[Explanatory Material]

Financial Results

for the Nine Months Ended December 31, 2021

February 9, 2022

Japan Petroleum Exploration Co., Ltd.

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any

discrepancy between this translated document and the Japanese original, the original shall prevail.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. All rights reserved.

Contents

. Financial Highlights

. Financial Results for the Nine Months Ended December 31, 2021

. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Note: This material also serves as the presentation material for the financial results briefing for the institutional investors and analysts to be held on February 10, 2022.

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. All rights reserved.

2

. Financial Highlights

. Financial Results for the Nine Months Ended December 31, 2021

. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. All rights reserved.

3

Financial Highlights

  • 1-3QFY3/22 Results Year-on-Year

(Billion Yen)

1-3Q FY3/21 (a)

1-3Q FY3/22 (a)

Change

Operating profit

(4.4)

11.6

+16.0

-

Ordinary profit

(2.9)

24.5

+27.4

-

Profit attributable to owners of parent

(3.7)

(85.0)

(81.2)

-

Operating profit

E&P: Increase in profit of domestic sales and diluted bitumen sales due to a rise of crude oil prices

Extraordinary losses

43.6 bn. JPY of loss on transfer of interests of shale gas project in Canada, 94.3 bn. JPY of loss on sale of shares of subsidiaries of oil sands project in Canada, 39.8 bn. JPY of gain on sale of investment securities

FY3/22 Forecasts Revision vs. Nov. 9 Forecasts

(Billion Yen)

Nov. 9, 2021 (f)

Feb. 9, 2022 (f)

Change

Operating profit

16.6

16.1

(0.5)

(3%)

Ordinary profit

28.3

31.9

3.5

+13%

Profit attributable to owners of parent

(69.8)

(39.0)

+30.8

-

Operating profit:

E&P-domestic: Increase in sales price of crude oil due to a rise of crude oil prices

E&P-domestic, I/U: Increase in the sales price of domestic natural gas and electricity due to soaring LNG spot prices and JLC price

I/U: Increase in the cost by the procurement of an alternative LNG cargo in the spot market in response to the production

problems at an LNG supplier

Extraordinary income:

29.3 bn. JPY of gain on forgiveness of debts related to shale gas project in Canada to be recorded in 4Q

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. All rights reserved.

4

. Financial Highlights

. Financial Results for the Nine Months Ended December 31, 2021

. Revised Financial Forecasts for the fiscal year ending March 31, 2022

Copyright © 2022 Japan Petroleum Exploration Co., Ltd. All rights reserved.

5

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JAPEX - Japan Petroleum Exploration Co. Ltd. published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 05:07:00 UTC.