Senior Vice President Petroleos Mexicanos · services for crude oil, petroleum products and petrochemicals to Pemex and other companies. In 2017, this segment injected approximately

CORPORATES

ISSUER PROFILE30 August 2018

TABLE OF CONTENTSCompany overview 1Business description 2Management strategy 5Financial highlights 7Capital structure and debt maturity 9Company management 10Ownership structure 13Subsidiaries 13Peer group 14Related websites and informationsources 14Moody’s related research 14

Contacts

Nymia Almeida +52.55.1253.5707Senior Vice [email protected]

Dora Serrano +52.55.1555.5314Associate [email protected]

Petroleos MexicanosKey Facts and Statistics - H1 June 2018

Company overviewPetróleos Mexicanos (PEMEX) is an integrated Mexican state-owned oil and gas company. Itsactivities span the entire oil and gas value chain, from exploration, production and refiningto distribution and retail marketing. PEMEX is also involved in the production and sale ofpetrochemicals. In addition, the company is a major crude oil exporter, with approximately60% of its crude oil production exported in the financial year ended 31 December 2017(2017).

As of 31 December 2017, the company reported proved reserves of 6.4 billion barrels of oilequivalent (MMMboe) of crude oil and 6.6 trillion cubic feet (MMMMcf) of natural gas. In2017, PEMEX posted average hydrocarbon production of 2.6 million boepd (barrels of oilequivalent per day). In the 12 months ended 30 June 2018, it reported total consolidatedrevenue of MXN1,561.7 billion.

PEMEX was established in 1938 by the Mexican Congress. In 2014, following theimplementation of a new energy law in Mexico, the company lost its monopoly status andchanged into a productive state-owned enterprise.

Source: Company reports (form 20-F Dec 2017, Q4 report Dec 2017), Moody’s research, Moody’s Financial Metrics

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Business descriptionPEMEX was established by the Mexican Congress in 1938 after President Lázaro Cárdenas del Río nationalized the foreign-owned oilcompanies operating in Mexico at the time. In July 1992, the Organic Law of Petróleos Mexicanos and Subsidiary Entities resulted in thecreation of the following four decentralized Mexican government-owned public entities: Pemex Exploration and Production; Pemex -Refining; Pemex- Gas and Basic Petrochemicals; and Pemex Petrochemicals. Each of these subsidiaries maintained the characteristics ofa PEMEX subsidiary,1 and together they carried out the operations previously managed directly by PEMEX. In March 2012, the structureand scope of the activities of these subsidiaries was established under a new law, the Decree to Establish the Structure, Operation andControl of the Subsidiary Entities of Petróleos Mexicanos.

In 2014, the Mexican government enacted the Secondary Legislation pertaining to the Energy Reform Decree. These included measuresthat transformed PEMEX from a decentralized public entity to a productive state-owned company in October 2014 (PetróleosMexicanos Law). The Ministry of Energy conducted a process commonly referred to as “Round Zero” to assign exploration andproduction rights, during which PEMEX was awarded rights to 95.9% of the proved reserves that it had requested.

Furthermore, in accordance with the Law of Petróleos Mexicanos published in August 2014, PEMEX underwent a corporaterestructuring, under which the four existing subsidiary entities of PEMEX were transformed into two new productive state-ownedsubsidiaries: Pemex Exploration and Production; and Pemex Industrial Transformation (which comprised the existing subsidiary entitiesPemex Refining, Pemex Gas and Basic Petrochemicals, and Pemex Petrochemicals).

In March 2015, the Board of Directors of PEMEX adopted creation resolutions for the new subsidiaries, and all those resolutions werepublished in the Official Gazette of the Federation on 28 April 2015. On 1 June 2015, Pemex Exploration and Production, and PemexCogeneration and Services were created. Pemex Drilling and Services, Pemex Fertilizers and Pemex Ethylene were formed on 1 August2015, in accordance with the resolution of the Board of Directors of Petróleos Mexicanos that was published in the Official Gazette ofthe Federation on 31 July 2015.

On 1 October 2015, Pemex Logistics was established in accordance with the resolution of the Board of Directors of PetróleosMexicanos on 24 September 2015, which was published in the Official Gazette of the Federation on 1 October 2015. On 1 November2015, Pemex Industrial Transformation was created in accordance with the resolution of the Board of Directors of Petróleos Mexicanoson 24 September 2015, which was published in the Official Gazette of the Federation on 6 October 2015. Pemex-Refining, Pemex-Gasand Basic Petrochemicals, and Pemex-Petrochemicals were dissolved on 1 November 2015.

Currently, PEMEX operates through the following nine business segments: exploration and production; industrial transformation(comprised of refining and gas and aromatics); drilling and services; logistics; ethylene; fertilizers; trading companies; and corporate andother subsidiary companies.

Exploration and production: Accounting for 26.1%2 of the company’s revenue in 2017, this segment operates through state-ownedsubsidiary Pemex Exploration and Production, to explore for and produce crude oil and natural gas, primarily in the northeastern andsoutheastern regions of Mexico and offshore in the Gulf of Mexico. In the second quarter ended 30 June 2018 (Q2 June 2018), itreported an average production of 1,892 thousand barrels per day (Mbpd) of liquid hydrocarbons (crude oil and condensates) (2017:1,948 Mbpd) and 4,845 million cubic feet per day (MMcfpd) of natural gas (2017: 5,068 MMcfpd). In November 2017, the companyannounced discovery of onshore light crude and gas reservoirs at Ixachi-1 in the state of Veracruz, Mexico. The company estimates thediscovery to add 366Mboe to its 3P reserves.

Industrial transformation: Accounting for 34.7% of the company’s revenue in 2017, this segment comprises of the following twoprincipal activities refining and gas and aromatics:

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 30 August 2018 Petroleos Mexicanos: Key Facts and Statistics - H1 June 2018


» Refining: This sub–segment operates through the state-owned subsidiary Pemex Industrial Transformation, to convert crude oilinto gasoline, jet fuel, diesel, fuel oil, asphalts and lubricants. It also distributes and markets such products throughout Mexico. Asof 31 December 2017, the company increased its atmospheric distillation refining capacity to 1,627 Mbpd. In Q2 June 2018, PemexIndustrial Transformation processed 704.1 Mbpd of refined products, including dry gas by-products of the refining process (2017:786.2 Mbpd).

» Gas and aromatics: This segment operates through the state-owned subsidiary Pemex Industrial Transformation, to process wetnatural gas into dry natural gas, ethane, liquefied petroleum gas (LPG) and other natural gas liquids. It also transports, distributesand sells natural gas and LPG, naphtha, butane and ethane. In Q2 June 2018, it processed 2,995 MMcfpd of wet natural gas (2017:3,237 MMcfpd) and produced 250 Mbpd of natural gas liquids (2017: 280 Mbpd) and 2,451 MMcfpd of dry gas (2017: 2,667MMcfpd).

On June 2015, Pemex Cogeneration and Services was established with the aim to generate, supply, trade electric and thermal energyand provide technical and management services concerning these activities to Pemex and other companies. In July 2018 the Boardof Directors of Pemex issued the declaration of liquidation and extinction of Pemex Cogeneration and Services. Pemex IndustrialTransformation is subrogated in any obligation contracted or right acquired previously by Pemex Cogeneration and Services.

Drilling and services: Accounting for 0.1% of the company’s revenue in 2017, this segment operates through the state-ownedsubsidiary Pemex Drilling and Services, which is responsible for the functions of the drilling unit of Pemex Exploration and Productionand also to external clients such as Comisión Nacional del Agua, Marinsa de México S.A. de C.V., Constructora y Perforadora Latina S.A.de C.V., Fieldwood Energy LLC and Key Energy Services. This segment provides drilling, completion, work-over and other services forwells in offshore and onshore fields.

Logistics: Accounting for 2.5% of the company’s revenue in 2017, this segment operates through the state-owned subsidiary PemexLogistics, which was created on 1 October 2015, and provides land, maritime and pipeline transportation, storage and distributionservices for crude oil, petroleum products and petrochemicals to Pemex and other companies. In 2017, this segment injectedapproximately 1,887 Mbpd of crude oil and petroleum products and transported 137.9 Mbpd of LPG.

Fertilizers: Accounting for 0.2% of the company’s revenue in 2017, this segment operates through the state-owned subsidiary PemexFertilizers, which was created on 1 August 2015, to produce, distribute and market ammonia, fertilizers and its derivatives, and toprovide related services. In January 2016, Pemex Fertilizers through one of its subsidiaries acquired Grupo Fertinal SA (Fertinal). As of 31December 2017, Fertinal reported total Nitrate and Phosphates capacity of 1.4 million tons.

Ethylene: Accounting for 0.5% of the company’s revenue in 2017, this segment operates through the state-owned subsidiary PemexEthylene. Pemex Ethylene separates the ethylene business with petrochemicals, to leverage advantages generated through theintegration of their respective production chains. It also distributes and trades other gases, including methane and propylene.

Trading companies: Accounting for 35.9% of the company’s revenue in 2017, this segment operates through the PEMEX subsidiariesP.M.I. Comercio Internacional, S.A. de C.V., P.M.I. Trading Ltd. and P.M.I. Norteamérica, S.A. de C.V and Mex Gas International, Ltd.(collectively referred as Trading companies). It sells, buys and transports crude oil, refined products and petrochemicals in internationalmarkets. It also offers risk management, insurance, transportation and storage services.

Corporate and other subsidiary companies: This segment provides administrative, financing, consulting and logistical services, aswell as economic, tax and legal advice to PEMEX’s entities and companies.

Source: Company reports (form 20-f Dec 2017; Q2 report June 2018; Q4 report Dec 2017), Company data, Moody’s research



Exhibit 1

Revenue by segment(in MXN million)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Explorationand

Production

IndustrialTransformation

Drilling andServices

Logistics Cogenerationand Services

Fertilizers Ethylene TradingCompanies

2015 2016 2017

Note: Excluding corporate and other subsidiary companies.Source: Company report (form 20-f Dec 2017)

Exhibit 2

Net income by segment(in MXN million)

(700,000)

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

Explorationand

Production

IndustrialTransformation

Drilling andServices

Logistics Cogenerationand Services

Fertilizers Ethylene TradingCompanies

2015 2016 2017

Note: Excluding corporate and other subsidiary companies.Source: Company report (form 20-f Dec 2017)



Management strategyPEMEX seeks to increase its production and improve its reserves replacement rate over time by entering into strategic joint ventureswith other oil and gas companies. In November 2016, PEMEX outlined the five year business plan 2017–21 that seeks to improve cashflows, reduce net indebtedness, strengthen company's financial position and establish additional alliances including the farm–outprogram.3 The business plan focuses on the following objectives:

Exploration and production:

» Investing MXN81.8 billion in the exploration and production activities for 2018 to increase the potential of hydrocarbon reservesand boost hydrocarbon production by developing farm-outs program and other partnerships.

» Creating an exploration model that allows company to achieve the objective of incorporating and increasing proved reserves

» Formulating a master plan for development of shale resources

» Continuing with farm-outs for developing complex fields and leverage third-party resources

» Establishing strategic partnerships and alliances to gain additional investments

» Containing and reversing the decline in the production through reactivation and maintenance of closed wells through integratedservices

» Improving operational efficiency and cost control

» Increasing revenues generated from hydrocarbons trading

» Targeting a crude oil production of approximately 1,930.4 Mbpd and natural gas production of over 4,656 MMcfpd for 2018

Industrial transformation:

» Maintaining market share of over 65% in Mexico

» Enhancing the financial balance

» Reducing debts to improve refining margin

» Ensuring safe and reliable operations in its facilities

» Refining

– Maximizing the value of its distillate production

– Establishing new strategic alliances and partnerships to improve the operational performance of its plants

– Achieving higher levels of crude oil processing as well as increasing the production of higher value refined productsthrough an increased focus on the maintenance of its facilities

Fertilizers:

» Improving the segments economic value by creating various investment opportunities for the agricultural sector in Mexico.

» Providing stable supply of raw materials for its plants through a long-term contract that sustains operations at its four ammoniaplants.

Ethylene:

» Streamline its operations, enhance its operational reliability, and secure a steady and reliable supply of raw materials to improvemargins and increase profitability.



Additionally, the company’s strategies for each business activity are as follows:

Upstream

» Maximize long-term economic value.

» Increase and improve the quality of oil and gas reserves.

» Enhance Pemex Exploration and Production’s reserves recovery ratio, while improving the reliability of its production andtransportation infrastructure for crude oil and natural gas operations.

» Focus on maintaining industrial safety standards and on ensuring compliance with environmental regulations.

Downstream

» Focus on profitable segments and markets.

» Improve the quality of product selection and reliability of logistics and distribution services.

» Achieve a level of efficiency equal to its international competitors.

» Focus on maintaining industrial safety standards and complying with environmental regulations.

Source: Company report (form 20-F Dec 2017)



Financial highlightsOverviewCompany Type: Government owned PublicFiscal Year End: DecemberAuditor: Castillo Miranda y Compañía, S.C. for

2013, 2014, 2015, 2016 and 2017

Note: The financials presented below have been adjusted for Moody’s analytic purposes. To see how adjustments have been made, please see Moody’s Financial Metrics , a fundamental financialdata and analytics platform that offers insight into the drivers of Moody’s Corporate ratings.

Exhibit 3

Selected adjusted financial dataPetróleos Mexicanos

(in MXN Million) LTM as of 30-June-18 31-Dec-17 31-Dec-16 31-Dec-15

INCOME STATEMENT

Revenue/Sales 1,561,664 1,397,030 1,074,093 1,166,362

Gross Profit 724,452 631,990 432,366 150,439

EBITDA 598,798 511,823 365,071 121,662

EBIT 441,783 355,119 214,632 (46,290)

Interest Expense 175,394 166,070 152,412 118,011

Net Income after Adjustment for unusual and

non-recurrent items

(228,424) (217,334) (222,830) (597,703)

BALANCE SHEET

Cash & Cash Equivalents 109,507 97,852 163,533 109,369

Current Assets 362,568 363,526 350,355 233,987

Net Property, Plant & Equipment (PP&E) 1,430,224 1,436,509 1,667,742 1,339,225

Total Assets 2,132,708 2,132,002 2,329,886 1,770,395

Current Liabilities 371,018 421,206 454,005 461,896

Total Debt 3,311,405 3,246,869 3,157,980 2,733,373

Total Liabilities 3,680,513 3,635,320 3,563,871 3,106,006

Shareholders' Equity (1,547,806) (1,503,317) (1,233,985) (1,335,610)

CASH FLOW

Funds from Operations (FFO) 124,344 99,018 (16,145) (16,591)

Cash Flow from Operations (CFO) 49,292 (13,323) (98,067) 48,837

Capital Expenditures (CAPEX) (93,854) (91,859) (151,408) (253,954)

Cash from Investing Activities (83,369) (80,691) (132,493) (249,573)

Dividends – – – –

Retained Cash Flow (RCF) 124,344 99,018 (16,145) (16,591)

Share Repurchases – – 73,500 10,000

LTM = Last 12 monthsUsing Moody’s standard adjustmentsSource: Moody’s Financial Metrics


http://moodysfm.moodys.com/cfg/client/home.aspx?sector=&repeat=y


Exhibit 4

EBITDA margin and EBITDA/Interest expense (adjusted)

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2015 2016 2017 LTM as of June 2018

EBITDA Margin % EBITDA / Interest Expense

0.0x

0.8x

1.6x

2.4x

3.2x

4.0x

0%

9%

18%

27%

36%

45%

2015 2016 2017 LTM as of June 2018

EBITDA Margin % EBITDA / Interest Expense

As of 30 June 2018Source: Moody’s Financial Metrics

Exhibit 5

Debt/EBITDA and RCF/Debt (adjusted)

-1%

-1%

0%

1%

1%

2%

2%

3%

3%

4%

4%

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

2015 2016 2017 LTM as of June 2018

Debt / EBITDA RCF / Debt % Series3

-1%

-1%

0%

1%

1%

2%

2%

3%

3%

4%

4%

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

2015 2016 2017 LTM as of June 2018

Debt / EBITDA RCF / Debt %

(0.9%)

-

0.9%

1.8%

2.7%

3.6%

4.5%

0.0x

4.5x

9.0x

13.5x

18.0x

22.5x

27.0x

2015 2016 2017 LTM as of June 2018

Debt / EBITDA RCF / Debt %

As of 30 June 2018Source: Moody’s Financial Metrics



Capital structure and debt maturityNote: The financials presented below have been adjusted for Moody’s analytic purposes. To see how adjustments have been made, please see Moody’s Financial Metrics , a fundamental financialdata and analytics platform that offers insight into the drivers of Moody’s Corporate ratings.

Exhibit 6

Capital structurePetroleos Mexicanos

(in MXN Million) 31-Dec-17 31-Dec-16 31-Dec-15

SHORT- TERM DEBT

Short-Term Debt – – –

Current Portion of Long-Term Debt 157,209 176,166 192,509

Total Short-Term Debt 157,209 176,166 192,509

LONG-TERM DEBT

Secured Debt – – –

Senior Debt 2,030,254 1,973,612 1,484,167

Subordinated Debt – – –

Mandatorily Redeemable Pref. Secur. – – –

Capitalized Leases 7,621 9,559 9,215

Gross Long-Term Debt 2,037,875 1,983,171 1,493,382

Less Current Maturities (157,209) (176,166) (192,509)

Net Long-Term Debt 1,880,666 1,807,005 1,300,873

Total Debt 2,037,875 1,983,171 1,493,382

Total Adjusted Debt 3,246,869 3,157,980 2,733,373

SHAREHOLDERS' EQUITY

Preferred Stock – – –

Common Stock & Paid-In Capital 249,390 237,878 (66,685)

Retained Earnings (1,752,707) (1,471,863) (1,265,244)

Accumulated Other Comprehensive Income – – –

Total Equity (1,503,317) (1,233,985) (1,331,929)

Total Adjusted Equity (1,503,317) (1,233,985) (1,335,610)

Adjusted Book Capitalization 1,748,770 1,929,106 1,398,622

Adjusted Market Capitalization – – –

Adjusted Debt/Adjusted Book Capital (%) 185.67 163.70 195.43

Holding Company Debt/Total Debt (%) – – –

Secured Debt/Total Debt (%) – – –

Source: Moody’s Financial Metrics


http://moodysfm.moodys.com/cfg/client/home.aspx?sector=c&repeat=y


Of PEMEX’s total adjusted debt in 2017, the largest components were those related to pension and analyst adjustments.

Exhibit 7

Components of debt

2,037,875

1,241,072 0 0 0

(32,079)

3,246,869

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Unadj. Debt Pensions Lease Adj. Hybrid Securitisation Analyst Adj. Debt

MX

N M

illio

n

As of 31 Dec 2017Source: Moody’s Financial Metrics

Exhibit 8

Upcoming long-term debt maturities

78,392 88,710137,112

200,362 220,379

1,345,376

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2018 2019 2020 2021 2022 Post 2023

MX

N M

illio

n

As of 30 Jun 2018Source: company report (Q2 report June 2018)

Company management

Exhibit 9

Petroleos MexicanosCompanyManagement

Current Title Age* Previous Roles

Carlos AlbertoTreviño Medina

Chief Executive Officer andDirector General

47 Petróleos Mexicanos: Corporate Director of Management and Services;Instituto Mexicano del Seguro Social: Chief Financial Officer;Financiera Rural:Chief Financial Officer

David RuelasRodríguez

Chief Financial Officer andCorporate Director, Finance

40 Petróleos Mexicanos: Deputy Director of Risk Management and Reinsurance;Petróleos Mexicanos: Associate Managing Director of Corporate Financial Management;Petróleos Mexicanos: Coordinator of Governmental Programs

As of 30 Apr 2018* As of 31 Dec 2017



Exhibit 10

Petróleos MexicanosBoard of Directors Age* AffiliationPedro Joaquín Coldwell 67 Schneider Electric: Chairman of the Board of Directors;

Mexican Government: Secretary of Energy;CFE, Centro Nacional de Control de Energía and CENAGAS: Chairman;Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo; Nacional Financiera, S.N.C., Instituciónde Banca de Desarrollo; Comisión Nacional de Vivienda; and Instituto Nacional de Ecología y Cambio Climático: BoardMember

José Antonio GonzálezAnaya

50 PEMEX: Board Member;Mexican Government: Secretary of Finance and Public Credit;Instituto para la Protección al Ahorro Bancario, Lotería Nacional para la Asistencia Pública, Pronósticos para la AsistenciaPública, Casa de Moneda de México and Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero:Chairman;Servicio de Administración y Enajenación de Bienes, Agroasemex, S.A., Institución Nacional de Seguros, Banco del AhorroNacional y Servicios Financieros, S.N.C., Institución de Banca de Desarrollo, Banco Nacional de Comercio Exterior,S.N.C., Institución de Banca de Desarrollo, Banco Nacional de Obras y Servicios Públicos, S.N.C., Institución de Bancade Desarrollo, Banco Nacional del Ejército, Fuerza, Servicio Postal Mexicano, Telecomunicaciones de México, Fondode Cultura Económica, Instituto del Fondo Nacional de la Vivienda para los Trabajadores, Instituto del Fondo Nacionalpara el Consumo de los Trabajadores, Instituto Mexicano de la Radio, Aeropuertos y Servicios Auxiliares and Caminos yPuentes Federales de Ingresos y Servicios Conexos: Board Member

State Councillors Rafael Pacchiano Alamán 42 PEMEX: Board Member;

Mexican Government: Secretary of Environment and Natural Resources;CFE, Salubridad General, Consejo Consultivo para las Energías Renovables, Consejo Nacional para la Competitividadde la Micro, Pequeña y Mediana Empresa, Comité Intersectorial para la Innovación, and Consejo Técnico de Servicio deInformación Agroalimentaria y Pesquera: Board Member

Aldo Ricardo FloresQuiroga

50 PEMEX: Board Member;Mexican Government: Undersecretary of Hydrocarbons of the Ministry of Energy;CENAGAS; Consejo de Coordinación del Sector Energético and Fondo Mexicano del Petróleo para la Estabilización y elDesarrollo (Alternate): Board Member



Ildefonso GuajardoVillarreal

60 PEMEX: Board Member;Mexican Government: Secretary of Economy;Fideicomiso de Fomento Minero, Consejo Consultivo para el Fomento a la Industria Eléctrica Nacional, Comité deControl y Desempeño Institucional, Comité Intersectorial para la Innovación, Comisión Nacional de InversionesExtranjeras, Comisión Intersecretarial de Compras y Obras de la Administración Pública Federal a la Micro, Pequeña yMediana Empresa, Comisión Federal de Mejora Regulatoria, Fideicomiso para Promover el Acceso al Financiamiento deMIPYMES y Emprendedores (México Emprende), Fondo de Innovación Tecnológica, SE-CONACYT, Instituto Mexicanode la Propiedad Industrial, Instituto Nacional del Emprendedor, Fideicomiso Público ProMéxico, Servicio GeológicoMexicano: Chairman;Aeropuertos y Servicios Auxiliares, Banco del Ahorro Nacional y Servicios Financieros, S.N.C., Institución de Banca deDesarrollo, Banco Nacional de Comercio Exterior, S.N.C., Caminos y Puentes Federales de Ingresos y Servicios Conexos,Centro de Investigación y Docencia Económicas, A.C., Centro Nacional de Metrología, Centro Nacional de Gas Natural,Comisión Coordinadora para la Negociación de Precios de Medicamentosy otros Insumos para la Salud, CFE, ComitéNacional para el Desarrollo Sustentable de la Caña de Azúcar, Consejo Consultivo Empresarial para el CrecimientoEconómico de México, Comisión Nacional de Vivienda, CONAGUA, Comisión Nacional Forestal, Comisión Nacional parael Conocimiento y Uso de la Biodiversidad, Comisión Nacional para el Desarrollo de los Pueblos Indígenas, ComisiónIntersecretarial de Desarrollo Social, Comisión Intersecretarial de Gasto Público Financiamiento y Desincorporación,Comisión Intersecretarial de Precios y Tarifas de los Bienes y Servicios de la Administración Pública Federal, ComisiónIntersecretarial de Vivienda, Comisión Intersecretarial para Asuntos de la Frontera Norte, Comisión Intersecretarial parael Desarrollo de los Bioenergéticos, Comisión Intersecretarial para el Desarrollo del Gobierno Electrónico, ComisiónIntersecretarial para el Desarrollo Rural Sustentable, Comisión Intersecretarial para el Manejo Sustentable de Mares yCostas, Comisión Intersecretarial para la Coordinación Operativa en los Puntos de Internación al Territorio Nacional,Comisión Intersecretarial para la Atención de Sequias e Inundaciones, Comisión Intersecretarial para la Instrumentaciónde la Cruzada contra el Hambre, Comisión Intersecretarial para la Prevención y Combate a la Economía Ilegal, ComisiónIntersecretarial para la Prevención y Erradicación del Trabajo Infantil y la Protección de Adolescentes Trabajadoresen Edad Permitida en México, Comisión Intersecretarial para la Transición Digital, Comisión Intersecretarial para laPrevención Social de la Violencia y la Delincuencia, Comisión Intersecretarial de Zonas Económicas Especiales, ComisiónIntersecretarial de Bioseguridad de los Organismos Genéticamente Modificados, Comisión Intersecretarial de CambioClimático, Fideicomiso del Fondo Institucional para el Fomento de la Ciencia, el Fomento de la Tecnología y el Fomento,Desarrollo y Consolidación de, Científicos y Tecnólogos, Fideicomiso e-México, Consejo Consultivo de Turismo,Comisión Intersecretarial para el Sector Turístico, Consejo Nacional de Normalización y Certificación de CompetenciasLaborales, Consejo Mexicano para el Desarrollo Rural Sustentable, Consejo Nacional contra las Adicciones, ConsejoNacional de Ciencia y Tecnología, Consejo General de Investigación Científica, Desarrollo Tecnológico e Innovación,Consejo Nacional de Fomento Educativo, Consejo Nacional de Infraestructura, Consejo Nacional de Protección Civil,Consejo de Salubridad General, Consejo Nacional de Vivienda, Chairman of the Consejo Nacional para la Competitividadde la Micro, Pequeña y Mediana Empresa, Consejo Nacional para la Prevención y Control de las EnfermedadesCrónicas no Transmisibles, Coordinación Nacional de Prospera, Programa de Inclusión Social, Consejo Nacional paralas Comunidades Mexicanas en el Exterior, El Colegio de la Frontera Norte, A.C., Comité Nacional de Productividad,Gabinete Especializado de México Próspero, Gabinete Especializado de México con Responsabilidad Global, GabineteEspecializado Incluyente, Instituto del Fondo Nacional de la Vivienda de los Trabajadores, Instituto del Fondo Nacionalpara el Consumo de los Trabajadores, Instituto Mexicano de la Juventud, Instituto Nacional de la Infraestructura FísicaEducativa, Instituto Nacional de las Mujeres, Nacional Financiera, S.N.C., Servicio Nacional de Capacitación y AsistenciaTécnica Rural, Servicio Postal Mexicano, Sistema de Investigación Alfonso Reyes, Sistema de Investigación Benito Juárez,Sistema de Investigación Francisco Villa, Sistema de Investigación Golfo de México, Sistema de Investigación IgnacioZaragoza, Sistema de Investigación José María Morelos, Sistema de Investigación Justo Sierra, Sistema de InvestigaciónMar de Cortés, Sistema de Investigación Miguel Hidalgo and Telecomunicaciones de México: Board Member

Independent Councillors Carlos Elizondo Mayer-Serra

55 PEMEX: Independent Board Member;Corporación Interamericana de Entretenimiento, S.A.B. de C.V.: Independent Board Member;Consejo Nacional de Ciencia y Tecnología: Board Member

Octavio FranciscoPastrana Pastrana

65 PEMEX: Independent Board Member;COREMAR Empresa de Servicios Portuarios, S.A.: Board Member;Grupo Aeroportuario de la Ciudad de México,S.A. de C.V.: Independent Board Member

Jorge José Borja Navarrete 74 PEMEX: Independent Board Member;Grupo Aluminio, Vidrio y Construcción, S.A. de C.V.: Board Member

María Teresa FernándezLabardini

50 PEMEX: Independent Board Member;



Felipe Duarte Olvera 43 PEMEX: Independent Board Member;Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.: Independent Board Member

As of 30 Apr 2018* As of 31 Dec 2017Source: Company report (form 20-F Dec 2017), Company data

Ownership structurePEMEX is wholly owned by the Government of Mexico.


SubsidiariesAs of 31 December 2017, PEMEX’s consolidated subsidiaries were as follows:

Exhibit 11

Petroleos MexicanosSubsidiary Location % HeldPMI Marine DAC Ireland 100.00PMI Services, B.V. Netherlands 100.00P.M.I. Holdings, B.V. Netherlands 100.00PMI Trading, Ltd. Ireland 100.00PMI Holdings Petróleos España, S.L. Spain 100.00PMI Services North America, Inc. US 100.00PMI Norteamérica, S.A. de C.V. Mexico 100.00PMI Comercio Internacional, S.A. de C.V. Mexico 98.33PMI Campos Maduros SANMA, S. de R.L. de C.V. Mexico 100.00ProAgroindustria, S.A. de C.V. Mexico 100.00PMI Azufre Industrial, S.A. de C.V. Mexico 100.00PMI Infraestructura de Desarrollo, S.A. de C.V. Mexico 100.00PMI Cinturón Transoceánico Gas Natural, S.A. de C.V. Mexico 100.00PMI Transoceánico Gas LP, S.A. de C.V. Mexico 100.00PMI Servicios Portuarios Transoceánicos, S.A. de C.V. Mexico 100.00PMI Midstream del Centro, S.A. de C.V. Mexico 100.00PEMEX Procurement International, Inc. US 100.00Hijos de J. Barreras, SA Spain 51.00PEMEX Finance, Ltd. Cayman Islands 100.00Mex Gas Internacional, S.L. Spain 100.00Pemex Desarrollo e Inversión Inmobiliaria, S.A. de C.V. Mexico 100.00Kot Insurance Company, AG Switzerland 100.00PPQ Cadena Productiva, S.L. Spain 100.00III Servicios, S.A. de C.V. Mexico 100.00PMI Ducto de Juárez, S. de R.L. de C.V. Mexico 100.00PMX Cogeneración Internacional, S.L. Spain 99.00PMX Cogeneración S.A.P.I. de C.V. Mexico 100.00PMX Fertilizantes Holding, S.A de C.V. Mexico 100.00PMX Fertilizantes Pacífico, S.A. de C.V. Mexico 100.00Grupo Fertinal, S.A. de C.V. Mexico 100.00Compañía Mexicana de Exploraciones, S.A. de C.V Mexico 60.00PMI Trading México, S.A. de C.V. Mexico 100.00Holdings Holanda Services, B.V. Netherlands 100.00




Peer group

» Exxon Mobil Corporation

» Total S.A.

» Petroleo Brasileiro S.A. - PETROBRAS

» BP p.l.c.

Related websites and information sourcesFor additional information, please see:

The company’s website

» Petroleos Mexicanos

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related researchIssuer page on Moodys.com

» Petroleos Mexicanos

Rating actions

» Moody’s affirms PEMEX’s Aa3.mx/Baa3 national and global scale ratings; changes outlook to stable, April 12, 2018

Credit opinion

» Petroleos Mexicanos: Update following rating stabilization, April 13, 2018

Issuer in-depth

» New energy agenda implies short-and medium-term risks for Mexico’s national oil company, July 24, 2018

Sector comment

» Oil and Gas - Global: Positive trend in rating actions continues in 2018 as industry recovers, July 6, 2018

» Oil and Gas - Global: Oil prices up, but will remain range-bound through 2019, March 13, 2018

» Oil and Gas - Latin America: Mexico’s latest energy auction indicates strong interest from overseas companies, February 28, 2018

Sector in-depth reports

» Corporate Credit Quality - Mexico: Most sectors will remain stable through 2019, but new energy agenda poses risks, August 13,2018

» Cross-Sector Mexico: Financial volatility, oil sector risks will likely increase following Lopez Obrador election, July 2, 2018

» Oil and Gas - Global: National oil companies adopt tighter spending strategies as oil prices recuperate, May 17, 2018

» Corporate Liquidity Mexico: Risk remains low despite international trade negotiation and election uncertainty, May 7, 2018

» Cross-Sector Mexico: Reduced NAFTA risk, successful reforms and expected policy continuity improve outlook, April 19, 2018


https://www.moodys.com/credit-ratings/Exxon-Mobil-Corporation-credit-rating-273500

https://www.moodys.com/credit-ratings/Total-SA-credit-rating-755985

https://www.moodys.com/credit-ratings/Petroleo-Brasileiro-SA-PETROBRAS-credit-rating-603100

https://www.moodys.com/credit-ratings/BP-plc-credit-rating-118500

http://www.pemex.com

https://www.moodys.com/

https://www.moodys.com/research/Moodys-affirms-PEMEXs-Aa3mxBaa3-national-and-global-scale-ratings-changes--PR_381680

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1119151












» Oil and Gas Industry - Global: Global oil refining faces weakening demand, tighter regulation due to carbon transition, February 20,2018

» Sovereigns - Latin America: Contentious political climate ahead of 2018 elections increases policy uncertainty, February 1, 2018

» Oil and Gas Industry - Global: Oil industry will focus on disciplined spending and M&A opportunities in 2018, January 2, 2018

Outlooks:

» Oil and Gas Industry - Latin America: EBITDA will grow at solid pace through 2019, but capital investment still limited, May 22,2018

» Oil & Gas, Steel & Base Metals, and Pulp & Paper - Latin America: 2018 Outlook stable as commodity prices hold steady (slides),December 13, 2017

» Oil and Gas Industry – Global: 2018 Outlook increasingly positive as prices persist in modest range (slides), December 7, 2017

» Non-Financial Corporates - Latin America: 2018 Outlook stable overall as economic activity picks up (slides), December 5, 2017

» Integrated Oil and Gas Global: Outlook turns stable amid expectations of slower EBITDA growth in 2018, September 25, 2017

Rating methodologies:

» Government-Related Issuers, June 2018

» Global Integrated Oil & Gas Industry, October 2016

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.

Endnotes1 The main distinction between the subsidiary entities and the subsidiary companies of PEMEX is that the subsidiary entities are decentralized public

entities, while the subsidiary companies were formed in accordance with the applicable laws of each respective jurisdiction in which they wereincorporated.

2 Throughout this section, such percentages have been calculated by excluding the corporate and other subsidiary companies segment, owing to its negativecontribution.

3 Through farm–out program, Pemex seeks enter into partnerships with third parties, under which the third parties will provide the financial support andfield services to Pemex in exchange for its interest in oil and Gas fields.
















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Documents

Senior Vice President Petroleos Mexicanos · services for crude oil, petroleum products and petrochemicals to Pemex and other companies. In 2017, this segment injected approximately