Overview. Rolando Galindo Head of Investor Relations Office. May 20 th, 2014

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1 Overview Rolando Galindo Head of Investor Relations Office May 20 th, 2014

2 1 Forward-Looking Statement and Cautionary Note 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 [35] 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, 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. 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.

3 2 Content Mexico: An Economic Perspective PEMEX in Context PEMEX Financials Potential

Mexico Snapshot President Enrique Peña Nieto Total area 1,972,550 km 2 2013 population 1 118,395,054 Population Density 60/km 2 Foreign Direct Investment 3Q 2013 2 USD 28.

4 Mexico Snapshot President Enrique Peña Nieto Total area 1,972,550 km population 1 118,395,054 Population Density 60/km 2 Foreign Direct Investment 3Q USD 28.2 billion GDP (PPP) estimated Total $1.845 trillion Per capita $15,608 GDP (nominal) estimated Total $1.327 trillion Per capita $11,224 (1) Source: Consejo Nacional de Población (CONAPO) (2) Source: Secretaría de Economía (3) Source: International Monetary Found

5 The Mexican Economy: Diversity and Strength Top 20 Economies by GDP Trillion USD United States China Japan Germany France Exports by Type % 2% 3% 1% Crude Oil Petroleum-Other Agro Extractive Manufacturing United Kingdom 2.47 Brazil Russian Federation % Italy 2.01 India Canada Non-Petroleum Exports Australia Spain Mexico % 4.4% 0.2% 0.3% 0.0% 10.8% America ex US US Europe Korea, Rep Asia Indonesia 0.88 Africa Turkey 0.79 Australia Netherlands 0.77 Other Saudi Arabia Switzerland % (1) Source: The World Bank (2) Source: Banxico 4

Japan Italy Portugal Ireland Average United States Spain United Kingdom Germany Mexico South Africa Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 (1) Source: IMF Fiscal Monitor.

Infrastructure Fund, but excludes subnational governments.

6 Japan Italy Portugal Ireland Average United States Spain United Kingdom Germany Mexico South Africa Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 (1) Source: IMF Fiscal Monitor. Gross Debt for every country; in Mexico it includes debt from central government, social security, public enterprises, development banks, the national insurance corporation, and the National Infrastructure Fund, but excludes subnational governments. (2) Source: Banxico (3) The Flexible Credit Line (FCL) was designed to meet the increased demand for crisis-prevention and crisis-mitigation lending for countries with very strong policy frameworks and track records in economic performance. Mexico, Poland and Colombia are the only countries to have accessed the FCL. None have drawn down on FCL resources. 5 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 The Mexican Economy: Sound Debt Policies Expected General Government Gross Debt (% of GDP) Foreign Exchange Reserves 2 (billion USD as of Dec 28, 2014) International Reserves Flexibe Credit Line 3

7 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 The Mexican Economy: Market Stability 5 yr Credit Default Swaps bsp 320 USD 10 Year Yield Yield (%) 4.0 Cumulative Change (bp) Bernanke's Press Conference 3.5 Bernanke's Press Conference Mexico Brazil Colombia Turkey UST (L) Brazil (R) Mexico (R) Colombia (R) Turkey (R) Source: Bloomberg 6

8 The Mexican Economy: Credit Rating Overview of the World Economic Growth Projections 1 (Annual change %) China India Emerging & Developing Economies Mexico 2 United States South Africa United Kingdom Brazil Advanced Economies -0.4 Russia Japan Germany Euro Area France Italy Spain Federal Government Gross External Debt 3 (as of Dec 31, 2013) Country Credit Rating 4 7% Capital Markets International Financial Organizations (OFIS) 39% 54% Foreign Trade (1) Source: IMF World Economic Outlook. January (2) Mexican Ministry of Finance Forecast (3) Source: Banxico (4) Source: Moody s 7

9 The Mexican Economy: Prominent International Player Foreign Direct Investment Inflows (Billion USD Rolling 4 Quarters as of 3Q13) China United States Russia Brazil Canada Australia United Kingdom Spain Ireland Mexico India Chile Netherlands Indonesia Norway Merchandise Foreign Trade (% of GDP 2012) Netherlands Ireland Mexico Chile Canada Norway Spain United Kingdom China Indonesia Russia India Australia United States Brazil 63.77% 58.45% 51.04% 49.70% 47.52% 47.11% 47.00% 43.15% 42.92% 42.56% 33.78% 23.89% 21.13% 85.40% % Source: OECD & WTO 8

10 9 Content Mexico: An Economic Perspective PEMEX in Context PEMEX Financials Potential

11 10 A Company Of Global Scale America s Top 15 Corporations based on Revenues (US$MMM) In terms of revenue PEMEX is one of the leading companies in America and the World World Ranking Source: Fortune 500 ranking 2013.

12 11 Essential Corporate to Mexico US$MM 139,122 58,967 REVENUE , ,208 PEMEX's revenues are higher than the total of the top 5 companies in the Mexican Stock Exchange (BMV) 18,130 15,229 14,990 PEMEX s EBITDA is 63% higher than the sum of all the listed companies. Top 5 IPC América Móvil Walmart México FEMSA Alfa CEMEX PEMEX EBITDA 75,931 59,846 19,849 4,709 3,508 3,394 3,103 2,824 2,183 2,049 2,025 1,944 1,846 12,413 IPC América Móvil Grupo México Banorte Santander Walmart México FEMSA CEMEX Coca Cola FEMSA Televisa Peñoles Alfa Other Otros PEMEX Source: Bloomberg and PEMEX 2012 Financial Information. *) Includes negative IEPS credit.

13 12 An Engine of Growth in Mexico US$MM 20,462 9,278 CAPEX ,126 2,120 1,129 1, ,908 IPC América Móvil Grupo México FEMSA Walmart México Televisa Peñoles Coca Cola FEMSA Alfa Mexichem CEMEX Otros Other PEMEX PEMEX invests more than double the amount of what the largest company in the Mexican Stock Exchange invests. Pemex invests an amount higher to the sum of the total investment made by all the companies listed in the Mexican Stock Exchange. Source: Bloomberg and PEMEX 2013 Audited Financial Information.

14 13 Taxes and Duties (US$MMM) Key Contributor to the Mexican Government 35.4% 36.9% % % 33.7% 33.7% 33.2% Taxes and Duties % the Government Income Revenues from the oil and gas industry as % of GDP % 8.6% 7.2% 7.3% 7.6% 7.6% 7.8% Source: SHCP and PEMEX 2012 Audited Financial Information.

15 14 Content Mexico: An Economic Perspective PEMEX in Context PEMEX Financials Potential

15 PEMEX Snapshot Exploration and Production Crude oil production: 2,522 Mbd 1 Natural gas production: 5,679 MMcfd 1,3 75% of crude oil output is produced offshore 1P reserves-life 2 : 10.

industry International Crude oil exports: 1,189 Mbd 1 Gasoline traded: 390 Mbd Long-term relationship with USGC refiners JV with Shell in Deer Park Oil Proved Reserves 100% = 10 MMMbd Gas

16 15 PEMEX Snapshot Exploration and Production Crude oil production: 2,522 Mbd 1 Natural gas production: 5,679 MMcfd 1,3 75% of crude oil output is produced offshore 1P reserves-life 2 : 10.2 years Downstream Refining capacity: 1,690 Mbd Strategically positioned infrastructure JVs and associations with key operators in the Mexican petrochemical and natural gas transportation industry International Crude oil exports: 1,189 Mbd 1 Gasoline traded: 390 Mbd Long-term relationship with USGC refiners JV with Shell in Deer Park Oil Proved Reserves 100% = 10 MMMbd Gas Proved Reserves 100% = 3.9 MMMboe 32% 42% 68% 58% Offshore Onshore Offshore Onshore (1) As of December 31, (2) At current production levels of approximately 2.5 MMbd. (3) Does not include nitrogen.

16 Stable Production with Solid Reserve Base Stable Crude Oil Production (Mbd) Growing Natural Gas Production (Bcf) 1 3,500 8.0 3,000 7.0 5.9 2,469 1 2,500 6.0 Onshore Non-associated 5.

7% 41.0% 26.4% 22.7% 1.5 1.3 1.4 128.7% 128.0% 102.1% 103.9% 107.6% 101.1% 104.3% 65.7% 71.8% 85.8% 77.1% 50.3% 2.4 2.3 2.0 2.2 2.5 2.

17 16 Stable Production with Solid Reserve Base Stable Crude Oil Production (Mbd) Growing Natural Gas Production (Bcf) 1 3, , , , Onshore Non-associated 5.0 2, ,500 Off-shore 3.0 1, Associated Jan-00 Nov-02 Sep-05 Jul-08 May-11 Mar-14 Jan-00 Nov-02 Sep-05 Jul-08 May-11 Mar-14 Reserves Replacement Rate 56.9% 59.2% 59.7% 41.0% 26.4% 22.7% % 128.0% 102.1% 103.9% 107.6% 101.1% 104.3% 65.7% 71.8% 85.8% 77.1% 50.3% Exploration CAPEX 1P 3P The Importance of Heavy Crude Oil Production 11% 35% 54% Heavy Light Extra light Extra light Light Heavy API >38 >27 <38 <=27 (1) Data as of March (2) RRR: Reserves Replacement Rate.

18 17 Downstream and Midstream Production Capacity Refining Atmospheric distillation capacity 1,690 Mbd Gas Processing Sour Nat Gas 4.5 Bcf Cryogenic 5.9 Bcf Condensate Sweetening 144 Mbd Fractioning 568 Mbd Sulfur Recovery 3,256 t/d Petrochemical MM t nominal per year Infrastructure Refining 6 Refineries. Fleet: 21 tankers. Storage of 13.5 MMb of Refined Products. 14,176 kms. of pipelines. Gas 70 Plants in 11 Gas Processing Centers. 12,678 kms. of pipelines. Petrochemical. 8 Petrochemical Plants. Camargo Salamanca Guadalajara Reynosa Monterrey Burgos Cadereyta Madero Arenque Poza Rica Tula Cd. México Matapionche Pajaritos Morelos San Martín La Venta Cd. Pemex Cosoleacaque Minatitlán N. Pemex Cangrejera Cactus Salina Cruz Producer Zone Refinery Petrochemical Center Gas Processing Center Sales Point Pipeline Maritime Route

19 18 Content Mexico: An Economic Perspective PEMEX in Context PEMEX Financials Potential

20 19 Profitability, Cash Generation & Debt Ratios Operating Income USD billion 43% 39% 43% 55% 55% 45% 45% Income before Taxes and Duties USD billion 55% 50% 47% 49% 41% 43% 43% Q Q14 Operating Income Operating Margin Income before Taxes and Duties Net Margin EBITDA USD billion 73% 60% % % 70% % 61% Debt USD billion Q Q14 EBITDA EBITDA Margin Debt Debt/EBITDA Debt/Sales Source: Audited and Unaudited Financial Results of PEMEX.

20 Investing To Meet Our Long-term Goals USD billion 23.9 26.0 27.7 3.2 29.0 29.9 31.0 31.3 2.0% Pemex- Petrochemicals 18.6 21.7 19.1 2.0% Pemex-Gas & Basic Petrochemicals 13.8 15.7 14.9 23.

are based on PEMEX s Business Plan and are subject to Congress and Ministry of Finance approval Includes upstream maintenance expenditures E means Estimated, and P means Preliminary.

21 20 Investing To Meet Our Long-term Goals USD billion % Pemex- Petrochemicals % Pemex-Gas & Basic Petrochemicals % Pemex- Refining 85% Pemex- Exploration & Production P 2014E 2015E 2016E 2017E 2018E Figures are nominal and may not total due to rounding Figures are based on PEMEX s Business Plan and are subject to Congress and Ministry of Finance approval Includes upstream maintenance expenditures E means Estimated, and P means Preliminary. For reference purposes, U.S. dollar- Mexican peso exchange rate conversions have been made at the following exchange rates, Ps.12.9/U.S.$1 for 2014 and beyond years Includes complimentary non-programmed CAPEX

22 21 PEMEX the Financial Community 6.0% 5.0% 4.0% Pemex vs Petrobras 10 years (%) 6.0% 5.0% 4.0% 3.0% 2.0% Pemex PEMEX años years Petrobras Petrobras 5 years 10 años Spread Diferencial PEMEX s Credit rating Fitch BBB+ Moody s Baa1 S&P BBB+ 3.0% 1.0% 2.0% Dec-11 Jul-12 Jan-13 Aug-13 Mar % Pemex vs Petrobras CDS 5 years (Basis points) 0 Dec-11 Jul-12 Jan-13 Aug-13 Mar Pemex PEMEX CDS CDS 5 años 5 years Petrobras CDS 5 años CDS 5 years Diferencial Spread PEMEX s credit ratings, yields and CDS have had a favorable trend

23 22 Content Mexico: An Economic Perspective PEMEX in Context PEMEX Financials Potential

24 23 E & P opportunities more than double Pemex s present CAPEX Midstream Substantial increase in investment in the oil and gas industry E&P New Players Downstream & PEMEX Investment Annual average (Billion USD) Oil Annual average (MMbd) Gas Annual average (Bcfd) Baseline Full potential Baseline Full potential Baseline Full potential

25 24 Enhanced Oil Recovery (EOR): Untapped potential Oil and Gas fields Number 312 Total Mature Reserves by Region % Mature Others Total 52% Total Reserves MMMboe 10% 5% Marine Northeast Marine Southwest North South 10 Mature Others Total

ultra-deep water oil fields in the Gulf of Mexico: 3D seismic acquisition: 124,790 km2 Wells Drilled: ~30.

26 25 Mexico s Next Production Frontiers Deep Water PEMEX has taken important steps in Mexico s next production frontiers Mexico Gulf of Mexico United States Cuba PEMEX has acquired significant information from deep and ultra-deep water oil fields in the Gulf of Mexico: 3D seismic acquisition: 124,790 km2 Wells Drilled: ~30. Commercial success: above 50% Focus on Perdido (crude oil) and Holok (non-associated natural gas) Source: National Geographic

27 26 Mexico s Next Production Frontiers - Shale Bakken Bakken PEMEX has taken important steps in Mexico s next production frontiers Monterey Monterey Basins Prospective Areas Niobrara Niobrara Barnet Barnet Barnet Woodford Woodford Heneysville Heneysville Gulf of Mexico Antrim Antrim Antrim Marcellus Marcellus Eagle Ford and Woodford have continuity across the border Bakken and Haynesville are analogues of plays in Mexico EIA estimates Mexico counts with 6 th largest reserve worldwide Geological and geochemical analyses have identified 6 potential shale oil/gas plays: Chihuahua Sabinas Burro-Picachos Burgos Tampico-Misantla Veracruz Source: CNH with information from North Dakota Department of Mineral Resources, Oklahoma Geological Survey, Texas Railroad Commission, Bureau of Ocean Energy Management, Oil & Gas Journal Well Forecast for 2013.

28 Overview Rolando Galindo Head of Investor Relations Office Q & A

Preliminary Results First Quarter April 26, 2013

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