Impact of Escalating Tensions in the Middle East on Our Business Performance
Japan Petroleum Exploration Co.,Ltd. (the Company) and its consolidated subsidiary ㈱ジャペックスガラフ
The equivalent of 2 LNG cargoes scheduled for procurement in the first quarter of fiscal 2026, Fukushima Natural Gas Power Plant, the Garraf oil field in southern Iraq, and domestic oil and gas fields
Escalating tensions in the Middle East, the continued de facto blockade of the Strait of Hormuz, the Iraqi government's declaration of force majeure, and tight supply and demand for chemical products and other materials used in domestic oil and gas field operations
The impact is expected to be reflected in the earnings forecast for the fiscal year ending March 2027. The impact on results for the fiscal year ended March 2026 is minor.
The specific impact is currently under review. The impact based on certain assumptions regarding future developments is expected to be reflected in the earnings forecast for the fiscal year ending March 2027, which is scheduled to be announced on 13 May. The impact on results for the fiscal year ended March 2026 is minor.
Related procedures
Declaration of force majeure by the Iraqi government
Iraqi government
Company response
Production operations and shipments at the Garraf oil field in southern Iraq
The Company will closely monitor the latest developments on the ground and make every effort to ensure a stable energy supply. The impact is expected to be reflected in the earnings forecast for the fiscal year ending March 2027.
The Company is scheduled to announce on 13 May its earnings forecast for the fiscal year ending March 2027, incorporating the impact.
| Item | Details |
|---|---|
| Event name | Impact of Escalating Tensions in the Middle East on Our Business Performance |
| Subject Entity | Japan Petroleum Exploration Co.,Ltd. (the Company) and its consolidated subsidiary ㈱ジャペックスガラフ |
| Target Locations / Products | The equivalent of 2 LNG cargoes scheduled for procurement in the first quarter of fiscal 2026, Fukushima Natural Gas Power Plant, the Garraf oil field in southern Iraq, and domestic oil and gas fields |
| Cause | Escalating tensions in the Middle East, the continued de facto blockade of the Strait of Hormuz, the Iraqi government's declaration of force majeure, and tight supply and demand for chemical products and other materials used in domestic oil and gas field operations |
| Accounting period in which recognized | The impact is expected to be reflected in the earnings forecast for the fiscal year ending March 2027. The impact on results for the fiscal year ended March 2026 is minor. |
| Impact on Earnings Forecast | The specific impact is currently under review. The impact based on certain assumptions regarding future developments is expected to be reflected in the earnings forecast for the fiscal year ending March 2027, which is scheduled to be announced on 13 May. The impact on results for the fiscal year ended March 2026 is minor. |
| Type of litigation or proceeding | Declaration of force majeure by the Iraqi government |
| Court or authority | Iraqi government |
| Suspended operations | Production operations and shipments at the Garraf oil field in southern Iraq |
| Outlook | The Company will closely monitor the latest developments on the ground and make every effort to ensure a stable energy supply. The impact is expected to be reflected in the earnings forecast for the fiscal year ending March 2027. |
| Planned follow-up disclosure | The Company is scheduled to announce on 13 May its earnings forecast for the fiscal year ending March 2027, incorporating the impact. |
Items this document does not state (14)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The Company cited escalating tensions in the Middle East, the de facto blockade of the Strait of Hormuz, the Iraqi government's declaration of force majeure, and tight supply and demand for chemical products and other materials used in domestic oil and gas field operations.