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Presentation of Consolidated Financial Results Ended March 31, 2010

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Presentation of Consolidated Financial Results Ended March 31, 2010 Actual Results Note: The following report is an English translation of the Japanese-language original. Presentation of Consolidated Financial Results Ended March 31, 2010 May 17, 2010 Japan Petroleum Exploration Co., Ltd. 1 copyright© JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights reserved. Cautionary Statement Any information contained herein with respect to JAPEX’s plans, estimates, strategies and other statements that are not historical facts are forward-looking statements about the future performance of JAPEX. Readers should be aware that actual results and events may differ substantially from these projections due to various factors. The provision of this document should not be construed as a solicitation for investment. Copyright: All information contained herein is protected by copyright, and may not be copied or reproduced without the prior consent of JAPEX. Note: The following abbreviations are used within this document: 1H = First half (1Q-2Q) 2H = Second half (3Q-4Q) (a) = Actual result (e) = Estimate Any inquiries about the information contained herein or other Investor Relations questions should be directed to: Investor Relations Group, Media & Investor Relations Department, Japan Petroleum Exploration Co., Ltd. TEL: +81-3-6268-7111 2 Contents 1.1. Business Overview and Follow-up of Mid-Term Business Plan 2.2. Consolidated Financial Results for the Fiscal Year Ended March 31, 2010 3.3. Forecasts for the Fiscal Year Ending March 31, 2011 3 Business Overview and Follow-up of Mid-Term Business Plan President Osamu Watanabe 4 Trends inCrudeoilpricesand Foreignexchangerates Trends inCrudeoilpricesand Foreignexchangerates [Price] $-denominated $/bbl $100 $110 $120 $130 $140 $40 $50 $60 $70 $80 $90 2007-01 2007-02 2007-03 a prompt reportbasis Japan Crude Cocktail(JCC) 2007-04 2007-05 2007-06 Price US$-denominated 2007-07 2007-08 $ ／ 2007-09 bbl (left axis) 2007-10 2007-11 2007-12 2008-01 2008-02 ： 2008-03 2008-04 ＄ ¥ 91.01 / ¥ 2008-05 78.82 /bbl Pricein the firstte 2008-06 5 2008-07 2008-08 ＄ 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 ￥ Rate Exchange n daysof 2009-04 /$ (right axis) (right /$ 2009-05 2009-06 2009-07 2009-08 2010 April on 2009-09 2009-10 2009-11 Overview Business 2009-12 2010-01 2010-02 2010-03 2010-04 ¥80 ¥85 ¥90 ¥95 ¥100 ¥105 ¥110 ¥115 ¥120 ¥125 ¥130 [Exchange Rate] \／$ Business Overview Actual Results of FY 2010 and Forecasts for FY2011 [Highlight] (Unit： billion yen) 210 207.6 205 202.1 Net sales 196.8 200 【Actual Results of FY 2010 】 195 Operating income： ¥13.1billion 190 （year on year -¥6.9bilｌion） 185 179.7 Net income： ¥17.9billion 180 （year on year +¥5.3billion) 175 Assumptions: Crude oil price； $67.50/bbl, Exchange rate； ¥92.74/$ 30 -$22.22(YOY) -¥9.82/$ (YOY) 27.2 25 23.2 【Forecasts for FY 2011】 22.3 20 19.6 20.0 20.0 17.9 Operating income： ¥13.2billion 15 （year on year +¥0.1billion） 14.9 13.2 12.5 13.1 10 10.2 Net income: ¥10.2billion （year on year -¥7.6billion） 5 Assumptions: Crude oil price; $80.00/bbl, Exchange rate; ¥90.00/$ -0 +$12.50/bbl (YOY) -¥2.74/$ (YOY) FY2008 FY2009 FY2010 FY2011 (e) Operating income Ordinary income Net income 6 Follow-up of Mid-Term Business Plan Follow-up of Mid-Term Business Plan for the period from FY2009 to FY2013 I. Definition of the Follow-up of Mid-Term Business Plan II. Basic strategies for JAPEX expansion III. Revision of preconditions (assumptions of crude oil price and exchange rate) Ⅳ． Progress toward the achievement of the numerical targets 1．Proved reserves 2．Natural gas sales volume 3．Income and expenditure （Natural gas sales, Domestically produced crude oil sales, Consolidated income and operating cash flows, allocations of operating cash flows） Ⅴ．Summary Details of the JAPEX Group Mid-Term Business Plan (for the period from FY2009 to FY2013) announced on May 21, 2008 can be accessed on the JAPEX website at the following URL : http://www.japex.co.jp/english/pdf/2008/20080521en_midtermplan_japex.pdf “JAPEX Group Mid-Term Business Plan “ (press release) Also details of the revision of Mid-Term Business Plan (for the period from FY2009 to FY2013) announced on May 15, 2009 can be accessed on the JAPEX website at the following URL : http://www.japex.co.jp/english/pdf/2009/JAPEX_Presentation_E_20090515.pdf “Presentation of Consolidated Financial Results for the Fiscal Year Ended March 31, 2009 “ （P7－P18 ） 7 Follow-up of Mid-Term Business Plan Ⅰ． Definition of the Follow-up of Mid-Term Business Plan (May 2009) We revised some parts, such as income and expenditure targets, of JAPEX Group Mid-Term Business Plan announced in May 2008 in light of the rapid deterioration of the global economic situation and a sharp decline in crude oil prices. (May 2010) We outline in this material the Follow-up of Mid-Term Business Plan for the period from FY2009 to FY2013 made on the basis of the changes occurred after the above revision in the business environment. －Rapid deterioration of global －Rapid deterioration of global economic situation Mid-Term Business Plan economic situation （announced in May 2008 ） －Sharp decline in crude oil prices －Sharp decline in crude oil prices Follow-upFollow-up ofof BasicBasic strategies strategies for for JAPEX JAPEX exp expansionansion Mid-Term Reflection of the Mid-Term Reflection of the Business Plan subsequentsubsequent changeschanges Business Plan Specific policies and approaches PartialPartial revisionrevision (for the period from inin thethe businessbusiness (for the period from FY2009 to FY2013) Natural gas Income and environmentenvironment FY2009 to FY2013) Proved sales expenditure reserves volumes targets May 2008 May 2009 May 2010 8 Follow-up of Mid-Term Business Plan Ⅱ．Basic strategies for JAPEX expansion Three basic strategies for expansion and current approaches Basic strategy Outline Current approaches ・Acquisition of E&P right relating to Garraf oil field in Iraq 1. Sustaining 1. Sustaining ・Maintaining and expanding reserves that and increasing ・Acquisition of the interest of the CBM block and increasing become depleted by production and sales. in Indonesia reservesreserves through through ・Bolstering a long-term, secure oil and natural ・Promoting examination of the Hangingstone explorationexploration and and development gas supply system. oilsands expansion project in Canada development （Submitted an application for approval to expand the operation on April 29, 2010） ・Implementing and strengthening gas 2.2. Strengthening Strengthening integration as an efficient system integrating ・Establishment of Japex Energy Co.,Ltd. ourour natural natural gas gas upstream, midstream and downstream ・Decision of the construction of LNG terminal operations. integratedintegrated in Yufutsu area (Hokkaido) for domestic operationoperation system system ・Organically integrating our distinctive vessels facilities and service functions. 3. Pursuing 3. Pursuing ・Engaging in CCS feasibility studies for the technological ・Striving to reduce the environmental impact technological of our operations and becoming proactively implementation of large-scale CCS R&D activities demonstrations through Japan CCS Co., Ltd. R&D activities involved in tree-planting programs. andand initiatives initiatives to to ・Construction of the environmentally-friendly ・Promoting technological R&D of CCS, addressaddress global global facility for processing flared gas in Hokkaido methane hydrate, GTL and DME, etc. division office environmentalenvironmental challengeschallenges 9 Follow-up of Mid-Term Business Plan Ⅲ． Revision of preconditions （ Assumptions of crude oil price and exchange rate ） Assumptions of crude oil price and exchange rate We assume the preconditions as below, reflecting the steady recovery of the crude oil price after 2009 ： Crude oil price： Expected to keep a plateau of $80/bbl after FY11 Exchange rate： Expected to keep the same level of Oct.2009-Feb. 2010 （around ¥90/$）after FY11 Preconditions of revised plan At time of last year’s revision FY09 (a) FY10（a） FY11（e） FY12（e） FY13（e） Crude oil price assumptions were: Crude oil price 89.7 67.5 80 80 80 ($/bbl） FY10-FY11: $40/bbl Exchange rate 102.6 92.7 90 90 90 FY12: $60/bbl (¥/$) FY13: $80/bbl 160 Crude oil price rose reflecting the 140 Crude oil price jumped expectation of the global economic 120 mainly because of the influx recovery (including the U.S.) 100 of speculative money 8080 in the market 60 40 Expected to keep a plateau of $80/bbl after FY11 20 [Crude oil ] price (JCC) $-denominated $/bbl 0 2004.01 2004.05 2004.09 2005.01 2005.05 2005.09 2006.01 2006.05 2006.09 2007.01 2007.05 2007.09 2008.01 2008.05 2008.09 2009.01 2009.05 2009.09 2010.01 10 Follow-up of Mid-Term Business Plan Ⅳ． Progress toward the achievement of the numerical targets 1．Proved reserves Our target is to double our proved reserves from ones as of end-March 2007 to 350 million BOE by end-March 2013. Proved reserves as of end-March 2010 decreased by 18 million BOE (around -7%) to 254 million BOE compared to ones as of end -March 2009. Factors in the decrease are decrease due to production (around 14 million BOE) and changes due to revaluation (around 4 million BOE). We aim to exceed the target reserves through steady efforts toward the realization of the development of Garraf oil field in Iraq, for which we secured wining bid in 2009, and the Hangingstone oil sands expansion project in Canada. Trends in proved oil and gas reserves Proved reserves (by geographical segment) Target Million of BOE Million of BOE 350 350 ble 350 dou 300 300 272 272 254 254 250 31 250 26 28 225 23 200 200 176 203 350 150 191 150 175 131 100 100 213 205 50 69 50 44 50 63 0 0 Mar.31, 2007 Mar.31, 2008 Mar.31, 2009 Mar.31, 2010 Mar.31, 2013 Mar.31,2009 Mar.31,2010 Overseas(equity-method affiliates) Overseas(consolidated) Crude oil (incl.
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