Slide 1: Financial Results for the Six Months ended September 30, 2012
INPEX CORPORATION Financial Results for the Six Months ended September 30, 2012 November 7, 2012
Slide 2: Agenda
Agenda 1. Corporate Overview Representative Director, President & CEO Toshiaki Kitamura 2. Financial Results for the six months ended September 30, 2012 Director, Managing Executive Officer Head of Finance & Accounting Division Masahiro Murayama 1
Slide 3: Cautionary Statement
Cautionary Statement This presentation includes forward-looking information that reflects the plan 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 kn
Slide 4: Corporate Overview
Corporate Overview Toshiaki Kitamura Representative Director, President & CEO
Slide 5: First-Half 2012 Corporate Highlights 1/2
First-Half 2012 Corporate Highlights 1/2 ■ Half-year Results Net sales ¥758.5 billion (0.9% increase YoY) (Sep.2012) Net profit ¥111.3 billion (49.7% increase YoY) ■ Ichthys Progressing on schedule after FID in January 2012 Transfer of participating interest to LNG buyers and TOTAL ■ Abadi FEED work
Slide 6: First-Half 2012 Corporate Highlights 2/2
First-Half 2012 Corporate Highlights 2/2 Participation in Production and Development Projects -Block 14 (Offshore Angola) (August) -Lucius Project (Gulf of Mexico, U.S.) (August) -Completion of the acquisition of interest ・Prelude FLNG project (Australia) (June) ・Shale Gas Project (Canada) (August
Slide 7: Ichthys LNG Project (1/2)
Ichthys LNG Project (1/2) FID in January 2012, production start target: Production volume (expected): by the end of 2016 - 8.4 MM t/y of LNG Work progress from FID to date -Approx. 1.6 MM t/y of LPG - Engineering & procurement for offshore & onshore -Approx. 100,000 bbl/d of condensate (at pea
Slide 8: Ichthys LNG Project (2/2)
Ichthys LNG Project (2/2) 2012 2013 2014 2015 2016 Engineering, Procurement, Construction, Commissioning for Facilities FID Production GEP Pipe Supply, Pipelay start-up Site Preparation Work for Onshore LNG Plant, Dredging in Darwin Harbor Drilling Production Wells Signing loan agreements of project
Slide 9: Abadi LNG Project
Abadi LNG Project Strategic alliance with Shell Shell provides technical services and assigns secondees Plans to transfer of a 10% participating interest to an Indonesian participant to be designated by Indonesian Government, based on the PS Floating LNG at Abadi (image) Contract Final stage
Slide 10: First-Half 2012 Topics 1/3
First-Half 2012 Topics 1/3 Participation in Production and Development Projects ■ Offshore Angola – Block 14 – Agreed to acquire a 9.99% participating interest from Total in August 2012* – Currently producing 150,000bbl/d – Plans to further expand exploration, development and production activities P
Slide 11: First-Half 2012 Topics 2/3
First-Half 2012 Topics 2/3 Completion of interest acquisition ■ Prelude FLNG Project – Acquired a 17.5% participating interest from Shell in June 2012 – FID in May 2011 – Development proceeding. Targeting its production start-up around 10 years from when the Prelude gas field was first discovered in
Slide 12: First-Half 2012 Topics 3/3
First-Half 2012 Topics 3/3 Acquisition of Exploration Blocks ■ Iraq - Onshore Exploration Block 10 – Successful in the fourth Petroleum Licensing Round, and awarded the Block 10 jointly with a subsidiary of LUKOIL. INPEX will hold a 40% participating interest. – Plans to carry out seismic surveys an
Slide 13: Net Production (April – September 2012)
Net Production* (April – September 2012) Main decreasing factor 500 ・ Decrease caused by production suspension in Frade Project due to oil spill 430 (-5MBOED) 4% 404 400 3% Main decreasing factor 36% ・ Decrease in production in Offshore (MBOED) 39% 300 Mahakam Block due to natural decline ( - 34MBOE
Slide 14: Financial Results for the six months ended September 30, 2012
Financial Results for the six months ended September 30, 2012 Masahiro Murayama Director, Managing Executive Officer Head of Finance & Accounting Division
Slide 15: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the six months ended September 30, 2012 Apr.-Sep. ‘11 Apr.-Sep. ’12 Change %Change Net Sales (Billions of yen) 573.1 578.5 5.3 0.9% Crude Oil Sales 352.1 367.8 15.7 4.5% Natural Gas Sales (including LPG) 205.8 195.0 (10.8) (5.3%) Others 15.1 15.6
Slide 16: Crude Oil Sales
Crude Oil Sales Apr.-Sep. ‘11 Apr.-Sep. ‘12 Change %Change Net Sales (Billions of yen) 352.1 367.8 15.7 4.5% Sales volume (thousand bbl) 39,139 42,120 2,982 7.6% Average unit price of overseas 111.77 109.24 (2.53) (2.3%) production ($/bbl) Average unit price of domestic production(¥/kl) 61,927 59,21
Slide 17: Natural Gas Sales (excluding LPG)
Natural Gas Sales (excluding LPG) Apr.-Sep. ‘11 Apr.-Sep. ‘12 Change %Change Net Sales (Billions of yen) 201.5 180.5 (21.0) (10.4%) Sales volume (MMcf) 184,454 153,562 (30,892) (16.7%) Average unit price of overseas production ($/Mcf) 13.55 13.96 0.41 3.0% Average unit price of domestic sales(¥/ m3)
Slide 18: Analysis of Net Sales Increase
Analysis of Net Sales Increase (Billions of Yen) 600 4.5 3.4 0.4 (3.0) 500 Crude Oil (2.0) Crude Oil +26.5 Natural Gas (including LPG) (1.0) Natural Gas (including LPG) (22.0) 400 Crude Oil (8.8) Natural Gas (including LPG) +12.2 300 573.1 578.5 200 100 0 Net Sales Increase in Increase in Exchange r
Slide 19: Statements of Income
Statements of Income Crude Oil sales : 367.8 (Billions of Yen) Apr.-Sep. ’11 Apr.-Sep. ’12 Change %Change (Change) +15.7 Net Sales 573.1 578.5 5.3 0.9% Natural Gas sales* : 195.0 (Change) (10.8) Cost of Sales 199.4 201.9 2.5 1.3% Exploration expenses 10.5 4.0 (6.4) (61.2%) Cost of sales for Crude Oi
Slide 20: Other Income/Expenses
Other Income/Expenses Apr.- Apr.- (Billions of Yen) Change %Change Sep. ’11 Sep. ’12 Other income 19.8 39.2 19.4 98.1% Interest income 2.0 3.1 1.0 48.0% Dividend income 2.1 2.0 (0.1) (7.6%) Gain on sales of investment securities 0.0 5.1 5.0 - Equity in earnings of affiliates 4.0 2.8 (1.2) (30.1%) Ga
Slide 21: Analysis of Net Profit Increase
Analysis of Net Profit Increase Main Factors (Billions of Yen) Gain on transfer of mining rights +22.7 Gain on sales of investment securities +5.0 Gain on change in equity (6.6) 120 Loss on valuation of investment securities (2.5) 4.4 16.9 1.1 100 10.9 0.7 3.4 0.4 80 4.5 (3.0) (2.5) 60 111.3 40 74.3
Slide 22: Balance Sheets
Balance Sheets (Billions of yen) Mar. ’12 Sep. ’12 Change %Change Current assets 908.7 804.1 (104.5) (11.5%) Tangible fixed assets 383.6 477.4 93.7 24.4% Intangible assets 233.3 361.4 128.1 54.9% Recoverable accounts under production sharing 568.3 561.2 (7.0) (1.2%) Investment securities 886.2 732.3
Slide 23: Statements of Cash Flows
Statements of Cash Flows (Billions of Yen) Apr.-Sep. ’11 Apr.-Sep. ’12 Change %Change Income before income taxes and minority interests 332.4 363.8 31.3 9.4% Depreciation and amortization 23.7 25.9 2.2 9.5% Recovery of recoverable accounts under production sharing (capital expenditures) 29.0 26.3 (2
Slide 24: Differences between Consolidated Financial Forecasts and Actual Results
Differences between Consolidated Financial Forecasts and Actual Results for the six months ended September 30, 2012 - Assumptions (August 3, 2012) 1st half (Previous Forecasts) Crude oil price (Brent) (US$/bbl) 104.5 Exchange rate (yen/US$) 80.1 (November 6, 2012) 1st half (Actual Results) Crude oil
Slide 25: Revisions of Financial Forecasts for the year ending March 31, 2013
Revisions of Financial Forecasts for the year ending March 31, 2013 - Assumptions (August 3, 2012) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 104.5 100.0 102.2 Exchange rate (yen/US$) 80.1 80.0 80.0 (November 6, 2012) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 1