Preliminary Results February 28, 2013

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1 Preliminary Results 2012 February 28, 2013

2 Forward-Looking Statement and Cautionary Note (1/2) Variations If no further specification is included, changes 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, 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 adoption of IFRS, see Note 20 to the consolidated financial statements included in Petróleos Mexicanos 2011 Form 20-F filed with the SEC on April 30, Adjusted EBITDA is a non-ifrs measure. We show a reconciliation of Adjusted EBITDA to net income in Table [34] of the annexes to this report. EBITDA is a non- U.S. GAAP and non-frs measure issued by the CINIF. Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies of Petróleos Mexicanos. Foreign exchange conversions Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, as of December 31, 2012, of Ps = U.S.$1.00. Such translations should not be construed as a representation that the 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, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production s (PEP) tax regime is governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities continue to be 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 PEMEX s current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and Public Credit (SHCP) and the final consumer; PEMEX retains 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 credits 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 Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States Concerning Petroleum Affairs, (i) PEMEX's reports evaluating hydrocarbon reserves shall be approved by the National Hydrocarbons Commission (NHC); and (ii) the Secretary of Energy will register and disclose Mexico's hydrocarbon reserves based on information provided by the NHC. As of the date of this report, this process is ongoing. 1

3 Forward-Looking Statement and Cautionary Note (2/2) Hydrocarbon reserves As of January 1, 2010, the 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. In addition, we do not necessarily mean that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our annual report to the Mexican Banking and Securities Commission, available at 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: Drilling and other exploration activities; Import and export activities; Projected and targeted capital expenditures; costs; commitments; revenues; liquidity, etc. 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; Limitations on our access to sources of financing on competitive terms; Significant economic or political developments in Mexico; Developments affecting the energy sector; and Changes in our regulatory environment. Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. These risks and uncertainties are more fully detailed in PEMEX s most recent Form 20-F filing with the SEC ( and the PEMEX prospectus filed with the CNBV and available through the Mexican Stock Exchange ( These factors could cause actual results to differ materially from those contained in any forward-looking statement. PEMEX PEMEX is Mexico s national oil and gas company. Created in 1938, it is the exclusive 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 principal subsidiary company is PMI. 2

4 Content Highlights Upstream Downstream Financial Results Questions and Answers 3

5 Highlights 2012 Total revenues amounted to Ps trillion. Total hydrocarbons production averaged 3,697 Mboed. Crude oil production averaged 2,548 Mbd. Taxes generated during the period amounted to Ps billion. During 2012, PEMEX recorded an EBITDA of Ps trillion. PEMEX recorded a net income of Ps. 5.0 billion. Total investment reached a record high of Ps billion. 4

6 Context Prices of Crude Oil US$/barrel 125 Brent Mexican Mix 90 Avg 2011: Avg 2012: US$/b US$/b 80 12/10 4/11 8/11 12/11 4/12 8/12 12/ Avg 2011: 3.98 US$/MMBtu Prices of Natural Gas US$/MMBtu Avg 2012: 2.75 US$/MMBtu /10 4/11 8/11 12/11 4/12 8/12 12/ Prices of Regular Gasoline in the USGM US$/Gal Exchange Rate Ps./US$ Dec 31, 2012: Pesos/US$ Avg 2011: 2.74 US$/Gal 2.20 Avg 2012: 2.81 US$/Gal /10 4/11 8/11 12/11 4/12 8/12 12/ Dec 31, 2012: Pesos/US$ /10 4/11 8/11 12/11 4/12 8/12 12/12 5

7 Content Highlights Upstream Downstream Financial Results Questions and Answers 6

8 Mbd 2,540 2,545 2,546 2,561 13% 13% 13% 13% 33% 33% 32% 33% Crude Oil Production 26% 2,553 54% 54% 55% 54% 2,548 74% Offshore Onshore Q12 2Q12 3Q12 4Q Daily Production Heavy Light Extra-light 2,700 2,400 2,100 1,800 1,500 1, Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 During 2012, crude oil production remained stable Heavy Light Extra light 7

9 Exploration & Production Strategy 2012 Increase Production of Existing Fields Mbd Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ogarrio Terra Ixtoc Homol Tizon May Teotleco Kab Yaxche Sihil Stabilization of the Cantarell Asset Mbd -2.79% -1.36% -1.16% -0.17% Cantarell's Production (Mbd) Average Monthly Decline Rate Additional Production from New Fields Mbd Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Kuil Tsimin Pareto 8

10 Natural Gas Production Natural Gas Production 1 MMcfd 5,742 5,675 5,626 5,664 35% 35% 33% 32% 37% 5,913 65% 65% 67% 68% 5,676 63% Q12 2Q12 3Q12 4Q Associated Non-Associated Offshore Onshore Gas Flaring MMcfd 4.2% Gas Flaring (MMcfd) Gas Flaring / Total Gas Produced 2.4% 2.0% 1.7% 2.9% 2.2% Natural gas flaring amounted to approximately 98% Q12 2Q12 3Q12 4Q (1) Does not include nitrogen. 9

11 Wells Average 8,315 9,438 3,118 3,369 9,074 9,328 9,653 9,696 5,197 6,069 Operational Infrastructure 91% 9% Q12 2Q12 3Q12 4Q Drilling Equipment Crude oil Non-Associated Gas Average Offshore Exploration 27% Onshore Development 19% % 81% Q12 2Q12 3Q12 4Q Development Exploration Offshore Onshore Offshore Onshore Completion of Wells 1,238 1, , , Q12 2Q12 3Q12 4Q Development Exploration Increasing drilling activities and completion of wells during

12 Main Discoveries in 2012 Project Well Geologic Age Initial Production Oil & Condensates (bd) Gas (MMcfd) Type of Hydrocarbons Burgos Master-1 Cretaceous 20.7 Dry Gas Tepozan-1 Tertiary Wet Gas Paje-1 Tertiary Wet Gas Anhelido-1 Jurassic Gas and Condensates Litoral de Tabasco Kunah-1DL Tertiary Wet Gas Mascuspana-Muspac Teotleco-101 Cretaceous 1, Gas and Condensates Poza Rica-Altamira Supremus-1 Tertiary Light Crude Oil Trión-1 Tertiary Light Crude Oil Samaria-Luna Navegante-1 Jurassic, Cretaceous 1, Light Crude Oil Veracruz Bedel-1 Tertiary Light Crude Oil Burgos Arbolero 1 Pimienta Late Jurassic 3.2 Dry Gas Cuervito 201A Queen City Eocene Wet Gas Forcado 1 Queen City Eocene 4.1 Wet Gas Mandarin 1 Yegua Eocene Wet Gas Organdi 1 Vicksburg Early Oligocene Wet Gas Bellota-Jujo Jolote 101 Mid-Early Cretaceous 1, Light Crude Oil Macuspana-Muspac Sunuapa 401 Late Cretaceous 1, Light Crude Oil Burgos Percutor-1 Upper Cretaceous Eagle Ford 2.2 Dry Gas Habano-1 Upper Cretaceous Eagle Ford Gas and Condensates Litoral de Tabasco Kunah-1 Lower Miocene Wet Gas 4Q12 3Q12 2Q12 Veracruz Gasífero-1 Lower Medium Miocene Light Crude Oil 1Q12 11

Integrated Contracts Blocks Area Accumulated Production 3P Reserves Prospective Resources Type of Hydrocarbon (km 2 ) (Mboe) (MMboe) (MMboe) API Pitepec 230 94 1,048

for Bids 12/20/12 Bid Packages Sale Deadline 06/07/13 Prequalifying Periord 05/27/13 06/14/13 Awarding 07/11/13 Contract Signing 07/15/13 09/20/13 Chicontepec is

13 Integrated Contracts Blocks Area Accumulated Production 3P Reserves Prospective Resources Type of Hydrocarbon (km 2 ) (Mboe) (MMboe) (MMboe) API Pitepec , Soledad , Amatitlán Miquetla , Humapa Miahuapan Call for Bids 12/20/12 Bid Packages Sale Deadline 06/07/13 Prequalifying Periord 05/27/13 06/14/13 Awarding 07/11/13 Contract Signing 07/15/13 09/20/13 Chicontepec is located in the states of Veracruz and Puebla, within the Tampico-Misantla basin. Its total reserves are over 17 MMMboe, representing about 40% of Mexico s 3P reserves. 12

14 Content Highlights Upstream Downstream Financial Results Questions and Answers 13

15 Crude Oil Processing Mbd 1,166 Crude Oil Processing 1, ,194 1,252 1,167 1, Q12 2Q12 3Q12 4Q Light Crude Heavy Crude Production of Petroleum Products Mbd 1,316 1, The variable refining margin increased, due to an improvement in operating performance at the National Refining System (NRS) ,343 1,394 1,306 1, Q12 2Q12 3Q12 4Q Automotive gasolines Fuel oil Diesel LPG Jet Fuel Other* 1 (1) Includes paraffins, furfural extract, aeroflex, asphalt, lubricants, coke, cyclical light oil and other gasolines. 14

16 Processed Mix at Minatitlán Mbd 180 Minatitlán s Revamp Light Oil Heavy Oil H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 Petroleum Products Output Mbd Coke Fuel Oil Dry Gas Diesel LPG Gasoline 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 15

17 Natural Gas Processing, Dry Natural Gas and Gas Liquids Production Processing MMcfd 4,527 4,382 Sweet Wet Gas Sour Wet Gas 1, ,547 4,507 4,344 4,134 3,445 3, Q12 2Q12 3Q12 4Q Production MMcfd Dry Gas from Plants (MMcfd) MMcfd 3,800 3,600 3,400 3, , , , ,494 3, Mbd Natural Gas Liquids (Mbd) 1 3, Q12 2Q12 3Q12 4Q (1) Does not include condensates process. 16

18 Gas Transportation (Los Ramones) Private pipelines Pipelines projects Increased in transportation capability MexGas infrastructure projects National Gas-pipelines Compressor station Develop natural gas infrastructure projects (pipelines and compressor stations) in order to connect natural gas reserves and pipelines in the U.S with Mexico. 17

19 Production of Petrochemicals Mt Other 1 5,583 1,562 4,547 Propylene and Derivatives Aromatics and Derivatives Ethane Derivatives 399 1,028 1,134 Methane Derivatives Basic 554 1, ,250 1,171 1,284 1,307 1,366 1, Q12 2Q12 3Q12 4Q (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. 18

Joint Venture PEMEX - Mexichem PEMEX requested authorization from the CFC to form a joint venture with Mexichem The CFC authorized PEMEX s joint venture with Mexichem Mexichem informed the BMV about

20 Joint Venture PEMEX - Mexichem PEMEX requested authorization from the CFC to form a joint venture with Mexichem The CFC authorized PEMEX s joint venture with Mexichem Mexichem informed the BMV about the joint venture s authorization The Board of PEMEX approves the joint venture Increase the production of vinyl chloride. Generate increased value. Increase competitiveness of the national petrochemical industry. 19

21 Content Highlights Upstream Downstream Financial Results Questions and Answers 20

22 Financial Highlights Billion Pesos Variation Billion Dollars Total Revenues from Sales and Services 1 1, , % Gross Income % Operating Income % Income before Taxes and Duties % Taxes and Duties % Net Income (loss) (79.6) (5.7) 0.4 EBITDA 2 1, , % (1) Excludes IEPS. (2) Earnings before interests, taxes, depreciation and amortization. 21

23 Ps. MM 5.7% Total Sales 1,558,429 87,839 (266) 911 1,646, Domestic Sales Exports Services Income 2012 Domestic Sales Export Sales 779,198 33,736 65, % 867,037 30,490 51,250 Petrochemical Products Dry Gas Petroleum Products -0.03% 772, ,699 82,041 91,577 76,748 63,017 Other Petroleum Products Crude Oil and Condensates 679, , , ,

24 Ps. MM Cost of Sales and General Expenses Cost of Sales and General Expenses 8.6% 870,667 54,914 20, , Cost of Sales General Expenses

25 Ps. MM Comprehensive Financing Result Comprehensive Financial Result (4,891) (93,028) 104,989 (16,852) 2011 Financial income (loss) Exchange gain (loss) 2012 Exchange Rate Pesos / U.S. dollar

26 Taxes and Duties Ps. MM Tax Evolution 874,440 26,593 1, ,892 (214,102) 688, Hydrocarbon duties Other taxes 2012 IEPS acreditable 2012 payable Historical Taxes Paid 3.3% 382, , , , , , , , , ,

27 Ps. MM Net Income Evolution 88,137 (28,452) 11,683 (75,250) 88,483 4,978 (79,623) 2011 Total Sales Other Revenues 1 Cost of Sales and General Expenses CFR Taxes and Duties 2012 (1) Plus profit-sharing in non-consolidated subsidiaries, affiliates and others of Ps. 5,608 millions. 26

28 Ps. MM Consolidated Accounting Cash Flow as of December 31, ,896 1,649,811 (350,939) 1,156,938 (45,490) (199,042) (926,515) 114, ,235 Cash at the Beginning of 2012 Revenues from Operations 1 Financing Activities 2 Available Cashflow Debt payments 2 Interest paid Investments Taxes Cash at the end of (1) Before taxes. (2) Excludes Financed Public Works Contract Program. (3) Includes change of cash effect of Ps. (8,590) million. 27

29 Ps. MM Consolidated Debt 0.5% 377,896 (350,939) 783,155 (32,586) 9, , , ,241 (119,235) Short-Term Long-Term 667, , , ,618 Total Debt 2011 Financing Activities 1 Debt Payments Exchange Gain Others 2 Total Debt 2012 Cash & Cash Equivalents Net Debt 2012 Net Debt ,200 1, Debt Debt / Revenues (1) Excludes Finance Public Works Contracts Program. (2) Includes accrued interests, fees and charges for debt issuance, loss under par, Finance Public Works Contracts Program and amortized cost. 28

30 Capital Markets 4.0% 3.5% 3.0% Pemex 2044, 5.500% USD 1,750 MM 30-Year Treasury Bond 10-Year Treasury Bond 2.5% 2.0% Pemex 2044 (REAP), 5.500% USD 1,000 MM Pemex 2022, 4.875% 1.5% USD 2,100 MM Pemex 2023, 3.50% USD 2,100 MM 1.0% Dec-11 Feb-12 Apr-12 May-12 Jul-12 Aug-12 Oct-12 Dec-12 Jan-13 Mar-13 Petróleos Mexicanos has benefited from market opportunities to carry out benchmark type transactions at different terms. The company will continue to have an important presence in the U.S dollar market, thereby maintaining liquidity of its curve. 29

31 Investments U.S.$ billion % Pemex- Petrochemicals 2% Pemex-Gas & Basic Petrochemicals % Pemex-Refining 79% Pemex- Exploration & Production E In 2012, total investment reached a record high of U.S.$23.9 billion, while the budget spent was above 100% of the budget approved. Note: Includes upstream maintenance expenditures. E means Estimated. For reference purposes, U.S. dollar- Mexican peso exchange rate conversions have been made at the exchange rate registered each year. Includes complimentary non-programmed CAPEX. 30

32 Financing Program % = U.S.$9.8 billion Source Programmed USD Billion 10.2% International Markets Local Markets % 40.8% Export Credit Agencies (ECAs) Other % International Markets Domestic Market ECAs Other Total Issued 9.8 Debt Payments 6.4 Net Indebtedness

33 Highlights 2012 Total revenues amounted to Ps trillion. Total hydrocarbons production averaged 3,697 Mboed. Crude oil production averaged 2,548 Mbd. Taxes generated during the period amounted to Ps billion. During 2012, PEMEX recorded an EBITDA of Ps trillion. PEMEX recorded a net income of Ps. 5.0 billion. Total investment reached a record high of Ps billion. 32

34 Content Main Highlights Upstream Downstream Financial Results Questions and Answers 33

35 Investor Relations (+52 55)

Preliminary Results Second Quarter July 26, 2013

Preliminary Results Second Quarter 2013 July 26, 2013 1 Forward-Looking Statement and Cautionary Note (1/2) Variations If no further specification is included, changes are made against the same period