Preliminary Results First Quarter April 26, 2013

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1 Preliminary Results First Quarter 2013 April 26, 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 March 31, 2013, 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 1Q13 Total revenues amounted to Ps billion. Total hydrocarbons production reached 3,709 Mboed. Crude oil production averaged 2,544 Mbd. Taxes generated during the period amounted to Ps billion. PEMEX recorded an EBITDA of Ps billion. 4

6 Avg 1Q12: US$/b Prices of Crude Oil US$/barrel Brent Mexican Mix Avg 1Q13: US$/b 80 12/11 3/12 6/12 9/12 12/12 3/ Avg 1Q12: 2.46 US$/MMBtu Context 1Q13 Prices of Natural Gas US$/MMBtu Avg 1Q13: 3.49 US$/MMBtu /11 3/12 6/12 9/12 12/12 3/ Prices of Reg Gasoline in the USGM US$/Gal Exchange Rate Ps./US$ Avg 1T13: 2.83 US$/Gal Avg 1Q13: Pesos/US$ Mar 31, 2013: Pesos/US$ Avg 1T12: 2.97 US$/Gal /11 3/12 6/12 9/12 12/12 3/ Avg 1Q12: Pesos/US$ Mar 31, 2012: Pesos/US$ /11 3/12 6/12 9/12 12/12 3/13 5

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8 Mbd 2,540 2,545 2,546 2,561 2,544 12% 13% 13% 13% 13% 26% 31% 31% 32% 33% 33% Crude Oil Production 57% 56% 55% 54% 54% 74% Daily Production 1Q12 2Q12 3Q12 4Q12 1Q13 Heavy Light Extra-light Offshore Onshore 2,700 2,400 2,100 1,800 1,500 1, Jan Jan Jan Feb Feb Mar Mar-13 During the first quarter of 2013, crude oil production remained stable. Programmed maintenance works were carried out during March at the KMZ Asset. Heavy Light Extra light 7

9 Natural Gas Production 1 MMcfd 5,742 5,675 5,626 5,664 5,769 Natural Gas Production 35% 35% 33% 32% 33% 36% 65% 65% 67% 68% 67% 64% 1Q12 2Q12 3Q12 4Q12 1Q13 Offshore Onshore Associated Non-Associated Gas Flaring MMcfd Gas Flaring (MMcfd) Gas Flaring / Total Gas Produced 2.4% 2.0% 1.7% % % 85 Natural gas use as a percentage of production was above 98% 1Q12 2Q12 3Q12 4Q12 1Q13 (1) Does not include nitrogen. 8

10 Wells Average 9,074 9,328 9,652 9,696 9,983 3,360 3,395 3,463 3,259 3,350 5,714 5,933 6,189 6,437 6,632 Operational Infrastructure 94% 6% 1Q12 2Q12 3Q12 4Q12 1Q13 Drilling Equipment Crude oil Non-Associated Gas Average Offshore Exploration 43% 57% Onshore Development 30% 70% Offshore Onshore Offshore Onshore 1Q12 2Q12 3Q12 4Q12 1Q13 Development Exploration Completion of Wells Q12 2Q12 3Q12 4Q12 1Q13 Development Exploration 9

11 Exploration 1Q13 NÓMADA-1 MONTAÑÉS-1 GAMMA-1 HABANO-1 EMERGENTE-1 HGO s CHUCLA-1 PERCUTOR-1 DURIÁN-1 ARBOLERO-1 E.U.A Seismic Information Km 2,100 1,700 5,819 6,063 1,300 7,861 6,791 5,114 Km 2 10,000 8,000 6, , ,000 NUNCIO-1 ANHÉLIDO T12 2T12 3T12 2 4T12 1T13 2,000-0 Kilometros 150 2D (Km) 3D (Km ) PEMEX continues to evaluate the production potential of shale resources in Mexico. We obtained our fist production of shale oil during the first quarter of

12 Billion barrels of oil equivalent (MMMboe) Proved Reserves as of January 1, % = % 4.5 Proved (1P) Developed Undeveloped Developed 67% Undeveloped Crude Oil: Condensates and Plant Liquids: Dry Natural Gas: 73% 75% 69% 10% 9% 11% 17% 16% 20% Note: Numbers may not total due to rounding. 11

13 Billion barrels of oil equivalent (MMMboe) 3P Reserves as of January 1, Proved (1P) Probable 2P Possible 3P Crude Oil: 73% 69% 71% 67% 69% Condensates and Plant Liquids: 10% 10% 10% 10% 10% Dry Natural Gas: 17% 21% 19% 23% 21% Note: Numbers may not total due to rounding. 12

Producing Basins Oil & Gas Gas Geographic Distribution of Reserves

Reserves 1P 2P 3P Sabinas Tampico- Misantla Veracruz Burgos Deep Sea

4 Tampico Misantla 6.5 1.2 7.0 17.4 Burgos 2.3 0.4 0.5 0.

Gas Reserves (MMMMcf) 100% = 10.1 18.5 30.8 17.1 34.9 63.

14 Producing Basins Oil & Gas Gas Geographic Distribution of Reserves Billion barrels of oil equivalent Basin Acum. Prod. Reserves 1P 2P 3P Sabinas Tampico- Misantla Veracruz Burgos Deep Sea Exploration Gulf of México Southeast Southeast Tampico Misantla Burgos Veracruz Sabinas Deep Waters Total Reserves as of January 1, 2013: Crude Oil Reserves (MMMb) Natural Gas Reserves (MMMMcf) 100% = Onshore 31% 40% 48% 58% 64% 66% Offshore 69% 60% 52% 42% 36% 34% Type of reserve: 1P 2P 3P 1P 2P 3P Note: Numbers may not total due to rounding. 13

15 Reserves-Production Ratio 1 Year Production (MMbpce) Reserves-Production Ratio (Years) 1P 2P 3P , , Reserves- Production Ratio = Reserves Production , ) As of January 1 of each year. Note: Numbers may not total due to rounding. 14

16 Reserves as of January 1 of each year Billion barrels of oil equivalent (MMMboe) Evolution of Reserves Possible Probable Proved P Reserves : P Reserves : P Reserves : Note: Numbers may not total due to rounding. Beginning 2002 PEMEX adopts SEC guidelines and standards regarding the definiton of proved reserves. 15

17 As of January 1 of each year Evolution of the Proved Reserves Replacement Rate 1P 1 Reserves Replacement Rate Percentage Reserves Replacement Rate 140% 120% 100% 80% 60% 40% 20% 0% 128.7% 102.1% 128.0% 103.9% 107.6% 56.9% 59.2% 59.7% 65.7% 101.1% 104.3% 85.8% 71.8% 77.1% 41.0% 50.3% 22.7% 26.4% P 3P 1) Includes: discoveries, developments, revisions and delineations. 16

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19 Crude Oil Processing Crude Oil Processing Mbd Q12 2Q12 3Q12 4Q12 1Q13 Light Crude Heavy Crude Production of Petroleum Products Mbd 1,343 1,394 1,373 1,306 1, The variable refining margin increased, due to current favorable market conditions and the stabilization of the new plants at Minatitlán Q12 2Q12 3Q12 4Q12 1Q13 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. 18

20 Natural Gas Processing, Dry Natural Gas and Gas Liquids Production Processing MMcfd 4,547 4,507 4,344 4,134 4,481 1,083 1, ,148 Sweet Wet Gas Sour Wet Gas 3,464 3,451 3,384 3,284 3,334 1Q12 2Q12 3Q12 4Q12 1Q13 Production MMcfd MMcfd 3,800 3,600 3,400 3,200 3,732 3,711 3,759 3,579 3, Q12 2Q12 3Q12 4Q12 1Q Mbd Dry Gas from Plants (MMcfd) Natural Gas Liquids (Mbd) 1 (1) Includes condensate process. 19

21 Mt Production of Petrochemicals 1 Other* 1, , ,080 1, , Propylene and Derivatives Aromatics and Derivatives Ethane Derivatives Methane Derivatives Basic Q12 2Q12 3Q12 4Q12 1Q13 (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. 20

22 Content Highlights Upstream Downstream Financial Results Questions and Answers 21

23 1Q13 Financial Highlights First Quarter First Quarter Billion Pesos Variation Billion Dollars Total Revenues from Sales and Services (3.7%) Gross Income (13.8%) Operating Income (19.7%) Income before Taxes and Duties (23.4%) Taxes and Duties (9.1%) Net Income (loss) 40.4 (4.4) (110.9%) 3.1 (0.355) EBITDA (12.8%) (1) Excludes IEPS. (2) Earnings before interests, taxes, depreciation and amortization. (3) The established exchange rate at March 31, 2013 is of Ps = U.S.$

24 Ps. MM Total Sales (1/2) Comparison 1Q13 vs. 1Q12-3.7% 411,325 10,460 (26,092) ,254 1Q12 Domestic Sales Exports Services Income 1Q13 23

25 Ps. MM Total Sales (2/2) Comparison 1Q13 vs. 1Q12 Domestic Sales Export Sales 5.1% -12.7% 203,558 9,218 12, ,019 7,641 14, ,092 22,575 19, ,000 16,747 18, , , , ,400 1Q12 1Q13 1Q12 1Q13 Petroleum Products Dry Gas Petrochemical Products Crude Oil and Condensates Petroleum Products Other 24

26 Ps. MM Cost of Sales and General Expenses Evolution 1Q12 1Q13 Cost of Sales and General Expenses 9.5% 15,843 4, , ,845 1Q12 Cost of Sales General Expenses 1Q13 25

27 Ps. MM Comprehensive Financing Result Composition 1Q13 32,577 18,507 3,317 (17,387) Financial Income Financial Cost Exchange Gain (Loss) Comprehensive Financial Result Exchange Rate Pesos / U.S. dollar 1Q Q

28 Ps. MM Taxes and Duties Comparison 1Q13 vs. 1Q12 246,586 55,439 (22,667) 224,174 34,486 IEPS Tax payable 191, , Q12 Hydrocarbon Duties 1Q13 (1) Including Ps. 127 million from other taxes and duties. 27

29 Ps. MM Net Income Evolution 1Q12-1Q13 40,397 (15,071) (20,465) (14,434) (4,388) (17,227) 22,412 1Q12 Total Sales Cost of Sales and General Expenses Other Revenues 1 CFR Taxes and Duties 1Q13 (1) Includes profit-sharing in non-consolidated subsidiaries, affiliates and others of -Ps million. 28

30 Ps. MM Consolidated Cash Flow as of March 31, , ,618 (86,362) Revolving lines Non-revolving lines 57,112 66,059 64,369 29,902 20,304 (8,721) (47,910) 119,235 (15,552) 111,036 Cash at the Beginning of the Year Revenues from Operations Financing Activities Available Cashflow Debt Payments Interest Paid Investments Taxes Cash at the end of the Period (1) Before taxes. (2) Excludes Financed Public Works Contract Program. (3) Includes change of cash effect of Ps. (1,098) million. 29

31 Ps. MM 786, ,241 87,014 (86,362) 57,112 66, % (34,923) 672, ,980 (49) Consolidated Debt Evolution 1Q12-1Q13 752,538 86,558 (111,036) Revolving lines Non-revolving lines Short-Term Long-Term 641,502 Total Debt as of December 31, 2012 Financing Activities 1 1 Debt Payments Exchange Gain Others 2 Total Debt 1Q13 Cash & Cash Equivalents Net Debt 1Q13 Debt / Sales as of march 31, 2011 as of june 30, 2011 as of sep 30, 2011 as of dec 31, 2011 as of march 31, 2012 as of june 30, 2012 as of sep 30, 2012 as of dec 31, 2012 (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. as of march 31,

32 Reserve for Employee Benefits The variation in the valuation of the discount rate modifies the balance of the pension liability. In other words, as the rates fall, the balance rises and viceversa. Discount Rate 2 and Balance of the Reserve for Employee Benefits (Ps. MM) 8.57% 8.65% 6.90% 6.90% 796, ,079 1,288,541 1,308, T 2013 (1) IFRS Balance as of January 1, (2) Zero coupon (government) lending rate with a maturity equal to the duration of the net cost of employee benefits (18.08 years) at the close of each year. Note: This rate was previously calculated considering the average for the past 24 months of interest rate swaps of dollar denominated debt to pesos, equal to the duration of the net cost of employee benefits (18.08 years), minus an average funding spread of pesos vs. dollars. 31

33 Highlights 1Q13 Total revenues amounted to Ps billion. Total hydrocarbons production reached 3,709 Mboed. Crude oil production averaged 2,544 Mbd. Taxes generated during the period amounted to Ps billion. PEMEX recorded an EBITDA 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