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Investor Presentation
April 2012
Forward-Looking Statement and Cautionary
Note (1/3)
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 (i) budgetary ,(ii) volumetric, (iii) revenue from sales and services including IEPS, (iv) domestic sales
including IEPS, (v) petroleum products sales including IEPS, and (vi) operating income including IEPS information,
the financial information included in this report is based on unaudited consolidated financial statements prepared in
accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican
GAAP- issued by the Consejo Mexicano de Normas de Información Financiera (CINIF).
— Based on FRS B-10 "Inflation effects", 2010 and 2011 amounts are expressed in nominal terms.
— Based on FRS B-3 "Income Statement‖ and FRS ―C-10‖ Derivative Financial Instruments and Hedging
Transactions‖, the financial income and cost of the Comprehensive Financial Result include the effect of financial
derivatives.
— The EBITDA is a non-U.S. GAAP and non-FRS measure issued by 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
Unless otherwise specified, convenience translations into U.S. dollars of amounts in Mexican pesos have been made
at the established exchange rate, at December 31, 2011, of Ps. 13.9904 = 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.
Forward-Looking Statement and Cautionary
Note (2/3)
3
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, Pemex-Exploration and Production’s hydrocarbon reserves estimates as of January 1, 2012,
were reviewed by the National Hydrocarbons Commission (which we refer to as the NHC). The NHC approved our hydrocarbon
reserves estimates on February 24, 2012. The registration and publication by the Ministry of Energy, as provided in Article 33,
paragraph XX of the Organic Law of the Federal Public Administration, is still pending.
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 (CNBV), available at http://www.pemex.com/.
4
Bids
Only results from bids occurred between January 1 and March 31, 2011 are included. For further information, please access
www.compranet.gob.mx.
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 (www.sec.gov), and the PEMEX prospectus filed with the 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.
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. Its principal subsidiary company is PMI.
Forward-Looking Statement and Cautionary
Note (3/3)
5
Content
Achievements Challenges Results
6
Achievements
• Stabilization of Production
•Diversified projects
• Increase Reserve Replacement
Rate
•New Business Models in place
• Improved Exploitation Strategy at
ATG/Chicontepec
•New E&P Integrated Contracts
• Improvement of purchasing
Processes
• Sustainability and Environmental
Protection
2008
Reform
Business
Plan
Operational
Program
Investment
Program
7
Production Aligned to Goals
Significant operational efforts have been made to
stabilize production
Mbd
2,607 2,578 2,567 2,552 2,572 2,558 2,525 2,547
2,560 2,500 2,550
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2012
2010 2011 PEF 2010 PEF 2011
E E
Note: ―E‖ stands for estimated
Cantarell declines according to plan,
partially offset by other fields
0
500
1,000
1,500
2,000
2,500
1997 1999 2001 2003 2005 2007 2009 2011
Forecast Actual
Production w/o Cantarell
Cantarell CAGR1:7.9%
Mbd
(1) Compounded Annual Growth Rate
Note: Mexico´s CAGR 2005-2011 is -4.4%
Source: Purvin & Gertz 2005-2011 8
9
Exploitation Investment
-
40,000
80,000
120,000
160,000
200,000
240,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Cantarell vs. Other
Projects
From 2006 to 2011,
Cantarell
represented about
21% of total
exploitation
investment.
In 2011, Cantarell
represented about
19.6% of total
exploitation
investment.
Delta del
Grijalva
AJB
CLM
ATG
Burgos
KMZ
Cantarell
Other
Projects
Million Pesos
10
Exploration and Drilling Efforts
Petrobras is by far the most active
DW driller
The top four companies by scale
(XOM, Shell, BP and CVX) have very
similar levels of DW drilling activity
and average spend per well, with
Shell marginally edging it in terms
of experience and cost
Of the top six DW explorers for
spend per well five of them
(Maersk, Marathon, BG, Repsol and
Statoil) lack operated experience,
the other, Anadarko, has historically
had a high proportion of frontier DW
areas where up front and drilling
costs would be expected to be high
Nexen, Noble and Apache all have
limited DW drilling experience, but
this has not inhibited their ability to
deliver strong performance where
they have been active e.g. Noble in
Israel and Apache in Egypt
Wells drilled onshore,
offshore and deepwaters
-
100
200
300
400
500
600
700
Pem
ex
PBR
APA
RD
S
EN
I
RY
PN
S
CVX
BP
STO
XO
M
TO
T
CO
P
HES
AN
A
MU
R
BG
NXN
BH
P
MRO
NBL
MAE
Onshore Shelf Deepwater
Period of analysis 2000-2009
No.
Explo
rato
in W
ells
Dri
lled
PEP: Petroleos Mexicanos
PBR: Petroleo Brasileiro SA
APA: Apache Corporation
RDS: Royal Dutch Shell
ENI: Ente Nazionale Idrocarburi
RY: Repsol YPF
PNS: PNS Petroleum Inc
CVX: Chevron Corporation
BP: British Petroleum
STO: Statoil
XOM: Exxon Corporation
TOT: Total
COP: ConocoPhilips
HES: Hess Corporation
ANA: Anadako Petroleum
Corporation
MUR: Murphy Oil Corporation
BG: BG Group PLC.
NXN: Nexen Inc.
BHP: BHP Billiton
MRO: Marathon Oil
Corporation
NBL: Noble Energy Inc.
MAE: MAE Petroleum LLC
Source: Wood Mackenzie Exploration Service – August 2010.
11
Sustained Increase of the Reserve
Replacement Rate
22.7% 26.4% 41.0%
50.3%
71.8% 77.1% 85.8%
101.1% 56.9% 59.2% 59.7% 65.7%
102.1%
128.7%
103.9% 107.6%
0%
20%
40%
60%
80%
100%
120%
140%
2005 2006 2007 2008 2009 2010 2011 2012
1P 3P
The 100% 1P Reserve
Replacement Rate
Goal was reached a
year in advance.
1.5 1.3 1.4
2.4 2.3 2.0
2.2 2.4
2005 2006 2007 2008 2009 2010 2011 2012 E
Exploration CAPEX U.S.$Billion
―E‖ stands for estimated.
Reserves Replacement Rate
Reserves Evolution
Note: Numbers may not total due to rounding.
Since 2002 Pemex Exploration and Production has utilized the SEC proved reserves definition
Reserves as of January 1 of Each Year
Billion barrels of crude oil equivalent (MMMboe)
23.5 21.9 20.1 18.9 17.6 16.5 15.5 14.7 14.3 14.0 13.796 13.810
21.3 20.817.0 16.0 15.8 15.8 15.3 15.1 14.5 14.2 15.0 12.4
11.310.3
13.013.1 13.4 14.2 14.6 14.6 14.7 14.8 14.3 17.7
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
56.2 53.0
50.0 48.0 46.9 46.4 43.1
45.4 44.5 43.6
13.796
28.8
43.1
20.1
37.0
50.0
18.9
34.9
48.0
17.6
33.5
46.9
16.5
32.3
46.4
15.5
30.8
45.4
14.7
29.9
44.5
14.3
28.8
43.6
14.0
28.2
43.1
43.1
13.810
26.2
43.8
43.8
1P Reserves:
2P Reserves:
3P Reserves:
Possible
Probable
Proved
12
13
Main Discoveries 2006-2011
3P Reserves
(Million barrels of oil equivalent)
1,137.9
836.0
756.4
596.1
375.9
323.1
268.5
233.6
180.9
138.9
138.8
134.0
132.9
118.5
111.7
104.0
Tsimin
Xux
Kayab
Ayatsil
Pit
Bricol
Lakach
Kinbe…
Piklis
Lalail
Kuil
Terra
Tekel
Homol
Pareto
Utsil
Kinbe
Located in the Gulf of México, 22 meters
water depth
Initial production of 4,800 bd of 37°API
crude oil
Pareto
Main discovery in the South Region
Initial production of 4,000 barrels per day
of 43° API crude oil
Emergente (Shale Gas)
First discovery in Shale gas
Estimated 3P reserves of 112 Bcf of gas
3 wells are in the process of completion:
Montañes-1, Nómada-1 and Percutor-1
Main discoveries 2011
Heavy oil
Light oil
Gas
0
10
20
30
40
50
60
70
Crudo pesado Crudo ligero
14
Improved Exploitation Strategy at
ATG/Chicontepec
Sector 1
Sector 2
Sector 3
Sector 4 Sector 5
Sector 6
Sector 7
Sector 8
Agua Fría
Presidente Alemán
Remolino
Coralillo
Coyotes
5 Field Labs
Field Laboratories
Other Activities
Focused on value creation
Improved well
productivity
Enhanced recovery
Cost reduction
Managed declination
65,858
44,803
47%
The latest exploitation
strategy implemented in
ATG, has been the most
successful
Original
Volume
(MMboe)
1,439 109 6.8
657 37
6.7
320 52
-
Carrizo Santuario Magallanes
Reserves
3P
(MMboe)
Current
Production
(Mbd)
2,416 198 13.6
15
New Business Models – Upstream
Successful 1st Round: Southern Region
PEMEX is partnering with the winning companies to
complement its capabilities.
Mature Fields – Southern Region
Field Company Max. Rate
US$/b
Offered Rate
US$/b
Min. Investment
US$MM
Magallanes Petrofac Facilities Mngt. Ltd. 9.78 5.01 205.5
Santuario Petrofac Facilities Mngt. Ltd. 7.97 5.01 116.9
Carrizo Dowell Schlumberger 12.31 9.40 33.3
Approximate incremental
production of 55 Mbd
16
New Business Models - Downstream
Refine Mexican heavy crude
oil and increase gasoline
supply to Mexico
1993
Increase production of vinyl
chloride
1. Joint Venture
2. Fixed assets
3. Supply of raw materials
2012 (to be confirmed)
Deer Park PEMEX – Mexichem
1. Joint Venture
2. Crude supply
Project
Partner
PEMEX’s
Participation
Objective
Start Up
• Comprehensive
analysis of supply
and demand
• Short, medium and
long term
execution strategy
• New legal
framework
• Greater negotiation
power
• Recognize and seize
market opportunities
• Better contracting terms
and conditions
• Significant savings
17
Improved Purchase and Acquisitions’
Processes (1/2)
18
Financial Lease Cash
Purchase
Savings1
25%
Improved Purchase and Acquisitions’
Processes (2/2)
Average
Consumption
185 to 200
MTA2
(1) Expected
(2) Thousand Tons Per Annum
New Contract
Design
Savings1
MMPs. 465
VS
Traditional
Rent
New Contract
Design
Financial Lease
Savings1
18% - 20%
Savings1
35% Platforms
Drilling pipe
Fleet
19
Sustainability and Environmental
Protection
Cogeneration
=
CO2 Reduction
=
Additional Income
Nuevo Pemex
CPQ. Morelos
CPQ. Cangrejera
900 MTCO2 e/year
= US$MM5.6
430 MTCO2 e/year =
US$MM2.6
410 MTCO2 e/year
= US$MM2.6
15.6 14.9 13.9 13.6
25.6 21.8
17.9 13.8
6.6 7
7.1 6.7
7 6.5
6.6
6.3
2008 2009 2010 2011*
PPQ PGPB PEP PREF
Accumulated CO2 emission
mitigation goal1 from 2009 –
2012 = 9.94 MMton
54.8 50.2
45.5
40.4
CO2 Emissions (MMton)
PEMEX Total CO2 emission
mitigation from 2009 to
2011* = 14.4 MMton
-26%
(1) Source: PECC.
(*) Estimated.
20
Content
Achievements Challenges Results
21
Challenges
• Crude Oil
Production
Levels
• Operational and
Technological
Improvements
• Stronger
Operational
Processes
Production
Growth
Upgrades and
Expansion of
Installed Capacity
New Rounds of
Integrated
Contracts
Shale
Resources
New Exploration
and Maintenance
Functions
Deep Waters
Operational
Improvements
22
Increase Production: Crude Oil
Mbd
Exploration
45 - 50
Ku-Maloob-Zaap
20 - 30
Aceite Terciario del Golfo
15 – 20
Integrated Contracts 50 - 60
Incremental
Production for 2014
Range(Mbd)
Ku-Maloob-Zaap
ATG Cantarell
Explotación
(Excluding, Aceite Terciario del Golfo y
Ku-Maloob-Zaap)
1
3
2
4
5
0
500
1,000
1,500
2,000
2,500
3,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Ku-Maloob-
Zaap
ATG Cantarell
Exploitation
(Excluding, Aceite Terciario del Golfo
and Ku-Maloob-Zaap)
ATG
integrated
contracts
Ayatsil
Tekel
Tsimin
Xux
Integrated
contracts
Exploration
Strategy for Shallow Waters and Onshore
Regions
Prospective resources (22,608 MMboe)
8,091
5,055
1,931
3,838
3,099
594
CSM CST CTM
11,929
8,154
2,525
Cuenca
Tampico-Misantla
Cuencas
del Sureste
Light Crude Oil
Heavy Crude Oil
Locations and opportunities
Plays
The strategy will be focused on the
Southeastern Basins, including both the
marine and onshore portions:
Execute activities to identify the
continuity of established plays such as
the Cretaceous play
Increase the activity to identify Tertiary
plays for oil resources
Potential evaluation of pre and sub- salt
plays
Additionally, exploration will be reactivated
at the Tampico-Misantla Basin with the aim
of finding oil opportunities in the Mesozoic-
age plays
Tampico-Misantla
basin
Southeast on-shore
basin Southeast marine
basin
23
Original
Volume(1)
(MMboe)
125 11 1.0
11,071 50 2.5
1,059
6 1.8
1,771
31
1.4
1,506
100
5.6
603 26
-
Atún Arenque San Andrés
Tierra Blanca Pánuco Altamira
Reserves
3P
(MMboe)
Current
Production
(Mbd)
16,135 224 12.3
24
2nd Round: Mature Fields Northern Region
22 fields in 6 blocks in Mexico’s Northern Region.
The Contracts were approved by the Board of Directors on November 2011.
Prospective resources of approximately 1,672 MMboe along 6,691 km2.
Bid process expected by end of first half 2012 (1-H 2012).
The minimum investment per field between US$25 to US$50 million.
Mature Fields – Northern Region
Altamira
Pánuco
Arenque
Tierra
Blanca
San
Andrés
Atún
(1) Estimated.
Eagle Ford Shale Gas
• Texas
Cretaceous
Shale Gas
Jurassic
Shale Gas
Paleozoic
Shale Gas
Veracruz
Tampico
Misantla
Burgos
Sabinas
Burro Picachos
Chihuahua
Potential Shale Resources
Shale Gas Provinces
Eagle Ford/Agua Nueva
Haynesville
Bone Spring /Woodford
PEMEX has identified 5 geological provinces
with shale gas potential:
Chihuahua
Sabinas-Burro-Picachos
Burgos
Tampico-Misantla
Veracruz
PEMEX estimates prospective resources of
shale gas ranging from 150 to 459 TCF,
which represent from 2.5 to 7 times the
conventional 3P gas reserves of Mexico.
According to the EIA, Mexico’s shale gas
resources could reach 681 TCF, which is
ranked as the fourth largest reserve
worldwide .
PEMEX is evaluating Mexico’s shale gas
potential, in 2011 PEMEX concluded the
well Emergente-1, and it is in the process of
completing 3 additional wells.
An intensive development scenario shows
that gas production could triplicate to 20
bcf per day .
25
Activities in Deepwaters
Total investment 2002-2011: 49 billion pesos ~
3.6 billion USD
3D seismic acquisition: 107,762 km2
Wells Drilled: 19, 9 of which were producers
3P reserves discovered: 736 MMboe
Commercial success rate: 47%
PEMEX has established several collaboration agreements with Shell, BP, Petrobras, Intec,
Heerema, Pegasus, etc.
Currently PEMEX is operating three platforms in deep waters: Centenario, Bicentenario and
West Pegasus.
PEMEX has identified heavy and extra-heavy oil reservoirs into the southern portion of the
Salina del Istmo province.
!
!
!
!
!
!
!
!
! ! ! ! !
! !
!
!
!
!
!
Salina del Bravo Cinturón
Plegado Perdido
Salina del Istmo
Escarpe de Campeche
Cordilleras Mexicanas
Cinturón
Plegado
Catemaco
Abisal Golfo de México
Cinturón Subsalino
Oreos
Nancan
Jaca-patini
Temoa
Cinturón Plegado Perdido
Nox Hux
Holok
Lipax
Han
!
3D seismic
!
Talipau-1
Kunah-1
Hux-1
26
Benchmarking: Deepwater Drilling
Source: Wood Mackenzie Exploration Service
Wells
4
15
19
28
18
17
2
11
4
14
6
2
3
8
8
8
4
5
9
6
8
1
2
10
2
4
3
1
1
2
3
5
2
5
0 10 20 30 40 50 60 70
2006
2007
2008
2009
2010
2011 27
38
67
42
50
16
Water depth > 500 m
PEMEX has been ranked in the sixth position of deepwater activities (water depth greater than 500 meters) in the last six years, based on
operating rigs and wells drilled
The benchmark study takes into account wells drilled in West Africa, UK, Norway, Brazil and GOM (USA and Mexico). It is important to
note that BP and Shell do not report drilling activity in deepwater during 2011
Petrobras
Shell
Chevron
BP
Total
PEMEX
2006 2007 2008 2009 2010 2011
4
2
2
5
2
1
15
11
3
9
10
2
19
4
8
6
2
3
28
14
8
8
4
5
18
6
8
1
3
2
17
0
4
0
1
5
TOTAL
101
37
33
29
22
18
27
28
New Exploration and Maintenance
Functions
Function
Implementation,
coordination, design and
supervision of exploration
strategies in 5 zones:
— Southeastern Marine
Basin
— Southeastern Onshore
Basin
— Tampico-Misantla-Gulf
— Northern Deep Waters
— Southern Deep Waters
Goals
Improve the execution
strategy in exploration.
Comply with institutional
goals in potential
evaluation projects and
reserves incorporation.
Function
Consolidation of
maintenance and logistics
of the marine and onshore
facilities.
Goals
Guarantee prompt
attention to maintenance
and logistics requirements.
Maximize facilities
reliability and collaborate
on achieving operational
programs which take into
account the environment
and the community.
Explo
rati
on
Main
tenance
Advantages
Operations consolidation which
will allow us to take advantage
of economies of scale and
targeting efforts towards
increasing reserves
incorporation and the value of
investments.
Advantages
A global view of the Assets
requirements, which will help us
to improve our response
capacity and resources
planning, in order to provide
programmed and preventive
maintenance, and repairs.
29
Industrial Processes
Refining
Operational, administrative and structural improvements
Capture Economic Opportunities
Gas and Basic Petrochemicals
Expand the pipeline network in the northern
and central regions of Mexico
Increase processing and transportation
capacity of natural gas
Petrochemicals
Execution and development of
new business models
Foster the growth of the most
profitable chains
Refining: Operational Performance
Improvement Program (MDO)
30 Fuente: MDO
85
52
62
10
21
230 Total
Monitoring stage
Implementation/
with capital
Implementation
Development
Conceptual
stage 0
569
382
Total 1,170
Monitoring stage
Implementation/
with capital
Implementation
109
Development
Conceptual
stage
230 opportunities identified in 4 out of 6
refineries…
…worth 1.2 billion USD when fully captured
No. Of opportunities Million USD per annum
Economic value amounts to a net gain of ~3.39 USD/barrel, at october 2010 prices.
Only 9.5% of initiatives involve capital expenditure
110
Content
Achievements Challenges Results
31
32
2011 Financial Highlights
2010 2011 Change 2010 2011
Total revenue from sales and
services 1,282.1 1,558.4 21.6% 103.8 111.4
Total revenue from sales and
services including IEPS 1,355.6 1,737.3 28.2% 109.7 124.2
Gross Income 650.7 777.8 19.5% 52.7 55.6
Operating Income 546.5 681.4 24.7% 44.2 48.7
Income before Taxes
and Duties 607.6 784.5 29.1% 49.2 56.1
Taxes and Duties 654.1 876.0 33.9% 53.0 62.6
Net Income (loss) (46.5) (91.5) (3.8) (6.5)
EBITDA1 831.9 1,076.8 29.4% 67.3 76.9
Billion Pesos
(1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS
Billion Dollars
33
Investment Budget
Figures are nominal and may not total due to rounding.
Includes upstream maintenance expenditures.
―E‖ means Estimated. For reference purposes, U.S. dollar- Mexican peso exchange rate conversions
have been made at the following exchange rates, Ps. 12.96/U.S.$1 for 2012, and Ps.12.9/U.S.$1
for 2013 and beyond years.
Includes complimentary non-programmed CAPEX.
13.8
15.6
18.1 18.6
20.1
23.2
28.7 30.4 30.0
27.3
2006 2007 2008 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E
2.8
1.0% Pemex-
Petrochemicals
12% Pemex-
Refining
2.0% Pemex-Gas and
Basic
Petrochemicals
Pemex-
Exploration and
Production
85%
20.8
19.1
U.S. Billion Dollars
Expected Sources and Uses of Funds 2012
U.S. Billion Dollars
6.6
36.6
7.3
21.9
8.1
23.2
6.1
Initial Cash Resources fromOperations
Financing Total Total Investment(CAPEX)
Debt Payments Final Cash
Sources Uses
6.7
Net Indebtedness: 2.0 USD
34
Price: 106.85 USD/b
Exchange rate: Ps. 12.96/USD
Crude oil production: 2,597 Mbd
Crude oil exports: 1,176 Mbd
Natural gas production: 6.16 MMcfd
Source Amount
MXN Billion
Amount
USD Billion
International Markets 52 4.0
Dollars 39 3.0
Other Markets 13 1.0
Domestic Market 31 2.4
CEBURES 31 2.4
Export Credit Agencies (ECAs) 21 1.6
Others 3 0.2
Total Issuance** 106 8.1
Total Debt Payment 79 6.1
Net Indebtedness for the year** 27 2.0
Financing Program 2012E
100% = 8.1 billion dollars /106 billion pesos
48.8%
29.3%
19.5%
2.4%
International Markets Domestic Markets
ECAs Others
35
Approved Financing Program 2012
(*) Does not include revolving credit facilities.
(**) Maximum approved amount.
Note: Numbers may not total due to rounding.
PEMEX Snapshot
37
(1) PIW 2011 Rankings, December 6, 2010. Petroleum Intelligence Weekly.
3.26 3.08 2.79 2.60 2.58 2.55
0.09 0.07 0.05
0.04 0.05 0.05
1.1 1.2 1.1 1.1 1.2 1.2
4.43 4.39
3.93 3.78 3.79 3.77
2006 2007 2008 2009 2010 2011
Crude Condesates Natural gas equivalent
Hydrocarbon production
MMMboed
43 49 53 60 53 56
41 50
53 63
48 55
84
99 105
123
101 111
2006 2007 2008 2009 2010 2011
Domestic sales Export sales
Total sales
Billion dollars
16.47 14.72 14.31 13.99 13.80 13.80
15.3 15.1 14.5 14.2 15.0 12.4
14.6 14.6 14.7 14.9 14.3 17.6
45.4 44.5 43.6 43.1 43.1 43.8
2006 2007 2008 2009 2010 2011
Proved Probable Possible
Reserves
MMMboe
PEMEX ranking globally1:
4th crude oil producer
11th integrated oil company
11th in crude oil reserves
15th in natural gas production
13th in refining capacity
Credit rating:
Fitch: BBB Stable
Moody’s: Baa1 Stable
S&P: BBB Stable
0
500
1,000
1,500
2,000
2,500
3,000
3,500
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 Years
South-
eastern
Basins
Background: Oil Production Evolution
Mesozoic
Chiapas-Tabasco
Cantarell
Ku-Maloob-Zaap
Other offshore fields
Thousand barrels per day
Tertiary-age fields and other ones (mainly Tampico-Misantla basin)
In the 60's the oil production came mainly from Poza Rica and San Andres fields in the Northern
Region, as well as from the Cinco Presidentes and Sánchez Magallanes fields in the Southern Region
In the mid-70’s the Samaria, Sitio Grande, Cactus, Agave and Cunduacán fields from the Chiapas-
Tabasco Mesozoic were incorporated, all of them part of the Southeastern Basins
In the late 70's and early 80's, the offshore fields Akal, Nohoch, Ku, and Abkatún, located in the
Southeastern Basins started development.
In 2004, Cantarell started its predicted natural production decline
Since 2009 crude oil production is stable
38
Test fields (Analogous) Pilots
Akal KL, Chac
Maloob
Chuc
Cárdenas
Poza Rica
Cunduacán
Samaria
Terciario
Coyotes
Foamy surfactant injection at the gas
invaded zone in the Akal KL block
Surfactant solution injection at the water
invaded zone in the Chac field
CO2 injection in the Coyotes field
CO2 injection in the Maloob field
Foamy surfactant injection in the Antonio
J. Bermúdez Complex
Hydrocarbon gas injection in the Chuc
field
Air injection in the Cárdenas field
Surfactant injection in the Poza Rica field
Air injection in the Soledad field
CO2 injection in the Ogarrio field
Soledad
Steam injection at the Tertiary-age
sandstones of the Samaria field
A
B
I
C
D
E
F
J
K
H
G
Agua fría
3P Original Oil In Place related to SR and EOR
(MMmboe)
4 6
17
4.7
9
16
Heavy and
Extra Heavy
Crude
Low
Permeability
Reservoirs
Enhanced
Oil
Recovery
Secondary
Recovery
Higher
scenario
The resources associated with enhanced oil recovery could
represent a potential increase in recovery factor (RF) from
3% to 8%
The resources associated with secondary recovery
represent an increase RF potential 5 to 12%
Therefore, in 2010 PEMEX started the implementation of a
Strategy in Enhanced Oil Recovery at PEP and defined the
Secondary Recovery Strategy which will be initiated in 2012
Eleven pilot projects for EOR have been designed to test
different types of technology
Secondary Recovery and Enhanced Oil Recovery:
key factors to reverse production decline and increase
recovery factors per field
39
40
The production increase coming from other fields beats
other crude oil producer countries’ performance
CAGR 2005-2011 Incremental barrels 2005-2011
Mbd
Excluding Cantarell, crude oil production growth in Mexico outperforms levels reached by other
important crude oil producer countries.
-5.3%
-5.5%
-3.2%
-2.2%
-6.3%
-0.2%
-0.2%
1.9%
1.4%
2.5%
5.9%
6.8%
4.6%
7.2%
7.9% Mexico w/o Cantarell
Angola
Kazakhstan
Irak
Brazil
Canada
Russia
China
Saudi Arabia
Nigeria
Lybia
Iran
Venezuela
United Kingdom
Norway-719
-470
-581
-507
-550
-28
-135
430
822
402
675
903
385
642
751 Mexico w/o Cantarell
Angola
Kazakhstan
Irak
Brazil
Canada
Russia
China
Saudi Arabia
Nigeria
Lybia
Iran
Venezuela
United Kingdom
Norway
Note: Mexico’s CAGR for 2005-2011 is -4.4%
Source: Purvin & Gertz 2005-2011.
Oil Production Scenario
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Chicontepec
Cantarell
Deepwater
Thousands of barrels per day
Tsimin-Xux
Ku Maloob Zaap
Exploitation
(without Cantarell, Chicontepec, Ku Maloob Zaap, Ayatsil -Tekel and Tsimin-Xux)
Ayatsil-Tekel
Future development offshore
Future development onshore
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Exploitation 1,230 1,182 1,116 1,068 1,005 968 942 916 851 778 680 599 538 465 411
Cantarell 444 469 466 434 360 278 238 222 200 196 191 180 168 159 150
Chicontepec 79 82 84 89 118 152 203 246 293 363 433 485 521 530 542
Ku-Maloob-Zaap 847 834 850 855 846 840 751 627 556 457 382 337 294 254 214
Tsimin-Xux 2 27 71 107 125 120 112 101 84 72 59 40 23 14 9
Ayatsil-Tekel 0 0 16 41 66 93 102 101 98 91 80 69 46 41 36
FD on shore 0 11 48 100 157 211 256 290 337 384 405 429 456 481 488
FD off shore 0 0 3 27 120 259 394 486 547 605 663 717 763 800 835
Deepw aters 0 - - - - - - - 26 85 129 169 243 313 422
Total 2,602 2,605 2,654 2,721 2,797 2,921 2,998 2,990 2,992 3,031 3,022 3,025 3,052 3,057 3,107
2,700 3,000
41
11 1435
68
119132
147 148 150 158
98
69
2810
1
<0.125
< 0.25 < 0.5 < 1 < 2 < 4 < 8 < 16 < 32 < 64 < 128 < 256 < 512 <1,024
<2,048
Name Fluid Type 3P reserves
(MMboe)
Xux-Tsimin Light Oil
(43°API) 1,947
Ayatsil-Tekel Heavy Oil
(12°API) 757
Pit- Baksha Heavy Oil
(12°API) 504
Number of Fields
Proved Reserves, MMboe
Ayatsil-Tekel-Pit-Baksha Size of Discoveries in the Gulf of Mexico*
* Source: Mineral Management Service, Department of the Interior, U.S. Federal Government.
Xux – Tsimin
These discoveries are
among the biggest found
in the Gulf of Mexico
Tsimin
Ayatsil
Tekel
Baksha-Pit
42
New developments will yield additional production
Discovery Size
1P
2P
43
Ayatsil-Tekel Project
0
200
400
600
800
1,000
1,200
2012 2014 2016 2018 2020 2022 2024 2026
0
50
100
150
200
250
2012 2014 2016 2018 2020 2022 2024 2026
Oil production
(mbd)
Gas production
(mmcfd)
43
Ayatsil Tekel:
Development of extra-heavy oil reservoirs
Main challenges
Main activities:
Tsimin Xux:
Development of gas and condensate reservoirs
maximizing the recovery of liquids
Lakach:
First deepwater development
Lakach
Tsimin -Xux
Tsimin -Xux
Ayatsil-Tekel
Project Wells Platforms CAPEX
Number Number MM USD
Ayatsil-Tekel 43 5 3,016
Tsimin-Xux 61 9 5,740
Lakach 7 2,045
44
Reserves and Prospective Resources
Producing Basin Oil and Gas
Gas
(1) ―3P‖ means the sum of proved, probable and possible reserves; ―2P‖ means the sum of proved and probable reserves;
and ―1P‖ means proved reserves.
(2) Numbers may not total due to rounding.
(3) As of January 1st, 2012
Southeastern
Veracruz
Tampico-
Misantla
Burgos Sabinas
Gulf of Mexico
Deep sea
exploration
Prospective Resources3
Basin MMMboe
Burgos 2.9
Deep waters in the Gulf of Mexico 26.6
Sabinas 0.4
Southeastern 20.1
Tampico-Misantla (ATG) 2.5
Veracruz 1.6
Yucatán Platform 0.5
Total2 54.6
Total Reserves by Area
as of January 1, 2012
MMMboe (billion barrels of oil equivalent)
Basin 3P1 2P1 1P1
Burgos and Sabinas 0.8 0.6 0.4
Deep-waters 0.7 0.2 0.1
Southeastern 24.4 18.2 12.1
Tampico–Misantla (ATG) 17.7 7.0 1.0
Veracruz 0.2 0.2 0.2
Total2 43.8 26.2 13.8
Equivalent to
(years of production)2 32.3 19.2 10.1
45
1P Reserve Replacement
65%
63%
81%
89%
35%
37%
19%
11%
2009
2010
2011
2012
1P reserve incorporation by type
Revisions New Discoveries
(Mmboe) 2010 2011 2012
1P Reserve Replacement Rate 77.1% 85.8% 101.1%
Northeastern Marine 585.8 125.0 385.9
Cantarell -365.0 -101.9 1.8
Ku-Maloob-Zaap 950.8 226.9 384.1
Southwestern Marine 267.4 467.6 332.6
Abkatún-Pol-Chuc 140.6 7.9 45.4
Holok-Temoa -1.0 31.2 0.0
Litoral de Tabasco 127.9 428.4 287.2
Northern -86.7 299.8 344.5
Aceite Terciario del
Golfo -170.3 129.0 176.5
Burgos 104.6 129.9 83.8
Poza Rica-Altamira -81.5 -6.9 54.0
Veracruz 60.5 47.7 30.3
Southern 296.2 295.7 309.1
Bellota-Jujo 26.5 16.1 60.3
Cinco Presidentes 49.8 26.3 74.2
Macuspana 29.1 34.6 110.2
Muspac 68.4 -2.8 0.0
Samaria-Luna 122.3 221.5 64.4
TOTAL 1,062.7 1,188.1 1,372.0
586
125
386
267
468
333
-87
300 345
296 296 309
2010 2011 2012
Northeastern Marine Southwestern Marine
Northern Southern
1P reserve incorporation by Region (Mmboe)
Chuktah-201
512 m
Nab-1
680 m
2004
Noxal-1
935 m
Lakach-1
988 m
2005 2007
Lalail-1
805 m
Chelem1
810 m
2008
Tamil-1
778 m
Tamha-1
1,121 m
2009
Etbakel-1
681 m
Kabilil-1
740 m
2010
Lakach
-2DL
1,196 m
Labay-1
1,700 m
2011
Puskón-1
624 m
Nen-1
1,493 m
Leek-1
851 m
Holok-1
1,028 m
Catamat-1
1,230 m
Piklis-1
1,945 m
Deepwater Drilling
• From 2000, 18 wells were drilled, discovering 8 non-associated natural gas field and 2 extra heavy
oil fields.
46
Deepwater Drilling 2004 - 2012
47
Deepwater budget (drilling, seismic acquisition, studies)
2011 2012
14,976 MMpesos 14,063 MMpesos
Chuktah-201
Nab-1
Noxal-1
Lakach-1
Lalail-1
512
680
805
Chelem-1
810
Tamil-1
778
Tamha-1
1,121
2003 2004 2005 2006 2007 2008
Wate
r depth
– (
mete
rs)
935
Gas Field
Oil Field
Unsuccessful
Leek-1
851
Catamat-1
1,230
2009
988
2010 2011
1,700
Labay-1
Lakach-2DL
1,196
Drilling
Piklis-1
1,945
Puskón-1
600
851
Maximino-1
Lakach
2004-2009 2010 2011
Holok-1
1,028
Etbakel-1
681
Kabilil-1
740
Talipau-1
940
Talipau-1
Puskón-1
Hux-1
1,130
Nen-1
1,495
2012
Kunah-1
2,154
Trión-1
2,550
Maximino-1
2,933
Yoka--1
2,090
2012 Program Supremus-1
2,890
Caxa--1
1,800
No. of locations >1,000 m
48 10 3
48
Production and F&D Costs
4.13 4.72
6.16
4.85 5.22
2006 2007 2008 2009 2010
13.2 12.0
10.8 11.8
12.8
2006 2007 2008 2009 2010
23.15
18.44
18.39
14.93
13.97
13.06
12.95
12.84
11.41
10.36
Statoil
Chevron
Eni
Conoco
Total
Shell
Petrobras
PEMEX
Exxon
BP
10.96
10.03
9.10
8.89
8.14
8.10
6.77
6.59
6.32
5.22
Chevron
Petrobras
Shell
Eni
Exxon
Conoco
BP
Statoil
Total
PEMEX
Production Costsa
USD @ 2010 / boe
Finding and Development Costsb,c
USD @ 2010 / boe
Production Costs1
USD @ 2010 / boe
Finding and Development Costs2
USD @ 2010 / boe
a) Source: 20-F Form 2010.
b) PEMEX Estimates- 3-year average.
c) Includes indirect administration expenses.
(1) Source: Annual Reports and SEC Reports 2010.
(2) Estimates based on John S. Herold, Operational Summary,
Annual Report and SEC Reports 2010.
49
Evolution of Productivity Index
65%
70%
75%
80%
85%
90%
95%
100%
105%
110%
115%
Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011
Permanent Payroll PEP / wells in operation (100% = 5.7)
Permanent Payroll PGPB / MMcfd processed wet gas (100% = 2.6)
Permanent Payroll PR / Mbd of Petroleum Products Sold (100% = 22.9)
Permanent Payroll PPQ / MT of Petrochemicals Sold (100% = 46.8)
September 2009 = 100%
Pro
ducti
vit
y
50
Execution Strategy
1st round: Awarded in August 2011.
2nd round: Contracts approved by
the Board of Directors in November
2011 and the preliminary bases
were published in December 2011.
Focus on technical, operational
and managerial challenges.
Potential to increase the
recovery factor.
Mature Fields Southern and Northern Regions
Mature Fields Northern Region and Chicontepec
Deep Waters
Increase Capacity Execution
2011 2012
Awarding of the 2nd round of
mature fields of the Northern
Region.
Chicontepec: Resources that
require a greater execution
capacity and the development
of specific technological
solutions.
56% of probable reserves and
58% of possible reserves are
located in Chicontepec.
An important portions of
the long term production
platform is located in Deep
Waters.
First production is expected
to be obtained in
approximately seven years.
Strategic execution program aligned with
the business plan
Beyond 2012
51
Main Projects
Conservation
Reforestation
Carbon Capture
Environmental Education
Research and Technological Applications
Sustainability and Environmental
Protection (1/2)
Pantanos de Centla Selva Lacandona Humedales de Alvarado Parque Ecológico Jaguaroundi
52
Environmental Projects (1/2)
Research, educational
and technological
implementation
program to preserve
the Lacandona Jungle
• Protection of 3 thousand 200
hectares.
• Resolution of land conflicts
with an environmental
perspective.
• Recovery of animal
populations considered as
endangered.
• Environmental education in
localities.
Description Achievements Project
Parque Ecológico Jaguaroundi
Natural Reserve of 960
hectares focused on
conservation,
reforestation, carbon
capture and
environmental
education.
• Preservation of biodiversity.
• Environmental education activities
and restoration of affected areas.
• Special Honorable Mention in the
National Award for Ecological Merit
in 2004.
53
Environmental Projects (2/2)
Conservation,
environmental education
and management project
of the Centla Marshes
Biosphere Reserve,
Tabasco.
• Development and consolidation
of the Casa del Agua as an agent
of transformation in the culture
of conservation in the region.
• Publication and dissemination of
educational materials.
• Restoration of critical
ecosystems.
• Sustainable development in
communities.
Environmental Education
Project in the Alvarado
and Tuxpan wetlands,
and the Otontepec
Sierra. Reforestation of
mangroves and lowlands
in the Alvarado Lagoon
System.
• Environmental education and
training.
• 200 landlords trained in
reforestation, fire control and soil
protection techniques.
Reforestation of 643 hectares in
properties of which 398 are
mangrove vegetation and 245 are
lowland forest, with a scheme of
community participation.
Description Achievements Project
2011
54
16.42 15.67
50.49
16.50 18.73
31.63
49.91
Gross Margin
2011 (U.S.$) Exxon Royal Dutch Shell Statoil BP Chevron Petrobras PEMEX
Total sales $433,526.00 $470,171.00 $115,281.98 $375,517.00 $236,286.00 $146,294.36 $111,393.00
Gross income $71,168.00 $73,669.00 $58,211.42 $61,954.00 $44,260.00 $46,275.28 $55,596.00
Operating income $54,104.00 $42,715.00 $37,591.70 $27,061.00 $38,299.00 $26,267.77 $48,707.00
Income before taxes and duties $73,257.00 $55,660.00 $38,184.72 $38,834.00 $47,634.00 $26,572.18 $56,076.00
Net income $41,060.00 $30,918.00 $14,068.67 $25,700.00 $26,895.00 $19,959.03 -$6,539.00
EBITDA $69,687.00 $55,943.00 $46,761.06 $39,220.00 $51,210.00 $36,896.11 $76,964.00
16.07 11.90
40.56
10.44
21.67 25.22
69.09
EBITDA Margin
12.48 9.09
32.61
7.21 16.21 17.96
43.73
Exxo
n
Ro
yal
Du
tch
She
ll
Stat
oil
BP
Ch
evr
on
Pe
tro
bra
s
Pe
me
x
Operating Margin
16.90 11.84
33.12
10.34 20.16 18.16
50.34
Exxo
n
Ro
yal
Du
tch
She
ll
Stat
oil
BP
Ch
evr
on
Pe
tro
bra
s
Pe
me
x
Pre-tax Margin
Source: Bloomberg.
55
4Q11 Financial Highlights
Billion Pesos
(1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS
Billion Dollars
4Q10 4Q11 Change 4Q10 4Q11
Total revenue from sales and
services 343.0 420.3 27.8 30.0
Gross Income 162.3 197.8 13.1 14.1
Operating Income 132.9 175.2 10.8 12.5
Income before Taxes
and Duties 144.5 219.7 11.7 15.7
Taxes and Duties 169.6 243.5 13.7 17.4
Net Income (loss) (25.1) (23.8) (2.0) (1.7)
EBITDA1 199.0 292.6 16.1 20.9
22.5%
20.7%
30.3%
50.4%
45.9%
43.5%
56
1Q12 Financial Results
Billion Pesos Billion Dollars
1Q11 1Q12 Variation 1Q11 1Q12
Total revenue from sales and
services 352.7 411.3 29.5 32.0
Gross Income 184.0 221.4 15.6 17.2
Operating Income 191.5 247.7 13.7 19.3
Income before Taxes
and Duties 201.0 280.4 16.9 21.8
Taxes and Duties 199.4 246.5 16.5 19.2
Net Income 1.5 33.9 0.1 2.6
EBITDA1 244.5 305.8 20.5 23.8
16.6%
20.4%
29.3%
39.5%
25.0%
23.6%
(1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS.
57
2010 2011 Var. Abs.
2010 vs. 2009 %
Total sales 1,282.1 1,558.4 276.3 21.6%
Domestic 683.9 779.2 95.3 13.9%
Exports 592.9 773.0 180.1 30.4%
Income from services 5.3 6.3 1.0 18.9%
Cost of sales 631.4 780.6 149.2 23.6%
Gross profit 650.7 777.8 127.1 19.5%
General expenses 104.3 96.4 -7.9 -7.6%
Distribution expenses 33.3 31.3 -2.0 -6.0%
Administrative expenses 71.0 65.0 -6.0 -8.5%
Operating profit 546.5 681.4 134.9 24.7%
Other income (expenditure), net 71.6 195.5 123.9 173.0%
Financial result (cost) (12.0) (91.6) -79.6 663.3%
Financial results of non
consolidated subsidiaries 1.5 (0.8) -2.3 -153.3%
Profit before tax and duties 607.6 784.5 176.9 29.1%
Tax and duties paid 654.1 876.0 221.9 33.9%
Net loss (46.5) (91.5) -45.0 96.8%
Financial Highlights. 2010 vs. 2011 (NIF)
Million MX$
58
Sources and Uses of Funds 2011
Average Exchange Rate: 12.4253 $/USD
Production: 2,553.4 Mbd
Average Price: 101.05 USD/BL
Net Indebtedness: 1.7 billion USD
Internal: 0.5 billion USD
External: 1.2 billion USD
PEMEX's Board authorized a limited net indebtedness of U.S.$3.5 billion and a maximum debt to be
raised of U.S.$10 billion. Estimated amortizations for the year are U.S.$6.5 billion.
Nevertheless, due to operating cash flow generation and existing cash balances the amount of
debt raised in 2011 should be around U.S.$8.1 billion. Therefore, the resulting net
indebtedness should be U.S.$1.7.
Sources Uses
18.1
8.1
23.0
6.5 9.8
36.0
6.5
Initial cash Resourcesfrom
operations
Financing Total Totalinvestment
(CAPEX)
DebtPayments
Final cash
External and Structural Effects
Subsidy of
LPG
Opportunity cost of the sale of LPG in the domestic
market. It is the difference between the international
reference price and the maximum price set by
Presidential decree, times the volume sold.
Quality of
gasolines and
diesel
Diesel
imports price
parity
Million pesos
Non-recognized logistics costs on diesel imports. Prices
are kept at parity.
Producer’s price is not adjusted as the quality of
automotive gasolines change.
Total Amount
2011
= 39,950
= 2,856
= 4,929
= 88,886 Cost-cap It is the excess tax generated by deducting the cost-cap
authorized in the fiscal regime for PEP, instead of the real
costs.
60
2011 Capital Markets’ Activity
Issuance
MM Coupon Issuance Date Maturity
A Ps. 10,000 TIIE28 + 21 bp 15-mar-11 2016
B USD$1,250 6.50% 25-may-11 2041
C USD$1,000 5.50% 20-jul-11 2021
D Ps. 7,000 TIIE28 + 24 pb 27-sep-11 2017
E 653.38 UDIS (Ps. 3,000) 3.55% 27-sep-11 2021
F USD$1,250 6.50% 12-oct-11 2041 reopening
G Ps. 10,000 7.65% 7-dic-11 2021
A B
C
D,E F G
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
ene 11 feb 11 abr 11 jun 11 jul 11 sep 11 oct 11 dic 11
61
PEMEX´S Debt Evolution
Debt Outstanding
Consolidated Debt1
US$ Billion
49.8 52.2
46.1 42.8
47.9 53.2 55.3
58.3
2005 2006 2007 2008 2009 2010 2011 2012
Outstanding at the end of each year
2
(1) Does not include accrual interest
(2) Estimated
62
Maturity Profile – Consolidated Debt *
Total Debt as of December 31, 2011 – U.S.$55.3 billion
Debt Portfolio
13.2%
11.2%
8.7% 8.1%
10.5%
5.4% 6.1%
6.5% 5.8%
7.4%
1.3% 0.9%
0.0%
2.3%
0.0% 0.5%
12.1%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028…
(1) Numbers may not total due to rounding.
(*) Does not include accrued interests
63
Composition of Debt
Total Debt as of December 31, 2011 – U.S.$55.3 billion
(*) Does not include accrued interests.
By Interest Rate
By Currency Exposure
By Currency of Issuance*
By Instrument*
Dollars65%
Euros10%
UDIS3%
British Pounds
2%
Yens4%
Pesos15%
Swiss Francs
1%
Int. Bonds49%
Cebures16%
ECAs17%
Int. Bank Loans13%
Domestic Bank Loans
1%
Others4%
Fija60%
Flotante
40%
Dólar80%
Peso18%
Euros2% Dólar
Peso
Euros
