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Investor Presentation
April 2018
Disclaimer
Important Information Concerning this Presentation
This presentation has been prepared by Petróleos Mexicanos (“PEMEX”) solely for information purposes. No representation or warranty express or implied is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or any opinion contained herein. The information contained in this presentation
should be considered in the context of the circumstances prevailing at the time and will not be updated to reflect material developments that may occur after the date of the presentation.
Neither PEMEX nor any of its affiliates, officers, directors or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this presentation
or its contents or otherwise arising in connection with this presentation.
This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate
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the U.S. Securities Act of 1933, as amended (the “Securities Act”)), or (b) not a U.S. person and are outside the United States and not acting for the account or benefit of a U.S. person
(as defined in Regulation S under the Securities Act).
This presentation does not constitute or form part of an offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied
upon in connection with any contract, commitment or investment decision in relation to any securities. No money, securities or other consideration is being solicited, and, if sent in
response to this presentation or the information contained herein, will not be accepted.
This presentation may contain statements that reflect PEMEX’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions
about the future, some of which are beyond PEMEX’s control. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ
materially from those contemplated by the relevant forward-looking statements. PEMEX does not undertake any obligation to update any forward-looking statements to reflect events
that occur or circumstances that arise after the date of this presentation.
Certain data in this presentation was obtained from various external data sources, and PEMEX has not verified such data with independent sources. Accordingly, PEMEX makes no
representations as to the accuracy or completeness of such data, and such data involves risks and uncertainties and is subject to change based on various factors.
You agree to keep the contents of this presentation strictly confidential. All or any part of this presentation may not be taken away, reproduced, redistributed or retransmitted in any
manner.
By attending this presentation, you are agreeing to be bound by the foregoing limitations.
Content
2
1PEMEX Snapshot
2Upstream
3Midstream & Downstream
4Financial Performance
PEMEX: Integrated Oil & Gas Company
• Total hydrocarbon
production 2,700 Mboed
• 256 Operating platforms
• 8,008 Operating wells
• 6 refineries in Mexico with a
refining capacity of 1,602 Mbd
• 1 refinery in JV with Shell in
Deer Park, Texas (340 Mbd)
• Crude oil process: 767 Mbd
• 9 Gas Processing Complexes
(5,912 MMcfd)
• 2 Petrochemical Complexes
(1,694 Tpy)
• MXN 1.4 trillion annual revenues3
-Exports MXN 508 billion
-Domestic sales MXN 877 billion
• Crude oil exports: 1,174 Mbd
• 11,586 Service stations4
Upstream
8th Crude oil producer1
Downstream
16th Refining
company worldwide1
Sales
4th largest oil exporter
to the USA
Midstream
Strategic
Infrastructure
• Strategically positioned
logistic infrastructure:
17,000 km of pipelines
• 74 Storage and
distribution terminals
• 16 Marine terminals
• 10 Liquefied gas
terminals
• 1,485 Tank trucks
• 17 Ships
• 511 Tank cars
• 56 pumping and
compression stations
1. Source: Petroleum Intelligence Weekly, Top 50 Rankings of the
World’s Oil Companies, November 2017
2. Does not include nitrogen
3. Last five years’ average (2013-2017)
4. As of December 31, 2017, retail service stations under the PEMEX
brand3
PEMEX’s Reserves
4
Basin
Reserves1Prospective
Resources2
1P
(90%)
2P
(50%)
3P
(10%)Conv.
Non
Conv.
Southeastern 6.4 10.1 13.4 11.6
Tampico
Misantla0.9 3.3 6.0 3.3
Burgos 0.2 0.3 0.4 1.5
Veracruz 0.2 0.3 0.5 0.6
Sabinas 0.0 0.0 0.0 0.4
Deepwater 0.1 0.2 0.8 6.0
Total PEMEX 7.7 14.2 21.1 18.2 5.2
MMMboe (billion barrels of oil equivalent)
Exploration
Projects
Development and
Exploitation
Projects
Oil and Gas
Gas
Veracruz
Tampico-
Misantla
BurgosSabinas
Gulf of Mexico
Deep Sea
Exploration
Yucatan
Platform
Southeastern
• PEMEX holds a vast majority of Mexico’s hydrocarbon reserves
1 PEMEX’s Hydrocarbon Reserves as of January 1, 2018. 1P reserves have already been validated by the CNH, Mexico’s National Hydrocarbons
Commission, while 2P and 3P reserves are still in process.
2 Prospective resources assigned to PEMEX in Round Zero
Achievements (1/2)
1. For the second year in a row, annual crude oil production target was met:
1,948 Mbd
2. Successful implementation of new ventures:
Joint venture with Air Liquide for hydrogen supply at the Tula refinery
Migration without a partner of the shallow water cluster Ek-Balam
Associations with Deutsche Erdoel and Ecopetrol for two blocks in
CNH’s Round 2.1
First phase of Pemex Logistics’ Open Season
Divestment of stake in Los Ramones II Norte pipeline
Installation of coker unit at the Tula refinery
Signing of first Exploration and Extraction Contract migration of onshore
fields Santuario and El Golpe.
First two onshore farm-outs: Ogarrio and Cárdenas-Mora
1
2
2017
5
Achievements (2/2)3. Discovery of the largest onshore
reservoir in the last 15 years: Ixachi
3P Reserves of approximately 366
MMboe
4. Uninterrupted fuel supply despite
hurricanes and earthquakes
5. Natural gas use growth from 91.2% to
95.7%
6. Implementation of a commercial
strategy based on the most profitable
markets
7. PEMEX was awarded 4 blocks in
CNH’s Round 2.4, and 7 blocks in
Round 3.1
8. Migration (entitlement to contracts) of
onshore fields (Misión & Olmos)
3
2017
2018
6
4
5
6
7
8
2017 Financial Performance• Decrease in net indebtedness by 69% compared to 2016 due to cash flow stability
• Net indebtedness for 2017 was lower
than budgetary financial deficit
• The objective for 2018 is to limit net
indebtedness to the budgetary
financial deficit (MXN 79.4 billion),
in line with the Business Plan
223.4194.8
231.6
72.4
0
50
100
150
200
250
2014 2015 2016 2017
Net Indebtedness MXN billion
71 USD 6.7 billion and MXN 23.5 billion. MXN / USD = 18.4
• 2017 Budgetary Financial Balance goal was met (MXN -94 billion)
• Strengthened cash flow from operations
• Improved fiscal regime for fields that were not profitable after taxes. Positive impact of
MXN 7.8 billion
• Crude Oil Hedging Program to protect PEMEX’s financial balance from drops in the price of
the Mexican Crude Oil Export Mix
• Locked liquidity sources: ≈USD 8 billion1 in committed credit facilities
Content
8
1PEMEX Snapshot
2Upstream
3Midstream & Downstream
4Financial Performance
Current Status and Challenges
9
• PEMEX continues to be a key player in the O&G industry
• Production has been stabilized and will eventually increase.
• 2017’s production averaged 2,700 Mboed
0
50
100
150
200
250
300
350
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
MXN BnMbd
Other assets Ku-Maloob-Zaap Cantarell Total hydrocarbons (Mboed) E&P Investment
Hydrocarbon Production
2
-42%
+42%1
1 Includes Ku-Maloob-Zaap and other assets
2 Includes non-capitalized maintenance
Source: PEMEX 2017
Upstream: Business Plan
1 Includes PEMEX’s production -estimates sent to the Ministry of Finance on September 2017- as established in the Business Plan published in November
2016.
• With profitability as its ultimate goal, the Business Plan projects increased production and
investment through different types of JVs and farm-outs
2,6
01
2,5
77
2,5
33
2,5
48
2,5
22
2,4
29
2,2
67
2,1
54
1,9
48
1,9
51
1,9
82
2,0
17
2,1
41
195
257
267
316
0
500
1,000
1,500
2,000
2,500
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Crude Oil Production1
Mbd
Improved(BusinessPlan)
PEMEXproduction
• Focused on assignments
that are profitable after taxes
• Aggressive farm-out program
• Updated Business Plan will include new service contracts
• Development of fields that are profitable for the Mexican State
and which, under similar fiscal conditions than privates, are
profitable for PEMEX after taxes
• Both PEMEX and the Federal Government will benefit from
incremental farm-out production
Business Plan Scenario Improved Scenario
10
Upstream: Competitive Production Cost
5.2 6.1 6.8 7.9 8.2 6.7 5.5
2.72.3
2010 2011 2012 2013 2014 2015 2016Production cost before taxes Taxes and Duties
Production Costs1
(USD / boe)
2016 Benchmarking: Production Costs2
(USD / boe)
16.313.2
12.0
11.5
10.9
9.9
8.5
7.8
6.15.0
Petrobras (BR)
Chevron-Texaco (US)
Eni (IT)
ConocoPhillips (US)
Shell (NL)
ExxonMobil (US)
BP (UK)
PEMEX (MX)
Total (FR)
Statoil (NO)
9.47.8
• Exploitation strategies focused on shallow waters have allowed PEMEX to maintain very
competitive production costs, as compared to most of its peers
• Lower production costs provide greater flexibility, especially under lower crude oil price
scenarios
11111. Nominal values Source: 20-F Form (2010-2016)
2. Source: Annual Reports and SEC Reports 2016
Upstream: New Production Frontiers
Deepwater Infrastructure1 Shale Potential2
• New complex frontiers to be explored through associations: investment and risk sharing +
technology and know-how exchange
• Mexico has significant shale resources endowment
Olmos
Lewis
Energy
1 Source: National Geographic
2 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 12
PEMEX’s Results in CNH’s Rounds
1 MMboe
• Investment and risk sharing have proven to be highly successful for PEMEX and its partners
• PEMEX has efficiently prioritized its profitability goals and has leveraged its deep knowledge and expertise in
the Mexican hydrocarbons sector
Areas
Perdido
Area
Block 3
Tampico
Misantla
Block 2
Southeastern
Basins
Block 8
Perdido
Area
Block 2
Perdido Area
Block 5
Cordilleras
Mexicanas
Block 18
Cuenca
Salina
Block 22
Partner(s)Chevron &
INPEX
Deutsche
Erdoel AG Ecopetrol Shell - -
Chevron &
INPEX
Prospective
Resources1 485 681 413 76 252 412 101
TypeofHydrocarbon
Light crude
oil
Light crude
oil & dry
gas
Light crude oilLight
crude oil
Light crude
oilWet & dry
gas
Heavy crude
oil
Type of FieldDeep
waters
Shallow
watersShallow waters
Deep
Waters
Deep
Waters
Deep
Waters
Deep
Waters
Bidding Date Dec 2016 Jun 2017 Jan 2018
Round 2.4 results
2016 2017 2018
13
PEMEX’s Successful Performance in Round 3.1
1 MMboe
2 DEA: Deutsche Erdoel AG; CEP: Compañía Española de Petróleos14
Areas
Tampico-
Misantla-
Veracruz
Tampico-
Misantla-
Veracruz
Tampico-
Misantla-
Veracruz
Southeastern
Basins
Southeastern
Basins
Southeastern
Basins
Southeastern
Basins
Block 16 Block 17 Block 18 Block 29 Block 32 Block 33 Block 35
Partner(s) DEA & CEP2 DEA & CEP CEP - Total Total Shell
Prospective
Resources1 372 681 643 471 519 253 82
Type of
Hydrocarbon
Light crude
oil
Light crude
oil
Light crude
oil
Light crude
oil
Heavy crude
oil and dry
gas
Extra-light
crude oil
Extra-heavy
crude oil
Type of Field Shallow waters
Bidding Date Mar 2018
Farm-outs at a Glance
1 Source: CNH. P10 prospective resources
Areas TrionCárdenas-
MoraOgarrio
Nobilis-
MaximinoAyín-Batsil 7 clusters
Partner BHP Billiton CheironDeutsche
Erdoel AGWill be part of a new bidding process
3P Reserves
(MMboe)485 93 54 1,4281 4661 392
Production
(Mbd)N.A. 6.3 5.1 N.A. N.A. N.A.
Expected
Investment
(USD million)
11,000 1,076 450 TBD TBD TBD
Type of
Hydrocarbon
Light crude
oil
Light crude
oil
Light crude
oil
Light crude
oil
Heavy crude
oil
Light crude
oil
Type of FieldDeep
watersOnshore Onshore
Deep
waters
Shallow
watersOnshore
Bidding Date Dec 2016 Oct 2017
2016 2017 TBD 15
Migrations at a Glance
Areas Ek-BalamSantuario
& El GolpeMisión Olmos
San Ramón-
Blasillo
Type of ProjectMigration without
a partner
Production
Sharing Contract
Production
Sharing ContractEPISC1 EPISC1
Partner N.A. PetrofacTecpetrol &
Grupo RLewis Energy TBD
3P Reserves
(MMboe)500 126 345 0.6 26.7
Production (Mbd) 34.1 6.8 59.6 (MMcfd) 117 (MMcfd) TBD
Expected
Investment
(USD million)
6,636 1,590 637 617 TBD
Type of
HydrocarbonHeavy crude oil
Light oil & gas
associated
Non-associated
gas &
condensates
Light crude oil
& dry gas
Light crude oil
& dry gas
Type of Field Shallow waters Onshore Onshore Onshore Onshore
Migration Date May 2017 Dec 2017 Mar 2018 Mar 2018 In process
16
2017 2018 TBD
* From Integrated Exploration and Production Contract (CIEP) to a new format of incentivized contract (EPISC)
1 EPISC: Exploration and Production Integrated Services Contract (In Spanish: Contratos Integrales de Exploración y Producción)
PEMEX leads in CNH’s Rounds
Sources: National Hydrocarbons Commission and PEMEX 1 CNH’s bidding rounds
• PEMEX was awarded 14 contracts in the nine Mexican1 rounds; 11 as part of a
consortium, and 3 by itself
• PEMEX has made alliances with 7 international oil and gas companies from 7 countries
17
6
11
5
3
4
1
2
9
1
3
3
8
9
5
0 3 6 9 12 15
Eni
Sun God
REPSOL
TOTAL
PETRONAS
Shell
JAGUAR
PEMEX
Onshore Shallow waters Deep waters
9
7
6
6
6
PEMEX obtained
20% of 70 blocks
awarded
14
11
11
Content
18
1PEMEX Snapshot
2Upstream
3Midstream & Downstream
4Financial Performance
99
90
90
70
60
3
2
France
USA
China
Japan
South Africa
India
Mexico
Midstream: Storage and Distribution Opportunities
• Further gasoline storage capacity and pipelines are required in Mexico. The U.S. has 27
times more infrastructure to supply fuel and 45 times more storage terminals than Mexico
Gasoline Storage Days by Country1
2016
Pipelines in the United States2 and in Mexico3
2016
19191 Source: Strategy, PwC 2017
2 Source: Pipeline 101, Where Are Liquids Pipelines Located?
3 Source: EIA 2017
Midstream & Downstream: Upcoming Developments
20
It auctioned 20% of its
capacity in Baja California
and Sonora, and awarded
it to Andeavor (Tesoro)1
Open Season: Pemex Logistics is
offering its non-used storage and
distribution capacity to third-parties,
which will yield additional revenues
Assigned capacity
Will be assigned during 2018
Stage 2.1:
Pacific System
Topolobampo
• The Mexican fuels market is moving towards an open, competitive and market-driven price
structure; the entire country liberalized fuel prices on November 30, 2017
1 At fees 10% above the minimum required 2 Energy Regulatory Commission
Stage 1.2:
Northern System Border
Under revision with CRE2 to be
re-auctioned
Midstream & Downstream: Business Plan• The midstream and downstream sectors have been affected by underinvestment,
impacting petroleum products output
21211 The financial balance considers the result from subtracting total expenses (including financing costs) from total revenues.
49.2
41.9
36.211
-108.9
29.4
-120
-80
-40
0
40
Impact of the Strategic Initiatives on the Financial Balance1 until 2025
(MXN billion in cash flow)
Business Plan scenario
Pemex Industrial Transformation
• Partnerships in operation of auxiliary services
and revamps of refineries
• Operational discipline and reliability
• Timely attention to risk factors
• Cost efficiency and gradual acknowledgment
of opportunity costs in transportation prices
• Pipeline custody
• Illicit markets
Pemex Logistics
• Open Season
• Focus on profitable
business lines
Financial
Balance
2025
(Equivalent to
-96.3 in 2017)
Partnerships
Safe and reliable
operations
Acknowledgment
and efficiency in
transportation
costs
Stolen
ProductResult
Content
22
1PEMEX Snapshot
2Upstream
3Midstream & Downstream
4Financial Performance
Operating Income
23
• Operating income reflects asset impairments
727.6
615.5
(154.4)
424.4
104.7
-250
-50
150
350
550
750
2013 2014 2015 2016 2017
Operating IncomeMXN billion
753.2
638.1
323.6
93.0
256.2
0
150
300
450
600
750
2013 2014 2015 2016 2017
Operating Income without ImpairmentMXN billion
Stable Cash Flows
24
• In 2017, PEMEX’s cash flow generation’s operating capacity had a solid and stable
performance, which led to a 72% growth in EBITDA
Me
xic
an
Cru
de
Oil
Mix
Pri
ce
US
D/b
EBITDA Mexican Crude Oil Mix Price
378
297
462
43.1
35.6
46.7
0
10
20
30
40
50
0
100
200
300
400
500
2015 2016 2017
EBITDAMXN billion
Me
xic
an
Cru
de
Oil
Mix
Pri
ce
US
D/b
EBITDA Margin Mexican Crude Oil Mix Price
43.1
35.6
46.7
0
10
20
30
40
50
2015 2016 2017
32%27%
33%
0%
10%
20%
30%
40%
EBITDA/Total Sales
1 EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization
Access to Financial Markets
25
• February 2017 – Issuance of EUR 4.25 billion in three tranches:
- EUR 1.75 billion at 2.50% due in August 2021
- EUR 1.25 billion at 3.75% due in February 2024
- EUR 1.25 billion at 4.87% due in February 2028
• July 2017 – liability management transaction:
- Reopening of two reference bonds due in 10 and 30 years at 5.75% and
6.90%, respectively. 3x oversubscribed.
- Repurchase of bonds totaling USD 1,739 million due in 2018 and 2019, to
improve the amortization profile and increase the average debt maturity.
• November 2017:
- Issuance of GBP 450 million at 3.75% due in 2025
• February 2018 – USD 4 billion issuance with a liability management
component:
- Issuance of USD 2.5 billion at 5.35% due in 2028 and USD 1.5 billion at 6.35%
due in 2048
- Repurchase of bonds totaling USD 2.0 billion due in 2019 and 2020
- Exchange of bonds due 2044 and 2046 for the new 30 year maturity bond
totaling USD 1.8 billion
2017
2018
26
Diversified Debt Structure
By Currency By Interest Rate By InstrumentBy Currency
Exposure
68%
15%
3%
1% 2%
11%
1%
Dollar Euros
UDIS British Pounds
Yens Pesos
Swiss Francs
84%
16%
Fixed Floating
75%
10%
3%
5% 3% 1%2%
Int. Bonds
Cebures
ECAs
Int. Bank Loans
Domestic Bank Loans
Revolving Credit
Others
86%
1% 1%
13%
Dollar Yen
UDIS Pesos
• PEMEX’s portfolio strategy has prioritized the development of new sources of
financing to diversify its investor base and currencies
Note: As of December 31, 2017. Sums may not total 100% due to rounding.
Credit Rating Agencies Recognize PEMEX’s Strategic Importance for Mexican Economy
27
2017 PEMEX annual rating revisions highlight:
Key energy
supplier
Strong linkage to
Mexican
Government &
fiscal relevance
Stable finances
Expectation of
improved
profitability
Rating Agency Last Revision Global Scale Outlook National Scale
Fitch August 2017 BBB+ Stable AAA(mex)
S&P August 2017 BBB+ Stable mxAAA
Moody’s April 2018 Baa3 Stable Aa3.mx
R&I April 2017 BBB+ Stable N.A.
HR Ratings September 2017 HR A- (G) Stable HR AAA
Source: PEMEX. Full Rating Reports are available at http://www.pemex.com/en/investors/debt/Paginas/credit-ratings.aspx
Markets Respond Positively to PEMEX’s Strategy
28Source: Bloomberg
• PEMEX’s efforts and business strategy have yielded tangible results, as shown in the
spread between PEMEX’s 10Y benchmark and U.S. Treasuries
2016 2017 2018
200
250
300
350
400
450
500
Apr-16 Jul-16 Oct-16 Jan-17 May-17 Aug-17 Nov-17 Mar-18
Spread PEMEX vs US Treasury 10Y
(Basis points)
Final Remarks
29
PEMEX’s 2017 highlights
• Reached annual crude oil production target for the second year in a row
• Budgetary financial balance goal met (MXN -94 billion)
• Decreased net indebtedness: MXN 72 billion
• Sound financial footing and ensured access to locked-in liquidity sources
• Hedge on crude oil prices to guarantee budget stability
• Renewed access to financial markets and active debt management
• 3P Reserves increased by 75%, as compared to 2016
• Successful implementation of farm-outs and associations
• Focus on profitability as the main driver
• Quick adaptation to the new competitive environment
PEMEX’s outstanding results in CNH’s Rounds:
• Growing portfolio of partners that facilitates the adoption of international best
practices in the industry
• The company with the most-awarded contracts: 14; 9 in shallow waters and 5 in
deep waters
• Partnerships with major oil & gas companies: Chevron, Shell, Total, INPEX,
Deutsche Erdoel, Ecopetrol, and Compañía Española de Petróleos
• PEMEX is recognized as a valuable and reliable partner to execute investments
in Mexico by international oil & gas companies
Annex: PEMEX’s Associations
Source: PEMEX
EEISC: Exploration and Production Integral Services Contract (In Spanish: Contratos Integrales de Exploración y Producción)31
Perdido
Anhélido
Tantocob
Puchut
Llave
Han
Holok
Chalabil
Cuichapa
Uchukil
TRION
A3
A8
AC2
AC5
AC5
AC18
AC22
# Contractual AreaSurface
Km2 Contract Partnership
Migrated to Contract
1 A1-Trión 1,284 BHP & PEMEX
2 M1-Ek-Balam 63.373 PEMEX
3 Misión 1,692Servicios Múltiples de
Burgos (SMB) & PEMEX
4 A3-Cárdenas-Mora 168.15Cheiron Holdings &
PEMEX
5 M2-Santuario-El Golpe 153.193 Petrofac & PEMEX
6 A4-Ogarrio 155.99 DEA & Pemex
Round 1.4
7 A3-Perdido Fold Belt 1,687Chevron, PEMEX &
INPEX
Round 2.1
8 A2-Tampico Misantla 549 DEA & PEMEX
9 A8-Southeastern Basins 586 Ecopetrol & PEMEX
Round 2.4
10 AC2-Perdido Area 2,146 Shell & PEMEX
11 AC5-Perdido Area 2,733 PEMEX
12 AC18-Cordilleras Mexicanas 2,917 PEMEX
13 AC22-Cuenca Salina 2,879Chevron, PEMEX &
INPEX
Round 3.1
14 A16-Tampico-Misantla-Veracruz 785 PEMEX, DEA & CEPSA
15 A17-Tampico-Misantla-Veracruz 842 PEMEX, DEA & CEPSA
16 A18-Tampico-Misantla-Veracruz 813 PEMEX & CEPSA
17 A29-Southeastern Basins 471 Without a partner
18 A32-Southeastern Basins 1027 Total & PEMEX
19 A33-Southeastern Basins 581 Total & PEMEX
20 A35-Southeastern Basins 798 Shell & PEMEX
EEISC
Olmos 380 Lewis Energy & PEMEX
Misión
Ek-Balam
Santuario
Cardenas
Ogarrio
Olmos
A16
A2
A17A18
A29
A32
A33
A35
Round Zero
Round 1.4
Round 2.1
Round 2.4
Round 3.1
CSIEE
Trion
