Preliminary Results

as of March 31, 2014

April 30, 2014

Forward-Looking Statement and

Cautionary Note

1

Variations

If no further specification is included, changes are made against the same period of the last year.

Rounding

Numbers may not total due to rounding.

Financial information

Excluding budgetary and volumetric information, the financial information included in this report and the annexes hereto is based on unaudited consolidated financial statements prepared in accordance with International Financial

Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which PEMEX has adopted effective January 1, 2012. Information from prior periods has been retrospectively adjusted in certain accounts to

make it comparable with the unaudited consolidated financial information under IFRS. For more information regarding the adoption of IFRS, see Note 20 to the consolidated financial statements included in Petróleos Mexicanos’ 2011

Form 20-F filed with the SEC on April 30, 2012. Adjusted EBITDA is a non-IFRS measure. We show a reconciliation of Adjusted EBITDA to net income in Table [35] of the annexes to this report. EBITDA is a non-U.S. GAAP and non-FRS

measure issued by the CINIF.

Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies of Petróleos Mexicanos.

Foreign exchange conversions

Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, as of March 31, 2014, of MXN 13.0837 = USD 1.00. Such translations should not be construed as a representation

that the peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate.

Fiscal regime

Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production’s (PEP) tax regime is governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities continue to be

governed by Mexico’s Income Tax Law. The most important duty paid by PEP is the Ordinary Hydrocarbons Duty (OHD), the tax base of which is a quasi operating profit. In addition to the payment of the OHD, PEP is required to pay

other duties.

Under PEMEX’s current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and

Public Credit (SHCP) and the final consumer; PEMEX retains the amount of IEPS and transfers it to the Federal Government. The IEPS rate is calculated as the difference between the retail or “final price”, and the “producer price”.

The final prices of gasoline and diesel are established by the SHCP. PEMEX’s producer price is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Since 2006, if the final price is lower than the

producer price, the SHCP credits to PEMEX the difference among them. The IEPS credit amount is accrued, whereas the information generally presented by the SHCP is cash-flow.

Hydrocarbon reserves

Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States Concerning Petroleum Affairs, (i) PEMEX's reports evaluating hydrocarbon reserves shall be approved by the National

Hydrocarbons Commission (NHC); and (ii) the Secretary of Energy will register and disclose Mexico's hydrocarbon reserves based on information provided by the NHC. As of the date of this report, this process is ongoing.

As of January 1, 2012, 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 Mexican Banking and Securities Commission, available at http://www.pemex.com/.

Forward-looking statements

This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press

releases and other written materials and in oral statements made by our officers, directors or employees to third parties. We may include forward-looking statements that address, among other things, our:

– Drilling and other exploration activities;

– Import and export activities;

– Projected and targeted capital expenditures; costs; commitments; revenues; liquidity, etc.

Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

– Changes in international crude oil and natural gas prices;

– Effects on us from competition;

– Limitations on our access to sources of financing on competitive terms;

– Significant economic or political developments in Mexico, including developments relating to the implementation of the Energy Reform Decree;

– Developments affecting the energy sector; and

– Changes in our regulatory environment.

Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result

of new information, future events or otherwise. These risks and uncertainties are more fully detailed in PEMEX’s most recent Form 20-F filing with the SEC (www.sec.gov), and the PEMEX prospectus filed with the CNBV and available

through the Mexican Stock Exchange (www.bmv.com.mx). These factors could cause actual results to differ materially from those contained in any forward-looking statement.

PEMEX

PEMEX is Mexico’s national oil and gas company. Created in 1938, it is the exclusive producer of Mexico’s oil and gas resources. The operating subsidiary entities are Pemex-Exploration and Production, Pemex-Refining, Pemex-Gas and

Basic Petrochemicals and Pemex-Petrochemicals. The principal subsidiary company is PMI.

Content

2

Context

Upstream

Downstream

Financial Results

Questions and Answers

3

Context 1Q14

85

90

95

100

105

110

115

120

1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14

Prices of Crude Oil USD/barrel

Mexican Mix

WTIAvg 1Q13:

104.72 USD/b

Avg 1Q14:

92.10 USD/b

2.2

2.4

2.6

2.8

3.0

3.2

1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14

Prices of Regular Gasoline in the USGM USD/Gal

Avg 1Q13:

280.12 USD¢/Gal

Avg 1Q14:

273.40

USD¢/Gal

11.5

12.0

12.5

13.0

13.5

14.0

1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14

Exchange Rate MXN/USD

Mar 31, 2014:

13.0837 MXN/USD

Mar 31, 2013:

12.3546 MXN/USD

2.5

3.5

4.5

5.5

6.5

7.5

8.5

1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14

Prices of Natural Gas USD/MMBtu

Avg 1Q13:

2.27 USD/MMBtu

Avg 1Q14:

4.02 USD/MMBtu

Content

4

Context

Upstream

Downstream

Financial Results

Questions and Answers

Crude Oil Production

5

• During 1Q14, crude oil

production averaged

2,492 Mbd.

Mbd

54% 55% 54% 54% 54%

33% 33% 34% 34% 34%

13% 12% 12% 12% 12%

2,544 2,516 2,506 2,523 2,492

1Q13 2Q13 3Q13 4Q13 1Q14

Heavy Light Extra-light

75%

25%

Offshore Onshore

-

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

1-Mar-13 1-May-13 1-Jul-13 1-Sep-13 1-Nov-13 1-Jan-14 1-Mar-14

Daily Production

Heavy Light Extra light

Natural Gas Production

6

(1) Does not include nitrogen.

• Natural gas use as a

percentage of

production in 1Q14

was 97.0%

67% 68% 70% 72% 73%

33% 32% 30% 28% 27%

5,769 5,558 5,635 5,754 5,881

1Q13 2Q13 3Q13 4Q13 1Q14

Natural Gas Production1

MMcfd

Associated Non-Associated

42%

58%

Offshore Onshore

85 108 121

180 177 1.5%

1.9% 2.1%

3.1% 3.0%

1Q13 2Q13 3Q13 4Q13 1Q14

Gas Flaring MMcfd

Gas Flaring (MMcfd)

Gas Flaring / Total GasProduced

Operational Infrastructure

7

132 147 142 96 88

17 21 23

21 14

149 169 165

117 102

1Q13 2Q13 3Q13 4Q13 1Q14

Drilling Equipment Average

Development Exploration

6,632 6,501 6,468 6,435 6,424

3,350 3,314 3,363 3,281 3,301

9,983 9,816 9,831 9,716 9,725

1Q13 2Q13 3Q13 4Q13 1Q14

Wells Average

Crude oil Non-Associated Gas

255 187 174 169

129

4

7 9 18

6

259

194 183 187

135

1Q13 2Q13 3Q13 4Q13 1Q14

Completion of Wells

Development Exploration

550

1,098 864

1,134

1,192

5,374

4,210

3,108

2,371

5,707

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

-

500

1,000

1,500

2,000

1Q13 2Q13 3Q13 4Q13 1Q14

Km2 Km

Seismic Information

2D (Km) 3D (Km )2

6%

94%

Offshore

Onshore

59%

41%

Exploration

Offshore Onshore

34%

66%

Development

Offshore Onshore

Content

8

Context

Upstream

Downstream

Financial Results

Questions and Answers

Crude Oil Processing

9

(1) Includes paraffins, furfural extract, aeroflex, asphalt, lubricants, coke, cyclical light oil and other gasolines.

Crude oil processing

and production of

petroleum products

amounted to 1,157

Mbd and 1,330 Mbd,

respectively.

741 786 718 674 651

495 512 478 485 506

1,235 1,298

1,196 1,158 1,157

1Q13 2Q13 3Q13 4Q13 1Q14

Crude Oil Processing Mbd

Light Crude Heavy Crude

425 462 437 425 430

283 298 258 237 241

303 340

305 306 282

207 206

208 203 214

63 61

57 63 57

98 101

96 103 105

1,379 1,468

1,361 1,337 1,330

1Q13 2Q13 3Q13 4Q13 1Q14

Production of Petroleum Products Mbd

Automotive gasolines Fuel oil Diesel LPG Jet Fuel Other*1

Natural Gas Processing, Dry Natural Gas and

Gas Liquids Production

10

(1) Includes condensate process.

3,334 3,164 3,409 3,411 3,412

1,148 1,089 1,061 998 972

4,481 4,253

4,471 4,409 4,384

1Q13 2Q13 3Q13 4Q13 1Q14

Processing MMcfd

Sweet Wet Gas

Sour Wet Gas

3,759

3,600

3,755

3,660 3,671

361 354

368 364 369

310

340

370

400

430

460

490

520

3,200

3,400

3,600

3,800

1Q13 2Q13 3Q13 4Q13 1Q14

Mbd

MM

cfd

Production MMcfd

Dry Gas fromPlants (MMcfd)

Natural GasLiquids (Mbd)

1

Production of Petrochemicals

11

(1) Includes muriatic acid, butadiene, polyethylene wax, petrochemical specialities, BTX liquids, hydrogen, isohexane, pyrolysis liquids,

oxygen, CPDI, sulfur, isopropyl alcohol, amorphous gasoline, octane basis gasoline and heavy naphtha.

Mt

9 18 20 13 16

347 343 350 309 360

306 336 248 258

282

83 146

175 140

165 92

110 112

130

123

445

518 507

441

496

1,282

1,471 1,412

1,291

1,441

1Q13 2Q13 3Q13 4Q13 1Q14

Other*

Propylene and Derivatives

Aromatics and Derivatives

Ethane Derivatives

Methane Derivatives

Basic

1

Content

12

Context

Upstream

Downstream

Financial Results

Questions and Answers

1Q14 Financial Highlights

13

1Q13 1Q14

Variation

1Q133 1Q14

Billion

MXN

Billion

USD

Total Sales1 396.3 406.9 2.7% 32.0 31.1

Gross Income 192.4 196.6 2.2% 15.6 15.0

Operating Income 201.5 181.2 -10.1% 16.3 13.8

Income before Taxes and

Duties 219.8 174.2 -20.8% 17.8 13.3

Taxes and Duties 224.2 210.1 -6.3% 19.2 16.1

Net Income (loss) (4.4) (35.9) -719.3% (0.4) (2.7)

EBITDA2 268.6 249.4 -7.1% 21.7 19.1

(1) Excludes IEPS.

(2) Earnings before interests, taxes, depreciation and amortization.

(3) The established exchange rate at March 31, 2013 is of MXN 12.3546 = USD 1.00.

Total Sales

Comparison 1Q13 – 1Q14

14

MXN million

396,254 406,934 17,025 (6,809) 463

1Q13 Domestic Sales Exports ServicesIncome

1Q14

2.7%

Operating Income

Comparison 1Q13 – 1Q14

15

MXN million

201,517

181,169

4,190 (23,396)

(255) 1,399

1Q13 Gross income Other revenues(expenses)

Transportationand distribution

expenses

Administrativeexpenses

1Q14

-10.1%

Net Income and Comprehensive Income

16

(1) Profit (loss) sharing in non-consolidated subsidiaries, affiliates and others.

Net Income Composition – 1Q14

MXN million

Comprehensive Income Evolution

1Q13-1Q14

MXN million

181,169

(35,953)

(8,065) (87) 1,135

(210,105)

Operatingincome (loss)

Total interestexpense and

income

Foreignexchange

income (loss)

Profit (loss)sharing

Taxes andDuties

Net income(loss)1

(8,027)

(35,955)

(31,565)

(3,637)

1Q13 Net income(loss)

Othercomprehensive

results

1Q14

750,563

97,439 (29,770)

787,308 824,932 760,495

82,812 90,677

120,796 (7,235)

493 (1,298) (83,172) 841,240

908,104 14,627 (22,535)

Total Debt2013

FinancingActivities

DebtPayments

ExchangeGain

Others Total Debt1Q14

Cash & CashEquivalents

Net Debt1Q14

Net Debt2013

1 2

7.9%

Consolidated Debt

as of March 31, 2014

17

(1) Includes Finance Public Works Contracts Program.

(2) Includes accrued interests, fees and charges for debt issuance, loss under par and amortized cost.

MXN million PMI debt

Petróleos Mexicanos debt

Short-Term

Long-Term

6.0 5.0

6.3 5.1 5.5 5.5 5.1 5.5 5.5

2.7 3.5

1.4 0.2 0.3 0.3

13.1

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 ---

Term Structure – Consolidated Debt1

Debt as of March 31, 2014

USD billion

Financial Markets

18

0.49 0.45 0.49 0.50 0.46 0.47 0.45 0.48 0.46 0.47 0.50 0.52 0.56

0.75 0.68

0.74 0.73 0.65 0.68 0.63 0.69 0.68 0.70

0.76 0.85 0.93

as ofMarch 31,

2011

as of June30,

2011

as of Sep30,

2011

as of Dec31,

2011

as ofMarch 31,

2012

as of June30,

2012

as of Sep30,

2012

as of Dec31,

2012

as ofMarch 31,

2012

as of June30,

2013

as of Sep30,

2013

as of Dec31,

2013

as ofMarch 31,

2014

Debt / Sales Debt / EBITDA

Issues and lines of credit

USD 4,000,000,000

2019; 3.125%

2024; 4.875%

2045; 6.375%

Petróleos Mexicanos

January 23, 2014

MXN 12,500,000,000

2026; 3.94%

2019; TIIE 28D+6bps

2024; 7.19%

Petróleos Mexicanos

January 30, 2014

EUR 1,000,000,000

2026; 3.75%

Petróleos Mexicanos

April 16, 2014

USD 300,000,000

2018; 2.351%

Lines of credit

Petróleos Mexicanos

March 21, 2014

1Q14 2Q14

Recap 1Q14

19

Total hydrocarbons production averaged 3,643 Mboe.

Crude oil production averaged 2,492 Mbd.

Total sales amounted to MXN 406.9 billion.

Taxes generated during the year amounted to MXN 210.1 billion.

Tax burden represented 121% over income before taxes and duties.

EBITDA amounted to MXN 249.4 billion.

Debt to EBITDA amounted to 0.93 times.

Content

20

Context

Upstream

Downstream

Financial Results

Questions and Answers

Investor Relations

(+52 55) 1944 - 9700

ri@pemex.com

@PEMEX_RI