended March 31, 2023

May 12, 2023

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 © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

Contents
Ⅰ. Financial Highlights and Business Progress
Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

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, 2023.
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

2

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

3

Ⅰ. Financial Highlights and Business Progress

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

FY3/22 (a)FY3/23 (a)ChangeOperating profit

19.8

62.0

+42.2

Ordinary profit

43.6

83.1

+39.4

(30.9)

67.3

+98.3

Profit attributable to owners of parentOperating profit： Rise in sales prices of crude oil, natural gas and electricity, etc. (+)



Ordinary profit： Gains on derivatives for LNG transactions etc. (+) , Decrease in foreign exchange gains and equity
in earnings of affiliates (-)



Profit/Loss attributable to owners of parent： Absence of extraordinary losses (in FY3/22) resulting from ending
our participation in two projects in Canada (+)

FY3/24 Forecasts(Billion Yen)

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

62.0

41.2

(20.8)

Ordinary profit

83.1

45.5

(37.6)

Profit attributable to owners of parent

67.3

34.0

(33.3)



Operating profit： Decrease in the sales price of of crude oil and natural gas (-)

Ordinary profit： Decrease in equity in earnings of affiliates, absence of foreign exchange gains and gain onderivatives , etc. (-)

Shareholders Return

FY3/23 annual dividend (result)：370.0 yen per share (interim 150 yen + year-end 220 yen)

FY3/24 annual dividend (forecast)：200.0 yen per share (interim 100 yen + year-end 100 yen)

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Ⅰ. Financial Highlights and Business Progress

JAPEX Management Plan 2022-2030
Assumption and basic policyMedium- to long-term management plan for 9 fiscal years
from FY2022 to FY2030



Improve profitability and build business foundation for2030 and beyond as basic policySet quantitative targets: business profit*1, ROE, andbusiness profit ratio
Have interim targets in FY2026 and long-term targets in
FY2030 on each target

Aim to achieve a profit level appropriate to capital costs
and enhance shareholder returns by promoting priority
items in each business fieldAllocate 500 billion yen of cash inflows in 9 years to 450
billion yen for growth investment and 50 billion yen forshareholder returns

Quantitative target

FY2030

FY2026
Business Profit

Business Profit
50 Billion Yen

30 Billion Yen
ROE 5%

ROE 8％

E&P：non-E&P
６：４

E&P：non-E&P
５：５

Business Fields
E&P

I/U*2

Contribute to early expansionof profit scaleand respond to low-carbonization

Transform business structure
to withstand market changes
and oil price volatility
Expand the profit scaleof renewable energy
and other business【Business Profit Target】
FY2026 12 billion Yen
FY2030 27 billion Yen

Continue to invest in acquisitionof new interests andpromote low-carbon operations【Business Profit Target】
FY2026 23 billion Yen
FY2030 27 billion Yen

CN*3
Contribute to smooth transition
to 2050 CN society
Launch CCS/CCUS hub and cluster*4
model business utilizing
existing oil and gas fields and others【Business Profit Target】
FY2026 1 billion Yen
FY2030 2 billion Yen*1: Operating profit and Profit of entities accounted for using equity method and others, assumption oil price (JCC)=50USD/bbl*2: Infrastructure & Utility, *3: CN＝Carbon Neutral, *4: CCS/CCUS network that connects multiple CO2 storage sites
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

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Ⅰ. Financial Highlights and Business Progress

Capital policy, Management Goal, and Fund Allocation
Capital policy Building a sustainable business foundation (ROE > 8% even at 50USD/bbl oil price) is underway: our pressing issues are the further growthof the E&P business and the raise of profit composition ratio of the non-E&P business in light of the decarbonization trend.
 Focusing on the investments for increasing profits in both E&P and non-E&P businesses: to maintain the shareholder return policy of a 30%
dividend payout ratio.
 Our recognition: the current PBR of below 1x is affected by the market's evaluation of the high dependency on the E&P business profit.
 Priority on stabilizing the business foundation by raising the profit levels and expanding the non-E&P businesses: for sustainably increasing
our corporate value.

Management target (quantitative target)
Item

TargetFY2022

FY2023 forecast

Business profit*1

FY2026 30 billion Yen
FY2030 50 billion Yen

69.0 billion yen

41.7 billion yen(Main factors)•

ROE

FY2026
FY2030

5%
8%

16.9%

8%

Profit composition(E&P：non-E&P)

FY2026
FY2030

6：4
5：5

7：3

7：3

•

FY2022 = Profit attributable to owners of parent 67.3 billion yen (JCC
102USD/bbl)
FY2023 forecast = Profit attributable to owners of parent of 34.0
billion yen (JCC: 75USD/bbl)•(Reference) PBR = FY2022 0.569* Price share is calculated based on the price of March 31, 2023
(4,465 yen)••

FY2022 = E&P 49.9 billion yen: Non-E&P 23.6 billion yen
FY2023 Forecast = E&P 35.7 billion yen: non-E&P 13.4 billion yen

Fund allocation
Item

Allocation assumption*2

FY2022

FY2023 forecast

Growth investment

FY2026 275 billion Yen
FY2030 450 billion Yen

44.1 billion yen

55.1 billion yen＋new(cumulative total 99.3
billion yen+new)•

25 billion Yen
50 billion Yen

13.8 billion yen

17.3 billion yen+new•

Shareholders
returnFY2026
FY2030(cumulative total 311
billion yen+new）(Main factors)••

Includes ongoing investments in projects under development, etc.
that will occur in the current fiscal year.
FY2023 : Additional investment of tight oil development in U.S., etc.
Dividends paid at the end of the relevant fiscal year + interim
dividends for the relevant fiscal year
FY2022 include share buybacks*1: Assumption Oil price (JCC)=50USD/bbl, *2: Cumulative for 5 years from FY2022 to FY2026 and 9 years from FY2022 to FY2030

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6

Ⅰ. Financial Highlights and Business Progress

Main Updates and Outlook on Priority Items
FY2022 result Pursuit of domestic potentials

 Pursuit of domestic potentials

 Acquisition of new overseas interests
 Decided to expand our investment for tight oil businesses in U.S.
(May)

 Promote development of overseas project Started additional development work of the first well of Katakai gas
field in Niigata (Jul)E&P

 Development and production to start up incrementally, including
acquired in January 2022

OngoingConsidering low-carbon measures for domestic operations
Ongoing overseas development project Garraf project: additional development to230,000 barrels per day Maintain and expand gas supply

 Conducted an LNG Bunkering Trial at Tomakomai Port (Sep) Signed a basic agreement regarding LNG supply to MOL Group ferries
(Jan)

I/U

 Domestic renewable energy development, etc.

 Commenced commercial operation of Abashiri Biomass 2nd and 3rdPower Plant at Hokkaido (Oct and Mar) Invested in a venture capital fund “ANRI-GREEN No.1” (Dec)

Ongoing Started the feasibility study of CCUS project in Tomakomai area with
Idemitsu Kosan and Hokkaido Electric Power Company (Jan) Completed the feasibility study on carbon recycling business utilizing
inter-industry collaboration in the Tomakomai area with Deloitte
Tohmatsu Consulting as a NEDO-commissioned project (Mar)
Ongoing Additional development of Katakai gas field: Start production of the firstwell (second half of the year) / Start drilling of the second well (midyear) Seagull Project in U.K. North Sea : Start of crude oil and natural gas
production starts (expected in mid-2023)

 Acquisition of new overseas interests

 Capital participation in a subsidiary of U.K.-based Longboat Energy PLC
to promote exploration and development in offshore Norway (May)＋ Focus on acquisition of new overseas oil and gas interests

 Maintain and expand gas supply Started providing natural gas based ESP service for Boehringer
Ingelheim Seiyaku’s Yamagata Factory (Apr)※Joint implementation with YAMAGATA GAS Co., Ltd.
＋ Focus on participation in
new renewable energy projects in Japan and overseas

Domestic renewable energy development (Under construction) Ozu Biomass Power Plant in Ehime (Commercial operation scheduled to start in 2024), Tahara Biomass Power Plant
in Aichi (2025), Chofu Biomass Power Plant in Yamaguchi (2025).
Overseas LNG midstream and downstream business development Vietnam LNG terminal construction project with ITECO: considering final investment decision

 Feasibility studies of CN business in JapanCN

FY2023 outlook

 Feasibility study of CN business in Japan The feasibility study of CCUS project in Tomakomai area with Idemitsu
Kosan and Hokkaido Electric Power Company (Apr)＋ Continue to consider participationin new CN projects in Japan and overseas

Feasibility study of domestic CN business：Paticipating in joint study of CO2-EGR at Higashi-Niigata gas field and Niigata area CO2 effective utilization project, etc. with Mitsubishi Gas
Chemical Company, Inc.
Overseas CCS/CCUS feasibility study：Indonesia Sukowati Oil Field CO2-EOR with Pertamina Group and Lemigas / Malaysia CCUS with PETRONAS, etc.

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Ⅰ. Financial Highlights and Business Progress

Main Updates on Shareholders return and ESG items
FY2022 result
Shareholders
return Introduced a consolidated dividends payout ratio of approx. 30% (inFY2023)
 Completed repurchase of shares (Aug) and cancelled all repurchased
shares (Sep)

Actual dividends: 370 yen per year
(Interim 150 yen + year-end 220 yen, Dividend payout ratio 29.9%)

E

Ｅ
Ｓ
Ｇ

S







Established the CN Business Committee (Apr)Participated in Global CCS Institute (May)Participated in CCS+ Initiative (Jun)Endorsed of GX League (Jun)
Evaluated as A- score for CDP of Climate Change (Dec)

Annual dividends forecast：200.0 yen per share(Interim 100 yen + year-end 100 yen, dividend payout ratio 31.9%)＋Enhance the climate change-related disclosures＋Strengthen activities to realize a CN society,including GX-related activities【Strengthen Human Capital Management】【Digital transformation (DX)】 Implemented the "Comeback Recruitment“ program for alumni (Jul) Expanded the incentive plan for employee stock ownership (Sep) Introduced a incentive program to acquire DX certification for digital
human resources development (Jan) Renewed a HR management system (Mar) Started to consider the optimization of domestic business operations as
a part of DX promotion (Apr)【Other】
 Introduced of same-sex partnership system (Apr)【Digital transformation (DX)】 Started a company-wide BPR study (Nov) Launched an internal SNS including a portal site function (Jan)【Others】
 Started a clothes casualization trial in office hours (Mar).
 Established the Human Rights Policy (Mar)G

FY2023 outlook

 Linked a portion of executive compensation to the result of climatechange response (in FY2022)
 Promoting diversity on the Board of Directors (Jun) Increased the number of outside directors (from 4 to 5), Increasedin the number of female directors (from 1 to 2)

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

＋Enhance the investment
in human capital and related disclosures＋Promote optimization of organization and operations
by utilizing DX and other measures Renewed the Takeover Defense Measures (plan to propose at theOrdinary General Meeting of Shareholders to be held in June)＋Responding to TSE requirement
to increase shareholder value

8

Ⅰ. Financial Highlights and Business Progress

Identification of Material Issues
 Material Issues connects core CSR themes "SHINE" and "JAPEX Management Plan 2022-2030”
 Identified four issues from "SHINE" that needs to be addressed now for our sustainable growth
Contribute to Society through our BusinessStable energy supply◆ We consider that oil and natural gas will continue to be indispensableenergy sources for society at the carbon neutral-society in 2050

◆ Based on this consideration, we will continue to work for stable
Stableenergy supply

Establishment of
CN businessenergy supply through the development of oil and natural gas

Establishment of CN business◆ We will contribute to the carbon-neutral society by establishing CCS

and others as our business, in order to realize a stable energy supply
in the future

Promotion of HR development and diversity◆ We consider that human resources (HR) are an origin of the value

Strengthen of Management Foundation

creation and essential to achieve our management plan

◆ Based on this consideration, we will enhance the ability of each

employee for creating value through HR development, and strengthen
company-wide capabilities through diversification of our employee

Promote of
HR development
and diversity

Digitaltransformation(DX)

Digital transformation (DX)◆ We will realize the working environment that is able to focus on add-

valued businesses through the strategic utilization of data and digitaltechnologies, and make continuous challenges to further increase ourcorporate value

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9

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

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10

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

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

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

249,140

336,492+87,351+35%

Gross profit

49,903

96,111+46,208+93%

Operating profit

19,80962,085+42,276+213%

Ordinary profit

43,674

83,130+39,456+90%(30,988)

67,394+98,383-

Profit (loss) attributable to owners of parent

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

USD/bbl

64.06

94.42

+30.36

Crude oil price (CIF)

USD/bbl73.28

102.26+28.98Exchange rate

JPY/USD

111.2

132.86+21.66＊* FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)

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11

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

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

Sales volume

FY3/23 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

73,422-56,063--(17,359)

(24%)

669

41,056695

55,703+25+4%+14,646+36%

286

15,570238

20,760

(48)

(17%)

[1] +5,190+33%

Crude oil - Overseas*1

357

24,105436

33,084+78+22%+8,978+37%

Purchased crude oil

25

1,381

20

1,858

(4)

(18%)

+477

+35%

Diluted bitumen *2959

31,121

-

-

[3]

(959)

-

(31,121)

-

130

1,244

11

360

[4]

(118)

(91%)

(883)

(71%)

-

E&P Business
Breakdown
Crude oil
Crude oil - Japan

Natural Gas - Overseas*3

Thousand KL

Million M3[2]

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

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12

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

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

Sales volume-

Infrastructure & Utility Business

FY3/23 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

119,845-

213,657--+93,812

+78%

1,061

58,024989

97,360(72)(7%)[1] +39,336

+68%

527

-

461

-

(66)

(13%)

-

-

295

22,596

340

51,572+44+15%+28,976

+128%

3,023

34,3203,005

58,735(17)(1%)[3] +24,414

+71%

-

4,903

-

5,988

-

+1,084+22%

Breakdown
Natural Gas - Japan
Million M3- Produced in Japan

LNG
Electricity

Thousand
Ton
Million kWh

Other*-[2]-

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

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13

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

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

62.0

Domestic : + 21.0 bn.
•

2.6
1.9

∗

→

41.1bn.

I/U Business
41.1+21.0 bn.

3.5 bn.

→24.6 bn.

Increase in margin on LNG procurement, etc.
 Absence of temporary factor (Increase in the cost due tothe procurement of alternative LNG cargo from the LNG
spot market)

•
3.5

I/U

20.1 bn.

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

20.1

E&P-Japan

1.9 bn.

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

E&P-Overseas

2.6 bn. →Incurred of one-time expenses from Japex Garraf Ltd.
Absence of sales volume of diluted bitumen
Increase in sales volume and sales price of tight oil in U.S.

•
•
•

19.8

OP total

Overseas : (0.7 bn.)

24.6

• Increase in sales price of electricity

Others

(6.5)

Others *(5.6)(15.0)(5.0)+0.9 bn.
5.0

15.0

FY3/22 (a)

25.0

35.0

45.0

FY3/23 (a)

55.0

65.0

(6.5 bn.)→ (5.6 bn.)

• Increase in profit of contract services and others at
subsidiaries∗

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

Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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14

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

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

Japex Garraf
JACOS
JUS

(2.7 bn.)(1.8 bn.)+4.0 bn.

JAPEX
Japex Garraf
CANOS

Net
income(5.2 bn.)(2.0 bn.)+3.0 bn.

Operating profit*+42.2 bn.

FY3/22(a)E&P
overseas

E&P
Japan

I/U

FY3/22(a)

2.6

20.1

FY3/23(a)

1.9

41.1

SODECO
DGN(8.2 bn.)+1.2 bn.

Gain on derivatives
Interest expenses+6.0 bn.
+1.1 bn.

Non-operating income(2.8 bn.)

Net
incomeOthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

14.2

(0.3)

(62.1)

9.6

2.8

7.1

8.6

(0.0)

15.1

0.5

OthersForeignexchange
gains and loss

Equity on
earnings

3.5

(6.5)

10.0

24.6

(5.6)

5.3

FY3/23(a)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
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15

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2023

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

16

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16

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

FY3/23 Forecasts
Million Yen

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

336,492

300,600(35,892)(11%)

Gross profit

96,11175,300(20,811)(22%)

Operating profit

62,085

41,200(20,885)(34%)

Ordinary profit

83,13045,500(37,630)(45%)

Profit (loss) attributable to owners of parent

67,39434,000(33,394)(50%)

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

USD/bbl

94.42

75.00

(19.42)Brent

USD/bbl

-

75.00

-

Crude oil price (CIF)

USD/bbl102.2675.00(27.26)

Exchange rate

JPY/USD

132.86125.00(7.86)

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17

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

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

Sales volume

FY3/24 (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

56,063-91,724--+35,661+64%

695

55,703

1,589

88,964

+893

+128%

+33,261+60%

238

20,760206

12,410

[1]

(31)

(13%)

(8,350)(40%)

Crude oil - overseas*1

436

33,084

1,364

75,431

[2]

+927

+213%

+42,347+128%

Purchased crude oil

20

1,858

18

1,122

(2)

(13%)

(735)

(40%)

11

360

95

2,760

+84

+733%

+2,399+666%

E&P Business-

Breakdown
Crude oil
Crude oil - Japan
Thousand KL

Natural Gas - Overseas*2

Million M3[3]

Main factors for change[1] Decrease in sales volume and sales price[2] Increase in sales volume of crude oil from Garraf Oil Field in Iraq and tight oil in U.S. Increase in sales volume due to the scheduled start of production at
the Seagull project in U.K. North Sea[3] Increase in sales volume of tight oil in United States. Increase in sales volume due to the scheduled start of production at the Seagull project in U.K. North
Sea*1 FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd. and Japex (U.S.) Corp.) and FY3/24 includes the amounts of 3 overseas subsidiaries (Japex Garraf Ltd. , Japex (U.S.) Corp.and JAPEX UK E&P Ltd.)*2 FY3/23 include the amounts of Japex (U.S.) Corp. and FY3/24 includes the volume of 2 overseas subsidiaries (Japex (U.S.) Corp. and JAPEX UK E&P Ltd.)

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18

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

I/U Business Sales Forecasts
FY3/23 (a)Net sales：Million Yen

Sales volume-

Infrastructure & Utility Business

FY3/24 (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

213,657-

147,305--(66,352)

(31%)

989

97,360996

77,288+6+1%[1] (20,072)

(21%)

461

-

470

-

+9

+2%

-

-

340

51,572

223

19,738

(117)

(35%)

(31,834)

(62%)

3,005

58,7353,021

43,445+15+1%[3] (15,290)

(26%)

-

5,988

-

6,833

-

+845

+14%

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

LNG

Ton

Electricity
OthersMillion kWh

*

-

[2]

-

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

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

19

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

Operating Profit Forecasts
E&P Business(Billion Yen)

Overseas : +12.9 bn.
62.0

OP total

41.2•

Domestic : (20.8 bn.)

1.9

E&P-Overseas•
41.1

E&P-Japan→

14.8 bn.

41.1 bn.

→

20.3 bn.

Decrease in sales volume and sales price in crude oil(Japan)Decrease in sales price* of natural gas (Japan) due todecrease in JLC price

•

14.8

1.9 bn.

Increase in sales volume of tight oil in U.S.
Increase in sales volume of crude oil due to the scheduledstart of production at the Seagull Project in U.K. North Sea
Absence of one-time expenses from Japex Garraf Ltd.

•
•

∗

20.3

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

I/U Business
24.6

I/U

Others

(10.0 bn.)

14.5

•

→

14.5 bn.

Others*

(5.6)
(8.5)

(20.0) (10.0)

24.6 bn.

Decrease in margin on LNG procurement(2.9 bn.)
0.0

10.0

FY3/23 (a)

20.0

30.0

40.0

50.0

FY3/24 (f)

60.0

70.0

(5.6 bn.)→ (8.5 bn.)

• Increase in general and administrative expenses (Personnel
and digital-related expenditures)• Decrease in profit of contract services and others at
subsidiaries∗

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

Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

20

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

Analysis of Change in Net Income Forecasts(Billion Yen)

(FY3/23) Japex Garraf (3.5 bn.)
(FY3/23) JAPAEX(1.7 bn.)

JUS
JUK
Japex Garraf

SODECO
DGN(3.8 bn.)(2.1 bn)+6.2 bn.
+4.1 bn.
+1.5 bn.
(FY3/23) Gain on derivatives

Net
incomeOperating profit*(20.8 bn.)Non-operating income(16.7 bn.)
OthersIncometaxes

Profitattributable tononcontrollinginterest

7.1

8.6

(0.0)

15.1

0.5

0.8

3.4

-

11.2

0.3

OthersEquity on
earnings

24.6

(5.6)

5.3

14.5

(8.5)

-

FY3/23 (a)

E&P
Japan

I/U

FY3/23 (a)

1.9

41.1

FY3/24 (f)

14.8

20.3

Net
incomeExtraordinary
incomeForeignexchange
gains and loss

E&P
overseas(6.0 bn.)

FY3/24(f)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

21

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

Balance sheet
Million yen

FY3/22(a)FY3/23(a)ChangeCurrent assets

226,920

281,791+54,871

Non-current assets

245,021286,388+41,367

Property, plant and equipment

92,837

118,411+25,573

Investment securities

108,910

115,940+7,030Recoverable accounts

16,01923,455+7,435other27,25228,580+1,327

471,941

568,180+96,238

Total assets

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

Increase in trade payables andaccounts payable - other, etc.

Current liabilities

25,24164,250+39,009

Non-current liabilities

43,92946,759+2,830Total net assets

402,770

457,169+54,399

Valuation difference on available-for-sale securities

48,34646,324(2,021)

Non-controlling interests

31,131

31,536+405

471,941

568,180+96,238

Total liabilities and net assets

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

Recording of profit.
Decrease due to dividend payment
and share repurchase22

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2024

Cash Flows and Debt
Million Yen

Cash flows from operating activities

FY3/22 (a)FY3/23 (a)Full year

Full year

FY3/24 (f)Full year
May 12(1,052)

104,581

98,293(18,501)

83,08445,500Depreciation

17,721

14,257

27,788Recovery of recoverable accounts

17,78018,29538,482

Cash flows from investing activities

52,067(52,723)(87,422)

Purchase of property, plant and equipment(16,278)(35,973)(54,433)

Payments of recoverable accounts(23,244)(27,729)(39,756)

Cash flows from financing activities(70,939)(14,506)(18,417)

Cash and cash equivalents at end of period

144,513

186,166

178,619

Interest-bearing debt*1

6,156

10,413

10,149

EBITDA*2

57,391

85,316

77,392

0.1

0.1

0.1

Profit before income taxes

Debt-to-EBITDA ratio*1 Interest-bearing debt includes reimbursement obligations, 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 © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

23

Appendix
1. Net Sales

2. Financial Results
3. Segment Profit
4. Price Assumptions for FY3/24 Forecasts
5. Sensitivities Analysis on FY3/24 Forecasts Basis
6. Progress in allocating funds under the JAPEX Management
Plan 2022-2030
7. Business Overview

8. Integrated Report and IR Materials
9. Glossary

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

24Appendix

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

FY3/23(a)
1Q

2Q

3Q

FY3/24(f)4Q

Full year

Full year
5.12

Sales

73,422

7,266

6,876

21,76020,16056,06391,724

669

79

62

260

292

695

1,589

41,056

7,251

6,850

21,57020,03055,70388,964

286

67

49

57

64

238

206

15,570

5,640

4,855

5,468

4,796

20,76012,410

357

7

7

199

222

436

1364

24,105

1,192

1,458

15,63214,80033,08475,431

25

5

5

4

5

20

18

1,381

418

536

469

433

1,858

1,122

959

-

-

-

-

-

-

31,121

-

-

-

-

-

-

130

0

0

3

6

11

95

Net sales

1,244

14

25

189

130

360

2,760

WTI（USD/bbl）

64.06

94.41

108.65

91.76

82.85

94.42

75.00

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

73.28

101.55115.31105.9389.98

102.2675.00

Exchange rate (JPY/USD) *3

111.20122.50133.58143.32133.39132.86125.00JML natural gas (CAD/mcf)

2.96

-

-

-

-

-

-

Sales volume of Crude oil (Thousand KL)
Net sales
Sales volume of Crude oil - Japan (Thousand KL)
Net sales
Sales volume of Crude oil - overseas *1 (Thousand KL)
Net sales
Sales volume of Purchased crude oil (Thousand KL)
Net sales
Sales volume of Diluted bitumen (Thousand KL)
Net sales
Sales volume of Natural gas -overseas *2(Million M3)(Reference)
Proved reserves at the end of FY2022: 137MMBOE (52MMBOE Japan, 85MMBOE overseas / 89MMBOE of Crude oil, 48 MMBOE of Natural gas)
Production volume in FY2022 28MBOED (13MBOED Japan, 15MBOED overseas / 14MBOED Crude oil , 14MBOED Natural gas)
*1 FY3/22 include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.), FY3/23 includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd.,and Japex (U.S.) Corp.)、*2 FY3/22 include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.), FY3/23 includes the amounts of Japex (U.S.) Corp.
*3 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

25

Appendix

1. Net Sales - I/UMillion Yen FY3/22(a)Full year

FY3/23(a)
1Q

2Q

3Q

FY3/24(f)4Q

Full year

Full year
5.12

119,845

36,00940,77064,96871,909213,657

147,305

Sales volume of Natural gas – Japan (Million M3)

1,061

231

214

245

296

989

996

Net sales

58,024

17,92318,04326,65934,734

97,36077,288

527

109

101

112

136

461

470

295

49

44

119

127

340

223

Net sales

22,596

6,062

7,424

21,391

16,69551,572

19,738

Sales volume of Electricity (Million kWh)

3,023

665

787

693

859

3,005

3,021

Net sales

34,32010,986

14,265

15,591

17,89158,73543,445

Others*

4,903

1,037

1,037

1,326

2,587

5,988

6,833

Sales

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

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

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

26

Appendix

2. Financial Results
Million Yen

FY3/22(a)Full year

FY3/23(a)1Q

2Q

FY3/24(f)3Q

4Q

Full year

Full year
5.12

Net sales

249,140

58,61762,091

104,396111,387

336,492

300,600

73,422

7,266

6,876

21,76020,16056,06391,724

119,845

36,00940,77064,96871,909213,657

147,305

55,872

15,341

14,444

17,667

19,317

66,771

61,570

Cost of sales

199,237

41,92044,80774,48879,164

240,380

225,300

Gross profit

49,903

16,696

17,28329,90732,222

96,11175,300

359

97

1,042

860

885

2,885

4,700

SG&A expenses

29,734

6,788

6,746

9,609

7,994

31,13929,400Operating profit

19,809

9,810

9,494

19,43823,34362,085

41,200Non-operation income

23,864

12,78910,989(4,643)

1,908

21,044

4,300

266

149

257

342

424

1,173

627

Interest expenses(1,187)

(1)

(1)

-

(2)

(5)

(363)

Dividend income

4,049

47

1,603

67

1,801

3,520

3,719

14,226

5,988

696

49

375

7,109

859

Provision for overseas investment

66

-

-

(44)

0

(44)

(120)

Foreign exchange gains and loss

10,002

6,748

2,428

(4,312)

468

5,332

0

Other

(3,559)

(142)

6,004

(744)

(1,158)

3,958

(422)

Ordinary profit

43,67422,60020,483

14,79425,251

83,13045,500Extraordinary income(62,175)

(1)

(14)

(11)

(19)

(46)

0

Profit before income taxes(18,501)

22,59820,46914,78325,232

83,08445,500

Income taxes

9,652

5,304

3,665

4,520

1,611

15,102

11,200

Profit attributable to non-controlling interests

2,835

1,653

1,013

(1,593)

(487)

587

300

(30,988)

15,64015,79011,85624,10767,39434,000E&P Business
Infrastructure/Utility Business
OthersExploration expenses

Interest income

Share of profit of entities accounted forusing equity method

Profit (loss) attributable to owners of parent

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

27

Appendix

3. Segment Profit
Million Yen

FY3/22(a)FY3/23(a)Full year

1Q

2Q

FY3/24(f)3Q

4Q

Full year

Full year
5.12

Operating profitJapan

24,73911,472

11,215

19,702

26,46468,85538,031

(47)

291

24

124

(113)

326

319

1,789

227

320

2,370

1,291

4,210

10,474

-

-

-

-

-

-

-

(151)

(33)

(55)

(29)

(51)

(170)

4,007

-

-

-

-

-

-

-

2,644

522

611

(8)

(1,237)

(112)

1,478

(13)

(3)

(3)

(2)

(2)

(11)

(7)

-

-

-

-

-

-

-

14,287

5,699

675

(72)

490

6,793

547

(9,213)(2,378)(2,598)(2,596)(3,123)(10,697)(12,792)

19,809

9,810

9,494

19,43823,34362,085

41,200Share of profit (loss) of entities
accounted for using equity
methodOperating profit (loss)

North America

Share of profit of entities
accounted for using equity
methodOperating loss

EuropeShare of profit of entities
accounted for using equity
methodOperating profit

Middle East

Share of loss of entities
accounted for using equity
methodOperating profit

Others*1

Share of profit of entities
accounted for using equity
methodAdjustments andEliminations*2
Amounts on consolidated
statement of income *3
*1
*2
*3

Operating profit (loss)

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

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

28

Appendix

4. Price Assumptions for FY3/24 Forecasts
Upper: from January 2022 to March 2023
Full year

Lower: from January 2023 to March 2024
Jan.-Mar.

Apr.-Jun.

Jul.-Sep.

Oct.-Dec.

Jan.-Mar.

FY3/23 (a)-101.55115.31105.9389.98

102.26

FY3/24 (f)

-

75.00

75.00

75.00

75.00

75.00

FY3/23 (a)94.41

108.65

91.76

82.85

-

94.42

FY3/24 (f)

75.00

75.00

75.00

75.00

-

75.00

FY3/23 (a)

-

-

-

-

-

-

FY3/24 (f)

75.00

75.00

75.00

75.00

-

75.00

FY3/23 (a)-101,863

143,821

142,404

117,059

126,287

FY3/24 (f)-82,80075,70075,40075,40077,300FY3/23 (a)

-

-

-

-

-

-

FY3/24 (f)

-

15.0

15.0

15.0

15.0

15.0

Market Price
Crude oil price (CIF)

WTI

Brent

JLC price

Exchange rate

*1

USD/bbl

USD/bbl

USD/bbl

JPY/Ton

JPY/USD* Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

29

Appendix

5. Sensitivities Analysis on FY3/24 Forecasts Basis
FY3/24
Assumptions

Impacts on profit（Million Yen）
Fluctuation
Operating profit

Profitattributable toowners of parent

Main factors for change
positive factor “+”/ negative factor “( )”Crude oil price

Crude oil price (CIF)
USD 75.00/bbl

Increase by
1USD/bbl

470

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

Exchange rate

JPY 125.00/USD

1 weaker JPY
against USD

570

340

+ Sales of oil and gas(Increase in LNG procurement cost)【Assumptions】• Changes in equity method investment gain are not included in the above amount.
• Translation adjustments of foreign-currency-denominated receivables and payables may occur, in addition to the impact of exchange
rate fluctuations shown on the above.
• Actual profits are influenced by various other factors besides crude oil prices and exchange rates.

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

30

Appendix

6. Progress in allocating funds
under the JAPEX Management Plan 2022-2030
2022-2030
Cumulative total(Plan)

2022-2023
Cumulative total(Forecast)

Additional domestic development, etc.

30

14

47%

Acquisition of new overseas interests, etc.

200

75.8

38%

Domestic gas supply

40

0

0%

Overseas LNG supply infrastructure development

40

5.2

13%

Domestic and international
renewable energy development

90

3.9

4%

Domestic and international CN businessdevelopment

50

－

－

450

99.3

22%

50

31.1

62%

500

130.4

26%

billion yen

GrowthInvestments

E&P

I/U

CN

Total
Shareholder Returns
Cash outflow total

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

rate of progress

31

Appendix

7. Business Overview ② E&P Field
O&G

O&G

[3] Norway: Offshore Blocks* Included in oursales profit

OIL[4] UK North Sea: Seagull Project[1] Iraq: Garraf Project*OIL

E&P Business site

[5] Russia: Sakhalin 1 Project*[6] United States:
Tight Oil Development*

O&G

OIL

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

Our affiliated E&P business baseJapan[2] Indonesia・Kangean ProjectOverseas

GAS

10 fields
6 projects

 Our oil and gas E&P fields/projects
No.

Oil and gas field/Project title (Operator)

Interest Share（JAPEX’s net）

Production type

Status

Production Volume*1

Differ by interest

Crude oil/natural gas

Production/
Additional 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/
Additional Development

Approx. 127,000bbl*2

2

Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.)

100％ (25%)

Natural gas

Production

Approx. 3,520,000m3(Approx. 21,000boed)

3

Norway: Offshore Blocks

Differ by interest-

Exploration-

4

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

15% (15％)

Crude oil/natural gas

Development(Schedule to start
production in FY2023)

5

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

30% (4.59％)*3

Crude oil

Production/
Development

Undisclosed

6

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

Differ by interest

Crude oil

Production/
Development

Undisclosed*1: Average daily Production for cumulative FY2022 (Jan.-Dec.. 2022 for overseas projects) / *2:Average daily production Apr.2022-Mar.2023*3: Decided to make capital participation in May 2023 (investment ratio: 49.9%)*4: Pursuant to Government of the Russian Federation order on November 2022,Sakhalin Oil and Gas Development Co., Ltd.(SODECO) was approved to subscribe for 30% equity of the S1LLC.

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

32

Appendix

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

High-pressure gas pipeline network over 800 km total

2 LNG terminals for ocean-going carriers
Capable to supply from Sea of Japan and Pacific Ocean Domestic gas supplyDomestic produced gas and regasified LNG supply via pipelines
Receive, storage, regasify, and deliver LNG
LNG satellite system: tank trucks, 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 © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

33

Appendix

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

JAPEX’s joining power plants are

7 sites

Total(Renewable energy 6 sites

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

PV Power plants in development and operation (as of the end of March 2023)
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

Tahara Biomass Power Plant

Tahara City,
Aichi

Biomass(wood pellets)

50,00039.9%

In construction

Biomass(wood pellet)

50,00035%

In construction

Biomass(wood pellet)

74,95039.9%

In construction

4
5

Ozu Biomass Power Plant

Ozu City,
Ehime

6

Chofu Biomass Power Plant

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

LNG[4] Tahara Biomass Power Plant

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

BIO

BIO

[6] Chofu Biomass Power Plant
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

BIO

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

34

Appendix

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

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

Examination and Development ofInter-company and Cross-industry

Legal Systems, etc.

Collaboration＋

 Collection of CO2 from emitting sites
 CO2 transportation network construction•

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

Including stored CO2 monitoring＋ Legal system for CO2 underground storage
 Appropriate system of CO2 transportation
infrastructures with publicness
 CO2 trading system•

Including collaboration with overseas CO2
trading

 Ongoing CCS/CCUS initiatives to promote/participate inJapan

Realize hub & cluster model by FY2030

 Consideration in JAPEX Examination of CO2 storage capacity in our oil and gas fields, etc.
 Study of re-injection of associated CO2 from our oil and gas field
operations
 Feasibility study with companies/cross-industry
 Feasibility study of CCUS project in Tomakomai area with Idemitsu
Kosan and Hokkaido Electric Power Company
 Feasibility study on carbon recycling business utilizing inter-industry
collaboration in the Tomakomai area with Deloitte Tohmatsu
Consulting (NEDO-commissioned project to be completed by the endof March 2023.)
 Feasibility study of a business in the Niigata area that makes effective
use of CO2 with Mitsubishi Gas Chemical Feasibility Study for a Hub & Cluster Type CCUS Project in Niigata East
Port Area (JOGMEC-commissioned project in FY2022 to be completed
by the end of February 2022.)

Overseas

Early profit earning in advanced countries& consideration in emerging countries

 Consideration in JAPEX
 Consideration for participation in CCS/CCUS projects in North
America, Europe and other systematically advanced areas

 Feasibility study on companies/cross-industry
 Joint feasibility study of a CCUS project in Indonesia's Sukowati oilfield utilizing bilateral credits (with Pertamina Group and Lemigas)
 Joint CCS study in Malaysia: Investigation of suitable sites andtechnical evaluations for CO2 underground storage (with PETRONAS,JGC CORPORATION, and Kawasaki Kisen Kaisha, Ltd., and works by
3 Japanese companies are adopted as a subsidy project by theJapanese government)

Common  Technical and other related study Study on technical issues of energy transportation infrastructure for the realization of a CN society with JFE Engineering
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

35

Appendix

8. Integrated Report and IR Materials
Please visit our website for the integrated report and IR materials.

Integrated Report Integrated Reporthttps://www.japex.co.jp/en/ir/library/integratedreport/
The latest issue(Integrated Report 2022, published in September 2022)

is available directly via the following link

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

Disclosure Materials Archive Financial Results

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

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

 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 © 2023 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/36

Appendix

9. Glossary Abbreviations
BOE(D)

Barrels of Oil Equivalent (per Day)

CCS

Carbon dioxide Capture and Storage

CCUS

Carbon dioxide Capture, Utilization and Storage

CIF

Cost, Insurance and Freight

E&P

Exploration and Production

FID

Final Investment Decision

GHG

Greenhouse Gas

HSE

Health, Safety and Environment

JCC

Japan Crude Cocktail

JEPX

Japan Electric Power Exchange

MH

Methane Hydrate

RRR

Reserve Replacement Ratio

WTIWest Texas Intermediate Main Subsidiaries and Affiliates
Japex Garraf

Japex Garraf Ltd.

Iraq / Garraf Project

EMPI

Energi Mega Pratama Inc.

Indonesia / Kangean Project

SODECO

Sakhalin Oil & Gas Development Co., Ltd.

Russia / Sakhalin-1 Project

DGN

Diamond Gas Netherlands B.V.

Malaysia LNG Project 3（Tiga）

FGP

Fukushima Gas Power Co., Ltd.

Natural gas-fired electric power generation Business

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

37

Cautionary Statement
This document contains future outlooks such as plans, forecasts, strategies, and others which are nothistorical fact and these are made by the management’s judgement based on the obtainable information
at the time of the disclosure. Actual results may significantly differ from those future outlooks due tovarious factors.
This document is not intended to invite investment.

Copyright: All information contained herein is protected by copyright, and may not be copied or
reproduced without prior consent of JAPEX.
Note:・Abbreviations used herein are as follows:(a) = Actual results(f) = Forecasts
FY = Fiscal Year (FY3/23, for instance, means 12 months ending March 31, 2023)
・Figures in parentheses in "Operating profit," "Ordinary profit," " Share of profit of entities accounted for using equity
method," and " Profit attributable to owners of parent" represent losses in each category.
Any inquiries about the information contained herein or other Investor Relations questions are requested to be directed to:
Corporate Communication Office, Japan Petroleum Exploration Co., Ltd. (JAPEX)Tokyo, JAPAN TEL: +81-3-6268-7111

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

38

Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.