Preliminary Results as of December 31, February 26, 2018

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1 Preliminary Results as of December 31, 2017 February 26, 2018

2 Variations Forward-Looking Statement & Cautionary Note If no further specification is included, comparisons are made against the same realized 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 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 PEMEX s Results Report as of March 31, 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. Methodology We might change the methodology of the information disclosed in order to enhance its quality and usefulness, and/or to comply with international standards and best practices. Foreign Exchange Conversions Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the exchange rate at close for the corresponding period, unless otherwise noted. Due to market volatility, the difference between the average exchange rate, the exchange rate at close and the spot exchange rate, or any other exchange rate used could be material. 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. It is important to note that we maintain our consolidated financial statements and accounting records in pesos. As of December 31, 2017, the exchange rate of MXN = USD 1.00 is used. Fiscal Regime Beginning January 1, 2015, Petróleos Mexicanos fiscal regime is governed by the Ley de Ingresos sobre Hidrocarburos (Hydrocarbons Revenue Law). From January 1, 2006 and to December 31, 2014, PEP was subject to a fiscal regime governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities were governed by the Federal Revenue Law. On April 18, 2016, a decree was published in the Official Gazette of the Federation that allows assignment operators to choose between two schemes to calculate the cap on permitted deductions applicable to the Profit-Sharing Duty: (i) the scheme established within the Hydrocarbons Revenue Law, based on a percentage of the value of extracted hydrocarbons; or (ii) the scheme proposed by the SHCP, calculated upon established fixed fees, USD 6.1 for shallow water fields and USD 8.3 for onshore fields. The Special Tax on Production and Services (IEPS) applicable to automotive gasoline and diesel is established in the Production and Services Special Tax Law Ley del Impuesto Especial sobre Producción y Servicios. As an intermediary between the Ministry of Finance and Public Credit (SHCP) and the final consumer, PEMEX retains the amount of the IEPS and transfers it to the Mexican Government. In 2016, the SHCP published a decree trough which it modified the calculation of the IEPS, based on the past five months of international reference price quotes for gasoline and diesel. As of January , and until December 31, 2017, the SHCP will establish monthly fixed maximum prices of gasoline and diesel based on the following: maximum prices will be referenced to prices in the U.S. Gulf Coast, plus a margin that includes retails, freight, transportation, quality adjustment and management costs, plus the applicable IEPS to automotive fuel, plus other concepts (IEPS tax on fossil fuel, established quotas on the IEPS Law and value added tax). PEMEX s producer price is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Until December 31, 2017, the Mexican Government is authorized to continue issuing pricing decrees to regulate the maximum prices for the retail sale of gasoline and diesel fuel, taking into account transportation costs between regions, inflation and the volatility of international fuel prices, among other factors. Beginning in 2018, the prices of gasoline and diesel fuel will be freely determined by market conditions. However the Federal Commission for Economic Competition, based on the existence of effective competitive conditions, has the authority to declare that prices of gasoline and diesel fuel are to be freely determined by market conditions before 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. On August 13, 2015, the CNH published the Guidelines that rule the valuation and certification of Mexico s reserves and the related contingency resources. 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 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, storage and distribution of petroleum, natural gas and oil products; activities relating to our lines of business, including the generation of electricity; projected and targeted capital expenditures and other costs, commitments and revenues; liquidity and sources of funding, including our ability to continue operating as a going concern; strategic alliances with other companies; and the monetization of certain of our assets. 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 gain access to additional reserves and to develop the reserves that we obtain successfully; 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; developments affecting the energy sector; and changes in our legal regime or regulatory environment, including tax and environmental regulations. 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 our most recent Annual Report filed with the CNBV and available through the Mexican Stock Exchange ( and our most recent Form 20-F filing filed with the SEC ( These factors could cause actual results to differ materially from those contained in any forward-looking statement. 1

3 Index Key Highlights Financial Performance Exploration & Production Industrial Processes Final Remarks Questions & Answers 2

4 2018 4T Key Operating Events (1/2) 1. 1 For the second year in a row, the annual crude oil target was met - 1,948 Mbd 2. 2 Successful implementation of the tools provided by the Energy Reform: Joint venture with Air Liquide for hydrogen supply at the Tula refinery Migration without a partner of shallow water cluster Ek-Balam Associations with Deutsche Erdoel and Ecopetrol for two blocks in Round 2.1 First Phase of Pemex Logistics Open Season First onshore farm-outs : Ogarrio and Cárdenas-Mora Divestment of stake in Los Ramones II Norte pipeline Installation of fractional tower at the coker plant in the Tula refinery Signature of first migration of an Exploration and Extraction Contract PEMEX was awarded 4 blocks in Round 2.4 3

2017 Key Operating Events (2/2) 3. 3 Discovery of largest onshore reservoir in the last 15 years: Ixachi 4. 4 Uninterrupted supply of fuels despite hurricanes and earthquakes 5.

5 2017 Key Operating Events (2/2) 3. 3 Discovery of largest onshore reservoir in the last 15 years: Ixachi 4. 4 Uninterrupted supply of fuels despite hurricanes and earthquakes 5. 5 Natural gas use of 95.8% 6. 6 Implementation of marketing strategy focused on most profitable markets 7. 7 Continuous instrumentation of the Energy Reform in 2018: PEMEX was awarded 4 blocks in Round 2.4 4

6 2017 Financial Highlights Compliance with the Financial Balance Target of MXN -94 billion MXN 7.8 billion positive impact due to the decree that increases costdeductibility of fields that are not profitable after taxes Crude oil hedging program to cover the Financial Balance s net exposure to crude oil and refined products Strengthened cash flow from operations: EBITDA totaled MXN 419 billion, a 72% increase as compared to 2016 Substantial decrease in net indebtedness by 69%, as compared to 2016 Net Indebtedness MXN million Net indebtedness in 2017 amounted only to 77% of the budgetary financial deficit The goal for 2018 is to limit net indebtedness to the financial deficit, in line with the Business Plan 5

7 Index Key Highlights Financial Performance Exploration & Production Industrial Processes Final Remarks Questions & Answers 6

8 Total Sales Cost of Sales Impairment (Reversal) Gross Income Transp. Dist. & admin expenses 2 1 Other revenues (expenses) Operating Income Net Financial Cost Foreign exchange profit (loss) Income before Taxes and Duties Taxes and Duties Net Income (loss) (331) (97) (191) (76) (254) (333) , ,002 1,405 Gross Income 2016 vs 2017 MXN billion 1,450 1, , (150) (350) (550) 1 Administrative, Transportation, Distribution and Sales expenses 2 Includes participation in associates Note: Numbers may not total due to rounding 7

9 Total Sales Cost of Sales Impairment (Reversal) Gross Income Transp. Dist. & admin expenses Other revenues (expenses) Operating Income Net Financial Cost Foreign exchange profit (loss) Income before Taxes and Duties 2 1 Taxes and Duties Net Income (loss) (331) (97) (191) (76) (254) (333) ,080 1,002 1,405 Operating Income 2016 vs 2017 MXN billion 1,450 1,250 1,050 EBITDA MXN billion 2016: : (150) (350) (550) 1 Administrative, Transportation, Distribution and Sales expenses 2 Includes participation in associates Note: Numbers may not total due to rounding 8

10 Total Sales Cost of Sales Impairment (Reversal) Gross Income Transp. Dist. & admin expenses Other revenues (expenses) Operating Income Net Financial Cost Foreign exchange profit (loss) Income before Taxes and Duties 2 1 Taxes and Duties Net Income (loss) (331) (97) (191) (76) (254) (333) ,080 1,002 1,405 Net Income (Loss) MXN billion 1,450 1, , (150) (350) (550) 1 Administrative, Transportation, Distribution and Sales expenses 2 Includes participation in associates Note: Numbers may not total due to rounding 9

11 Access to Financial Markets February 2017 EUR 4.25 billion in three tranches: EUR 1.75 billion at 2.500% due in August 2021 EUR 1.25 billion at 3.750% due in February 2024 EUR 1.25 billion at 4.875% due in February 2028 July 2017 liability management transaction: Reopening of two reference bonds due in 10 and 30 years at 5.75% and 6.90%, respectively. 3x oversubscribed Repurchase of bonds totaling USD 1,739 million due in 2018 and 2019, to improve the amortization profile and increase the average debt maturity November 2017: GBP 450 million at 3.750% due in 2025 February 2018 liability management transaction: Issuance of USD 2.5 billion at 5.35% due in 2028 and USD 1.5 billion at 6.35% due in 2048 Repurchase of bonds totaling USD 1.8 billion due in 2019 and 2020 Exchange of bonds due 2044 and 2046 for the new 30 year maturity bond totaling 1.8 billion 10

12 Index Key Highlights Financial Performance Exploration & Production Industrial Processes Final Remarks Questions & Answers 11

13 Performance of Crude oil Production Crude Oil Production Mbd 2,000 1,500 2,154 12% 36% 2,018 2,013 1,884 1,881 1,948 11% 35% Crude Oil Production % 1, % 54% 81% Q17 2Q17 3Q17 4Q Heavy Light Extra-light Offshore Onshore Crude Oil Production by Asset Mbd 2,000 1,600 1, ,881 13% 10% 5% 18% 9% 46% Other Samaria-Luna Abkatún-Pol Chuc Litoral de Tabasco Cantarell Ku-Maloob-Zaap - 4Q16 1Q17 2Q17 3Q17 4Q17 12

14 Performance of Natural Gas Production Natural Gas Production 1 MMcfd 5,000 4,000 3,000 2,000 1,000 4,866 26% 74% 4,367 4,336 4,091 4,031 4,205 24% 76% Natural Gas Production % 47% Q17 2Q17 3Q17 4Q Associated Non-Associated Offshore Onshore Natural Gas Use MMcfd % 94.6% 95.9% 96.7% 95.8% 95.7% Q17 2Q17 3Q17 4Q Does not include nitrogen. 100% 80% 60% 40% 20% 0% Gas Flaring (MMcfd) Natural Gas Use / Total Gas produced 13

Comprehensive Exploration Strategy Nobilis-101 Crude oil & gas Crude oil Exploratus-2DL Gas & condensates Xikin-1DL Teekit-1001 Hok-1 Koban-1 Jaatsul-1DL Ixachi-1 Suuk-1A Chocol-1 Octli-1 Cahua-1

15 Comprehensive Exploration Strategy Nobilis-101 Crude oil & gas Crude oil Exploratus-2DL Gas & condensates Xikin-1DL Teekit-1001 Hok-1 Koban-1 Jaatsul-1DL Ixachi-1 Suuk-1A Chocol-1 Octli-1 Cahua-1 Terra-2DL Valeriana-1 Initial production Water depth Type of Project Well Geologic Age Crude & Gas hydrocarbon condensates (bd) (MMcfd) Meters Litoral de Tabasco Koban-1 Late Jurassic Kimmeridgian 3, Gas & condensates Litoral de Tabasco Teekit-1001 Middle Pliocene 2, Crude oil & gas Bellota-Jujo Chocol-1 Cretaceous 5, Crude oil & gas Poza Rica-Altamira Nobilis-101 Lower Eocene Wilcox 15, ,030 Crude oil & gas Poza Rica-Altamira Exploratus 2DL Lower Oligocene ,474 Crude oil & gas Litoral de Tabasco Jaatsul 1DL Superior Jurassic Kimmeridgian Crude oil & gas Litoral de Tabasco Suuk-1A Middle Cretaceous 2, Crude oil & gas Comalcalco Valeriana-1 Late Jurassic Kimmeridgian 1, Gas & condensates Uchukil Octli-1 Early Pliocene 3, Crude oil & gas Uchukil Xikin-1DL Late Jurassic Kimmeridgian 1, Crude oil & gas Chalabil Hok-1 Late Miocene 2, Crude oil & gas Uchukil Cahua-1 Early Pliocene 2, Gas & condensates Llave Ixachi-1 Middle Cretaceous 3, Gas & condensates Comalcalco Terra-2DL Middle-Late Cretaceous 4, Crude oil Total 47,

Exploratory Activity Yielded Positive Results in 2017 and Exceeded the Business Plan Target of 1,100 MMboe 3P Reserves Incorporation, 2017 Million barrels of oil equivalent 3P Reserves 1 Deep Waters

16 Exploratory Activity Yielded Positive Results in 2017 and Exceeded the Business Plan Target of 1,100 MMboe 3P Reserves Incorporation, 2017 Million barrels of oil equivalent 3P Reserves 1 Deep Waters Nobilis Shallow Waters Hok Octli Suuk Teekit profundo Xikin Onshore Ixachi Valeriana Total 1,194.0 Nobilis-101 3PReserves Incorporation due to Exploratory Activities 1 Million barrels of oil equivalent 1,438 1,461 1,731 1, , Pozos 2017 En programa En operación Productor de aceite y gas Ixachi-1 Productor de gas y condensado Improductivo invadido de agua salada Octli-1 Suuk-1A 1 Information sent to the National Hydrocarbons Commission (CNH) for evaluation in accordance with its Hydrocarbon Reserves Guidelines Teekit-1001 Hok-1 Valeriana-1 15

17 Ixachi: the Largest Onshore Discovery in the Last 15 Years Original volume of 1,500 MMboe 3P Reserves: 366 MMboe Wet gas & condensates reservoir located at 6,000-7,000 meters below sea level Closeness to existing infrastructure could benefit the project s cost structure Expected initial production in

PEMEX is a Strategic Partner for Companies in the O&G Sector 2017, a historic year due to the following milestones: February: PEMEX signs contract with Chevron & INPEX for Block 3 of Round 1.

18 PEMEX is a Strategic Partner for Companies in the O&G Sector 2017, a historic year due to the following milestones: February: PEMEX signs contract with Chevron & INPEX for Block 3 of Round 1.4 March: BHP Billiton & PEMEX sign a license contract for the exploitation of Trion Block (first deep water farm-out) May: First migration without a partner for Ek-Balam cluster June: PEMEX wins two blocks in Round 2.1, Block 2 in association with Deutsche Erdoel AG (DEA) and Block 8 in a consortium with Ecopetrol October: First onshore farm-outs, Cárdenas-Mora with Cheiron and Ogarrio with DEA December: PEMEX, Petrofac and the CNH sign the first migration of an Exploration and Extraction Contract for onshore fields Santuario and El Golpe 17

19 PEMEX Materializes Landmark Associations in 2017 Areas Perdido Area Block 3 Tampico Misantla Block 2 Southeastern Basins Block 8 Trion Cárdenas- Mora Ogarrio Ek-Balam Santuario & El Golpe Partner(s) Chevron & INPEX Deutsche Erdoel AG Ecopetrol BHP Billiton Cheiron Holdings Limited Deutsche Erdoel AG N.A. Petrofac Expected Investment (USD million) 2, , ,000 1,590 Prospective Resources (MMboe) 2, ,045 Res. 3P 93 Res. 3P 54 Res. 2P 500 Res. 3P 136 Type of Hydrocarbon Light crude oil Light crude oil & dry gas Light crude oil Light Crude Oil and Gas Light crude oil Light crude oil Heavy Crude Oil Light Crude Oil and Gas Type of Reservoir Deep Waters Shallow Waters Shallow Waters Deep Waters Onshore Onshore Shallow Waters Onshore Bidding Date Dec 5, 2016 Jun 19, 2017 Dec 5, 2016 Oct 4, 2017 May 2, 2017 Dec 18, 2017 Sources: Ministry of Energy s press releases and PEMEX. Contract Signature 18

PEMEX Increases its Assets Portfolio Contractual Areas bid in Round 2.4 won by PEMEX & partners PEMEX presented 10 bids and won 4 blocks: Block 2 (Round 2.4) Partner Shell Block 5 (Round 2.

20 PEMEX Increases its Assets Portfolio Contractual Areas bid in Round 2.4 won by PEMEX & partners PEMEX presented 10 bids and won 4 blocks: Block 2 (Round 2.4) Partner Shell Block 5 (Round 2.4) Without Partner Perdido: Block 2 in association with Shell Block 5 (without a partner) Cordilleras Mexicanas: Block 18 (without a partner) Cuenca Salina: Block 22 in association with Chevron & Inpex Block 18 (Round 2.4) Without Partner Block 22 (Round 2.4) Partner Chevron-INPEX 19

21 PEMEX Won 4 Blocks in Round 2.4 Block 2. Perdido Area 5. Perdido Area 18. Cordilleras Mexicanas 22. Cuenca Salina Bidder Shell Exploración y Extracción de México, and Pemex Exploración y Producción Pemex Exploración y Producción Pemex Exploración y Producción Chevron Energía de México, Pemex Exploración y Producción and Inpex E&P México Additional Royalty 15.02% 6.23% 7.11% 18.44% Additional Investment Factor 1/ Committed Investment (USD Million) Total Expected Investment (USD Million) Total State Participation in Profits , , , , % 52.8% 52.8% 64.7% Type of Hydrocarbon Light Crude Oil Light Crude Oil Dry Gas and Wet Gas Heavy Crude Oil Block Area (km²) 2,146 2,733 2,917 2,879 Maximum Average Daily Production (Mboe) 1/ Refers to the bidder s commitment to invest in at least one exploratory well Source: Ministry of Energy press release

22 Index Key Highlights Financial Performance Exploration & Production Industrial Processes Final Remarks Questions & Answers 21

23 Crude Oil Processing & Petroleum Products Crude Oil Processing Mbd 1, % % Heavy Crude Light Crude % % Variable Refining Margin USD / b Annual Average Quarterly Average Q17 2Q17 3Q17 4Q Q17 2Q17 3Q17 4Q Production of Petroleum Products Mbd 1, % % 2% 13% 22% 5% 600 2% 20% % % % 32% Q17 2Q17 3Q17 4Q Includes dry gas, coke, asphalt and mainly light cycle oil. 1 Other* Jet Fuel LPG Diesel Fuel oil Automotive gasolines Crude oil process and petroleum products were affected by hurricanes, earthquakes and maintenance programs Increase in variable refining margin due to oil products prices and operational performance 22

24 Natural Gas Processing and Production Wet Gas Processing MMcfd 4,000 3,200 2,400 1, ,672 18% 3,237 17% 82% 3,413 3,369 3,234 2,939 83% Q17 2Q17 3Q17 4Q Sweet Wet Gas Sour Wet Gas Dry Natural Gas and Gas Liquids Production MMpcd 3,047 2,800 2,400 2,000 1, ,783 2, , , , Mbd Dry Gas from Plants (MMcfd) Annual Dry Gas from Plants Natural Gas Liquids (Mbd) 1 Annual Natural Gas Liquids 1, Q17 2Q17 3Q17 4Q Includes streams of condensates for fractionating. 23

25 Production of Petrochemicals Production of Petrochemicals Mt 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,120 8% 7% 16% 9% 19% 20% ,275 6% 8% 17% 7% 18% 19% 21% % Q17 2Q17 3Q17 4Q Other Carbon black Sulfur 1 Propylene and Derivatives Aromatics and Derivatives Ethane Derivatives Methane Derivatives 1 BTX liquids, butane, butadiene, pyrolysis, pentanes, heavy naphtha, hydrogen and isopropanol mainly. 24

26 Industrial Safety is a priority for PEMEX Frequency Index Accident with disabling injuries (MMmh) Severity Index Total number of days lost/ MMmh Q17 2Q17 3Q17 4Q Q17 2Q17 3Q17 4Q The implementation of actions aimed at achieving safety at work allowed for a decrease in frequency and severity indexes during

$hydrogen supply in Cadereyta and Madero refineries Installation of the fractional tower of the coking plant at the Tula refinery PEMEX s franchise model$

27 Strategic Developments in Pemex TRI Alliance with Air Liquide, for the supply of hydrogen at the Tula refinery Beginning of partner selection process for hydrogen supply in Cadereyta and Madero refineries Installation of the fractional tower of the coking plant at the Tula refinery PEMEX s franchise model update 26

28 Index Key Highlights Financial Performance Exploration & Production Industrial Processes Final Remarks Questions & Answers 27

29 Final Remarks Attainment of 2017 crude oil production target : 1,944 Mbd Progress in the instrumentation of new business schemes provided by the Energy Reform Fulfilment of 2017 financial balance target and decrease in net indebtedness Strengthened corporate governance PEMEX s success in Round 2.4 reinforces investors trust 28

30 Index Key Highlights Financial Performance Exploration & Production Industrial Processes Final Remarks Questions & Answers 29

31 Questions & Answers Roberto Cejudo Deputy Director of Treasury Gustavo Hernández Director of Resources, Reserves and Associations at Pemex E&P Josefa Casas Deputy Director of Strategic Analysis at Pemex Industrial Transformation 30

32 Investor Relations (+52 55)

Preliminary Results as of March 31, May 3, 2017

Preliminary Results as of March 31, 2017 May 3, 2017 Variations Forward-Looking Statement & Cautionary Note If no further specification is included, comparisons are made against the same realized period