Public Relations Group, Corporate Communications Unit
Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPANNovember 7, 2018

Announcement of Differences between Consolidated Financial Forecasts
and Actual Financial Results for the six months ended September 30, 2018
and Revision of Consolidated Financial Forecasts for the year ending
March 31, 2019
Tokyo, Japan - INPEX CORPORATION (INPEX) announced today the differences
between its consolidated financial forecasts for the six months ended September 30,
2018 announced on August 9, 2018 and the actual results announced today in the“Consolidated Financial Results for the Six Months ended September 30, 2018.”
In addition, INPEX also revised its consolidated financial forecasts for the year ending
March 31, 2019 announced on August 9, 2018.

1. Differences between consolidated financial forecasts and actual financial
results for the six months ended September 30, 2018
(April 1, 2018 – September 30, 2018)

Previous forecasts(August 9, 2018): A
Actual results: B
Increase (decrease):
B-A
Percentage (%)
changeNetsales

Operatingincome

OrdinaryincomeNet income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

419,000
438,205

211,000
226,434

222,000
246,977

25,00034,034

17.12
23.31

19,205

15,434

24,977

9,034

4.6

7.3

11.3

36.1

447,922

185,827

195,415

30,152

Reference:
Consolidated financial
results for the six months
ended September 30, 2017

20.65

2. Revision of consolidated financial forecasts for the year ending March 31,2019 (April 1, 2018 –March 31, 2019)
NetsalesPrevious forecasts(August 4, 2016): A
Revised forecasts: B
Increase (decrease):B-A
Percentage(%)
changeOperatingincomeOrdinary
incomeNet income
attributableto owners ofparent

Net income
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

945,000
1,001,000

460,000
476,000

463,000
487,000

48,00060,000

32.87
41.09

56,00016,00024,00012,000

5.9

3.5

5.2

25.0

933,701

357,363387,269

40,362

Reference:
Consolidated financial
results for the year ended
March 31, 2018

3. Reasons for the differences and revisions
Financial results for the six months ended September 30, 2018 have exceeded theconsolidated financial forecasts announced on August 9, 2018, mainly due to a greaterthan expected rise in crude oil prices and an increase of equity in earnings of affiliates,
among other factors.
Consolidated financial forecasts for the year ending March 31, 2019 have been revised
taking into consideration the consolidated financial results for the six months ended
September 30, 2018 as well as the revised crude oil price assumptions, among otherfactors.
The above forecasts are calculated based on the following assumptions:
1Crude oil price and exchange rate assumptions

Previous Forecasts

Revised Forecasts(August 9, 2018)(November 7, 2018)

1st Half:
Crude oil price
2nd Half:(Brent)
Full Year:

US$ 72.5/bbl (Actual)
US$ 70.0/bbl
US$ 71.2/bbl (Average)

1st Half: US$ 75.4/bbl (Actual)
2nd Half: US$ 70.0/bbl
Full Year: US$ 72.7/bbl (Average)

1st Half:
Exchange rate 2nd Half:
Full Year:¥109.6/US$¥110.0/US$¥109.8/US$ (Average)

1st Half: ¥110.3/US$ (Actual)
2nd Half: ¥110.0/US$
Full Year: ¥110.1/US$ (Average)

27.64

Public Relations Group, Corporate Communications UnitAkasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

2Expected revenue generated from the Ichthys LNG Project in the fiscal year ending March31, 2019
The financial forecasts issued previously on August 9, 2018 factored approximately 10
billion yen as the expected revenue generated from the Ichthys LNG Project into thecompany’s net income attributable to owners of parent for the second half of the current
fiscal year, based on the assumption that the shipment of products would commence
between the end of the first half and the third quarter (October-December 2018) of thecurrent fiscal year.
There is no change in the revised financial forecasts announced today from the previous
financial forecasts, following the commencement of the shipment of products ※ I,ii in thetimeframe stated above.
※i

Announcement on October 1, 2018: https://www.inpex.co.jp/english/news/pdf/2018/e20181001.pdf※iiAnnouncement on October 23, 2018: https://www.inpex.co.jp/english/news/pdf/2018/e20181023.pdf

NB: Forecasts above are based on information that is currently available and reflect
uncertainties. The final results may differ from the forecasts due to changes in businessconditions including oil and natural gas price levels, production and sales plans, project
development schedules, government regulations and financial and tax schemes, etc.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233