PETRÓLEOS MEXICANOS - PEMEX | Transformación … · 3 0 / 4 2 1 5 F o r m h t p: / w. s e c g o v...

30/4/2015 Form20F

http://www.sec.gov/Archives/edgar/data/932782/000119312515162672/d913051d20f.htm 1/367

20F1d913051d20f.htmFORM20F

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UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549

FORM20F

ANNUALREPORTPURSUANTTOSECTION13OR15(d)

OFTHESECURITIESEXCHANGEACTOF1934forthefiscalyearendedDecember31,2014

CommissionFileNumber099

PETRLEOSMEXICANOS(Exactnameofregistrantasspecifiedinitscharter)

MexicanPetroleum UnitedMexicanStates

(TranslationofregistrantsnameintoEnglish) (Jurisdictionofincorporationororganization)

AvenidaMarinaNacionalNo.329ColoniaPetrleosMexicanos11311MxicoD.F.,Mxico

(Addressofprincipalexecutiveoffices)RolandoGalindoGlvez

(5255)[email protected]

AvenidaMarinaNacionalNo.329TorreEjecutivaPiso38ColoniaPetrleosMexicanos

11311MxicoD.F.,Mxico(Name,telephone,emailand/orfacsimilenumbe

randaddressofcompanycontactperson)

SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct.NoneSecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct.None

SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct.TitleofEachClass

9.50%GlobalGuaranteedBondsdue2027914%GlobalGuaranteedBondsdue2018

8.625%Bondsdue20225.75%GuaranteedNotesdue2018914%GuaranteedBondsdue20188.625%GuaranteedBondsdue20239.50%GuaranteedBondsdue20276.625%GuaranteedBondsdue20356.625%GuaranteedBondsdue20388.00%GuaranteedNotesdue2019

6.000%Notesdue20205.50%Notesdue20216.500%Bondsdue20414.875%Notesdue20225.50%Bondsdue20443.500%Notesdue2018

FloatingRateNotesdue20183.500%Notesdue20234.875%Notesdue20243.125%Notesdue20196.375%Bondsdue2045

Indicatebycheckmarkiftheregistrantisawellknownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.

YesNoIfthisreportisanannualortransitionreport,indicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13or15(d)ofthe

SecuritiesExchangeActof1934.YesNo

Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsfor

thepast90days.YesNo

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IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobesubmittedandpostedpursuanttoRule405ofRegulationST(232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthatthe

registrantwasrequiredtosubmitandpostsuchfiles).N/A

Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,oranonacceleratedfiler.SeedefinitionofacceleratedfilerandlargeacceleratedfilerinRule12b2oftheExchangeAct.(Checkone):

LargeacceleratedfilerAcceleratedfilerNonacceleratedfilerIndicatebycheckmarkwhichbasisofaccountingtheregistranthasusedtopreparethefinancialstatementsincludedinthisfiling:

U.S.GAAP IFRSasissuedbytheIASB OtherIfOtherhasbeencheckedinresponsetothepreviousquestion,indicatebycheckmarkwhichfinancialstatementitemtheregistranthaselectedtofollow.

Item17Item18Ifthisisanannualreport,indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b2oftheExchangeAct).

YesNo

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TABLEOFCONTENTSItem1. IdentityofDirectors,SeniorManagementandAdvisers 5

Item2. OfferStatisticsandExpectedTimetable 5

Item3. KeyInformation 5

Item4. InformationontheCompany 14

Item4A. UnresolvedStaffComments 130

Item5. OperatingandFinancialReviewandProspects 130

Item6. Directors,SeniorManagementandEmployees 160

Item7. MajorShareholdersandRelatedPartyTransactions 190

Item8. FinancialInformation 191

Item9. TheOfferandListing 196

Item10. AdditionalInformation 196

Item11. QuantitativeandQualitativeDisclosuresAboutMarketRisk 204

Item12. DescriptionofSecuritiesOtherthanEquitySecurities 212

Item13. Defaults,DividendArrearagesandDelinquencies 213

Item14. MaterialModificationstotheRightsofSecurityHoldersandUseofProceeds 213

Item15. ControlsandProcedures 213

Item16A. AuditCommitteeFinancialExpert 214

Item16B. CodeofEthics 214

Item16C. PrincipalAccountantFeesandServices 214

Item16D. ExemptionsfromtheListingStandardsforAuditCommittees 215

Item16E. PurchasesofEquitySecuritiesbytheIssuerandAffiliatedPurchasers 216

Item16F. ChangeinRegistrantsCertifyingAccountant 216

Item16G. CorporateGovernance 216

Item16H. MineSafetyDisclosure 216

Item17. FinancialStatements 217

Item18. FinancialStatements 217

Item19. Exhibits 217

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PetrleosMexicanosanditsfoursubsidiaryentities,PemexExploracinyProduccin(PemexExplorationandProduction),PemexRefinacin(PemexRefining),PemexGasyPetroqumicaBsica(PemexGasandBasicPetrochemicals)andPemexPetroqumica(PemexPetrochemicals,andtogetherwithPemexExplorationandProduction,PemexRefiningandPemexGasandBasicPetrochemicals,collectivelyreferredtoastheexistingsubsidiaryentities),comprisethestateoilandgascompanyoftheUnitedMexicanStates,whichwerefertoasMexico.PetrleosMexicanosisaproductivestateownedcompanyoftheFederalGovernmentofMexico,whichwerefertoastheMexicanGovernment,andeachofthesubsidiaryentitiesisadecentralizedpublicentityoftheMexicanGovernment.EachofPetrleosMexicanosandtheexistingsubsidiaryentitiesisalegalentityempoweredtoownpropertyandcarryonbusinessinitsownname.Inaddition,anumberofsubsidiarycompaniesthataredefinedinNote1andlistedinNote3(a)toourconsolidatedfinancialstatementsincorporatedinItem18areincorporatedintotheconsolidatedfinancialstatementsthesesubsidiarycompaniesarealsoidentifiedwiththeircorrespondingownershippercentagesinConsolidatedStructureofPEMEXonpage4.PetrleosMexicanos,thesubsidiaryentitiesandthesubsidiarycompaniesarecollectivelyreferredtoasPEMEXorwe.Asofthedateofthisreport,weareintheprocessofreorganizingourcorporatestructure.SeeItem4InformationontheCompanyHistoryandDevelopmentEnergyReformformoredetails.

ReferenceshereintoU.S.$,$,U.S.dollarsordollarsaretoUnitedStatesdollars.ReferenceshereintopesosorPs.aretothelegalcurrencyofMexico.ReferenceshereintoeurosoraretothelegalcurrencyoftheEuropeanEconomicandMonetaryUnion.ReferenceshereintopoundsoraretothelegalcurrencyoftheUnitedKingdom.ReferenceshereintoSwissfrancsorCHFaretothelegalcurrencyoftheSwissConfederation.ReferenceshereintoJapaneseyenoraretothelegalcurrencyofJapan.ReferenceshereintoAustraliandollarsorAUDaretothelegalcurrencyofAustralia.Thetermbillionasusedhereinmeansonethousandmillion.

OurconsolidatedfinancialstatementsincludedinthisreportwerepreparedinaccordancewithInternationalFinancialReportingStandardsasissuedbytheInternationalAccountingStandardsBoard.WereferinthisreporttoInternationalFinancialReportingStandardsasissuedbytheInternationalAccountingStandardsBoardasIFRS.Inaddition,thesefinancialstatementswereauditedinaccordancewiththeInternationalStandardsonAuditing,asrequiredbytheComisinNacionalBancariaydeValores(NationalBankingandSecuritiesCommission,ortheCNBV)forpurposesoffilingwiththeBolsaMexicanadeValores,S.A.B.deC.V.(MexicanStockExchange,ortheBMV)andwiththeCNBV,andinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),orPCAOB,forpurposesoffilingswiththeU.S.SecuritiesandExchangeCommission,orSEC.

TheregulationsoftheSECdonotrequireforeignprivateissuersthatpreparetheirfinancialstatementsonthebasisofIFRStoreconcilesuchfinancialstatementstoUnitedStatesGenerallyAcceptedAccountingPrinciples,whichwerefertoasU.S.GAAP.Accordingly,whilewehaveinthepastreconciledourconsolidatedfinancialstatementspreparedinaccordancewithNormasdeInformacinFinancieraMexicanas(MexicanFinancialReportingStandards,orMexicanFRS)toU.S.GAAP,thosereconciliationsarenolongerpresentedinourfilingswiththeSEC.Wedo,however,continuetoprovidethedisclosurerequiredundertheU.S.FinancialAccountingStandardsBoardAccountingStandardsCodification(ASC)Topic932ExtractiveActivitiesOilandGas(whichwerefertoasASCTopic932),asthisisrequiredregardlessofthebasisofaccountingonwhichweprepareourfinancialstatements.

Wemaintainourconsolidatedfinancialstatementsandaccountingrecordsinpesos.Unlessotherwiseindicated,wehavetranslatedallpesoamountstoU.S.dollarsinthisForm20F,includingallconveniencetranslationsofourconsolidatedfinancialstatementsincludedherein,atanexchangerateofPs.14.7180=U.S.$1.00,whichistheexchangeratethattheSecretaradeHaciendayCrditoPblico(MinistryofFinanceandPublicCredit,ortheSHCP)instructedustouseonDecember31,2014.YoushouldnotconstruethesetranslationsfrompesosintodollarsasactuallyrepresentingsuchU.S.dollaramountsormeaningthatyoucouldconvertsuchamountsintoU.S.dollarsattheratesindicated.Mexicohasafreemarketforforeignexchange,andtheMexicanGovernmentallowsthepesotofloatfreelyagainsttheU.S.dollar.TherecanbenoassurancethattheMexicanGovernmentwillmaintainitscurrentpolicieswithregardtothepesoorthatthepesowillnotdepreciateorappreciatesignificantlyinthefuture.Duetothevolatilityofthepeso/U.S.dollarexchangerate,theexchangerateonanydatesubsequenttothedatehereofcouldbemateriallydifferentfromtherateindicatedabove.SeeItem3KeyInformationExchangeRatesforinformationregardingtheratesofexchangebetweenpesosandU.S.dollars.

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SPECIALNOTEREGARDINGMEXICANENERGYREFORM

OnDecember20,2013,amendmentstoArticles25,27and28oftheConstitucinPolticadelosEstadosUnidosMexicanos(PoliticalConstitutionoftheUnitedMexicanStates,ortheMexicanConstitution)werepublishedastheDecretoporelquesereformanyadicionandiversasdisposicionesdelaConstitucinPolticadelosEstadosUnidosMexicanos,enMateriadeEnerga(DecreethatamendsandsupplementsvariousprovisionsoftheMexicanConstitutionrelatingtoenergymatters,whichwerefertoastheEnergyReformDecree)intheDiarioOficialdelaFederacin(OfficialGazetteoftheFederation)andtookeffectonDecember21,2013.TheEnergyReformDecreeincludesartculostransitorios(transitionalarticles)thatsetforththegeneralframeworkfortheimplementinglawsthatarerequiredtogiveeffecttotheEnergyReformDecree,whichwerefertoastheSecondaryLegislation.OnAugust6,2014,theMexicanCongresscompletedtheprocessofapprovingtheSecondaryLegislation,whichwassignedintolawbythePresidentofMexico,Mr.EnriquePeaNieto,andpublishedintheOfficialGazetteoftheFederationonAugust11,2014.TheSecondaryLegislationincludesninenewlaws,amongothers,thenewLeydePetrleosMexicanos(PetrleosMexicanosLaw)andtheLeydeHidrocarburos(HydrocarbonsLaw),aswellasamendmentstoseveralexistinglaws.Asofthedateofthisreport,certainprovisionsoftheSecondaryLegislation,includingsomeprovisionsofthePetrleosMexicanosLaw,arenotyeteffective.SeeItem4InformationontheCompanyHistoryandDevelopmentEnergyReformformoredetailsregardingtheimplementationoftheSecondaryLegislation.

OnNovember18,2014,pursuanttothePetrleosMexicanosLaw,theBoardofDirectorsofPetrleosMexicanosapprovedtheDirectorGeneralsproposalforourcorporatereorganization,whichprovidesforthefutureformationofthenewproductivestateownedsubsidiaries,PemexExploracinyProduccin(PemexExplorationandProduction),PemexTransformacinIndustrial(PemexIndustrialTransformation),PemexPerforacinyServicios(PemexDrillingandServices),PemexLogstica(PemexLogistics),PemexCogeneracinyServicios(PemexCogenerationandServices),PemexFertilizantes(PemexFertilizers)andPemexEtileno(PemexEthyleneand,togetherwithPemexExplorationandProduction,PemexIndustrialTransformation,PemexDrillingandServices,PemexLogistics,PemexCogenerationandServicesandPemexFertilizers,collectivelyreferredtoasthenewsubsidiaryentities).SeeItem4InformationontheCompanyHistoryandDevelopmentEnergyReformformoreinformationregardingourcorporatereorganization,includingtheacuerdosdecreacin(creationresolutions)foreachofthenewsubsidiaryentitiesthatwereapprovedbytheBoardofDirectorsofPetrleosMexicanosonMarch27,2015andpublishedintheOfficialGazetteoftheFederationonApril28,2015.

PRESENTATIONOFINFORMATIONCONCERNINGRESERVES

TheprovedhydrocarbonreservesincludedinthisreportfortheyearendedDecember31,2014arethosethatwehavetherighttoextractandsellbasedontheMexicanGovernmentsassignmentstousinAugust2014throughtheprocesscommonlyreferredtoasRoundZero.SeeItem4InformationontheCompanyHistoryandDevelopmentEnergyReformforadescriptionoftheRoundZeroprocess.TheestimatesofourprovedreservesofcrudeoilandnaturalgasforthefiveyearsendedDecember31,2014includedinthisreporthavebeencalculatedaccordingtothetechnicaldefinitionsrequiredbytheSEC.DeGolyerandMacNaughton,Netherland,SewellInternational,S.deR.L.deC.V.(whichwerefertoasNetherlandSewell)andRyderScottCompany,L.P.(whichwerefertoasRyderScott)conductedreservesauditsofourestimatesofourprovedhydrocarbonreservesasofDecember31,2014orJanuary1,2015,asapplicable.Allreservesestimatesinvolvesomedegreeofuncertainty.Foradescriptionoftherisksrelatingtoreservesandreservesestimates,seeItem3KeyInformationRiskFactorsRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentInformationonhydrocarbonreservesinthisreportisbasedonestimates,whichareuncertainandsubjecttorevisions,Wemustmakesignificantcapitalexpenditurestomaintainourcurrentproductionlevels,andtomaintain,aswellasincrease,ourprovedhydrocarbonreserves.Reductionsinourincome,adjustmentstoourcapitalexpendituresbudgetandinabilitytoobtainfinancingmaylimitourabilitytomakecapitalinvestmentsandTheMexicannation,notus,ownsthehydrocarbonreservesinMexicolocatedinthesubsoilofMexicoandourrighttocontinuetoextractthesereservesissubjecttotheapprovaloftheMinistryofEnergy.

FORWARDLOOKINGSTATEMENTS

ThisForm20Fcontainswords,suchasbelieve,expect,anticipateandsimilarexpressionsthatidentifyforwardlookingstatements,whichreflectourviewsaboutfutureeventsandfinancialperformance.Wehavemadeforwardlookingstatementsthataddress,amongotherthings,our:

explorationandproductionactivities,includingdrilling

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activitiesrelatingtoimport,export,refining,petrochemicalsandtransportationofpetroleum,naturalgasandoilproducts

projectedandtargetedcapitalexpendituresandothercosts,commitmentsandrevenuesand

liquidityandsourcesoffunding.

Actualresultscoulddiffermateriallyfromthoseprojectedinsuchforwardlookingstatementsasaresultofvariousfactorsthatmaybebeyondourcontrol.Thesefactorsinclude,butarenotlimitedto:

changesininternationalcrudeoilandnaturalgasprices

effectsonusfromcompetition,includingonourabilitytohireandretainskilledpersonnel

limitationsonouraccesstosourcesoffinancingoncompetitiveterms

ourabilitytofind,acquireorgainaccesstoadditionalreservesandtodevelopthereservesthatweobtainsuccessfully

uncertaintiesinherentinmakingestimatesofoilandgasreserves,includingrecentlydiscoveredoilandgasreserves

technicaldifficulties

significantdevelopmentsintheglobaleconomy

significanteconomicorpoliticaldevelopmentsinMexico,includingdevelopmentsrelatingtotheimplementationoftheSecondaryLegislation

developmentsaffectingtheenergysectorand

changesinourlegalregimeorregulatoryenvironment,includingtaxandenvironmentalregulations.

Accordingly,youshouldnotplaceunduerelianceontheseforwardlookingstatements.Inanyevent,thesestatementsspeakonlyasoftheirdates,andweundertakenoobligationtoupdateorreviseanyofthem,whetherasaresultofnewinformation,futureeventsorotherwise.

Foradiscussionofimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthosecontainedinanyforwardlookingstatement,seeItem3KeyInformationRiskFactors.

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PARTIItem1. IdentityofDirectors,SeniorManagementandAdvisers

Notapplicable.

Item2. OfferStatisticsandExpectedTimetable

Notapplicable.

Item3. KeyInformation

SELECTEDFINANCIALDATA

Theselectedstatementofcomprehensiveincome,statementoffinancialpositionandcashflowsdatasetforthbelowasofandforthefouryearsendedDecember31,2014havebeenderivedfrom,andshouldbereadinconjunctionwith,ourconsolidatedfinancialstatementsasofDecember31,2013and2014andfortheyearsendedDecember31,2012,2013and2014,whichareincludedinItem18ofthisreport.OurconsolidatedfinancialstatementsforeachofthefiscalyearsendedDecember31,2011and2012wereauditedbyKPMGCrdenasDosal,S.C.,anindependentregisteredpublicaccountingfirm.OurconsolidatedfinancialstatementsforeachofthefiscalyearsendedDecember31,2013and2014wereauditedbyCastilloMirandayCompaa,S.C.(whichwerefertoasBDOMexico),anindependentregisteredpublicaccountingfirm.CertainamountsintheconsolidatedfinancialstatementsfortheyearsendedDecember31,2012and2013havebeenreclassifiedtoconformthepresentationoftheamountsintheconsolidatedfinancialstatementsfortheyearendedDecember31,2014.Thesereclassificationsarenotsignificanttotheconsolidatedfinancialstatementsandhadnoimpactonourconsolidatednetincome.

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SelectedFinancialDataofPEMEX YearendedDecember31,(1)(2) 2011 2012 2013 2014 2014(3)

(inmillionsofpesos,exceptratios) (inmillionsofU.S.dollars)

StatementofComprehensiveIncomeDataNetsales Ps.1,558,454 Ps.1,646,912 Ps.1,608,205 Ps.1,586,728 U.S.$107,809Operatingincome 861,311 905,339 727,622 615,480 41,818Financingincome 4,198 2,532 8,736 3,014 205Financingcost (35,154) (46,011) (39,586) (51,559) (3,503)Derivativefinancialinstruments(cost)incomeNet (1,697) (6,258) 1,311 (9,439) (641)Exchange(loss)gainNet (60,143) 44,846 (3,951) (76,999) (5,232)Net(loss)incomefortheperiod (106,942) 2,600 (170,058) (265,543) (18,042)

StatementofFinancialPositionData(endofperiod)Cashandcashequivalents 114,977 119,235 80,746 117,989 8,017Totalassets 1,981,374 2,024,183 2,047,390 2,128,368 144,610Longtermdebt 672,657 672,618 750,563 997,384 67,766Totallongtermliabilities 1,624,752 2,059,445 1,973,446 2,561,930 174,068Totalequity(deficit) 103,177 (271,066) (185,247) (767,721) (52,162)

StatementofCashFlowsDepreciationandamortization 127,380 140,538 148,492 143,075 9,721Acquisitionofwells,pipelines,properties,plantandequipment(4) 167,014 197,509 245,628 230,679 15,673

OtherFinancialDataRatioofearningstofixedcharges(5)(6) 1.01

(1) WehavenotincludedselectedconsolidatedfinancialdataasofandfortheyearendedDecember31,2010,aswebeganpresentingourfinancialstatementsinaccordancewithIFRSforthe

fiscalyearendingDecember31,2012,withanofficialIFRSadoptiondateofJanuary1,2012andatransitiondatetoIFRSofJanuary1,2011.Basedonsuchadoptionandtransitiondates,wewerenotrequiredtopreparefinancialstatementsinaccordancewithIFRSasofandfortheyearendedDecember31,2010andthereforeareunabletopresentselectedfinancialdatainaccordancewithIFRSforthisperiodwithoutunreasonableeffortandexpense.

(2) IncludesPetrleosMexicanos,thesubsidiaryentitiesandthesubsidiarycompanieslistedinNote3(a)toourconsolidatedfinancialstatementsincludedherein.(3) TranslationsintoU.S.dollarsofamountsinpesoshavebeenmadeattheexchangerateestablishedbytheSHCPforaccountingpurposesofPs.14.7180=U.S.$1.00atDecember31,2014.

SuchtranslationsshouldnotbeconstruedasarepresentationthatthepesoamountshavebeenorcouldbeconvertedintoU.S.dollaramountsattheforegoingoranyotherrate.(4) Includescapitalizedfinancingcost.SeeNote10toourconsolidatedfinancialstatementsincludedhereinandItem5OperatingandFinancialReviewandProspectsLiquidityandCapital

Resources.(5) Earnings,forthispurpose,consistofpretaxincome(loss)fromcontinuingoperationsbeforeincomefromequityinvestees,plusfixedcharges,minusinterestcapitalizedduringtheperiod,plus

theamortizationofcapitalizedinterestduringtheperiodandplusdividendsreceivedonequityinvestments.Pretaxincome(loss)iscalculatedafterthedeductionofhydrocarbonduties,butbeforethedeductionofthehydrocarbonincometaxandotherincometaxes.Fixedchargesforthispurposeconsistofthesumofinterestexpenseplusinterestcapitalizedduringtheperiod,plusamortizationpremiumsrelatedtoindebtednessandplustheestimatedinterestwithinrentalexpense.Fixedchargesdonottakeintoaccountexchangegainorlossattributabletoourindebtedness.

(6) EarningsfortheyearsendedDecember31,2011,2013and2014wereinsufficienttocoverfixedcharges.TheamountbywhichfixedchargesexceededearningswasPs.106,476million,Ps.165,217millionandPs.283,640millionfortheyearsendedDecember31,2011,2013and2014,respectively.

Source:PEMEXsconsolidatedfinancialstatements,preparedinaccordancewithIFRS,asitrelatestotheSelectedStatementsofComprehensiveIncome,StatementofFinancialPositionandStatementofCashFlowsDataandPetrleosMexicanos,asitrelatestoOtherFinancialData.

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EXCHANGERATES

Thefollowingtablesetsforth,fortheperiodsindicated,thehigh,low,averageandperiodendexchangeratesforthepurchaseofU.S.dollars,expressedinpesosperU.S.dollar.Theserateshavenotbeenrestatedinconstantcurrencyunits.

Period ExchangeRate YearEndedDecember31, High Low Average(1) PeriodEnd2010 13.194 12.156 12.635 12.3832011 14.254 11.505 12.464 13.9512012 14.365 12.625 13.140 12.9642013 13.433 11.976 12.857 13.0982014 14.794 12.846 13.370 14.750

November2014 13.921 13.536 13.615 13.921December2014 14.794 13.936 14.520 14.750

2015January2015 15.005 14.564 14.700 15.005February2015 15.103 14.748 14.917 14.939March2015 15.582 14.933 15.237 15.245April2015(2) 15.428 14.803 15.177 15.383

(1) Averageofmonthendrates,exceptfor2014and2015monthlyexchangerates.(2) FortheperiodfromApril1,2015toApril24,2015.Source:NoonbuyingrateforcabletransfersinNewYorkreportedbytheFederalReserve.

ThenoonbuyingrateforcabletransfersinNewYorkreportedbytheFederalReserveonApril24,2015wasPs.15.383=U.S.$1.00.

RISKFACTORS

RiskFactorsRelatedtoOurOperations

Crudeoilandnaturalgaspricesarevolatileandlowcrudeoilandnaturalgaspricesadverselyaffectourincomeandcashflowsandtheamountofhydrocarbonreservesthatwehavetherighttoextractandsell.

Internationalcrudeoilandnaturalgaspricesaresubjecttoglobalsupplyanddemandandfluctuateduetomanyfactorsbeyondourcontrol.Thesefactorsincludecompetitionwithintheoilandnaturalgasindustry,thepricesandavailabilityofalternativesourcesofenergy,internationaleconomictrends,exchangeratefluctuations,expectationsofinflation,domesticandforeigngovernmentregulationsorinternationallaws,politicalandothereventsinmajoroilandnaturalgasproducingandconsumingnationsandactionstakenbyoilexportingcountries,tradingactivityinoilandnaturalgasandtransactionsinderivativefinancialinstruments(whichwerefertoasDFIs)relatedtooilandgas.

Wheninternationalcrudeoil,petroleumproductand/ornaturalgaspricesarelow,weearnlessrevenueand,therefore,generatelowercashflowsandearnlessincomebeforetaxesanddutiesbecauseourcostsremainroughlyconstant.Conversely,whencrudeoil,petroleumproductandnaturalgaspricesarehigh,weearnmorerevenueandourincomebeforetaxesanddutiesincreases.Duringthefirsteightmonthsof2014,theMexicancrudeoilexportpricerosetomorethanU.S.$100.00perbarrel,andtheweightedaveragepricefortheyearwasU.S.$86.00perbarrel.However,beginninginSeptember2014,crudeoilpricesexperiencedasharpdecline,andinDecember2014,theweightedaverageMexicancrudeoilexportpricefelltoalowofU.S.$45.45perbarrel.ThissharpdeclineofcrudeoilpriceshadadirecteffectonourresultsofoperationsfortheyearendedDecember31,2014andourfinancialconditionasofDecember31,2014,andthecontinuationofpricesatoraroundtheselevelsorfuturedeclinesininternationalcrudeoilandnaturalgaspriceswillhavesimilareffects.Duringthefirstmonthof2015,theweightedaverageMexicancrudeoilexportpricedeclinedfurthertoU.S.$37.36perbarrel.ThesefluctuationsmayalsoaffectestimatesoftheamountofMexicoshydrocarbonreservesthatwehavetherighttoextractandsell.SeeRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentInformationonhydrocarbonreservesinthisreportisbasedonestimates,whichareuncertainandsubjecttorevisionsbelowinthisItem3andItem11QuantitativeandQualitativeDisclosuresaboutMarketRiskHydrocarbonPriceRisk.

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Weareanintegratedoilandgascompanyandareexposedtoproduction,equipmentandtransportationrisks,criminalactsanddeliberateactsofterror.

Wearesubjecttoseveralrisksthatarecommonamongoilandgascompanies.Theserisksincludeproductionrisks(fluctuationsinproductionduetooperationalhazards,naturaldisastersorweather,accidents,etc.),equipmentrisks(relatingtotheadequacyandconditionofourfacilitiesandequipment)andtransportationrisks(relatingtotheconditionandvulnerabilityofpipelinesandothermodesoftransportation).Morespecifically,ourbusinessissubjecttotherisksofexplosionsinpipelines,refineries,plants,drillingwellsandotherfacilities,oilspills,hurricanesintheGulfofMexicoandothernaturalorgeologicaldisastersandaccidents,firesandmechanicalfailures.Criminalattemptstodivertourcrudeoil,naturalgasorrefinedproductsfromourpipelinenetworkandfacilitiesforillegalsalehaveresultedinexplosions,propertyandenvironmentaldamage,injuriesandlossoflife.

Ourfacilitiesarealsosubjecttotheriskofsabotage,terrorismandcyberattacks.InJuly2007,twoofourpipelineswereattacked.InSeptember2007,sixdifferentsiteswereattackedand12ofourpipelineswereaffected.Theoccurrenceoftheseincidentsrelatedtotheproduction,processingandtransportationofoilandoilproductscouldresultinpersonalinjuries,lossoflife,environmentaldamagefromthesubsequentcontainment,cleanupandrepairexpenses,equipmentdamageanddamagetoourfacilities.Ashutdownoftheaffectedfacilitiescoulddisruptourproductionandincreaseourproductioncosts.Asofthedateofthisreport,therehavebeennosimilaroccurrencessince2007.Althoughwehaveestablishedaninformationsecurityprogram,whichincludescybersecuritysystemsandprocedurestoprotectourinformationtechnology,andhavenotyetsufferedacyberattack,iftheintegrityofourinformationtechnologywereevercompromisedduetoacyberattack,ourbusinessoperationscouldbedisruptedandourproprietaryinformationcouldbelostorstolen.

Wepurchasecomprehensiveinsurancepoliciescoveringmostoftheseriskshowever,thesepoliciesmaynotcoverallliabilities,andinsurancemaynotbeavailableforsomeoftheconsequentialrisks.Therecanbenoassurancethataccidentsoractsofterrorwillnotoccurinthefuture,thatinsurancewilladequatelycovertheentirescopeorextentofourlossesorthatwemaynotbefounddirectlyliableinconnectionwithclaimsarisingfromtheseorotherevents.SeeItem4InformationontheCompanyBusinessOverviewPEMEXCorporateMattersInsurance.

Wehaveasubstantialamountofliabilitiesthatcouldadverselyaffectourfinancialconditionandresultsofoperations.

Wehaveasubstantialamountofdebt.AsofDecember31,2014,ourtotalindebtedness,includingaccruedinterest,wasapproximatelyU.S.$77.7billion,innominalterms,whichisa20.8%increaseascomparedtoourtotalindebtedness,includingaccruedinterest,ofapproximatelyU.S.$64.3billionatDecember31,2013.Ourlevelofdebtmayincreasefurtherintheshortormediumtermandmayhaveanadverseeffectonourfinancialconditionandresultsofoperations.Toserviceourdebt,wehavereliedandmaycontinuetorelyonacombinationofcashflowsprovidedbyoperations,drawdownsunderouravailablecreditfacilitiesandtheincurrenceofadditionalindebtedness.

Certainratingagencieshaveexpressedconcernsregardingthetotalamountofourdebt,ourincreaseinindebtednessoverthelastseveralyearsandoursubstantialunfundedreserveforretirementpensionsandsenioritypremiums,whichasofDecember31,2014wasequaltoapproximatelyU.S.$100.2billion.ThoughtheSecondaryLegislationenablestheMexicanGovernmenttoassumeaportionofthepensionliabilitiesofPetrleosMexicanosandthesubsidiaryentities,theamountthatthisportionwillrepresentisdependentonourabilitytomeettheconditionssetforthintheapplicabledecree,andwecannotprovideassurancesthatwewillbeabletomeettheseconditionswithinthespecifiedtimeframe.Moreover,wecannotprovideassurancesthattheMexicanGovernmentspotentialassumptionofanyportionofourunfundedreserveinthefuturewilleliminatetheconcernsofratingagencies.

Duetoourheavytaxburden,wehaveresortedtodebtfinancingtocarryoutourcapitalinvestmentprojects.Anyloweringofourcreditratingsmayhaveadverseconsequencesonourabilitytoaccessthefinancialmarketsand/orourcostoffinancing.Ifwewereunabletoobtainfinancingonfavorableterms,thiscouldhamperourabilitytoobtainfurtherfinancingaswellashamperinvestmentinprojectsfinancedthroughdebt.Asaresult,wemaynotbeabletomakethecapitalexpendituresneededtomaintainourcurrentproductionlevelsandtomaintain,aswellasincrease,provedhydrocarbonreserves,whichmayadverselyaffectourfinancialconditionandresultsofoperations.SeeRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentWemustmakesignificantcapitalexpenditurestomaintainourcurrentproductionlevels,andtomaintain,aswellasincrease,ourprovedhydrocarbonreserves.Reductionsinourincome,adjustmentstoourcapitalexpendituresbudgetandinabilitytoobtainfinancingmaylimitourabilitytomakecapitalinvestmentsbelowinthisItem3.

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WearesubjecttoMexicanandinternationalanticorruption,antibriberyandantimoneylaunderinglaws.Ourfailuretocomplywiththeselawscouldresultinpenalties,whichcouldharmourreputationandhaveanadverseeffectonourbusiness,resultsofoperationsandfinancialcondition.

WearesubjecttoMexicanandinternationalanticorruption,antibriberyandantimoneylaunderinglaws.SeeItem4InformationontheCompanyGeneralRegulatoryFramework.Althoughwemaintainpoliciesandprocessesintendedtocomplywiththeselaws,includingthereviewofourinternalcontroloverfinancialreporting,wecannotensurethatthesecompliancepoliciesandprocesseswillpreventintentional,recklessornegligentactscommittedbyourofficersoremployees.

Ifwefailtocomplywithanyapplicableanticorruption,antibriberyorantimoneylaunderinglaws,weandourofficersandemployeesmaybesubjecttocriminal,administrativeorcivilpenaltiesandotherremedialmeasures,whichcouldhavematerialadverseeffectsonourbusiness,financialconditionandresultsofoperations.Anyinvestigationofpotentialviolationsofanticorruption,antibriberyorantimoneylaunderinglawsbygovernmentalauthoritiesinMexicoorotherjurisdictionscouldresultinaninabilitytoprepareourconsolidatedfinancialstatementsinatimelymanner.Thiscouldadverselyimpactourreputation,abilitytoaccessthefinancialmarketsandabilitytoobtaincontracts,assignments,permitsandothergovernmentauthorizationsnecessarytoparticipateinourindustry,which,inturn,couldhaveadverseeffectsonourbusiness,resultsofoperationsandfinancialcondition.

OurcompliancewithenvironmentalregulationsinMexicocouldresultinmaterialadverseeffectsonourresultsofoperations.

AwiderangeofgeneralandindustryspecificMexicanfederalandstateenvironmentallawsandregulationsapplytoouroperationstheselawsandregulationsareoftendifficultandcostlytocomplywithandcarrysubstantialpenaltiesfornoncompliance.Thisregulatoryburdenincreasesourcostsbecauseitrequiresustomakesignificantcapitalexpendituresandlimitsourabilitytoextracthydrocarbons,resultinginlowerrevenues.Foranestimateofouraccruedenvironmentalliabilities,seeItem4InformationontheCompanyEnvironmentalRegulationEnvironmentalLiabilities.Inaddition,wehaveagreedwithothercompaniestomakeinvestmentstoreduceourcarbondioxideemissions.SeeItem4InformationontheCompanyEnvironmentalRegulationGlobalClimateChangeandCarbonDioxideEmissionsReduction.

RiskFactorsRelatedtoMexico

TheeffectsoftheimplementationofthenewlegalframeworkapplicabletotheenergysectorinMexicoareuncertainbutlikelytobematerial,andmayhaveanegativeimpactonusintheshortandmediumterm.

TheenactmentoftheSecondaryLegislationimplementingthereformstotheMexicanenergysectorthatwerecontemplatedintheEnergyReformDecreehashadasignificanteffectonus,andtheseeffectscouldbeadversetoourinterestsintheshortandmediumterm,asfurtherdescribedbelow.

AspartoftheimplementationoftheEnergyReformDecree,theMexicanGovernmentannouncedtheresultsofRoundZeroinAugust2014,throughwhichwewereassignedoilandgasexplorationandextractionrightsincertainareasinMexico.WearerequiredtocomplywiththeexplorationplansanddevelopmentplansfortheextractionofhydrocarbonsthatwesubmittedtotheSecretaradeEnerga(MinistryofEnergy)inconnectionwithourassignments.IfwefailtocomplywithourexplorationanddevelopmentforextractionplanswithinthespecifiedtimeperiodauthorizedbyMinistryofEnergy,ourrightstocontinueexploringanddevelopingtheunderlyingareasmayberevoked,whichmayadverselyaffectouroperatingresultsandfinancialcondition.SeeRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentWemustmakesignificantcapitalexpenditurestomaintainourcurrentproductionlevels,andtomaintain,aswellasincrease,ourprovedhydrocarbonreserves.Reductionsinourincome,adjustmentstoourcapitalexpendituresbudgetandinabilitytoobtainfinancingmaylimitourabilitytomakecapitalinvestmentsbelowinthisItem3.

Although,asofthedateofthisreport,weremaintheonlyentitythatconductsexplorationandextractionactivitiesinMexico,theSecondaryLegislationallowstheMexicanGovernmenttoenterintoagreementswithotheroilandgascompaniestoconducttheseactivities.Asaresult,weexpecttofacecompetitionfortherighttoexploreanddevelopnewoilandgasreservesinMexico.SeeRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentIncreasedcompetitionintheMexicanenergysectormayhaveanegativeimpactonourresultsofoperationsandfinancialconditionsbelowinthisItem3.WhiletheparticipationofotheroilandgascompaniesintheMexicanenergysectorisintendedtoprovideanewsourceofrevenuesfortheMexicanGovernmentandtherebyreduceitsrelianceonourrevenues,wecannotprovideassurancesthattheamountofourpaymentstotheMexicanGovernmentwillsignificantlydecreaseinthenearfuture.SeeRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentWemakesignificantpaymentstotheMexicanGovernment,whichmaylimitourcapacitytoexpandourinvestmentprogrambelowinthisItem3.

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Asofthedateofthisreport,certainprovisionsoftheSecondaryLegislation,includingsomeprovisionsofthePetrleosMexicanosLaw,arenotyeteffective.Accordingly,theeffectsoftheimplementationremainuncertain,althoughtheseeffectsarelikelytobematerialandmayhaveanegativeeffectonourfinancialcondition,resultsofoperationandprospectsintheshortandmediumterm.Moreover,asaresultoflongstandingrestrictionsincludedincertainofourfinancingagreementsthatwerebasedonthelegalframeworkineffectbeforetheEnergyReformDecreeandtheSecondaryLegislationwereenacted,theseeffectsmaycauseustodefaultontheseagreementsintheeventthatweareunabletoamendthemorobtainwaiversfromourlenders,asmayberequiredinconnectionwiththeongoingimplementationoftheSecondaryLegislation.SeeItem5OperatingandFinancialReviewandProspectsLiquidityandCapitalResourcesAmendmentstoCertainFinancingAgreementsformoreinformationregardingthewaiversandamendmentsthatwehaveobtainedasofthedateofthisreport.

EconomicconditionsandgovernmentpoliciesinMexicoandelsewheremayhaveamaterialimpactonouroperations.

AdeteriorationinMexicoseconomiccondition,socialinstability,politicalunrestorotheradversesocialdevelopmentsinMexicocouldadverselyaffectourbusinessandfinancialcondition.Theseeventscouldalsoleadtoincreasedvolatilityinthefinancialmarkets,therebyaffectingourabilitytoobtainnewfinancingandserviceourdebt.Additionally,theMexicanGovernmentrecentlycutspendinginresponsetoadownwardtrendininternationalcrudeoilprices,anditmaycutspendinginthefuture.SeeRiskFactorsRelatedtoourRelationshipwiththeMexicanGovernmentTheMexicanGovernmentcontrolsusanditcouldlimitourabilitytosatisfyourexternaldebtobligationsorcouldreorganizeortransferusorourassetsbelowinthisItem3.ThesecutscouldadverselyaffecttheMexicaneconomyand,consequently,ourbusiness,financialcondition,operatingresultsandprospects.

Inthepast,Mexicohasexperiencedseveralperiodsofslowornegativeeconomicgrowth,highinflation,highinterestrates,currencydevaluationandothereconomicproblems.Theseproblemsmayworsenorreemerge,asapplicable,inthefutureandcouldadverselyaffectourbusinessandabilitytoserviceourdebt.Aworseningofinternationalfinancialoreconomicconditions,suchasaslowdowningrowthorrecessionaryconditionsinMexicostradingpartners,includingtheUnitedStates,ortheemergenceofanewfinancialcrisis,couldhaveadverseeffectsontheMexicaneconomy,ourfinancialconditionandourabilitytoserviceourdebt.

ChangesinMexicosexchangecontrollawsmayhamperourabilitytoserviceourforeigncurrencydebt.

TheMexicanGovernmentdoesnotcurrentlyrestricttheabilityofMexicancompaniesorindividualstoconvertpesosintoothercurrencies.However,wecannotprovideassurancesthattheMexicanGovernmentwillmaintainitscurrentpolicieswithregardtothepeso.Inthefuture,theMexicanGovernmentcouldimposearestrictiveexchangecontrolpolicy,asithasdoneinthepast.MexicanGovernmentpoliciespreventingusfromexchangingpesosintoU.S.dollarscouldhamperourabilitytoserviceourforeigncurrencyobligations,includingourdebt,themajorityofwhichisdenominatedincurrenciesotherthanpesos.

PoliticalconditionsinMexicocouldmateriallyandadverselyaffectMexicaneconomicpolicyand,inturn,ouroperations.

PoliticaleventsinMexicomaysignificantlyaffectMexicaneconomicpolicyand,consequently,ouroperations.OnDecember1,2012,Mr.EnriquePeaNieto,amemberofthePartidoRevolucionarioInstitucional(InstitutionalRevolutionaryParty,orPRI),formallyassumedofficeforasixyeartermasthePresidentofMexico.Asofthedateofthisreport,nopoliticalpartyholdsasimplemajorityineitherhouseoftheMexicanCongress.OnJune7,2015,federalelectionswilltakeplaceinMexicotoelect500federaldeputiesoftheMexicanCongress.

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Mexicohasexperiencedaperiodofincreasingcriminalactivity,whichcouldaffectouroperations.

Inrecentyears,Mexicohasexperiencedaperiodofincreasingcriminalactivity,primarilyduetotheactivitiesofdrugcartelsandrelatedcriminalorganizations.Inaddition,thedevelopmentoftheillicitmarketinfuelsinMexicohasledtoincreasesintheftandillegaltradeinthefuelsthatweproduce.Inresponse,theMexicanGovernmenthasimplementedvarioussecuritymeasuresandstrengtheneditsmilitaryandpoliceforces,andwehavealsoestablishedvariousstrategicmeasuresaimedatdecreasingincidentsoftheftandothercriminalactivitydirectedatourfacilitiesandproducts.SeeItem8FinancialInformationLegalProceedingsActionsAgainsttheIllicitMarketinFuels.Despitetheseefforts,criminalactivitycontinuestoexistinMexico,someofwhichmaytargetourfacilitiesandproducts.Theseactivities,theirpossibleescalationandtheviolenceassociatedwiththemmayhaveanegativeimpactonourfinancialconditionandresultsofoperations.

RiskFactorsRelatedtoourRelationshipwiththeMexicanGovernment

TheMexicanGovernmentcontrolsusanditcouldlimitourabilitytosatisfyourexternaldebtobligationsorcouldreorganizeortransferusorourassets.

WearecontrolledbytheMexicanGovernmentandourannualbudget,whichisapprovedbytheCmaradeDiputados(ChamberofDeputies),canbeadjustedbytheMexicanGovernment,asdescribedbelow.PursuanttothePetrleosMexicanosLaw,PetrleosMexicanoswastransformedfromadecentralizedpublicentitytoaproductivestateownedcompanyonOctober7,2014.ThePetrleosMexicanosLawestablishesaspecialregimegoverning,amongotherthings,ourbudget,debtlevelsandadministrativeliabilities,whichtookeffectonDecember2,2014,withtheexceptionofcertainprovisions.ThisspecialregimeprovidesPetrleosMexicanoswithadditionaltechnicalandmanagerialautonomy,aswellasdiscretionwithrespecttocertainelementsofourbudget.Notwithstandingthisincreasedautonomy,theMexicanGovernmentstillcontrolsusandhasthepowertoadjustourfinancialbalancegoal,whichrepresentsourtargetednetcashflowforthefiscalyearbasedonourprojectedrevenuesandexpenses,andtheceilingonourannualwageandsalaryexpenditures.TheMexicanGovernmentsauthoritytoadjustourannualbudgetmaycompromiseourabilitytodevelopourreservesandtosuccessfullycompetewithotheroilandgascompaniesthatentertheMexicanenergysector.SeeItem4InformationontheCompanyHistoryandDevelopmentCapitalExpendituresandInvestmentsCapitalExpendituresBudgetformoreinformationaboutourFebruary2015budgetadjustmentandGeneralRegulatoryFrameworkformoreinformationabouttheMexicanGovernmentsauthoritywithrespecttoourbudget.Inaddition,theMexicanGovernmentscontroloveruscouldadverselyaffectourabilitytomakepaymentsunderanysecuritiesissuedbyPetrleosMexicanos.AlthoughPetrleosMexicanosiswhollyownedbytheMexicanGovernment,ourfinancingobligationsdonotconstituteobligationsofandarenotguaranteedbytheMexicanGovernment.

TheMexicanGovernmentsagreementswithinternationalcreditorsmayaffectourexternaldebtobligations.IncertainpastdebtrestructuringsoftheMexicanGovernment,PetrleosMexicanosexternalindebtednesswastreatedonthesametermsasthedebtoftheMexicanGovernmentandotherpublicsectorentities,anditmaybetreatedonsimilartermsinanyfuturedebtrestructuring.Inaddition,Mexicohasenteredintoagreementswithofficialbilateralcreditorstoreschedulepublicsectorexternaldebt.Mexicohasnotrequestedrestructuringofbondsordebtowedtomultilateralagencies.

TheHydrocarbonsLawthatwasadoptedaspartoftheSecondaryLegislationcontemplatesthetransferofcertainofourassetstoCentroNacionaldeControldelGasNatural(NationalCenterofNaturalGasControl,orCENAGAS)inthefuture.TheMexicanGovernmenthasthepower,iftheMexicanConstitutionandfederallawwerefurtheramended,tofurtherreorganizeourcorporatestructure,includingatransferofalloraportionofourassetstoanentitynotcontrolled,directlyorindirectly,bytheMexicanGovernment.ThereorganizationandtransferofassetscontemplatedbytheEnergyReformDecreeandtheSecondaryLegislation,oranyotherreorganizationortransferthattheMexicanGovernmentmayeffect,couldadverselyaffectourproduction,disruptourworkforceandoperationsandcauseustodefaultoncertainobligations.SeeRiskFactorsRelatedtoMexicoaboveinthisItem3.

WemakesignificantpaymentstotheMexicanGovernment,whichmaylimitourcapacitytoexpandourinvestmentprogram.

WearerequiredtomakesignificantpaymentstotheMexicanGovernment,includingintheformoftaxesandduties,whichmaylimitourabilitytomakecapitalinvestments.In2014,approximately47.0%ofoursalesrevenueswasusedforpaymentstotheMexicanGovernmentintheformoftaxesandduties,whichconstitutedasubstantialportionoftheMexicanGovernmentsrevenues.

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TheSecondaryLegislationincludeschangestothefiscalregimeapplicabletous,particularlywithrespecttotheexplorationandproductionactivitiesthatwecarryoutinMexico.Beginningin2016,wewillbeginpayingastatedividendinlieuofcertainofthepaymentsthatwecurrentlymayberequiredtopayatthediscretionoftheMexicanGovernment.ThisstatedividendwillbecalculatedbytheSHCPasapercentageoftherevenues,aftertaxes,thatwegeneratethroughactivitiessubjecttotheLeydeIngresossobreHidrocarburos(HydrocarbonsRevenueLaw)onanannualbasisandapprovedbytheMexicanCongressinaccordancewiththetermsofthePetrleosMexicanosLaw.SeeItem8FinancialInformationDividendsformoreinformation.TheSecondaryLegislationalsocontemplatesanewframeworkfortaxationunderwhichtheMexicanGovernmentistocollectrevenuesfromothercompaniesparticipatingintheMexicanenergysector.AlthoughthisnewframeworkisdesignedinparttoreducetheMexicanGovernmentsrelianceonpaymentsmadebyus,wecannotprovideassurancesthatwewillnotberequiredtocontinuetopayalargeproportionofoursalesrevenuetotheMexicanGovernment.SeeItem4Taxes,DutiesandOtherPaymentstotheMexicanGovernmentNewFiscalRegime.Asofthedateofthisreport,weareassessingtheimpactthatthesechangesmayhaveonus.SeeRiskFactorsRelatedtoMexicoTheeffectsoftheimplementationofthenewlegalframeworkapplicabletotheenergysectorinMexicoareuncertainbutlikelytobematerial,andmayhaveanegativeimpactonusintheshortandmediumtermaboveinthisItem3.

TheMexicanGovernmenthasimposedpricecontrolsinthedomesticmarketonourproducts.

TheMexicanGovernmenthasfromtimetotimeimposedpricecontrolsonthesalesofnaturalgas,liquefiedpetroleumgas(whichwerefertoasLPG),gasoline,diesel,gasoilintendedfordomesticuse,fueloilandotherproducts.Whenthesepricecontrolshavebeenimplementedinthepast,wehavenotbeenabletopassonalloftheincreasesinthepricesofourproductpurchasestoourcustomersinthedomesticmarket.WedonotcontroltheMexicanGovernmentsdomesticpoliciesandtheMexicanGovernmentcouldimposeadditionalpricecontrolsonthedomesticmarketinthefuture.Theimpositionofsuchpricecontrolswouldadverselyaffectourresultsofoperations.Formoreinformation,seeItem4InformationontheCompanyBusinessOverviewRefiningPricingDecreesandItem4InformationontheCompanyBusinessOverviewGasandBasicPetrochemicalsPricingDecrees.

TheMexicannation,notus,ownsthehydrocarbonreservesinMexicolocatedinthesubsoilofMexicoandourrighttocontinuetoextractthesereservesissubjecttotheapprovaloftheMinistryofEnergy.

TheMexicanConstitutionprovidesthattheMexicannation,notus,ownsallpetroleumandotherhydrocarbonreserveslocatedinthesubsoilofMexico.

FollowingtheadoptionoftheEnergyReformDecree,Article27oftheMexicanConstitutionprovidesthattheMexicanGovernmentwillcarryoutexplorationandextractionactivitiesthroughassignmentstoandagreementswithus,aswellasthroughagreementswithothercompanies.PursuanttotheSecondaryLegislation,therightsofoilandgascompanies,includingus,toexploreandextractthepetroleumandotherhydrocarbonreserveslocatedinthesubsoilofMexicoissubjecttotheassignmentofrightsbytheMinistryofEnergyandentryintoagreementspursuanttoacompetitivebiddingprocess.

Accesstocrudeoilandnaturalgasreservesisessentialtoanoilandgascompanyssustainedproductionandgenerationofincome,andourabilitytogenerateincomewouldbemateriallyandadverselyaffectediftheMexicanGovernmentweretorestrictorpreventusfromexploringorextractinganyofthecrudeoilandnaturalgasreservesthatithasassignedtousorifweareunabletocompeteeffectivelywithotheroilandgascompaniesinfuturebiddingroundsforadditionalexplorationandextractionrightsinMexico.Formoreinformation,seeWemustmakesignificantcapitalexpenditurestomaintainourcurrentproductionlevels,andtomaintain,aswellasincrease,ourprovedhydrocarbonreserves.Reductionsinourincome,adjustmentstoourcapitalexpendituresbudgetandinabilitytoobtainfinancingmaylimitourabilitytomakecapitalinvestmentsbelowinthisItem3.

Informationonhydrocarbonreservesinthisreportisbasedonestimates,whichareuncertainandsubjecttorevisions.

Theinformationonoil,gasandotherreservessetforthinthisreportisbasedonestimates.Reservesvaluationisasubjectiveprocessofestimatingundergroundaccumulationsofcrudeoilandnaturalgasthatcannotbemeasuredinanexactmannertheaccuracyofanyreservesestimatedependsonthequalityandreliabilityofavailabledata,engineeringandgeologicalinterpretationandsubjectivejudgment.Additionally,estimatesmayberevisedbasedonsubsequentresultsofdrilling,testingandproduction.Theseestimatesarealsosubjecttocertainadjustmentsbasedonchangesinvariables,includingcrudeoilprices.Therefore,provedreservesestimatesmaydiffermateriallyfromtheultimatelyrecoverablequantitiesofcrudeoilandnaturalgas.SeeRiskFactorsRelatedtoOurOperationsCrudeoilandnaturalgaspricesarevolatileandlowcrudeoilandnaturalgaspricesadverselyaffectourincomeandcashflowsandtheamountofhydrocarbonreservesthatwehavetherighttoextractandsellaboveinthisItem3.PemexExplorationandProductionrevisesannuallyitsestimatesofhydrocarbonreservesthatitisentitledtoextractandsell,whichmayresultinmaterialrevisionstotheseestimates.Ourabilitytomaintainourlongtermgrowthobjectivesforoilproductiondependsonourabilitytosuccessfullydevelopourreserves,andfailuretodosocouldpreventusfromachievingourlongtermgoalsforgrowthinproduction.

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Wemustmakesignificantcapitalexpenditurestomaintainourcurrentproductionlevels,andtomaintain,aswellasincrease,ourprovedhydrocarbonreserves.Reductionsinourincome,adjustmentstoourcapitalexpendituresbudgetandinabilitytoobtainfinancingmaylimitourabilitytomakecapitalinvestments.

Becauseourabilitytomaintain,aswellasincrease,ouroilproductionlevelsishighlydependentuponourabilitytosuccessfullydevelopexistinghydrocarbonreservesand,inthelongterm,uponourabilitytoobtaintherighttodevelopadditionalreserves,wecontinuallyinvestcapitaltoenhanceourhydrocarbonrecoveryratioandimprovethereliabilityandproductivityofourinfrastructure.

Despitetheseinvestments,thereplacementrateforprovedhydrocarbonreservesdecreasedto18.0%in2014,representingadeclineinprovedhydrocarbonreserves.SeeItem4InformationontheCompanyBusinessOverviewExplorationandProductionReservesformoreinformationaboutthefactorsleadingtothisdecline,includingtheresultsofRoundZero.PemexExplorationandProductionscrudeoilproductiondecreasedby0.2%from2011to2012,by1.0%from2012to2013andby3.7%from2013to2014,primarilyasaresultofthedeclineofproductionintheCantarell,ATG,DeltadelGrijalva,CrudoLigeroMarinoandIxtalManikprojects.

UponthecompletionofRoundZeroinAugust2014,theMinistryofEnergygrantedustherighttocontinuetoexploreanddevelopareasthattogethercontain95.9%oftheestimatedprovedreservesthatwerequested.Thedevelopmentofthereservesthatwereassignedtous,particularlythereservesinthedeepwatersoftheGulfofMexicoandinshaleoilandgasfieldsintheBurgosbasin,willdemandsignificantcapitalinvestmentsandwillposesignificantoperationalchallenges.OurrighttodevelopthereservesassignedtousthroughRoundZeroisconditionedonourabilitytodevelopsuchreservesinaccordancewithourdevelopmentplans,whichwerebasedonourtechnical,financialandoperationalcapabilitiesatthetime.SeeItem4HistoryandDevelopmentEnergyReformAssignmentofExplorationandProductionRights.Wecannotprovideassurancesthatwewillhaveorwillbeabletoobtain,inthetimeframethatweexpect,sufficientresourcesorthetechnicalcapacitynecessarytoexploreandextractthereservesthattheMexicanGovernmentassignedtousaspartofRoundZero,orthatitmaygranttousinthefuture.Wemayalsolosetherighttocontinuetoextractthesereservesifwefailtodeveloptheminaccordancewithourdevelopmentplans,whichcouldadverselyaffectouroperatingresultsandfinancialcondition.Inaddition,increasedcompetitionintheoilandgassectorinMexicomayincreasethecostsofobtainingadditionalacreageinbiddingroundsfortherightstonewreserves.

OurabilitytomakecapitalexpendituresislimitedbythesubstantialpaymentsthatwemaketotheMexicanGovernment,theabilityoftheMexicanGovernmenttoadjustourannualbudgetandcyclicaldecreasesinourrevenuesprimarilyrelatedtoloweroilprices.Theavailabilityoffinancingmaylimitourabilitytomakecapitalinvestmentsthatarenecessarytomaintaincurrentproductionlevelsandincreaseourprovedhydrocarbonreserves.Formoreinformation,seeItem4InformationontheCompanyHistoryandDevelopmentCapitalExpendituresandInvestmentsandEnergyReform.

IncreasedcompetitionintheMexicanenergysectormayhaveanegativeimpactonourresultsofoperationsandfinancialconditions.

PursuanttotheHydrocarbonsLawthatwasadoptedaspartoftheSecondaryLegislation,theMexicanGovernmentwillcarryoutexplorationandextractionactivitiesthroughassignmentsto,oragreementswith,usandthroughagreementswithotheroilandgascompanies.TheoilandgasfieldsthatwedidnotrequestorwerenotassignedtouspursuanttoRoundZero(includingtheareasassignedtousonatemporarybasis)aresubjecttocompetitivebiddingprocessesopentoparticipationbyotheroilandgascompanies.Wewillnothaveapreferentialrightinanysuchbiddingprocessandthereforemustcompeteonequaltermswithotheroilandgascompaniesfortheexplorationandproductionblockssubjecttobidding.Wewillalsolikelyfacecompetitioninconnectionwithcertainrefining,transportationandprocessingactivities.Inaddition,increasedcompetitioncouldmakeitmoredifficultforustohireandretainskilledpersonnel.Formoreinformation,seeItem4InformationontheCompanyHistoryandDevelopmentEnergyReform.IfweareunabletocompetesuccessfullywithotheroilandgascompaniesintheenergysectorinMexico,ourresultsofoperationsandfinancialconditionmaybeadverselyaffected.

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WemayclaimsomeimmunitiesundertheForeignSovereignImmunitiesActandMexicanlaw,andyourabilitytosueorrecovermaybelimited.

WearepublicsectorentitiesoftheMexicanGovernment.Accordingly,youmaynotbeabletoobtainajudgmentinaU.S.courtagainstusunlesstheU.S.courtdeterminesthatwearenotentitledtosovereignimmunitywithrespecttothataction.Undercertaincircumstances,MexicanlawmaylimityourabilitytoenforcejudgmentsagainstusinthecourtsofMexico.WealsodonotknowwhetherMexicancourtswouldenforcejudgmentsofU.S.courtsbasedonthecivilliabilityprovisionsoftheU.S.federalsecuritieslaws.Therefore,evenifyouwereabletoobtainaU.S.judgmentagainstus,youmightnotbeabletoobtainajudgmentinMexicothatisbasedonthatU.S.judgment.Moreover,youmaynotbeabletoenforceajudgmentagainstourpropertyintheUnitedStatesexceptunderthelimitedcircumstancesspecifiedintheForeignSovereignImmunitiesActof1976,asamended.Finally,ifyouweretobringanactioninMexicoseekingtoenforceourobligationsunderanysecuritiesissuedbyPetrleosMexicanos,satisfactionofthoseobligationsmaybemadeinpesos,pursuanttothelawsofMexico.

Ourdirectorsandofficers,aswellassomeoftheexpertsnamedinthisreport,resideoutsidetheUnitedStates.Substantiallyallofourassetsandthoseofmostofourdirectors,officersandexpertsarelocatedoutsidetheUnitedStates.Asaresult,investorsmaynotbeabletoeffectserviceofprocessonourdirectorsorofficersorthoseexpertswithintheUnitedStates.

Item4. InformationontheCompany

HISTORYANDDEVELOPMENT

WearethelargestcompanyinMexicoaccordingtotheJune2014specialeditionofExpansinmagazine,andaccordingtotheNovember24,2014issueofPetroleumIntelligenceWeekly,weweretheeighthlargestcrudeoilproducerandthethirteenthlargestoilandgascompanyintheworldbasedondatafromtheyear2013.

OurexecutiveofficesarelocatedatAvenidaMarinaNacionalNo.329,ColoniaPetrleosMexicanos,Mxico,D.F.11311,Mxico.Ourtelephonenumberis(5255)19442500.

InMarch1938,PresidentLzaroCrdenasdelRonationalizedtheforeignownedoilcompaniesthatwerethenoperatinginMexico,andtheMexicanCongressestablishedPetrleosMexicanosthroughtheDecretoquecrealaInstitucinPetrleosMexicanos(DecreethatcreatestheentityPetrleosMexicanos),whichwaspublishedintheOfficialGazetteoftheFederationandtookeffectonJuly20,1938.

InJuly1992,theLeyOrgnicadePetrleosMexicanosyOrganismosSubsidiarios(OrganicLawofPetrleosMexicanosandSubsidiaryEntities)tookeffectand,amongotherthings,createdPemexExplorationandProduction,PemexRefining,PemexGasandBasicPetrochemicalsandPemexPetrochemicalsasdecentralizedpublicentitiesoftheMexicanGovernmentwiththelegalauthoritytoownpropertyandconductbusinessintheirownnames.EachofthesubsidiaryentitieshasthecharacteristicsofasubsidiaryofPetrleosMexicanosandtogether,theycarryouttheoperationsthathadpreviouslybeenmanageddirectlybyPetrleosMexicanos.EffectiveMarch22,2012,followingitspublicationintheOfficialGazetteoftheFederation,theDecretoquetieneporobjetoestablecerlaestructura,elfuncionamientoyelcontroldelosorganismossubsidiariosdePetrleosMexicanos(Decreetoestablishthestructure,operationandcontrolofthesubsidiaryentitiesofPetrleosMexicanos)setsforththestructureandscopeoftheactivitiesofthesesubsidiaryentities,unlessotherwisestatedinthePetrleosMexicanosLaw.Theprincipallinesofbusinessoftheexistingsubsidiaryentitiesareasfollows:

PemexExplorationandProductionexploresforandexploitscrudeoilandnaturalgasandtransports,storesandmarketsthesehydrocarbons

PemexRefiningrefinespetroleumproductsandderivativesthatmaybeusedasbasicindustrialrawmaterialsandstores,transports,distributesandmarketstheseproductsandderivatives

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PemexGasandBasicPetrochemicalsprocessesnaturalgas,naturalgasliquids,artificialgasandderivativesthatmaybeusedasbasicindustrialrawmaterialsandstores,transports,distributesandmarketstheseproductsandderivativesandproduces,stores,transports,distributesandmarketspetrochemicalsthatwereclassifiedasbasic(ethane,propane,butane,pentanes,hexane,heptane,carbonblackfeedstocks,naturalgasolineandmethane,whenusedasrawmaterialsandintendedforuseinpetrochemicalindustrialprocesses)priortotheenactmentoftheHydrocarbonsLawinAugust2014and

PemexPetrochemicalsengagesinindustrialpetrochemicalprocessesandstores,distributesandmarketsotherpetrochemicals.

Asofthedateofthisreport,theactivitiesofPetrleosMexicanosanditssubsidiaryentitiesareregulatedprimarilyby:

thePetrleosMexicanosLaw,whichtookeffect,withtheexceptionofcertainprovisions,onOctober7,2014thedayonwhich

PetrleosMexicanoswastransformedintoaproductivestateownedcompanyandrepealsthePetrleosMexicanosLawthatbecameeffectiveasofNovember29,2008,whichwerefertoasthe2008PetrleosMexicanosLawand

theHydrocarbonsLaw,whichtookeffectonAugust12,2014andrepealstheLeyReglamentariadelArtculo27Constitucionalenel

RamodelPetrleo(RegulatoryLawtoArticle27oftheMexicanConstitutionConcerningPetroleumAffairs,whichwerefertoastheRegulatoryLaw).

EnergyReform

EnergyReformDecree

OnDecember20,2013,amendmentstoArticles25,27and28oftheMexicanConstitutionweresignedintolawbyPresidentEnriquePeaNietoandpublishedintheOfficialGazetteoftheFederationastheEnergyReformDecree.TheEnergyReformDecree,whichincludestransitionalarticlessettingforththegeneralframeworkandtimelinefortheSecondaryLegislation,tookeffectonDecember21,2013.

ThekeyfeaturesoftheEnergyReformDecreeare:

OwnershipbyMexicanNation:Solid,liquidandgaseoushydrocarbonslocatedinthesubsoilofMexicoremainthepropertyoftheMexicannation.

InitialAssignmentsthroughRoundZero:TheMinistryofEnergy,withtechnicalassistancefromtheComisinNacionaldeHidrocarburos(NationalHydrocarbonsCommission,orNHC)determinedourinitialallocationofrightstocontinuetocarryoutexplorationandproductionactivitiesinMexicobasedonourtechnical,financialandoperationalcapabilitiestoexploreforandextracthydrocarbonsinanefficientandcompetitivemanner.OnMarch21,2014,wesubmittedtotheMinistryofEnergyarequestthatweretainrightsthatwebelievedwouldallowustomaintainourproductionandprovidesufficientexplorationopportunitiestoincreaseourproductioninthefuture.OnAugust13,2014,theMinistryofEnergypublishedtheresultsofRoundZero,throughwhichwewereassignedrightsto95.9%oftheprovedreservesthatwerequested.TheMinistryofEnergymayassign,onanexceptionalbasis,additionalexplorationandproductionareastousorotherproductivestateownedcompaniescreatedinthefutureinaccordancewiththetermssetforthintheHydrocarbonsLaw.SeeAssignmentofExplorationandProductionRightsbelowinthisItem4.

BookingofReserves:ProductivestateownedcompaniesandothercompaniesparticipatingintheMexicanhydrocarbonsindustrywillbe

allowedtoreportassignmentsorcontractsandthecorrespondingexpectedbenefitsforaccountingandfinancialpurposes,withtheunderstandingthatanysolid,liquidorgaseoushydrocarbonsthatareinthesubsoilwillremainthepropertyoftheMexicannation.

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SecondaryLegislation

OnAugust6,2014,theMexicanCongresscompletedtheprocessofapprovingtheSecondaryLegislation,whichwassignedintolawbyPresidentEnriquePeaNietoandpublishedintheOfficialGazetteoftheFederationonAugust11,2014.TheSecondaryLegislationincludesninenewlaws,ofwhichthefollowingaremostrelevanttoouroperations:

PetrleosMexicanosLaw

HydrocarbonsLaw

HydrocarbonsRevenueLaw

LeydelosrganosReguladoresCoordinadosenMateriaEnergtica(CoordinatedEnergyRegulatoryBodiesLaw)

LeydelaAgenciaNacionaldeSeguridadIndustrialydeProteccinalMedioAmbientedelSectorHidrocarburos(NationalAgencyofIndustrialSafetyandEnvironmentalProtectionfortheHydrocarbonsSectorLaw)and

LeydelFondoMexicanodelPetrleoparalaEstabilizacinyelDesarrollo(MexicanPetroleumFundforStabilizationandDevelopmentLaw).

TheSecondaryLegislationalsoincludesamendmentstoseverallaws,includingthefollowing:

LeyFederaldelasEntidadesParaestatales(FederalLawofPublicSectorEntities)

LeyFederaldePresupuestoyResponsabilidadHacendaria(FederalLawofBudgetandFiscalAccountability)

LeyGeneraldeDeudaPblica(GeneralLawofPublicDebt)

LeyFederaldeDerechos(FederalDutiesLaw)

LeyOrgnicadelaAdministracinPblicaFederal(FederalPublicAdministrationOrganicLaw)

LeydeObrasPblicasyServiciosRelacionadosconlasMismas(LawofPublicWorksandRelatedServices)and

LeydeAdquisiciones,ArrendamientosyServiciosdelSectorPblico(LawofAcquisitions,LeasesandServicesofthePublicSector).

OnOctober31,2014,theregulationsrelatingtotheSecondaryLegislation,includingtheReglamentodelaLeydePetrleosMexicanos(RegulationstothePetrleosMexicanosLaw),werepublishedintheOfficialGazetteoftheFederation.SubsequentmodificationstotheRegulationstothePetrleosMexicanosLawtookeffectonFebruary9,2015.

WedescribebelowthekeyfeaturesoftheSecondaryLegislationthatrelatetothehydrocarbonssectorinMexicoandourcorporatestructureandoperations.

Transformation:PetrleosMexicanoswastransformedintoaproductivestateownedcompanyonOctober7,2014thedayonwhichthePetrleosMexicanosLawtookeffect,withtheexceptionofcertainprovisions.Asaproductivestateownedcompany,PetrleosMexicanosremainswhollyownedbytheMexicanGovernmentandhasthecorporatepurposeofgeneratingeconomicvalueandincreasingtheincomeoftheMexicannationwhileadheringtoprinciplesofequity,aswellasasocialandenvironmentalresponsibility.

SpecialRegime:OnDecember2,2014,uponitsdeterminationthatthenewBoardofDirectorsofPetrleosMexicanoswasperformingitsdutiesandthemechanismsforouroversight,transparencyandaccountabilityhadbeenimplemented,theMinistryofEnergyformallyannouncedintheOfficialGazetteoftheFederationthatthespecialregimeprovidedforinthePetrleosMexicanosLaw,whichgovernsPetrleosMexicanosactivitiesrelatingtoproductivestateownedsubsidiaries,affiliates,compensation,assets,administrativeliabilities,budget,debtlevelsandthestatedividend,hadtakeneffect.Asofthedateofthisreport,theprovisionsrelatingtoacquisitions,leases,servicesandpublicworkshavenotyetbecomeeffective.

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CorporateReorganization:InaccordancewiththetransitionalarticlesofthePetrleosMexicanosLaw,onNovember18,2014,theBoardofDirectorsofPetrleosMexicanosapprovedtheDirectorGeneralsproposalforourcorporatereorganization.

Pursuanttothisreorganizationplan,thefourexistingsubsidiaryentitiesofPetrleosMexicanosaretobetransformedintotwonewproductivestateownedsubsidiaries.Thefirstoftheseproductivestateownedsubsidiaries,PemexExplorationandProduction,willsubsumetheexistingsubsidiaryentity,PemexExplorationandProduction.Thesecondoftheseproductivestateownedsubsidiaries,PemexIndustrialTransformation,willcomprisethefollowingexistingsubsidiaryentities:PemexRefining,PemexGasandBasicPetrochemicalsandPemexPetrochemicals.

Aspartofthisreorganizationplan,theBoardofDirectorsofPetrleosMexicanosalsoapprovedthecreationofthefivenewsubsidiaryentitiesdescribedbelow,eachofwhichmaybecomeanaffiliateofPetrleosMexicanosifcertainconditionssetforthinthePetrleosMexicanosLawaremet.

PemexDrillingandServices:ThisentityisexpectedtosubsumecertainassetsoftheexistingPemexExplorationandProductionandwillperformdrillingservices.

PemexLogistics:Thisentitywillprovideland,maritimeandpipelinetransportationtousandothercompanies.

PemexCogenerationandServices:Thisentitywillaimtomaximizeenergyuseinouroperationsbyutilizingtheheatandsteamgeneratedinourindustrialprocesses.

PemexFertilizers:ThisentityisexpectedtosubsumecertainassetsofPemexPetrochemicalsandwillintegratetheammoniaproductionchainuptothepointofsaleoffertilizers.

PemexEthylene:ThisentitywillseparatetheethylenebusinessfromPemexPetrochemicalsinordertotakeadvantageoftheintegrationoftheethyleneproductionchain.

OnMarch27,2015,theBoardofDirectorsofPetrleosMexicanosadoptedcreationresolutionsforeachofthenewsubsidiaryentities,whichwillreplacetheexistingsubsidiaryentitiesandassumealloftheirrightsandobligations.ThecreationresolutionsweresubsequentlypublishedintheOfficialGazetteoftheFederationonApril28,2015,andtheyaretotakeeffectwithin180daysofpublicationinaccordancewiththetransitionalarticlesincludedinthecreationresolutions.Asofthedateofthisreport,noneofthenewsubsidiaryentitieshasyetbeenformed.Oncecreated,thesevennewsubsidiaryentitieswillassumetherightsandobligationsoftheexistingsubsidiaryentities.

ThirdPartyParticipationandContractualRegime:Together,theHydrocarbonsLawandtheHydrocarbonsRevenueLawestablishanewlegalframeworkfortheexplorationandextractionofhydrocarbonsthroughassignmentsandcontracts,aswellasthenewfiscalregimethroughwhichtheMexicanGovernmentwillcollectrevenuesfromparticipantsintheMexicanhydrocarbonsindustry.TheHydrocarbonsLawempowerstheMinistryofEnergytodeterminetheappropriatecontractmodelforeachareathatissubjecttoacompetitivebiddingprocess,whiletheSHCPisresponsiblefordeterminingtheeconomicandfiscaltermsofeachcontract.ThefollowingarrangementscomprisethenewcontractualregimeestablishedbytheSecondaryLegislationforupstreamactivities:

licenses,pursuanttowhichalicenseholderisentitledtothehydrocarbonsthatareextractedfromthesubsoil

productionsharingcontracts,pursuanttowhichacontractorisentitledtoreceiveapercentageofproduction

profitsharingcontracts,pursuanttowhichacontractorisentitledtoreceiveapercentageoftheprofitfromthesaleoftheextractedhydrocarbonsand

servicecontracts,pursuanttowhichacontractorwouldreceivecashpaymentsforservicesperformed(servicecontracts,together

withlicenses,productionsharingcontractsandprofitsharingcontractsareknownasthecontractsfortheexplorationandextractionofhydrocarbons,collectivelyreferredtoascontractsforexplorationandextraction).

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ThefiscaltermsofeachcontractforexplorationandextractionaretobeestablishedinaccordancewiththeHydrocarbonsRevenueLaw.SeeTaxes,DutiesandOtherPaymentstotheMexicanGovernmentNewFiscalRegimebelowinthisItem4.

Formidstreamanddownstreamactivities,includingoilrefiningandnaturalgasprocessing,theHydrocarbonsLawestablishesapermitregimethatisregulatedbytheMinistryofEnergyandtheComisinReguladoradeEnerga(EnergyRegulatoryCommission).TheHydrocarbonsLawalsosetsforththeprocessbywhichentitiesmayapplyforthesepermits.InaccordancewiththetransitionalarticlesoftheHydrocarbonsLaw,theEnergyRegulatoryCommissionwillbeginissuingpermitsfortheretailsaleofgasolineanddieselfuelin2016.UntilDecember31,2017,theMexicanGovernmentmaycontinueissuingpricingdecreestoregulatethemaximumpricesfortheretailsaleofgasolineanddieselfuel,takingintoaccounttransportationcostsbetweenregions,inflationandthevolatilityofinternationalfuelprices,amongotherfactors.SeeBusinessOverviewRefiningPricingDecreesbelowinthisItem4.Beginningin2018,thepricesofgasolineanddieselfuelwillbefreelydeterminedbymarketconditions.

PipelineSystem:EffectiveAugust29,2014,CENAGAS,adecentralizedpublicentityoftheMexicanGovernment,wascreatedtoactastheindependentadministratoroftheSistemadeTransporteyAlmacenamientoNacionalIntegradodeGasNatural(NationalSystemfortheIntegratedTransportationandStorageofNaturalGas,whichwerefertoastotheIntegratedNaturalGasSystem),aninterconnectedsystemcomprisingthenationalgaspipelinesystemandstoragefacilities,aswellasthecompression,liquefaction,decompression,regasificationandotherrelatedinfrastructureownedbyCENAGASorothercompaniesparticipatinginthesystem.PursuanttotheHydrocarbonsLaw,PemexGasandBasicPetrochemicalsisrequiredtotransfertoCENAGAStheassetsandcontractsnecessaryforCENAGAStomanagetheIntegratedNaturalGasSystem.TheaggregateamountofassetsandcontractstobetransferredtoCENAGASwerevaluedatapproximatelyPs.34.0billionasofDecember31,2014.Asofthedateofthisreport,notransfershaveyetbeenmade.

RegulatoryOversightandAuthority:TheFederalPublicAdministrationOrganicLaw,whichwasamendedinconnectionwiththeSecondaryLegislation,nowgrantstheMinistryofEnergyadditionalauthorityinconnectionwithoilandgasactivitiesconductedinMexico.Inaddition,theCoordinatedEnergyRegulatoryBodiesLaw,whichwasenactedaspartoftheSecondaryLegislation,establishesthetechnicalandadministrativeauthorityoftheNHCandtheEnergyRegulatoryCommissionovercertainofouroperationsandtheenergysectorgenerally.Theauthorityofthesebodiesisdescribedfurtherbelow.

TheMinistryofEnergy,withthetechnicalassistanceoftheNHC,hastheauthoritytograntassignmentstousorotherproductivestateownedcompaniescreatedinthefuture,selecttheoilandgasareasthatwillbesubjecttopublicbidding,establishthetechnicalguidelinesforbiddingprocesses,aswellasforthecontractsthemselves,andissuepermitsforoilrefining,naturalgasprocessingandtheimportandexportofcrudeoil,naturalgasandpetroleumproducts.

TheNHCisresponsibleforconductingthepublicbiddingprocessandexecutingthecorrespondingcontracts,aswellas

supervisingoilandgasproductionactivities.Inaddition,theSHCPisentrustedwithestablishingtheeconomictermsforcontractsassignedpursuanttothepublicbiddingprocess.

TheEnergyRegulatoryCommissionmaygrantandregulatepermitsforthestorage,transportationanddistributionthrough

pipelinesofoil,gas,petroleumproductsandpetrochemicals,regulatethirdpartyaccesstotransportationpipelines,aswellastothestorageofhydrocarbonsandtheirderivativesandregulatethefirsthandsaleoftheaforementionedproducts.

TheNHCandtheEnergyRegulatoryCommissionhavebeenvestedwiththeirownlegalstatusandtechnicalandadministrativeautonomy.

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SafetyandtheEnvironment:TheAgenciaNacionaldeSeguridadIndustrialydeProteccinalMedioAmbientedelSectorHidrocarburos(NationalAgencyofIndustrialSafetyandEnvironmentalProtectionfortheHydrocarbonsSector)wascreatedtoregulateandsuperviseactivitiesandfacilitiesinthehydrocarbonsindustryrelatedtoindustrialsafetyandenvironmentalprotection.ThisagencyoperatesasanadministrativebodyoftheSecretaradeMedioAmbienteyRecursosNaturales(MinistryoftheEnvironmentandNaturalResourcesorSEMARNAT)withtechnicalandadministrativeautonomyand,amongotherthings,supervisesthedecommissioningandabandonmentoffacilities.Relatedly,allcompaniesparticipatinginthehydrocarbonssectorwillbesubjecttoregulationsissuedbythisagency,includingsafetystandardsandlimitsongreenhousegasemissions.ThisagencybeganitsactivitiesonMarch2,2015.

MexicanOilFund:PursuanttotheMexicanPetroleumFundforStabilizationandDevelopmentLaw,theFondoMexicanodelPetrleoparalaEstabilizacinyelDesarrollo(MexicanPetroleumFundforStabilizationandDevelopment)wascreatedasafederalpublictrustandbeganoperatingonJanuary1,2015.Thefundisentrustedwithreceiving,administeringanddistributingtheincomethattheMexicanGovernmentderivesfromexplorationandextractionactivitiescarriedoutunderassignmentsoragreements,excludinganytaxrevenuesgeneratedasaresultoftheseactivities.Thispublictrustwillfirstusetheincometomakethepaymentsrequiredpursuanttothevariousassignmentsoragreementsitwillthentransferpartoftheincometovariousfundsthatfinancepublicexpensesandwillallocatetheremainingfundstolongtermsavings,includinginvestmentsinfinancialassets.TheBancodeMxico(theMexicancentralbank)isthetrusteeofthefund,andtheallocationofthefundsassetsissupervisedbyatechnicalcommitteecomposedoftheSecretaryofEnergy,theSecretaryofFinanceandPublicCredit,theGovernorofBancodeMxicoandfourindependentmembers.

Anticorruption:TheSecondaryLegislation,includingtheHydrocarbonsLaw,includesprovisionsaimedatpreventingandsanctioning

corruptionthroughthesupervisionand,ifnecessary,investigationandprosecutionofentities,individualsandpublicofficialsparticipatingintheMexicanenergysector.

PensionLiabilities:AsofDecember31,2014,ourunfundedreserveforretirementpensionsandsenioritypremiumswasequaltoapproximatelyU.S.$100.2billion.TheSecondaryLegislationenablestheMexicanGovernmenttoassumeaportionofthisunfundedreserveasofAugust12,2014(asrecordedinourfinancialstatementsbasedonactuarialcomputationsusingtherelevantinformationasofthatdate)ifcertainconditions,includingthosesetforthbelow,aremetbyAugust12,2015:

offeringournewemployeesindividualizeddefinedcontributionplansthroughtheSistemadeAhorroparaelRetiro(RetirementSavingSystem)inMexico

graduallyadjustingtheparametersofourretirementplans,includinganincreaseintheretirementageand

theauditofourpensionliabilitiesbytheAuditoraSuperiordelaFederacin(SuperiorAuditOfficeoftheFederation).

Inordertomeettheseconditions,wemustrenegotiatethecollectivebargainingagreementbetweenPetrleosMexicanosandtheSindicatodeTrabajadoresPetrolerosdelaRepblicaMexicana(PetroleumWorkersUnion),modifytheReglamentodeTrabajodelPersonaldeConfianzadePetrleosMexicanosyOrganismosSubsidiarios(EmploymentRegulationforWhiteCollarEmployeesofPetrleosMexicanosandSubsidiaryEntities)andimplementanausterityprogram.Theactualamountofourpensionliabilitiesthatthisportionwillrepresenthasnotyetbeendeterminedasofthedateofthisreport.

AssignmentofExplorationandProductionRights

TheMinistryofEnergy,withtechnicalassistancefromtheNHC,evaluatedourrequesttobeassignedoilandgasexplorationandextractionrightsincertainareasbasedonourtechnical,financialandoperationalcapabilities,inaccordancewiththeEnergyReformDecree.OnAugust13,2014,theMinistryofEnergypublishedtheresultsofRoundZeropursuanttowhichwewereassignedrightsto95.9%oftheprovedreservesthatwerequested.PursuanttotheHydrocarbonsLaw,theMinistryofEnergymayassign,onanexceptionalbasis,additionalexplorationandproductionareastousorotherproductivestateownedcompaniescreatedinthefuture.

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InconnectionwiththeRoundZeroassignments,theMinistryofEnergyauthorizedourexplorationplansfortheareasinwhichwehadmadecommercialinvestmentsordiscoveries,aswellasourdevelopmentplansfortheextractionofhydrocarbonsinproducingfields.OurrightstocontinueconductingexplorationandextractionactivitiesintheareasassignedtousaresubjecttocertaintermsandconditionssetforthintheassignmentdeedsgrantedbytheMexicanGovernment.Theassignmentdeedsgoverningourexplorationareasrequire,amongotherthings,thatwecarryoutexplorationactivitiesinaccordancewiththeauthorizedplanforanexplorationareawithinthefirstthreeyearsofreceivingtheassignmentthisinitialperiodmaybeextendedfortwoadditionalyears,dependingonthetechnicalcharacteristicsofthearea,ourcompliancewiththeauthorizedexplorationplanandourresults.Ifacommercialdiscoveryismadeduringthisinitialexplorationphase,theassignmentdeedsprovidethatwemaysubmittotheNHCadevelopmentplanfortheextractionofhydrocarbonsfromthearea.UponNHCapproval,wemaythencarryoutextractionactivitiesinaccordancewithourdevelopmentplan.Theassignmentdeedsgoverningthemajorityofourproductionareasgrantustherighttocarryoutextractionactivitiesfora20yearperiod,subjecttotherequirementthatwecomplywiththeauthorizeddevelopmentplanforaproductionareawithinthetimeperiodspecifiedbytheNHC.Ourremainingproductionareas,whichtogethercontainapproximately398millionbarrelsofoilequivalentofprovedreserves,weretemporarilyassignedtousforatwoyearperiodinordertoensurethecontinuityofoperationsattheseproducingfieldsuntiltheyaresubjecttoacompetitivebiddinground.TheassignmentdeedsgoverningbothourexplorationandproductionareasincludemechanismsbywhichtheMinistryofEnergymayrevokeitsassignmentstousandretaketheunderlyingareas.

TheHydrocarbonsLawprovidesthatonceaparticularareaisassignedtous,wemayrequestpermissionfromtheMinistryofEnergytomigratetheassignmentintothenewcontractualregime.TheSHCPisresponsibleforestablishingthefiscaltermsofthecontractforexplorationandextractiontobemigrated.If,inconnectionwiththemigrationofanassignment,wedecidetoenterintoastrategicjointventurewithanothercompany,commonlyreferredtoasafarmout,fortheexplorationanddevelopmentoftheunderlyingarea,theNHCwillconductapublictenderinordertoselectourpartner.PursuanttotheHydrocarbonsLaw,theMinistryofEnergywillseekafavorableopinionfromuswithrespecttotheexperienceandthetechnical,financialandoperationalqualificationsthatabiddermustmeetinordertoparticipateinthebiddingprocess.

Inaddition,PemexExplorationandProductionmayamenditsIntegratedExplorationandProductionContracts(whichwerefertoasIntegratedE&PContracts)andFinancedPublicWorksContracts(whichwerefertoasFPWCs)inordertoalignthesecontracts,whichwereenteredintopriortotheenactmentoftheSecondaryLegislation,withthenewcontractualframeworkestablishedundertheHydrocarbonsLaw.Accordingly,anexistingIntegratedE&PContractorFPWCmaybemigratedintoacontractforexplorationandextractionuponagreementbythecontractpartiestothetechnicaltermsdeterminedbytheMinistryofEnergy(inaccordancewithourfavorableopinion)andthefiscaltermsdeterminedbytheSHCP.Uponapprovalbythecontractparties,theexistingIntegratedE&PContractorFPWCwillbereplacedbythenewcontractforexplorationandextractionwithouttheneedforabiddingprocess.Ifthecontractpartiesdonotagreetotheproposedtechnicalandfiscalterms,theoriginalIntegratedE&PContractorFPWCwillremainvalidandunmodified.During2015,weplantomigrateeachoftheIntegratedE&PContractscorrespondingtothe(i)SantuarioandMagallanesfieldsintheSouthernregionofMexico,(ii)theAltamira,Pnuco,SanAndrs,TierraBlanca,bano,NejoandArenquefieldsintheNorthernregionofMexico,(iii)theSoledad,Amatitln,Humapa,Pitepec,MiquetlaandMiahuapanfieldsintheChicontepecbasinand(iv)theCarrizofieldintheSamariabusinessunitintoacontractforexplorationandextraction.Similarly,weexpecttomigrateeachoftheFPWCscorrespondingtotheOlmos,Pirineo,MisinCuervito,FronterizoandMonclovafieldsoftheBurgosbusinessunitintheNorthernregionintoacontractforexplorationandextraction.Asofthedateofthisreport,noneoftheIntegratedE&PContractsorFPWCshasyetbeenmigrated.Formoreinformationregardingthesecontracts,pleaseseeBusinessOverviewExplorationandProductionIntegratedExplorationandProductionContractsandFinancedPublicWorksContractsbelowinthisItem4.

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CompetitiveBiddingRounds

InDecember2014,theMinistryofEnergylaunchedRoundOne,pursuanttowhichtheareasthatwedidnotrequestorwerenotassignedtousthroughRoundZero(includingtheareasassignedtousonatemporarybasis)aretobesubjecttobiddingbyusandothercompanies,subjecttocertainrequirements.RoundOneisexpectedtoincludeatotalof169blocks109explorationblocksand60productionblockscoveringanaggregateareaofapproximately28,500squarekilometers.WeplantoparticipateinRoundOne,aswellasinsubsequentcompetitivebiddingrounds.

AspartofRoundOne,theMinistryofEnergywillalsoconductcompetitivebiddingroundsinordertodeterminethepartnerswithwhichwemayenterintofarmoutagreementsfortheexplorationanddevelopmentofcertainareasthatwereassignedtousthroughRoundZero.Intheshortterm,wehaveidentifiedtenopportunitiesforjointventureswithothercompanies.Theselectedareaswereidentifiedonthebasisoftheirtechnicalcomplexity,capitalrequirementsandotherstrategicconsiderations.Wehopethatthesestrategicpartnershipswillhelpusincreaseproductionlevels,acceleratefielddevelopment,gainaccesstonewtechnologiesandbestpracticesintheindustryandreduceourcapitalcommitments.Thefollowingtablesetsforth,byfieldtype,theareasthatweplantoexploreanddevelopthroughstrategicpartnerships:

Type AreaMatureonshorefields Rodador

OgarrioCrdenasMoraSamaria

Matureoffshorefields BolontikSinnEk

Heavycrudeoiloffshorefields AyatsilTekelUtsil

Largenaturalgasdeepwaterfields KunahPiklis

reaPerdidodeepwaterfields TrinExploratusMaximino

NewFiscalRegime

TheHydrocarbonsRevenueLawthatwasadoptedaspartoftheSecondaryLegislationsetsforth,amongotherthings,thefiscaltermstobeestablishedwithrespecttothecontractsforexplorationandextractiongrantedbytheMexicanGovernmenttousortoothercompanies.Formoreinformationregardingthenewfiscalregime,seeTaxes,DutiesandOtherPaymentstotheMexicanGovernmentNewFiscalRegimebelowinthisItem4.

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CapitalExpendituresandInvestments

Thefollowingtableshowsourcapitalexpenditures,excludingmaintenance,foreachofthefiveyearsendedDecember31,2014,andthebudgetfortheseexpendituresfor2015and2016.Capitalexpenditureamountsarederivedfromourbudgetaryrecords,whichrecordtheseamountsonacashbasis.Accordingly,thesecapitalexpenditureamountsdonotcorrespondtocapitalexpenditureamountsincludedinourconsolidatedfinancialstatementspreparedinaccordancewithIFRS.

CapitalExpenditures YearendedDecember31,(1) Budget

2015(2) Budget2016 2010 2011 2012 2013 2014

(inmillionsofpesos)(3) PemexExplorationandProduction Ps. 194,838 Ps. 177,059 Ps. 193,801 Ps. 212,556 Ps. 222,069 Ps. 182,633 Ps. 190,933PemexRefining 22,636 25,157 28,944 29,794 39,767 41,936 42,870PemexGasandBasicPetrochemicals 3,887 3,019 4,468 5,405 7,549 6,825 4,421PemexPetrochemicals 2,462 2,426 2,892 4,003 4,765 3,976 4,637PetrleosMexicanos 206 717 943 1,707 3,006 1,842 1,740Totalcapitalexpenditures Ps.224,029 Ps.208,378 Ps.231,048 Ps.253,465 Ps.277,156 Ps.237,212 Ps.244,601Note:Numbersmaynottotalduetorounding.(1) Doesnotincludecapitalizedinterestfortheyears2010,2011,2012,2013,2014,2015or2016.(2) Amendedbudget,asapprovedbytheBoardofDirectorsofPetrleosMexicanosonFebruary13,2015.(3) Figuresfor2010,2011,2012,2013and2014arestatedinnominalpesos.Figuresfor2015and2016arestatedinconstant2015pesos.Source:PetrleosMexicanos.

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TotalCapitalExpenditures

Thefollowingtablesetsforthourtotalcapitalexpendituresbyproject,excludingmaintenance,forthefiveyearsendedDecember31,2014,aswellasthebudgetforsuchexpendituresfor2015.

CapitalExpenditures YearendedDecember31,(1)(2) 2010 2011 2012 2013 2014 Budget2015(3) (inmillionsofpesos)(4) PemexExplorationandProduction

KuMaloobZaap Ps. 18,350 Ps. 21,554 Ps. 22,720 Ps. 29,738 Ps. 34,232 Ps. 28,737TsiminXux(5) 13,312 19,638 14,946AceiteTerciariodelGolfo 28,262 21,919 20,864 20,049 18,943 4,620Cantarell(6) 38,437 36,303 42,139 28,171 18,276 18,432CrudoLigeroMarino(5)(7) 10,000 12,829 8,498Burgos 29,704 19,564 17,324 10,316 11,695 6,830Chuc(8) 2,619 3,730 7,870 9,897 10,618 11,637AntonioJ.Bermdez(6)(9) 9,853 11,218 13,126 11,489 8,840 7,322OgarrioSnchezMagallanes(9) 6,693 7,020 5,148Lakach 1,032 128 194 1,829 6,141 3,136DeltadelGrijalva 5,904 6,501 5,671 6,169 5,348 5,870EkBalam 2,766 725 1,023 2,549 5,304 3,029IntegralYaxch 3,963 1,986 2,485 3,858 4,695 6,595VeracruzBasin(5) 3,703 4,262 2,962ElGolpePuertoCeiba 847 1,274 2,691 3,708 4,148 3,758CactusSitioGrande(5)(10) 1,384 1,995 2,544 4,208 3,928 2,500BellotaChinchorro(11) 5,518 4,912 3,101 3,607 3,739 5,474IxtalManik(5) 1,631 1,815 1,909IntegralPozaRica 2,936 4,687 4,948 1,721 1,695 1,313JujoTecominoacn(6) 6,584 3,658 3,555 3,336 1,680 1,380TamaulipasConstituciones 1,967 3,800 3,313 2,736 1,205 1,273CosteroTerrestre(5) 516 1,110 457CuencadeMacuspana(5) 614 874 852AynAlux 1,212 591 56 34 789 976Arenque(6) 1,155 1,159 1,241 1,696 708 339Lankahuasa(5) 37 33 86StrategicGasProgram(6)(5) 27,944 27,790 29,870 1,394 OchUechKax(7) 1,160 1,084 964 80 CarmitoArtesa(10) 452 319 611 30 Caan(8) 1,112 658 1,093 27 Crdenas(11) 1,062 226 4 OtherExploratoryProjects(6)(12)(13) 4,208 28,070 31,403 31,500OtherDevelopmentProjects 21 58AdministrativeandTechnicalSupport 613 1,280 2,188 1,338 1,078 2,996

Total 194,838 177,059 193,801 212,556 222,069 182,633PemexRefining

FuelQualityInvestments 3,313 6,571 6,558 2,801 7,814 11,418ResidualConversionfromSalamancaRefinery 64 78 155 909 1,310 1,743ReconfigurationofMiguelHidalgoRefineryinTula 1,077 3,546NewRefineryinTula 139 60 446 5,204 468 TuxpanPipelineandStorageandDistributionTerminals 823 770 597 255 275 152MinatitlnRefineryReconfiguration 4,633 2,850 5,366 Others 13,664 14,827 15,822 20,625 28,823 25,077

Total 22,636 25,157 28,944 29,794 39,767 41,936PemexGasandBasicPetrochemicals

AdaptationofFractionationPlantsandConversionoftheLiquidsSweeteneratNuevoPemexGPC 8 53 880 533

Refurbishment,ModificationandModernizationofNationwidePumpingandCompressionStations

39 47 134 255 596 152

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YearendedDecember31,(1)(2) 2010 2011 2012 2013 2014 Budget2015(3)

PreservationofProcessingCapacityatNuevoPemexGPC 280 228 268 237 504 201ConditioningofFacilitiesforEthaneSupplyatCactusGPC 105 313 357ConservationandModernizationoftheStorageAreaatCoatzacoalcosAreaGPC 6 20 71 286 223

ModernizationofAreasofTransportationProductsofGPCs 155 252 646IntegralProjectofElectricReliabilityatGPCs 240 332IntegralMaintenanceofPipelineSystemsforNaturalGasandLPGStageII 209 254

ModernizationofMeasuring,ControlandSecuritySystemsofGPCs 284 273 187 577IntegralMaintenanceofPipelineSystemsforEthane,BasicPetrochemicalsandSecondaryPetrochemicals 13 176 192

CryogenicPlantatPozaRicaGPC 1,767 1,103 801 498 132 ModernizationandRehabilitationofFacilitiesoftheSupplyandWaterTreatmentSystematNuevoPemexGPC 10 29 47 117 379

RehabilitationofFireProtectionNetworkatGPCs 162 125 156 545 82 ModernizationofSystemsforMonitoring,ControlandSupervisionofTransportationbyPipeline 24 79 36 49

ConservationofOperationalReliabilityatPozaRicaGPC 166 92 126 56 40 IntegralMaintenanceofCryogenicPlantNo.1atNuevoPemexGPC 30 42IntegralMaintenanceofGasSweeteningPlants1,2,3and12atCactusGPC 30 71

RefurbishmentandModernizationofNaturalGasTurbocompressorsoftheCryogenicPlantsatNuevoPemexGPC 27 223

OperationalReliabilityofthePipelineDivisionAssets 12 61RefurbishmentandModernizationoftheProcessingSystemsandEquipmentofLaVentaGPC 12 7

ProjectofRehabilitationandIntegrationofBurnersVentingSystematCiudadPemexGPC 205 31 60 120 9

PetrochemicalPipelinesviaAgave2004 2 InfrastructureforTransportationofPetrochemicalProductsfromNuevoPemexCactustoCoatzacoalcos 2

IntegrityManagementoftheRiskBasedPipelineintheNorthernZone 161TechnologicalUpgradeofControlSystemsforLiquefiedGasTerminals 140

ModernizationofSystemsforMonitoring,ControlandSupervisionofTransportationbyPipelineStageII 89

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30/4/2015 Form20F


TableofContents

YearendedDecember31,(1)(2) 2010 2011 2012 2013 2014 Budget2015(3)

IntegralModernizationofMeasuringStations 6Others 1,248 1,369 2,845 3,490 3,363 2,178

Total 3,887 3,019 4,468 5,405 7,549 6,825PemexPetrochemicals

ModernizationandExpansionofProductionCapacityofAromaticsTrainIatCangrejeraPC 1,354 941 777 495 539 24

RehabilitationofAmmoniaPlantIVandIntegrationandAuxiliaryServicesforCosoleacaquePC 40 480 786

ModernizationofFireProtectionNetworkatCangrejeraPC 11 205 284InfrastructureforMaintenanceandIndustrialServicesAreas 24 173 251ConditioningInfrastructureforStorageAreastoMaintainProductionatCangrejeraPC 8 20 98 162 98

EfficiencyinStorageandDistributionI 6 82 82 221 142 242MaintainingProductionCapacityofEthaneDerivativesChainIIatMorelosPC 224 78 125 163 136 84

ModernizationandOptimizationofInfrastructureandAuxiliaryServicesI 26 30 8 13 120 341

ModernizationandExpansionofProductionCapacityofEthaneDerivativesChainIatMorelosPC 56 86 5 208 116 208

MaintainingProductionCapacityofAuxiliaryServicesII 2 2 1 94 114 314MaintainingProductionCapacityofAuxiliaryServicesIIIatCangrejeraPC 42 17 7 50 113 93

RehabilitationofFacilitiesforPhysicalSecurityatMorelosPC 6 1 73 51 98 46MaintainingProductionCapacityofEthaneDerivativesChainIVatMorelosPC 4 78 206 288 89 38

MaintainingP

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