Notes to Consolidated Financial Statements Year ended March 31, 2014

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1 Notes to Consolidated Financial Statements Year ended March 31, 2014 Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries 1. Basis of Presenting Consolidated Financial Statements The accompanying consolidated financial statements have been prepared from the accounts maintained by Mitsui Oil Exploration Co., Ltd. ( MOECO ), in accordance with the provisions set forth in the Companies Act of Japan and applicable regulations (the Companies Act ) and in accordance with the accounting principles generally accepted in Japan. The information provided in the notes to the consolidated financial statements is limited to that required by the Companies Act. The consolidated statements of comprehensive income and cash flows are presented herein, although the preparation of such statements are not required under the Companies Act. In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to MOECO's consolidated financial statements issued domestically in order to present them in a form which is more familiar to readers outside Japan. In addition, certain reclassifications have been made in the 2013 consolidated financial statements to conform to the classifications used in The consolidated financial statements are stated in Japanese yen, the currency of the country in which MOECO is incorporated and operates. The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of = US$1, the rate of exchange at March 31, The translations should not be construed as representations that the Japanese yen amounts could be converted into at that or any other rate. 2. Summary of Significant Accounting Policies a) Principles of consolidation and accounting for investments in affiliates The accompanying consolidated financial statements include the accounts of MOECO, 20 subsidiaries (together, the Group ), and seven affiliates. The 20 subsidiaries are Moeco Thailand Co., Ltd., Moeco Thai Oil Development Co., Ltd., Moeco Cambodia Co., Ltd., Moeco Vietnam Petroleum Co., Ltd., Moeco Southwest Vietnam Petroleum Co., Ltd., Moeco (Song Hong) Co., Ltd., Moeco Merangin Co., Ltd., Moeco Tuna E&P Co., Ltd., Moeco Libya Co., Ltd., Moeco West Papua 1 Co., Ltd., Moeco West Papua 3 Co., Ltd., Siam Moeco Ltd., MOECO International B.V., MOEX USA Corporation, MOEX Gulf of Mexico Corporation, MOEX Oil & Gas Texas LLC, MOEX Offshore 2007 LLC, MOECO UK Limited, MOECO Oil & Gas Norge A.S., and MOECO ASIA PTE. LTD. The seven affiliates are Mitsui E&P Middle East B.V., Orange Energy Limited, MitEnergy Upstream LLC, Mitsui E&P USA LLC, Mitsui E&P UK Ltd., Erawan2 FSO Bahamas Ltd., and Mitsui E&P Texas Holdings LLC, and accounted for by the equity method. Under the control and influence concepts, those companies in which MOECO, directly or indirectly, is able to exercise control over operations are fully consolidated, and those companies over which the Group has the ability to exercise significant influence are accounted for by the equity method. As certain companies are not significant to the consolidated financial statements, such companies are not consolidated or accounted for by the equity method. For the year ended March 31, 2014, Moeco Phu Khanh Co., Ltd. was excluded from the scope of consolidation due to liquidations. For the year ended March 31, 2014, MOECO added Mitsui E&P Texas Holdings LLC due to new investments. As the closing date of certain subsidiaries and affiliates, which is December 31, differed from the consolidated closing date, the necessary adjustments have been made to the financial statements of those companies to reflect any significant transactions made between MOECO s closing date and those of the consolidated subsidiaries. The excess of cost over the underlying net assets, excluding minority interest at fair value, as of their dates of acquisition, is accounted for as goodwill and amortized over 20 years by the straight-line method. All significant intercompany balances and transactions are eliminated in consolidation. 7

2 b) Cash equivalents Cash equivalents are short-term investments that are readily convertible into cash and that are exposed to insignificant risk of changes in value. Cash equivalents include time deposits that represent short-term investments, all of which mature or become due within three months of the date of acquisition. c) Inventories Inventories are stated at the lower of cost, determined by the retail method, or net selling value. d) Marketable and Investment securities Marketable and investment securities are classified and accounted for, depending on management s intent, as follows: Marketable available-for-sale securities are reported at fair value, with unrealized gains and losses, net of applicable taxes, reported in a separate component of equity. Nonmarketable available-for-sale securities are stated at cost, determined by the moving-average method. For other-than-temporary declines in fair value, investment securities are reduced to net realizable value by a charge to income. e) Property and equipment Property and equipment are stated at cost. Depreciation is mainly computed by the straight-line method over the estimated useful lives of the respective assets. The range of useful lives is principally from 20 to 45 years for buildings and structures, from 3 to 5 years for wells, and 12 years for machinery and equipment. f) Mineral rights Mineral rights are carried at cost, less accumulated amortization, which is calculated by the straight-line method over the duration of the petroleum production period, mainly fixed within a contract with the government. g) Allowance for exploration expenditures The costs that have been invested in exploration activities, such as geological and geophysical expenses, drilling, and other administration, are capitalized as exploration expenditures in intangible assets. An allowance for exploration expenditures is provided for future possible loss on exploration expenditures in case of failure in exploration considering the possibility of recovery of exploration expenditures, as there is a fairly low probability of success of exploration before approval for development by oil-producing countries. Moreover, an allowance for exploration expenditures that is incurred before the decision of transition to development has occurred is maintained until commencement of selling and realization of profitability for activities that are still even in a development stage because of uncertainty. Furthermore, an allowance for exploration expenditures is also provided for mineral rights, that include a signature bonus and so on, associated with the conclusion of a contract with government. h) Long-lived assets The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss is recognized if the carrying amount of an asset or asset group exceeds the sum of the undiscounted future cash flows expected to result from the continued use and eventual disposition of the asset or asset group. The impairment loss is measured as the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the discounted cash flows from the continued use and eventual disposition of the asset or the net selling price at disposition. i) Liability for retirement benefits Liability for retirement benefits is based on benefit reserves and plan assets in the actuarial report at the balance sheet date. Moreover, the balance of plan assets exceeds the liability in 2014 and the Group recorded it in other of intangible assets as prepaid pension expenses. 8

3 j) Retirement allowance for directors and audit & supervisory board members Retirement allowance for directors and audit & supervisory board members is recorded to state the liability at the amount that would be required if all directors and audit & supervisory board members retired at each balance sheet date. Retirement allowances for directors and audit & supervisory board members are paid subject to approval of the shareholders in accordance with the Companies Act. k) Income taxes The provision for income taxes is computed based on the pretax loss included in the consolidated statement of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred taxes are measured by applying currently enacted tax laws to the temporary differences. l) Foreign currency transactions All short-term and long-term monetary receivables and payables denominated in foreign currencies are translated into Japanese yen at the exchange rates at the balance sheet date. The foreign exchange gains and losses from translation are recognized in the consolidated statement of income. m) Foreign currency financial statements The assets, liability, revenue, and expense accounts of overseas subsidiaries are translated into yen at the exchange rates of their balance sheet dates, and the differences arising from the translation are presented as Foreign currency translation adjustments in equity. Differences arising from such translation are divided into Foreign currency translation adjustments and Minority interests in a separate component of equity. n) Derivatives The Group uses derivative financial instruments to manage its exposures to fluctuations in foreign exchange rates and commodity price. Derivatives are stated at fair value, and realized gains and losses on derivative transactions are recognized in the consolidated statement of income. o) Per share information Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period, retroactively adjusted for stock splits. Cash dividends per share presented in the accompanying consolidated statement of income are dividends applicable to the respective years including dividends to be paid after the end of the year. p) Change in Accounting Estimate For the year ended March 31, 2014, the Group has changed an accounting estimate of expenses to remove some facilities producing crude oil and natural gas because it was found that the estimated removal expenses has increased due to an increase in the unit costs of each process of the removal of facilities in Thailand. Because of this change in accounting estimate, the Group revised asset retirement obligations and added 37,722 million ($365,514 thousand) to the amount of the liability for asset retirement obligations. Also, operating income decreased by 2,001 million ($19,438 thousand) and income before income taxes and minority interests decreased by 28,145 million ($273,466 thousand). Meanwhile, the Group recorded the increase of depreciation for changes of estimate for asset retirement obligations of depreciated asset in previous years of 26,145 million ($254,028 thousand) as Loss on write-off related to change in accounting estimate of asset retirement obligation of fully depreciated assets. This change in accounting estimate will result in a reduction to income before income taxes and minority interests of 9,580 million ($93,078 thousand) in subsequent years. 9

4 3. Accumulated Depreciation Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries Accumulated depreciation of property and equipment for the years ended March 31, 2014 and 2013, was as follows: Accumulated depreciation of property and equipment Thousands of , ,997 $3,891, Asset Retirement Obligations The Group has estimated expenses to remove some facilities producing crude oil and natural gas in Thailand and booked asset retirement obligations, which are expected to be incurred at the time of termination of the projects in the Gulf of Thailand (mainly after 9 years). The discount rate is the distribution rate of U.S. Treasury Bills (mainly 2.650%). The changes in asset retirement obligations for the years ended March 31, 2014 and 2013, were as follows: Thousands of Balance at beginning of year 37,577 29,453 $365,114 The increment associated with change of estimate 37, ,514 The decrement associated with change of discount rate (61) Additional provisions associated with acquisition of property and equipment during the year 4,538 2,314 44,093 Adjustment associated with passage of time 2,091 1,306 20,320 Balance of foreign currency translation 5,925 4,565 57,565 Balance at end of year 87,853 37,577 $853,606 For the year ended March 31, 2014, the Group has changed an accounting estimate of expenses to remove some facilities producing crude oil and natural gas because it was found that the estimated removal expenses has increased due to an increase in the unit costs of each process of the removal of facilities in Thailand. Because of this change in accounting estimate, the Group revised asset retirement obligations and added 37,722 million ($365,514 thousand) to the amount of the liability for asset retirement obligations. Also, operating income decreased by 2,001 million ($19,438 thousand) and income before income taxes and minority interests decreased by 28,145 million ($273,466 thousand). Meanwhile, the Group recorded the increase of depreciation for changes of estimate for asset retirement obligations of depreciated asset in previous years of 26,145 million ($254,028 thousand) as Loss on write-off related to change in accounting estimate of asset retirement obligation of fully depreciated assets. This change in accounting estimate will result in a reduction to income before income taxes and minority interests of 9,580 million ($93,078 thousand) in subsequent years. 5. Equity Since May 1, 2006, Japanese companies have been subject to the Companies Act. The significant provisions in the Companies Act that affect financial and accounting matters are summarized below: (a)dividends Under the Companies Act, companies can pay dividends at any time during the fiscal year in addition to the year-end dividend upon resolution at the shareholders meeting. For companies 10

5 that meet certain criteria such as (1) having a Board of Directors, (2) having independent auditors, (3) having an Audit & Supervisory Board, and (4) the term of service of the directors is prescribed as one year rather than two years of normal term by its articles of incorporation, the Board of Directors may declare dividends (except for dividends-in-kind) at any time during the fiscal year if the Company has prescribed so in its articles of incorporation. However, the Company cannot do so because the Company has not prescribed so in the articles of incorporation. Semiannual interim dividends may also be paid once a year upon resolution by the Board of Directors if the articles of incorporation of the Company so stipulate. The Companies Act provides certain limitations on the amounts available for dividends or the purchase of treasury stock. The limitation is defined as the amount available for distribution to the shareholders, but the amount of net assets after dividends must be maintained at no less than 3 million. (b)increases/decreases and transfer of common stock, reserve, and surplus The Companies Act requires that an amount equal to 10% of dividends must be appropriated as a legal reserve (a component of retained earnings) or as additional paid-in capital (a component of capital surplus) depending on the equity account charged upon the payment of such dividends until the total aggregate amount of legal reserve and additional paid-in capital equals 25% of the amount of common stock. Under the Companies Act, the total amount of additional paid-in capital and legal reserve may be reversed without limitation. The Companies Act also provides that common stock, legal reserve, additional paid-in capital, other capital surplus, and retained earnings can be transferred among the accounts under certain conditions upon resolution of the shareholders. (c)treasury stock and treasury stock acquisition rights The Companies Act also provides for companies to purchase treasury stock and dispose of such treasury stock by resolution of the Board of Directors. The amount of treasury stock purchased cannot exceed the amount available for distribution to the shareholders, which is determined by specific formula. Under the Companies Act, stock acquisition rights are now presented as a separate component of equity. The Companies Act also provides that companies can purchase both treasury stock acquisition rights and treasury stock. Such treasury stock acquisition rights are presented as a separate component of equity or deducted directly from stock acquisition rights. 6. Contingent Liabilities At March 31, 2014, MOECO had the following contingent liabilities: (1) Revolving guarantees of contract performance of real estate rental of an affiliated company MOECO provides revolving guarantees to the renter in relation to contract performance of the real-estate rental of MOECO s affiliated company amounting to a maximum limit of 2 million ($20 thousand). (2) Guarantees of indebtedness of an affiliated company Mitsui & Co., Ltd. (the Parent ) guarantees to the financial institutions in relation to the borrowing of MOECO s affiliated company and then MOECO guarantees its equity interest percentages of the affiliated company to the Parent amounting to 70,644 million ($686,400 thousand). (3) Revolving guarantees of contract performance bond of an affiliated company The Parent provides revolving guarantees to the operator in relation to the contract performance of MOECO s affiliated company and then MOECO guarantees its equity interest percentages of the affiliated company to the Parent amounting to a maximum limit of 2,404 million ($23,354 thousand). 11

6 (4) Guarantees of interest rate swap agreement of an affiliated company The Parent provides guarantees to the financial institutions in relation to the interest rate swap agreement of MOECO s affiliated company and then MOECO guarantees its equity interest percentages of the affiliated company to the Parent amounting to 307 million ($2,988 thousand). 7. Financial Instruments and Related Disclosures (1)Policy for financial instruments The Group emphasizes capital safety and liquidity in its fund management. Cash surpluses, if any, are invested in time deposits, short-term investments, and government bonds. Fund procurement is mainly operated by bank loans. Derivatives are used not for speculative purposes, but to manage exposure to financial risks. (2)Nature and extent of risks arising from financial instruments and risk management Receivables, such as trade accounts, are exposed to customer credit risk. The Group manages credit risk from receivables on the basis of internal guidelines. Securities mainly consist of government bonds and equities (listed shares, unlisted shares, investments in subsidiaries, and associated companies). Government bonds are classified as marketable securities or investment securities depending on the remaining term. Marketable and investment securities are managed by monitoring market values and financial position of issuers on a regular basis. Debt loan is short-term debt which is to be incurred as temporary bridging funds. Derivatives include forward foreign currency contracts, which are used to manage exposure to the market risks from changes in foreign currency exchange rates of receivables and payables. Also, derivatives include the commodity contracts for sale of oil and condensate, which are used to manage exposure to the market risks from changes of their sales price. The Group limits the counterparties to these contracts to major financial institutions and manages its credit risk at a low level. (3)Fair values of financial instruments Fair values of financial instruments are based on quoted price in active markets. (a) Fair values of financial instruments Unrealized March 31, 2014 Carrying amount Fair value gain Cash and cash equivalents 106, ,317 Receivables (trade) 14,710 14,710 Marketable securities and investment securities 71,188 71, Total 192, , Short-term debt 25,000 25,000 Accounts payable 32,037 32,037 Income taxes payable 17,323 17,323 Accrued expenses 1,778 1,778 Deposits received Long-term accounts payable 13,872 13, Total 90,524 90,

7 Unrealized March 31, 2013 Carrying amount Fair value gain Cash and cash equivalents 99,329 99,329 Receivables (trade) 22,210 22,210 Marketable securities and investment securities 75,404 75, Total 196, , Short-term debt 25,000 25,000 Accounts payable 6,948 6,948 Income taxes payable 25,189 25,189 Accrued expenses Long-term accounts payable 14,464 13, Total 72,261 71, Thousands of U. S. dollars Unrealized March 31, 2014 Carrying amount Fair value gain Cash and cash equivalents $1,033,004 $1,033,004 Receivables (trade) 142, ,930 Marketable securities and investment securities 691, ,863 $176 Total $1,867,621 $1,867,797 $176 Short-term debt $242,907 $242,907 Accounts payable 311, ,277 Income taxes payable 168, ,315 Accrued expenses 17,278 17,278 Deposits received 5,000 5,000 Long-term accounts payable 134, ,217 $3,566 Total $879,560 $875,994 $3,566 The carrying values of cash and cash equivalents, accounts receivable, short-term debt, accounts payable, income taxes payable, accrued expenses and deposits received approximate fair value because of their short maturities. Marketable securities and investment securities are based on quoted price in active markets. The fair value of long-term accounts payable is calculated by discounting estimated cash flows in the future at the London InterBank Offered Rate, plus our credit spread. (b)financial instruments whose fair value cannot be reliably determined Carrying amount Thousands of Unlisted shares 184,528 92,948 $1,792,924 13

8 (4)Maturity analysis for financial assets and securities with contractual maturities Thousands of Due in one Due in more Due in one March 31, 2014 year or less than one year year or less Cash and cash equivalents 106,317 $1,033,004 Receivables (trade) 14, ,930 Total 121,027 $1,175,934 Due in more than one year Thousands of Due in one Due in more Due in one March 31, 2013 year or less than one year year or less Cash and cash equivalents 99,329 $1,056,131 Receivables (trade) 22, ,146 Marketable securities and investment securities 9 92 Total 121,548 $1,292,369 Due in more than one year (5)Maturity analysis for financial liabilities Thousands of Due in one Due in more Due in one Due in more March 31, 2014 year or less than one year year or less than one year Short-term debt 25,000 $242,907 Accounts payable 32, ,277 Income taxes payable iti 17, ,315 Accrued expenses 1,778 17,278 Deposits received 515 5,000 Long-term accounts payable 13,872 $134,783 Total 76,653 13,872 $744,777 $134,783 Thousands of Due in one Due in more Due in one Due in more March 31, 2013 year or less than one year year or less than one year Short-term debt 25,000 $265,816 Accounts payable 6,948 73,879 Income taxes payable iti 25, ,827 Accrued expenses 660 7,020 Long-term accounts payable 14,464 $153,781 Total 57,797 14,464 $614,542 $153,781 14

9 8. Comprehensive Income Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries The components of other comprehensive income for the years ended March 31, 2014 and 2013, were as follows: Thousands of Unrealized gain (loss) on available-for-sale securities: Gains (losses) arising during the year 4,358 (10,310) $42,340 Reclassification adjustments to profit or loss (8,267) (6,178) (80,320) Amount before income tax effect (3,909) (16,488) (37,980) Income tax effect 6,891 8,314 66,953 Total 2,982 (8,174) $28,973 Foreign currency translation adjustments : Adjustments arising during the year 19,668 8,958 $191,102 Reclassification adjustments to profit or loss Amount before income tax effect 19,668 8, ,102 Income tax effect Total 19,668 8,958 $191,102 Share of other comprehensive income in associates Gains arising during the year 2, $24,955 Total 2, $24,955 Total other comprehensive income 25, $245, Subsequent Event The following appropriations of retained earnings of MOECO, which have not been reflected in the accompanying consolidated financial statements for the year ended March 31, 2014, were approved at a shareholders' meeting held on June 30, 2014: Thousands of Transfer to legal reserve 961 $9,336 Dividends 9,609 93,361 Total 10,570 $102,697 15

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