Japan Petroleum Exploration Co., Ltd. · TSE:1662
Japan Petroleum Exploration — Investor Presentation (April 2026)
34 slides from Japan Petroleum Exploration's investor presentation, Apr 22, 2026
Slide 1: JAPEX Management Plan 2026–2035
JAPEX Management Plan 2026–2035 - Building Core Assets toward 2035 - April 22, 2026 Japan Petroleum Exploration Co., Ltd. (Security Code: 1662) Copyright © 2026 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.
Slide 2: INDEX
INDEX 1. Basic Policy 2. Business Strategy 3. Strengthening the Management Foundation and Execution Capabilities 4. Financial and Capital Strategy 5. Management Plan Targets at a Glance 6. Appendix Copyright © 2026 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 2
Slide 3: Basic Policy
1. Basic Policy Basic Policy Build Core Assets and strengthen execution capabilities by focusing on overseas E&P business and CCUS projects (1) Assets that generate a profit exceeding the cost of capital Definition of (2) Assets that possess a business scale significantly exceeding the production de
Slide 4: Highlights
1. Basic Policy Highlights Building core assets with growth investments of 1.5 trillion yen to become a global company with a net profit of 100+ billion yen FY2025 (forecast)*1 FY2031 FY2035 Growth 900 bil. yen 600 bil. yen 514.3 bil. yen (total for FY2026–FY2031) (total for FY2032–FY2035) investmen
Slide 5: Review of the JAPEX Management Plan 2022–2030
1. Basic Policy Review of the JAPEX Management Plan 2022–2030 Achieved medium-term target ahead of schedule, but challenges remain on the sustainability of earnings Early achievement Valuation by the stock market ✔ Early achievement of key targets for FY2026 (including profit ✔ PBR trending above 1x
Slide 6: Our View on the External Environment
1. Basic Policy Our View on the External Environment The need for a realistic transition path toward a carbon- Rising interest rates and cost neutral society while ensuring a stable energy supply of capital ✔ Renewed awareness of the importance of energy security and ✔ Recognizing that the cost of c
Slide 7: JAPEX’s Strengths
1. Basic Policy JAPEX’s Strengths Comprehensive technical Pioneer in domestic Portfolio management capabilities in E&P CCUS projects Our strength Our strength Our strength ・Technical prowess that we have ・Leading track record and expertise in ・Rigorous management of portfolio accumulated in geologic
Slide 8: Overview of Our Business Strategy
2. Business Strategy Overview of Our Business Strategy Detailed Strategy by Area Appendix P.18-21 Focusing management resources on the four areas where we can leverage our strengths Building core assets in the four areas to grow earnings while diversifying development timelines and risks Norway A di
Slide 9: Timeline by Area
2. Business Strategy Timeline by Area Detailed Strategy by Area Appendix P.18-21 FY 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ～ Phase to build core assets Full-scale earnings contribution toward further growth E&P Early monetization/talent development Expansion of investment scale while addi
Slide 10: Strengthen Execution Capabilities to Support Transformation
3. Strengthening the Management Foundation and Execution Capabilities Strengthen Execution Capabilities to Support Transformation Identified HR, DX, and organizational structure as priority areas for transforming ourselves to achieve the strategy Human capital DX Organization Ref Appendix P.27 Ref A
Slide 11: Contribution to a Net-Zero Society of JAPEX Operations
3. Strengthening the Management Foundation and Execution Capabilities Addressing Climate Change JAPEX2050 For details, click here（jump to our website） Setting a new target of CO2 reduction contribution for society through CCUS, while upholding the basic principles of JAPEX2050 JAPEX2050 (formulated
Slide 12: Target for the Cost of Capital and Profitability
4. Financial and Capital Strategy Target for the Cost of Capital and Profitability Setting a new ROE target of 12% following a review of the current cost of capital Cost of capital Profitability target Cost of equity ROE 8%→10% 12% or more in FY2035 Analyzed the rise in the risk-free rate (CAPM) as
Slide 13: Balance Sheet Growth through a 1.5 Trillion Yen Investment
4. Financial and Capital Strategy Balance Sheet Growth through a 1.5 Trillion Yen Investment Supplementary note for financial plan Appendix P.29,30 Building up core assets through investments totaling 1.5 trillion yen Continuous reinvestment Large-scale investment for the next overseas Growth invest
Slide 14: Shareholder Return Policy
4. Financial and Capital Strategy Shareholder Return Policy Steadily increase the dividend payouts through profit growth Will consider ways to further enhance shareholder returns by reviewing the payout ratio and minimum dividend etc., as we expand the sustainable earnings base Growth of EPS and DPS
Slide 15: Management Plan Targets at a Glance
5. Management Plan Targets at a Glance Management Plan Targets at a Glance (billion yen, unless otherwise noted) FY2031 FY2035 Assumption Crude oil price: USD70.00/bbl* Exchange rate: JPY140.00/USD ROE 10% or more 12% or more ROIC 8% or more 10% or more Profit attributable to 75.0 100.0 owners of pa
Slide 16: Appendix
Appendix Copyright © 2026 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 16
Slide 17: Comparison with the JAPEX Management Plan 2022–2030
6. Appendix Comparison with the JAPEX Management Plan 2022–2030 (billion yen, unless otherwise noted) JAPEX2022–2030 JAPEX2026–2035 FY2026 FY2030 FY2031 FY2035 Assumptions (oil price and exchange rate) USD50.00/bbl; JPY110.00/USD USD70.00/bbl; JPY140.00/USD ROE 5% 8% 10% or more 12% or more Business
Slide 18: Business Strategy by Area (1): United States
6. Appendix Business Strategy by Area (1) United States: Promoting early monetization while serving as a capability building hub Expanding our earnings power by capitalizing on our operator assets in Colorado Output Input Value creation JAPEX’s expertise accumulated in Unit cost reduction Early and
Slide 19: Business Strategy by Area (2): Norway
6. Appendix Business Strategy by Area (2) Norway: Portfolio mix Building a portfolio for stable earnings through a mix of production, development and exploration Embarking on exploration where we can leverage our technologies while controlling exposure Output Value creation Portfolio development Sta
Slide 20: Business Strategy by Area (3): South East Asia
6. Appendix Business Strategy by Area (3) South East Asia: Integrated development of E&P and CCUS Establishing a presence in E&P and CCUS by leveraging our specialty technologies Securing a foothold for large-scale gas field development projects for 2035 onwards Output Value creation Input Developme
Slide 21: Business Strategy by Area (4): Japan
6. Appendix Business Strategy by Area (4) Japan: Promoting CCUS projects and pursuing exploration potential Serving as both a stable earnings base and a place to foster technologies and talent Promoting CCUS projects and venturing into offshore exploration Value creation Output Input Final investmen
Slide 22: Professional Talent Underpinning Our Overseas E&P Business
6. Appendix Professional Talent Underpinning Our Overseas E&P Business Chief Executive Officer (CEO) Chief Technology Officer (CTO) Managing Director Greg West David Kita Hilde Salthe Mr. West is the former CEO of Treadstone Formerly CTO at Treadstone, Mr. Kita With over 20 years of experience in th
Slide 23: Acquisition of Tight Oil and Gas Assets Held by Verdad
6. Appendix Acquisition of Tight Oil and Gas Assets Held by Verdad Overview of the Assets We have acquired tight oil and gas assets in the U.S. by purchasing an entire equity interest in Verdad Resources Intermediate Holdings LLC in February 2026, with the aim of establishing a foothold to pursue op
Slide 24: Supplementary Data on Additional Development in the Verdad Assets
6. Appendix Supplementary Data on Additional Development in the Verdad Assets Additional development (projected) Well development costs (projected) ■ Number of wells available (subject to timing and market conditions) Allocation of revenue and expenses among Working Interest (WI) holders in proporti
Slide 25: Tomakomai CCS
6. Appendix Tomakomai CCS Three companies based near Tomakomai City—JAPEX, Idemitsu Kosan, and Hokkaido Electric Power— have been engaged in a study of the entire CCS value chain, including CO2 separation and capture, pipeline Overview transportation, injection and storage, and monitoring. The goal
Slide 26: Dry Piney Project
6. Appendix Dry Piney Project Overview of the Assets This project involves separating natural gas, helium and CO2 from produced Seattle gas which is processed beforehand, selling the natural gas and helium, and applying CCUS to the separated CO2. Dry Piney area Our plan is to construct a gas process
Slide 27: Human Capital Strategy Aligned with Management Strategy
6. Appendix Human Capital Strategy Aligned with Management Strategy Optimally manage human capital across the company by securing the personnel required to achieve business strategies Secure key personnel Transform organizational culture Systematically develop key personnel Strategically develop the
Slide 28: Digital Transformation (DX)
6. Appendix Digital Transformation (DX) Advancing into the value creation phase where we align DX outcomes with business strategies, drawing on the foundation (DX-ready) we have developed Achievement to date Next steps Development of advanced digital talent Optimize the executions of operator busine
Slide 29: Capital Allocation
6. Appendix Capital Allocation (billion yen) Breakdown of FY2026–FY2031 total FY2026–FY2035 total growth investments (billion yen) FY2026-FY2031 FY2026-FY2035 total total Loans etc. Japan 50.0 60.0 Overseas 540.0 1,100.0 Shareholder E&P 590.0 1,160.0 Returns 190.0+ Japan 220.0 240.0 Loans etc. Overs
Slide 30: Balance Sheet at the Milestone Year (Projected)
6. Appendix Balance Sheet at the Milestone Year (Projected) ✔ The proportion of business assets* within the total assets expanding to 1 trillion yen level as a result of building highly profitable core assets ✔ Aiming for an equity ratio of around 60% by the use of leveraged financing ✔ Maintaining
Slide 31: Materiality
6. Appendix Materiality We have redefined material issues as “significant challenges to our growth strategy”, as opposed to the previous definition of “challenges that should be addressed now, based on their role of connecting the core CSR themes with the Management Plan”. Among those with high fina
Slide 32: Glossary
6. Appendix Glossary boe/d Barrels of Oil Equivalent per Day Abbreviation of Carbon dioxide Capture, Utilization, and Storage. It refers to technologies that separate and capture CO2 from large amounts of gas emitted from industrial facilities, effectively utilize the CO2 for enhanced oil recovery e
Slide 33: Cautionary Statement
Cautionary Statement This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical facts and these are made by the management’s judgement based on the obtainable information at the time of the disclosure. Actual results may significantly differ from
Slide 34: Essential Energies for Essential Needs
Essential Energies for Essential Needs Japan Petroleum Exploration Co., Ltd. Copyright © 2026 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.
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