Note: The following report is an English translation of the Japanese-language original.

Consolidated Financial Results
for the Three Months Ended June 30, 2015
＜Supplementary Material＞
August 7, 2015

Japan Petroleum Exploration Co., Ltd.

Cautionary Statement
Any information contained herein with respect to JAPEX’s plans, estimates, strategies
and other statements that are not historical facts are forward-looking statements about
the future performance of JAPEX. Actual results and events may differ substantiallyfrom this material due to various factors.
The provision of this document should not be construed as a solicitation for 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 result(e) = Estimate
FY = Fiscal Year (FY03/16, for instance, means 12 months ending March 31, 2016)
Any inquiries about the information contained herein or other Investor Relations questions
are requested to be directed to:Investor Relations Group,Media & Investor Relations Department,
Japan Petroleum Exploration Co., Ltd.
Tokyo, JAPANTEL: +81-3-6268-7111

2

$130

$120$80Crude Oil Price US$/bbl (Left Axis)

Exchange Rate ¥/$(Right Axis)

Japan Crude Cocktail (JCC) Price in the first 10 days of July 2015
on a prompt report basis : US$ 64.25/bbl

3

¥120

$110
¥110

$100
¥100

$90
¥90

¥80

$70
¥70

$60
¥60

$50
¥50

$40
¥40

JP¥ 123.48/US$[Foreign Exchange Rate: JP¥/US$]

2012-06
2012-072012-08
2012-09
2012-10
2012-11
2012-122013-012013-022013-032013-04
2013-05
2013-06
2013-072013-08
2013-09
2013-10
2013-112013-12
2014-01
2014-022014-032014-04
2014-05
2014-06
2014-072014-08
2014-09
2014-10
2014-11
2014-12
2015-01
2015-022015-032015-04
2015-05
2015-06[Crude Oil Price: US$/bbl]

Trends in Crude Oil Prices and Foreign Exchange Rate
¥130

Consolidated Financial Estimates for FY03/16（Highlight ）FY03/15[Billion JP¥]1Q(a)

1Q- 2Q(a)

FY03/16
Full(a)1Q(a)1Q- 2Q(e)*

ChangeFull(e)*1Q

1Q- 2Q

FullNet sales

82.2

146.8

304.9

60

144

271.1

(22.2)(2.8)(33.7)

Operating income

8.1

15.1

32.1

5.3

3.9

9.1

(2.7)

(11.2)(23)

Ordinary income

13

24.7

54.8

8.3

6.5

14(4.7)(18.2)(40.8)

Profit attributableto owners ofparent

9.9

18.8

29.5

6.8

5.8

11.7

(3.1)

(13)

(17.8)

JCC price and Exchange rate （JCC price: US$/bbl; Exchange rate: JP¥/US$）
JCC price109.51110.06

96.48

56.49

57.50

60.00

(53.02)(52.56)(36.48)Exchange rate

102.27102.13106.23119.74115.00115.00+17.47+12.87+8.77

Bitumen price and Exchange rate （Bitumen price: CA$/bbl; Exchange rate: JP¥/CA$）
Bitumen price

56.57

58.93

55.74

28.15

29.80

32.52

(28.42)(29.13)(23.22)

Exchange rate

93.17

95.04

103.63

94.78

95.00

95.00

+1.61

(0.04)(8.63)* Regarding consolidated financial estimates, an examination of the first quarter results revealed that no changes arenecessary to both estimates of the six months and full-year released on May 12, 2015.

4

Actual Sales of Natural Gas in 1Q FY03/16 ( year-on-year )Sales volume : Million M3
Net sales : Million ￥FY03/15

FY03/16

1Q (a)

1Q (a)

ChangeSales volume382

418

+36

Net sales

18,772

17,725(1,047)

Domestic gas

Sales volume290

293+3(Domestically produced gas)

Sales volume194187(7)Overseas gas

Sales volume91

124+32Natural gas

Breakdown of natural gas sales

Million M3450

Sales volume of overseas gas

400350300

91124290

293

Increase of sales volume byShale Gas Project in Canada

Sales volume of domestic gas

250200150
100

Sales volume of “Overseas gas” stated herein are amounts of Japex(U.S.) Corp. and JAPEX Montney Ltd., overseas consolidated
subsidiaries.

50-1Q FY03/15

1Q FY03/16

5

Actual Sales of Crude Oil in 1Q FY03/16 ( year-on-year )Sales volume : Thousand KL
Net sales : Million ￥Crude Oil

FY03/15FY03/16

1Q(a)

1Q(a)

ChangeSales volume690

602(87)

Net sales

45,50324,821(20,682)

Sales volume

102

97(4)

Net sales

7,377

4,489(2,888)

Sales volume256

180(76)

Net sales

17,292

6,823(10,469)

Sales volume

84

77(6)

Net sales

2,795

1,303(1,492)

Breakdown of equity oil sales
Domestic crude oil

Overseas crude oil

BitumenDecrease of oil sales from
Garraf oil field, Iraq

Oil price and Exchange rate assumptions
JCC price

US$/bbl109.5156.49(53.02)

Exchange rate

JP¥/US$102.27

119.74+17.47

Bitumen price

CA$/bbl56.57

28.15(28.42)

Exchange rate

JP¥/CA$

93.17

94.78

+1.61

Sales volume and net sales of “Domestic crude oil” stated herein do not include purchased crude oil. Royalty is excluded in the netsales and price of Bitumen. Sales volume and net sales of “Overseas crude oil” stated herein are amounts of 3 overseas subsidiaries(Japex (U.S.) Corp., JAPEX Montney Ltd. and Japex Garraf Ltd.).

6

Actual Results for 1Q FY03/16 ( year-on-year )FY03/15

FY03/16

1Q(a)

1Q(a)

Net sales

82,25960,035(22,223)

Gross profit

19,07813,990(5,088)

Exploration expenses

2,458233(2,225)

SG&A expenses

8,489

8,395(93)

Operating income

8,131

5,362(2,768)

Non-operating income(expenses)

4,879

2,938

(1,941)

Ordinary income

13,011

8,300(4,710)37(11)

(48)

2,263

1,881(381)Profit attributable to noncontrolling interests

798(418)(1,216)

Profit attributable to ownersof parent

9,987

6,825(3,161)[ Million ￥]Extraordinary income(losses)
Income taxes

Change7

Causes of increase(+) or decrease(-)

Gross profitDomestic crude oil and natural gas
Overseas consolidated subsidiaries-￥0.8 billion-￥3.8 billion

Non-operating income (expenses)
Equity in losses of affiliates-￥2.1 billion