[Explanatory Material]

Financial Results
for the Nine Months Ended December 31, 2022

February 10, 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
Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

Ⅲ. Revised 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 and analysts
to be held on February 13, 2023.

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

2

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

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

3

Ⅰ. Financial Highlights and Business Progress

Financial Highlights
1-3Q FY3/23 Results （Year-on-Year）(Billion Yen)

1-3Q FY3/22 (a)1-3Q FY3/23 (a)ChangeOperating profit

11.6

38.7

+27.0

Ordinary profit

24.5

57.8

+33.3

(85.0)

43.2+128.3

Profit attributable to owners of parentOperating profit： Increase due to rise in sales prices of crude oil, natural gas and electricity, etcOrdinary profit： Increase due to gains on derivatives LNG transactions etc.

Profit/Loss attributable to owners of parent： Increase in profit due to the absence of extraordinary losses (in FY3/22)
resulting from ending our participation in two projects in Canada

FY3/23Forecasts Revision （vs Nov.10 Forecasts）(Billion Yen)

Nov. 10, 2022 (f)Feb. 10, 2023 (f)ChangeOperating profit

45.2

61.2

+16.0

Ordinary profit

66.9

78.9

＋12.0

Profit attributable to owners of parent

53.0

60.0

+7.0



Operating profit： Expect increase in profit due to an improvement in the sales of of crude oil, natural gas andelectricity

Ordinary profit： Expect decrease in foreign exchange gains

Shareholders ReturnRevised FY3/23 year-end dividends forecasts to 180.0 yen per share (Annual total 330 yen)

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

4

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

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

5

Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

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

1-3Q FY3/22 (a)1-3Q FY3/23 (a)ChangeNet sales

171,364

225,105+53,740+31%

Gross profit

34,511

63,888+29,377+85%

Operating profit

11,64938,742+27,093+233%

Ordinary profit

24,53357,878+33,345+136%(85,057)

43,286+128,344-%

Profit attributable to owners of parent

Oil Price, Exchange Rate and Sales Price
1-3Q FY3/22 (a)1-3Q FY3/23 (a)ChangeWTI*

USD/bbl

64.06

98.27

+34.21

Crude oil price (CIF)

USD/bbl70.28

106.81+36.53

Exchange rate

JPY/USD

109.96

132.69+22.73*1-3Q FY3/23 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)

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

6

Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

E&P Business (Year-on-Year)
1-3Q FY3/22 (a)Net sales：Million Yen

Sales volume

Net sales

1-3Q FY3/23 (a)Sales volume

ChangeNet sales

Sales volume

Net sales-

54,560-35,902--(18,657)(34%)

Crude oil421

22,241402

35,672(18)(4%)+13,431+60%

Crude oil - Japan218

11,073

173

15,964

(44)

(20%)

+4,891+44%

184

10,158213

18,283+29+16%+8,125

+80%

19

1,009

15

1,424

(4)

(22%)

+414

+41%

959

31,121

-

-

[3]

(959)

-

(31,121)

-

129

1,197

5

230

[4]

(124)

(96%)

(967)

(81%)

-

E&P Business
Breakdown

Crude oil - Overseas*1

Thousand KL

Purchased crude oil*2

Diluted bitumen

Natural Gas - Overseas*3

Million M3

[2]

[1]

Main factors for change[1] Increase in sales price[2] Increase in sales price, increase in sales volume 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 shale gas project in Canada*1 1-3Q FY3/22 includes the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.) and 1-3Q 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 1-3Q FY3/22 includes the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.) and 1-3Q FY3/23 includes the volume of Japex (U.S.) Corp.

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

7

Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

I/U Business Sales (Year-on-Year)
1-3Q FY3/22 (a)Net sales：Million Yen

Sales volume-

Infrastructure & Utility Business1-3Q FY3/23 (a)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

79,165-

141,748--+62,583+79%

727

36,135692

62,625(35)(5%)[1] +26,490

+73%

368

-

324

-

(44)

(12%)

-

-

217

16,822

213

34,877(4)(2%)[2] +18,055

+107%

2,241

22,6562,146

40,843(94)(4%)[3] +18,187

+80%

-

3,550

-

3,400

-

(149)

(4%)

Breakdown
Natural Gas - Japan
Million M3- Produced in Japan

LNG
Electricity

Thousand
Ton
Million kWh

Other*--

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

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

8

Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

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

Overseas : +0.3 bn.
•

Increase in sales volume and sales price of tight oil in
United States•

Absence of sales volume of diluted bitumen

11.6

OP total

38.7

Domestic : +13.6 bn.

1.9

E&P-Overseas

12.9 bn.

→

26.5 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

•

2.2

•

∗

12.9

E&P-Japan

1.9 bn. → 2.2 bn.

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

26.5

I/U Business
I/U

Others+11.7 bn.

1.9
13.7

1.9 bn.

→ 13.7 bn.

Increase in marginal gain on LNG procurement
Increase in sales price of electricity••

Others *

(5.2)
(3.8)

+1.3 bn.

(5.2 bn.)→(3.8 bn.)• Increase in profit of contract services and others(10.0) (5.0)

0.0

5.0

1-3Q FY3/22 (a)10.0 15.0 20.0 25.0 30.0 35.0 40.0

1-3Q FY3/23 (a)∗Operating income (contracting, oil products and commodities, andothers) that does not belong to the above business units, excluding theheadquarters 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.

9

Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

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

(FY3/22) Losses related to JML+43.6 bn.
(FY3/22) Losses related to JACOS and CANOS +94.6 bn.
(FY3/22) Gain on sale of investment securities (39.8 bn.)
(FY3/22) Gain on sales of non-current assets(1.2 bn.)

JUS
JACOS
Japex Garraf

Gain on derivatives
Interest expenses+2.8 bn.
(1.8 bn.)(0.3 bn.)
SODECONet
income(3.4 bn.)

Operating profit*+27.0 bn.

FY3/22
1-3Q (a)E&Poverseas

E&P
Japan

I/U

FY3/22
1-3Q (a)

1.9

12.9

FY3/23
1-3Q (a)

2.2

26.5

+6.0 bn.
+1.2 bn.

Non-operating income+6.2 bn.

Net
incomeOthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

9.4

(1.6)

(97.1)

10.7

1.7

6.7

7.5

(0.0)

13.4

1.0

OthersForeignexchange
gains and loss

Equity on
earnings

1.9

(5.2)

5.1

13.7

(3.8)

4.8

FY3/23
1-3Q (a)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.

10

Ⅰ. Financial Highlights
Ⅱ. Financial Results for the Nine Months Ended December 31, 2022

Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2023

11

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

11

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

FY3/23 Forecasts (vs Nov. 10 Forecasts)
Million Yen

Previous (f) Nov. 10, 2022

Revised (f) Feb. 10, 2023

ChangeNet sales

304,563326,679+22,116+7%

Gross profit

77,174

95,779+18,605+24%

Operating profit

45,242

61,250+16,008+35%

Ordinary profit

66,951

78,964+12,013+18%

Profit attributable to owners of parent

53,00060,000+7,000+13%

Oil Price and Exchange Rate
Previous (f) Nov. 10, 2022

Revised (f) Feb. 10, 2023

ChangeWTI

USD/bbl

94.33

94.42

+0.09

Crude oil price (CIF)

USD/bbl

93.04

96.24

+3.20

Exchange rate

JPY/USD

128.59132.13+3.54

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

12

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

E&P Business Sales Forecasts (vs Nov. 10 Forecasts)
Net sales：Million Yen

Previous (f) Nov. 10, 2022

Revised (f) Feb. 10, 2023

Sales volume

Sales volume

Net sales

Net sales

ChangeSales volume

Net sales-

51,167-53,471--+2,304+5%703

50,853700

53,101(2)(0%)+2,248+4%242

19,250243

20,452

+1

+0%

[1]

+1,201+6%

Crude oil - overseas*1439

29,896436

30,872

(3)

(1%)

[2]

+976

+3%

Purchased crude oil

20

1,706

20

1,776

(0)

(2%)

+70

+4%

13

314

12

370

(1)

(9%)

+55

+18%

-

E&P Business
Breakdown
Crude oil
Crude oil - Japan

Thousand KL

Natural Gas - Overseas*2

Million M3

Main factors for change[1] Increase in sales price[2] Increase in sales price of tight oil in United States*1 Includes the amounts of 2 overseas subsidiaries (Japex Garraf Ltd., and Japex (U.S.) Corp.)*2 Includes the volume of Japex (U.S.) Corp.

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

13

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

I/U Business Sales Forecasts (vs Nov. 10 Forecasts)
Net sales：Million Yen-

Infrastructure & Utility Business

Previous (f) Feb. 10, 2022

Revised (f) Feb. 10, 2023

Sales volume

Sales volume

Net sales

ChangeNet sales

Sales volume

Net sales-

191,034-

208,087

-

-

1,012

89,894

999

97,084

(12)

(1%)

483

-

470

-

(12)

(3%)

349

41,804344

48,752

(5)

(1%)

3,031

53,3042,925

56,467

(106)

(3%)

-

6,032

-

5,781

+17,052+9%+7,190

+8%

-

-

[2]

+6,948+17%[3]+3,163

+6%

(250)

(4%)

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

LNG

Ton

Electricity
OthersMillion kWh

*

-

-

-

[1]

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

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

14

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

Operating Profit Forecasts(Billion Yen)

Overseas : (0.7) bn.

45.2

OP total

E&P Business

61.2

5.1

•

∗

36.7 bn.

→

40.8 bn.

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

36.7

E&P-Japan

I/U Business

40.8+12.6 bn.
•

9.2

I/U

Others

4.3 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 a riseof JLC price

•
4.3

→

Increased in operating expenses from Japex Garraf Ltd.

•

Domestic : +4.0 bn.
E&P-Overseas

5.1 bn.

21.9•

9.2 bn. →21.9 bn.

Increase in marginal gain on LNG procurement due to arise of JLC priceAbsence of additional cost (5 billion yen) prepared for the
possibility of LNG spot procurement, which wasincorporated in the previous forecast

(5.8)
(5.8)

(20.0) (10.0) 0.0

Others*
10.0

20.0

30.0

40.0

50.0

60.0

70.0

+0.0 bn.
∗

Previous (f) Nov. 10, 2022

Revised (f) Feb. 10, 2023

(5.8 bn.)→(5.8 bn.)

Operating income (contracting, oil products and commodities, andothers) that does not belong to the above business units, excluding theheadquarters 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.

15

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

Analysis of Change in Net Income Forecasts(Billion Yen)

JUS
+0.6 bn.
Japex Garraf (1.2 bn.)

Net
incomeJapex Garraf (1.5 bn.)
JAPEX
(0.3 bn.)

Operating profit*+16.0 bn.

FY3/23 (f)Nov. 10E&P
overseas

E&P
Japan

I/U

FY3/23 (f)Nov. 105.1

36.7

FY3/23 (f)Feb. 104.3

40.8

Non-operating income(3.9 bn.)

Net
incomeOthersExtraordinary
incomeIncometaxes

Profitattributable tononcontrollinginterest

6.3

9.2

(0.0)

11.0

2.8

6.2

7.2

(0.0)

17.8

1.1

OthersForeignexchange
gains and loss

Equity on
earnings

9.2

(5.8)

6.0

21.9

(5.8)

4.1

FY3/23 (f)Feb. 10Note) 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.

16

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

FY3/23 Forecasts
Million Yen

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

249,140

326,679+77,538+31%

Gross profit

49,903

95,779+45,876+92%

Operating profit

19,80961,250+41,441+209%

Ordinary profit

43,67478,964+35,290+81%(30,988)

60,000+90,988-

Profit (loss) attributable to owners of parent

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

USD/bbl

64.06

94.42

+30.36

Crude oil price (CIF)

USD/bbl

73.28

96.24

+22.96

Exchange rate

JPY/USD

111.20132.13+20.93**FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)

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

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 Revised (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

73,422-53,471--(19,950)(27%)

Crude oil

669

41,056700

53,101+30+5%+12,044+29%

Crude oil - Japan286

15,570243

20,452

(43)

(15%)

+4,881+31%

357

24,105436

30,872+79+22%+6,767

+28%

25

1,381

20

1,776

(5)

(20%)

+395

+29%

959

31,121

-

-

[3]

(959)

-

(31,121)

-

130

1,244

12

370

[4]

(118)

(91%)

(873)

(70%)

-

E&P Business
Breakdown

Crude oil - overseas*1

Thousand KL

Purchased crude oil

Diluted bitumen*2
Natural Gas - Overseas*3

Million M3

[2]

[1]

Main factors for change[1] Increase in sales price[2] Increase in sales volume and 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.

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

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-

Infrastructure & Utility Business

FY3/23 Revised (f)Net sales

Sales volume

ChangeNet sales

Sales volume

Net sales-

119,845-

208,087--+88,242

+74%

1,061

58,024

999

97,084(61)(6%)[1] +39,060

+67%

527

-

470

-

(56)

(11%)

-

-

295

22,596344

48,752+48+16%+26,156

+116%

3,023

34,3202,925

56,467(98)(3%)[3] +22,146

+65%

-

4,903

-

5,781

-

+878

+18%

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

LNG

Ton

Electricity
OthersMillion kWh

*

-

[2]

-

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] Increase in sales price* 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, 2023

Operating Profit Forecasts
E&P Business(Billion Yen)

Overseas : +1.6 bn.
•

19.8

OP total

61.2•

2.6 bn.

Domestic : +20.6 bn.
•

2.6

E&P-Overseas•

4.3+18.3 bn.

Others40.8 bn.

I/U Business

40.8

3.5

→

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

20.1

I/U

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 a riseof JLC price∗

E&P-Japan→ 4.3 bn.

Increase in sales volume and les price of tight oil in UnitedStatesAbsence of sales volume of diluted bitumen

3.5 bn. →21.9 bn.

•

Increase in marginal gain on LNG procurement, etc.
 Absence of temporary factor (Increase in the cost due to the
procurement of alternative LNG cargo from the LNG spot
market)•Increase in sales price of electricity

21.9

(6.5)

Others*(5.8)(20.0)(10.0) 0.0

10.0 20.0 30.0 40.0 50.0 60.0 70.0

FY3/22 (a)FY3/23 Revised (f)+0.7 bn.

(6.5 bn.)→(5.8 bn.)• Increase in profit of contract services and others∗

Operating income (contracting, oil products and commodities, andothers) that does not belong to the above business units, excluding theheadquarters 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, 2023

Analysis of Change in Net Income Forecasts(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.

JUS+4.6 bn.
JACOS(1.8 bn.)
Japex Garraf (0.9 bn.)

SODECO

CANOS+3.0 bn.
JAPEX(5.6 bn.)
Japex Garraf (2.8 bn.)

Net
incomeOperating profit*+41.4 bn.

Gain on derivatives
Interest expenses

OthersIncometaxes

Profitattributable tononcontrollinginterest

14.2

(0.3)

(62.1)

9.6

2.8

6.2

7.2

(0.0)

17.8

1.1

Others

3.5

(6.5)

10.0

21.9

(5.8)

4.1

FY3/22 (a)I/U

FY3/22 (a)

2.6

20.1

FY3/23
Revised (f)

4.3

40.8

Net
incomeExtraordinary
incomeEquity on
earnings

E&P
Japan

+6.0 bn.
+1.1 bn.

Non-operating income(6.1 bn.)
Foreignexchange
gains and loss

E&P
overseas(7.8 bn.)

FY3/23
Revised (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, 2023

Cash Flows and Debt
Million Yen

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

Full year
Nov.10Cash flows from operating activities

Feb.10(1,052)

86,20094,329Depreciation

17,721

13,351

13,529Recovery of recoverable accounts

17,78018,286

17,269Cash flows from investing activities

52,067(56,130)(50,644)

Purchase of property, plant and equipment(16,278)(39,850)(36,118)

Payments of recoverable accounts(23,244)(32,252)(31,734)

Cash flows from financing activities(70,939)(14,526)(14,504)

Cash and cash equivalents at end of period

144,513160,056

173,693

Interest-bearing debt*1

6,156

10,457

10,457

EBITDA*2

57,391

70,91487,603

0.1

0.1

0.1

Debt-to-EBITDA ratio*1 Interest-bearing debt includes lease obligations, retirement benefit liabilities and contingent liabilities*2 EBITDA is the total of operating profit, depreciation, interest and dividends received based on investment cash flow statement

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

22

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

23

Appendix

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

Sales
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

3Q

1-3Q

4,739

54,56076

FY3/23Full year

1Q

2Q

3Q

1-3Q

4Q

Full year (f)
11.10

2.10

73,422

7,266

6,876

21,76035,902

17,56851,16753,471

421

669

79

62

260

402

298

703

700

4,746

22,24141,056

7,251

6,850

21,57035,672

17,42950,853

53,101

63

218

286

67

49

57

173

69

242

243

3,607

11,073

15,570

5,640

4,855

5,468

15,964

4,487

19,25020,452

7

184

357

7

7

199

213

223

439

436

800

10,158

24,105

1,192

1,458

15,632

18,283

12,58829,89630,872

5

19

25

5

5

4

15

5

20

20

338

1,009

1,381

418

536

469

1,424

352

1,706

1,776

Sales volume of Diluted bitumen (Thousand KL)

-

959

959

-

-

-

-

-

-

-

Net sales *2-

31,121

31,121

-

-

-

-

-

-

-

0

129

130

0

0

3

5

6

13

12

(7)

1,197

1,244

14

25

189

230

140

314

370

WTI（USD/bbl）

69.85

64.06

64.06

94.41

108.65

91.76

98.27

82.85

94.33

94.42

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

77.30

70.28

73.28

101.55115.31105.93106.81

70.00

93.04

96.24

Exchange rate (JPY/USD) *4

111.69109.96111.20122.50133.58143.32132.69130.00128.59132.13

Diluted bitumen *2 (USD/bbl)

51.26

46.90

46.90

-

-

-

-

-

-

-

JML natural gas *5 (CAD/mcf)

-

-

2.96

-

-

-

-

-

-

-

Sales volume of Natural gas -overseas *3(Million M3)

Net sales*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 Royalty is excluded in the net sales and price of diluted bitumen*3 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 © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.

24Appendix

1. Net Sales - I/U
FY3/22 (a)Million Yen

FY3/233Q

1-3Q

Full year

1Q

2Q

3Q

1-3Q

4Q

Full year (f)
11.10
2.10

32,782

79,165

119,845

36,00940,77064,968

141,748

66,338191,034

208,087

271

727

1,061

231

214

245

692

307

1,012

999

14,89736,13558,024

17,92318,04326,65962,62534,45889,89497,084

135

368

527

109

101

112

324

146

483

470

120

217

295

49

44

119

213

130

349

344

8,636

16,822

22,596

6,062

7,424

21,391

34,877

13,87541,80448,752

635

2,241

3,023

665

787

693

2,146

778

3,031

2,925

Net sales

7,658

22,65634,32010,986

14,265

15,59140,843

15,62453,30456,467

Others*

1,590

3,550

4,903

1,037

1,037

1,326

3,400

2,380

6,032

5,781

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

* 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.

25

Appendix

2. Financial Results
Million Yen

FY3/22 (a)3Q

Net sales
E&P Business

1-3Q

52,856

171,364

FY3/23Full year

1Q

249,140

2Q

58,6173Q

1-3Q

62,091

104,396

4Q

Full year (f)225,105

101,574

11.10

2.10

304,563326,679

4,739

54,56073,422

7,266

6,876

21,76035,902

17,56951,16753,471

Infrastructure/Utility Business

32,782

79,165

119,845

36,00940,77064,968

141,748

66,338191,034

208,087

Others

15,334

37,63855,872

15,341

14,444

17,66747,454

17,66662,36065,120

Cost of sales

44,130136,853

199,237

41,92044,80774,488161,216

69,683

227,388

230,899

Gross profit

8,726

34,511

49,903

16,696

17,28329,90763,88831,891

77,174

95,779

101

353

359

97

1,042

860

2,000

1,425

3,057

3,425

Exploration expenses
SG&A expenses

6,516

22,50829,734

6,788

6,746

9,609

23,145

7,957

28,875

31,103Operating profit

2,108

11,64919,809

9,810

9,494

19,43838,74222,50845,242

61,250Non-operation income

3,075

12,88423,864

12,78910,989(4,643)

19,136(1,422)

21,70917,714995

Interest income

76

164

266

149

257

342

749

246

775

Interest expenses

59(1,246)(1,187)

(1)

(1)

-

(3)

(6)

(28)

(9)

Dividend income

68

2,255

4,049

47

1,603

67

1,719

1,754

3,510

3,473

2,995

9,466

14,226

5,988

696

49

6,734

(452)

6,348

6,282

Share of profit of entities accounted forusing equity method
Provision for overseas investment

85

263

66

-

-

(44)

(44)

(3)

(83)

(47)

Foreign exchange gains and loss

1,158

5,100

10,002

6,748

2,428

(4,312)

4,864

(669)

6,086

4,195

Other

(1,368)(3,118)(3,559)

(142)

6,004

(744)

5,117

(2,292)

5,100

2,825

Ordinary profit

5,183

24,533

43,67422,60020,483

14,79457,87821,086

66,951

78,964Extraordinary income

41,526(97,138)(62,175)

(1)

(14)

(11)

(27)

(9)

(71)

(36)

Profit before income taxes

46,710(72,604)(18,501)

22,59820,46914,78357,851

21,076

66,88078,928

Income taxes

11,227

10,743

9,652

5,304

3,665

4,520

13,490

4,323

11,026

17,814

864

1,708

2,835

1,653

1,013

(1,593)

1,074

39

2,853

1,114

34,619(85,057)(30,988)

15,64015,79011,85643,286

16,71353,00060,000

Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

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

26

Appendix

3. Segment Profit
Million Yen

FY3/22 (a)
3Q

1-3Q

FY3/23Full year

1Q

2Q

3Q

1-3Q

4Q

Full year (f)11.10

Operating profit

Japan

2.10

4,223

15,15824,73911,472

11,215

19,702

42,391

23,052

48,55765,443

(73)

49

(47)

291

24

124

440

(80)

509

359

(34)

1,702

1,789

227

320

2,370

2,918

1,912

4,206

4,831

-

-

-

-

-

-

-

-

-

-

(27)

(108)

(151)

(33)

(55)

(29)

(118)

(55)

(187)

(173)

-

-

-

-

-

-

-

-

-

-

243

1,457

2,644

522

611

(8)

1,125

568

2,952

1,693

(2)

(8)

(13)

(3)

(3)

(2)

(9)

2

(28)

(6)

-

-

-

-

-

-

-

-

-

-

3,071

9,425

14,287

5,699

675

(72)

6,303

(373)

5,868

5,929

(2,296)(6,560)(9,213)(2,378)(2,598)(2,596)(7,574)(2,969)(10,286)(10,543)2,108

11,64919,809

9,810

9,494

19,43838,74222,50845,242

61,250Share 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.

27

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.

2021 (a)

-

64.25

71.31

77.30

82.70

73.28

Revised (f)Feb.10-101.55*1

115.31*1

105.93*1

70.00

96.24

2021 (a)

58.10

66.07

69.85

-

-

64.06

Revised (f)Feb.1094.41*1

108.65*1

91.76*1

82.85*1-

94.422021 (a)-47,544

58,141

79,284

88,184

68,288

Revised (f)Feb.10-101,863*1

143,821*1

131,646

92,267

118,649

2021 (a)-108.43109.96111.69114.52111.20

Revised (f)Feb.10-122.50*1

133.58*1

143.32*1

130.00132.13Market Price
Crude oil price (CIF)

WTI

*2

JLC price

Exchange rate*3*3

USD/bbl

USD/bbl

JPY/Ton

JPY/USD*1 Actual*2 FY3/22 is the WTI average for JACOS's diluted bitumen sales (8 months from January to August 2021)*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.

28

Appendix

5. Sensitivities Analysis on FY3/23 Forecasts Basis
FY3/23
4Q
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)
4Q： USD 70.00/bbl

Increase by
1USD/bbl

11

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

Exchange rate

JPY 130.00/USD

1 weaker JPY
against USD

110

60

+ 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.

29

Appendix

6. Business Overview ① 3Q of FY3/23 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 Japan: Drilling the 1st well as the additional development of Katakai gas field in Niigata.
*Production of the first well is scheduled to begin in the second half of 2023, and the second well drilling is scheduled in mid-2023 or later.
 Overseas: UK North Sea Seagull Project (Scheduled to start production in mid-2023), US Tight Oil Development (In production/development),
Iraq Garraf oil field (In production/development)

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

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 natural gas demands are growing demands
 Electricity: Stably supplying electricity as a energy source with lower environmental impact generated by the power plants in operation /Participating in renewable energy development as well as considering participation to new projects

 Started commercial operation of the Abashiri Biomass 2nd Power Plant in Oct.
*3rd Power Plant is under construction (scheduled to commence commercial operation in Feb. 2023)
 (Under construction)Tahara Biomass Power Plant in Aichi, Ozu Biomass Power Plant in Ehime, Chofu Biomass Power Plant in Yamaguchi.
 Signed basic agreement regarding LNG supply to MOL Group ferries in Oarai, Ibaraki Prefectue (Jan. 2023)

CN Field Conducting study towards early adaptation and commercialization of CCS (Carbon dioxide Capture and Storage)/CCUS (Carbon dioxide Capture,
Utilization, and Storage)
 Considering cooperation and participation in carbon-neutral businesses, with the potential collaboration with CCS/CCUS• Seeking regional and inter-industrial collaboration in combination with CCS/CCUS, such as the realization of carbon recycling(Under consideration in Japan) Feasibility studies are underway in the Tomakomai area in Hokkaido and the Niigata East Port area.
(Under consideration overseas) Participating in feasibility studies in Indonesia and Malaysia.
Invested in a venture capital fund “ANRI-GREEN No.1” specializing for climate change and environmental issues in Dec.

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

30

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*
OIL[5] 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 oil and gas development
and production base[2] Indonesia・Kangean Project

Japan

GAS

Overseas

10 fields
5 projects

 Our oil and gas E&P fields/projects (as of December,2022)
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

In 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 oilIn production/
Additional Development

Approx. 133,000bbl*2

2

Indonesia: Kangean Project (Kangean Energy Indonesia Ltd.)

100％ (25%)

Natural gas

In production

Approx. 3,640,000m3(Approx. 22,000boed)

3

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

15% (15％)

Crude oil/natural gas

In development-

4

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

30% (4.59％)*3

Crude oilIn production/
development

Undisclosed

5

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

Differ by interest

Crude oilIn production/
development

Undisclosed*1: Average daily Production for cumulative 2Q FY2022 (Jan.-Sep. 2022 for overseas projects) / *2:Average daily production Apr.-Dec. 2022
*3: 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.

31

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

32

Appendix

6. 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 October 2022)
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(No.2)
In construction(No.3)

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

33

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•＋

Inter-company and Cross-industry

Examination and Development of

Collaboration

Legal Systems, etc.

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

 Legal system for CO2 underground storage
 Appropriate system of CO2 transportation
infrastructures with publicness
 CO2 trading system•

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

Including stored CO2 monitoring＋•

Including collaboration with overseas CO2
trading

 Ongoing CCS/CCUS initiatives to promote/participate in (as of the end of October, 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 of CCUS project in Tomakomai area with
Idemitsu Kosan and Hokkaido Electric Power Company.
 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 Chemical Feasibility Study for a Hub & Cluster Type CCUS Project in Niigata
East Port Area (FY2022 Publicly solicited project by JOGMEC)

CommonOverseas

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 andRemigas Joint CCS study in Malaysia: Investigation of suitable sites andtechnical evalutions for CO2 underground storage (withPETRONAS, JGC CORPORATION, and Kawasaki Kisen Kaisha, Ltd.,and works by 3 Japanese companies are adopted as a subsidy
project by the Japanese government

 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.

34

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 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/

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/35

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

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.

36

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

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

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