Investor Presentation

April 2012
 Forward-Looking Statement and Cautionary
Note (1/3)
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 (i) budgetary ,(ii) volumetric, (iii) revenue from sales and services including IEPS, (iv) domestic sales
including IEPS, (v) petroleum products sales including IEPS, and (vi) operating income including IEPS information,
the financial information included in this report is based on unaudited consolidated financial statements prepared in
accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican
GAAP- issued by the Consejo Mexicano de Normas de Información Financiera (CINIF).
— Based on FRS B-10 "Inflation effects", 2010 and 2011 amounts are expressed in nominal terms.
— Based on FRS B-3 "Income Statement‖ and FRS ―C-10‖ Derivative Financial Instruments and Hedging
Transactions‖, the financial income and cost of the Comprehensive Financial Result include the effect of financial
derivatives.
— The EBITDA is a non-U.S. GAAP and non-FRS measure issued by 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

 Unless otherwise specified, convenience translations into U.S. dollars of amounts in Mexican pesos have been made
at the established exchange rate, at December 31, 2011, of Ps. 13.9904 = U.S.$1.00. Such translations should not be
construed as a representation that the peso amounts have been or could be converted into U.S. dollars at the
foregoing or any other rate.

2
 Forward-Looking Statement and Cautionary
Note (2/3)
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, Pemex-Exploration and Production’s hydrocarbon reserves estimates as of January 1, 2012,
were reviewed by the National Hydrocarbons Commission (which we refer to as the NHC). The NHC approved our hydrocarbon
reserves estimates on February 24, 2012. The registration and publication by the Ministry of Energy, as provided in Article 33,
paragraph XX of the Organic Law of the Federal Public Administration, is still pending.

 As of January 1, 2010, the SEC changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not
only proved reserves, but also probable reserves and possible reserves. In addition, we do not necessarily mean that the
probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new
definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our annual report to the Mexican
Banking and Securities Commission (CNBV), available at http://www.pemex.com/.

3
 Forward-Looking Statement and Cautionary
Note (3/3)
Bids
 Only results from bids occurred between January 1 and March 31, 2011 are included. For further information, please access
www.compranet.gob.mx.

Forward-looking Statements
 This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic
reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press releases and other
written materials and in oral statements made by our officers, directors or employees to third parties. We may include
forward-looking statements that address, among other things, our:
— drilling and other exploration activities;
— import and export activities;
— projected and targeted capital expenditures; costs; commitments; revenues; liquidity, etc.
 Actual results could differ materially from those projected in such forward-looking statements as a result of various factors
that may be beyond our control. These factors include, but are not limited to:
— changes in international crude oil and natural gas prices;
— effects on us from competition;
— limitations on our access to sources of financing on competitive terms;
— significant economic or political developments in Mexico;
— developments affecting the energy sector; and
— changes in our regulatory environment.
 Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak
only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new
information, future events or otherwise. These risks and uncertainties are more fully detailed in PEMEX’s most recent Form
20-F filing with the SEC (www.sec.gov), and the PEMEX prospectus filed with the CNBV and available through the Mexican
Stock Exchange (www.bmv.com.mx). These factors could cause actual results to differ materially from those contained in any
forward-looking statement.

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

4
 Content

Achievements Challenges Results

5
 Achievements

2008 Business Operational Investment

Reform Plan Program Program

• Stabilization of Production
• Diversified projects
• Increase Reserve Replacement
Rate
• New Business Models in place
• Improved Exploitation Strategy at
ATG/Chicontepec
• New E&P Integrated Contracts
• Improvement of purchasing
Processes
• Sustainability and Environmental
Protection

6
 Production Aligned to Goals
Mbd
2,500 2,550 2,560

2,607 2,578 2,567 2,552 2,572 2,558 2,525 2,547

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 E 2012 E

2010 2011 PEF 2010 PEF 2011

Significant operational efforts have been made to

stabilize production

Note: ―E‖ stands for estimated

7
 Cantarell declines according to plan,
partially offset by other fields
Mbd
2,500
Cantarell Actual
Forecast CAGR1:7.9%
2,000

1,500

Production w/o Cantarell

1,000

500

0
1997 1999 2001 2003 2005 2007 2009 2011

(1) Compounded Annual Growth Rate

Note: Mexico´s CAGR 2005-2011 is -4.4% 8
Source: Purvin & Gertz 2005-2011
 Exploitation Investment
Million Pesos

240,000
Cantarell vs. Other
Projects
200,000
Other  From 2006 to 2011,
Projects
Delta del Cantarell
160,000
Grijalva
represented about
AJB
21% of total
120,000 CLM
exploitation
ATG
investment.
80,000 Burgos
 In 2011, Cantarell
KMZ
represented about
40,000
19.6% of total
Cantarell
exploitation
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 investment.

9
 Exploration and Drilling Efforts
Period of analysis 2000-2009
 Petrobras is by far the most active
Wells drilled onshore,
offshore and deepwaters DW driller
 The top four companies by scale
No. Exploratoin Wells Drilled

700 (XOM, Shell, BP and CVX) have very

600 similar levels of DW drilling activity
and average spend per well, with
500
Shell marginally edging it in terms
400 of experience and cost
300  Of the top six DW explorers for
200 spend per well five of them
(Maersk, Marathon, BG, Repsol and
100
Statoil) lack operated experience,
- the other, Anadarko, has historically
Pemex

NXN
TOT
CVX

XOM
ENI

NBL
BG
MUR
STO

ANA
RY

BP

BHP
MRO
PBR

RDS

HES
PNS

COP

MAE
APA

had a high proportion of frontier DW

Onshore Shelf Deepwater
areas where up front and drilling
costs would be expected to be high
PEP: Petroleos Mexicanos STO: Statoil NXN: Nexen Inc.  Nexen, Noble and Apache all have
PBR: Petroleo Brasileiro SA XOM: Exxon Corporation BHP: BHP Billiton
APA: Apache Corporation TOT: Total MRO: Marathon Oil
limited DW drilling experience, but
RDS: Royal Dutch Shell COP: ConocoPhilips Corporation this has not inhibited their ability to
ENI: Ente Nazionale Idrocarburi HES: Hess Corporation NBL: Noble Energy Inc.
RY: Repsol YPF ANA: Anadako Petroleum MAE: MAE Petroleum LLC deliver strong performance where
PNS: PNS Petroleum Inc Corporation they have been active e.g. Noble in
CVX: Chevron Corporation MUR: Murphy Oil Corporation
BP: British Petroleum BG: BG Group PLC. Israel and Apache in Egypt

Source: Wood Mackenzie Exploration Service – August 2010.

10
 Sustained Increase of the Reserve
Replacement Rate
Reserves Replacement Rate
140% 128.7%
120% 102.1% 103.9% 107.6%
100%
101.1% The 100% 1P Reserve
80% 59.2% 59.7% 65.7%
56.9% 85.8% Replacement Rate
60% 71.8% 77.1%
Goal was reached a
40% 50.3% year in advance.
20% 41.0%
22.7% 26.4%
0%
2005 2006 2007 2008 2009 2010 2011 2012
1P 3P

Exploration CAPEX
U.S.$Billion
2.4 2.3 2.4
2.2
2.0
1.5 1.4
1.3

2005 2006 2007 2008 2009 2010 2011 2012 E

―E‖ stands for estimated. 11

 Reserves Evolution
Reserves as of January 1 of Each Year Possible
Billion barrels of crude oil equivalent (MMMboe)
Probable
56.2 Proved
53.0
50.0 48.0
11.3
10.3 46.9 46.4 45.4 44.5
13.0 43.6 43.1 43.1 43.8
13.1 13.4 14.2 14.6 14.6 14.7 14.3
21.3 14.8 17.7
20.8
17.0 16.0 15.8 15.8 15.3 15.1 14.5 14.2 15.0 12.4
23.5 21.9 20.1 18.9 17.6 16.5 15.5 14.7 14.3 14.0 13.796 13.810

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1P Reserves: 20.1 18.9 17.6 16.5 15.5 14.7 14.3 14.0 13.796 13.810

2P Reserves: 37.0 34.9 33.5 32.3 30.8 29.9 28.8 28.2 28.8 26.2

3P Reserves: 50.0 48.0 46.9 46.4 45.4 44.5 43.6 43.1 43.1 43.8

Note: Numbers may not total due to rounding.

Since 2002 Pemex Exploration and Production has utilized the SEC proved reserves definition 12
 Main Discoveries 2006-2011
3P Reserves
(Million barrels of oil equivalent) Heavy oil
Tsimin 1,137.9 Light oil
Gas
Xux 836.0
Kayab 756.4
Ayatsil 596.1
Main discoveries 2011

Pit 375.9
Kinbe
 Located in the Gulf of México, 22 meters
Bricol 323.1 water depth
Lakach 268.5  Initial production of 4,800 bd of 37°API
crude oil
Kinbe… 233.6
Piklis 180.9 Pareto
Lalail 138.9  Main discovery in the South Region
 Initial production of 4,000 barrels per day
Kuil 138.8
of 43° API crude oil
Terra 134.0
Tekel 132.9 Emergente (Shale Gas)
 First discovery in Shale gas
Homol 118.5
 Estimated 3P reserves of 112 Bcf of gas
Pareto 111.7  3 wells are in the process of completion:
Utsil 104.0 Montañes-1, Nómada-1 and Percutor-1

13
 Improved Exploitation Strategy at
ATG/Chicontepec
Field Laboratories
Sector 1 5 Field Labs Other Activities
Coyotes
 Focused on value creation
Sector 3
Sector 2  Improved well
Sector 5 productivity
Sector 4
 Enhanced recovery
Sector 6 Coralillo
Agua Fría Sector 7  Cost reduction
Remolino
Sector 8  Managed declination

Presidente Alemán

65,858
70 47%
60 44,803
50 The latest exploitation
40 strategy implemented in
30 ATG, has been the most
20 successful
10
0

Crudo pesado Crudo ligero

14
 New Business Models – Upstream
Successful 1st Round: Southern Region
Max. Rate Offered Rate Min. Investment
Field Company
US$/b US$/b US$MM
Magallanes Petrofac Facilities Mngt. Ltd. 9.78 5.01 205.5
Santuario Petrofac Facilities Mngt. Ltd. 7.97 5.01 116.9
Carrizo Dowell Schlumberger 12.31 9.40 33.3
2,416 198 13.6
Mature Fields – Southern Region -
320
52
657 6.7
37

1,439 109 6.8

Original Reserves Current

Volume 3P Production
(MMboe) (MMboe) (Mbd)
Carrizo Santuario Magallanes
 PEMEX is partnering with the winning companies to
complement its capabilities. Approximate incremental
production of 55 Mbd

15
 New Business Models - Downstream

Project Deer Park PEMEX – Mexichem

Partner

1. Joint Venture 1. Joint Venture

PEMEX’s
2. Crude supply 2. Fixed assets
Participation
3. Supply of raw materials

Refine Mexican heavy crude

Increase production of vinyl
oil and increase gasoline
Objective chloride
supply to Mexico

Start Up 1993 2012 (to be confirmed)

16
Improved Purchase and Acquisitions’
Processes (1/2)

• Greater negotiation
• Comprehensive
power
analysis of supply
and demand
• Recognize and seize
market opportunities
• Short, medium and
long term
• Better contracting terms
execution strategy
and conditions
• New legal
• Significant savings
framework

17
 Improved Purchase and Acquisitions’
Processes (2/2)

Cash Savings1
Purchase
VS Financial Lease
25%

Fleet

New Contract Savings1

Traditional Design 18% - 20%
Rent
Savings1
Financial Lease
Platforms 35%

Average
Consumption New Contract Savings1
185 to 200 Design MMPs. 465
MTA2
Drilling pipe
(1) Expected
18
(2) Thousand Tons Per Annum
 Sustainability and Environmental
Protection
Accumulated CO2 emission PEMEX Total CO2 emission
mitigation goal1 from 2009 – mitigation from 2009 to
2012 = 9.94 MMton 2011* = 14.4 MMton

900 MTCO2 e/year

CO2 Emissions (MMton) Nuevo = US$MM5.6
Pemex

-26%
54.8
50.2
7 45.5
6.5 Cogeneration
6.6 40.4
7 6.6 =
7.1 6.3 CO2 Reduction
25.6 6.7 =
21.8
17.9 Additional
13.8
Income
CPQ. CPQ.
15.6 14.9 13.9 13.6 Cangrejera Morelos

2008 2009 2010 2011*

PPQ PGPB PEP PREF 410 MTCO2 e/year 430 MTCO2 e/year =
= US$MM2.6 US$MM2.6
(1) Source: PECC.
(*) Estimated. 19
 Content

Achievements Challenges Results

20
 Challenges

• Crude Oil
Production
Levels
• Operational and
Technological
Improvements
• Stronger
Operational
Processes

New Rounds of
Production Shale
Integrated Deep Waters
Growth Resources
Contracts

New Exploration Upgrades and

Operational
and Maintenance Expansion of
Improvements
Functions Installed Capacity

21
 Increase Production: Crude Oil
Mbd
3,000 Incremental
5
Exploration
Production for 2014
Range(Mbd)
3 4 Integrated
2,500 Exploration
contracts
Ku-Maloob-Zaap 2 45 - 50
Ku-Maloob- Tsimin
Xux
2,000 Zaap
ATG Ayatsil
Cantarell Tekel Ku-Maloob-Zaap
1 20 - 30
1,500 Cantarell
ATG
ATG
Explotación integrated Aceite Terciario del
1,000
(Excluding, Aceite Terciario del Golfo y contracts Golfo
Ku-Maloob-Zaap)
Exploitation 15 – 20

500 (Excluding, Aceite Terciario del Golfo

and Ku-Maloob-Zaap)
Integrated Contracts
50 - 60
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

22
 Strategy for Shallow Waters and Onshore
Regions

Light Crude Oil

Heavy Crude Oil
The strategy will be focused on the
Southeastern Basins, including both the
marine and onshore portions:

 Execute activities to identify the

Cuenca continuity of established plays such as
Tampico-Misantla
the Cretaceous play
Cuencas
del Sureste  Increase the activity to identify Tertiary
Prospective resources (22,608 MMboe) plays for oil resources
11,929 Plays  Potential evaluation of pre and sub- salt
3,838 Locations and opportunities plays
8,154
Additionally, exploration will be reactivated
3,099
at the Tampico-Misantla Basin with the aim
8,091 2,525 of finding oil opportunities in the Mesozoic-
5,055 594 age plays
1,931
Southeast marine Southeast on-shore Tampico-Misantla
CSM
basin CST
basin CTM
basin

23
 2nd Round: Mature Fields Northern Region
 22 fields in 6 blocks in Mexico’s Northern Region.
 The Contracts were approved by the Board of Directors on November 2011.
 Prospective resources of approximately 1,672 MMboe along 6,691 km2.
 Bid process expected by end of first half 2012 (1-H 2012).
 The minimum investment per field between US$25 to US$50 million.

Mature Fields – Northern Region 16,135 224 12.3

Altamira 603 -
26
1,506
Arenque 5.6
1,771 100
1,059 1.4
Pánuco
31 1.8
Tierra 6
11,071
Blanca 50 2.5
125 11 1.0
Atún Original Reserves Current
Volume(1) 3P Production
San (MMboe) (MMboe) (Mbd)
Andrés Atún Arenque San Andrés
Tierra Blanca Pánuco Altamira

(1) Estimated.
24
 Potential Shale Resources
 PEMEX has identified 5 geological provinces
with shale gas potential:
 Chihuahua
 Sabinas-Burro-Picachos
 Burgos
Chihuahua
 Tampico-Misantla

Eagle Ford Shale Gas  Veracruz

• Texas

Burro Picachos  PEMEX estimates prospective resources of

Sabinas shale gas ranging from 150 to 459 TCF,
Burgos
which represent from 2.5 to 7 times the
Paleozoic
Shale Gas Provinces conventional 3P gas reserves of Mexico.
Shale Gas Eagle Ford/Agua Nueva
Haynesville  According to the EIA, Mexico’s shale gas
Tampico Bone Spring /Woodford resources could reach 681 TCF, which is
Misantla ranked as the fourth largest reserve
Cretaceous Jurassic
worldwide .
Shale Gas Shale Gas
 PEMEX is evaluating Mexico’s shale gas
potential, in 2011 PEMEX concluded the
Veracruz well Emergente-1, and it is in the process of
completing 3 additional wells.

 An intensive development scenario shows

that gas production could triplicate to 20
bcf per day .

25
 Activities in Deepwaters
!

Cinturón 3D seismic
Cinturón Plegado
Subsalino Perdido

Salina del
Bravo Cinturón
Plegado

Oreos
Perdido  Total investment 2002-2011: 49 billion pesos ~
3.6 billion USD
Abisal
Golfo de
Cordilleras
México
Escarpe de
 3D seismic acquisition: 107,762 km2
Mexicanas Campeche

Nancan  Wells Drilled: 19, 9 of which were producers

Jaca-patini Salina del
! Talipau-1
! !
Istmo
 3P reserves discovered: 736 MMboe
Lipax Nox Hux

Holok
Temoa
!
!
! Hux-1  Commercial success rate: 47%
!
!
Kunah-1 ! Han !
! !
!! ! ! !
!! ! !

Cinturón
Plegado
Catemaco

 PEMEX has established several collaboration agreements with Shell, BP, Petrobras, Intec,
Heerema, Pegasus, etc.

 Currently PEMEX is operating three platforms in deep waters: Centenario, Bicentenario and
West Pegasus.
 PEMEX has identified heavy and extra-heavy oil reservoirs into the southern portion of the
Salina del Istmo province.

26
 Benchmarking: Deepwater Drilling
Wells Water depth > 500 m
2011 17 4 1 5 27

2010 18 6 8 1 3 2 38

2009 28 14 8 8 4 5 67

2008 19 4 8 6 2 3 42

2007 15 11 3 9 10 2 50
2006 4 2 2 5 2 1 16

0 10 20 30 40 50 60 70
2006 2007 2008 2009 2010 2011 TOTAL
Petrobras 4 15 19 28 18 17 101
Shell 2 11 4 14 6 0 37
Chevron 2 3 8 8 8 4 33
BP 5 9 6 8 1 0 29
Total 2 10 2 4 3 1 22
PEMEX 1 2 3 5 2 5 18
 PEMEX has been ranked in the sixth position of deepwater activities (water depth greater than 500 meters) in the last six years, based on
operating rigs and wells drilled
 The benchmark study takes into account wells drilled in West Africa, UK, Norway, Brazil and GOM (USA and Mexico). It is important to
note that BP and Shell do not report drilling activity in deepwater during 2011

Source: Wood Mackenzie Exploration Service

27
 New Exploration and Maintenance
Functions
Function Goals Advantages
 Implementation,  Improve the execution
 Operations consolidation which
coordination, design and strategy in exploration.
supervision of exploration will allow us to take advantage
Exploration

strategies in 5 zones:  Comply with institutional

— Southeastern Marine
Basin
— Southeastern Onshore
Basin
— Tampico-Misantla-Gulf
— Northern Deep Waters
— Southern Deep Waters
goals in potential
evaluation projects and
reserves incorporation.
of economies of scale and
targeting efforts towards
increasing reserves
incorporation and the value of
investments.

Function Goals Advantages

 Consolidation of  Guarantee prompt  A global view of the Assets

maintenance and logistics attention to maintenance requirements, which will help us
Maintenance

of the marine and onshore and logistics requirements.

facilities.
 Maximize facilities
reliability and collaborate
on achieving operational
programs which take into
account the environment
and the community.
to improve our response
capacity and resources
planning, in order to provide
programmed and preventive
maintenance, and repairs.

28
 Industrial Processes

Operational,
administrative Capture Economic
Refining and structural Opportunities
improvements

Expand the Increase

Gas and Basic pipeline network processing and
in the northern transportation
Petrochemicals and central capacity of
regions of Mexico natural gas

Execution and
Foster the growth
development of
Petrochemicals new business
of the most
profitable chains
models

29
 Refining: Operational Performance
Improvement Program (MDO)

230 opportunities identified in 4 out of 6 …worth 1.2 billion USD when fully captured
refineries…
No. Of opportunities Million USD per annum
Conceptual 85 Conceptual 0
stage stage

Development 52 Development 569

Implementation 62 Implementation 382

Implementation/ Implementation/
with capital
10
with capital 110

Monitoring stage 21 Monitoring stage 109

Total 230 Total 1,170

 Economic value amounts to a net gain of ~3.39 USD/barrel, at october 2010 prices.
 Only 9.5% of initiatives involve capital expenditure

Fuente: MDO 30
 Content

Achievements Challenges Results

31
 2011 Financial Highlights
Billion Pesos Billion Dollars
2010 2011 Change 2010 2011
Total revenue from sales and
1,282.1 1,558.4 21.6% 103.8 111.4
services
Total revenue from sales and
1,355.6 1,737.3 28.2% 109.7 124.2
services including IEPS

Gross Income 650.7 777.8 19.5% 52.7 55.6

Operating Income 546.5 681.4 24.7% 44.2 48.7

Income before Taxes

607.6 784.5 29.1% 49.2 56.1
and Duties

Taxes and Duties 654.1 876.0 33.9% 53.0 62.6

Net Income (loss) (46.5) (91.5) (3.8) (6.5)

EBITDA1 831.9 1,076.8 29.4% 67.3 76.9

(1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS
32
 Investment Budget
U.S. Billion Dollars
30.4 30.0
28.7
27.3

23.2 1.0% Pemex-

20.8 Petrochemicals

18.6 19.1 2.8

18.1 Pemex-Gas and
15.6 2.0% Basic
13.8 Petrochemicals

12% Pemex-
20.1 Refining

Pemex-
85% Exploration and
Production

2006 2007 2008 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E
 Figures are nominal and may not total due to rounding.
 Includes upstream maintenance expenditures.
 ―E‖ means Estimated. For reference purposes, U.S. dollar- Mexican peso exchange rate conversions
have been made at the following exchange rates, Ps. 12.96/U.S.$1 for 2012, and Ps.12.9/U.S.$1
for 2013 and beyond years.
 Includes complimentary non-programmed CAPEX.

33
 Expected Sources and Uses of Funds 2012
U.S. Billion Dollars
Price: 106.85 USD/b
Exchange rate: Ps. 12.96/USD
Crude oil production: 2,597 Mbd
Crude oil exports: 1,176 Mbd
Natural gas production: 6.16 MMcfd
Sources Uses

8.1

23.2

21.9 36.6

6.1

6.6 7.3

Initial Cash Resources from Financing Total Total Investment Debt Payments Final Cash
Operations (CAPEX)
6.7

Net Indebtedness: 2.0 USD

34
 Approved Financing Program 2012

Amount Amount
Financing Program 2012E Source MXN USD
Billion Billion
100% = 8.1 billion dollars /106 billion pesos
International Markets 52 4.0

Dollars 39 3.0
2.4%
Other Markets 13 1.0

Domestic Market 31 2.4

19.5%
CEBURES 31 2.4
48.8% Export Credit Agencies (ECAs) 21 1.6

Others 3 0.2
29.3%

Total Issuance** 106 8.1

Total Debt Payment 79 6.1

International Markets Domestic Markets
Net Indebtedness for the year** 27 2.0
ECAs Others

(*) Does not include revolving credit facilities.

(**) Maximum approved amount. 35
Note: Numbers may not total due to rounding.
 Investor Relations
(+52 55) 1944 - 9700
ri@pemex.com

www.pemex.com
 PEMEX Snapshot
PEMEX ranking globally1: Credit rating:
 4th crude oil producer Fitch: BBB Stable
 11th integrated oil company Moody’s: Baa1 Stable
 11th in crude oil reserves S&P: BBB Stable
 15th in natural gas production
 13th in refining capacity

Reserves Hydrocarbon production Total sales

MMMboe MMMboed Billion dollars
45.4 44.5 4.43
43.6 43.1 43.1 43.8 4.39
3.93 123
3.78 3.79 3.77 111
14.6 1.1 1.2 105 101
14.6 14.7 14.9 14.3 99
17.6 1.1 1.1 1.2 1.2 84 63
0.09 0.07
0.05 53 55
15.3 0.04 0.05 50 48
15.1 14.5 15.0 0.05
14.2 12.4 41
3.26 3.08 2.79 2.60 2.58 2.55
16.47 14.72 14.31 13.99 13.80 13.80 49 53 60 53 56
43

2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Proved Probable Possible Crude Condesates Natural gas equivalent Domestic sales Export sales

(1) PIW 2011 Rankings, December 6, 2010. Petroleum Intelligence Weekly.

37
 Background: Oil Production Evolution
Thousand barrels per day

3,500

3,000

2,500
Cantarell
2,000
South-
1,500
eastern
Other offshore fields Basins
1,000
Mesozoic Ku-Maloob-Zaap
500 Chiapas-Tabasco
Tertiary-age fields and other ones (mainly Tampico-Misantla basin)
0
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 Years

 In the 60's the oil production came mainly from Poza Rica and San Andres fields in the Northern
Region, as well as from the Cinco Presidentes and Sánchez Magallanes fields in the Southern Region
 In the mid-70’s the Samaria, Sitio Grande, Cactus, Agave and Cunduacán fields from the Chiapas-
Tabasco Mesozoic were incorporated, all of them part of the Southeastern Basins
 In the late 70's and early 80's, the offshore fields Akal, Nohoch, Ku, and Abkatún, located in the
Southeastern Basins started development.
 In 2004, Cantarell started its predicted natural production decline
 Since 2009 crude oil production is stable

38
 Secondary Recovery and Enhanced Oil Recovery:
key factors to reverse production decline and increase
recovery factors per field
Test fields (Analogous) Pilots
3P Original Oil In Place related to SR and EOR
(MMmboe) A Foamy surfactant injection at the gas
Akal KL, Chac invaded zone in the Akal KL block
17 B Surfactant solution injection at the water
16 Higher Maloob
invaded zone in the Chac field
scenario
9 Cunduacán C
CO2 injection in the Maloob field
4.7
6 Chuc D Foamy surfactant injection in the Antonio
4 J. Bermúdez Complex
Secondary Enhanced Low Heavy and
Recovery Oil Permeability Extra Heavy E Hydrocarbon gas injection in the Chuc
Cárdenas
Recovery Reservoirs Crude field
F
Poza Rica Air injection in the Cárdenas field
 The resources associated with enhanced oil recovery could
represent a potential increase in recovery factor (RF) from G
Surfactant injection in the Poza Rica field
Samaria
3% to 8%
Terciario
 The resources associated with secondary recovery H Steam injection at the Tertiary-age
represent an increase RF potential 5 to 12% sandstones of the Samaria field
Coyotes
 Therefore, in 2010 PEMEX started the implementation of a I
CO2 injection in the Coyotes field
Strategy in Enhanced Oil Recovery at PEP and defined the
Soledad
Secondary Recovery Strategy which will be initiated in 2012 J
Air injection in the Soledad field
 Eleven pilot projects for EOR have been designed to test Agua fría
different types of technology K
CO2 injection in the Ogarrio field

39
 The production increase coming from other fields beats
other crude oil producer countries’ performance
 Excluding Cantarell, crude oil production growth in Mexico outperforms levels reached by other
important crude oil producer countries.
CAGR 2005-2011 Incremental barrels 2005-2011
Mbd
Mexico w/o Cantarell
7.9% Mexico w/o Cantarell
751
Angola
7.2% Angola
642
Kazakhstan Kazakhstan
4.6% 385
Irak Irak
6.8% 903
Brazil Brazil
5.9% 675
Canada Canada
2.5% 402
Russia Russia
1.4% 822
China China
1.9% 430
Saudi Arabia Saudi Arabia
-0.2% -135
Nigeria Nigeria
-0.2% -28
Lybia Lybia
-6.3% -550
Iran Iran
-2.2% -507
Venezuela Venezuela
-3.2% -581
United Kingdom United Kingdom
-5.5% -470
Norway Norway
-5.3% -719

Note: Mexico’s CAGR for 2005-2011 is -4.4%

Source: Purvin & Gertz 2005-2011.
40
 Oil Production Scenario
Thousands of barrels per day
3,500 3,000
2,700

3,000
Deepwater
2,500 Future development offshore
Tsimin-Xux
Ayatsil-Tekel
2,000 Future development onshore
Ku Maloob Zaap
1,500
Cantarell
1,000
Chicontepec
500 Exploitation
(without Cantarell, Chicontepec, Ku Maloob Zaap,
Ayatsil -Tekel and Tsimin-Xux)
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Exploitation 1,230 1,182 1,116 1,068 1,005 968 942 916 851 778 680 599 538 465 411
Cantarell 444 469 466 434 360 278 238 222 200 196 191 180 168 159 150
Chicontepec 79 82 84 89 118 152 203 246 293 363 433 485 521 530 542
Ku-Maloob-Zaap 847 834 850 855 846 840 751 627 556 457 382 337 294 254 214
Tsimin-Xux 2 27 71 107 125 120 112 101 84 72 59 40 23 14 9
Ayatsil-Tekel 0 0 16 41 66 93 102 101 98 91 80 69 46 41 36
FD on shore 0 11 48 100 157 211 256 290 337 384 405 429 456 481 488
FD off shore 0 0 3 27 120 259 394 486 547 605 663 717 763 800 835
Deepw aters 0 - - - - - - - 26 85 129 169 243 313 422
Total 2,602 2,605 2,654 2,721 2,797 2,921 2,998 2,990 2,992 3,031 3,022 3,025 3,052 3,057 3,107

41
 New developments will yield additional production

Baksha-Pit

3P reserves Tekel
Name Fluid Type Ayatsil
(MMboe)
Light Oil
Xux-Tsimin 1,947
(43°API)

Heavy Oil
Ayatsil-Tekel 757
(12°API) Tsimin

Heavy Oil
Pit- Baksha 504
(12°API)

Discovery Size
Size of Discoveries in the Gulf of Mexico* Ayatsil-Tekel-Pit-Baksha
Number of Fields Xux – Tsimin
150 158
147 148 1P
132
119 2P
These discoveries are 98
among the biggest found 68 69
in the Gulf of Mexico
35 28
11 14 10
1
< < 0.25 < 0.5 <1 <2 <4 <8 < 16 < 32 < 64 < 128 < 256 < 512 < <
0.125 Proved Reserves, MMboe 1,024 2,048

* Source: Mineral Management Service, Department of the Interior, U.S. Federal Government. 42
 Ayatsil-Tekel Project
Oil production
(mbd)
250 Main challenges
200
Ayatsil Tekel:
150 Tsimin -Xux  Development of extra-heavy oil reservoirs

100 Tsimin Xux:

Ayatsil-Tekel  Development of gas and condensate reservoirs
50 maximizing the recovery of liquids
0 Lakach:
2012 2014 2016 2018 2020 2022 2024 2026  First deepwater development

Gas production
Main activities:
(mmcfd)
1,200 Project Wells Platforms CAPEX
1,000 Number Number MM USD
800 Lakach
Ayatsil-Tekel 43 5 3,016
600 Tsimin-Xux 61 9 5,740
Tsimin -Xux
400 Lakach 7 2,045
200
0
2012 2014 2016 2018 2020 2022 2024 2026

43
 Reserves and Prospective Resources
Total Reserves by Area Producing Basin Oil and Gas
as of January 1, 2012 Gas
MMMboe (billion barrels of oil equivalent)
Basin 3P1 2P1 1P1
Burgos and Sabinas 0.8 0.6 0.4
Deep-waters 0.7 0.2 0.1
Southeastern 24.4 18.2 12.1
Tampico–Misantla (ATG) 17.7 7.0 1.0 Sabinas Burgos
Veracruz 0.2 0.2 0.2
Deep sea
Total2 43.8 26.2 13.8 Tampico- exploration
Equivalent to Misantla
32.3 19.2 10.1 Gulf of
(years of production)2
Mexico
Prospective Resources3
Veracruz
Basin MMMboe
Burgos 2.9
Deep waters in the Gulf of Mexico 26.6
Sabinas 0.4
Southeastern 20.1 Southeastern
Tampico-Misantla (ATG) 2.5
Veracruz 1.6
Yucatán Platform 0.5
Total2 54.6
(1) ―3P‖ means the sum of proved, probable and possible reserves; ―2P‖ means the sum of proved and probable reserves;
and ―1P‖ means proved reserves.
(2) Numbers may not total due to rounding. 44
(3) As of January 1st, 2012
 1P Reserve Replacement
1P reserve incorporation by type (Mmboe) 2010 2011 2012
1P Reserve Replacement Rate 77.1% 85.8% 101.1%
2012 89% 11% Northeastern Marine 585.8 125.0 385.9
2011 81% 19% Cantarell -365.0 -101.9 1.8
Ku-Maloob-Zaap 950.8 226.9 384.1
2010 63% 37%
Southwestern Marine 267.4 467.6 332.6
2009 65% 35% Abkatún-Pol-Chuc 140.6 7.9 45.4
Holok-Temoa -1.0 31.2 0.0
Revisions New Discoveries
Litoral de Tabasco 127.9 428.4 287.2
Northern -86.7 299.8 344.5
1P reserve incorporation by Region (Mmboe)
Aceite Terciario del
-170.3 129.0 176.5
586 Golfo
468 Burgos 104.6 129.9 83.8
386
333
345 Poza Rica-Altamira -81.5 -6.9 54.0
296 300 296 309
267 Veracruz 60.5 47.7 30.3
125 Southern 296.2 295.7 309.1
Bellota-Jujo 26.5 16.1 60.3
Cinco Presidentes 49.8 26.3 74.2
-87 Macuspana 29.1 34.6 110.2
2010 2011 2012 Muspac 68.4 -2.8 0.0
Northeastern Marine Southwestern Marine Samaria-Luna 122.3 221.5 64.4
Northern Southern TOTAL 1,062.7 1,188.1 1,372.0

45
 Deepwater Drilling
2004 2005 2007 2008 2009 2010 2011

Chuktah-201
512 m
Puskón-1
Nab-1
624 m
680 m
Etbakel-1
681 m

Kabilil-1
Tamil-1
740 m
778 m
Lalail-1
Noxal-1 805 m Leek-1
935 m 851 m
Lakach-1 Chelem1
810 m Holok-1 Lakach
988 m
1,028 m -2DL
1,196 m
Tamha-1 Catamat-1 Nen-1
1,121 m 1,230 m 1,493 m
Labay-1
Piklis-1
1,700 m
1,945 m

• From 2000, 18 wells were drilled, discovering 8 non-associated natural gas field and 2 extra heavy
oil fields.

46
 Deepwater Drilling 2004 - 2012
No. of locations >1,000 m
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Chuktah-201 3 10 48
512
Water depth – (meters)

Tamil-1 Puskón-1
Nab-1
Etbakel-1 600
680 778 681
Lalail-1
Kabilil-1
805 740
Chelem-1
Leek-1
810 851 Talipau-1
Noxal-1 851
935 940
Lakach-1
Maximino-1 988
Holok-1 Hux-1
1,028 Lakach-2DL
Tamha-1 1,130
Catamat-1 1,196 Caxa--1
1,121 Nen-1
1,230 1,800
1,495
Yoka--1
Labay-1 2,090
Gas Field
Talipau-1 1,700
Kunah-1
Puskón-1 Oil Field
2,154
Unsuccessful Piklis-1 Trión-1
1,945
Lakach Drilling 2,550
2004-2009
2010 2012 Program Supremus-1
2011 2,890
Deepwater budget (drilling, seismic acquisition, studies) Maximino-1
2,933
2011 2012
14,976 MMpesos 14,063 MMpesos

47
 Production and F&D Costs
Production Costsa Finding and Development Costsb,c
USD @ 2010 / boe USD @ 2010 / boe
6.16 13.2
12.0 12.8
4.72 4.85 5.22 11.8
4.13 10.8

2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Production Costs1 Finding and Development Costs2

USD @ 2010 / boe USD @ 2010 / boe

PEMEX 5.22 BP 10.36

Total 6.32 Exxon 11.41
Statoil 6.59 PEMEX 12.84
BP 6.77 Petrobras 12.95
Conoco 8.10 Shell 13.06
Exxon 8.14 Total 13.97
Eni 8.89 Conoco 14.93
Shell 9.10 Eni 18.39
Petrobras 10.03 Chevron 18.44
Chevron 10.96 Statoil 23.15

a) Source: 20-F Form 2010. (1) Source: Annual Reports and SEC Reports 2010.
b) PEMEX Estimates- 3-year average. (2) Estimates based on John S. Herold, Operational Summary,
c) Includes indirect administration expenses. Annual Report and SEC Reports 2010.
48
 Evolution of Productivity Index
September 2009 = 100%

115%
110%
105%
100%
95%

Productivity
90%
85%
80%
75%
70%
65%
Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011
Permanent Payroll PEP / wells in operation (100% = 5.7)
Permanent Payroll PGPB / MMcfd processed wet gas (100% = 2.6)
Permanent Payroll PR / Mbd of Petroleum Products Sold (100% = 22.9)
Permanent Payroll PPQ / MT of Petrochemicals Sold (100% = 46.8)

49
 Execution Strategy

Mature Fields Southern and Mature Fields Northern Region

Deep Waters
Northern Regions and Chicontepec

Increase Capacity Execution

2011 2012 Beyond 2012

 1st round: Awarded in August 2011.  Awarding of the 2nd round of  An important portions of
 2nd round: Contracts approved by
the Board of Directors in November
2011 and the preliminary bases
were published in December 2011.
 Focus on technical, operational
and managerial challenges.
 Potential to increase the
recovery factor.
mature fields of the Northern
Region.
 Chicontepec: Resources that
require a greater execution
capacity and the development
of specific technological
solutions.
 56% of probable reserves and
58% of possible reserves are
located in Chicontepec.
the long term production
platform is located in Deep
Waters.
 First production is expected
to be obtained in
approximately seven years.

Strategic execution program aligned with

the business plan

50
 Sustainability and Environmental
Protection (1/2)
Carbon
Capture
Environmental
Reforestation
Education
Research and
Conservation Technological
Applications

Main
Projects

Pantanos de Centla Selva Lacandona Humedales de Alvarado Parque Ecológico Jaguaroundi

51
 Environmental Projects (1/2)
Project Description Achievements

• Protection of 3 thousand 200

hectares.
Research, educational • Resolution of land conflicts
and technological with an environmental
implementation perspective.
program to preserve • Recovery of animal
the Lacandona Jungle populations considered as
endangered.
• Environmental education in
localities.

Natural Reserve of 960 • Preservation of biodiversity.

hectares focused on • Environmental education activities
conservation, and restoration of affected areas.
reforestation, carbon • Special Honorable Mention in the
capture and National Award for Ecological Merit
environmental in 2004.
education.
Parque Ecológico Jaguaroundi

52
 Environmental Projects (2/2)
Project Description Achievements

• Development and consolidation

of the Casa del Agua as an agent
Conservation,
of transformation in the culture
environmental education
of conservation in the region.
and management project
• Publication and dissemination of
of the Centla Marshes
educational materials.
Biosphere Reserve,
• Restoration of critical
Tabasco.
ecosystems.
• Sustainable development in
communities.

• Environmental education and

Environmental Education
training.
Project in the Alvarado
• 200 landlords trained in
and Tuxpan wetlands,
reforestation, fire control and soil
and the Otontepec
protection techniques.
Sierra. Reforestation of
Reforestation of 643 hectares in
mangroves and lowlands
properties of which 398 are
in the Alvarado Lagoon
mangrove vegetation and 245 are
System.
lowland forest, with a scheme of
community participation.

53
 2011

2011 (U.S.$) Exxon Royal Dutch Shell Statoil BP Chevron Petrobras PEMEX
Total sales $433,526.00 $470,171.00 $115,281.98 $375,517.00 $236,286.00 $146,294.36 $111,393.00
Gross income $71,168.00 $73,669.00 $58,211.42 $61,954.00 $44,260.00 $46,275.28 $55,596.00
Operating income $54,104.00 $42,715.00 $37,591.70 $27,061.00 $38,299.00 $26,267.77 $48,707.00
Income before taxes and duties $73,257.00 $55,660.00 $38,184.72 $38,834.00 $47,634.00 $26,572.18 $56,076.00
Net income $41,060.00 $30,918.00 $14,068.67 $25,700.00 $26,895.00 $19,959.03 -$6,539.00
EBITDA $69,687.00 $55,943.00 $46,761.06 $39,220.00 $51,210.00 $36,896.11 $76,964.00

Gross Margin EBITDA Margin

50.49 49.91 69.09

31.63 40.56

16.42 15.67 16.50 18.73 21.67 25.22

16.07 11.90 10.44

Operating Margin Pre-tax Margin

43.73 50.34
32.61 33.12
16.21 17.96 16.90 20.16 18.16
12.48 9.09 11.84 10.34
7.21
Statoil

Statoil
BP

BP
Chevron

Chevron

Petrobras
Dutch

Dutch
Exxon

Pemex

Exxon

Pemex
Petrobras
Royal

Royal
Shell

Shell

Source: Bloomberg.

54
 4Q11 Financial Highlights
Billion Pesos Billion Dollars

4Q10 4Q11 Change 4Q10 4Q11

Total revenue from sales and
343.0 420.3 22.5% 27.8 30.0
services

Gross Income 162.3 197.8 20.7% 13.1 14.1

Operating Income 132.9 175.2 30.3% 10.8 12.5

Income before Taxes

144.5 219.7 50.4% 11.7 15.7
and Duties

Taxes and Duties 169.6 243.5 43.5% 13.7 17.4

Net Income (loss) (25.1) (23.8) (2.0) (1.7)

EBITDA1 199.0 292.6 45.9% 16.1 20.9

(1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS
55
 1Q12 Financial Results
Billion Pesos Billion Dollars

1Q11 1Q12 Variation 1Q11 1Q12

Total revenue from sales and

352.7 411.3 16.6% 29.5 32.0
services

Gross Income 184.0 221.4 20.4% 15.6 17.2

Operating Income 191.5 247.7 29.3% 13.7 19.3

Income before Taxes

201.0 280.4 39.5% 16.9 21.8
and Duties

Taxes and Duties 199.4 246.5 23.6% 16.5 19.2

Net Income 1.5 33.9 0.1 2.6

EBITDA1 244.5 305.8 25.0% 20.5 23.8

(1) Earnings Before Interest, Taxes, Depreciation and Amortization. Excludes IEPS.
56
 Financial Highlights. 2010 vs. 2011 (NIF)
Million MX$
Var. Abs.
2010 2011 %
2010 vs. 2009
Total sales 1,282.1 1,558.4 276.3 21.6%
Domestic 683.9 779.2 95.3 13.9%
Exports 592.9 773.0 180.1 30.4%
Income from services 5.3 6.3 1.0 18.9%
Cost of sales 631.4 780.6 149.2 23.6%
Gross profit 650.7 777.8 127.1 19.5%
General expenses 104.3 96.4 -7.9 -7.6%
Distribution expenses 33.3 31.3 -2.0 -6.0%
Administrative expenses 71.0 65.0 -6.0 -8.5%
Operating profit 546.5 681.4 134.9 24.7%
Other income (expenditure), net 71.6 195.5 123.9 173.0%

Financial result (cost) (12.0) (91.6) -79.6 663.3%

Financial results of non

1.5 (0.8) -2.3 -153.3%
consolidated subsidiaries

Profit before tax and duties 607.6 784.5 176.9 29.1%

Tax and duties paid 654.1 876.0 221.9 33.9%

Net loss (46.5) (91.5) -45.0 96.8%

57
 Sources and Uses of Funds 2011
Average Exchange Rate: 12.4253 $/USD
Production: 2,553.4 Mbd
Average Price: 101.05 USD/BL
Net Indebtedness: 1.7 billion USD
Internal: 0.5 billion USD
External: 1.2 billion USD
Sources Uses

36.0
8.1
23.0
18.1
9.8
6.5 6.5

Initial cash Resources Financing Total Total Debt Final cash

from investment Payments
operations (CAPEX)

 PEMEX's Board authorized a limited net indebtedness of U.S.$3.5 billion and a maximum debt to be
raised of U.S.$10 billion. Estimated amortizations for the year are U.S.$6.5 billion.
 Nevertheless, due to operating cash flow generation and existing cash balances the amount of
debt raised in 2011 should be around U.S.$8.1 billion. Therefore, the resulting net
indebtedness should be U.S.$1.7.

58
 External and Structural Effects
Million pesos Total Amount
2011
Opportunity cost of the sale of LPG in the domestic
Subsidy of market. It is the difference between the international
= 39,950
LPG reference price and the maximum price set by
Presidential decree, times the volume sold.

Diesel
Non-recognized logistics costs on diesel imports. Prices
imports price = 2,856
are kept at parity.
parity

Quality of
Producer’s price is not adjusted as the quality of
gasolines and = 4,929
automotive gasolines change.
diesel

It is the excess tax generated by deducting the cost-cap

Cost-cap authorized in the fiscal regime for PEP, instead of the real = 88,886
costs.
 2011 Capital Markets’ Activity
5.00%

4.50%

4.00% A
B
3.50% C
3.00%

2.50% F G
D,E
2.00%

1.50%
ene 11 feb 11 abr 11 jun 11 jul 11 sep 11 oct 11 dic 11
Issuance
Coupon Issuance Date Maturity
MM
A Ps. 10,000 TIIE28 + 21 bp 15-mar-11 2016
B USD$1,250 6.50% 25-may-11 2041
C USD$1,000 5.50% 20-jul-11 2021
D Ps. 7,000 TIIE28 + 24 pb 27-sep-11 2017
E 653.38 UDIS (Ps. 3,000) 3.55% 27-sep-11 2021
F USD$1,250 6.50% 12-oct-11 2041 reopening
G Ps. 10,000 7.65% 7-dic-11 2021

60
 PEMEX´S Debt Evolution
Debt Outstanding
Consolidated Debt1
US$ Billion

Outstanding at the end of each year

58.3
53.2 55.3
52.2
49.8 47.9
46.1
42.8

2005 2006 2007 2008 2009 2010 2011 20122

(1) Does not include accrual interest

(2) Estimated
61
 Debt Portfolio
Maturity Profile – Consolidated Debt *
Total Debt as of December 31, 2011 – U.S.$55.3 billion

13.2%
12.1%
11.2%
10.5%

8.7%
8.1%
7.4%
6.5%
6.1%
5.8%
5.4%

2.3%
1.3%
0.9%
0.5%
0.0% 0.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028…

(1) Numbers may not total due to rounding.

(*) Does not include accrued interests 62
 Composition of Debt
Total Debt as of December 31, 2011 – U.S.$55.3 billion

By Currency of Issuance*
Swiss By Interest Rate
Francs
Pesos 1%
15%

Yens
Dollars
4%
65% Flotante Fija
British 40%
Pounds
60%
2%
UDIS
3% Euros
10%

By Instrument* By Currency Exposure

Domestic Others
Bank 4% Euros
Loans
2% Dólar
Int. Bank
Loans 1% Peso
13% Peso
18% Euros

ECAs Int. Bonds

17% 49%

Dólar
80%

Cebures
16%

(*) Does not include accrued interests.

63