Worth reading
85Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
1.5
¥ trillionWording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet income for the current fiscal year+0.5%
基準 2,025Target2,035100 million
ROE+10.0pt
基準 2,025Target2,035%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROICNot disclosed → At least 10% (fiscal 2035)
Only the target level is shown because the current level for comparison was not provided.Operating profit targetNot disclosed → Not disclosed (after-tax business profit is stated separately)
What happened to the previous planFiscal 2026 targets under the JAPEX Management Plan 2022-2030: business profit of ¥30 billion, ROE of 5%, non-E&P profit of ¥12 billion, cumulative growth investment of ¥275 billion, and cumulative shareholder returns of ¥25 billion → Fiscal 2025 outlook: business profit of ¥37.9 billion, ROE of 6.7%, non-E&P profit of ¥16 billion, cumulative growth investment of ¥514.3 billion, and cumulative shareholder returns of ¥79.9 billion+199.8%Calculated from the two disclosed figures
Total investment plan¥1.5 trillion (cumulative growth investment from fiscal 2026 through fiscal 2035)
Investment amount by sectorField E&P (domestic) / Amount ¥60 billion, Field E&P (overseas) / Amount ¥1.1 trillion, Field CN (domestic) / Amount ¥240.0 billion, Field CN (overseas) / Amount ¥60 billion, Field Gas / Amount ¥10.0 billion, Field Power/renewable energy / Amount ¥30 billion, Field I/U / Amount ¥40 billion
Statements about the use of capital
Payout ratio / DOE policyA 30% payout ratio and a minimum dividend of ¥40 per share. Around fiscal 2030, after the core asset portfolio has been built, JAPEX will determine whether to enhance shareholder returns, including by raising the consolidated payout ratio.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity: 8% → 10%; WACC: 6% → 8%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAlthough PBR has recently exceeded 1x, the gap with the average for the Tokyo Stock Exchange Prime Market has not been eliminated. JAPEX analyzes this as resulting from doubts about its ability to achieve sustainable growth.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Making overseas E&P a core business
02Monetizing CCUS
03Corporate transformation
04Securing key-position talent
05Transforming organizational culture
06Optimizing operations in operator businesses
07Accelerating investment and withdrawal decisions through stronger data integration
08Freeing up human resources through business process re-engineering (BPR)
09Making the final investment decision on Tomakomai CCS
10Additional onshore development and offshore exploration
11Integrated development of E&P and CCUS
Plan assumptionsCrude oil price in fiscal 2031 and fiscal 2035: USD70.00/bbl, Exchange rate in fiscal 2031 and fiscal 2035: ¥140.00/USD, Interest-bearing debt/EBITDA below 3x even with a crude oil price of USD50.00/bbl and an exchange rate of ¥110.00/USD, Change in net income resulting from a USD1/bbl increase in the crude oil price: ¥2 billion in fiscal 2031 and ¥3 billion in fiscal 2035, Change in net income resulting from a ¥1/USD depreciation of the yen: ¥500 million in fiscal 2031 and ¥1 billion in fiscal 2035, The IEA’s World Energy Outlook 2025 STEPS scenario is used as the reference for the outlook for demand for oil, natural gas and CCUS.
Segment targetSegment Domestic E&P / Fiscal 2031 ¥10 billion (after-tax business profit) / FY2035 ¥5 billion (after-tax business profit), Segment Overseas E&P / Fiscal 2031 ¥40 billion (after-tax business profit) / FY2035 ¥75 billion (after-tax business profit), Segment CN / Fiscal 2031 ¥20 billion (after-tax business profit) / FY2035 ¥25 billion (after-tax business profit), Segment I/U / Fiscal 2031 ¥20 billion (after-tax business profit) / FY2035 ¥25 billion (after-tax business profit), Segment Other / Fiscal 2031 -¥10 billion (after-tax business profit) / FY2035 -¥10 billion (after-tax business profit)
Non-financial targetsIndicator Production volume / Target value 100,000 boe/d / Timing Fiscal 2031, Indicator Production volume / Target value 180,000 boe/d (4x fiscal 2025) / Timing FY2035, Indicator Cumulative CO₂ storage volume / Target value At least 8 million tonnes / Timing FY2035, Indicator GHG reduction (Scopes 1 and 2) / Target value Reduce CO₂ emissions intensity by 40% from fiscal 2019 / Timing FY2030, Indicator Tomakomai CCS storage capacity / Target value 1.5–2 million tonnes/year / Timing Injection to begin during fiscal 2030
Size of the Target MarketMarket Oil / Scale 97 million bbl/d in 2024 and 100 million bbl/d in 2035 / Source Prepared by JAPEX based on the IEA’s World Energy Outlook 2025 STEPS scenario, Market Natural gas / Scale 150 trillion cf/year in 2024 and 168 trillion cf/year in 2035 / Source Prepared by JAPEX based on the IEA’s World Energy Outlook 2025 STEPS scenario, Market CO₂ captured through CCUS and other methods / Scale 43 million tonnes of CO₂/year in 2024 and 158 million tonnes of CO₂/year in 2035 / Source Prepared by JAPEX based on the IEA’s World Energy Outlook 2025 STEPS scenario
Risks identified by the company
Rising Geopolitical Risks
Fluctuations in crude oil prices and foreign exchange rates
Rising interest rates and capital costs
The need to diversify development timing and business risks
The timing of achieving decarbonization and the transition process are being redirected toward a more realistic path
Reason for revision or withdrawal
The construction of business assets that contribute to sustainable growth remains a work in progress. In addition, given the renewed recognition of the importance of a stable energy supply, the search for a more realistic transition, and stronger demands from the capital markets for management that takes capital costs into account, JAPEX determined that a new management plan was essential to build a resilient portfolio and strengthen the execution capabilities needed to deliver it.
| Item | Details |
|---|---|
| Plan name | JAPEX Management Plan 2026-2035 “Building Core Assets toward 2035” |
| Plan period | Fiscal 2026 through fiscal 2035 |
| Progress against the plan | Formulated |
| Operating profit target | Not disclosed → Not disclosed (after-tax business profit is stated separately) |
| Net income target | ¥45 billion (fiscal 2025 forecast) → ¥100 billion (fiscal 2035)（＋122.2%） |
| ROE target | 6.7% (fiscal 2025 outlook) → At least 12% (fiscal 2035)（Approximately +79.1% or more） |
| ROIC target | Not disclosed → At least 10% (fiscal 2035) |
| Payout ratio / DOE policy | A 30% payout ratio and a minimum dividend of ¥40 per share. Around fiscal 2030, after the core asset portfolio has been built, JAPEX will determine whether to enhance shareholder returns, including by raising the consolidated payout ratio. |
| Cost of capital | Cost of equity: 8% → 10%; WACC: 6% → 8% |
| Self-assessment of PBR and share price | Although PBR has recently exceeded 1x, the gap with the average for the Tokyo Stock Exchange Prime Market has not been eliminated. JAPEX analyzes this as resulting from doubts about its ability to achieve sustainable growth. |
| Total investment plan | ¥1.5 trillion (cumulative growth investment from fiscal 2026 through fiscal 2035) |
| Investment amount by sector | Field E&P (domestic) / Amount ¥60 billion, Field E&P (overseas) / Amount ¥1.1 trillion, Field CN (domestic) / Amount ¥240.0 billion, Field CN (overseas) / Amount ¥60 billion, Field Gas / Amount ¥10.0 billion, Field Power/renewable energy / Amount ¥30 billion, Field I/U / Amount ¥40 billion |
| Segment target | Segment Domestic E&P / Fiscal 2031 ¥10 billion (after-tax business profit) / FY2035 ¥5 billion (after-tax business profit), Segment Overseas E&P / Fiscal 2031 ¥40 billion (after-tax business profit) / FY2035 ¥75 billion (after-tax business profit), Segment CN / Fiscal 2031 ¥20 billion (after-tax business profit) / FY2035 ¥25 billion (after-tax business profit), Segment I/U / Fiscal 2031 ¥20 billion (after-tax business profit) / FY2035 ¥25 billion (after-tax business profit), Segment Other / Fiscal 2031 -¥10 billion (after-tax business profit) / FY2035 -¥10 billion (after-tax business profit) |
| Non-financial targets | Indicator Production volume / Target value 100,000 boe/d / Timing Fiscal 2031, Indicator Production volume / Target value 180,000 boe/d (4x fiscal 2025) / Timing FY2035, Indicator Cumulative CO₂ storage volume / Target value At least 8 million tonnes / Timing FY2035, Indicator GHG reduction (Scopes 1 and 2) / Target value Reduce CO₂ emissions intensity by 40% from fiscal 2019 / Timing FY2030, Indicator Tomakomai CCS storage capacity / Target value 1.5–2 million tonnes/year / Timing Injection to begin during fiscal 2030 |
| Plan assumptions | Crude oil price in fiscal 2031 and fiscal 2035: USD70.00/bbl, Exchange rate in fiscal 2031 and fiscal 2035: ¥140.00/USD, Interest-bearing debt/EBITDA below 3x even with a crude oil price of USD50.00/bbl and an exchange rate of ¥110.00/USD, Change in net income resulting from a USD1/bbl increase in the crude oil price: ¥2 billion in fiscal 2031 and ¥3 billion in fiscal 2035, Change in net income resulting from a ¥1/USD depreciation of the yen: ¥500 million in fiscal 2031 and ¥1 billion in fiscal 2035, The IEA’s World Energy Outlook 2025 STEPS scenario is used as the reference for the outlook for demand for oil, natural gas and CCUS. |
| Key initiatives | Making overseas E&P a core business, Monetizing CCUS, Corporate transformation, Securing key-position talent, Transforming organizational culture, Optimizing operations in operator businesses, Accelerating investment and withdrawal decisions through stronger data integration, Freeing up human resources through business process re-engineering (BPR), Making the final investment decision on Tomakomai CCS, Additional onshore development and offshore exploration, Integrated development of E&P and CCUS |
| Results under the previous plan | Fiscal 2026 targets under the JAPEX Management Plan 2022-2030: business profit of ¥30 billion, ROE of 5%, non-E&P profit of ¥12 billion, cumulative growth investment of ¥275 billion, and cumulative shareholder returns of ¥25 billion → Fiscal 2025 outlook: business profit of ¥37.9 billion, ROE of 6.7%, non-E&P profit of ¥16 billion, cumulative growth investment of ¥514.3 billion, and cumulative shareholder returns of ¥79.9 billion |
| Reason for revision or withdrawal | The construction of business assets that contribute to sustainable growth remains a work in progress. In addition, given the renewed recognition of the importance of a stable energy supply, the search for a more realistic transition, and stronger demands from the capital markets for management that takes capital costs into account, JAPEX determined that a new management plan was essential to build a resilient portfolio and strengthen the execution capabilities needed to deliver it. |
| Size of the Target Market | Market Oil / Scale 97 million bbl/d in 2024 and 100 million bbl/d in 2035 / Source Prepared by JAPEX based on the IEA’s World Energy Outlook 2025 STEPS scenario, Market Natural gas / Scale 150 trillion cf/year in 2024 and 168 trillion cf/year in 2035 / Source Prepared by JAPEX based on the IEA’s World Energy Outlook 2025 STEPS scenario, Market CO₂ captured through CCUS and other methods / Scale 43 million tonnes of CO₂/year in 2024 and 158 million tonnes of CO₂/year in 2035 / Source Prepared by JAPEX based on the IEA’s World Energy Outlook 2025 STEPS scenario |
| Risks identified | Rising Geopolitical Risks, Fluctuations in crude oil prices and foreign exchange rates, Rising interest rates and capital costs, The need to diversify development timing and business risks, The timing of achieving decarbonization and the transition process are being redirected toward a more realistic path |
| Publication date | 22 April 2026 |
Items this document does not state (4)
Sales TargetOperating profit margin targetTreasury share acquisition policyDate of board resolution
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.Although the previous plan achieved certain results, including increased profit and the achievement of targets in non-E&P businesses, the construction of business assets that contribute to sustainable growth remains a work in progress. In light of changes in the energy landscape and rising capital costs, JAPEX determined that a new management plan was essential to build a resilient portfolio and strengthen execution capabilities.
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