JAPEX is a Tokyo-listed integrated oil & gas company combining a domestic Japan E&P and gas-supply business, an overseas upstream arm centred on the Hangingstone oil-sands project in Alberta (via Japan Canada Oil Sands, JACOS), and a large infrastructure/utility footprint of LNG receiving terminals, long-distance gas pipelines and power generation. It carries a net-cash balance sheet and a significant cross-shareholding in INPEX.
FY ending March 2026 revenue was ~JPY340bn (~$2.3bn) with net income ~JPY53bn (~$0.36bn), down from the FY2025 (Mar-25) peak of ~JPY389bn revenue and ~JPY81bn net income on softer prices. The shares trade below book value (equity ~JPY659bn / ~$4.5bn vs market cap ~$2.9bn), reflecting deep asset value, low ROE, and heavy reinvestment into low-return infrastructure and energy-transition projects (offshore wind, hydrogen/CCS).
Its EV/EBITDA of 3.8x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 17.9% is higher than the 6.5% median, and at $10.93/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Japan Petroleum Exploration (JAPEX) scores 66/100, strongest on safety (94/100). Sub-scores: value 73, quality 44, growth 39, risk 6 (higher = riskier).
Japan Petroleum Exploration (JAPEX) holds approximately 0.23 billion boe of proved (1P) reserves with FY2025 production of about 39 thousand boe/d (74% liquids), a reserve life of roughly 15.8 years. Break-even: n/a (integrated (E&P + infrastructure)) — No single upstream breakeven is meaningful: earnings blend domestic Japan oil & gas, Canadian Hangingstone oil-sands bitumen (steam/opex-sensitive, higher breakeven), and regulated/contracted LNG terminal, pipeline and power infrastructure revenue that is largely decoupled from spot commodity prices.
For Japan Petroleum Exploration (JAPEX), no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Japan | 70% | 7 | Stable; import-dependent, no material upstream. |
| Canada | 30% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Domestic oil & gas fields | Japan | Upstream oil/gas | Onshore/offshore Japan production; core legacy E&P |
| Hangingstone oil sands (JACOS) | Canada | Oil sands (SAGD bitumen) | Operated via Japan Canada Oil Sands; largest overseas asset, holds most 1P reserves |
| LNG receiving terminals | Japan | Infrastructure | Fukushima Soma and other LNG import/regasification terminals |
| Long-distance gas pipelines | Japan | Infrastructure | Trunk gas transmission network supplying domestic customers |
| Gas supply & city-gas / power | Japan | Utility | Wholesale gas and IPP/power generation businesses |
| INPEX cross-shareholding | Japan | Equity holding | Large listed stake in INPEX; non-core financial asset |
| Offshore wind / renewables | Japan | Energy transition | Participation in offshore wind and low-carbon ventures |
| Hydrogen / CCS ventures | Japan/Canada | Energy transition | Early-stage decarbonization and CCS projects |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 55 | 54 | 52 | 51 | 39 |
| Proved reserves (bnboe) | 0.24 | 0.23 | 0.22 | 0.22 | 0.23 |
| Revenue ($bn) | 1.7 | 2.3 | 2.2 | 2.6 | 2.3 |
| EBITDA ($bn) | 0.4 | 0.7 | 0.7 | 0.7 | 0.6 |
| Net income ($bn) | -0.2 | 0.5 | 0.4 | 0.6 | 0.4 |
| Free cash flow ($bn) | -0.1 | 0.1 | 0.1 | 0.1 | 0.5 |
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✓ FY2025 figures verified against primary sources:
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