ファConsolidated Financial Results for the Six Months ended September 30, 2009
November 4, 2009
Note: The following report is an English translation of the Japanese-language original.
Company name

: INPEX CORPORATION

Stock Exchange on which the Company is listed

Code number: 1605

URL http://www.inpex.co.jp/

Representative: Naoki Kuroda, President

Contact person: Kazuhiko Itano, General Manager, Corporate Communications Unit

: Tokyo Stock Exchange

TEL+81-3-5572-0233
Scheduled date of filing Quarterly Financial Report: November 11, 2009

Scheduled date of payment of cash dividends: December 1, 2009
(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Six Months ended September 30, 2009 (April 1, 2009-September 30, 2009)(1) Consolidated operating results(The percentage expressions represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the six months ended
September 30, 2009
September 30, 2008

Operating income

Millions of yen%

392,606
741,594(47.1)

202,284
503,721―

Net income per
Share—basic
For the six months ended
September 30, 2009
September 30, 2008

Ordinary income

Millions of yen%

Net income

Millions of yen(59.8)

193,308
479,426―%

Millions of yen(59.7)

47,645104,028―%(54.2)―Net income pershare—diluted
Yen

Yen

―
―

20,244.57
44,155.91(2) Consolidated financial position
Total assets
Millions of yen

As of September 30, 2009
As of March 31, 2009

Net assets excluding minority interests
Net assets excluding
as a percentage of total assets
minority interests per share
Millions of yen%
Yen

Net assets

1,852,222
1,768,044

1,417,642
1,362,060

71.4
71.9

561,853.79
540,100.10(Reference): Net assets excluding minority interests: ¥ 1,322,319 million, as of September 30, 2009
¥ 1,271,122 million, as of March 31, 2009

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end At fiscal year end
Yen

For the year ended
March 31, 2009

Yen

4,000.00

―

Total

Yen

Yen

Yen

―

4,000.00

8,000.00

For the year ending
2,500.00―
March 31, 2010
For the year ending
2,500.00
5,000.00―
March 31, 2010 (estimated)(Reference): Changes in estimated dividends for the year ending March 31, 2010 from the previous estimation: None

3. Forecasted Consolidated Financial Results for the year ending March 31, 2010 (April 1, 2009-March 31, 2010)(The percentage expressions represent the changes from the previous fiscal period or year)

Net sales
Millions of yen
For the year ending
March 31, 2010

Operating income% Millions of yen

778,000 (27.7)

Ordinary income% Millions of yen

388,000 (41.5)% Millions of yen

372,000 (39.6)

Net income pershare

Net income

86,000%Yen(40.7)

36,541.41(Reference): Changes in forecasted consolidated financial results for the year ending March 31, 2010 from the previous forecast: Yes

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4. Others(1) Significant changes in scope of consolidation: None(2) Adoption of simplified accounting method or special accounting treatment for preparationof quarterly consolidated financial statements:: None(3) Changes in accounting principles, procedures, presentations, etc., pertaining to preparation of quarterly consolidated financial
statements (those to be stated as “Changes to the Basis of Presenting Consolidated Financial Statements”)::None
1. Changes associated with revision in accounting standards:Yes
2. Other changes
Note: Refer to page 4【Qualitative Information / Financial Statements】4.Others for details.

(4) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period(including treasury stocks):
2. Number of treasury stock at the end of the period:
3. Number of average shares:

2,358,410 shares, as of September 30, 2009
2,358,410 shares, as of March 31, 2009
4,916 shares, as of September 30, 2009
4,916 shares, as of March 31, 2009
2,353,494 shares for the six months ended September 30, 2009
2,355,941 shares for the six months ended September 30, 2008

Note: Since the shareholder of the special class share is entitled to the same rights as those for shareholders of common stock regarding dividends
and the distribution of residual property, the special class share is classified as common stock equivalent share.

*Explanation regarding the appropriate use of estimated consolidated operating results
The aforementioned forecasts are based on currently available information and contain many uncertainties. The final results might besignificantly different from the aforementioned forecasts due to change in business conditions including oil and gas price levels,
exchange rates such as Yen/US$ rate, production and sales plans, projects development schedules, government regulations andfinancial and tax schemes. Please refer to “3. Qualitative Information on Forecasted Consolidated Financial Results” on page 4.

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【Qualitative Information / Financial Statements】
1. Qualitative Information on Consolidated Financial Results
During the six months ended September 30, 2009, consolidated net sales were ¥392,606 million (decreased by ¥348,987 million, or
47.1%, from the corresponding period of the previous fiscal year) due mainly to a decrease in sales price of crude oil and natural gas
and appreciation of Japanese yen. Net sales of crude oil decreased by ¥245,484 million, or 51.4%, to ¥232,564 million, and net salesof natural gas decreased by ¥100,838 million, or 40.5%, to ¥148,045 million, respectively. Sales volume of crude oil increased by 590
Mbbls, or 1.5%, to 38,891 Mbbls. Sales volume of natural gas increased by 8,417 MMcf, or 4.3%, to 205,766 MMcf. Sales volume ofnatural gas produced overseas increased by 10,426 MMcf, or 6.2%, to 179,474 MMcf, and sales volume of natural gas produced
domestically decreased by 54 MM㎥, or 7.1%, to 704 MM㎥ (26,291 MMcf). The average sales price of crude oil produced overseas
decreased by US$54.74 per bbl, or 46.9 %, to US$61.99 per bbl, and the average sales price of natural gas produced overseas
decreased by US$4.82 per Mcf, or 41.1%, to US$6.91 per Mcf. In addition, the average sales price of natural gas produced
domestically decreased by ¥1.71, or 4.6%, to ¥35.54 per ㎥. The average exchange rate of Japanese yen on consolidated net sales
appreciated by ¥10.62, or 10.0%, to ¥95.38 per U.S. dollar from the corresponding period of the previous fiscal year.
The decrease of ¥348.9 billion in net sales was derived mainly from the following factors: an increase in sales volume adversely
affected ¥17.7 billion, a decrease in unit sales price ¥324.6 billion, the appreciation of Japanese yen against U.S. dollar affected ¥39.4
billion and net sales excluding crude oil and natural gas decreased ¥2.6 billion.
Cost of sales for the six months ended September 30, 2009 decreased by ¥39,888 million, or 21.2%, to ¥148,567 million due mainly
to a decrease in royalty in ADMA Block owing to the decrease in sales. Exploration expenses decreased by ¥7,624 million, or 48.5%,
to ¥8,098 million due mainly to a decrease in exploration activities in Oceania. Selling, general and administrative expenses decreasedby ¥38 million, or 0.1%, to ¥33,656 million. As a result, operating income decreased by ¥301,436 million, or 59.8%, to ¥202,284
million.
Other income decreased by ¥3,469 million, or 32.4 %, to ¥7,232 million due to a decrease in dividend income and shift from equity inearnings of affiliates in corresponding period of the previous fiscal year to equity in losses of affiliates. Other expenses decreased by¥18,788 million, or 53.7%, to ¥16,207 million due mainly to a decrease in provision for allowance for recoverable accounts under
production sharing owing to a decrease in exploration activities in the Masela Block. As a result, ordinary income decreased by¥286,117 million, or 59.7%, to ¥193,308 million.
Total amount of current income taxes decreased by ¥237,841 million, or 62.9%, to ¥140,580 million, and deferred income taxes were¥2,336 million, and minority interests were ¥2,747 million. As a result of the above effects, net income for the six months ended
September 30, 2009 decreased by ¥56,383 million, or 54.2%, to ¥47,645 million from the corresponding period of the previous fiscal
year.
Financial results of geographical segment are as follows:(1) Japan
Net sales decreased by ¥7,650 million, or 16.5%, to ¥38,846 million due to a decrease in sales price of products, and in sales
volume of crude oil and natural gas. Operating income decreased by ¥5,356 million, or 33.3%, to ¥10,751 million.
(2) Asia - Oceania
Net sales decreased by ¥120,415 million, or 42.0%, to ¥166,323 million due to a decrease in sales price of crude oil and natural
gas despite increase in sales volume, and operating income decreased by ¥122,713 million, or 59.8%, to ¥82,618 million.
(3) Eurasia (Europe - NIS)
Net sales decreased by ¥17,235 million, or 31.7%, to ¥37,160 million due to a decrease in sales price of crude oil, despite anincrease in sales volume of crude oil in the ACG oil fields, and operating income decreased by ¥17,898 million, or 54.7%, to¥14,801million.
(4) Middle East - Africa
Net sales decreased by ¥207,765 million, or 59.4%, to ¥142,033 million due to a decrease in sales price and sales volume ofcrude oil in the ADMA Block, and operating income decreased by ¥157,745 million, or 62.1%, to ¥96,348 million.
(5) Americas
Net sales increased by ¥4,078 million, or 97.9%, to ¥8,242 million due to an increase in sales volume of crude oil despite adecrease in sales price, and operating income increased by ¥3,026 million to ¥1,924 million.
2. Qualitative Information on Consolidated Financial Position
Consolidated total assets as of September 30, 2009 increased by ¥84,177 million to ¥1,852,222 million from ¥1,768,044 million as ofMarch 31, 2009. This is due mainly to an increase in tangible fixed assets by ¥33,307 million owing to the construction of LNG
receiving terminal at Naoetsu, an increase in recoverable accounts under production sharing by ¥32,753 million owing to theinvestments at the Kashagan oil field etc.
Meanwhile, total liabilities increased by ¥28,595 million to ¥434,580 million from ¥405,984 million. Current liabilities increased by¥21,991 million to ¥228,051 million and long-term liabilities increased by ¥6,603 million to ¥206,528 million.
Net assets increased by ¥55,581 million to ¥1,417,642 million, of which minority interests in net assets increased by ¥4,384 million to¥95,322 million.
Cash and cash equivalents at the end of the six months ended September 30, 2009 totaled ¥196,507 million reflecting a net increase of¥33,662 million from ¥162,844 million at the end of the previous fiscal year.

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Cash flows from operating activities, investing activities and financial activities and those factors are as follows:(1) Cash flows from operating activities
Net cash provided by operating activities was ¥108,610 million (decreased by ¥102,772 million from the corresponding period of
the previous fiscal year). This is due mainly to a decrease in income before income taxes and minority interests owing to adecrease in sales price of crude oil.
(2) Cash flows from investing activities
Net cash used in investing activities was ¥91,168 million (decreased by ¥87,929 million from the corresponding period of theprevious fiscal year). This is due mainly to a decrease in payments for purchases of investment securities.
(3) Cash flows from financial activities
Net cash provided by financial activities was ¥ 22,581 million, whereas net cash used was ¥50,624 million during thecorresponding period of the previous fiscal year. This is due mainly to an increase in short-term loans and proceeds from longterm debt.

3. Qualitative Information on Forecasts for Consolidated Financial Results
Consolidated financial forecasts for the year ending March 31, 2010 have been revised taking into consideration the consolidated
financial results for the six months ended September 30, 2009 as well as revised assumptions of crude oil prices, exchange rate and soon.
Forecasts for consolidated financial results for the year ending March 31, 2010
Operating
Net sales
incomePrevious Forecasts: Ａ
720,000
316,000(Millions of yen)
Ordinary
incomeNet income

296,000

56,000

Revised Forecasts: Ｂ

778,000

388,000

372,000

86,000

Increase (Decrease): Ｂ－Ａ

58,00072,00076,00030,000

8.1

22.8

25.7

53.6

Percentage change (%)

The above forecasts are calculated based on the following assumptions:

Crude Oil Price(Brent)Exchange rate

Previous Forecasts

Revised Forecasts

1st Half (April 1, 2009-September 30, 2009) :US$ 59.0/bbl
2nd Half (October 1, 2009- March 31,2010) :US$ 55.0/bbl
Full Year (April 1, 2009- March 31, 2010) :US$57.0/bbl
1st Half (April 1, 2009-September 30, 2009) :¥96.2/US$1
2nd Half (October 1, 2009- March 31, 2010) :¥95.0/US$1
Full Year (April 1, 2009- March 31, 2010) :¥95.6/US$1

1st Half (April 1, 2009-September 30, 2009) :US$ 64.4/bbl (Actual)
2nd Half (October 1, 2009- March 31,2010) :US$ 65.0/bbl
Full Year (April 1, 2009- March 31, 2010) :US$64.7/bbl
1st Half (April 1, 2009-September 30, 2009) :¥95.5/US$1 (Actual)
2nd Half (October 1, 2009- March 31, 2010) :¥90.0/US$1
Full Year (April 1, 2009- March 31, 2010) :¥92.8/US$1

Note: Crude oil prices at which the Company sells products depend on the type of crude oil, and there are also price differences
between the crude oil price and Brent price. Price differences are caused by its quality and its pricing range which is affected by themarket conditions. Most of the crude oil prices are lower than Brent price.
4. Others
Changes in presentations“Loss on valuation of investment securities”, separately presented in other expenses for the six months ended September 30,
2008, has been included to “Other” of other expenses for the six months ended September 30, 2009 since its amount fell below
20% of total other expenses. The amount of “Loss on valuation of investment securities” for the six months ended September 30,
2009 is ¥5 million.

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印刷日時:09/11/04 15:20

5. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2009

As of September 30, 2009

(Assets)
Current assets
Cash and deposits

128,839

117,393

Accounts receivable-trade77,65073,540Marketable securities

169,039

149,507

Inventories

16,007

18,205

Other52,43052,491(24)(28)

443,943

411,110

330,942

297,635

Goodwill

111,503

114,883

Other

134,272

138,797

Total intangible assets

245,775

253,680

Investment securities

341,376

344,698

Recoverable accounts under
production sharing

486,675

453,922

Other

109,178

106,262

(483)

(528)

(92,824)(87,828)(12,362)(10,907)

831,560

805,618

1,408,278

1,356,934

1,852,222

1,768,044

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible assets

Investments and other assets

Allowance for doubtful accounts
Allowance for recoverable accounts
under production sharing
Allowance for investments in
exploration
Total investments and other assets
Total fixed assets
Total assets― 5 ―更新日時:2009/10/28 20:03:00

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印刷日時:09/11/04 15:20(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2009

As of September 30, 2009

(Liabilities)
Current liabilities
Accounts payable-trade

12,732

11,873

Short-term loans

40,81427,816

Income taxes payable

68,28270,419Provision for exploration projects

9,931

7,948

75

134

Other

96,21487,867

Total current liabilities

228,051

206,059

144,124

136,430

8,187

8,545

14,163

14,192

1,964

1,964

426

404

Other

37,66238,387

Total long-term liabilities

206,528

199,924

Total liabilities

434,580

405,984

Common stock

30,00030,000Capital surplus

418,477

418,477

Retained earnings

833,064

844,832

Treasury stock(5,248)(5,248)

1,326,293

1,288,062

3,598(6,817)(0)(0)

Translation adjustments(7,572)(10,121)

Total valuation, translation adjustments
and others(3,974)(16,939)

Minority interests

95,32290,938

Total net assets

1,417,642

1,362,060

Total liabilities and net assets

1,852,222

1,768,044

Accrued bonuses to officers

Long-term liabilities
Long-term debt
Accrued retirement benefits to employees
Liabilities for site restoration anddecommissioning costs
Liabilities for losses on development
activities
Accrued special repair and maintenance(Net assets)
Shareholders’ equity

Total shareholders’ equity
Valuation, translation adjustments andothers
Unrealized holding gain (loss) on
securities
Unrealized loss from hedging
instruments― 6 ―ァイル名:③H22.3第2四半期_PL.DOC

更新日時(2) Consolidated Statements of Income(Millions of yen)
For the six months ended
September 30, 2008

Accounts

For the six months ended
September 30, 2009

Net sales

741,594

392,606

Cost of sales

188,455

148,567

Gross profit

553,139

244,039

Exploration expenses

15,722

8,098

Selling, general and administrative expenses

33,69533,656

Operating income

503,721202,284

Interest income

3,468

2,328

Dividend income

3,766

2,206

Equity in earnings of affiliates

1,349

―

Other

2,117

2,696

Total other income

10,701

7,232

3,402

513

Other income

Other expenses
Interest expense―

902

Provision for allowance for recoverable accounts under
production sharing

14,192

2,653

Provision for exploration projects

2,521

4,353

Loss on valuation of investment securities

5,108

―

Foreign exchange loss

5,240

4,561

Other

4,531

3,221

Total other expenses

34,996

16,207

Ordinary income

479,426

193,308

Income before income taxes and minority interests

479,426

193,308

Income taxes-current

378,421140,580

Income taxes-deferred(7,360)2,336

Total income taxes

371,061

142,916

Minority interests

4,336

2,747

104,028

47,645Equity in losses of affiliates

Net income― 7 ―ファイル名:④H22.3_第2四半期CF.DOC

更(3) Consolidated Statements of Cash Flows(Millions of yen)Accounts

For the six months ended
September 30, 2008

For the six months ended
September 30, 2009

Cash flows from operating activities
Income before income taxes and minority interests

479,426

193,308

Depreciation and amortization

19,675

19,919Amortization of goodwill

3,380

3,380

16,781

4,885(2,265)

1,834

Provision for accrued retirement benefits to employees

149

(359)

Provision for site restoration and decommissioning costs

1,309

(68)

Provision for allowance for recoverable accounts
under production sharing
Provision for exploration projects

Other provisions

9

1,369

Interest and dividend income(7,234)(4,535)Interest expense

3,402

513

984

141

(1,349)902

25,24025,067(25,250)(8,379)Accounts receivable-trade

15,773(3,325)Inventories(1,065)2,174

Accounts payable-trade(5,035)

740

Other

(1,568)5,524

Foreign exchange loss
Equity in (earnings) losses of affiliates
Recovery of recoverable accounts under production
sharing (capital expenditures)
Recoverable accounts under production sharing(operating expenditures)

522,362

243,096

Interest and dividends received

Subtotal

7,655

5,738

Interest paid

(3,871)(843)(314,763)(139,381)

211,383

108,610

Income taxes paid
Net cash provided by operating activities― 8 ―ファイル名:④H22.3_第2四半期CF.DOC

更(Millions of yen)Accounts

For the six months ended
September 30, 2008

For the six months ended
September 30, 2009

Cash flows from investing activities
Increase in time deposits(2,644)

Decrease in time deposits(2,857)

2,904

2,290

(40,267)(50,315)

Proceeds from sales of tangible fixed assets

242

22

Payments for purchases of intangible assets(1,012)(619)

Payments for purchases of marketable securities(7,070)―

Proceeds from sales of marketable securities

60,281

52,320

Payments for purchases of investment securities(129,053)(35,569)1,010―(64,063)(49,191)

(45)

(1)

(1,416)(5,450)

Payments for purchases of tangible fixed assets

Proceeds from sales of investment securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Increase in short-term loans receivable
Long-term loans madeCollection of long-term loans receivable
Other
Net cash used in investing activities

580

13

1,456

(1,809)(179,098)(91,168)(115)

15,693

Cash flows from financing activities
Increase (decrease) in short-term loans
Proceeds from long-term debt

6,800

17,681

Repayments of long-term debt

(52,899)(2,498)Proceeds from minority interests for additional shares

6,480

1,270

Purchase of treasury stock(1,335)―

Cash dividends paid

(9,418)(9,417)

Dividends paid to minority shareholders

(81)

(81)

Other

(54)

(66)

(50,624)

22,581

6,326(6,360)Net increase (decrease) in cash and cash equivalents(12,012)33,662

Cash and cash equivalents at beginning of the period

222,269

162,844

Cash and cash equivalents at end of the period

210,257

196,507

Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents― 9 ―ファイル名:⑤H22.3第2四半期セグメント-海外売上高-継続企業.doc

更新日時:2009/10/29 11:55:00

印刷日時:09/11/04 15:21(4) Conditions or events that indicate there could be substantial doubt about the Company’s ability to continue as a going concern
None

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印刷日時:09/11/04 15:21(5) Segment information【Business segment information】
For the six months ended September 30, 2008 (April 1, 2008 through September 30, 2008)
Segment information by business has been omitted because the crude oil and natural gas business accounts for more than 90% of
total sales and operating income.
For the six months ended September 30, 2009 (April 1, 2009 through September 30, 2009)
Segment information by business has been omitted because the crude oil and natural gas business accounts for more than 90% of
total sales and operating income.

【Geographical segment information】
For the six months ended September 30, 2008 (April 1, 2008 through September 30, 2008)(Millions of yen)Japan

Asia Oceania

Eurasia(EuropeNIS)

Middle East Africa

Americas46,496

286,738

54,395

349,799

4,163

―

―

―

―

Total

46,496

286,738

54,395

Operating income (loss)

16,108205,331

32,700Eliminations
and other

Consolidated

741,594―

741,594

―

―

―

―

349,799

4,163

741,594―

741,594

254,093(1,102)

507,131(3,410)503,721Total

Net sales(1) Sales to third parties(2) Intercompany sales andtransfers between segments

Notes:

1. Countries and areas are segmented based on their geographic proximity and their mutual operational relationships.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania･････････Indonesia, Australia, East Timor, Vietnam(2) Eurasia (Europe - NIS)･･Azerbaijan, Kazakhstan, UK(3) Middle East - Africa････UAE, D.R. Congo, Iran, Libya, Egypt, Algeria, Angora(4) Americas･････････････Venezuela, Ecuador, USA, Canada, Suriname, Brazil

For the six months ended September 30, 2009 (April 1, 2009 through September 30, 2009)(Millions of yen)Japan

Asia Oceania

Eurasia(EuropeNIS)

38,846

166,323

37,160142,033

8,242

―

―

―

―

Total

38,846

166,323

37,160Operating income

10,751

82,61814,801

Middle East Africa

AmericasEliminations
and other

Consolidated

392,606―

392,606

―

―

―

―

142,033

8,242

392,606―

392,606

96,348

1,924

206,445(4,160)202,284

Total

Net sales(1) Sales to third parties(2) Intercompany sales andtransfers between segments

Notes:

1. Countries and areas are segmented based on their geographic proximity and their mutual operational relationships.
2. Major countries and areas that belong to segments other than Japan are as follows:(1)Asia - Oceania･････････Indonesia, Australia, East Timor, Vietnam(2)Eurasia (Europe - NIS)･･Azerbaijan, Kazakhstan, UK(3)Middle East - Africa････UAE, D.R. Congo, Iran, Libya, Egypt, Algeria, Angora(4)Americas･････････････Venezuela, Ecuador, USA, Canada, Suriname, Brazil―11―

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印刷日時:09/11/04 15:21【Overseas sales】
For the six months ended September 30, 2008 (April 1, 2008 through September 30, 2008)
Asia - Oceania
I.

Overseas sales (Millions of yen)Other

253,315

Total
31,306

II. Consolidated sales (Millions of yen)

741,594

III. Overseas sales as a percentage of consolidated sales (%)
Notes:

284,621

34.2

4.2

38.4

1. Countries and areas are segmented based on their geographic proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania････････South Korea, Taiwan, Indonesia, Singapore, Thailand, Philippines, Australia(2) Other･･･････････････USA, Netherland
3. Overseas sales consist of export sales of the Company and its domestic consolidated companies and sales (other than exports to Japan) of its foreign consolidated subsidiaries. Overseas sales are totaled up based on final destination.

For the six months ended September 30, 2009 (April 1, 2009 through September 30, 2009)
Asia - Oceania
I.

Overseas sales (Millions of yen)

125,722

Other

Total
30,978

II. Consolidated sales (Millions of yen)392,606

III. Overseas sales as a percentage of consolidated sales (%)
Notes:

156,700

32.0

7.9

39.9

1. Countries and areas are segmented based on their geographic proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania････････South Korea, Taiwan, Indonesia, Singapore, Thailand, India, Australia(2) Other･･･････････････USA, Italy
3. Overseas sales consist of export sales of the Company and its domestic consolidated companies and sales (other than exports to Japan) of its foreign consolidated subsidiaries. Overseas sales are totaled up based on final destination.

(6) Note on significant changes in shareholders’ equity

None

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6. Others(1) Production, orders received and sales performance1) Actual production
The following table shows actual production by business segment:
For the six months ended
Business segment
Category
September 30, 2008
Crude oil
Natural gas
Crude oil andnatural gas

Subtotal
Petroleumproducts
IodineElectric power
generation

Notes:For the six months ended
September 30, 200941 MMbbls( 223 Mbbls per day)
195 Bcf(1,068 MMcf per day)
73 MMboe(401 Mboe per day)
114 Mkl(719 Mbbls)

39 MMbbls(216 Mbbls per day)
205 Bcf(1,119MMcf per day)
74 MMboe(402 Mboe per day)
116 Mkl(732 Mbbls)

247 tons

206 tons

58 millions kWh

56 millions kWh

1. The volume of LPG produced overseas is included in ‘Crude oil.’ On the other hand, the amount of LPG produced in thedomestic refinery is included in ‘Petroleum Products.’
2. A portion of crude oil production volume is consumed as material for petroleum products.
3. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
4. The production by the Company’s affiliates accounted for by the equity method is included in the figures above. Also the
production volume is a result for the six months ended September 30 regardless of a closing date on the basis of fiscal
periods of its subsidiaries or affiliates.
5. The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Groupcorresponds to the net economic take of the group.
Figures calculated by multiplying the gross production volume by the Company’s interest share are 61 MMbbls (336
Mbbls per day) of crude oil, 271 Bcf (1,480MMcf per day) of natural gas, and in total 107 MMboe (583 Mboe per day).
For calculating the gas production based on interest share, 100% of the gas production volume measured at wellhead(separator gas) had been used until the year ended March 31, 2009. However, from the year ending March 31, 2010, theCompany applies marketable gas volume basically adjusted for delivery specifications, excluding own fuel consumption,
re-injection, losses as flare, diffusion, process loss and inert gas generated at plant etc.
6. Boe means barrels of oil equivalent.
7. The volume of petroleum products is converted to bbl in parenthesis. Applied coefficient is 6.29 bbls per kl.
8. Iodine is refined by another company on consignment.
9. Figures are rounded to the nearest whole number.

2) Orders received
Disclosure on information is omitted because the amount of orders received accounted for a minor portion of total sales.
In addition, there is no production for orders received in crude oil and natural gas business.

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3) Actual salesa) The Company takes back the full amount of crude oil produced overseas allocated to us under production sharing
contracts and produced under concession agreements, and sell it to domestic and foreign customers. The Company
sells natural gas produced in Indonesia in the form of LNG to Japanese power companies, city gas companies andcustomers in South Korea, Taiwan and other countries through PERTAMINA. In addition, the Company sells natural
gas produced in Japan to customers using our pipeline.
b) Sales by business segment during each period were as follows:(Millions of yen)
For the six months ended
For the six months ended
Business segment Category
September 30, 2008
September 30, 2009
Crude Oil

478,048

38,301 Mbbls
197,349 MMcf

Crude oil andnatural gas

232,564

205,766 MMcf
248,884

Natural Gas
LPG: 1,083 Mbbls

148,045
LPG: 1,019 Mbbls

Other

13,782

10,660Subtotal

740,715391,269

879

1,337

741,594

392,606

Other
Total
Notes:

38,891 Mbbls

1. The above amounts do not include the related consumption tax.
2. The Company’s subsidiaries of which closing date for fiscal year is December 31 are principally consolidated by using theiroperating results for the six months ended September 30, 2009 except those subsidiaries prepared their financial statements
for consolidation purpose as of the consolidation closing date. However, the significant effects of the difference in fiscal
periods were properly adjusted in consolidation.
3. Sales volumes are rounded to the nearest whole number.
4. Sales for major customers and sales as a percentage of total net sales are as follows. Sales amount of PERTAMINA consists
mostly of natural gas and over half of them are sold to Japanese customers in the form of LNG.

Customers

For the six months ended

For the six months ended

September 30, 2008

September 30, 2009

Amounts

Ratio

Amounts

Ratio(Millions of yen）(％)

（Millions of yen）(％)

PERTAMINA

211,706

28.5

114,927

29.3

Idemitsu Kosan Co., Ltd.

76,46010.3

40,358

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