Consolidated Financial Results for the Three Months ended March 31, 2024 [IFRS]
May 14, 2024
Note: The following report is an English translation of the Japanese-language original.
Company name
Code number: INPEX CORPORATION: 1605

Representative
Contact person: Takayuki Ueda, President: Yoshihiro Wakita, General Manager, Corporate Communications Unit

Stock Exchange on which the Company is listed
URL https://www.inpex.co.jp

TEL+81-3-5572-0750
Scheduled date of filing Quarterly Financial Report: May 15, 2024

Scheduled date of payment of cash dividends
Preparation of supplementary explanatory materials

:–
: Yes

Meeting of quarterly financial results presentation: None: Tokyo Stock Exchange(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for the Three Months ended March 31, 2024 (January 1, 2024 through March 31, 2024)(1) Consolidated operating results(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Revenue
For the three months ended
March 31, 2024

Operating profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

596,800

3.3

380,102

1.4

372,923(1.1)

123,583(19.6)

578,007–374,788

–377,239–

153,770–

March 31, 2023

Profit attributable toowners of parent
For the three months ended

Profit before tax

Total comprehensive
incomeBasic earnings per share Diluted earnings per share

Millions of yen%

Millions of yen

%

Yen

Yen

121,829(17.0)

420,685133.9

146,799–

179,835–

96.82
112.4096.76
112.33

March 31, 2024
March 31, 2023
(2) Consolidated financial position

Total assets

As of March 31, 2024
As of December 31, 2023

Total equity

Equity attributable toowners of parent

Ratio of equity
attributable to owners ofparent to total assets

Millions of yen

Millions of yen

Millions of yen%

7,301,250
6,739,476

4,867,283
4,499,033

4,566,368
4,209,101

62.5
62.5

2. Dividends
Cash dividends per share
At 1st quarter end

At 2nd quarter end

At 3rd quarter end

At fiscal year end

Yen

Yen

Yen

Yen

Yen

–

37.00

–

37.00

74.00

38.00

–

38.00

76.00

For the year ended
December 31, 2023
For the year ending

Total

–

December 31, 2024
For the year ending
December 31, 2024
(Forecasts)(Notes): 1. Changes in projected dividends for the year ending December 31, 2024 from the previous forecast: None
2. “Dividends” as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit “Dividends of Class A
stock.”

3. Forecasts for Consolidated Financial Results for the year ending December 31, 2024 (January 1, 2024 through December 31, 2024)(Figures in % represent the changes from the corresponding period of the previous fiscal year)

Revenue
Millions of yen

Operating profit% Millions of yen

Profit attributable to Basic earnings
owners of parent
per share

Profit before tax% Millions of yen% Millions of yen

For the six months ending
June 30, 2024

1,150,000

6.6

666,000

9.7

678,000(4.4)

For the year ending
December 31, 2024

2,178,000

0.6

1,210,000

8.6

1,241,000

(1.0)

%

Yen

205,000(17.5)

162.92360,000

11.9

286.11(Note): Changes in forecasts for consolidated financial results for the year ending December 31, 2024 from the previous forecast: Yes*Notes(1) Significant changes in scope of consolidation(Changes in the specified subsidiaries during the period due to change in scope of consolidation): None(2) Changes in accounting policies, changes in accounting estimates, and restatement
1. Changes in accounting policies required by IFRS
2. Other changes in accounting policies: None: None3. Changes in accounting estimates: None(3) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period

1,259,136,067 shares as of March 31, 2024

(including treasury stock):
2. Number of treasury stock at the end of the period:

1,386,667,167 shares as of December 31, 2023
875,276 shares as of March 31, 2024

3. Average number of shares:

128,422,706 shares as of December 31, 2023
1,258,249,977 shares for the three months ended March 31, 2024
1,305,995,701 shares for the three months ended March 31, 2023

(Note): The shares held by “the Board Incentive Plan Trust” are included in number of treasury stock at the end of the period.
(As of March 31, 2024: 875,230 shares As of December 31, 2023: 891,560 shares)*This quarterly earnings report is not subject to audit by certified public accountants or audit firms.
*Explanation regarding the appropriate use of estimated consolidated financial results
The aforementioned forecasts “3. Forecasts for Consolidated Financial Results for the year ending December 31, 2024” are based on the currently available
information and contain many uncertainties. The final results might be significantly different from the forecasts due to changes in business conditions including
oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax schemes. Regarding theforecasts, please refer to “1. Qualitative Information/Financial Statements (4) Explanation Regarding Future Forecast Information Such as Forecasts for
Consolidated Financial Results” on page 4.

Exhibit:
Dividends of Class A stock
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end
For the year ended
December 31, 2023
For the year ending
December 31, 2024

At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

–

14,800.00–

14,800.00

29,600.00

15,200.00–

15,200.00

30,400.00–

For the year ending
December 31, 2024
(Forecasts)(Note): The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no stock
split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock split isincluded in the Articles of Incorporation.

Index of the Attachments
1.

2.

Qualitative Information/Financial Statements ................................................................................................................................... 2(1)(2)

Explanation on Consolidated Financial Results ........................................................................................................................... 2
Explanation on Consolidated Financial Position ......................................................................................................................... 3

(3)
(4)

Explanation on Cash Flows ......................................................................................................................................................... 3
Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results .............................. 4

Condensed Quarterly Consolidated Financial Statements and Principal Notes ................................................................................. 5(1) Condensed Quarterly Consolidated Statement of Financial Position ........................................................................................... 5(2)

Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement ofComprehensive Income ............................................................................................................................................................... 7

(3)
(4)

Condensed Quarterly Consolidated Statement of Changes in Equity .......................................................................................... 9
Condensed Quarterly Consolidated Statement of Cash Flows ................................................................................................... 11(5) Notes to Condensed Quarterly Consolidated Financial Statements ........................................................................................... 13(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)......................................................................................................................................................................................................... 13(Segment information)..................................................................................................................................................................... 13
3.

(Significant subsequent events) ....................................................................................................................................................... 14
Supplementary Information ............................................................................................................................................................. 15(1)

Production, Orders Received and Sales Performance ................................................................................................................ 15-1-

1. Qualitative Information/Financial Statements(1) Explanation on Consolidated Financial Results
Regarding the Company’s consolidated financial results for the three months ended March 31, 2024, revenue increased by ¥18.7
billion, or 3.3%, to ¥596.8 billion from the corresponding period of the previous fiscal year due to the depreciation in the averageexchange rate of the Japanese yen against the U.S. dollar during the period. Revenue of crude oil increased by ¥50.8 billion, or
12.7%, to ¥450.1 billion, and revenue of natural gas decreased by ¥32.5 billion, or 18.7%, to ¥141.1 billion. Sales volume ofcrude oil increased by 661 thousand barrels, or 1.8%, to 37,338 thousand barrels, and sales volume of natural gas increased by
2,735 million cf, or 2.1%, to 130,976 million cf. Sales volume of overseas natural gas increased by 1,847 million cf, or 1.8%, to103,979 million cf, and sales volume of domestic natural gas increased by 24 million m 3, or 3.4%, to 721 million m3 (26,898
million cf). The average sales price of overseas crude oil decreased by US$1.08, or 1.3%, to US$81.12 per barrel. The averagesales price of overseas natural gas decreased by US$1.37, or 20.4%, to US$5.36 per thousand cf, and the average sales price ofdomestic natural gas decreased by ¥33.60, or 30.4%, to ¥77.07 per m3. The average exchange rate of the Japanese yen against the
U.S. dollar on consolidated revenue depreciated by ¥16.13, or 12.2%, to ¥148.61 per U.S. dollar.
The increase of ¥18.7 billion in revenue was mainly derived from the following factors: regarding revenue of crude oil andnatural gas, an increase in sales volume contributing ¥12.1 billion to the increase, a decrease in unit sales price contributing ¥52.2
billion to the decrease, the depreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing¥58.4 billion to the increase, and an increase in revenue excluding crude oil and natural gas of ¥0.4 billion.
Meanwhile, cost of sales increased by ¥10.5 billion, or 4.6%, to ¥238.5 billion. Exploration expenses increased by ¥2.7 billion, or
143.0%, to ¥4.7 billion. Selling, general and administrative expenses increased by ¥6.2 billion, or 24.0%, to ¥32.3 billion. Other
operating income increased by ¥0.9 billion, or 8.1%, to ¥12.1 billion. Other operating expenses decreased by ¥4.1 billion, or
52.1%, to ¥3.7 billion. Share of profit of investments accounted for using equity method increased by ¥1.0 billion, or 2.2%, to¥50.4 billion. As a result, operating profit increased by ¥5.3 billion, or 1.4%, to ¥380.1 billion.
Finance income increased by ¥12.4 billion, or 57.2%, to ¥34.1 billion. Finance costs increased by ¥22.0 billion, or 114.5%, to¥41.3 billion. As a result, profit before tax decreased by ¥4.3 billion, or 1.1%, to ¥372.9 billion.
Income tax expense increased by ¥25.8 billion, or 11.6%, to ¥249.3 billion. Profit attributable to non-controlling interests
decreased by ¥5.2 billion, or 74.8%, to ¥1.7 billion. As a result of the above effects, profit attributable to owners of parent
decreased by ¥24.9 billion, or 17.0%, to ¥121.8 billion.
Operating results by segment are as follows:1)

Oil & Gas Japan
Revenue decreased by ¥21.8 billion, or 27.3%, to ¥58.1 billion due to a decrease in sales price of natural gas. Profit
attributable to owners of parent decreased by ¥11.0 billion, or 64.8%, to ¥6.0 billion.

2)

Oil & Gas Overseas - Ichthys Project
Revenue increased by ¥4.2 billion, or 4.3%, to ¥103.3 billion due to an increase in sales volume of crude oil and thedepreciation of the Japanese yen against the U.S. dollar. Profit attributable to owners of parent decreased by ¥1.7 billion, or
1.9%, to ¥90.8 billion.

3)

Oil & Gas Overseas - Other Projects
Although revenue increased by ¥36.6 billion, or 9.4%, to ¥427.0 billion due to an increase in sales volume of crude oil andthe depreciation of the Japanese yen against the U.S. dollar, profit attributable to owners of parent decreased by ¥2.7
billion, or 9.7%, to ¥25.5 billion due to factors including an increase in income tax expense.

-2-(2) Explanation on Consolidated Financial Position
Total assets as of March 31, 2024 increased by ¥561.7 billion to ¥7,301.2 billion, compared to December 31, 2023. Current assets
increased by ¥108.9 billion to ¥947.3 billion due to an increase in trade and other receivables, and others. Non-current assets
increased by ¥452.8 billion to ¥6,353.8 billion due to an increase in oil and gas assets, and others.
Meanwhile, total liabilities increased by ¥193.5 billion to ¥2,433.9 billion. Current liabilities increased by ¥143.7 billion to¥715.9 billion and non-current liabilities increased by ¥49.8 billion to ¥1,718.0 billion.
Total equity increased by ¥368.2 billion to ¥4,867.2 billion. Equity attributable to owners of parent increased by ¥357.2 billion to¥4,566.3 billion. Non-controlling interests increased by ¥10.9 billion to ¥300.9 billion.
(3) Explanation on Cash Flows
The Group’s cash and cash equivalents as of March 31, 2024 totaled ¥227.3 billion, reflecting a net increase of ¥17.7 billion from
¥201.1 billion as of December 31, 2023, with the effect of exchange rate changes of ¥8.3 billion added to it.
The status of cash flows from operating, investing, and financing activities and their factors during the three months ended March
31, 2024 are as follows:1)

Cash flows from operating activities
Net cash provided by operating activities amounted to ¥140.2 billion, down ¥94.5 billion from the corresponding period of
the previous fiscal year, mainly due to an increase in trade and other receivables and an increase in income taxes paid
(despite an increase in trade and other payables, and an increase in depreciation and amortization that are non-cash items).

2)

Cash flows from investing activities
Net cash used in investing activities amounted to ¥123.4 billion, down ¥31.7 billion from the corresponding period of theprevious fiscal year, mainly due to a decrease in payments for purchases of investments and an increase in proceeds fromsale and redemption of investments.

3)

Cash flows from financing activities
Net cash provided by financing activities amounted to ¥1.0 billion compared with ¥102.5 billion of net cash used in thecorresponding period of the previous fiscal year. This was mainly due to a net increase in commercial papers and a decrease
in repayments of long-term borrowings.

-3-

(4) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results
The Company revised its consolidated financial forecasts for the six months ending June 30, 2024 and the fiscal year ending
December 31, 2024 due to factors including higher-than-expected crude oil prices and the depreciation of the Japanese yen
against the U.S. dollar in the three months ended March 31, 2024 as stable operations were carried out at the company’s key
projects including Ichthys LNG. The revised forecasts also reflect the revision of crude oil price and exchange rate assumptions
for the second quarter onwards.
1.

Forecasts for consolidated financial results for the six months ending June 30, 2024
(Millions of yen)
Revenue

Operating profit

Profit before tax

Profit attributable toowners of parent

Previous Forecasts: A

1,043,000

544,000

559,000

155,000

Revised Forecasts: B

1,150,000

666,000

678,000

205,000

107,000

122,000

119,000

50,000

10.3

22.4

21.3

32.3

Increase (Decrease): B-A
Percentage change (%)

2.

Forecasts for consolidated financial results for the year ending December 31, 2024
(Millions of yen)
Revenue

Operating profit

Profit before tax

Profit attributable toowners of parent

Previous Forecasts: A

1,931,000

1,010,000

1,043,000

330,000

Revised Forecasts: B

2,178,000

1,210,000

1,241,000

360,000

247,000

200,000

198,000

30,000

12.8

19.8

19.0

9.1

Increase (Decrease): B-A
Percentage change (%)

The above forecasts are calculated based on the following assumptions:
Previous Forecasts
First Half average:
Crude oil price(Brent)Exchange rate

US$75.5/bbl

Revised Forecasts
First Half average:

US$82.5/bbl

Second Half average: US$70.5/bbl

Second Half average:

US$77.5/bbl- 3rd quarter average: US$73.0/bbl- 3rd quarter average: US$78.7/bbl- 4th quarter average:

US$68.0/bbl- 4th quarter average:

US$76.2/bbl

Full Year average:

US$73.0/bbl

Full Year average:

US$80.0/bbl

First Half average:¥138.0/US$

First Half average:¥148.0/US$

Second Half average: ¥138.0/US$

Second Half average:¥142.0/US$

Full Year average:

Full Year average:¥145.0/US$¥138.0/US$

Crude oil prices at which the Company sells products vary depending on crude oil type and differ from Brent crude oil prices.
Crude oil price differences are determined by the quality of each crude oil type, etc., and are also affected by market conditions.

-4-2. Condensed Quarterly Consolidated Financial Statements and Principal Notes(1) Condensed Quarterly Consolidated Statement of Financial Position(Millions of yen)Accounts

As of December 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and cash equivalents

201,149

227,314

Trade and other receivables

232,017304,865

Inventories

69,85680,101

Income taxes receivable

10,64010,466Loans receivable

42,35044,259Other financial assets

227,068

221,229

Other current assets

37,992

41,775

Subtotal

821,075

930,012

Assets held for sale

17,341

17,341

Total current assets

838,417947,353

3,601,558

3,824,861

Other property, plant and equipment

25,481

25,071

Goodwill

20,471

20,515Intangible assets

9,033

9,179

751,903858,784

1,306,529

1,419,446

95,890113,215

896

1,227

Deferred tax assets

72,97764,418Other non-current assets

16,316

17,176

Total non-current assets

5,901,058

6,353,897

6,739,476

7,301,250

Non-current assets
Oil and gas assets

Investments accounted for using equity method
Loans receivable
Other financial assets
Asset for retirement benefits

Total assets-5-

(Millions of yen)Accounts

As of December 31, 2023

As of March 31, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

207,913

237,037

Bonds and borrowings

161,059

238,533

Other financial liabilities

40,80862,161

Income taxes payable

131,721145,395

Asset retirement obligations

19,018

19,117

Other current liabilities

11,69013,668

Total current liabilities

572,212715,914

Bonds and borrowings

895,923

924,502

Other financial liabilities

66,02573,233803

813

Asset retirement obligations

369,483

375,238

Deferred tax liabilities

332,940

341,536

Non-current liabilities

Liability for retirement benefits

Other non-current liabilities

3,054

2,726

Total non-current liabilities

1,668,230

1,718,053

2,240,442

2,433,967

Common stock

290,809290,809

Capital surplus

679,131459,652

Retained earnings

2,746,530

2,821,771

Treasury stock(221,330)(1,305)

Other components of equity

713,959

995,440

4,209,101

4,566,368

289,932

300,915

4,499,033

4,867,283

6,739,476

7,301,250

Total liabilities
EquityTotal equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity-6-(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement ofComprehensive Income
Condensed Quarterly Consolidated Statement of Profit or Loss
(Millions of yen)Accounts

For the three months ended
March 31, 2023

For the three months ended
March 31, 2024

Revenue

578,007596,800

Cost of sales(227,952)(238,518)

Gross profit

350,055

358,282

Exploration expenses(1,945)(4,727)

Selling, general and administrative expenses(26,083)(32,337)

Other operating income

11,274

12,192Other operating expenses(7,927)(3,798)49,41550,490374,788

380,102

Share of profit (loss) of investments accounted for using
equity method
Operating profit
Finance income

21,70634,126

Finance costs(19,255)(41,304)

Profit before tax

377,239

372,923

Income tax expense(223,469)(249,340)

Profit153,770

123,583

146,799

121,829

6,970

1,753

153,770

123,583

Basic earnings per share (Yen)

112.4096.82

Diluted earnings per share (Yen)

112.33

96.76

Profit attributable to
Owners of parent
Non-controlling interests
ProfitEarnings per share-7-

Condensed Quarterly Consolidated Statement of Comprehensive Income(Millions of yen)
For the three months ended
March 31, 2023

For the three months ended
March 31, 2024

153,770

123,583

748

(392)

748

(392)

154

(1,690)27,744

298,131

(119)

(199)

(2,463)

1,252

25,316

297,494

26,065297,102179,835

420,685

173,161

403,310Non-controlling interests

6,673

17,375Comprehensive income

179,835

420,685

Accounts
ProfitOther comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through othercomprehensive income
Total items that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss
Cash flow hedges
Exchange differences on translation of foreign operation
Financial assets measured at fair value through othercomprehensive income
Share of other comprehensive income of investments
accounted for using equity method
Total items that may be reclassified subsequently to
profit or loss
Other comprehensive income, net of tax
Comprehensive income

Comprehensive income attributable to
Owners of parent-8-

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
For the three months ended March 31, 2023
(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Common stock

Capital surplus Retained earnings Treasury stock

Exchangedifferences on
Cash flow hedges
translation offoreign operation

290,809679,113

2,521,998(121,358)

423,504

32,421

Profit––146,799–––

Other comprehensive income

As of January 1, 2023

–

–

–

–

28,041(2,308)

Total comprehensive income––

146,799–

28,041(2,308)

Disposal of treasury stock

–

(8)

–

8

–

–

Dividends––(41,820)–––

Changes in ownership interest in
subsidiaries

–

(10)

–

–

–

–

Share-based payment transactions

–

41

–

–

–

–

–

22

(41,820)8––

290,809679,135

2,626,977(121,349)

451,545

30,112

Total transactions with owners
As of March 31, 2023

Equity attributable to owners of parent
Other components of equity
Financial assets
measured atfair value throughother comprehensive
incomeNon-controllinginterests

Total

Total

Total

(19,107)436,818

3,807,381

261,178

4,068,560––

146,799

6,970

153,770629

26,362

26,362(296)

26,065

Total comprehensive income

629

26,362

173,161

6,673

179,835

Disposal of treasury stock

–

–

–

–

–

Dividends––(41,820)(4,667)(46,488)

Changes in ownership interest in
subsidiaries

–

–

(10)

7,274

7,264

Share-based payment transactions

–

–

41

–

41

–

–

(41,790)

2,607(39,182)(18,478)

463,180

3,938,753

270,459

4,209,212

As of January 1, 2023
ProfitOther comprehensive income

Total transactions with owners
As of March 31, 2023

-9-For the three months ended March 31, 2024
(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Common stock

Capital surplus Retained earnings Treasury stock

Exchangedifferences on
Cash flow hedges
translation offoreign operation

290,809679,1312,746,530(221,330)

694,996

30,224

Profit––121,829–––

Other comprehensive income

–

–

–

–

282,510(437)

Total comprehensive income––

121,829–

282,510(437)

Disposal of treasury stock

–

(24)

–

24

–

–

Cancellation of treasury stock–(219,999)–

219,999––

Dividends––(46,588)–––

Changes in ownership interest in
subsidiaries

–

494

–

–

–

–

Share-based payment transactions

–

50

–

–

–

–

–

(219,479)(46,588)

220,024––

290,809459,652

2,821,771(1,305)977,506

29,787

As of January 1, 2024

Total transactions with owners
As of March 31, 2024

Equity attributable to owners of parent
Other components of equity
Financial assets
measured atfair value throughother comprehensive
incomeAs of January 1, 2024

Non-controllinginterests

Total

Total

Total

(11,261)

713,959

4,209,101

289,932

4,499,033––

121,829

1,753

123,583(591)

281,480

281,480

15,621

297,102

Total comprehensive income(591)

281,480

403,310

17,375

420,685

Disposal of treasury stock

–

–

–

–

–

Cancellation of treasury stock

–

–

–

–

–

Dividends––(46,588)(10,017)(56,605)

Changes in ownership interest in
subsidiaries

–

–

494

3,625

4,119

Share-based payment transactions

–

–

50

–

50

–

–

(46,042)(6,392)(52,435)(11,853)

995,440

4,566,368

300,915

4,867,283

ProfitOther comprehensive income

Total transactions with owners
As of March 31, 2024

- 10 -

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)
For the three months ended
March 31, 2023

For the three months ended
March 31, 2024

Profit before tax

377,239

372,923

Depreciation and amortization

77,05492,000925

168

Finance income and finance costs (income)(2,451)

7,178

Foreign exchange loss (gain)

3,727(1,738)(49,415)(50,490)

Decrease (increase) in inventories

1,626(7,970)Decrease (increase) in trade and other receivables

49,088(57,413)

Increase (decrease) in trade and other payables(1,886)

17,426

Other operating activities

6,466

411

462,374

372,495

3,362

3,828

Accounts
Cash flows from operating activities

Increase (decrease) in asset retirement obligations

Share of loss (profit) of investments accounted for using
equity method

SubtotalInterest received
Dividends received

2,250

12,208Interest paid

(16,911)(15,821)

Income taxes paid

(216,266)(232,484)

Net cash provided by (used in) operating activities

234,809140,226

Payments into time deposits(2,713)(10,650)

Proceeds from withdrawal of time deposits

2,681

22,363

Payments for acquisition of exploration and evaluation
assets(3,022)(17,201)

Payments for acquisition of development and production
assets(51,461)(58,181)

(538)

(938)

(124,060)(34,580)

2,521

47,877(39,380)(12,906)–(40,657)

Net decrease (increase) in short-term loans receivable

334

1,041

Long-term loans made(784)

(33,262)

Cash flows from investing activities

Payments for purchases of other property, plant andequipment
Payments for purchases of investments
Proceeds from sale and redemption of investments
Payments for purchases of investments accounted for using
equity method
Payments for acquisition of businesses

Collection of long-term loans receivable

43,817

1,448

Other investing activities

17,381

12,202(155,223)(123,445)

Net cash provided by (used in) investing activities- 11 -

(Millions of yen)
For the three months ended
March 31, 2023

For the three months ended
March 31, 2024

50,000120,000

Proceeds from long-term borrowings

250

81

Repayments of long-term borrowings(109,530)(71,088)

Repayments of lease liabilities(4,668)(5,763)

Cash dividends paid

(32,969)(36,351)

Capital contribution from non-controlling interests

7,264

4,119

Cash dividends paid to non-controlling interests(4,535)(10,017)

Accounts
Cash flows from financing activities
Net increase (decrease) in commercial papers(8,382)24

Net cash provided by (used in) financing activities(102,574)

1,004

Net increase (decrease) in cash and cash equivalents(22,988)

17,784

Cash and cash equivalents at beginning of the year

208,238

201,149

Effect of exchange rate changes on cash and cash equivalents(2,832)

8,380

Cash and cash equivalents at end of the period

182,416

227,314

Other financing activities- 12 -

(5) Notes to Condensed Quarterly Consolidated Financial Statements(Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern)
None(Segment information)
Reportable segment profit represents profit attributable to owners of parent as presented in the condensed quarterly consolidated
statement of profit or loss. Intersegment transactions follow pricing based on arm’s-length principles.
The revenue, profit and other items for the Group’s reportable segments are as follows:
For the three months ended March 31, 2023 (January 1, 2023 through March 31, 2023)(Millions of yen)
Reportable segments
Oil & Gas Overseas

Oil & Gas
Japan

Other*

Ichthys Project

Other Projects

Total

Adjustments

Consolidated

Revenue
Revenue from external customers

79,964

99,110390,363

8,568

578,007–

578,007

Intersegment revenue

1,782

5,810

–

2,556

10,150(10,150)–

Total

81,747104,921390,363

11,125588,157(10,150)

578,007

Segment profit (loss)

17,05592,54328,252

9,352

147,202(402)

146,799

Note:

The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.

For the three months ended March 31, 2024 (January 1, 2024 through March 31, 2024)(Millions of yen)
Reportable segments
Oil & GasJapan

Oil & Gas Overseas

Other*

Ichthys Project

Other Projects

Total

Adjustments

Consolidated

Revenue
Revenue from external customers

58,154

103,361

427,0088,275

596,800–

596,800

Intersegment revenue

1,941

7,887

–

2,418

12,247(12,247)–

Total

60,096111,248

427,008

10,693609,047(12,247)

596,800

Segment profit (loss)

6,010

90,81325,523

343

122,690(860)

121,829

Note:

The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the five net-zero businesses, etc.

- 13 -

(Significant Subsequent Events)(Acquisition of the Company’s treasury stock)
The Board of Directors of the Company resolved at a meeting held on May 14, 2024 for the Company to acquire its treasury stock
pursuant to Article 156, as applied pursuant to paragraph 3, Article 165, of the Companies Act.
1. Reasons for acquisition of treasury stock
To improve capital efficiency and enhance shareholder returns.
2. Details of the acquisition(1) Type of shares to be acquired:

Common shares(2) Total number of shares to be acquired:

Up to 40 million shares(3.18% of total number of issued shares excluding treasury stock)(3) Total cost of acquisition:(4) Period of acquisition:

Up to 50.0 billion yen
From May 15, 2024 to December 31, 2024

(5) Method of acquisition:

Market purchases on the Tokyo Stock Exchange(Reference) Total number of issued common shares and treasury stock held as of March 31, 2024
Total number of issued shares (excluding treasury stock):
1,259,136,021 shares
Total number of treasury stock:46 shares

Note: The shares held by the Board Incentive Plan Trust (875,230 shares) are not included in the number of treasury stock.

- 14 -

3. Supplementary Information(1) Production, Orders Received and Sales Performance1) Actual production
The following table shows actual production by segment:
Segment

Category

For the three months ended
March 31, 2023

For the three months ended
March 31, 2024

Crude oil

0.3 MMbbls(2.8 Mbbls per day)

0.2 MMbbls(2.3 Mbbls per day)Natural gas

9.2 Bcf(101.8 MMcf per day)

7.8 Bcf(85.7 MMcf per day)

1.9 MMboe

1.6 MMboe(21.4 Mboe per day)(18.0 Mboe per day)

141.6t144.6t50.3 million kWh

52.5 million kWh

Oil & Gas Japan
Subtotal
IodineElectric power generation
Crude oilIchthys Project

Natural gas
Subtotal

Oil & Gas

Other Projects

99.5 Bcf(1,093.3 MMcf per day)21.2 MMboe

22.4 MMboe(235.6 Mboe per day)

(246.5 Mboe per day)
32.1 MMbbls(353.1 Mbbls per day)24.5 Bcf

23.8 Bcf(272.4 MMcf per day)

(261.5 MMcf per day)

36.9 MMboe

36.5 MMboe(410.0 Mboe per day)

(401.4 Mboe per day)

36.1 Mtons

32.0 Mtons

320.9 million kWh607.0 million kWh36.0 MMbbls

35.6 MMbbls(399.7 Mbbls per day)

(391.7 Mbbls per day)Natural gas

126.4 Bcf
(1,404.2 MMcf per day)131.1 Bcf
(1,440.5 MMcf per day)Subtotal

60.0 MMboe(667.0 Mboe per day)

60.6 MMboe(665.9 Mboe per day)

Iodine141.6t144.6tNatural gas

SulfurElectric power generation
Crude oil

Total

92.7 Bcf(1,029.9 MMcf per day)

32.4 MMbbls

Subtotal

Other

3.3 MMbbls(36.2 Mbbls per day)

(359.7 Mbbls per day)

Crude oilOverseas

3.3 MMbbls(37.1 Mbbls per day)SulfurElectric power generation

36.1 Mtons

32.0 Mtons

371.1 million kWh659.5 million kWh

Notes: 1. The volume of LPG produced overseas is included in “Crude oil.”
2. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
3. The production by the Company’s affiliates, etc. is included in the figures above.
4. The production volume of crude oil and natural gas under the production sharing contracts entered into by the Group corresponds to the net economic
take of the Group. Figures calculated by multiplying the gross production volume by the Company’s interest share are 37.8 MMbbls (420.1 Mbbls perday) of crude oil, 129.3 Bcf (1,436.1 MMcf per day) of natural gas, and in total 62.4 MMboe (693.1 Mboe per day) for the three months ended March
31, 2023, and 37.2 MMbbls (408.9 Mbbls per day) of crude oil, 133.4 Bcf (1,466.0 MMcf per day) of natural gas, and in total 62.6 MMboe (688.2
Mboe per day) for the three months ended March 31, 2024.
5. “Boe” means barrels of oil equivalent.
6. “Iodine” is refined by other company on consignment.
7. Figures are rounded to the first decimal place.

- 15 -

2) Orders received
Disclosure on this information is omitted because the amount of orders received is accounted for a minor portion of total sales.
3) Actual sales
The following table shows sales by segment:(Millions of yen)Segment

Category

For the three months ended
March 31, 2023
Sales volume

Oil & Gas Japan

Revenue

122 Mbbls

1,304

82 Mbbls

992

26,011 MMcf

77,13326,898 MMcf

55,545

1,526
79,96437,191

3,476 Mbbls

42,927Natural gas(excluding LPG)

84,449 MMcf

61,91886,363 MMcf

60,43433,153 Mbbls

358,174

33,780 Mbbls

404,268

17,683 MMcf

29,383

17,616 MMcf

22,387441 Mbbls

2,747

–

294

Natural gas(excluding LPG)
LPG

99,110103,361

Other

56

58

Subtotal

390,363

427,008

Crude oil
Natural gas(excluding LPG)

–

2,552

–

1,925

99 MMcf

548

99 MMcf

489

–

2,009

–

2,032

LPG
Other

3,458

3,828

Subtotal

8,568

8,275

Crude oil
Natural gas
Total

58,154

3,403 Mbbls

Subtotal

Other

1,616

Crude oil

Crude oil

Other Projects

Revenue

Crude oil

Subtotal

Oil & Gas
Overseas

Sales volume

Natural gas(excluding LPG)
Other

Ichthys Project

For the three months ended
March 31, 2024

(excluding LPG)
LPG

36,677 Mbbls

399,222

37,338 Mbbls

450,113

128,241 MMcf

168,984

130,976 MMcf

138,856441 Mbbls

4,757

–

2,326

Other

5,042

5,503

Total

578,007596,800- 16 -