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February 27, 2015
Preliminary Results as of December 31, 2014
Forward-Looking Statement and Cautionary Note
Variations
If no further specification is included, comparisons are made against the same period of the last year.
Rounding
Numbers may not total due to rounding.
Financial Information
Excluding budgetary and volumetric information, the financial information included in this report and the annexes hereto is based on unaudited consolidated financial statements prepared in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which PEMEX has adopted effective January 1, 2012. Information from prior periods has been retrospectively adjusted in certain accounts to
make it comparable with the unaudited consolidated financial information under IFRS. For more information regarding the transition to IFRS, see Note 23 to the consolidated financial statements included in Petróleos Mexicanos’ 2012
Form 20-F filed with the Securities and Exchange Commission (SEC) and its Annual Report filed with the Comisión Nacional Bancaria y de Valores (CNBV). EBITDA is a non-IFRS measure. We show a reconciliation of EBITDA to net
income in Table 33 of the annexes to this report. Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies or affiliates of Petróleos
Mexicanos. It is important to mention, that our current financing agreements do not include financial covenants or events of default that would be triggered as a result of our having negative equity.
Foreign Exchange Conversions
Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, at December 31, 2014, of MXN 14.7180 = USD 1.00. Such translations should not be construed as a
representation that the Mexican peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate.
Fiscal Regime
Since January 1, 2006 and until December 31, 2014, PEP has been subject to a new fiscal regime governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities is governed by Mexico’s Income Tax Law.
The most important duty paid by PEP is the Ordinary Hydrocarbons Duty (OHD), the tax base of which is a quasi-operating profit. In addition to the payment of the OHD, PEP is required to pay other duties under this fiscal regime.
Starting January 1, 2015, Petróleos Mexicanos’ fiscal regime is ruled by the Ley de Ingresos sobre Hidrocarburos (Hydrocarbon Income Law).
The Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX has acted as an intermediary between the Secretary of Finance and Public Credit (SHCP) and
the final consumer; PEMEX has retained the amount of IEPS and transfers it to the Federal Government. The IEPS rate is calculated as the difference between the retail or “final price,” and the “producer price.” The final prices of
gasoline and diesel are established by the SHCP. PEMEX’s producer price is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Since 2006, if the “final price” is lower than the “producer price”, the
SHCP has credited to PEMEX the difference among them. The IEPS credit amount is accrued, whereas the information generally presented by the SHCP is cash-flow.
Hydrocarbon Reserves
In accordance with the Hydrocarbons Law, published in the Official Gazette on August 11, 2014, the National Hydrocarbons Commission (CNH) will establish and will manage the National Hydrocarbons Information Center, comprised
by a system to obtain, safeguard, manage, use, analyze, keep updated and publish information and statistics related; which includes estimations, valuation studies and certifications.
As of January 1, 2010, the Securities and Exchange Commission (SEC) changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible
reserves. Nevertheless, any description of probable or possible reserves included herein may not meet the recoverability thresholds established by the SEC in its definitions. Investors are urged to consider closely the disclosure in our
Form 20-F and our Annual Report to the CNBV and SEC, available at http://www.pemex.com/.
Forward-looking Statements
This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press
releases and other written materials and in oral statements made by our officers, directors or employees to third parties. We may include forward-looking statements that address, among other things, our:
• exploration and production activities, including drilling;
• activities relating to import, export, refining, petrochemicals and transportation of petroleum, natural gas and oil products;
• projected and targeted capital expenditures and other costs, commitments and revenues, and
• liquidity and sources of funding.
Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:
• changes in international crude oil and natural gas prices;
• effects on us from competition, including on our ability to hire and retain skilled personnel;
• limitations on our access to sources of financing on competitive terms;
• our ability to find, acquire or have the right to access additional hydrocarbons reserves and to develop them;
• uncertainties inherent in making estimates of oil and gas reserves, including recently discovered oil and gas reserves;
• technical difficulties;
• significant developments in the global economy;
• significant economic or political developments in Mexico, including developments relating to the implementation of the Energy Reform (as described in our most recent Annual Report and Form 20-F);
• developments affecting the energy sector; and
• changes in our legal regime or regulatory environment, including tax and environmental regulations.
PEMEX
PEMEX is Mexico’s national oil and gas company and was created in 1938. It is the primary producer of Mexico’s oil and gas resources. The operating subsidiary entities are Pemex - Exploration and Production, Pemex - Refining,
Pemex - Gas and Basic Petrochemicals and Pemex – Petrochemicals. The main subsidiary company is PMI Comercio Internacional, S.A. de C.V., Pemex’s international trading arm.
1
Index
Milestones Achieved
Exploration & Production
Industrial Transformation
Context
Financial Results
Questions & Answers
2
Milestones Achieved
3 3
Index
Milestones Achieved
Exploration & Production
Industrial Transformation
Context
Financial Results
Questions & Answers
4
2P Reserves
(MMboe)1 CAPEX
(Billion USD) Fields
22 existing
contracts
Phase 1 569 11.4
Poza Rica-Altamira y Burgos
Phase 2 1,639 32.8 ATG and Burgos
Farm-outs
Shallow waters 350 6.3 Bolontikú, Sinán and Ek
Onshore 248 1.7 Rodador, Ogarrio and Cárdenas-Mora
Extra heavy oil 747 6.2 Ayatsil-Tekel-Utsil
Deep water (gas) 212 6.8 Kunah-Piklis
Deep water (oil) 5392 11.2 Trión and Exploratus
Total 4,304 76.5
1 Public Financed Works Contracts, Integrated Exploration & Production Contracts.
2 MMboe – million barrels of oil equivalent.
3 3P Reserves
5
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Aug 2014 / April 2015
Nov 2014 / Dec 2015
2014 2015
CIEP & COPF contract migration (first block)
Farm-outs
Jan / Sept 2015 CIEP & COPF - Second block
Migration of Assignments1 into E&E Contracts
6
Migration of Assignments1 into E&E Contracts
1 Public Financed Works Contracts, Integrated Exploration & Production Contracts.
COPFs & CIEPs Contracts
• There are 22 existing contracts:
• 6 Public Financed Works Contracts (COPF); and
• 16 Integrated Exploration & Production Contracts (CIEP)
• On December 19, 2014, we sent an initial set of 9 migration requests to the Ministry
of Energy:
• Public Financed Works Contracts: Misión and Olmos
• Integrated Contracts: Santuario, Magallanes, Altamira, Arenque, Ébano,
Miquetla and Pánuco
Farm-outs
• On an initial stage, we have identified 14 fields that could be migrated from
Assignments into Exploration and Extraction Contracts:
• 3 mature fields in shallow waters;
• 3 offshore extra-heavy oil fields;
• 4 onshore mature fields;
• 2 gas fields in deep waters; and
• 2 oil fields discovered in the Perdido Area.
Higher Production of Light Crude Oil Mbd
7
-
500
1,000
1,500
2,000
2,500
Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14
Daily Production
Heavy Light Extra light
53% 53% 51% 51%
34% 35% 36% 37%
13% 12% 13% 12%
2,522 2,492 2,468 2,398 2,360 2,429
2013 1Q14 2Q14 3Q14 4Q14 2014
Heavy Light Extra-light
76%
24%
Offshore Onshore
Annual average
Start of Production at Ayatsil-Tekel
8
Geographic Location
Ayatsil Tekel Utsil Total
2P 555.9 127.8 46.8 730.5
Reserves
MMboe
• Located at 130-140 km off the Campeche
coast
• Area: 74 km2
• Water depth: 125 meters
• Potential reserve recovery: 730.5 MMboe
• Primarily extra-heavy crude oil
Production Profile
13 44
89 124 136
2015 2016 2017 2018 2019
Oil
Mbd
2 5
10 14 16
2015 2016 2017 2018 2019
Gas
MMcfd
• Maximum production estimated: 136 Mbd and 16
MMcfd
Natural Gas Production Increased1
• Natural gas use as a
percentage of
production in 2014 was
95.7%
9
72% 72% 68% 69%
28% 28% 32% 31%
5,679
5,808 5,762 5,701 5,761
5,758
2013 1Q14 2Q14 3Q14 4Q14 2014
Natural Gas Production
MMcfd
Associated Non-Associated
42%
58%
Offshore Onshore
124 177
225 276 304
246
96.9% 96.1% 95.2% 94.7%
2013 1Q14 2Q14 3Q14 4Q14 2014
Natural gas use MMcfd
Gas flaring (MMcfd)
Natural gas use / Total gas produced
Annual average
Annual average
1 Does not include nitrogen.
97.8% 95.7%
Exploration Activity 3D Seismic (Thousand of squared km)
13,991
6,019
2013 2014
Exploration wells
38
24
2013 2014
Investment (million pesos)
32,178
35,063
2013 2014
2013
2014 Million pesos
Wells 23,907 26,256
Seismic 5,141 5,448
Others 3,130 3,358
Total 32,178 35,063
2014 Wells Capex
Million pesos
Deep water 5 17,043
Shallow waters 5 8,780
Onshore 14 9,242
Total 24 35,063
Index
Milestones Achieved
Exploration & Production
Industrial Transformation
Context
Financial Results
Questions & Answers
11
Integrated Operations Yield Synergies
12
• The merger of the different downstream divisions into
Industrial Transformation allows for several synergies to
be captured:
‒ operational coordination and efficiencies
‒ value chain integration
‒ creation of market and customer service
integrated strategies
• The creation of affiliate companies such as Logistics,
Cogeneration, Fertilizers and Ethylene Polymers will
also generate:
‒ a more agile response to capitalize on competitive
advantages
‒ savings on auxiliary services
• The possibility to form strategic partnerships in a
regulated sector
Refining
Gas
Petro-chemicals
PEMEX’s Projects Supporting Industrial Transformation Efficiencies
13
Refinery
Gas Processing Plant
PEMEX infrastructure
Project Est. Capacity
(MW)
Cactus 560
Salina
Cruz 690
Tula 640
Minatitlán 690
Cadereyta 390
Total 2,970
Salina Cruz
Cactus
Minatitlán Tula
Cadereyta
• Startup of operations of Los Ramones Phase I
• Cogeneration (potential of 2.9 GW)
• Storage capacity improvement at the Tuxpan Marine
Terminal
• Startup of operations of the Ultra-Low-Sulfur fuel
plants at Cadereyta
Los Ramones
Tuxpan
Maritime Terminal
Improved Variable Refining Margin
14 (1) Includes paraffin, furfural extract, aeroflex, asphalt, lubricants, coke, cyclical light oil and other gasolines.
730 657
495 499
1,224
1,157 1,190 1,177 1,079
1,155
2013 1Q14 2Q14 3Q14 4Q14 2014
Crude Oil Processing Mbd
Heavy Crude
Light Crude
437 422
269 259
313 287
206 205
61 53 100 95
1,386
1,330 1,401 1,329 1,226
1,321
2013 1Q14 2Q14 3Q14 4Q14 2014
Production of Petroleum Products Mbd
Automotive gasolines Fuel oil Diesel LPG Jet Fuel Other*1
Crude oil processing and
production of petroleum products
amounted to 1,155 Mbd and 1,321
Mbd, respectively.
Crude oil processing and
production of petroleum products
amounted to 1,155 Mbd and 1,321
Mbd, respectively.
Annual average
Quarterly
average 2.93 3.56
1.32
-0.96 -1.84
1.76
2013 1Q14 2Q14 3Q14 4Q14 2014
Variable Refining Margin (USD /b)
Increased Sour Wet Gas Processing
15 (1) Includes condensate process.
3,330 3,356
1,074 986
4,404
4,384 4,311 4,347 4,329
4,343
2013 1Q14 2Q14 3Q14 4Q14 2014
Natural Gas Processing MMcfd
Sweet Wet Gas
Sour Wet Gas
3,671
3,593 3,638 3,658
3,693 3,640
369 368 363 356 362 364
300
325
350
375
400
3,200
3,400
3,600
3,800
2013 1Q14 2Q14 3Q14 4Q14 2014
Mbd MMcfd
Dry Natural Gas and Gas Liquids Production Dry Gas fromPlants (MMcfd)
Dry Gas fromPlants 2014(MMcfd)Natural GasLiquids (Mbd)
Natural GasLiquids 2014(Mbd)
1
Increase in Production in the Aromatics & Propylene Derivatives Chains
16 (1) Includes muriatic acid, butadiene, polyethylene wax, petrochemical specialities, BTX liquids, hydrogen, isohexane, pyrolysis liquids,
oxygen, CPDI, sulfur, isopropyl alcohol, amorphous gasoline, octane basis gasoline and heavy naphtha.
Thousand tons
479 428
1,348 1,278
1,148 1,005
544 642
445 506
1,492 1,391
5,455
1,441
1,366
1,244
1,200
5,251
2013 1Q14 2Q14 3Q14 4Q14 2014
Other
Propylene andDerivatives
Aromatics andDerivatives
Ethane Derivatives
MethaneDerivatives
Basic
1
Index
Milestones Achieved
Exploration & Production
Industrial Transformation
Context
Financial Results
Questions & Answers
17
Context 2014
18
30
50
70
90
110
130
1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14
Prices of Crude Oil US$/barrel
Mexican Mix
WTI
Avg 2014:
86.56 US$/b
Avg 2013:
98.53 US$/b
1.0
1.5
2.0
2.5
3.0
3.5
1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14
Prices of Reg Gasoline in the USGM US$/Gal
Avg 2013:
2.78 US$/Gal
Avg 2014:
2.57 US$/Gal
11.5
12.0
12.5
13.0
13.5
14.0
14.5
15.0
1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14
Exchange Rate Ps./US$
Dec31, 2014:
14.72 Pesos/US$
Dec 31, 2013:
13.08 Pesos/US$
2.5
3.5
4.5
5.5
6.5
7.5
8.5
1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14
Prices of Natural Gas US$/MMBtu
Avg 2013:
3.65 US$/MMBtu
Avg 2014:
4.43 US$/MMBtu
Index
Milestones Achieved
Exploration & Production
Industrial Transformation
Context
Financial Results
Questions & Answers
19
20
1,703 840 863 135 728 (33) 695 865 (170)
1,263 623 640 118 522 (45) 477 625 (148)
2013
9 months 2014
1 Includes Other expenses.
2 Includes Subdiaries and associates participation.
1,631
766 617
482
(746)
(264)
865
149 135
Total salesnet of IEPS
Cost ofsales
Grossincome
Generalexpenses
Operatingincome
Financialcost
Incomebefore
taxes andduties
Taxes andduties
Net income(loss)
2014 MXN billion
1 2
Sales and Gross Income
Income before Taxes & Duties
21
1,703 840 863 135 728 33 695 865 (170)
1,263 623 640 118 522 45 477 625 (148)
2013
9 months 2014
1,631
766 617
482
(746)
(264)
865
149 135
Total salesnet of IEPS
Cost ofsales
Grossincome
Generalexpenses
Operatingincome
Financialcost
Incomebefore
taxes andduties
Taxes andduties
Net income(loss)
2014 MXN billion
1 Includes Other expenses.
2 Includes Subdiaries and associates participation.
Net Result
22
1,631
766 617
482
746
(264)
865
149 135
Total salesnet of IEPS
Cost ofsales
Grossincome
Generalexpenses
Operatingincome
Financialcost
Incomebefore
taxes andduties
Taxes andduties
Net income(loss)
2014 MXN billion
1,703 840 863 135 728 33 695 865 (170)
1,263 623 640 118 522 45 477 625 (148)
2013
9 months 2014
1 Includes Other expenses.
2 Includes Subdiaries and associates participation.
Evolution of Liabilities
23
MXN billion
427
79
841
1,143 3 (207)
Financial Debt2013
FinancingActivities
Amortizations ForeignExchangeFluctuation
Others Financial Debt2014
Debt
2
1
1 Includes Finance Public Works Contracts Program..
2 Includes accrued interests and amortized cost.
273 278
1,119
302 355
9 (6)
1,474
841
1,143 2,233
2,895
Total Liabilities2013
Financial Debt Reserve foremployeebenefits
Suppliers Other liabilities Total Liabilities2014
Other liabilities
Pension
liability
Debt
35.9%
34
39
47
58 61
66
71 74 74 75
1930 1940 1950 1960 1970 1980 1990 2000 2010 2013
24
Background and Necessary Update of the Pension Scheme
Based on the following conditions, the Federal Government will recognize with an
amount equal to the savings achieved through the negotiation and amendment of
the Collective Bargaining Agreement:
• Individual account regime for new employees
• Gradual adjustment of the retirement parameters of active employees
1,474
42%
48%
10%
Accruedobligations
Reformobjectives
Currentpensions and
activeemployees
Accrued Obligations MXN billion
In 1942, the retirement
conditions were
established:
• 55 years of age
• 25 years of work
• Up to 80% of wage
The life
expectancy growth
has had an
exponential effect
in the pension
liability.
Active
employees
Current
pensions
Mexico: Life Expectancy
Years
Evolution of Equity
25
(185)
(770)
(52)
(269)
(264)
Equity2013
FederalGovernmentContributions
Comprehensiveaccumulated
results
Result for theyear
Equity2014
MXN billion
Financing Program 2015
26
Financing Program 2015
100% = USD 18.5 billion Source Programmed
USD billion
Domestic Markets 7.0 – 9.0
International Markets 8.0 – 11.0
Loans 2.0 – 3.0
Export Credit Agencies (ECAs) 1.0 – 2.0
Others 0.2 – 0.5
44.7%
35.0%
12.2%
6.5% 1.6%
International Markets Domestic Markets
Loans ECAs
Others
By Currency By Interest Rate By Instrument By Currency Exposure
63% 9% 4%
1%
1% 22%
Dollar Euros
UDIS British Pounds
Yens Pesos
72%
28%
Fixed Floating
58% 19%
7%
11% 4% 1%
Int. BondsCeburesECAsInt. Bank LoansDomestic Bank LoansOthers
74%
0%
25%
1%
Dollar Euros Pesos UDI
27
Financial Discipline
Budget Adjustment Premises
• To minimize crude and gas production effects
• To minimize the impacts on reserves replacement
• To maintain the capacity to supply the national petroleum
products market
• To minimize the impacts on safety and reliability of our
infrastructure while complying with environmental
standards
• To minimize potential impacts on our future
competitiveness in the opening of the petroleum products
market
• To increase PEMEX’s profitability
Future Goals
28
Index
Milestones Achieved
Exploration & Production
Industrial Transformation
Context
Financial Results
Questions & Answers
29