Support Material
Financial Results for the six months ended June 30, 2021
August 10, 2021

Cautionary Statement
This presentation includes forward‐looking information that reflects the plans andexpectations of the Company. Such forward‐looking information is based on the current
assumptions and judgments of the Company in light of the information currently available toit, and involves known and unknown risks, uncertainties and other factors. Such risks,
uncertainties and other factors may cause the Company’s performance, achievements orfinancial position to be materially different from any future results, performance,
achievements or financial position expressed or implied by such forward‐looking information.
Such risks, uncertainties and other factors include, without limitation:
 Price volatility and change in demand in crude oil and natural gas
 Foreign exchange rate volatility
 Change in costs and other expenses pertaining to exploration, development andproduction
The Company undertakes no obligation to publicly update or revise the disclosure of
information in this presentation (including forward‐looking information) after the date of thispresentation.

Copyright © 2021 INPEX CORPORATION. All rights reserved.

1

Subsidiaries and Affiliates

60 Consolidated Subsidiaries
Major Subsidiaries

Country / Region

Ownership

Phase

Accounting Term

INPEX Sahul, Ltd.

Timor‐Leste

100%

Production

December

INPEX Ichthys Pty Ltd

Australia

100%

Production

December

INPEX Oil & Gas Australia Pty Ltd

Australia

100%

Production

December

INPEX Southwest Caspian Sea, Ltd. Azerbaijan

51%

Production

December

INPEX North Caspian Sea, Ltd.

Kazakhstan

51%

Production

DecemberJapan Oil Development Co., Ltd.

UAE

100%

Production

December

JODCO Onshore Limited

UAE

51 %

Production

December

JODCO Lower Zakum Limited

UAE

100%

Production

DecemberINPEX Eagle Ford, LLC

United States

100%

Production

December

Ownership

Phase

Accounting Term

66.245%

Production

December

19 Equity Method Affiliates
Major Affiliates

Country / Region

Ichthys LNG Pty LtdAustralia

MI Berau B.V.

Indonesia

44%

Production

DecemberAngola Block 14 B.V.

Angola49.99%

Production

December

Copyright © 2021 INPEX CORPORATION. All rights reserved.

2Highlights of the Consolidated Financial Results
for the six months ended June 30, 2021

2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)

391.6

498.3

106.7

27.2%

Crude oil sales

246.3

375.3

129.0

52.4%

Natural gas sales (including LPG)

138.2

114.8

(23.4)(16.9%)

7.1

8.2

1.1

15.7%

Operating income (Billions of yen)

123.7

223.6

99.8

80.7%

Ordinary income (Billions of yen)

149.2

219.8

70.5

47.3%

Net income (loss) attributable toowners of parent (Billions of yen)(120.7)

51.9

172.7

‐

Net income (loss) per share* (Yen)(82.73)35.60

118.33‐

Average crude oil price (Brent) ($/bbl)

42.10

65.23

23.13

54.9%

Average exchange rate (¥/$)

108.25107.820.43yenappreciation

0.4%
appreciation

Net sales(Billions of yen)

OthersChange% Change* Average number of INPEX shares issued and outstanding during the six months ended June 30, 2021: 1,460,205,381

Copyright © 2021 INPEX CORPORATION. All rights reserved.

3

Crude Oil Sales
2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)

Net sales (Billions of yen)

246.3

375.3

129.0

52.4%

Sales volume (thousand bbl)

60,89455,454(5,440)(8.9%)

Average unit sales price ofoverseas production ($/bbl)

37.27

62.71

25.4468.3%

Average unit sales price ofdomestic production (¥/kl)

31,38245,004

13,622

43.4%

Average exchange rate (¥/$)

108.41

107.920.49yenappreciation

0.5%
appreciation

2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)

ChangeJapan

335(53.2 thousand kl)

273(43.5 thousand kl)(61)(‐9.8 thousand kl)(18.3%)

Asia & Oceania

7,209

7,685

476

6.6%

Eurasia (Europe & NIS)

8,486

8,083

(403)

(4.8%)

Middle East & Africa

42,92538,002(4,923)(11.5%)

Americas

1,940

1,411

(529)(27.2%)

60,89455,454(5,440)(8.9%)

Sales volume by region (thousand bbl)

Total

Change% Change% Change

Copyright © 2021 INPEX CORPORATION. All rights reserved.

4

Natural Gas Sales (excluding LPG)
2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)

Net sales (Billions of yen)

136.7

113.3

(23.4)(17.2%)

Sales volume (million cf)

222,856

203,293(19,562)(8.8%)

Average unit sales price ofoverseas production ($/thousand cf)

4.17

3.84

(0.33)(7.9%)

Average unit sales price ofdomestic sales (¥/m3)

50.65

41.04

(9.61)(19.0%)

Average exchange rate (¥/$)

108.45

107.720.73yenappreciation

0.7%
appreciation

2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)

Sales volume by region (million cf)

Change% Change

Change% ChangeJapan

39,826(1,067million ㎥*)

42,663(1,143million ㎥*)

2,837(+76million ㎥*)

7.1%

Asia & Oceania
Eurasia (Europe & NIS)
Middle East & Africa
AmericasTotal

168,905
4,853
‐
9,272
222,856

147,078
4,685
‐
8,868
203,293(21,827)
(168)
‐
(405)
(19,562)(12.9%)(3.5%)‐(4.4%)(8.8%)* 1m3=41.8605MJ
Copyright © 2021 INPEX CORPORATION. All rights reserved.

5

2Q FY2021 Analysis of Net Sales Increase(Billions of Yen)

Crude Oil+152.7

Natural Gas (including LPG)

(16.8)

Crude Oil

(1.6)

Natural Gas (including LPG)

(0.4)

498.3
391.6

Crude Oil

(22.0)Natural Gas (including LPG)

(6.1)

Copyright © 2021 INPEX CORPORATION. All rights reserved.

6

Statement of Income
2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)Change% Change

Net sales

391.6

498.3

106.7

27.2%

Decrease in sales volume :Increase in unit sales price :Cost of sales

226.0

233.7

7.7

3.4%

Exchange rate:
Others :

(2.1)
+1.1

Gross profit

165.6

264.6

98.9

59.7%

4.6

2.2

(2.4)

(51.4%)

Cost of sales for Crude Oil:
(Change)

159.2
+20.9

Selling, general andadministrative expenses

37.1

38.6

1.4

4.0%

Operating income

123.7

223.6

99.8

80.7%

Other income

45.3

36.7

(8.6)

(19.1%)

Other expenses

19.9

40.5

20.6

103.7%

Ordinary income149.2

219.8

70.5

47.3%

Extraordinary loss (Impairment loss)

192.4

‐

(192.4)(100.0%)Total income taxes

78.2

176.0

97.7

124.9%Net income (loss) attributable tonon‐controlling interests

(0.6)

(8.1)

(7.5)

‐

Net income (loss) attributable toowners of parent(120.7)

51.9

172.7

‐

(Billions of Yen)

Exploration expenses(28.1)+135.9

Cost of sales for Natural Gas*:
68.0(Change)(13.8)* Including LPG
Main factors for change :Interest income+13.8

Equity in earnings of affiliates (30.7)
Foreign exchange gain

(3.7)

Main factors for change :Copyright © 2021 INPEX CORPORATION. All rights reserved.

Equity in losses of affiliates+12.9

Foreign exchange loss+10.67

Other Income and Expenses

2Q FY2020(January ‐ June ’20)

2Q FY2021(January ‐ June ’21)

Other income

45.3

36.7

(8.6)

(19.1%)

Interest income

0.5

14.4

13.8

‐

Dividend income

5.9

3.4(2.4)(41.2%)

Equity in earnings of affiliates

30.7

‐

(30.7)(100.0%)

‐

4.3

4.3

‐

Foreign exchange gain

3.7

‐

(3.7)

(100.0%)

Other4.4

14.3

9.9

223.1%

Other expenses

19.9

40.5

20.6

103.7%

Interest expense

11.5

6.9(4.5)(39.6%)

‐

12.9

12.9

‐

2.2‐

(2.2)

(100.0%)

‐

10.6

10.6

‐

6.1

9.9

3.7

61.7%

(Billions of Yen)

Gain on reversal of allowance for recoverable
accounts under production sharing

Equity in losses of affiliates
Provision for allowance for recoverable
accounts under production sharing
Foreign exchange loss
OtherChange% Change

Copyright © 2021 INPEX CORPORATION. All rights reserved.

82Q FY2021
Analysis of Income before One‐off Profit (Loss) Increase(Billions of Yen)
* Income before one‐off profit (loss)= Net income (loss) attributable to owners of parent − one‐off profit (loss)+3.7

Copyright © 2021 INPEX CORPORATION. All rights reserved.

9

2Q FY2021
Analysis of Impact of One‐off Profit (Loss)(Billions of Yen)

Prelude FLNG Project
Eagle Ford
Lucious Oil Field
Bayu‐Undan Gas‐Condensate Field(130.8)(33.6)(18.9)
(8.9)

+11.8

(157.2)

Copyright © 2021 INPEX CORPORATION. All rights reserved.

10Balance Sheet(Billions of yen)

December
2020

June 2021

Current assets

387.0

423.836.7

9.5%

2,069.7

2,185.0

115.2

5.6%

Intangible assets

441.8

449.3

7.5

1.7%

Recoverable accounts under production
sharing

575.5

561.4

(14.1)(2.5%)

Other

1,229.7

1,317.0

87.3

7.1%

Less allowance for recoverable
accounts under production sharing(69.4)(65.0)

4.3(6.3%)

Total assets

4,634.5

4,871.6

237.1

5.1%

Current liabilities

339.2

278.0

(61.2)(18.1%)

Long‐term liabilities

1,293.8

1,402.8

108.9

8.4%

Total net assets

3,001.3

3,190.7

189.3

6.3%

(Non‐controlling interests)

264.7

261.8

(2.9)

(1.1%)

Total liabilities and net assets

4,634.5

4,871.6

237.1

5.1%

Net assets per share (Yen)

1,874.08

2,005.80

131.72

7.0%

Tangible fixed assets

Copyright © 2021 INPEX CORPORATION. All rights reserved.

Change% Change

Summary of financial information for
Ichthys downstream JV (100% basis ‐the Company equity share is 66.245%)(Billions of yen)
• Current assets :128.0• Fixed assets :3,640.8• Total assets:
3,768.9*Fixed Assets include interest
expenses for qualified assets under
the accounting standards as well as
investments before FID.
The total of long‐term loans andshort‐term loans is 1.1 trillion yen.
Adding the off‐balanced net loans ofIchthys downstream JV brings thetotal of INPEX net loans to be 2.1
trillion yen (as of June 2021).

(Billions of yen)
Total shareholders’ equity: +34.8
Accumulated other comprehensive
income :+157.4• Unrealized gain (loss) fromhedging instruments:+14.6• Translation adjustments: +142.4

11

Statement of Cash Flows2Q FY2020(January ‐ June ’20)

(Billions of Yen)

2Q FY2021(January ‐ June ’21)

Income (loss) before income taxes(43.1)

219.8

Depreciation and amortization

88.8

77.2

Impairment loss

192.4

‐

Recovery of recoverable accounts under production sharing (capitalexpenditures)

14.8

28.2

Recoverable accounts under production sharing (operating expenditures)

(1.2)

(0.6)

(121.4)(127.8)43.2(18.3)

173.5

178.6

Payments for time deposits / Proceeds from time deposits(54.1)‐

Payments for purchases of tangible fixed assets(68.2)(63.5)

0.8

16.0(18.9)(13.6)(25.4)(1.9)‐(1.4)

(1.9)

(1.2)

Income taxes paid
Other
Net cash provided by (used in) operating activities

Payments for purchases of marketable securities/investment securities andproceeds from sales of marketable securities/investment securities
Investment in recoverable accounts under production sharing (capitalexpenditures)
Long‐term loans made / Collection of long‐term loans receivable
Payments for acquisitions of participating interests
Other
Net cash provided by (used in) investing activities(167.7)(65.8)Net cash provided by (used in) financing activities124.0(125.4)

Cash and cash equivalents at end of the period

303.1

171.3

Copyright © 2021 INPEX CORPORATION. All rights reserved.

12

Differences between Consolidated Financial Forecasts
and Actual Results for the six months ended June 30, 2021

 Assumptions
1st half(May 13, 2021)(Previous Forecasts)

Crude oil price (Brent) (US$/bbl)

60.7

Exchange rate (yen/US$)

107.1

1st half(August 10, 2021)(Actual Results)

Crude oil price (Brent) (US$/bbl)

65.2

Exchange rate (yen/US$)

107.8

 Differences between Consolidated Financial Forecasts and Actual Results for the six
months ended June 30, 2021
Previous Forecasts(May 13, 2021)

Actual Results

Change% Change

Net Sales (billions of yen)

484.0

498.3

14.3

3.0%

Operating income (billions of yen)

206.0

223.6

17.6

8.5%

Ordinary income (billions of yen)

201.0

219.8

18.8

9.4%

Net income attributable to owners of parent(billions of yen)

45.0

51.9

6.9

15.3%

Copyright © 2021 INPEX CORPORATION. All rights reserved.

13

Revisions of Financial Forecasts
for the year ending December 31, 2021

 Assumptions1st half (Jan‐Jun)

2nd half (Jul‐Dec)

Full year

Crude oil price (Brent) (US$/bbl)

60.7

60.0

60.3

Exchange rate (yen/US$)

107.1

108.0

107.5

1st half (Jan‐Jun)

2nd half (Jul‐Dec)

Full year

Crude oil price (Brent) (US$/bbl)

65.2

65.0

65.1

Exchange rate (yen/US$)

107.8

110.0

108.9

(May 13, 2021)(August 10, 2021)

 Financial Forecasts for the year ending December 31, 2021
Previous forecasts(May 13, 2021)
Net sales (billions of yen)

Revised forecasts(August 10, 2021)

Change% Change

1,055.01,134.0

79.0

7.5%

Operating income (billions of yen)

452.0

513.0

61.0

13.5%

Ordinary income (billions of yen)

483.0

545.0

62.0

12.8%

Net income attributable to owners of parent(billions of yen)

140.0

170.0

30.0

21.4%

 Dividend per share
End of 2Q

End of fiscal year(forecast)

Full year(forecast)¥20.00¥20.00¥40.00

Copyright © 2021 INPEX CORPORATION. All rights reserved.

14

FY2021 Financial Forecasts
Analysis of Net Income(Billions of Yen)
200180* Income before one‐off profit (loss)= Net income attributable to owners of parent − one‐off profit (loss)

Exchange Rate (yen/US$)May 13 Forecast
107.5
Aug 10 Forecast 108.9

Crude Oil Price (Brent) （US$/bbl）
May 13 Forecast
60.3
Aug 10 Forecast 65.1

32.0

2.8

0.9
(4.7)

160(5.0)

4.0
140
120
100

175.0

80

170.0

144.0

140.0
60
40
200
Net income
attributable toowners of parent

Impact fromone‐offprofit (loss)

Income before
one‐offprofit (loss)(Previousforecasts
May 13, 2021)(Previousforecasts
May 13, 2021)(Previousforecasts
May 13, 2021)

Impact fromcrude oil price

Copyright © 2021 INPEX CORPORATION. All rights reserved.

Impact fromexchange rate

Decrease in
exploration
expenses

Project‐relatedchanges

Income before one‐off profit (loss) +31.0

Income before
one‐offprofit (loss)

Impact fromone‐offprofit (loss)

Net income
attribute toowners of parent(Revisedforecasts
Aug 10, 2021)(Revisedforecasts
Aug 10, 2021)(Revisedforecasts
Aug 10, 2021)

15

FY2021 Cash Flow Forecast * Approximately ¥320 billion in free cash flow* forecasted for FY2021.
(Billions of Yen)

Approx.
560

Approx.
240
Approx.
320* Including the Ichthys Downstream IJV (Incorporated Joint Venture)
Copyright © 2021 INPEX CORPORATION. All rights reserved.

16