Japan Petroleum Exploration Co., Ltd. TSE:1662

Japan Petroleum Exploration : Formulation of the “JAPEX Management Plan 2026-2035” (2.3 MB)

Published April 22, 2026 at 5:22 a.m. UTC

Source: MarketScreener

Note: The following is an English translation of the Japanese-language original

Company Name: Japan Petroleum Exploration Co., Ltd. (JAPEX) Securities Code: 1662 (Prime Market of the Tokyo Stock Exchange)

Representative: YAMASHITA Michiro, Representative Director and President Inquiries: Corporate Communication Office

TEL: +81-3-6268-7111

Formulation of the "JAPEX Management Plan 2026-2035"

April 22, 2026

Japan Petroleum Exploration Co., Ltd. (JAPEX) announces that it has formulated the "JAPEX Management Plan 2026-2035" (the "Plan"), a medium- to long-term growth strategy for JAPEX that extends through 2035.

Based on the "JAPEX Management Plan 2022-2030" formulated in March 2022, JAPEX has been working to strengthen profitability and to build a business foundation with a view to growth 2030 and beyond. As a result, JAPEX has achieved certain results, such as increased profits from continuous investment in U.S. tight oil development and an achievement of profit targets for non-E&P (*1) field with the progress of building assets such as renewable energy and overseas LNG supply infrastructure. However, from the perspective of building business assets that contribute to sustainable growth, the goal has not been fully achieved.

Meanwhile, in the global energy landscape, while decarbonization targets remain in place, the importance of stable supply of energy is being reaffirmed, and a more realistic transition is being sought. Furthermore, capital markets are placing even stronger demands on "management that is mindful of the cost of capital."

In light of our current situation and changes in the external environment, JAPEX has determined that a new management plan is essential to build a resilient portfolio and strengthen our execution capabilities.

The Plan is a new initiative covering ten years from FY 2026 to FY 2035. A period from FY 2026 to FY 2030 is considered as a phase for building "core assets" by focusing on overseas E&P and CCUS (*2), and a period from FY 2031 to FY 2035 is regarded as a phase when revenue contributions from the "core assets" will begin in full-scale. JAPEX will pursue overseas E&P and CCUS as core revenue drivers and will work on these initiatives - strengthening human capital, transforming organizational culture, and digital transformation - as part of corporate transformation efforts, by which support aforesaid objects.

Please refer to the attached document for details.

(Note)

*1:Exploration and Production: Exploration, development and production of oil and natural gas.

*2: Carbon dioxide Capture, Utilization, and Storage.

###

1 / 1

JAPEX Management Plan 2026-2035

- Building Core Assets toward 2035 -

April 22, 2026

Japan Petroleum Exploration Co., Ltd. (Security Code: 1662)

INDEX

Basic Policy
Business Strategy
Strengthening the Management Foundation and Execution Capabilities
Financial and Capital Strategy
Management Plan Targets at a Glance
Appendix
Copyright © 2026 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. 2

Build Core Assets and strengthen execution capabilities by focusing on overseas E&P business and CCUS projects
Definition of Core Assets

Assets that generate a profit exceeding the cost of capital
Assets that possess a business scale significantly exceeding the production decline in domestic E&P
Assets that contribute to sustainable growth
Assets that have the potential to add unique value

Drive overseas E&P as a key pillar

Generate high added-value primarily through the operator business

Quadruple production volume by FY2035 compared to FY2025

Monetize CCUS projects

Store a cumulative total of at least 8 million tons of CO2 by

FY2035

Transform the corporate structure

Develop an organization/team of professionals that enable the buildup of core assets

FY2026-FY2030

Phase to build core assets

FY2031-FY2035

Core assets fully contributing to earnings Toward further growth

FY2026

FY2031: medium-term milestone FY2035

1. Basic Policy

Basic Policy

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 investments

514.3 bil. yen

(total for FY2022-FY2025)

900 bil. yen 600 bil. yen

(total for FY2026-FY2031) (total for FY2032-FY2035)

1,500 bil. yen in total

Production volume*2

45,000 boe/d 100,000 boe/d 180,000 boe/d

Start storage of

CO2 storage volume

1.5-2.0 mil. tons/year

(equivalent to annual CO2 emissions of

Total of 8+ mil. tons

Profit attributable to owners of parent

600-800 thousand households)

45 bil. yen 75 bil. yen 100 bil. yen

ROE 6.7% 10％ or more 12% or more

*1: Figures are based on our latest earnings forecasts.

*2: Consolidated subsidiaries include non-controlling interests; the production volume of equity method associates is represented in gross.

1. Basic Policy

Highlights