Financial Results nd Quarter, 2008...1,550 1,545 (5) -0.3% 2007 2008 Apr - Jun Apr - Jun 6/28 Content 2Q08 Main Highlights Upstream Downstream International Trade Financial Results

Financial Results2nd Quarter, 2008

July 30, 2008

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This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the Mexican National Banking and Securities Commission and the U.S. Securities and Exchange Commission, in our annual report, in ouroffering 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 and other costs, commitments and revenues; and liquidity.

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, as amended, with the U.S. Securities and Exchange Commission (www.sec.gov) and the PEMEX prospectus filed with the National Banking and Securities Commission (CNBV) and available through the Mexican Stock Exchange (www.bmv.com.mx). These factors could cause actual results to differ materially from those contained in any forward-looking statement.

The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document, such as total reserves, probable reserves and possible reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, as amended, “File No. 0-99”, available from us at www.pemex.com or Marina Nacional 329, Floor 38, Col. Huasteca, Mexico City 11311 or at (52 55) 1944 9700. You can also obtain this Form from the SEC ‘s website, www.sec.gov. Investors are also welcome to review the annual report to the CNBV, available at www.pemex.com.

EBITDA and free cash-flow are non-US GAAP measures.

Forward-Looking Statementsand Cautionary Note

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Content

2Q08 Main Highlights

Upstream

Downstream

International Trade

Financial Results

Other Relevant Topics

Questions and Answers

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2Q08 Financial Highlights

Apr - Jun

EBITDA (1)

Total sales

Billion pesos

Net income (Loss)

Change

• Income before taxes and duties increased 36.3%, to 248.4 billion pesos, as compared to the second quarter of 2007.

• Net income for the second quarter of 2008 totaled 16.7 billion pesos.

(1) Earnings before interests, taxes, depreciation and amortization. Excludes IEPS.Numbers may not total due to rounding.

Billion dollars

Income before taxes and duties

286.8 84.8 29.6%371.6

2007 2008Apr - Jun Apr - Jun

36.1

182.3 248.4 66.1 36.3% 24.1

38.3 16.7 (21.6) 1.6

215.6 303.9 88.3 41.0% 29.5

2008

-56.4%

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• Crude oil production averaged 2,801 thousand barrels per day during 2Q08, a 11.5% decrease compared to the second quarter of 2Q07.

Numbers may not total due to rounding.

2Q08 Operating Highlights

Production Change

– Crude Oil

– Natural Gas Liquids

• Petroleum Products

• Natural Gas

• Liquid Hydrocarbons

Thousand barrels per day, except natural gas in million cubic feet per day

3,593 3,182 (410) -11.4%

3,166 2,801 (364) -11.5%

-10.7%427 381 (46)

6,033 6,861 828 13.7%

1,550 1,545 (5) -0.3%

2007 2008Apr - Jun Apr - Jun

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Financial Results



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67% 64%

36%33%

Apr - Jun 2007 Apr - Jun 2008

2,134 1,798

1,0321,003

ProductionThousand barrels per day

Upstream: Crude Oil

• Total crude oil production decreased, on average, by 364 Mbd:

– Heavy and light crude oil production decreased 15.7 and 4.3%, respectively, primarily due to the decline of Cantarell.

– Extra-light crude oil production increased 3.4%, due to the completion of wells in the Delta del Grijalva project.


Light and Extra-lightHeavy

-11.5%

3,166 2,801

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56% 62%

42%44%


3,394 4,232

2,6302,639

6,033

ProductionMillion cubic feet per day

Upstream: Natural Gas

Non-associatedAssociated

• Natural gas production increased 828 MMcfd, due to:

- An increase of 838 MMcfd in associated gas, as a result of higher volumes produced in Ku-Maloob-Zaap and Crudo Ligero Marino projects.

- A 0.4% decrease in non-associated gas, due to lower production in the Burgos and Lankahuasa projects.


XX%

6,861

XX%13.7%

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93% 91%

9%7%


157 160

1612 • The number of exploratory wells was 16, an increase of 4 wells compared to 2Q07, due to higher activity in the Veracruz and Burgos basins.

• Development wells totaled 160, representing an increase of 3 wells, due to higher activity in the Aceite Terciario del Golfo project.

Upstream: DrillingNumber of wells completed

ExplorationDevelopment


4.1%

169 176

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Main advances during the second quarter of 2008• Completion of 3 development wells,• 14 major and 14 minor workovers,• Commencement of operations of the NRU at Ciudad Pemex, Tab.

Upstream: Developments

External factors, not controlled by PEMEX, could affect the execution of the programmed activities.

Program for the second half of 2008• Completion of gas pipeline from Sihil Alfa platform to Akal J1

compression platform,• completion of pipeline from Sihil Alfa platform to Akal J2

production platform,• completion of the NRU, and• completion of 10 development wells.

Cantarell

KMZ

Main developments during the second quarter of 2008• Completion of 6 development wells,• 5 major and 8 minor workovers,• On May 24, 2008, the KMZ project registered a record of 725 Mb.

Program for the second half of 2008• Completion of drilling platform Lum A,• Completion of the housing and production platforms Ku H, and• Completion of 11 development wells.

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3,280 3,203

1,157 1,070

427 381


3,651 3,477


74% 75%

26% 25%


Dry gas productionMillion cubic feet per day

Downstream: Natural Gas Processing

SweetSour


Natural gas liquids productionThousand barrels per day

On-shore natural gas processing Million cubic feet per day

-4.8%

-10.7%

-3.7%

4,436 4,273

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63% 59%

41%37%


760

469 519

814

Crude oil processThousand barrels per day

Light Crude

• Total crude oil processing decreased by 0.3%, due to the operating program aimed at increasing the utilization of deep conversion equipment.

• During 2Q08 primary distillation capacity utilization rate decreased to 83.8%, from 84.2 in 2Q07.

Downstream: Oil Refining


Heavy Crude

1,283 1,279

-0.3%

14/28(1) Includes transfers from La Cangrejera petrochemical complex.(2) Includes LPG from Pemex-Gas and Basic Petrochemical and Pemex-Refining, jet fuel, furfural extract, among others.Numbers may not total due to rounding.

Production of petroleum productsThousand barrels per day (Mbd)

• During 2Q08 production of petroleum products decreased by 5 Mbd.

• Production of fuel oil decreased by 4.2 whereas the production of diesel increased by 8.1%.

Downstream: Petroleum Products

Gasoline(1)

DieselFuel OilOthers(2)

Change

27%21% 20%28%

22% 23%30%30%


-0.5%

8.1%

-4.2%

-3.8%

-0.3%

420

318 305

459

437

334 361

461

1,550 1,545

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Downstream: Variable Refining Margin and Service Stations

12.3

-1.1


Variable refining marginDollars per barrel

Number of franchised gas stationsAs of December of

• The decrease was primarily a result of higher crude oil prices.

• As of June 30, 2008, the number of franchised gas stations was 8,121.

2007 2008

5.6%

7,690

8,121

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84%

9% 9%

85%

7%6%


EthyleneAmmonia

Others

• During 2Q08, the increase in petrochemicals production was primarily driven by:

- a decrease in the production of vinyl chloride,

- lower production of aromatics and derivatives, and

- an increase of ammonia.

Downstream: Petrochemicals ProductionPetrochemicals productionThousand tons


Change

3,167 3,097

20.7%

-2.2%

2.4%

-4.2%

278 285

2,5922,706

221183

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88% 91%

12% 9%


International Trade

1,410

Volume of Crude Oil Exports(1)

Thousand barrels per day

LightHeavy

Mexican crude mix average price Dollars per barrel:

(1) At 60º F, does not include processing agreements.Numbers may not total due to rounding.

Exports distribution100% = Mbd

Far East

7%

79%

13%

1%

-18.3% United States of America

Rest of America

Europe

1,410

56.9 104.1

1,5111,287

123

2141,725

1,410

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International Trade: Other Products

157167

155223

516494Petroleum ProductsThousand barrels per day

PetrochemicalsThousand tons

Exports

Dry GasMillion cubic feet per day

Source: P.M.I.® except dry gas

Imports

10299

-5.7%

-30.8%

-63.5%

4.4%

3.2%

17.0%

346 404


60163


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Content

2Q08 Main Financial Highlights

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Financial Results



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Income Statement: Sales Breakdown

Sales in Mexico Exports

Sales In México

Petro-leum products

Petro-chem.

Crude, gas & condensates

Petro-leum products

Petro-chem.Exports(1)

Petro-leum products

Petro-chem.

Crude, gas & condensates

(1) Includes revenue from services.Numbers may not total due to rounding.

286.8

371.6

123.0 22.6 6.2

138.0 31.9 8.2

12.2% 40.9% 32.0% 41.4% 66.2% -4.7%

120.8 0.8

170.8 21.6 0.8

13.0 134.9

193.4

151.9

178.1

Billion pesos

29.6%

Apr - Jun

Apr - Jun

2007

2008

17.3% 43.4%

Dry gas

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Income Statement: Costs and Operating Expenses

+ +

+ +

=

=

General Expenses

Cost of Sales

Sales Costs and Op. Expenses

Distribution Admin. Cost of the Reserve for Labor Obligations

Billion pesos


113.2

155.0

37.0%

6.3

9.3

14.0

17.2

48.1% 23.1%Apr - Jun

2007

Apr - Jun2008

242.8

286.8 133.5

371.6 181.6

29.6% 36.1%

20.7

42.8

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Income Statement: Net Income

Billion pesos

Other Net Revenues (Expenses)(1)

27.4%

Apr - Jun

Apr - Jun

2007

2008CFR(2) Income

Before Taxes & Duties

Taxes & Duties

(1) Includes subsidiaries and associates.(2) Comprehensive Financing Result.Numbers may not total due to rounding.

Operating income

Net Income (Loss)

23.9%

153.338.3

144

(4.7)33.6

182.3

190.0

64.9(6.5)

16.7231.7248.4

+ + = - =

60.9%23.9% 36.3%

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567 503

75 128

204148

459499

Jun 07 Jun 08

Consolidated Balance Sheet

117 44

760 817

411 431

Jun 07 Jun 08

Total Assets:

Change

Assets Liabilities & Equity

ChangeTotal Liabilities + Equity:


Billion pesos

0.4%

5.0%

7.5%

-62.1%

1,288.4 1,293.0 1,288.4 1,293.0 0.4%

-11.2%

-8.1%

37.3%Other

Current

Fixed

Debt

OthersEquity:

Reserve for Labor Obligations

71.0%

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382388

Jun 07 Jun 08

Total and Net Debt

74.284.2

492.3419.1

Total DebtTotal Debt

Billion pesos


Total and Net DebtBillion pesos


Long Term

Short Term

• Total debt decreased 63.2 billion pesos.

• Net debt decreased 6 billion pesos.

Net DebtNet Debt

13% 17%

83%87%

Jun 07 Jun 08

566.5 503.3

-11.2%

-1.7%

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Other Relevant Topics(1)

• In May 2008, Global Reporting Initiative (GRI) granted PEMEX’s Sustained Development Report the highest grade (A+).

• PEMEX is the first Mexican company to receive this recognition.

Transparency and Disclosure

• On July 22, 2008, PEMEX and the Petroleum Workers Union signed the wage revision contract. The new agreement includes a 4.8% salary increase and a 1.9% increase in benefits.

• These increases, which are similar to other contract increases in the industrial sector, will go into effect on August 1, 2008.

1) From March 1, to April 29, 2008.

WageRevision

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Content


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Financial Results



Documents

Financial Results nd Quarter, 2008...1,550 1,545 (5) -0.3% 2007 2008 Apr - Jun Apr - Jun 6/28 Content 2Q08 Main Highlights Upstream Downstream International Trade Financial Results