Embed Size (px)
Citation preview
Preliminary Results2012
February 28, 2013
Forward-Looking Statement and Cautionary Note (1/2)
1
Variations If no further specification is included, changes are made against the same period of the last year.Rounding Numbers may not total due to rounding.Financial information Excluding budgetary and volumetric information, the financial information included in this report and the annexes hereto is based on unaudited
consolidated financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which PEMEX has adopted effective January 1, 2012. Information from prior periods has been retrospectively adjusted in certain accounts to make it comparable with the unaudited consolidated financial information under IFRS. For more information regarding the adoption of IFRS, see Note 20 to the consolidated financial statements included in Petróleos Mexicanos’ 2011 Form 20-F filed with the SEC on April 30, 2012. Adjusted EBITDA is a non-IFRS measure. We show a reconciliation of Adjusted EBITDA to net income in Table [34] of the annexes to this report. EBITDA is a non-U.S. GAAP and non-FRS measure issued by the CINIF.
Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies of Petróleos Mexicanos.
Foreign exchange conversions Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, as of December 31, 2012, of Ps.
13.0101= U.S.$1.00. Such translations should not be construed as a representation that the peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate.
Fiscal regime Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production’s (PEP) tax regime is governed by the Federal
Duties Law, while the tax regimes of the other Subsidiary Entities continue to be governed by Mexico’s Income Tax Law. The most important duty paid by PEP is the Ordinary Hydrocarbons Duty (OHD), the tax base of which is a quasi operating profit. In addition to the payment of the OHD, PEP is required to pay other duties.
Under PEMEX’s current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and Public Credit (SHCP) and the final consumer; PEMEX retains the amount of IEPS and transfers it to the Federal Government. The IEPS rate is calculated as the difference between the retail or “final price”, and the “producer price”. The final prices of gasoline and diesel are established by the SHCP. PEMEX’s producer price is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Since 2006, if the final price is lower than the producer price, the SHCP credits to PEMEX the difference among them. The IEPS credit amount is accrued, whereas the information generally presented by the SHCP is cash-flow.
Hydrocarbon reserves Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States Concerning Petroleum Affairs, (i)
PEMEX's reports evaluating hydrocarbon reserves shall be approved by the National Hydrocarbons Commission (NHC); and (ii) the Secretary of Energy will register and disclose Mexico's hydrocarbon reserves based on information provided by the NHC. As of the date of this report, this process is ongoing.
Forward-Looking Statement and Cautionary Note (2/2)
2
Hydrocarbon reserves As of January 1, 2010, the SEC changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but
also probable reserves and possible reserves. In addition, we do not necessarily mean that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our annual report to the Mexican Banking and Securities Commission, available at http://www.pemex.com/.
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. The principal subsidiary company is PMI.
Content
3
Highlights
Upstream
Downstream
Financial Results
Questions and Answers
Highlights 2012
4
• Total revenues amounted to Ps. 1.646 trillion.
• Total hydrocarbons production averaged 3,697 Mboed.
• Crude oil production averaged 2,548 Mbd.
• Taxes generated during the period amounted to Ps. 902.9 billion.
• During 2012, PEMEX recorded an EBITDA of Ps. 1.145 trillion.
• PEMEX recorded a net income of Ps. 5.0 billion.
• Total investment reached a record high of Ps. 311.5 billion.
Context 2012
80
85
90
95
100
105
110
115
120
125
130
12/10 4/11 8/11 12/11 4/12 8/12 12/12
Prices of Crude OilUS$/barrel
Avg 2012:101.86 US$/b
Mexican Mix
Brent
Avg 2011: 101.09 US$/b
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
12/10 4/11 8/11 12/11 4/12 8/12 12/12
Prices of Natural GasUS$/MMBtu
Avg 2011: 3.98 US$/MMBtu
Avg 2012: 2.75 US$/MMBtu
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
12/10 4/11 8/11 12/11 4/12 8/12 12/12
Exchange RatePs./US$
Dec 31, 2012:13.99 Pesos/US$
Dec 31, 2012:13.01 Pesos/US$
2.00
2.20
2.40
2.60
2.80
3.00
3.20
3.40
12/10 4/11 8/11 12/11 4/12 8/12 12/12
Prices of Regular Gasoline in the USGMUS$/Gal
Avg 2011: 2.74 US$/Gal
Avg 2012: 2.81 US$/Gal
5
Content
6
Highlights
Upstream
Downstream
Financial Results
Questions and Answers
74%
26%
Offshore Onshore
Crude Oil Production
7
During 2012, crude oil production remained stable
Mbd
- 300 600 900
1,200 1,500 1,800 2,100 2,400 2,700
Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
Daily Production
Heavy Light Extra light
54% 54% 55% 54%
33% 33% 32% 33%
13% 13% 13% 13%
2,553
2,540 2,545 2,546 2,561
2,548
2011 1Q12 2Q12 3Q12 4Q12 2012Heavy Light Extra-light
Exploration & Production Strategy 2012
0
9
18
27
36
45
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Additional Production from New FieldsMbd
Kuil
Tsimin
Pareto
070
140210280350420
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Increase Production of Existing FieldsMbd
OgarrioTerraIxtocHomolTizonMayTeotlecoKabYaxcheSihil
685 558 501 454
-2.79% -1.36% -1.16% -0.17%
2009 2010 2011 2012
Stabilization of the Cantarell AssetMbd
Cantarell's Production(Mbd)
Average Monthly DeclineRate
8
Natural Gas Production
9(1) Does not include nitrogen.
37%
63%
Offshore Onshore
65% 65% 67% 68%
35% 35% 33% 32%
5,913
5,742 5,675 5,626 5,664
5,676
2011 1Q12 2Q12 3Q12 4Q12 2012
Natural Gas Production1
MMcfd
Associated Non-Associated
249
137 112 97 162 127
4.2%
2.4%2.0%
1.7%
2.9%
2.2%
2011 1Q12 2Q12 3Q12 4Q12 2012
Gas FlaringMMcfd
Gas Flaring (MMcfd)
Gas Flaring / Total GasProduced
Natural gas flaring amounted to approximately 98%
9%
91%
Offshore Onshore
Operational Infrastructure
Increasing drillingactivities and completion of wellsduring 2012.
5,197 6,069
3,118 3,369
8,315
9,074 9,328 9,653 9,696
9,438
2011 1Q12 2Q12 3Q12 4Q12 2012
WellsAverage
Crude oil Non-Associated Gas
1,001 1,201
33 37 1,034
267 298
329
344
1,238
2011 1Q12 2Q12 3Q12 4Q12 2012
Completion of Wells
Development Exploration
111 119
17 17128
132 141 138 132
136
2011 1Q12 2Q12 3Q12 4Q12 2012
Drilling EquipmentAverage
Development Exploration
27%
73%
Exploration
Offshore Onshore
19%
81%
Development
Offshore Onshore
10
Main Discoveries in 2012
11
Project Well GeologicAge
Initial ProductionType of
HydrocarbonsOil &
Condensates(bd)
Gas (MMcfd)
Burgos Master-1 Cretaceous 20.7 Dry Gas
4Q12
Tepozan-1 Tertiary 34 2.2 Wet GasPaje-1 Tertiary 72 1.4 Wet GasAnhelido-1 Jurassic 432 1.9 Gas and Condensates
Litoral de Tabasco Kunah-1DL Tertiary 103 33.4 Wet GasMascuspana-Muspac Teotleco-101 Cretaceous 1,407 9.4 Gas and CondensatesPoza Rica-Altamira Supremus-1 Tertiary Light Crude Oil
Trión-1 Tertiary Light Crude OilSamaria-Luna Navegante-1 Jurassic, Cretaceous 1,770 7.2 Light Crude OilVeracruz Bedel-1 Tertiary 415 0.2 Light Crude Oil
Burgos Arbolero 1 Pimienta Late Jurassic 3.2 Dry Gas
3Q12
Cuervito 201A Queen City Eocene 48 1.4 Wet GasForcado 1 Queen City Eocene 4.1 Wet GasMandarin 1 Yegua Eocene 19 2.3 Wet GasOrgandi 1 Vicksburg Early Oligocene 26 1.9 Wet Gas
Bellota-Jujo Jolote 101 Mid-Early Cretaceous 1,042 1.7 Light Crude OilMacuspana-Muspac Sunuapa 401 Late Cretaceous 1,397 1.8 Light Crude Oil
Burgos Percutor-1 Upper Cretaceous Eagle Ford 2.2 Dry Gas
2Q12Habano-1 Upper Cretaceous Eagle Ford 27 2.8 Gas and Condensates
Litoral de Tabasco Kunah-1 Lower Miocene 143 33.9 Wet Gas
Veracruz Gasífero-1 Lower Medium Miocene 820 0.3 Light Crude Oil 1Q12
Integrated Contracts
Blocks
Area AccumulatedProduction
3P Reserves
ProspectiveResources
Type of Hydrocarbon
(km2) (Mboe) (MMboe) (MMboe) °API
Pitepec 230 94 1,048 252 32 - 38
Soledad 125 40,376 134 128 32 – 37
Amatitlán 230 393 993 252 34 – 44
Miquetla 112 11,084 248 86 35
Humapa 128 588 341 157 27
Miahuapan 128 43 431 101 33
Chicontepec is located in the states of Veracruz and Puebla, within the Tampico-Misantla basin. Its total reserves are over 17 MMMboe, representing about 40% of Mexico’s 3P reserves.
Prequalifying Periord
05/27/1306/14/13
Awarding07/11/13
Contract Signing
07/15/1309/20/13
Bid Packages Sale Deadline
06/07/13
Call for Bids12/20/12
12
Content
13
Highlights
Upstream
Downstream
Financial Results
Questions and Answers
Crude Oil Processing
14(1) Includes paraffins, furfural extract, aeroflex, asphalt, lubricants, coke, cyclical light oil and other gasolines.
The variable refining margin increased, due to an improvement in operating performance at the National Refining System (NRS).
733 698
433 501
1,166
1,194 1,252 1,167 1,185
1,199
2011 1Q12 2Q12 3Q12 4Q12 2012
Crude Oil ProcessingMbd
Light Crude Heavy Crude
400 418
307 273
274 300
209 204 56 57 69 85 1,316
1,343 1,394 1,306 1,305
1,337
2011 1Q12 2Q12 3Q12 4Q12 2012
Production of Petroleum ProductsMbd
Automotive gasolines Fuel oil Diesel LPG Jet Fuel Other*1
Minatitlán’s Revamp
15
0
30
60
90
120
150
180
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
Processed Mix at MinatitlánMbd
Light Oil
Heavy Oil
42 34 43 42 41 40 37 3651
65 61 51
85
7 4 5 5 6 68
7 75
3929
44 40 37 34 34 31
42
6558
446
5
9 13 12 12 13 12
13
1516
17
68
58
65 67 67 65 62 6844
2534
30
10
22 17
15
178
153
190 186 174170 162 165
170
201198
169
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Petroleum Products OutputMbd
Coke
Fuel Oil
Dry Gas
Diesel
LPG
Gasoline
Natural Gas Processing, Dry Natural Gas and Gas Liquids Production
16(1) Does not include condensates process.
3,445 3,395
1,082 987
4,527
4,547 4,507 4,344 4,134
4,382
2011 1Q12 2Q12 3Q12 4Q12 2012
ProcessingMMcfd
Sweet Wet Gas
Sour Wet Gas
3,692 3,732 3,711
3,579
3,494
3,628
334 328
339 332
299
325
280
305
330
355
380
3,200
3,400
3,600
3,800
2011 1Q12 2Q12 3Q12 4Q12 2012
Mbd
MM
cfd
ProductionMMcfd
Dry Gas from Plants(MMcfd)
Natural Gas Liquids(Mbd) 1
Gas Transportation (Los Ramones)
17
Develop natural gas infrastructure projects (pipelines and compressor stations) in order to connect natural gas reserves and pipelines in the U.S with Mexico.
Private pipelines
Pipelines projects
Increased in transportation capability
MexGas infrastructure projects
National Gas-pipelines
Compressor station
Production of Petrochemicals
18
(1) Includes muriatic acid, butadiene, polyethylene wax, petrochemical specialities, BTX liquids, hydrogen, isohexane, pyrolysis liquids, oxygen, CPDI, sulfur, isopropyl alcohol, amorphous gasoline, octane basis gasoline and heavy naphtha.
Mt
510 193
1,307 1,366
1,250 1,284
554
102
399
468
1,562
1,134
5,583
1,269
1,171
1,080
1,028
4,547
2011 1Q12 2Q12 3Q12 4Q12 2012
Other
Propylene andDerivativesAromatics andDerivativesEthane Derivatives
Methane Derivatives
Basic
1
Joint Venture PEMEX - Mexichem
19
The Board of PEMEX approves the joint venture
PEMEX requested authorization
from the CFC to form a joint venture with
Mexichem
The CFC authorized
PEMEX’s joint venture with
Mexichem
Mexichem informed the BMV
about the joint venture’s
authorization
• Increase the production of vinyl chloride.• Generate increased value.• Increase competitiveness of the national
petrochemical industry.
Content
20
Highlights
Upstream
Downstream
Financial Results
Questions and Answers
Financial Highlights
21
(1) Excludes IEPS.(2) Earnings before interests, taxes, depreciation and amortization.
2011 2012
Variation
2011 2012
Billion Pesos
Billion Dollars
Total Revenues from Sales and Services1 1,558.4 1,646.9 5.7% 111.4 126.6
Gross Income 786.2 819.8 4.3% 56.2 63.0
Operating Income 888.7 908.0 2.2% 63.5 69.8
Income before Taxes and Duties 794.8 907.9 14.2% 56.8 69.8
Taxes and Duties 874.4 902.9 3.3% 62.5 69.4
Net Income (loss) (79.6) 5.0 106.3 (5.7) 0.4
EBITDA2 1,084.6 1,145.3 5.7% 77.5 88.0
Total Sales
22
Ps. MM
Domestic Sales
1,558,4291,646,91287,839 (266) 911
2011 Domestic Sales Exports ServicesIncome
2012
5.7%
679,614 785,298
65,848 51,250 33,736 30,490 779,198 867,037
2011 2012
PetrochemicalProductsDry Gas
PetroleumProducts
11.3%
614,176 618,105
76,748 63,017 82,041 91,577
772,965 772,699
2011 2012
Other
PetroleumProductsCrude Oil andCondensates
Export Sales
-0.03%
Cost of Sales and General Expenses
23
Ps. MM
870,667945,91720,336 54,914
2011 Cost of Sales General Expenses 2012
Cost of Sales and General Expenses
8.6%
Comprehensive Financing Result
24
Ps. MM
Exchange RatePesos / U.S. dollar
2011 13.9904
2012 13.0101
(93,028)
(16,852)
104,989
(4,891)
2011 Financial income (loss) Exchange gain (loss) 2012
Comprehensive Financial Result
Taxes and Duties
25
Ps. MM
382,443 474,334
580,629 582,855 677,256
771,702
546,633 654,141
874,440 902,892
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Historical Taxes Paid3.3%
874,440 902,892
688,78926,593 1,859 (214,102)
2011 Hydrocarbon duties Other taxes 2012 IEPSacreditable
2012payable
Tax Evolution
Net Income Evolution
26(1) Plus profit-sharing in non-consolidated subsidiaries, affiliates and others of Ps. 5,608 millions.
Ps. MM
(79,623)
88,483
11,683 (75,250)
88,137 (28,452)
4,978
2011 TotalSales
OtherRevenues
Cost of Sales andGeneral Expenses
CFR Taxes and Duties 20121
Consolidated Accounting Cash Flow as of December 31, 2012
27
(1) Before taxes.(2) Excludes Financed Public Works Contract Program.(3) Includes change of cash effect of Ps. (8,590) million.
Ps. MM
114,977
1,156,938
377,896 1,649,811
119,235
(350,939)
(45,490)(199,042)
(926,515)
Cash at theBeginning of
2012
Revenuesfrom
Operations
FinancingActivities
AvailableCashflow
Debtpayments
Interest paid Investments Taxes Cash at theend of 2012 322
1
Consolidated Debt
28
(1) Excludes Finance Public Works Contracts Program. (2) Includes accrued interests, fees and charges for debt issuance, loss under par, Finance Public Works Contracts Program and
amortized cost.
Ps. MM
214 219 313 417 492 538 569 501 587 632 665 783 785
0.45 0.48
0.64 0.66 0.63 0.57
0.50 0.44 0.44
0.58 0.52 0.50 0.48
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
‐
200
400
600
800
1,000
1,200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Debt Debt / Revenues
Short-TermLong-Term
0.5%
672,657 672,618
667,624 668,178
377,896 (350,939)
110,497 114,241
(32,586) (119,235) 783,155 786,859 9,333
Total Debt2011
FinancingActivities
DebtPayments
ExchangeGain
Others Total Debt2012
Cash & CashEquivalents
Net Debt2012
Net Debt20111
2
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Dec-11 Feb-12 Apr-12 May-12 Jul-12 Aug-12 Oct-12 Dec-12 Jan-13 Mar-13
Pemex 2044, 5.500%USD 1,750 MM
Pemex 2044 (REAP), 5.500%USD 1,000 MM
Capital Markets
29
30-Year Treasury Bond
10-Year Treasury Bond
Pemex 2022, 4.875%USD 2,100 MM Pemex 2023, 3.50%
USD 2,100 MM
Petróleos Mexicanos has benefited from market opportunities to carry out benchmark type transactions at different terms. The company will continue to have an important presence in the U.S dollar market, thereby maintaining liquidity of its
curve.
13.815.6 14.9
18.620.8
19.1
23.919.9
4.4
25.3
2006 2007 2008 2009 2010 2011 2012 2013 E
U.S.$ billion
Investments
2%2%Pemex-Petrochemicals
17%17% Pemex-Refining
2%2%Pemex-Gas & Basic Petrochemicals
Pemex-Exploration &Production
79%79%
30
In 2012, total investment reached a record high of U.S.$23.9 billion, while the budget spent was above 100% of the budget approved.
Note: Includes upstream maintenance expenditures.“E” means Estimated. For reference purposes, U.S. dollar- Mexican peso exchange rate conversions have been made at the exchange rate registered each year.Includes complimentary non-programmed CAPEX.
SourceProgrammed
USDBillion
International Markets 4.0 – 5.0
Local Markets 2.5 – 3.0
Export Credit Agencies (ECAs) 1.5 – 2.0
Other 1.0 – 1.5
Total Issued 9.8
Debt Payments 6.4
Net Indebtedness 3.3
100% = U.S.$9.8 billion
Financing Program 2013
40.8%
25.5%
15.3%
10.2%
International Markets
Domestic Market
ECAs
Other
31
Highlights 2012
32
• Total revenues amounted to Ps. 1.646 trillion.
• Total hydrocarbons production averaged 3,697 Mboed.
• Crude oil production averaged 2,548 Mbd.
• Taxes generated during the period amounted to Ps. 902.9 billion.
• During 2012, PEMEX recorded an EBITDA of Ps. 1.145 trillion.
• PEMEX recorded a net income of Ps. 5.0 billion.
• Total investment reached a record high of Ps. 311.5 billion.
Content
33
Main Highlights
Upstream
Downstream
Financial Results
Questions and Answers
