Japan Petroleum Exploration : Notice Regarding the Change in Dividend Policy
March 28, 2022 at 01:11 am
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2022.3.28
Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that it has decided to change its dividend policy, including the adoption of a consolidated dividend payout ratio as an index for calculating dividend amounts, in its medium- to long-term management plan "JAPEX Management Plan 2022-2030" disclosed today.
1.Reason for Change
To strengthen shareholder returns in light of the new management plan's basic policies and profit level forecasts, etc.
2.Changed contents
1) Policy before change (conventional policy)
JAPEX has the basic policy on profit distribution to maintain long-term and stable dividends for shareholders. As a company with the role of providing a stable supply of oil and natural gas essential for society to function, the specific dividend amount is set after giving comprehensive consideration to investments aimed at securing new, proved reserves worldwide and retaining earnings to fund development and expansion of our supply infrastructure in light of the medium- to long-term outlook for the business environment. In addition to the above, we need to consider the level of earnings for each fiscal year and any future funding needs.
2) Policy after change
We recognize that returning profits to shareholders is an important management issue, as well as maintaining a sound management base and strengthening our financial position. We aim to sustainably increase corporate value through proactive investment using retained earnings and expansion of our business base, thereby sharing the fruits of our efforts with our shareholders.
JAPEX's basic policy for profit distribution is to pay dividends in line with business results for each fiscal year with a target consolidated dividend payout ratio of 30%, while striving to maintain an annual dividend of ¥50 per share even in the event of a temporary downturn in business performance due to factors such as changes in the business environment. (However, in the year when profit attributable to owners of parent fluctuates significantly due to extraordinary income or loss or other exceptional factors, the amount of dividend will be determined in consideration of such fluctuations.)
Effective period of change
Effective from the interim and year-end dividends for the fiscal year ending March 31, 2023
Please note that the information in the news is as of the announcement date and may be subject to change without notice.
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JAPEX - Japan Petroleum Exploration Co. Ltd. published this content on 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 05:10:04 UTC.
Japan Petroleum Exploration Co., Ltd. is a company principally involved in crude oil and natural gas related business. The Company operates in four geological segments. The Japan segment involves in the exploration, development, production, purchase, sale, transportation of crude oil and natural gas, the production, purchase, sale, transportation of petroleum products, as well as contracting work of mining wells. The North America segment involves in exploration, development, production, purchase and sale of crude oil, natural gas, as well as bitumen which is super heavy oil collected from the oil sand layer in North America. The Europe segment involves in the exploration of crude oil and natural gas in Europe. The Middle East segment involves in the exploration, development and production of crude oil and natural gas in Middle East.