Petroleos Mexicanos. Update following ratings stabilization. CREDIT OPINION 13 April Update. Summary

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1 CREDIT OPINION Update following ratings stabilization Update Summary Domicile Mexico City, Ciudad de Mexico, Mexico Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Stable Exhibit 1 Reserve profile evolution Total Production Total Proved Reserves Reserve Life 14,000 Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. 12, million boe ,102 6,000 2,000 Marianna Waltz, CFA MD-Corporate Finance marianna.waltz@moodys.com CLIENT SERVICES Americas Asia Pacific Japan EMEA ,000 9,412 Nymia Almeida VP-Sr Credit Officer nymia.almeida@moodys.com ,383 4,000 Contacts ,000 1,253 1,159 1, , , , e 2019e All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's forecasts are Moody's opinion and do not represent the view of the issuer. Source: Moody's Financial Metrics years RATINGS 's (PEMEX) Baa3 ratings are based on its b3 Baseline Credit Assessment (BCA, a measure of a company's standalone credit strength) and takes into consideration the company's large proved hydrocarbon reserves; daily production averaging 2,648,000 barrels of oil equivalent per day (boe/d) in ; dominant role and integrated operations in the energy industry in Mexico; and position as a major crude oil exporter to the US. However, its ratings are hurt by weak liquidity; a heavy tax burden and the resulting weak free cash flow; high financial leverage and low interest coverage; and challenges related to crude production.

2 PEMEX's Baa3 ratings also take into consideration our joint default analysis, which includes our assumptions of very high government support in case of need and very high default correlation between PEMEX and the Government of Mexico (A3 stable), resulting in six notches of uplift from the company's b3 BCA. Credit strengths» Large size of reserves and production compared with those of its peers» The 2013 energy law benefits the company in the medium term, although it is also accompanied with execution risk» Government-related issuer, with very high implied government support Credit challenges» Weak liquidity and declining reserve life» High fiscal and debt burden» Weak credit metrics Rating outlook The stable outlook on PEMEX's Baa3 ratings reflects mostly the stable outlook on the rating of the government of Mexico. However, it also reflects our opinion that the company's standalone credit profile will continue weak in the foreseeable future. Factors that could lead to an upgrade For a rating upgrade to be considered, PEMEX would need to improve its liquidity position and operating profile further, reduce debt and increase retained cash flow. Simultaneously, we would have to at least maintain our current expectations for sovereign support. Improving operating metrics and a lower tax burden that supports higher levels of internal funding for capital spending and prospects for a solid trend of increases in production and reserves could benefit the company's BCA. Factors that could lead to a downgrade Growing liquidity concerns, material increase in financial leverage, or significant deterioration in production could result in a reduction of PEMEX's BCA and a downgrade of its debt ratings. In addition, because PEMEX's ratings benefit from implicit support from the government of Mexico, a downgrade of the government's rating or a change in our assumptions about government support could lead to a downgrade of PEMEX's ratings. 2

3 Key indicators Exhibit 2 US Millions Dec-14 Dec-15 Dec-16 (Dec-17) 2018e 2019e Average Daily Production (MBOE/ Day) 3, , , , , ,623.0 Total Proved Reserves (MMBOE) 12, , , , , ,949.0 Crude Distillation Capacity (mbbls/day) 1, , , , , ,602.0 Downstream EBIT/Total Throughput Barrels EBIT / Interest Expense (17.68) 6.5x RCF / Net Debt Debt / Book Capitalization EBIT / Avg. Book Capitalization (11.01) -0.4x (10.29) (12.12) (2.50) 3.6x 1.3x 1.6x (2.50) 1.6x 3% -1% -1% 3% 1% 1% 142% 195% 164% 191% 167% 160% 37% -3% 33% 12% 13% 15% All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's forecasts are Moody's opinion and do not represent the view of the issuer. Periods are Fiscal year-end unless indicated. = Last 12 months. Total proved reserves for Dec-17 from latest available reserve report as of 1 January. Data as of from BMV report. Source: Moody's Financial Metrics Profile Founded in 1938, PEMEX is Mexico's productive state-owned enterprise. The company's oil-dominant status will change derived from the Energy reform in 2013, although, in the foreseeable future, PEMEX will remain the main energy company in the country, with fully integrated operations in oil and gas exploration and production (E&P), refining, distribution and retail marketing, as well as petrochemicals. PEMEX is also a leading crude oil exporter, with over 50% of its crude exported to various countries, mainly to the US. In December, the company posted 74.4 billion in revenues and 106 billion in assets. In that year, PEMEX's royalties, tax, duties and other payments to the government amounted to about 17.6% of the latter's annual budget. As of that year, PEMEX produced an average of 1,948,000 barrels per day (bpd) of crude oil and had total proved reserves of 8.4 billion barrels of oil equivalent (boe), which represented 8.7 years of reserve life. Exhibit 3 Exhibit 4 Revenue breakdown by business segment EBITDA breakdown by business segment Logistics 3% Trading Companies 36% E&P 27% Logistics 3% Industrial Transformation 34% Industrial Transformation refers mostly to refining and marketing Data as of December Source: PEMEX's Mexican Stock Exchange financial report 3 Trading Companies 3% Industrial Transformation -6% E&P 88% Industrial Transformation refers mostly to refining and marketing. Data as of December Source: PEMEX's Mexican Stock Exchange financial report

4 Detailed credit considerations High fiscal burden and elevated financial leverage In -16 period, PEMEX's leverage increased to fund large outflows for taxes, duties and capital spending without achieving sustained increases in production or operating efficiencies. In in particular, despite the sharp decline in oil prices that began in late, the company's operating expenses were resilient, with negative effect on credit metrics. The year represented a turnaround, and PEMEX focused on cost optimization and standardization of processes, reducing operating expenses by around 45%. The company is currently focused on strategic and profitable activities; hence, was a year of stabilization. Revenue grew as a result of higher crude and fuel prices as well as higher gasoline sales. Expenses were stable, in line with PEMEX's cost-efficiency policy implemented since. PEMEX's pretax cash flow is robust and could support high levels of investment, but capital retention and investment have been stymied by its heavy tax burden. PEMEX has the lowest production costs in Latin America, about 10 per barrel, including royalties, although its tax burden was equivalent to roughly 57 per barrel in, according to the company. PEMEX has traditionally paid out all of its EBITDA in the form of taxes and duties, leaving it with the need to incrementally raise debt to finance fixed charges and capital spending. We believe that the company will continue to provide most of its operating cash to fund around 15% of the government's annual budget in the next three to four years. In the longer term, however, as the share of new oil E&P activity increases the company's portfolio of projects, PEMEX's tax burden should gradually decline, based on the new tax regime for the oil industry, as established in the 2013 energy law. When this happens, we would reassess our assumptions for support and dependence related to the government under our joint default analysis. Exhibit 5 Leverage trend Debt to EBITDA 25.0x 22.5x 20.0x 15.0x 8.8x 10.0x 7.9x 7.6x 2018e 2019e 4.5x 5.0x3.2x 0.0x Data as adjusted by Moody's Source: Moody's Financial Metrics Large reserves but production is set to stabilize only in the medium term PEMEX's large proved hydrocarbon reserves, which as of December 31, (last available reserve report) amounted to 8.4 billion boe and were equal to almost nine years of life, declined from over 10 years of life early in the century due to high taxation and a legacy of under or inefficient investment that have hurt its reserve base and production growth. PEMEX's daily production averaged 2,648,000 barrels of oil equivalent per day in and has been declining since 2004 given natural decline of certain fields and a lower quality of crude oil, as well as the company's limited ability to invest efficiently, given limited capital and a lack of technological expertise in deepwaters, where growth opportunities exist. For instance, lower spending levels in recent years have affected the company's crude oil production, which has declined over the past years, averaging roughly 2,267,000 bpd in, 2,154,000 bpd in and 1,948,000 bpd in, a fall of around 5% and 10% respectively, on an annual basis. However, according to the company, production reached a bottom level in and will marginally increase starting in 2018 on the back of higher capital spending and higher production mainly from areas that were farmedout starting in. We estimate that production 4

5 of oil equivalent (crude oil and gas) will be stable in We recognize that the company is now focused on profitable barrels, not necessarily on production volumes. Capital spending in amounted to 4.9 billion. In 2018, we expect capital investments to amount to 5 billion, similar to levels but lower than the 8.2 billion in and the 16 billion spent in. E&P usually takes about 80% of the company's annual capital investments. Exhibit 6 Unleveraged cash margin evolution USD/bbl e 2019e All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's forecasts are Moody's opinion and do not represent the view of the issuer. Source: Moody's Financial Metrics On March 3,, PEMEX signed its first deepwater farm-out contract with BHP Billiton for the development of the Trion field, located in the Perdido area, a 7.4 billion project (source: CNH, Comision Nacional de Hidrocarburos). The investment will total 1.9 billion for BHP Billiton and 600 million for PEMEX by the time initial production is achieved. In the long- to medium term, larger oil production would help boost PEMEX's cash generation and gradually reduce its high dependence on external funding. PEMEX expects the Trion field to produce 120,000 barrels per day by 2025; initial production is expected by The deepwater Gulf of Mexico and unconventional shale resources provide the greatest prospects for long-term reserves and production growth in Mexico, but they also present major capital, development and technology challenges. While PEMEX has planned to increase its deepwater exploration spending and has had several significant oil and gas discoveries, much of its future success will hinge on the 2013 energy law, interest from overseas producers has grown considerably since the first auction of Mexico's energy production rights in July. We expect the company's core southeastern basin to remain its most important producing area for the foreseeable future. 5

6 Exhibit 7 Despite Cantarell's production decline, Ku-Maloob-Zaap production has remained stable Breakdown by asset Cantarell Ku-Maloob-Zaap Others thousand barrels per day Ene/2000 Ene/2001 Ene/2002 Ene/2003 Ene/2004 Ene/2005 Ene/2006 Ene/2007 Ene/2008 Ene/2009 Ene/2010 Ene/2011 Ene/2012 Ene/2013 Ene/ Ene/ Ene/ Ene/ Data as of January. Source: PEMEX Capital spending under strain PEMEX's legacy of underinvestment was changed during , when there was a significant step-up in capital spending and government approvals of increasing budgets. However, given smaller cash flow derived from lower oil prices since, the company cut capital expenditure, as discussed in large reserves, but negative production growth prospect in the medium term section. Exhibit 8 Capital spending and lifting cost evolution Capital Spending E&P Production Costs / BOE USD billion USD/BOE e 2019e 2.00 All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's forecasts are Moody's opinion and do not represent the view of the issuer. Source: Moody's Financial Metrics The largest portion of investments will continue to be directed upstream, mostly in the southeastern basins where Cantarell and Ku-Maloob-Zaap are located. In, PEMEX proceeded with its farm-out agenda, starting with the Ayin-Batsil in shallow waters, Cardenas-Mora and Ogarrio in onshore fields and Nobilis-Maximino field in deepwaters to be auctioned in Despite the need to reduce dependence on fuel imports, lack of resources prompted the company to look for partners in downstream segment. Investments for the reconfiguration of refineries, for instance, were reassessed to be carried out through joint ventures. In, the company completed the installation of the fractional tower at the coker plant in the Tula refinery. The Salamanca and Salina Cruz refineries are scheduled to be reconfigured in the next few years, most probably with partners. The Tula refinery is currently under reconfiguration. 6

7 Close relationship with the government and evolving corporate governance PEMEX's Baa3 ratings take into consideration our joint default analysis, which includes our assumptions that there is i) a very high likelihood of extraordinary support from the overnment of Mexico to avoid default and ii) a very high default correlation between PEMEX and the government, resulting in six notches of uplift from the company's b3 BCA. Our view on the likelihood of support considers the prominent role of PEMEX in the Mexican economy and its 100% government ownership, as well as both verbal support and factual evidence of support in by the government. We believe that it is important for the government to facilitate PEMEX's continued access to the capital markets, given the company s role in generating hard foreign currency through oil exports and in paying large annual amounts in duties, royalties and taxes, which in aggregate represent about 17.6% of the government s annual budget. Since October and as a result of the energy law reform, occurred in late 2013, PEMEX is a productive state-owned enterprise, with more management autonomy with regard to investment allocation. Also, although PEMEX's Chief Executive Officer is appointed by the president of Mexico, the company's Board of Directors is 50% independent. The Board is formed of five representatives from the Mexican government, including the Minister of Energy (who serves as Chairperson of the Board) and the Minister of Finance, as well as five experienced independent members. The company also has an Audit Committee; Human Resources and Compensation Committee; a Strategy and Investment Committee; and an Acquisitions, Leasing, Public Works and Services Committee. However, the government continues to exert outright influence on PEMEX's decisions. For instance, the company's net financial balance (the result of income less expenses, capital expenditures and interest expenses), as well as its maximum borrowing threshold, must follow the government's guidance and are approved first by PEMEX's Board and then by the National Congress on an annual basis. In turn, government support to the company is exemplified by the MXN20,000 million and MXN10,000 million injected as cash equity contribution in and, respectively. In, evidence of this support was the MXN184,200 million in equity injection for the pension liability, on top of the 4.2 billion support announced in April, including 1.5 billion in cash. In addition, in August, the government granted certain fiscal benefits to PEMEX related to exploratory assets, which will help improve return on investment; the fiscal benefit amounts about MXN7,800 million and is retroactive and applies up to 150,000 barrels of oil in nonprofitable fields after taxes. These events validated our assumption of a very high implicit government support for the national oil company. Starting in December 2018, the Government of Mexico will have a new administration, after presidential elections in July There is a risk of a significant change in the government's agenda for the energy sector in the country, which could result in PEMEX no longer taking advantage of the 2013 energy reform to farmout certain oil and gas assets, enter into new associations and joint-ventures, or pass through costs to fuel prices. The company may also have to increase capital expenditure above its earning capacity. If that happens, it is probable that PEMEX's business and financial profile will deteriorate further. PEMEX benefits from the 2013 energy law, but with executional risk The most important change from the 2013 energy law reform was the end of PEMEX's monopoly to its current status as a productive state-owned enterprise. The new law also i) triggered changes in the company's board of directors, which became more independent, ii) established a range of contract structures to attract private investment in the entire oil and gas value chain, and iii) opened up PEMEX to a more standard corporate and tax structure. In addition, new upstream contract structures will have provisions to allow private companies to book reserves (even though they remain assets of the state), removing a major impediment to earlier attempts to spur private investment in oil development in Mexico. The 2013 law broadens the range of models for investment in Mexico, from the pre-existing service contracts to profit-sharing contracts, production-sharing contracts and licenses. Production-sharing or other licensing arrangements between the state and private oil companies, where the companies can be paid in cash and oil, are likely to be more attractive to international oil companies, particularly in higher-risk areas, such as the deepwater Gulf of Mexico, unconventional shale or even the complex Chicontepec field. In some cases, PEMEX could enter into the contracts and bid jointly with private partners. The new structures are a key step in attracting major oil companies and their technology. PEMEX continues to take advantage of Mexico s 2013 energy law, strengthening its portfolio of oil and gas assets and consolidating its offshore position in deepwater fields. The company will continue to be able to participate in joint ventures with third parties that will provide additional access to technologies used in E&P of a wide variety of fields, such as deep water, shale and mature fields, among others, which should improve its business prospects in the long term. Moreover, the possibility of collaboration with third parties 7

8 in downstream activities could generate economic benefits to PEMEX. However, its current weak credit profile may prevent it from committing large sums of capital to joint ventures. Starting in December 1,, sale prices of gasoline and diesel were fully liberalized throughout the country. The new pricing scheme implemented in modifies the calculation formula of maximum prices of gasoline and diesel recognizing logistic and distribution costs. PEMEX is a net beneficiary of higher fuel prices, which help the company to sell gasoline at prices much closer to its cost structure. This should positively affect the company's fuel retail margins starting in 2018 and somewhat mitigate its refining and marketing high costs. Fuel retail is not a strategic business for PEMEX and competition will intensify amid free market fuel prices. However, PEMEX will continue to be the main supplier of fuel in the country for the foreseeable future. Recent developments PEMEX's strategy includes entering into alliances in onshore and shallow waters to increase production and efficiency and grow its portfolio of partners; it also includes associations in deep waters to accelerate field development and exploitation. Accordingly, in June, PEMEX won two blocks in Round 2.1, block 2 in alliance with Deutsche Erdoel AG and block 8 with Ecopetrol (Baa3 stable), the Mexican oil company will be the operating partner, with a 50% equity stake in both blocks. In early, PEMEX signed an agreement with Air Liquide S.A. (A3 stable) for hydrogen supply at the Tula refinery. In addition, the company is selecting partners for hydrogen supply to its refineries in Cadereyta, in the state of Nuevo León, and Madero, in Tamaulipas. These alliances will allow PEMEX to have more reliable access to hydrogen and reduce the frequency of unscheduled refinery shutdowns, therefore, reducing operating costs. In July, Tesoro (Baa3 stable) signed an agreement with PEMEX to use its pipelines and its unused storage system in the states of Sonora and Baja California for the next three years. PEMEX plans to enter into more of these type of agreements, which will help it maximize the use of the installed infrastructure capacity. In October, PEMEX auctioned farm-outs for the Ayin-Batsil field, unassigned; Cardenas-Mora field, a 127 million expected investment in partnership with Cheiron Holdings Limited; and Ogarrio field, a 95 million expected investment in partnership with Deutsche Erodel AG. The company expects to farm-out the Nobilis-Maximino field in In November, PEMEX announced the Ixachi discovery, its largest onshore find in 15 years, a 70 kilometer-length area in the state of Veracruz. This onshore well has positive results in the production of condensates and wet gas, and according to the company, it has proved, probable and possible reserves of 366 Mboe. On December 18,, PEMEX, Petrofac Limited (Ba1 negative) and the Comision Nacional de Hidrocarburos signed the first exploration and extraction agreement for Santuario and El Golpe onshore fields located in Tabasco, which, according to PEMEX, hold proved, probable and possible reserves of million barrels and now produce 6,000 bpd. The fields are estimated to produce 31,000 bpd. The expected investment amounts to 1.6 billion. In January 2018, PEMEX won four blocks in Round 2.4. In the Perdido area, the company won Block 2 in partnership with Royal Dutch Shell Plc (Aa2 stable) and Block 5 without a partner. In Cordilleras mexicanas area, it won Block 18 without a partner, and in Cuenca salina area, it won Block 22 in association with Chevron Corporation (Aa2 stable) and Inpex Corporation (A2 negative). In March 2018, PEMEX won seven blocks in Round 3.1, which was focused in shallow waters. In Cuencas del Sureste basin, PEMEX won Block 29 individually, Block 32 and 33 in partnership with Total S.A. (Total Aa3 stable), and Block 35 with Shell. In Tampico Misantla basin, the company won Block 16 and 17 in partnership with Deutsche Erdoel and Compañia Española de Petroleo and Block 18 with Compañia Española. The areas PEMEX won are close to certain of its blocks in the Gulf of Mexico and will create synergies in exploration activities by using existing infrastructure. 8

9 Exhibit 9 PEMEX as a strategic partner for companies in the oil and gas industry in Mexico Summary of PEMEX's areas assigned in auctions and farmouts Partner Perdido Area Block 3 Round 1.4 Tampico Misantla Block 2 Round 2.1 Southeastern Basins Block 8 Round 2.1 Trion 1st Farm-out Chevron and Inpex Deutsche Erdoel AG Ecopetrol BHP Billiton Total expected investment (USD million) Type of Hydrocarbon 2,017 Auction date 5-Dec and dry gas 19-Jun-17 Cardenas-Mora 3rd Farm-Out Ogarrio 3rd Farm-Out Cheiron Deutsche Erdoel Holdings Limited AG 7,424 and gas 5-Dec Total expected investment (USD million) Type of Hydrocarbon Auction date Deutsche Erdoel Deutsche Erdoel AG and Cía. AG and Cía. Española de Española de Petroleos Petroleos and dry gas Perdido Area Block 2 Round 2.4 Perdido Area Block 5 Round 2.4 Cordilleras mexicanas Block 18 Round 2.4 N.A. Petrofac Shell N.A. N.A. 5,000 heavy crude 4-Oct-17 4-Oct-17 2-May-17 Tampico Misantla Tampico Misantla Tampico Misantla Area 16 Area 17 Area 18 Round 3.1 Round 3.1 Round 3.1 Partner Ek-Balam Santuario & El Golpe Cía. Española de Petroleos 569 1,590 and gas 18-Dec-17 6,131 6,131 Cuenca Salina Block 22 Round 2.4 Chevron and Inpex 3,318 dry and wet gas 4,747 heavy crude 31-Jan-18 Cuencas del Sureste Area 29 Round 3.1 Cuencas del Sureste Area 32 Round 3.1 Cuencas del Sureste Area 33 Round 3.1 Cuencas del Sureste Area 35 Round 3.1 N.A. Total Total Shell heavy crude and dry gas heavy crude 27-Mar-18 Source: PEMEX, CNH 9

10 Liquidity analysis PEMEX's liquidity position is weak. Over the 18 months from February 2018 (after last liability management) to August 2019, PEMEX will have about 13 billion of assured liquidity sources compared to 17 billion of liquidity needs, according to our estimates, and the company will remain dependent upon debt market access for the 4 billion difference. Assured liquidity sources are comprised of 5 billion of cash and 8 billion unused committed revolver facilities (maturing in 2019, 2020 and 2021). We estimate that uses are comprised of negative free cash flow of 8 billion (after capital spending of about 7.5 billion) and debt maturities of 9 billion. It is worth noting that, since, PEMEX has entered into hedges equivalent to around 20% of crude production, which help to reduce earnings' downside risk. PEMEX has also been able to access the capital markets: just recently, in February 2018, it issued 4 billion in global notes due in 2028 and 2048, of which 1.8 billion were used to repurchase existing notes, somewhat improving its debt maturity profile. Exhibit 11 Debt maturity profile Data as of December Cash & ST Investments Exchange rate as of December 31, The ammortization schedule includes changes since the issuance in February. Source: PEMEX's Mexican Stock Exchange financial report; Banxico, Moody's Investors Service 10

11 Rating methodology and scorecard factors The Global Integrated Oil & Gas Industry rating methodology yields an indicated rating of Ba1 as of 12 months ended December 31,, compared with PEMEX's BCA of b3. The methodology outcome reflects the company's large-scale operations, as well as high financial leverage and the negative impact of the government's fiscal reliance and influence on PEMEX. Exhibit 12 Rating factors Current FY 12/31/ Integrated Oil & Gas Industry Grid [1][2] Factor 1 : Scale (25%) Moody's Month Forward View As of 3/23/2018 [3] Measure Score Measure Score a) Average Daily Production (Mboe/d) 2,648.8 Aa 2,650.0 Aaa b)proved Reserves (Million boe) 8,383.0 Aa 7,666.0 Aa c) Total Crude Distillation Capacity (mbbl/day) 1,602.0 A 1,602.0 A Baa Baa Baa Baa a)ebit/average Book Capitalisation 11.8% Baa 12.7% Baa b) Downstream EBIT/Total Throughput Barrels (/bbl) Ca -2.5 Ca Ba Ba Ba Ba Factor 2 : Business Position (20%) a) Business Position Factor 3 : Profitability and Returns (10%) Factor 4 : Financial Policy (20%) a) Financial Policy Factor 5 : Leverage and Coverage(25%) a)ebit / Interest Expense 1.3x B 1.6x B b)retained Cash Flow/Net Debt 2.6% Caa 0.8% Ca 190.7% Ca 167.0% Ca c)total Debt/Capital Rating: Indicated Rating from Grid Factor 1-5 Constraints Related to Government Policy Goals Ba1 4 a) Indicated Rating from Grid 4 Ba1 4 B2 b) Actual Rating Assigned Government-Related Issuer Baa3 Factor a) Baseline Credit Assessment b3 b) Government Local Currency Rating A3 c) Default Dependence Very High d) Support Very High e) Final Rating Outcome 4 B2 Baa3 [1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2] As of 12/31/(L). [3] This represents Moody's forward view, not the view of the issuer, and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody s Financial Metrics 11

12 Appendix Exhibit 13 Peer snapshot (in US millions) Revenue Exxon Mobil Corporation Total S.A. Petroleo Brasileiro S.A. - P BP p.l.c. Baa3 Negative Aaa Stable Aa3 Stable Ba3 Stable A1 Positive Dec-15 Dec-16 Dec-17 Dec-16 Dec-17 Dec-17 Dec-15 Dec-16 Sep-17 Dec-15 Dec-16 Sep-17 Dec-15 Dec-16 Sep-17 73,696 57,915 74, , , , , , ,524 97,314 81,405 86, , , ,399 Avg. Prod. (MBOE/day) 1,949 2,951 2,648 4,053 3,985 3,985 2,250 2,345 2,411 2,524 2,503 2,619 3,317 3,307 3,473 Proved Reserves (MBOE) 9,412 8,383 8,383 19,974 21,221 21,221 10,973 10,911 10,911 10,421 9,593 9,593 16,925 17,561 17,561 Distil. Capacity (MB/day) 1,602 1,602 1,602 4,907 4,918 4,918 2,247 2,011 2,011 2,176 2,176 2,295 1,853 1,880 1,880 EBIT/Avg Book Capital -2.9% 33.3% 11.8% 3.7% 6.7% 6.7% 7.4% 5.3% 7.3% 7.7% 7.9% 8.4% 3.8% 1.1% 4.6% DS EBIT/Throughput Bbls (11.01) (10.29) (12.12) EBIT / Int. Exp. -0.4x 3.6x 1.3x 7.0x 11.3x 11.3x 10.1x 6.2x 7.7x 2.0x 1.8x 1.9x 3.7x 1.1x 4.3x RCF / Net Debt -0.6% -0.5% 2.6% 20.3% 32.3% 32.3% 32.3% 27.1% 38.5% 15.6% 14.8% 18.0% 36.1% 19.1% 22.3% 195.4% 163.7% 190.7% 20.1% 19.3% 19.3% 46.5% 47.7% 43.3% 73.5% 70.1% 67.0% 41.9% 48.5% 48.8% Total Debt/Capital Source: Moody s Financial Metrics. All figures & ratios calculated using Moody s estimates & standard adjustments. = Financial Year-End. = Last Twelve Months. RUR* = Ratings under Review, where UPG = for upgrade and DNG = for downgrade. (Baa3) Exxon Mobil Corporation (Aaa) Avg. Prod. (MBOE/day) Petroleo Brasileiro S.A. - PETROBRAS (Ba3) Proved Reserves (MBOE) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,000,000 6,000 25,000,000 5,000 20,000,000 4,000 15,000,000 3,000 10,000,000 2,000 5,000,000 1,000 EBIT / Int. Exp. 45.0x 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x -5.0x 0 Total Debt/Capital 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% RCF / Net Debt BP p.l.c. (A1) Distil. Capacity (MB/day) 0 12 Total S.A. (Aa3) 250.0% 200.0% 150.0% 100.0% 50.0% 0.0%

13 Exhibit 14 Debt adjustments Pensions Adj. Debt USD billion Rptd. Debt Data as of December All figures and ratios are calculated using Moody's estimates and standard adjustments. Source: PEMEX Form 20-F; PEMEX Mexican Stock Exchange financial report; Moody s Financial Metrics Exhibit 15 EBITDA adjustments Pensions Public Adj. EBITDA USD billion Rptd. EBITDA Unusual Data as of December. All figures and ratios are calculated using Moody's estimates and standard adjustments. Source: PEMEX Form 20-F; PEMEX Mexican Stock Exchange financial report; Moody s Financial Metrics Ratings Exhibit 16 Category PETROLEOS MEXICANOS Outlook Issuer Rating Senior Unsecured Commercial Paper -Dom Curr NSR Senior Unsecured NSR Commercial Paper NSR BACKED Senior Unsecured Moody's Rating Stable Baa3 Baa3 P-3 Aa3.mx MX-1 Aa3.mx Source: Moody's Investors Service 13

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