Slide 1: Financial Results for the six months ended June 30, 2024
Financial Results for the six months ended June 30, 2024 INPEX CORPORATION (Securities Code:1605) August 8, 2024
Slide 2: Agenda
Agenda 1. Business Overview Takayuki Ueda 2. Progress Update for “Sustainable Growth of Corporate Value” Representative Director, President & CEO Consolidated Financial Results 3. for the six months ended June 30, 2024 Daisuke Yamada Consolidated Financial Forecasts Director, Senior Managing Executi
Slide 3: Cautionary Statement
Cautionary Statement This presentation includes forward-looking information that reflects the plans and expectations of the Company. Such forward-looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves k
Slide 4: 1. Business Overview
1. Business Overview Takayuki Ueda Representative Director, President & CEO 3
Slide 5: Second Quarter Results Highlights
Second Quarter Results Highlights Profit attributable to owners of parent Profit attributable to owners of parent (2Q results) (Full-year forecasts) Under Current External ¥212.5 billion ¥360.0 billion Environment （11.9% increase YoY) (Oil price, Forex etc.) First Half (Actual) Second Half (Assumpti
Slide 6: Business Activities in FY2024 – Oil and Gas Business
Business Activities in FY2024 – Oil and Gas Business – First half of FY2024 Second half of FY2024 (planned) • Participating interest increased from 66.245% to • The train restarted operations following a production loss 67.82% event in July, the production rate is largely back on track Ichthys LNG •
Slide 7: Business Activities in FY2024 – 5 Net Zero Businesses
Business Activities in FY2024 – 5 Net Zero Businesses – First half of FY2024 Second half of FY2024 (planned) • Construction of surface facilities for for Blue Hydrogen/Ammonia Project in Kashiwazaki City, Niigata Prefecture, Japan proceeding as planned. Continue with the construction work aiming to
Slide 8: 2. Progress Update for "Sustainable Growth of Corporate Value"
2. Progress Update for “Sustainable Growth of Corporate Value” Takayuki Ueda Representative Director, President & CEO 7
Slide 9: Progress Update for "Sustainable Growth of Corporate Value"
Progress Update for “Sustainable Growth of Corporate Value” Various initiatives conducted after the announcement of “Sustainable Growth of Corporate Value” in August 2023 Our analysis on factors leading to the discount Our initiatives Room for improved profitability Improving capital efficiency
Slide 10: Improving capital efficiency: ROIC and cost reduction
Progress Update for “Sustainable Growth of Corporate Value” Improving capital efficiency Growth initiatives Stronger shareholder returns to gain market confidence and deeper dialogue with investors Introduction of ROIC and ROIC by Segment Steady Growth in Profit • Introduced ROIC as management K
Slide 11: Growth initiatives: oil & gas growth and CCS
Progress Update for “Sustainable Growth of Corporate Value” Growth initiatives Stronger shareholder returns Improving capital efficiency to gain market confidence 株主還元・投資家との対話の強化 and deeper dialogue with investors Growth of oil & gas business Implementing CCS to reduce the risk of stranded oil &
Slide 12: Stronger shareholder returns
Progress Update for “Sustainable Growth of Corporate Value” Improving capital efficiency Growth initiatives Stronger shareholder returns to gain market confidence and deeper dialogue with investors Stronger shareholder returns Shareholder returns for FY2022-2024 Increasing shareholder returns Divi
Slide 13: FY2024 Shareholder Returns
FY2024 Shareholder Returns FY2023 FY2024 FY2024 Actual Previous forecast Revised forecast （May 14, 2024） （August 8, 2024） DPS (Dividend per Share) 74 yen 76 yen 86 yen Total Amount of Dividends 94.9 billion yen Approx. 94.0 billion yen*2 Approx. 105.0 billion yen*2 130.0 billion yen Share Buybacks 1
Slide 14: 3. Consolidated Financial Results for the six months ended June 30, 2024
3. Consolidated Financial Results for the six months ended June 30, 2024 Daisuke Yamada Director, Senior Managing Executive Officer, Finance & Accounting 13
Slide 15: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the six months ended June 30, 2024 2Q FY2023 2Q FY2024 Change % Change Average crude oil price (Brent) ($/bbl) 79.91 83.42 3.50 4.4% 17.37 yen 12.9% Average exchange rate (¥/$) 134.99 152.36 depreciation depreciation Revenue (Billions of yen) 1,07
Slide 16: Revenue by Major Products
Revenue by Major Products Revenue, Sales Volume, Unit Price and Exchange Rate Analysis of Revenue (Billions of yen) 2Q FY2023 2Q FY2024 Change % Change Crude Oil +125.6 Revenue 766.5 892.1 125.6 16.4% (Billions of yen) Sales volume 69,701 70,635 934 1.3% (thousand bbl) 892.1 Crude Oil 766.5 Average
Slide 17: Analysis of Results of Profit attributable to owners of parent
Analysis of Results of Profit attributable to owners of parent (2Q FY2023 vs. 2Q FY2024) (Billions of yen) (35.9) Business activities factors*2 (44.3) One-off factors*3 +8.4 Increase in exploration expenses in Australia, etc. Increase in research and development expenses, etc. Gain on sale of Incorp
Slide 18: 4. Consolidated Financial Forecasts for the year ending December 31, 2024
4. Consolidated Financial Forecasts for the year ending December 31, 2024 Daisuke Yamada Director, Senior Managing Executive Officer, Finance & Accounting 17
Slide 19: Consolidated Financial Forecasts for the year ending December 31, 2024
Consolidated Financial Forecasts for the year ending December 31, 2024 Full Year *1 Previous Forecasts Revised Forecasts Change % Change (May 14,2024) (August 8,2024) Average crude oil price (Brent) ($/bbl) 80.0 80.0 - - 3 yen 2.1% Average exchange rate (¥/$) 145.0 148.0 Depreciation Depreciation Re
Slide 20: Analysis of Change in Profit Forecasts (Previous vs. Revised)
FY2024 Financial Forecasts Analysis of Change in Profit Forecasts (Previous vs. Revised) (Billions of yen) Market factors Business activities factors Other factors +9.0 (17.2) +8.2 +1.8 +7.2 +1.0 +2.0 +6.2 (4.0) (14.2) (yen/US$) (US$/bbl) ・Previous 145.0 ・Previous 80.0 ・Revised 148.0 Incorporation o
Slide 21: FY2024 Financial Forecasts: Cash Flow
FY2024 Financial Forecasts Cash Flow*1 1. FY2022 2. FY2023 FY2024 3. FY2024 FY2022-2024 Actual Actual Previous Revised in total Forecasts Forecasts (1.+2.+3.) (Billions of Yen) (May 14, 2024) (August 8, 2024) Cash Flow from Operations before exploration investment 1,061.6 1,068.7 844.0 906.0 3,036.3
Slide 22: FY2024 Financial Forecasts: ROIC by Segment
FY2024 Financial Forecasts ROIC by Segment* FY2023 FY2024 FY2024 Actual Previous Forecasts Revised Forecasts Change (%) (May 14, 2024) (August 8, 2024) O&G Japan 17.8 7.0 7.4 0.4 O&G Overseas Ichthys 8.8 7.5 7.1 (0.4) O&G Overseas Others 8.1 11.8 12.6 0.8 Others 1.5 (10.1) (7.1) 3.0 Renewable Energy
Slide 23: Appendix
INPEX Appendix 22
Slide 24: Progress against Medium-term Business Plan 2022-2024: Management Targets
Progress against Medium-term Business Plan 2022-2024 FY2022 FY2023 2Q FY2024 FY2024 FY2024 MTP Targets (Actual) (Actual) (Actual) (Forecast) Assump- Brent Oil Price (US$ per barrel) 99.04 82.17 83.42 80.0 60 70 tions Exchange rate (JPY/US$) 131.64 140.66 152.36 148.0 110 110 Profit attributable to o
Slide 25: First Half Results and Second Half Forecasts
Consolidated Financial Forecasts for the year ending December 31, 2024 First Half Results and Second Half Forecasts Previous Second half Previous Revised First half 2Q Results Change % Change Change % Change Forecasts (August 8,2024) (Reference information) Forecasts Forecasts (May 14,2024) (May 14,
Slide 26: Progress against Medium-term Business Plan: Cash Allocation
Progress against Medium-term Business Plan 2022-2024 Cash Allocation (Billions of yen) Expected cash allocation for 2022-2024 (3-year period) Cash allocation for 2022-2024 (3-year period)* Assumptions: Inclusive of Ichthys downstream IJV, exchange Rate of ¥110/US$ Assumptions: Inclusive of Ichthys d
Slide 27: Cash Allocation of Operating Cash Flow before Exploration
Cash Allocation of Operating Cash Flow before Exploration*1 （Billions of yen） FY2022 Actual FY2023 Actual FY2024 Forecast Brent oil price $99.0 Brent oil price $82.2 Assumptions: Exchange rate ¥131.6/US$ Exchange rate ¥140.7/US$ Brent oil price $80.0 Exchange rate ¥148.0/US$ Debt Reduction etc.*2 12
Slide 28: FY2024 Invested Capital and Adjusted Profit by Segment
FY2024 Invested Capital and Adjusted Profit by Segment Previous Forecasts Revised Forecasts Change (Billions of Yen) (May 14, 2024) (August 8, 2024) Invested Capital*1 237.0 238.8 1.8 O&G Japan Adjusted Profit*2 16.5 17.7 1.2 Invested Capital*1 4,077.7 4,120.3 42.6 O&G Overseas Ichthys Adjusted Prof
Slide 29: Ichthys Project Cargoes Shipped by Product Type
Ichthys Project Cargoes Shipped by Product Type 2018 2019 2020 2021 2022 2023 LNG 11 104 122 117 112 129 Plant Condensate 1 19 22 21 21 23 （Onshore） Field Condensate 4 29 34 32 29 29 （Offshore） LPG 2 27 34 32 30 34 FY2024 January February March April May June July August September October November D
Slide 30: Statement of Financial Position
Statement of Financial Position (Billions of yen) December 2023 June 2024 Change % Change Summary of financial information for Ichthys downstream IJV, a joint venture (100% basis, including Current assets 838.4 1,119.9 281.4 33.6% the Company’s equity share 67.82%) is as follows: Non-current assets
Slide 31: Statement of Profit or Loss
Statement of Profit or Loss (Billions of Yen) 2Q FY2023 2Q FY2024 Change % Change Increase in sales volume: +20.2 Revenue 1,078.9 1,190.8 111.8 10.4% Decrease in unit price: (33.5) Cost of sales (425.3) (473.1) (47.8) 11.2% Exchange rate: +123.7 Others : +1.3 Gross profit 653.6 717.6 64.0 9.8% Cost
Slide 32: Other Income and Expenses / Finance Income and Costs
Other Income and Expenses / Finance Income and Costs (Billions of Yen) 2Q FY2023 2Q FY2024 Change Change % Note Other operating income 14.1 19.7 5.6 39.5% Foreign exchange gain － 3.3 3.3 － Other 14.1 16.4 2.2 15.8% Other operating expenses (12.1) (5.9) 6.2 (51.4%) Foreign exchange loss (9.2) － 9.2 (
Slide 33: 2Q FY2024 Revenue
2Q FY2024 Revenue (Billions of Yen) Product 2Q FY2023 2Q FY2024 Change % Change Crude Oil 2.5 2.2 (0.2) (11.5%) Natural Gas (excluding LPG) 132.3 101.3 (30.9) (23.4%) Japan Other 3.6 3.5 (0.1) (3.2%) Total 138.5 107.1 (31.3) (22.7%) Crude Oil 101.3 115.0 13.7 13.5% Australia & Natural Gas (excluding
Slide 34: 2Q FY2024 Sales Volume
2Q FY2024 Sales Volume Product 2Q FY2023 2Q FY2024 Change % Change Crude Oil 239 183 (55) (23.1%) (thousand bbl) Japan Natural Gas (excluding LPG) 48,338 49,295 958 2.0% (million cf) Crude Oil 9,273 8,998 (276) (3.0%) Australia & (thousand bbl) Southeast Asia Natural Gas (excluding LPG) 187,484 195,
Slide 35: 2Q FY2024 Net Production Volume
2Q FY2024 Net Production Volume* Product 2Q FY2023 2Q FY2024 Change % Change Crude Oil (thousand bbl) 471 416 △ 55 △11.7% Natural Gas (million cf) 17,582 15,460 △ 2,121 △12.1% Japan Iodine(ton) 281 279 △2 △0.9% Electric power generation (million KWh) 103 94 △9 △8.8% Australia & Crude Oil (thousand b
Slide 36: A Company Capable of Sustainable Development - ESG initiatives
A Company Capable of Sustainable Development -ESG initiatives- INPEX Sustainability Report 2023 Integrated Report 2023 • Featured articles on energy transition and digitalization. • Messages from the officers in charge of climate change • Enhanced disclosure on biodiversity and nature conservation r