Financia l Results for the six months end f th i th d d d S ded September 30, 2009 t b 30 2009 INPEX COR RPORATION Novemb ber 6, 2009
Age Age enda enda � Financial Results for � Financial Results for r the six months r the six months ended September 30 0, 2009 � Corporate Overview C O i w 1
Cautionary Cautionary y Statement y Statement This presentation includes forward looking This presentation includes forward ‐ looking g information that reflects the plan and g information that reflects the plan and expectations of the Company. Such forward d ‐ looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves know tl il bl t it d i l k wn and unknown risk, uncertainties, and d k i k t i ti d other factors. Such risks, uncertainties and other factors may cause the Company’s performance, achievements or financial po sition to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward ‐ looking information. Such h risks, uncertainties and other factors include, without limitation: include, without limitation: � Price volatility and change in demand in crude oil and natural gas � Foreign exchange rate volatility � Change in costs and other expenses per rtaining to the exploration, development and production The Company undertakes no obligation to The Company undertakes no obligation to publicly update or revise the disclosure publicly update or revise the disclosure of information in this presentation (includi ing forward ‐ looking information) after the date of this presentation. 2
Financial Results for six mont ths ended September 30, 2009 p , Masahiro M Murayama Director, Managing Director, Managing g Executive Officer g Executive Officer Senior Gene ral Manager Finance & Accou Finance & Accou unting Division unting Division
Highlights of the Consol lidated Financial Results for the six months end for the six months end ded September 30, 2009 ded September 30 2009 Apr. ‐ Sep. ‘08 Apr. ‐ Sep. ‘09 Change %change Net Sales (Billions of yen) S l ( ll f ) 741.5 392.6 (348.9) (47.1%) Crude Oil Sales 478.0 232.5 (245.4) (51.4%) Natural Gas Sales (Including LPG) N l G S l (I l di LPG) 248.8 148.0 (100.8) (40.5%) % Others 14.6 11.9 (2.6) (18.2%) Operating Income (Billions of yen) O I ll f 503.7 202.2 (301.4) (59.8%) Ordinary Income (Billions of yen) 479.4 193.3 (286.1) (59.7%) Net Income (Billions of yen) 104.0 47.6 (56.3) (54.2%) Net income per share (Yen) 44,155.91 20,244.57 (23,911.34) (54.2%) Average number of shares issued and outstanding during the six m A b f h i d d t t di d i th i months ended September 30, 2009(consolidated): 2,353,494 th d d S t b 30 2009( lid t d) 2 353 494 4
Crude O Crude O Oil Sales Oil Sales Apr. ‐ Sep. ‘08 Apr. ‐ Sep. ‘09 Change %Change Net Sales (Billions of yen) 478.0 232.5 (245.4) (51.4%) Sales volume (Mbbl) 38,301 38,891 590 1.5% Average unit price of overseas 116.73 61.99 (54.74) (46.9%) production ($/bbl) Average unit price of domestic A it i f d ti 81,789 37,168 (44,621) (54.6%) production(¥/kl) 10.41 9.8% Average exchange rate (¥/$) 105.89 95.48 Yen appreciation Yen appreciation Sales volume by region (Mbbl) Apr. ‐ Sep. ‘08 Apr. ‐ Sep. ‘09 Change %Change 161 110 (51) J p Japan (31.8%) (3 8%) (26 thousand kl) (26 th d kl) (17 thousand kl) (17 th d kl) ( 8 th ( ‐ 8 thousand kl) d kl) Asia/Oceania 5,436 7,987 2,551 46.9% Eurasia (Europe/NIS ) 4,316 6,306 1,989 46.1% Middle East/Africa 28,306 23,374 (4,931) (17.4%) Americas 82 1,114 1,032 ‐ Total Total 38,301 38,301 38,891 38,891 590 590 1 5% 1.5% 5
Natural Gas Sales Natural Gas Sales s (Excluding LPG) s (Excluding LPG) Apr. ‐ Sep. ‘08 Apr. ‐ Sep. ‘09 Change %Change Net Sales (Billions of yen) 239.0 143.1 (95.8) (40.1%) Sales volume (MMcf) 197,349 205,766 8,417 4.3% Average unit price of overseas Average unit price of overseas 11.73 6.91 (4.82) (41.1%) production ($/Mcf) Average unit price of domestic 37.25 35.54 (1.71) (4.6%) production(¥/ m 3 ) 11.06 10.4% Average exchange rate (¥/$) 106.24 95.18 yen appreciation yen appreciation Sales volume by region (MMcf) Apr. ‐ Sep. ‘08 Apr. ‐ Sep. ‘09 Change %Change 28,301 26,291 (2,009) Japan (7.1%) (758 million m 3 ) (704 million m 3 ) ( ‐ 54 million m 3 ) Asia/Oceania / 154,546 , 164,392 , 9,846 , 6.4% 6.4% Eurasia (Europe/NIS ) ‐ ‐ ‐ ‐ Middle East/Africa ‐ ‐ ‐ ‐ Americas Americas 14,502 14 502 15 082 15,082 580 580 4 0% 4.0% Total 197,349 205,766 8,417 4.3% (FYI) LPG Sales Apr. ‐ Sep. ‘08 Apr. ‐ Sep. ‘09 Change %Change 9.8 4.9 (4.9) (50.1%) Net Sales (Billions of yen) 6
Analysis of Net S y Sales Decrease (Billi (Billions of Yen) f Y ) 17.7 800 600 400 (324 6) (324.6) 741 5 741.5 (39.4) (2.6) 392.6 200 0 Exchange rate Net Sales Sales Volume Decrease in Net Sales Others ( (Yen appreciation) pp ) Apr. ‐ Sep . 08 Apr ‐ Sep ‘08 Increase Increase Unit Price Unit Price Apr ‐ Sep ‘09 Apr. ‐ Sep . 09 7
Statements Statements s of Income s of Income Crude oil sales : Crude oil sales : 232 5 232.5 (Billions of Yen) ll f Y A Apr. ‐ Sep. ‘08 A Apr. ‐ ‐ Sep. ’09 Change h %change % h (Change) (245.4) Net Sales 741.5 392.6 (348.9) (47.1%) Natural Gas sales* : 148.0 (Change) (100.8) Cost of Sales Cost of Sales 188 4 188.4 148 5 148.5 (39.8) (39 8) (21.2%) (21 2%) Exploration expenses 15.7 8.0 (7.6) (48.5%) Cost of sales for crude oil : 93.1 Selling, general and (Change) (44.1) 33.6 33 6 33 6 33.6 (0 0) (0.0) (0.1%) (0 1%) administrative expenses Cost of sales for natural gas* : 47.1 Operating Income 503.7 202.2 (301.4) (59.8%) (Change) +4.3 Other income Other income 10.7 10 7 7 2 7.2 (3 4) (3.4) (32 4%) (32.4%) Other expenses 34.9 16.2 (18.7) (53.7%) Ordinary Income y 479.4 193.3 (286.1) ( ) (59.7%) ( ) Income taxes ‐ current 378.4 140.5 (237.8) (62.9%) Income taxes ‐ deferred (7.3) 2.3 9.6 (131.7%) Minority interests 4.3 2.7 (1.5) (36.7%) Net Income 104.0 47.6 (56.3) (54.2%) ＊ Including LPG 8
Other Incom me/Expenses p (Billions of Yen) Apr. ‐ Sep. ‘08 A Apr. ‐ Sep. ’09 Change %change Other income 10.7 7.2 (3.4) (32.4%) Interest income 3.4 2.3 (1.1) (32.9%) % Dividend income 3.7 2.2 (1.5) (41.4%) Equity in earnings of affiliates q y g 1.3 ‐ ( (1.3) ) ( (100.0%) ) Other 2.1 2.6 0.5 27.4% Other expenses 34.9 16.2 (18.7) (53.7%) Interest expense 3.4 0.5 (2.8) (84.9%) Equity in losses of affiliates ‐ 0.9 0.9 ‐ Mainly decrease in exploration Provision for allowance for recoverable Provision for allowance for recoverable 14 1 14.1 2.6 2 6 (11.5) (11 5) (81 3%) (81.3%) expenditures for Abadi di f Ab di accounts under production sharing Provision for exploration projects 2.5 4.3 1.8 72.7% Loss on valuation of investment securities Loss on valuation of investment securities 5 1 5.1 ‐ ‐ (5.1) (5 1) (100 0%) (100.0%) Booked loss on valuation of Foreign exchange loss 5.2 4.5 (0.6) (13.0%) investment securities in which stock price decreased more Other 4.5 3.2 (1.3) (29.0%) than 30% from the acquisition prices in the previous year 9
Analysis of Net A a y i o e Profit Decrease o i e ea e (Billions of yen) 17.7 Main Factor Main Factor 100 ‐ Decrease in exploration expenditures for Browse an nd Abadi 1.7 228.1 104.0 47.6 0 Main Factor ‐ Decrease in royalty due to -100 100 decreased sales in ADMA b block 5.6 0 17.3 39.8 8 -200 -200 (324.6) (39.4) (2.6) -300 Minority Exploration Other Income SG&A Apr. ‐ Sep. ‘08 Sales Volume Decrease in Exchange rate Cos st of Income Others Interest Apr. ‐ Sep. ‘09 Expenses and and Expenses (Yen appreciation) Increase Unit Price Sa ales Tax and Other Allowance for Exploration* Net Sales *Provision for allowance for recoverabl e accounts under production sharing and Provision for exploration projects 10
Balance Balance e Sheets e Sheets (Billions of yen) (Billi f ) M Mar. ‘09 ‘09 S S Sep. ’09 S ’09 Change Ch % h %change Investment in Naoetsu Current assets LNG receiving 411.1 443.9 32.8 8.0% terminal and Ichthys, etc. Tangible fixed assets Tangible fixed assets 297.6 297 6 330 9 330.9 33.3 33 3 11.2% 11 2% Intangible assets 253.6 245.7 (7.9) (3.1%) Recoverable accounts under production 453.9 486.6 32.7 7.2% sharing sharing Investment in Kashagan Oil Field, Other investments 439.5 437.7 (1.8) (0.4%) Offshore Mahakam Block, etc. Less allowance for recoverable (87.8) ( ) (92.8) ( ) ( (4.9) ) 5.7% accounts under production sharing accounts under production sharing Total assets 1,768.0 1,852.2 84.1 4.8% Current liabilities 206.0 228.0 21.9 10.7% Long ‐ term liabilities 199.9 206.5 6.6 3.3% Total net assets 1,362.0 1,417.6 55.5 4.1% (Mi o ity i te e t ) (Minority interests) 90 9 90.9 95.3 95 3 4 3 4.3 4.8% 4 8% Total liabilities and net assets 1,768.0 1,852.2 84.1 4.8% Net assets per share (Yen) p ( ) 540,100 , 561,854 , 21,754 , 4.0% 11
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