[Explanatory Material]

Financial Results

for the Fiscal Year Ended March 31, 2022

May 13, 2022

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 © 2022 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, 2022
Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Note: This material also serves as the presentation material for the financial results briefing for the institutional investors andanalysts to be held on May 16, 2022.
Copyright © 2022 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, 2022
Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

3

Ⅰ. Financial Highlights and Business Progress

Financial Highlights
FY3/22 Results（Year-on-year）(Billion Yen)
Operating profit
Ordinary profit
Profit attributable to owners of parent (loss)

FY 3/21 (a)
4.1
10.0
(2.7)

FY 3/22 (a)
19.8
43.6
(30.9)

Change+15.6+33.6(28.2)

Operating profit ： Increase due to higher sales prices of crude oil and natural gas resulting from soaring crude oil prices, etc.
Ordinary profit ： Increase due to foreign exchange gains and increase in equity in earnings of affiliates
Profit attributable to owners of parent： Net loss of 30.9 billion yen due to extraordinary losses resulting from the termination of
our participation in two projects in Canada

FY3/23 Forecasts(Billion Yen)
Operating profit
Ordinary profit
Profit attributable to owners of parent (loss)

FY 3/22 (a)
19.8
43.6
(30.9)

FY 3/23 (f)
20.9
28.7
25.5

Change+1.1(14.9)+56.5

Operating profit ： Expect to see higher domestic natural gas sales prices and an increase in marginal gain on LNG procurement
Ordinary profit ： Expect decrease in income due to the absence of foreign exchange gains (in FY2022/3) and decrease in equity
in earnings of affiliates, etc.
Profit attributable to owners of parent ： Net income of 25.5 billion yen is expected due to the absence of extraordinary losses(FY 2022/3), etc.

Dividend Policy

FY3/22 annual dividend (result)：50.0 yen per share (interim 25 yen + year-end 25 yen)
FY3/23 annual dividend (forecast)：140.0 yen per share (interim 70 yen + year-end 70 yen)

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4

Ⅰ. Financial Highlights and Business Progress(Ex-plan) Objectives and Progress in FY2021
Management Goals
Long-term Vision 2030

Profit composition of E&P-to-non E&Ps = 6:4 in 2030

Mid-term Business Plan
2018-2022

ROE target of 5% or more in FY2022 * Based on Japan Crude Cocktail (JCC) of 60UDS/bbl*Total of consolidated operating income (loss) and equity in earnings (loss) of affiliated companies

Progress in 4 years, but business environment was changed ▶ Formulated JAPEX Management Plan 2022-2030 in March 2022

Progress status of targets
Target items

FY2022 Targets

FY2021

5% or more-

Domestic gas transaction volume

1.60 million tons

1.43Electricity sales volume

2.8 billion kWh

3.0Interest-bearing debt

Reduce by 100～120 billion yen

6.1

Debt-to-EBITDA ratioLess than 2.0 times

0.1(Long-term target) Exceeded by 1

(0.059)ROE

Reserve Replacement Ratio
Proved reserves（MMBOE）

302

387

Domestic

355

Overseas

317

323

296

266

73

64

58

51

159
105
54

E d f FY2017

E d f FY2018

E d f FY2019

E d f FY2020

E d f FY2021

229

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Production volume（MBOED）

76

Domestic

Overseas

62

59

46

44

60

62

42

45

60

18

17

17

15

14

FY2017FY2018FY2019FY2020

FY2021
5

Ⅰ. Financial Highlights and Business Progress(Ex-plan) Main Results in FY2021
1st half of FY2021 (Apr. to Sep. in 2021)
E&P
Business

I/U
Business[Maintain and Increase Domestic Production]• Decided additional development around Katakai gas field in Apr.

[Optimize Overseas Business portfolio]

ESG
andOthers[Acquire New Overseas Interests]• Acquired wellbore interests of tight oil development in the United States
in Jan.

• Complete to transfer owned interest of shale gas project in Canada in Jul.
• Complete to transfer owned share of a overseas subsidiary of Oil Sands
Project in Canada in Sep.

[Domestic Gas Supply]• Signed an energy service provider contract with Boehringer Ingelheim
Seiyaku Co., Ltd. in Jun. (JV with Yamagata Gas Co., Ltd.)[Renewable Energy]• Decided to promote Chofu biomass power project in Sep.
• Participated in Abashiri 2nd and 3rd biomass power plants project in Sep.
• Established PHOTON sustainable PV investment limited partnership in Sep.

New
Business

2nd half of FY2021 (Oct. 2021 to Mar. 2022)[Domestic Gas Supply]•

Procured our first carbon-neutral LNG in Oct.

[LNG Supply Infrastructure in abroad]• Participated in the examination of a LNG terminal construction project innorthern Vietnam in Jan.

[Renewable energy]• Decided to promote Ozu biomass power project in Mar.
• Decided to promote Tahara biomass power project in Mar.

[CCS/CCUS][CCS/CCUS][Environment][Social]• Started a joint study on CO2 utilization around Niigata in May (withMITSUBISHI GAS CHEMICAL COMPANY, INC.)• Started a joint study of technical issues in next-gen energy transportationand supply infrastructure in Jun. (with JFE Engineering Corporation)• Agreed to promote a joint study of CO2-EOR* in Sukowati oil field inIndonesia using Joint Crediting Mechanism in Jun. (with Pertamina and
LEMIGAS)• Established Tomakomai Sector-Coupling Study Committee in Sep. as a partof the NEDO-commissioned project (promoting jointly with Deloitte
Tohmatsu Consulting LLC)
• Formulated JAPEX2050, including GHG emission reduction target in May[Social]• Officially introduced a telecommuting system in Apr.

• Agreed to promote a joint feasibility of CCS in Malaysia in Jun. (withPetronas)• Established JAPEX Diversity, Equity & Inclusion (DE&I) Policy in Dec.

[Governance]• Sold a portion of strategic shareholdings (INPEX shares) in Dec.
• Decided to buy back shares for the first time since our listing in Dec.

* Enhanced Oil Recovery

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6

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
50 Billion Yen

Business Profit

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

CN*3

Contribute to early expansionof profit scaleand respond to low-carbonization

Transform business structure
to withstand market changes
and oil price volatility

Contribute to smooth transition
to 2050 CN society

Continue to invest in acquisitionof new interests andpromote low-carbon operations

Expand the profit scaleof renewable energy
and other business

Launch CCS/CCUS hub and cluster*4
model business utilizing
existing oil and gas fields and others*1:Operating profit and Profit of entities accounted for using equity method and others, excluding head office administrative expenses*2: Infrastructure & Utility, *3: CN＝Carbon Neutral, *4: CCS/CCUS network that connects multiple CO2 storage sites
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Ⅰ. Financial Highlights and Business Progress(New plan) Forecasts for targets and funding in FY2022
Quantitative Targets and Funds Allocation Policy in JAPEX Management Plan 2022-2030


Set quantitative targets, both of long-term ones aiming by FY2030 and interim ones by FY2026
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
Item

TargetFY2022 forecast(Main factors of increase/decrease)

Business profit

FY2026 30 billion Yen
FY2030 50 billion Yen

25.7 billion yen[E&P]• Started production of additional interest in Tight Oilof the U.S.A.

ROE

FY2026
FY2030

Profit composition(E&P：non-E&P)

FY2026
FY2030

5%

8%
6：4

5：5

N/A

8：2

Fund Allocation
Item

Allocation assumption*

FY2022 forecast

Growth investment

FY2026 275 billion Yen
FY2030 450 billion Yen

38 billion yen• Executing investment plans of ongoing projects• Considering candidate of new overseas E&P interests
and new projects in I/U areas

Shareholder returns

FY2026
FY20309 billion yen• Consisting of year-end dividend of FY2021 and interim
dividend of FY2022• Executing ongoing stock buy-back

25 billion Yen

50 billion Yen＋new(Main factors)* Cumulative for 5 years from FY2022 to FY2026 and 9 years from FY2022 to FY2030
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Ⅰ. Financial Highlights and Business Progress(New plan) Outlook of priority items in FY2022
E&P

Profit Target: 23 bil yen in FY2026 → 27 bil yen in FY2030 / Growth Investment: 230 bil yen by FY2030

 Domestic potential pursuit Additional development of Katakai gas field: planned to start 1st
well drilling in 1Q

 New overseas interests acquisition

 Additional tight oil interests in US: under development andplanned to start production sequentially from 1Q onward Acquire new interest: consider about new interests mainly inNorth America and the North Sea

I/U Study of low-carbon measures for domestic operations
 Ongoing overseas development projects

 Garraf project in Iraq: additional development for expanding oil
production to 230,000 barrels per day Seagull project in theUK North Sea: development for initial production

Profit Target: 12 bil yen in FY2026 → 27 bil yen in FY2030 / Growth Investment: 170 bil yen by FY2030

 Renewable energy development in Japan Commercial operation/construction of power plants underdevelopment
 Abashiri Biomass Power Plants: planned to commence commercial
operation in Aug. of 2nd and Dec. of 3rd
 Ozu Biomass Power Plant: planned to start construction in Jun.
 Chofu Biomass Power Plant: planned to start construction in Jun.
 Tahara Biomass Power Plant: planned to start construction in Oct.

CN

(Under consideration/ongoing projects)(Under consideration/ongoing projects)

 Overseas LNG supply infrastructure development project Feasibility study of an LNG terminal construction project in northern
Vietnam Considering to participate in new projects of overseas LNG supply
infrastructure Domestic renewable energy Consideration for adding new projects to enter or participate in

Profit Target: 1 bil yen in FY2026 → 2 bil yen in FY2030 / Growth Investment: 50 bil yen by FY2030

 Feasibility study of CN in Japan

 Carbon recycling project with the sector-coupling in Tomakomai（an NEDO-commissioned project until the end of FY2022）(Under consideration/ongoing projects)

 CCS/CCUS joint feasibility/technical study in Japan
 Joint study of CO2 utilization mainly in Niigata area

 CCS/CCUS joint feasibility study overseas

 CO2-EOR at Sukowati oil field in Indonesia with Pertamina and LEMIGAS CCS in Malaysia with Petronas
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Ⅰ. Financial Highlights and Business Progress

Outlook of shareholders return and ESG initiatives
Shareholders return Introduced consolidated dividend payout ratio as a basic policy in FY2022

 Pay dividends with a target ratio of 30%, in line with financial results each fiscal year Strive to maintain annual dividends of 50 yen per share, even in a temporary downturnin business performance Allocate a total of 50 billion yen for the 9 years to FY2030 for shareholders return as
dividends

 Ongoing share buyback for the first time since our listing Using a part of proceeds from sale of INPEX shares as the source of fund Planned to repurchase the shares for the maximum of 3 million shares or 8 billion yen of
the acquisition cost
 Started the repurchase on November 10, 2021, and planned to end by November 9,2022
 Planned to cancel all repurchased shares on November 30, 2022

FY2022 dividends forecast

140 yen per year
29.9%

of consolidated dividend payout ratio

Status of share buyback
as of April 31, 2022

1,838,900 shares

4.77 billion yenof total value of repurchased shares

ESG initiatives
 (E) Established the CN Business Promotion Committee

 A meeting body under the regulations, with the executive officers of relatedorganization as the member
 Promote company-wide initiatives for CN-related initiatives with a focus on the businessof CO2 underground storage and others including renewable energy (G) Reflection of annual results in our climate change response to executive
compensation
 Added the achievement ratio of a company-wide climate change response as an
objective to the annual evaluation items of executive officers from FY2022

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Further proceed in ESG initiatives
includingenhance disclosure of our climatechange response,
human capital management,
Digital transformation (DX)10

Ⅰ. Financial Highlights and Business Progress
Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2022
Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

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11

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2022

E&P Business (Year-on-Year)
FY3/21 (a)Net sales：Million Yen

Sales volume

FY3/22 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

97,482-73,422--(24,059)

(25%)

2,313

72,916669

41,056(1,643)(71%)(31,859)

(44%)

287

8,835

286

15,570(1)(0%)+6,734+76%

538

18,268357

24,105

(181)

(34%)

+5,836+32%

Purchased crude oil

1,486

45,81225

1,381[3] (1,461)(98%)(44,431)(97%)

Diluted bitumen*2

1,319

21,695959

31,121

[4]

(360)

(27%)

+9,426

+43%

470

2,870

130

1,244

[5]

(340)

(72%)

(1,626)(57%)-

E&P Business
Breakdown
Crude oil
Crude oil - Japan
Crude oil - Overseas*1

Natural Gas - Overseas*3

Thousand KL

Million M3

[2]

[1]

Main factors for change[1] Increase in sales price[2] Decrease in sales volume and increase in sales price of crude oil from Garraf Oil Field in Iraq
[3] Decrease in sales volume of purchased crude oil from SODECO due to application of the “Accounting Standard for Revenue Recognition[4] Decrease in sales volume and increase in sales price of diluted bitumen from the Hangingstone Lease in Canada*4[5] Decrease in sales volume due to the interests transfer of the shale gas project in Canada*5*1 Include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.)*2 Royalty is excluded in the net sales and price of diluted bitumen*3 Include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd.,(JML) and Japex (U.S.) Corp.)*4 Due to the sale of JACOS's shares, diluted bitumen sales are recorded for the eight months from January to August 2021.
*5 Due to the trasfer of interest, overseas crude oil and natural gas sales related to JML are recorded for the three months from January to March 2021.

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12

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2022

I/U Business Sales (Year-on-Year)
FY3/21 (a)Net sales：Million Yen

Sales volume

FY3/22 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

101,301-

119,845--+18,543

+18%

1,183

51,291

1,061

58,024[1] (121)(10%)+6,732

+13%

528

-

527

-

(0)

(0%)

-

-

Ton

284

15,591

295

22,596+11+4%[2] +7,004+45%

Million kWh

3,016

30,087

3,023

34,320+6+0%[3] +4,233

+14%

-

4,331

-

4,903

-

+572

+13%

-

Infrastructure & Utility Business

Breakdown
Natural Gas - Japan- Produced in Japan

LNG
Electricity

Million M3
Thousand

Other*--

Main factors for change[1] Decrease in sales volume due to application of the “Accounting Standard for Revenue Recognition”, decrease in sales volume related to the commissioningof the Fukushima Natural Gas Power Plant in the FY3/21, and increase in sales price[2]-[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, 2022

FY3/22 Results (Year-on-Year)
Million Yen

FY3/21 (a)FY3/22 (a)ChangeNet sales

240,078

249,140+9,062+4%Gross profit

36,53449,903+13,368+37%

Operating profit

4,192

19,809+15,616+373%

Ordinary profit

10,001

43,674+33,672+337%

Profit (loss) attributable to owners of parent(2,725)(30,988)(28,262)-

Oil Price, Exchange Rate and Sales Price
FY3/21 (a)FY3/22 (a)ChangeWTI

USD/bbl

40.87

64.06

+23.19Crude oil price (CIF)

USD/bbl

42.91

73.28

+30.37

Exchange rate

JPY/USD

105.86111.20+5.34

JACOS Diluted bitumen＊2

USD/bbl

25.06

46.90

+21.84

JML Natural gas*3

CAD/mcf

2.14

2.96

+0.82

＊1

*1 FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)*2 Diluted bitumen sales price of Japan Canada Oil Sands Limited (Excl. Royalty)*3 Natural gas sales price of JAPEX Montney Ltd. (Excl. Royalty)

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14

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2022

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

(10.7 bn.) → 2.6 bn.

Domestic : + 11.7 bn.

8.4 bn. →Improvement in diluted bitumen sales due to a rise of
crude oil prices and improvement in WCS differential•

4.1

OP total

Overseas : + 13.4 bn.
19.8

E&P-Overseas(10.7)•

2.6∗

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

8.4

E&P-Japan

I/U Business

20.1(8.7 bn.)
12.2

I/U

Others

3.5

Reversal of transient gains due to the hike in the JEPX spot
market price incurred in FY3/21•

Increase in the cost due to an alternative LNG cargo
procurement in the LNG spot market

Others *(6.5)

FY3/21 (a)12.2 bn. → 3.5 bn.

•

(5.7)

(15.0) (10.0) (5.0)

20.1 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

•

0.0

5.0

10.0

15.0

FY3/22 (a)

20.0

25.0

•

(0.7 bn.)(5.7 bn.) →(6.5 bn.)

Decrease in profit of contract services and others∗

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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15

Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2022

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

Japex Garraf
JAPEX
CANOS
JML

JACOS
Japex Garraf
JML

Net
income+8.7 bn.
+2.4 bn.
+1.7 bn.

+7.3 bn.
+7.0 bn.
(3.0 bn.)(0.9 bn.)

SODECO+7.6 bn.

Losses on sale of JACOS' shares(94.3 bn.)
Losses on JML’s interests transfer(44.7 bn.)
Losses on JML’s liquidation of subsidiaries (3.8 bn.)
Gain on sale of investment securities+39.8 bn.
Gain on JML’s forgiveness of debts+29.3 bn.
（FY3/21）Impairment losses+16.3 bn.
Gain on CANOS’s forgiveness of debts+13.1 bn.
Gain on sales of non-current assets+1.2 bn.

Non-operating income+18.0 bn.

Operating profit*+15.6 bn.

FY3/21(a)E&P
overseas

E&P
Japan

I/U

FY3/21(a)(10.7)

8.4

FY3/22(a)

2.6

20.1

Net
incomeOthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

5.8

0.6(17.3)

(1.9)

(2.6)

14.2

(0.3)

(62.1)

9.6

2.8

OthersForeignexchange
gains and loss

Equity on
earnings

12.2

(5.7)

(0.6)

3.5

(6.5)

10.0

FY3/22(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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Ⅰ. Financial Highlights and Business Progress
Ⅱ. Financial Results for the Fiscal Year Ended March 31, 2022
Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

17

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17

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

E&P Business Sales Forecasts
FY3/22 (a)Net sales：Million Yen

Sales volume

FY3/23 (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

73,422-57,557--(15,865)(22%)

Crude oil

669

41,056

1,195

57,376+525+79%+16,319+40%

Crude oil - Japan286

15,570239

11,855

[1]

(47)

(17%)

(3,714)

(24%)

357

24,105935

44,461

[2]

+578

+162%

+20,355

+84%

25

1,381

21

1,060

(4)

(18%)

(321)

(23%)

959

31,121

-

-

[3]

(959)

-

(31,121)

-

130

1,244

15

181

[4]

(114)

(88%)

(1,063)(85%)

E&P Business-

Breakdown

Crude oil - overseas*1

Thousand KL

Purchased crude oil

Diluted bitumen*2
Natural Gas - Overseas*3

Million M3

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, increase in sales volume and decrease in sales price of tight oil in United States[3] Absence of sales volume of diluted bitumen due to the interests transfer of the Hangingstone Lease in Canada[4] Decrease in sales volume due to the interests transfer of the Canadian shale gas project*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 volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.) and FY3/23 includes the volume of Japex (U.S.) Corp.

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18

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

I/U Business Sales Forecasts
FY3/22 (a)Net sales：Million Yen

Sales volume

FY3/23 (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

119,845-

129,922

-

-

1,061

58,024

1,018

63,444

(42)

(4%)

527

-

488

-

(38)

Ton

295

22,596363

27,712[2]Million kWh

3,023

34,3202,842

33,278

[3]

-

4,903

-

5,487

-

Infrastructure & Utility Business+10,077+8%+5,419

+9%

(7%)

-

-

+68

+23%

+5,116

+23%

(180)

(6%)

(1,042)

(3%)

-

+583

+12%

Breakdown
Natural Gas - Japan- Produced in Japan

Thousand

LNG
Electricity
OthersMillion M3

*

-

-

[1]

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

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Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

FY3/23 Forecasts
Million Yen

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

249,140

244,344(4,796)(2%)

Gross profit

49,90350,354+451+1%Operating profit

19,80920,916+1,107+6%

Ordinary profit

43,67428,758(14,915)(34%)(30,988)

25,59056,578-

Profit (loss) attributable to owners of parent

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

USD/bbl

64.06

73.75

+9.69

Crude oil price (CIF)

USD/bbl

73.28

70.00

(3.28)

Exchange rate

JPY/USD

111.20110.00(1.20)*FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

20

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Operating Profit Forecasts(Billion Yen)

19.8

OP total

20.9

Overseas : (0.4 bn.)

2.6 bn.

2.2→

Domestic : (1.9 bn.)

20.1 bn. →2.2 bn.

Increase in sales volume of tight oil in United States
Absence of sales volume of diluted bitumen••

18.1 bn.

Decrease in sales volume in crude oil (Japan)
Increase in sales price* of natural gas (Japan) due to a riseof JLC price

•
•

2.6

E&P-Overseas

E&P Business∗

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

20.1

E&P-Japan

I/U Business

18.1

3.2 bn.
•

3.5

I/U

3.5 bn. →6.7 bn.

Increase in marginal gain on LNG procurement

6.7

Others*Others(6.5)

0.2 bn.

(6.2)(10.0) (5.0)

∗

0.0

5.0

FY3/22 (a)

10.0

15.0

20.0

(6.5 bn.) →(6.2 bn.)

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

25.0

FY3/23 (f)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

21

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Analysis of Change in Net Income Forecasts(Billion Yen)
JACOS
Japex Garraf
JUS(1.7 bn.)(1.6 bn.)+2.5 bn.

(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.

SODECONet
income(8.4 bn.)Non-operating income(16.0 bn.)

Operating profit*+1.1 bn.

OthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

14.2

(0.3)

(62.1)

9.6

2.8

4.9

2.8

(0.0)

2.5

0.5

OthersForeignexchange
gains and loss

Equity on
earnings

3.5

(6.5)

10.0

6.7

(6.2)

-

FY3/22 (a)E&Poverseas

E&P
Japan

I/U

FY3/22 (a)

2.6

20.1

FY3/23 (f)

2.2

18.1

Net
incomeFY3/23(f)Note) The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management
Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

22

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Balance sheet
Million yen

FY3/21(a)FY3/22(a)ChangeCurrent assets

221,034

226,920+5,885

Non-current assets

403,752

245,021(158,730)

Property, plant and equipment

266,745

92,837(173,907)

Investment securities

105,070

108,910+3,840Recoverable accounts

10,55516,019+5,464other21,381

27,252+5,871

624,786

471,941(152,845)

Total assets

Current liabilities

103,776

25,241(78,534)

Non-current liabilities

86,51743,929(42,588)

Total net assets

434,492

402,770(31,721)

Valuation difference on available-for-sale securities

44,22848,346+4,117

Non-controlling interests

34,32031,131(3,189)624,786

471,941(152,845)

Total liabilities and net assets

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

Decrease in business assets due totransfer of JACOS shares and JML
interests

Decrease in long-term borrowings
due to JAPEX fulfilling its guarantee
obligation for JACOS and JML
borrowing
Recording of loss, and decrease due
to dividend payment and share
repurchase23

Ⅲ. Financial Forecasts for the Fiscal Year Ending March 31, 2023

Cash Flows and Debt
Million Yen

Cash flows from operating activities

FY3/21 (a)FY3/22 (a)Full year

Full year

FY3/23 (f)Full year
May 1343,263(1,052)

83,148Depreciation

22,59917,721

13,649Recovery of recoverable accounts

15,196

17,78036,363

Cash flows from investing activities(6,453)52,067(58,080)

Purchase of property, plant and equipment(15,153)(16,278)(33,274)

Payments of recoverable accounts(14,971)(23,244)(35,933)

Cash flows from financing activities(15,626)(70,940)(9,811)

Cash and cash equivalents at end of period

157,963

144,513

159,769

Interest-bearing debt*1

118,710

6,156

10,457

EBITDA*2

37,15057,391

44,022

3.2

0.1

0.4

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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

24Appendix
1. Net Sales
2. Financial Results
3. Segment Profit
4. Price Assumptions for FY3/23 Forecasts
5. Sensitivities Analysis on FY3/23 Forecasts Basis
6. Business Overview
7. Integrated Report and IR Materials
8. Glossary

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

25

Appendix

1. Net Sales - E&P
Million Yen FY3/21 (a)Full year

FY3/22 (a)
1Q

3Q

2Q

FY3/23 (f)4Q

Full year

Full year
5.13

Sales

97,482

16,79633,024

4,739

18,86273,42257,557

Sales volume of Crude oil (Thousand KL)

2,313

114

230

76

248

669

1,195

Net sales

72,916

5,556

11,9384,746

18,81541,05657,376

287

85

69

63

68

286

239

8,835

3,927

3,537

3,607

4,496

15,57011,855

538

22

154

7

173

357

935

Net sales

18,268

1,312

8,045

800

13,947

24,10544,461

Sales volume of Purchased crude oil (Thousand KL)

1,486

6

6

5

5

25

21

Net sales

45,812

316

354

338

371

1,381

1,060

Sales volume of Diluted bitumen (Thousand KL)

1,319

351

608

-

-

959

-

Net sales *2

21,695

10,05821,063--31,121

-

470

128

0

0

0

130

15

Net sales

2,870

1,181

22

(7)

46

1,244

181

WTI（USD/bbl）

40.87

58.10

66.07

69.85

-

64.06

73.75

Crude oil price (CIF) (USD/bbl) *4

42.91

64.25

71.31

77.30

82.70

73.28

70.00

Exchange rate (JPY/USD) *4

105.86108.43109.96111.69114.52111.20110.00

Diluted bitumen *2 (USD/bbl)

25.06

40.99

49.75

51.26

-

46.90

-

JML natural gas *5 (CAD/mcf)

2.14

2.96

-

-

-

2.96

-

Sales volume of Crude oil - Japan (Thousand KL)
Net sales
Sales volume of Crude oil - overseas *1 (Thousand KL)

Sales volume of Natural gas -overseas *3(Million M3)*1 FY3/21 and 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 Royalty is excluded in the net sales and price of diluted bitumen*3 FY3/21 and FY3/22 include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.), FY3/23 includes the volume of Japex (U.S.) Corp.
*4 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate
*5 Gas sales price of JAPEX Montney Ltd. (Excl. Royalty)

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

26

Appendix

1. Net Sales - I/UMillion Yen FY3/21 (a)Full year

FY3/22 (a)FY3/23 (f)

1Q

2Q

3Q

4Q

101,301

23,00923,37232,782

40,680119,845

129,922

Sales volume of Natural gas – Japan (Million M3)

1,183

233

222

271

333

1,061

1,018

Net sales

51,291

10,70910,52914,897

21,88858,02463,444

528

123

109

135

158

527

488

284

52

44

120

78

295

363

Net sales

15,591

4,397

3,788

8,636

5,773

22,596

27,712

Sales volume of Electricity (Million kWh)

3,016

765

840

635

782

3,023

2,842

Net sales

30,087

7,163

7,834

7,658

11,66434,32033,278Others*

4,331

739

1,220

1,590

1,352

4,903

5,487

Sales

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

Full year

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

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

27

Appendix

2. Financial Results
Million Yen FY3/21 (a)Full year

FY3/22 (a)
1Q

2Q

3Q

FY3/23 (f)4Q

Full year

Full year
5.13

Net sales

240,078

50,08368,42452,856

77,776249,140

244,344

97,482

16,79633,024

4,739

18,86273,42257,557

101,301

23,00923,37232,782

40,680119,845

129,922

41,294

10,277

12,026

15,334

18,23455,872

56,863

Cost of sales

203,543

38,90453,81844,13062,384

199,237

193,989

Gross profit

36,534

11,17914,605

8,726

15,392

49,90350,354

989

132

120

101

5

359

1,604

SG&A expenses

31,352

7,647

8,344

6,516

7,226

29,734

27,833Operating profit

4,192

3,400

6,140

2,108

8,160

19,80920,916

Non-operation income

5,809

7,091

2,718

3,075

10,98023,864

7,842

412

37

50

76

102

266

310

Interest expenses(2,529)

(322)

(982)

59

58

(1,187)(8)

Dividend income

2,823

48

2,138

68

1,794

4,049

3,022

5,808

3,549

2,921

2,995

4,759

14,226

4,986

Provision for overseas investment

342

92

85

85

(196)

66

(10)

Foreign exchange gains and loss

(639)

3,851

89

1,158

4,902

10,002

-

Other

(408)

(165)

(1,584)(1,368)(440)(3,559)(459)

Ordinary profit

10,001

10,491

8,858

5,183

19,14043,67428,758Extraordinary income(17,324)(1)(138,663)

41,52634,962(62,175)(67)

Profit before income taxes(7,322)

10,489(129,805)

46,71054,103(18,501)

28,691

Income taxes(1,923)

2,832(3,316)

11,227(1,091)

9,652

2,599

Profit attributable to non-controlling interests(2,673)

550

294

864

1,126

2,835

501

Profit (loss) attributable to owners of parent(2,725)

7,106(126,782)

34,61954,068(30,988)

25,590E&P Business
Infrastructure/Utility Business
OthersExploration expenses

Interest income

Share of profit of entities accounted forusing equity method

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

28

Appendix

3. Segment Profit
Million Yen

FY3/21(a)FY3/22 (a)Full year

1Q

2Q

FY3/23 (f)3Q

4Q

Full year

Full year
5.13

Operating profit

Japan

Share 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)

21,988

6,122

4,811

4,223

9,581

24,73927,004

(319)

19

103

(73)

(97)

(47)

381

(9,374)(1,146)

2,883

(34)

87

1,789

2,722

-

-

-

-

-

-

-

(132)

(47)

(34)

(27)

(42)

(151)

(204)

-

-

-

-

-

-

-

165

537

676

243

1,186

2,644

986

(10)

(3)

(2)

(2)

(4)

(13)

(25)

-

-

-

-

-

-

-

6,138

3,534

2,820

3,071

4,861

14,287

4,631(8,453)(2,066)(2,198)(2,296)(2,653)(9,213)(9,592)

4,192

3,400

6,140

2,108

8,160

19,80920,916

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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

29

Appendix

4. Price Assumptions for FY3/23 Forecasts
Upper: from January 2021 to March 2022
Full year

Lower: from January 2022 to March 2023
Jan.-Mar.

Apr.-Jun.

Jul.-Sep.

Oct.-Dec.

Jan.-Mar.

FY3/22 (a)

58.10

66.07

69.85

-

-

64.06

FY3/23 (f)

85.00

70.00

70.00

70.00

-

73.75

FY3/22 (a)

-

64.25

71.31

77.30

82.70

73.28

FY3/23 (f)

-

70.00

70.00

70.00

70.00

70.00

FY3/22 (a)-108.43109.96111.69114.52111.20FY3/23 (f)-110.00110.00110.00110.00110.00Market Price
WTI*1

USD/bblCrude oil price (CIF) *2

USD/bblExchange rate

*2

JPY/USD*1 FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)*2 Domestic sales price average of crude oil referring to crude oil (CIF) price and its conversion exchange rate

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

30

Appendix

5. Sensitivities Analysis on FY3/23 Forecasts Basis
Impacts on profit（Million Yen）

FY3/23
Assumptions

Fluctuation

Crude oil price

Crude oil price(CIF)
USD 70.00/bbl

Exchange rate

JPY 110.00/USD

Main factors for change
positive factor “+”/ negative factor “( )”Operating profit

Profitattributable toowners of parent

Increase by
1USD/bbl

240

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

1 weaker JPY
against USD

410

230

+ Sales of oil and gas(Increase in LNG procurement cost)【Assumptions】• Changes in equity method investment gain are not included 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.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

31

Appendix

6. Business Overview ① 4Q of FY3/22 and onwards
E&P Field
 Japan: Producing oil and gas at 10 fields in Hokkaido, Akita, Yamagata, and Niigata / considering measures to increase production at existing fields• Proceeding an additional development around Katakai oil and gas field in Niigata• Considering measures for carbon neutrality including reduction of GHG emissions from field operations, investigation of CO2 storage capacity

 Overseas: Participating in the projects of crude oil and natural gas development / Considering new interests acquisition

 Acquired additional tight oil interests in the United States in Jan.
 Adopted to an operator of a joint study for acid stimulation in Onnagawa tight oil formation as a publicly solicited projects by JOGMEC in Apr.
 Acquired additional tight oil interests in the United States in May

I/U Field
 Domestic gas supply: stable natural gas and LNG supply by our supply network / Expanding sales volume including for fuel conversion demands•

Soma LNG terminal: Engaging the contract work of LNG vaporization and delivery of power generation fuel to the adjacent Fukushima Natural Gas Power Plant

 Overseas LNG Supply Infrastructure: considering participation in projects to develop and operate supply infrastructure such as LNG terminals,
mainly in Southeast Asia, where the growing demands for natural gas
 Electricity: Stable electricity supply as a energy source with lower environmental impact generated by the power plants in operation / ongoing andnewly considering to participate in renewable energy development projects

 Participated in considering an LNG terminal project in northern Vietnam in Jan.
 Decisions of development: Ozu biomass power plant in Mar., and Tahara biomass power plant in Mar.
 Participated new sponsors in Abashiri biomass power plant No.2&3 project in Mar.

CN Field Studying for early adaptation and commercialization of CCS (Carbon dioxide Capture and Storage)/CCUS (Carbon dioxide Capture, Utilization, andStorage) Considering cooperation and participation in carbon-neutral businesses, with the potential for collaboration with CCS/CCUS• Seeking regional and inter-industrial collaboration in combination with CCS/CCUS, such as the realization of carbon recycling

Agreed with PETRONAS on a CCS joint study in Malaysia in Jan.
Established the CN Business Promotion Committee by the executives of related organization in Apr.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

32

Appendix

6. Business Overview ② E&P Field
development andproduction site

[4] Russia・Sakhalin 1 Project*

O&G [3] UK North Sea: Seagull Project* Included in oursales profit

OIL[1] Iraq: Garraf Project*[5] United States:
Tight Oil Development*

O&G

OIL

OIL

[A] Japan: Domestic oil and gas fields*(10 sites in Hokkaido, Akita, Yamagata, and Niigata)[2] Indonesia・Kangean Project

Our affiliated oil and gas development
and production base

GAS

Japan
Overseas Our oil and gas E&P fields/projects (as of March 2022)

10 fields
5 projects

No.

Oil and gas field/Project title (operator)

Interest（JAPEX net）

production type

StatusGross Production
volume*1

A

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

Differ by interest

Crude oil / natural gas

Production/
Additional Development

Undisclosed

1

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

30% (16.5%)

Crude oil

Production/
Additional Development

80,000bbl/d2

Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.)

100％ (25%)

Natural gas

Production

4,560,000m3(28,000boed)

3

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

15% (15％)

Crude oil / natural gas

Development-

4

Russia: Sakhalin 1 Project (Exxon Neftegas Ltd.*2)

30% (4.59%)

Crude oil

Production/
Development

Undisclosed

5

North America: Tight Oil Development(Marathon Oil Corporation and several other interests)

Differ by interest

Crude oil

Production/
Development

Undisclosed*1:Average daily production for FY2021 (Jan-Dec 2021 for overseas projects).

*2: On March 1, 2022 (local time) Exxon Mobil, parent company of operator Exxon Neftegas Limited, announced its exit policy.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

33

Appendix

6. 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, tank containers on rail, 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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

34

Appendix

6. Business Overview ④ I/U Field - Electricity
Total

6 sites(Renewable energy 5 sites[1] Abashiri Biomass
BIO
Power Plant No.2&3

Total output 1,339,550kW
Renewable energy[2] Mega solar power generation
at JAPEX Hokkaido District Office*159,550kW)PV[3] Yufutsu Solar Power Plant

PV Power plants in development and operation (as of March 2022)
No.

Power plant

Location

Type

Capacity
(kW)

Share

StatusA

Fukushima Natural Gas Power Plant

Shinchi Town,
Fukushima

Natural gas(LNG)

1,180,00
033%

In operation

1

Abashiri Biomass Power Plant No.2&3

Abashiri City,
Hokkaido

Biomass(wood chip)

19,80094.3%

In development2

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

Tahara Biomass Power Plant

Tahara City,
Aichi

Biomass(wood pellet)

50,00039.9%

Development
Decided5

Ozu Biomass Power Plant

Ozu City, Ehime

Biomass(wood pellet)

50,00035%

Development
Decided6

Chofu Biomass Power Plant

Shimonoseki
City, Yamaguchi

Biomass(wood pellet)

74,95039.9%

In preparationof construction

 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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

BIO

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

35Appendix

6. 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•

Including stored CO2 monitoring

Inter-company and Cross-industry

Examination and Development of Collection of CO2 from emitting sites

 Legal system for CO2 underground storage

Collaboration

Legal Systems, etc.

＋  CO transportation network construction ＋  Appropriate system of CO transportation•

2

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

2

infrastructures with publicness

 CO2 trading system•

Including collaboration with overseas CO2
trading

 Ongoing CCS/CCUS initiatives to promote/participate in (as of March 2022)
Japan

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 on carbon recycling business utilizing interindustry collaboration in the Tomakomai area with Deloitte
Tohmatsu Consulting as a NEDO-commissioned project Feasibility study of a business in the Niigata area that makes
effective use of CO2 with Mitsubishi Gas ChemicalCommonOverseas

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 oil field utilizing bilateral credits with Pertamina
Group and Remigas
 Joint CCS study in Malaysia including a survey of suitable sites
and technical studies with a view to implementing CO2
underground storage with PETRONAS Technical and other related study Study on technical issues of energy transportation infrastructure for the realization of a CN society with JFE Engineering

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

36

Appendix

7. 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 2021, published in September 2021)

is available directly via the following link

https://www.japex.co.jp/ir/uploads/JAPEX_IR2021_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/

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

Copyright © 2022 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 Freight

FID

Final Investment Decision

GHG

Greenhouse Gas

HSE

Health, Safety and Environment

JCC

Japan Crude Cocktail

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

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38

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 (FY3/22, for instance, means 12 months ending March 31, 2022)
・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 © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

39

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.