Inpex : Announcement of Differences between Consolidated Financial Forecasts and Actual Financial Results for the Six Months Ended September 30, 2019 and Revision of Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2019(PDF 61KB)

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

November 6, 2019

Announcement of Differences between Consolidated Financial Forecasts and Actual Financial Results for the Six Months Ended September 30, 2019 and Revision of Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2019

Tokyo, Japan - INPEX CORPORATION(INPEX) announced today the differences between its consolidated financial forecasts for the six months ended September 30, 2019 announced on August 8, 2019 and the actual results announced today in the "Consolidated Financial Results for the Six Months ended September 30, 2019."

In addition, INPEX also revised its consolidated financial forecasts for the fiscal year ending December 31, 2019 announced on August 8, 2019.

1. Differences between consolidated financial forecasts and actual financial results for the six months ended September 30, 2019

(April 1, 2019 - September 30, 2019)

				Net income
	Net	Operating	Ordinary	attributable	Net income
	sales	income	income	to owners of	per share
				parent
Previous forecasts	Millions of yen	Millions of yen	Millions of yen	Millions of yen	Yen
(August 8, 2019): A	581,000	276,000	260,000	49,000	33.56
Actual results: B	575,269	280,715	271,104	69,487	47.59
Increase (decrease):	(5,731)	4,715	11,104	20,487
B-A
Percentage (%)	(1.0)	1.7	4.3	41.8
change
Reference:
Consolidated financial	438,205	226,434	246,977	34,034	23.31
results for the six months
ended September 30, 2018

2. Revision of consolidated financial forecasts for the year ending December 31, 2019 (April 1, 2019 -December 31, 2019)

				Net income
	Net	Operating	Ordinary	attributable	Net income
	sales	income	income	to owners of	per share
				parent
Previous forecasts	Millions of yen	Millions of yen	Millions of yen	Millions of yen	Yen
(August 8, 2019): A	988,000	472,000	460,000	90,000	61.64
Revised forecasts: B	984,000	476,000	465,000	100,000	68.48
Increase (decrease):	(4,000)	4,000	5,000	10,000
B-A
Percentage(%)	(0.4)	0.8	1.1	11.1
change
Reference:
Consolidated financial	971,388	474,281	519,278	96,106	65.81
results for the year ended
March 31, 2019

3. Reasons for the differences and revisions

Financial results for the six months ended September 30, 2019 have exceeded the consolidated financial forecasts announced on August 8, 2019, mainly due to tax effects regarding the sale of a crude oil development and production business in the Americas segment and a portion of expenses being shifted to the second half of the fiscal year.

Consolidated financial forecasts for the fiscal year ending December 31, 2019 have been revised taking into consideration the consolidated financial results for the six months ended September 30, 2019 as well as other factors.

The above forecasts are calculated based on the following assumptions:

1 Crude oil price and exchange rate assumptions

		Previous Forecasts		Revised Forecasts
		(August 8, 2019)		(November 6, 2019)
Crude oil price	1st Half:	US$ 66.7/bbl	1st Half:	US$ 65.2/bbl (Actual)
(Brent)	2nd Half:	US$ 65.0/bbl	2nd Half: US$ 60.0/bbl
Full Year:	US$ 66.2/bbl (Average)	Full Year: US$ 63.5/bbl (Average)
Exchange rate	1st Half:	¥110.0/US$	1st Half:	¥108.6/US$ (Actual)
2nd Half:	¥110.0/US$	2nd Half:	¥110.0/US$
	Full Year:	¥110.0/US$ (Average)	Full Year:	¥109.1/US$ (Average)

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

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 business conditions 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) [phone]