Investor Presentation June 2021 · financial statements included in Petróleos Mexicanos’2012...

Investor Presentation

June 23, 2021

2021. Petróleos Mexicanos. All the rights reserved.

2

Variations

If no further specification is included, comparisons are made against the same realized 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 transition to IFRS, see Note 23 to the consolidated

financial statements included in Petróleos Mexicanos’ 2012 Form 20-F filed with the Securities and Exchange Commission (SEC) and its Annual Report filed with the Comisión Nacional Bancaria y de Valores (CNBV). EBITDA is a non-IFRS measure. We show a reconciliation of EBITDA to net income in Table 33 of the

annexes to PEMEX’s Results Report as of March 31, 2015. Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies or affiliates of Petróleos Mexicanos. It is important to mention, that our current financing agreements

do not include financial covenants or events of default that would be triggered as a result of our having negative equity.

Methodology

We might change the methodology of the information disclosed in order to enhance its quality and usefulness, and/or to comply with international standards and best practices.

Foreign Exchange Conversions

Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the exchange rate at close for the corresponding period, unless otherwise noted. Due to market volatility, the difference between the average exchange rate, the exchange rate at close and the spot exchange rate, or any other

exchange rate used could be material. Such translations should not be construed as a representation that the Mexican peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate. It is important to note that we maintain our consolidated financial statements and accounting records in

pesos. As of March 31, 2021, the exchange rate of MXN 20.6047 = USD 1.00 is used.

Fiscal Regime

Beginning January 1, 2015, Petróleos Mexicanos’ fiscal regime is governed by the Ley de Ingresos sobre Hidrocarburos (Hydrocarbons Revenue Law). From January 1, 2006 and to December 31, 2014, PEP was subject to a fiscal regime governed by the Federal Duties Law, while the tax regimes of the other Subsidiary

Entities were governed by the Federal Revenue Law.

On April 18, 2016, a decree was published in the Official Gazette of the Federation that allows assignment operators to choose between two schemes to calculate the cap on permitted deductions applicable to the Profit-Sharing Duty: (i) the scheme established within the Hydrocarbons Revenue Law, based on a

percentage of the value of extracted hydrocarbons; or (ii) the scheme proposed by the SHCP, calculated upon established fixed fees, USD 6.1 for shallow water fields and USD 8.3 for onshore fields.

The Special Tax on Production and Services (IEPS) applicable to automotive gasoline and diesel is established in the Production and Services Special Tax Law “Ley del Impuesto Especial sobre Producción y Servicios”. As an intermediary between the Ministry of Finance and Public Credit (SHCP) and the final

consumer, PEMEX retains the amount of the IEPS and transfers it to the Mexican Government. In 2016, the SHCP published a decree trough which it modified the calculation of the IEPS, based on the past five months of international reference price quotes for gasoline and diesel.

As of January 1 2016, and until December 31, 2017, the SHCP will establish monthly fixed maximum prices of gasoline and diesel based on the following: maximum prices will be referenced to prices in the U.S. Gulf Coast, plus a margin that includes retails, freight, transportation, quality adjustment and management

costs, plus the applicable IEPS to automotive fuel, plus other concepts (IEPS tax on fossil fuel, established quotas on the IEPS Law and value added tax).

PEMEX’s “producer price” is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Until December 31, 2017, the Mexican Government is authorized to continue issuing pricing decrees to regulate the maximum prices for the retail sale of gasoline and diesel fuel, taking into account

transportation costs between regions, inflation and the volatility of international fuel prices, among other factors. Beginning in 2018, the prices of gasoline and diesel fuel will be freely determined by market conditions. However the Federal Commission for Economic Competition, based on the existence of effective

competitive conditions, has the authority to declare that prices of gasoline and diesel fuel are to be freely determined by market conditions before 2018.

Hydrocarbon Reserves

In accordance with the Hydrocarbons Law, published in the Official Gazette on August 11, 2014, the National Hydrocarbons Commission (CNH) will establish and will manage the National Hydrocarbons Information Center, comprised by a system to obtain, safeguard, manage, use, analyze, keep updated and publish

information and statistics related; which includes estimations, valuation studies and certifications. On August 13, 2015, the CNH published the Guidelines that rule the valuation and certification of Mexico’s reserves and the related contingency resources.

As of January 1, 2010, the Securities and Exchange Commission (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. Nevertheless, any description of probable or possible reserves included herein

may not meet the recoverability thresholds established by the SEC in its definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our Annual Report to the CNBV and SEC, 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:

• exploration and production activities, including drilling;

• activities relating to import, export, refining, petrochemicals and transportation, storage and distribution of petroleum, natural gas and oil products;

• activities relating to our lines of business, including the generation of electricity;

• projected and targeted capital expenditures and other costs, commitments and revenues;

• liquidity and sources of funding, including our ability to continue operating as a going concern;

• strategic alliances with other companies; and

• the monetization of certain of our assets.

• 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, including on our ability to hire and retain skilled personnel;

• limitations on our access to sources of financing on competitive terms;

• our ability to find, acquire or gain access to additional reserves and to develop the reserves that we obtain successfully;

• uncertainties inherent in making estimates of oil and gas reserves, including recently discovered oil and gas reserves;

• technical difficulties;

• significant developments in the global economy;

• significant economic or political developments in Mexico;

• developments affecting the energy sector; and

• changes in our legal regime or regulatory environment, including tax and environmental regulations.

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 our most recent Annual Report filed with the CNBV and available through the Mexican Stock Exchange (http://www.bmv.com.mx/) and our most recent Form 20-F filing filed with the SEC (http://www.sec.gov/). These factors could cause actual results to differ materially from those contained in any forward-

looking statement.

Forward-Looking Statement &

Cautionary Note


3

Content

1. PEMEX’s Main Challenges:

➢ Oil Production Decline

➢ Fuel Theft

➢ Low Crude Oil Processing

➢ High Tax Burden

➢ Total Debt Amount and Profile

2. Achievements in the First Two Years:

➢ Oil Production Stabilization and Growth

➢ Decrease in Fuel Theft

➢ Increased Levels of Crude Oil Processing

➢ Modified Tax Burden

➢ More Manageable Debt Profile

3. Acquisition of the Deer Park Refinery

4. Prospective Financial and Operating Results


4

1. PEMEX’s Main Challenges

PEMEX’s Business Plan was developed to provide

solutions to the company's structural problems

High Tax

BurdenOil Production

DeclineFuel Theft

Low Levels of

Crude Oil

Processing

Total Debt

Amount and

Profile

1 2 3 4 5


5

Oil Production 2004-20211

Thousand barrels per day (Mbd)

In 2020, PEMEX’s crude oil

production decreased by

51% as compared to 2004,

when the highest level of

production was recorded

Oil production for 1Q21

recorded 1,750 Mbd

The new E&P strategy

allowed PEMEX to stabilize

production

1. Total crude oil production: Liquids daily production includes crude oil and condensates with production from commercial partners

3,3

83

3,3

33

3,2

56

3,0

76

2,7

92

2,6

01

2,5

77

2,5

53

2,5

48

2,5

22

2,4

29

2,2

67

2,1

54

1,9

48

1,8

13

1,7

20

1,7

25

1,7

50

1,000

1,500

2,000

2,500

3,000

3,500

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1Q

21


Lifting CostUSD per barrel

-1.8% -2.4% -5.3% -2.9%-2.4% -5.3% -2.9%

0.0%

6.87.9 8.2

9.4

7.8

10.9

13.7

2012 2013 2014 2015 2016 2017 2018

14.3%

-16.8%

39.5%

26%

3.9%16%

Between 2012 and

2018 lifting costs

almost doubled

2012-2018

The previous administration increased the lifting cost

6


7

Fuel Theft Losses 2014-2018

1. Considered at Pemex prices without taxes. Official records in the company's income statements.

2014-2018 cumulative fuel theft losses:

MXN 101,080 million

Excluding taxes

2014-2018 losses are equivalent to

78.4%

of total 2019 debt maturities

17,705

11,111 11,490

24,612

36,163

2014 2015 2016 2017 2018

Non-operating Losses (Fuel Theft)1

Constant MXN million, 2018=100


315 332 475

792 895 951 967

822 893 930 936 1,062 1,030 1,059

1,383

1,768

2,267 2,178 2,123

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

8

Indebtedness 2000-2018

Note: The period from 2000 to 2009 includes the contracting and amortization derived from the PIDIREGAS financing scheme.

Balances as of December 31 of each year

Real MXN million 2019 =100


9

2. Achievements in the First Two Years

➢ Oil Production Stabilization and Growth

➢ Decrease in Fuel Theft

➢ Increased Levels of Crude Oil Processing

➢ Modified Tax Burden

➢ More Manageable Debt Profile


10

PEMEX’s Crude Oil Production1

Thousand barrels per day (Mbd)

1,681 1,6891,712 1,713

1,7321,759 1,751

1,500

1,550

1,600

1,650

1,700

1,750

1,800

Oct Nov Dec Jan Feb Mar Apr

PEMEX has gradually

increased crude oil

production in 2021

2020 2021

1. Includes crude oil and condensates and partners production


11

New Fields Produced 211 Mbd at the end of May

2019 2020 2021

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Early

Prod.2.6 3.5 4.6 5.2 5.2 6.4 6.8 7.0 7.8 8.1 11.6 13.5 20.4 21.8 33.9 47.0 47.5 57.5 77.0 108.9 122.1 124.6 137.0 146.5 144.5 157.0 162.7 164.5 186.3

6.9 78.7 163.0

FieldsWells Qo

(#) (Mbd)

Cahua 2 0.8

Cheek 4 21.1

Cibix 4 2.3

Hok 3 4.2

Ixachi 9 25.8

Manik 3 10.6

Mulach 6 23.2

Octli 5 24.2

Pachil 1 0.4

Pokché 2 3.5

Quesqui 5 40.8

Tlacame 6 15.9

Valeriana 1 0.4

Xikin 1 0.5

Xolotl 1 2.8

Tlamatini 2 10.4

FieldsWells Qo

(#) (Mbd)

Racemosa 1 2.7

Uchbal 1 2.4

Kuun 1 1.9

Terra 1 1.4

Koban 1 6.6

Tetl 1 1.2

Itta 1 7.6

Tum 1 0.8

Total 60 211.3

56.6

0

10

20

30

40

50

60

0

50

100

150

200

250 31-may-21

211.3 Mbd


12

In 2019 - 2020 the Downward Trend in 1P Reserves was Reversed

1P Reserves

(as of January 1)

10.2 9.68.6

7.7 7.0 7.2 7.4

2015 202012016 2017 2018 2019 20212

-9%+3%

67

Integral 1P

Restitution

Rate (%)

-132 4 17 12012435

1P Reserves and 1P Restitution Rate

Million barrels of oil equivalent (MMboe)

1. Includes Appraisal process.

2. 2021 estimated.


A 20.7% reduction

was achieved in

the last year

13

Lifting CostUSD per barrel

-1.8% -2.4% -5.3% -2.9%-2.4% -5.3% -2.9%

0.0%

6.87.9 8.2

9.47.8

10.9

13.7

2012 2013 2014 2015 2016 2017 2018

14.3%

-16.8%

39.5%

26%

3.9%16%

13.73

14.06

11.15

2018 2019 2020 2021 2022 2023 2024

2.4%

-20.7%

Between 2012 and

2018, costs almost

doubled

2018-20242012- 2018

PEMEX reduced its lifting cost to USD 11.15 per barrel in 2020


14

Crude Oil Process Thousand barrels per day (Mbd)

629

703 710

823

640

300

400

500

600

700

800

Year2018

Jan Feb Mar Apr

PEMEX has been

making efforts to

increase crude oil

process.

2021


15

Crude Oil ExportsThousand barrels per day (Mbd)

During 2021 PEMEX

exported an average of

957 Mbd, a solid volume

that strengthens its total

income

979 1,006925 923

400

500

600

700

800

900

1,000

1,100

Jan Feb Mar Apr

2021


16

Gasoline and Diesel Domestic SalesThousand barrels per day (Mbd)

507522

589566

400

450

500

550

600

Jan Feb Mar Apr

178190

233

218

140

160

180

200

220

240

Jan Feb Mar Apr

Gasoline Diesel

2021 2021

Domestic sales are gradually improving


Financial

Variables


18

Mexican Crude Oil Mix Export PriceUSD per barrel

In 2021 the Mexican

Export Mix has

increased as compared

to 2020.

48.7

40.3

28.5

17.1022.67

33.81 36.6 39.1 38.3 38.9 39.344.8

52.456.9 59.7 59.5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2020 2021

Note: Weighted average price based on volume

Source: PEMEX Institutional Data Base


19

1Q21 Financial HighlightsMXN million

1Q20 1Q21

1 Sales 284,110 317,553

2 Cost of sales 243,060 218,452

3 Impairment (reverse) (26,316) (46,630)

4 Gross Income (loss) 67,367 145,731

5 Transportation and distribution expenses 38,297 36,648

6 Operating income (loss) 30,200 111,408

7 Financial cost, income due to financial derivatives 62,857 36,660

8 Foreign exchange profit (469,206) (56,604)

9 Taxes, duties and others 60,496 53,659

10 Net income (loss) (562,251) (37,358)


12%

15%

20%

22%

22%

22%

26%

33%

41%

41%

48%

20

PEMEX: a Company that Creates Value

EBITDA Margin,

EBITDA/Sales1

In 1Q21, PEMEX’s cash flow

generation capacity confirmed

the company is among the

top in the industry

PEMEX’s EBITDA margin

was 6 points above the

industry’s average

1. Does not include variables that do not generate cash flow. EBITDA for its acronym in English (earnings before interest, taxes, depreciation, and amortization)

Source: Bloomberg and PEMEX Financial Statements under IFRS as of March 31, 2021.


21

2015-2021 Austerity and Expense DisciplineMXN million

2015 2016 2017 2018 2019 20202021

Jan-Mar

Cleaning and sanitation materials and others 72 59 45 33 8 17 6

Mobile phones 13 11 8 7 2 0 0

Technical consulting 3,435 3,361 2,884 2,276 751 720 297

Research and Investigation 275 65 22 109 13 16 17

Services from third parties

(Includes payments for surrogate medical

services for COVID-19 patients)1,205 284 629 1,243 761 1,053 338

Social Communication 119 165 211 244 12 17 4

Travel expenses 3,154 2,683 2,436 883 471 318 131

Conferences, conventions and events 26 12 42 11 0 0 0

8,301

6,640 6,2774,805

2,019 2,141793


22

Fuel Theft Losses, 2018-20211

MXN billion

36.2

3.6 3.60.8

3.21.0 0.7 0.4

2018 2019 2020 2021

Gasolines andDiesel

LPG

Estimated savings for

PEMEX in two years amount

to MXN 76.4 billion2

1. Prices at storage facilities, does not include taxes (IEPS and IVA)

2. As compared to 2018


23

CAPEX Evolution, 2013-2020MXN million

253,465277,156

203,307183,021

113,02596,762

111,127 122,476

2013 2014 2015 2016 2017 2018 2019 2020

Source: PEMEX 20-F


24

1Q211 Budgetary Financial BalanceMXN billion

PEMEX does generate

value, with a primary

balance of 165 billion

pesos before taxes &

duties.

426

-52

-109 265

-100

-196

-31 -58

-89

Total

income

Purchase

for resale

Operating

expenses1

Operative

balance1

Primary

Balance

before

taxes

Financial

cost

Taxes

and

duties

Payment

of debt

interest

Primary

Balance

Financial

Balance

1. Includes net foreign operations.

165


25

2019 Federal Government Support

1. 2019 Balance, nominal value. Does not consider accrued interest.

The objective of the Federal

Government is to directly support

PEMEX during the first half of the

six-year term

Concept MXN billion

1. Capital injection 25

2. Payment by the SHCP of

pension promissory notes

(currently there is a remaining

balance of 101.5 billion pesos)1

35

3. Tax incentives and tax

burden reduction27

4. Government capitalization 97

Total 184


26

2020 Federal Government Support

Concept MXN billion

Profit Sharing Duty rate decreases to

58% from 65% (@49 USD/b as defined in

the budget)

39.9

Capital injections established in the

approved budget46.2

Cash-out of Pension Liability promissory

Notes 4.9

Additional support because of low oil

prices:

Fiscal benefit to reduce the payment of

Profit-Sharing Duty (April 21, 2020)

65.0

Total Annual 156.0


27

Federal Government Support 2021

As stated by the Federal Government,

Petróleos Mexicanos will be granted equity

contributions aligned to its maturity profile

during 2021.

On February 19, 2021, a Decree by which

the Mexican Government grants an

MXN 73,280 million tax benefit applicable

to the Profit-Sharing Duty (DUC) was

published in the Official Gazette of the

Federation for its application during the

fiscal year 2021.

▪ This benefit is in addition to the

four-point reduction in the DUC

rate for 2021. Under the

modifications to the Hydrocarbon

Revenue Law approved by Congress

in 2019, the rate went from 65%

effective in 2019 to 58% in 2020

and 54% in 2021.

These measures are just a sample of the Federal Government’s

commitment to strengthen the financial position of the company

▪ On February, a first MXN 32,062

million transfer was received.

▪ On May, a second MXN 32,062

million transfer was received.


28

Transparency at PEMEX


Public Debt and Financing Strategy


30

PEMEX 10-year Bond Yield Rate Evolution

5.4

6.4

7.4

8.4

9.4

10.4

11.4

12.4

nov-1

8

dic

-18

ene

-19

feb

-19

ma

r-19

abr-

19

ma

y-1

9

jun

-19

jul-19

ago

-19

sep

-19

oct-

19

nov-1

9

dic

-19

ene

-20

feb

-20

ma

r-20

abr-

20

ma

y-2

0

jun

-20

jul-

20

ago

-20

sep

-20

oct-

20

nov-2

0

dic

-20

ene

-21

feb

-21

ma

r-21

abr-

21

ma

y-2

1

jun-2

1

Yie

ld t

o m

atu

rity

(%

)

The yield of the 10-year bond shows a recovery trend despite the volatility

generated by the COVID-19 pandemic

COVID 19

pandemic

declaration

6.28%

12.05%

Maximum:

7.65% / 20 Nov


31

Maturity ProfileUSD billion

6.7

9.6 9.48.7 8.6

6.7

4.2

9.17.5

4.43.6

0.3 0.1

23.7

201

9

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

20

33

→

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

20

33

→

Before

As of December 31, 2018

Current

As of December 31, 2020

1. Represents the pending amount to be covered by the 2020’s financing program, considering the refinancing operations performed in the first half of the year.

Does not considers revolving credit facilities and short-term credits, nor accrued interests.

This administration has performed the largest refinancing operations in the history of PEMEX:

more than USD 30 billion of refinanced financial liabilities


32

Public Debt 2021MXN billion

1. Net indebtedness approved by Congress in terms of public credit as established in the 2021 Federal Income Law amounted to MXN 22 bn in internal debt and USD 1.0 bn in external debt, which expressed in

Mexican pesos, totals MXN 44 bn.

2. Preliminary figures

Approved Net

Indebtedness1

Net Indebtedness

Objective2

New debt 173.3 129.3

Amortizations 129.3 129.3

Indebtedness 44 0

223 195232

72 60-29

31 0

-50

0

50

100

150

200

250

2014 2015 2016 2017 2018 2019 2020 2021 e

The goal for this year is to

accomplish a zero net

indebtedness balance,

aligned to the improvement in

the economic outlook for 2021

Annual trend – Public net indebtedness


Acquisition of Deer Park Refinery


34

Strategic vision of the Mexican Government

• The vision for the energy sector is focused on recovering the national energy industry

and increasing Mexico’s energy security on this strategic sector.

• PEMEX is executing the Refineries´ Rehabilitation Program and is building a new

refinery in Dos Bocas. In addition, the company is investing in the conclusion of the

Tula coker plant project, which will allow PEMEX to obtain more gasoline and diesel

and reduce fuel oil production.

• In 2020, MXN 10.7 billion were spent on the Refineries’ Rehabilitation Program. For

2021, the allocated budget is MXN 7.5 billion and a MXN 13.1 billion additional amount

awaiting authorization.

In this context, Petróleos Mexicanos concluded negotiations to acquire the

50% stake in the Deer Park refinery owned by Shell.


35

Strategic vision of the Mexican Government

Location

▪ Deer Park, Texas

▪ Houston Ship Channel

▪ 930 hectares

Processing capacity

▪ 340,000 barrels per day

▪ Complexity index: 12.1

▪ 18 processing plants

Integration ▪ Integrated with Shell's Deer Park petrochemical complex

Logistics▪ Logistics capacity by vessel, pipeline, tanker and tanker truck

▪ Access to crude and product terminals in the area

Crude slate▪ In 2020: 36% Maya, 21% WTI, 21% Canadian, 17% WTI Light, 5% other crudes

▪ Main customer of Mexican crude oil in the North Coast of the Gulf of Mexico

PEMEX

50.005%

PEMEX

49.995%

PEMEX

100%

Current

Structure

Proposed

structure


36

Transaction Terms - Disbursement of Resources

Up to USD 490 million1

prepayment of the company's outstanding debt in the event

it becomes due upon the change of control resulting

from the transaction

USD 106 million

outstanding balance of the

loan granted by the

general partner Shell Oil

Company on January 31,

2021.

Transaction value

USD 596 million

The resources for the operation will be provided by the Federal Government and

will be disbursed as soon as they are authorized by the U.S. regulatory bodies

• Barclays, the bank structuring the transaction, performed valuation and

sensitivity analyses with a favorable opinion

1. Represents Shell's portion of external debt, i.e. 50.005% of USD 980 million.


Business Plan 2021-2025

Prospective Financial and Operating Results


38

Brent Crude Oil Price EstimatesUSD 2020/b

57

47

57

7365

20

40

60

80

100

2015 2017 2019 2021 2023 2025

Observed EIA Futures

Bloomberg Focus Pemex


39

Crude Oil and Natural Gas Price

Price projections for the Mexican Crude Oil Export Mix and Benchmark Crudes

USD 2020/b

35.842.1 46.9

55.8 59.8 61.7 60.6

20

40

60

80

100

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Brent WTI MME

Natural Gas Reference Gas

USD/MMBtu

2.1

2.73.0 3.2 3.2 3.3 3.4

1.0

2.0

3.0

4.0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Henry Hub Reynosa


40

Budgetary Investment 2021-2026Constant MXN billion

290 304 313 304 332 283

59142

27 27 2527

4

25

4 2 1 10353

471345 334

358320

0

200

400

600

2021 2022 2023 2024 2025 2026

E&P TRI Others

Petróleos Mexicanos: Budgetary Investment 2020-2021

MXN million

2020 2021

Original Year-end Approved Differences

(1) (2) (3) (3)-(2) (3)-(1)

Total 332,604 233,957 352,614 118,657 20,010

Exploration and Production 269,859 180,525 289,859 109,334 20,000

Industrial Transformation 58,209 46,932 56,502 9,570 -1,707

Dos Bocas Refinery 41,257 34,941 45,050 10,109 3,793

SNR Rehabilitation 12,500 10,638 7,000 -3,638 -5,500

Other lines of business 4,452 1,353 4,451 3,098 -1

Logistic 3,135 2,955 3,193 238 58

Fertilizers 1,069 3,340 2,685 -655 1,616

Corporate 332 205 375 170 43

Source: Pemex’s Dirección Corporativa de Finanzas


41

Budgetary Investment 2021-2026Constant MXN billion

1. Includes fertilizer business line. The approved budget for the Dos Bocas Refinery for 2021 is MXN 45.1 billion and MXN 6.2 billion will be additionally exercised, corresponding to the ceiling of the

previous year.

Pemex Exploration and Production

290 304 313 304332

283

0

100

200

300

400

2021 2022 2023 2024 2025 2026

Pemex Industrial Transformation 1

45

1167

18

19 20

7

9

8 8

59

142

27 27 25 27

0

30

60

90

120

150

2021 2022 2023 2024 2025 2026

Dos Bocas SNR Resto


42

Total Crude Oil and Natural Gas Production 2020-2026Thousand barrel per day (Mbd)

1. Pemex and Farm out-Pemex production. Includes crude oil, condensates, and other liquids. Considers that, as of the second half of 2024, Cangrejera will receive other liquids for the new refining

train. This base scenario corresponds to the Indicative Scenario of Financial Balance Goals (2022: 2,011 Mbd, 2023: 2,088 Mbd, 2024: 2,236 Mbd, 2025: 2,295 Mbd, 2026: 2,279 Mbd). These

numbers include other liquids. Source: 2020: Real, Institutional Database; 2021: POFAT

2. Does not include nitrogen. Source: 2020: Real, Institutional Database; 2021: POFAT

Total Crude Oil Production

1,684 1,6861,944 2,033 2,079 2,164 2,161 2,109

1,657 1,607 1,673 1,705 1,664 1,700

100

1,100

2,100

3,100

2019 2020 2021 2022 2023 2024 2025 2026

Base Scenario Minimum Scenario

Natural Gas Production

3,690 3,6394,186 4,387 4,104 3,935 3,871 3,808

3,282 3,636 3,559 3,387 3,349 3,414

0

2,000

4,000

6,000

2019 2020 2021 2022 2023 2024 2025 2026

Base Scenario Minimum Scenario


43

Hydrocarbon Production and Incorporation of

3P Reserves 2020-2026Millions of barrels of oil equivalent

1. 2020: Real, Institutional Database; 2021: POFAT; 2022-2026: Base Regions (Base Scenario 20200626), for the year 2024 11.80 Mbd of naphtha to crude is considered.

2. Incorporation of 3P reserves due to new discoveries. 2020 is an estimate (it does not include partners). 2021-2026 considers the proportional part of PEMEX corresponding to the contracts.

2020 2021 2022 2023 2024 2025 2026

Total 876 1,006 1,053 1,050 1,072 1,063 1,040

Líquidos 617 710 742 759 792 789 770

Gas 259 297 311 291 280 274 270

Hydrocarbon Production

Real

Incorporation of 3P reserves2

668

897781

956 1,0121,215

825

1,586

0

250

500

750

1,000

1,250

1,500

1,750

2019 2020 2021 2022 2023 2024 2025 2026


44

Crude Oil Processing 2020-2026Thousand barrel per day (Mbd)

1. Source: 2020: Real, Institutional Database; Base Scenario: 2021: POFAT and 2022-2026: EIMBF

Crude Oil Processing 1

592 591

1,1141,200

1,520 1,5651,658 1,658

798 881

1,280

1,4551,550 1,586

250

500

750

1,000

1,250

1,500

1,750

2019 2020 2021 2022 2023 2024 2025 2026

SNR Base Scenario Dos Bocas Cangrejera Minimum Scenario


45

Petroleum Products Production 2020-2026Thousand barrel per day (Mbd)

1. Source: 2020: Real, Institutional Database (AEPSTRI6); Base scenario: 2021: POFAT and 2022-2026: EIMBF.

2. Does not include self-consumption

Petroleum Products Production1

204 185417 447

610 673 720 720130 114

231 250

368443

470 470

29 17

5156

56

5767 67

135 165

270 288

288 211226 226

10 9

26 29

2924

24 24

507 490

9961,070

1,3501,408

1,506 1,506

0

400

800

1200

1600

2019 2020 2021 2022 2023 2024 2025 2026Gasolines Diesel Jet Fuel Fuel Oil* Asphalts Minimun Scenario2


46

Consolidated Financial Balance 2020-2026Constant MXN millions

Source: Pemex’s Dirección Corporativa de Finanzas

2020 2021 2022 2023 2024 2025 2026

Income 1,283,413 1,819,907 1,993,472 1,943,841 2,079,346 2,120,729 2,125,782

Domestic sales 880,282 1,407,692 1,506,125 1,586,140 1,647,620 1,680,058 1,702,552

Export sales 343,780 348,304 371,784 357,701 431,726 440,671 423,230

Other income 59,351 63,911 115,563 0 0 0 0

Expenditure 1,297,309 1,770,836 1,986,157 1,815,231 1,859,655 1,896,287 1,875,376

Programmable expenditure 422,937 544,598 710,578 587,162 594,445 635,966 601,469

Operation 188,980 191,985 239,845 242,623 260,792 277,814 281,432

Investment 233,957 352,614 470,733 344,539 333,653 358,153 320,037

Resale purchases 277,547 329,068 327,262 248,339 224,547 207,135 219,932

Net foreign operations -1,498 0 0 0 0 0 0

Indirect taxes 399,325 544,600 522,200 454,662 432,660 420,245 436,658

Direct taxes 198,998 352,570 426,117 525,068 608,003 632,940 617,317

Primary balance -13,896 49,071 7,314 128,610 219,690 224,442 250,407

Financial cost 96,988 141,758 150,184 166,584 173,447 178,290 177,050

Financial balance -110,884 -92,687 -142,870 -37,975 46,243 46,152 73,357


47

Payment of Tax Contributions 2020-2026Constant MXN billion

199353 426

525608 633 617

399

545522

455433 420 437

598

897948 980

1,041 1,053 1,054

0

300

600

900

1,200

2020 2021 2022 2023 2024 2025 2026

Directs Indirects

DUC rate 54%

DUC rate 58%

Tax credit of 65 billion


48

EBITDA1 and EBITDA Margin2 2020-2026

1. EBITDA: Earnings before interest, taxes, depreciation, amortization, undeveloped wells and net cost for the period of employee benefits net of pension and medical service payments.

2. EBITDA margin : EBITDA / Total income

Source: Pemex Dirección Corporativa de Finanzas.

31% 37% 36%53% 57% 58% 57%

182

458 498

798948 984 957

2020(Preliminary)

2021 2022 2023 2024 2025 2026

EBITDA margin

Percentage

EBITDA

MXN billion


49

Evolution of CAPEX and Operating Performance 2020-2026

1.71.9 2.0 2.1

2.2 2.2 2.1

0.61.1 1.2

1.5 1.6 1.7 1.7

Crude oil process

Million of barrels per day

Crude oil production

Million of barrels per day

81180 208 202 195 210 18735

45

116

116

225

323

202 195 210 187

0

100

200

300

400

2020(preliminary)

2021 2022 2023 2024 2025 2026

Pemex Dos Bocas

CAPEX

MXN billion


50

Main Goals

2021 2022 2023 2024 2025

Total crude oil production (Mbd) 1,944 2,033 2,079 2,164 2,161

Incorporation of 3P reserves by

discovery(MMboe)≥750 ≥950 ≥950 ≥950 ≥950

Crude Oil Processing (Mbd) >1,100 >1,200 >1,500 >1,500 >1,600

Financial balance (MXN billion) -92.7 -142.9 -38.0 46.2 46.2

EBITDA margin (%) 37 36 53 57 58

Total financial debt balance (USD

billion)105 105 105 105 105

Frequency index1 0.23 0.22 0.21 0.20 0.19

Reused water (MMm3) 44.6 49.4 49.4 50.4 51.4


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