[Translation]
October 12, 2004
To whom it may concern:
INPEX CORPORATION
Kunihiko Matsuo
Representative Director and President(Code Number: 1604)
Inquiries to: Yutaka Inoue
Director, Public Affairs Department(Tel: 03-5448-1201)
Notice of Outlook for Operating Results for the Fiscal Year Ending March 2005 andMid-year Ended September 2004
The actual operating results of the Company for the fiscal year ended March 2004
(April 1, 2003 to March 31, 2004) and the outlook for the operating results of the Companyfor the fiscal year ending March 2005 (April 1, 2004 to March 31, 2005) are as follows. The
Company conducted a stock split of three for one (3:1) on May 18, 2004.
[Consolidated Full-year Basis]
Fiscal Year
Year Ending March 2005
(Outlook)
Item
AmountRatio over
YOY(millionNet Sales(%)yen)(%)
Net Sales
402,800
100.0
184.1
Ordinary Profit
200,900
49.9
212.0
Net Income
54,30013.5
156.1
Net Income per Share
28,283.69 yen[Non-consolidated Full-year Basis]
Fiscal Year
Year Ending March 2005
(Outlook)
Item
AmountRatio overYOY
(million
Net Sales(%)yen)(%)
Net Sales
178,000
100.0
105.8
Ordinary Profit
86,10048.4
113.0Net Income
35,70020.1
125.9
Net Income per Share
18,595.36 yen
Dividends per Share

3,333 yen

Year Ended March 2004
(Actual Results)
AmountRatio over(millionNet Salesyen)(%)
218,831100.0
94,773
43.3
34,781
15.9
58,838.76 yen(19,612.92 yen)

Year Ended March 2004
(Actual Results)
AmountRatio over(million
Net Salesyen)(%)
168,239
100.0
76,20545.2
28,34916.8
47,959.97 yen(15,986.65 yen)
10,000 yen(3,333 yen)This document is a press release for public information only. It has not been prepared for the purpose of soliciting investment in shares ofINPEX Corporation (the “Company”), nor does it constitute an offer of any securities for sale in Japan. If you intend to invest in shares of theCompany, you are required to read the Company’s Japanese prospectus (including any amendments to it) and to make your own decision, atyour responsibility, on whether to invest or not. This is not an offer of securities for sales in the United States. Securities may not be offeredor sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will
be made by means of a prospectus that may be obtained from the Company or the selling shareholder and will contain detailed information
about the Company and its management, as well as financial statements of the Company. No public offering of securities will be made in
the United States in connection with the above-mentioned transactions.

(Note)
1.

2.

3.

4.

For the fiscal year ended March 2004, the value per share in parentheses
represents the value after making retroactive amendments for the effects of thestock split carried out on May 18, 2004.
The “Accounting Standards for Earnings per Share” (Accounting Standards No. 2)
and the “Implementation Guidance for Accounting Standards for Earnings perShare” (Implementation Guidance for Accounting Standards No. 4) have been
applied with respect to the fiscal year ended March 2004, but have not been
applied in calculating the net income per share for the fiscal year ending March
2005. The net income per share for the fiscal year ended March 2004 wascalculated based on the average number of outstanding shares during the term,
and the net income per share for the fiscal year ending March 2005 was calculated
based on the expected number of outstanding shares at the end of the term, which
is 1,919,833.75 shares.
Japan Oil Development Co., Ltd. became a wholly-owned subsidiary of theCompany on May 17, 2004 by way of a share exchange. In relation thereto, theCompany issued 50,744.25 shares of common stock (152,232.75 shares after thestock split). Therefore, Japan Oil Development Co., Ltd. is consolidated in theCompany’s financial results as a subsidiary of the Company in the outlook for theoperating results from the beginning of the fiscal year ending March 2005.
The consolidated and non-consolidated expected operating results of theCompany are principally based on the following.
Oil price:
Blended crude oil for second half-year (October to March)
Average of $30 per barrel
Exchange rate: Second half-year (October to March)
Average of 108 yen to the US Dollar

The outlook for the operating results of the Company on a consolidated and non-consolidated
basis for the mid-year (April 1, 2004 to September 30, 2004) of the fiscal year ending March
2005 are as follows.
[Consolidated Mid-year Basis]
Fiscal Year
Mid-year Ending September 2004(Outlook)
ItemNet Sales
Ordinary Profit
Interim Net Income

Amount(millionyen)
213,000
109,000
32,000

Ratio over
Net Sales
(%)
100.0
51.2
15.0

YOY(%)
193.3
249.2
178.8

Mid-year Ended
September 2003 (ActualResults)
AmountRatio over(million
Net Salesyen)(%)
110,188
100.0
43,74839.7
17,89816.2

This document is a press release for public information only. It has not been prepared for the purpose of soliciting investment in shares ofINPEX Corporation (the “Company”), nor does it constitute an offer of any securities for sale in Japan. If you intend to invest in shares of theCompany, you are required to read the Company’s Japanese prospectus (including any amendments to it) and to make your own decision, atyour responsibility, on whether to invest or not. This is not an offer of securities for sales in the United States. Securities may not be offeredor sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will
be made by means of a prospectus that may be obtained from the Company or the selling shareholder and will contain detailed information
about the Company and its management, as well as financial statements of the Company. No public offering of securities will be made in
the United States in connection with the above-mentioned transactions.

[Non-consolidated Mid-year Basis]
Fiscal Year
Mid-year Ending September 2004
(Outlook)
Item

Net Sales
Ordinary Profit
Interim Net Income

Amount(millionyen)
94,60050,00021,300

Ratio over
Net Sales
(%)
100.0
52.9
22.5

YOY
(%)
112.5
128.2
140.3

Mid-year Ended
September 2003 (ActualResults)
AmountRatio over(millionNet Salesyen)(%)
84,112100.0
38,993
46.4
15,18218.0EndThis document is a press release for public information only. It has not been prepared for the purpose of soliciting investment in shares ofINPEX Corporation (the “Company”), nor does it constitute an offer of any securities for sale in Japan. If you intend to invest in shares of theCompany, you are required to read the Company’s Japanese prospectus (including any amendments to it) and to make your own decision, atyour responsibility, on whether to invest or not. This is not an offer of securities for sales in the United States. Securities may not be offeredor sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will
be made by means of a prospectus that may be obtained from the Company or the selling shareholder and will contain detailed information
about the Company and its management, as well as financial statements of the Company. No public offering of securities will be made in
the United States in connection with the above-mentioned transactions.