Inpex : Consolidated Financial Results for the Six Months ended June 30, 2022

Consolidated Financial Results for the Six Months ended June 30, 2022 [Japanese GAAP]

		August 8, 2022
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 : Tokyo Stock Exchange
Code number	: 1605	URL https://www.inpex.co.jp
Representative	: Takayuki Ueda, President
Contact person	: Yoshihiro Wakita, General Manager, Corporate Communications Unit
	TEL[phone]
Scheduled date of filing Quarterly Financial Report	: August 10, 2022
Scheduled date of payment of cash dividends	: September 1, 2022
Preparation of supplementary explanatory materials	: Yes
Meeting of quarterly financial results presentation	: Yes (for institutional investors and analysts)
		(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Six Months ended June 30, 2022 (January 1, 2022 - June 30, 2022)

1. Consolidated operating results

(Figures in % represent the changes from the corresponding period of the previous fiscal year)

	Net sales		Operating income	Ordinary income	Net income attributable
		to owners of parent
For the six months ended	Millions of Yen		%	Millions of Yen		%	Millions of Yen	%	Millions of Yen	%
June 30, 2022	1,098,476		120.4	584,493		161.3	626,194	184.8	184,462	254.9
June 30, 2021	498,397		27.2	223,673		80.7	219,845	47.3	51,982	-
(Note): Consolidated comprehensive income: for the six months ended June 30, 2022, ¥691,290 million; [235.3%]
	for the six months ended June 30, 2021, ¥206,147 million; [-%]
	Net income per	Net income per
	share-basic		share-diluted
For the six months ended			Yen			Yen
June 30, 2022	133.06			-
June 30, 2021			35.60			-
(2) Consolidated financial position
	Total assets		Net assets		Net assets excluding non-controlling
			interests as a percentage of total assets
	Millions of Yen	Millions of Yen			%
As of June 30, 2022	6,423,707	4,020,416			58.7
As of December 31, 2021	5,158,196	3,346,409			60.6

(Reference): Net assets excluding non-controlling interests: as of June 30, 2022, ¥3,769,384 million

as of December 31, 2021, ¥3,124,065 million

2. Dividends

		Cash dividends per share
	At 1st quarter end	At 2nd quarter end	At 3rd quarter end	At fiscal year end	Total
	Yen	Yen	Yen	Yen	Yen
For the year ended	-	20.00	-	28.00	48.00
December 31, 2021
For the year ending	-	30.00
December 31, 2022
For the year ending			-	30.00	60.00
December 31, 2022
(forecast)

(Notes): 1. Changes in projected dividends for the year ending December 31, 2022 from the previous forecast: Yes

1. "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."
2. For information regarding revision of dividend forecast, please refer to the press release "Announcement of Revision of Consolidated Financial Forecasts for Fiscal Year Ending December 31, 2022, and Notice of Retained Earnings Dividend (Interim Dividend) and Revision of Year-End Dividend Forecast" issued today (August 8, 2022).

3. Forecasts for Consolidated Financial Results for the year ending December 31, 2022 (January 1, 2022 - December 31, 2022)

(Figures in % represent the changes from the corresponding period of the previous fiscal year)

								Net income		Net income
	Net sales		Operating income	Ordinary income	attributable to
		per share
								owners of parent
	Millions of Yen		%	Millions of Yen	%	Millions of Yen	%	Millions of Yen		%	Yen
For the year ending	2,182,000		75.3	1,133,000	91.8	1,255,000	90.8	350,000		56.9	252.47
December 31, 2022

(Note): 1. Changes in forecasts for consolidated financial results for the year ending December 31, 2022 from the previous forecast: Yes

2. The effect of the acquisition of own shares decided at the meeting of the Board of Directors held on August 8, 2022 is not included in the calculation of "Net income per share". Regarding more details of the acquisition of own shares, please refer to "Acquisition of the Company's Own Shares" of "Significant Subsequent Events" on page 14.

Notes
(1)	Significant changes in scope of consolidation	: None
		(Changes in the specified subsidiaries during the period due to change in scope of consolidation)
(2)	Adoption of accounting treatments which are exceptional for quarterly consolidated financial statements	: None
(3)	Changes in accounting policies, accounting estimates and restatement of corrections
1.	Changes in accounting policies resulting from the revision of the accounting standards and other regulations	: Yes
2.	Other changes in accounting policies	: None
3.	Changes in accounting estimates	: Yes
4.	Restatement of corrections	: None

(Note): Please refer to "2. Consolidated Financial Statements and Principal Notes (4) Notes to Consolidated Financial Statements (Changes in Accounting Policies) and (Changes in Accounting Estimates)" on pages 11 and 12 for further information.

(4)	Number of shares issued (Common stock)
1.	Number of shares issued at the end of the period	1,386,667,167 shares as of June 30, 2022
	(including treasury stock):	1,462,323,600 shares as of December 31, 2021
2.	Number of treasury stock at the end of the period:	910,363 shares as of June 30, 2022
		75,805,993 shares as of December 31, 2021
3.	Average number of shares:	1,386,326,951 shares for the six months ended June 30, 2022
		1,460,205,381 shares for the six months ended June 30, 2021

(Note): The shares held by "the Board Incentive Plan Trust" are included in number of treasury stock at end of period. (As of June 30, 2022: 910,363 shares As of December 31, 2021: 149,593 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 are based on the currently available information and contain many uncertainties. The final results might be significantly different from the aforementioned 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 the forecasts, please refer to "1. Qualitative Information / Financial Statements (3) 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	At fiscal year end	Total
	Yen	Yen	Yen	Yen	Yen
For the year ended	-	8,000.00	-	11,200.00	19,200.00
December 31, 2021
For the year ending	-	12,000.00
December 31, 2022
For the year ending			-	12,000.00	24,000.00
December 31, 2022
(forecast)

(Notes): 1. 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 is included in the Articles of Incorporation.

2. For information regarding revision of dividend forecast, please refer to the press release "Announcement of Revision of Consolidated Financial Forecasts for Fiscal Year Ending December 31, 2022, and Notice of Retained Earnings Dividend (Interim Dividend) and Revision of Year-End Dividend Forecast" issued today (August 8, 2022).

Index of the Attachments
1. Qualitative Information ∕ Financial Statements......................................................................................................................................	2
(1)	Explanation on Consolidated Financial Results...............................................................................................................................	2
(2)	Explanation on Consolidated Financial Position..............................................................................................................................	3
(3)	Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results ......................................	4
2. Consolidated Financial Statements and Principal Notes........................................................................................................................	5
(1)	Consolidated Balance Sheet.............................................................................................................................................................	5
(2)	Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ..........................................................	7
Consolidated Statement of Income....................................................................................................................................................	7
Consolidated Statement of Comprehensive Income ..........................................................................................................................	8
(3)	Consolidated Statement of Cash Flows............................................................................................................................................	9
(4)	Notes to Consolidated Financial Statements..................................................................................................................................	11
(Conditions or events that indicate there could be substantial doubt about the Company's ability to continue as a going concern)
.........................................................................................................................................................................................................	11
(Note on significant changes in shareholders' equity).....................................................................................................................	11
(Changes in Accounting Policies) ...................................................................................................................................................	11
(Changes in Accounting Estimates).................................................................................................................................................	12
(Additional Information) .................................................................................................................................................................	12
(Segment Information and Others) ..................................................................................................................................................	13
(Significant Subsequent Events)......................................................................................................................................................	14
3. Supplementary Information.................................................................................................................................................................	15
(1)	Production, Orders Received and Sales Performance ....................................................................................................................	15

- 1 -