According to the company’s website press release on May 10, 2023, INPEX CORPORATION (INPEX) announced changes in segment income and reportable segments from the first quarter of the fiscal year ending December 2023, as follows.
1. Reason for changes
INPEX has made changes in the INPEX Group’s segment income and reportable segments due to the significant reclassifications to the business portfolio based on the company’s Medium-term Business Plan announced in 2022 and the accompanying changes of the evaluations and analysis indicators used by Board of Directors.
2. Summary of changes
Previously, segment income was operating income on the consolidated statement of income. However, as net income attributable to owners of parent is one of the management targets in the Medium-term Business Plan and is used by the Board of Directors to determine the allocation of managerial resources and assess performance, the segment income is changed to net income attributable to owners of parent in the consolidated statement of income from the first quarter of the fiscal year ending December 31, 2023, to conduct evaluations and analyses that are more in line with actual conditions.
In addition, INPEX has divided its reportable segments into “Oil & Gas Japan” and “Oil & Gas Overseas”. The “Oil & Gas Overseas” segment is further classified as “Ichthys Project,” which is a major operator project of the Group, and “Other Projects,” which is comprised of other overseas projects. Operating segments that are not included in the reportable segments, such as the five net-zero businesses, are aggregated in the “Other” category. INPEX had previously adopted reportable segments by region, but implemented this change due to significant reclassifications of its business portfolio and the addition of its initiatives for the five net-zero businesses in the Long-term Strategy and other factors.
Reportable segments after the change are as follows.
The segment information for the three months ended March 31, 2022, in the earnings reports for the financial results for the three months ended March 31, 2023, is disclosed based on the classification after these changes.
Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233
