BCP Securities

Annual Conference

1/32

Forward-Looking Statement &

Cautionary NoteVariations

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

Rounding

Numbers may not total due to rounding.

Financial Information

Excluding budgetary and volumetric information, the financial information included in this report and the annexes hereto is based on unaudited consolidated financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which PEMEX has

adopted effective January 1, 2012. Information from prior periods has been retrospectively adjusted in certain accounts to make it comparable with the unaudited consolidated financial information under IFRS. For more information regarding the transition to IFRS, see Note 23 to the consolidated financial statements included in Petróleos

Mexicanos’ 2012 Form 20-F filed with the Securities and Exchange Commission (SEC) and its Annual Report filed with the Comisión Nacional Bancaria y de Valores (CNBV). EBITDA is a non-IFRS measure. We show a reconciliation of EBITDA to net income in Table 33 of the annexes to PEMEX’s Results Report as of March 31, 2015.

Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies or affiliates of Petróleos Mexicanos. It is important to mention, that our current financing agreements do not include financial covenants or events of default that would be triggered as a

result of our having negative equity.

Methodology

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

Foreign Exchange Conversions

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

could be material. Such translations should not be construed as a representation that the Mexican peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate. It is important to note that we maintain our consolidated financial statements and accounting records in pesos. As of September 30, 2020, the

exchange rate of MXN 22.4573 = USD 1.00 is used.

Fiscal Regime

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

governed by the Federal Revenue Law.

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

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

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

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

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

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

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

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

prices of gasoline and diesel fuel are to be freely determined by market conditions before 2018.

Hydrocarbon Reserves

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

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

As of January 1, 2010, the Securities and Exchange Commission (SEC) changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. Nevertheless, any description of probable or possible reserves included herein may not meet the

recoverability thresholds established by the SEC in its definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our Annual Report to the CNBV and SEC, available at http://www.pemex.com/.

Forward-looking Statements

• This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees

to third parties. We may include forward-looking statements that address, among other things, our:

• exploration and production activities, including drilling;

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

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

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

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

• strategic alliances with other companies; and

• the monetization of certain of our assets.

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

• changes in international crude oil and natural gas prices;

• effects on us from competition, including on our ability to hire and retain skilled personnel;

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

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

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

• technical difficulties;

• significant developments in the global economy;

• significant economic or political developments in Mexico;

• developments affecting the energy sector; and

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

Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. These risks and uncertainties are more fully detailed in our most

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

2/32

Table of Contents

3 Other Relevant Indicators

5 2021 Budget

Public Debt and Financing Activities4

PEMEX General Overview1

Exploration & Production2

3/33

4/32

PEMEX: A vertically integrated company

1. Source: Petroleum Intelligence Weekly, Ranking of the 50 Largest Oil Companies in the World, November 2020

2. As of December 31, 2019

• Total production of hydrocarbons: 2,405 Mbpced2

/ 2,399 Mbd as of 3Q20

• Total crude production: 1,703 Mbd2 / 1,710 Mbd as of 3Q20

• 7,400 wells in operation2 / 6,841 to 3Q20

• 6 refineries in Mexico with refining capacity of 1,640 Mbd2

• 1 refinery in joint venture with Shell in Deer Park, Texas (340

Mbd)

• Crude processing: 592 Mbd2 / 593 Mbd as of 3Q20

• 9 gas processing centers (5,912 MMcfd)

• 2 petrochemical complexes (1,734 Tpa)

• MXN 1.4 trillion annual revenue2

- Exports: MXN 586 bn

- Local market: MXN 807 bn

• Crude exports: 1,103 Mbd2

• 8,593 stations with the PEMEX brand, plus 2,992 stations supplied with

PEMEX2 products

Exploration and production

11th largest crude producer1

Transformation

16th largest oil

refiner2

Commercialization

3rd largest exporter

of crude to the

United States

Transportation and

distribution

Strategic infrastructure

• Strategic logistics infrastructure: 17,000 km of pipelines

• 76 storage and distribution terminals

• 10 liquefied gas terminals• 10 port operation and maintenance

facilities

• 5 maritime terminals• 1,444 tanks• 24 tugboats• 511 tanker trucks

5/32

PEMEX: A company that creates value

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

depreciation, and amortization)

Source: Bloomberg and PEMEX Financial Statements under IFRS 2020.

EBITDA

margin, 3Q20

(EBITDA /

Sales

percentage)1

• The EBITDA margin represents the

profit or income of a company before

the payment of interest, taxes,

amortization and depreciation of fixed

assets in proportion to its total sales.

• During the first nine months of 2020,

PEMEX’s results depict

competitiveness, being above the

average recorded by leading

companies in the oil industry.

• Petróleos Mexicanos shows its ability to

create value under this broadly used

measure of profitability 8%

9%

10%

13%

14%

15%

22%

23%

29%

33%

44%

6/32

PEMEX: financial balance 2008-2019Real 2019 MXN billion

223.0

-47.6

-82.8

-54.2 -49.5 -45.4

-162.4-176.1

-117.9-101.8

-64.0

26.4

Since 2008, PEMEX had not

recorded a positive financial

balance

2013 2014 2015 2016 2017 2018 20192008 2009 2010 2011 2012

7

8/32

The implemented actions resulted in a 314 Mbd increase above

2018's decreasing trend

Liquids Daily Production

Mbd

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

Ja

n-1

8

Fe

b-1

8

Ma

r-18

Apr-

18

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Aug

-18

Sep

-18

Oct-

18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-19

Apr-

19

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Ma

r-20

Apr-

20

Ma

y-2

0

Ju

n-2

0

Ju

l-2

0

Aug

-20

Sep

-20

Oct-

20

No

v-2

0

De

c-2

0

ESS1

FPSO1

YKN1

1. ESS: Emergency Shutdown System; FPSO: Floating Production Storage and Offloading; YKN: Yúum K’ak’ Náab

Note: Liquids daily production includes crude oil and condensates without production from commercial partners

COVID

2018 20202019

Decline

10.4% annual

Stabilization

Annual 0.9 %

growth

Production

23-nov-20

1,696 Mbd

314

Mbd

1,382 Mbd

High inventories

9/32

New fields produced 142 Mbd at November 23th, 2020

Ixachi-1 Chocol-1 Ixachi-1DL

Cibix-1Valeriana-1 Quesqui-1

Xikin-22

Hok-44

Tlacame-3

Mulach-10

Chejekbal-1

Mulach-5

Ixachi-10

Cibix-1001

Quesqui-1DL

Xikin-24

Manik-4 Cheek-1

Ixachi-20

Cahua-2Cibix-12

Octli-2Ixachi-2

Xikin-32Mulach-9

Cheek-45Tlacame-13

Cahua-3

Hok-4

Mulach-4

Pachil-1

Octli-3

Cibix-14

Ixachi-11

Cheek-22 Tlacame-9 Ixachi-24

26 MMb

-

5

10

15

20

25

30

0

20

40

60

80

100

120

140

160

ene feb mar abr may jun jul ago sep oct nov dic ene feb mar abr may jun jul ago sep oct nov

Production

23-nov-2020

142.2 Mbd

Monthly production from new fields

MbdThe production deferral is due to:

• Delays in infrastructure

• Bad weather

• Operational problems in drilling

WellQoi Qo

(Mbd) (Mbd)

Ixachi-1DL 3.6 4.0

Ixachi-1 3.1 3.5

Cibix-1 3.4 0.1

Valeriana-1 1.0 0.5

Quesqui-1 9.8 7.5

Chocol-1 0.7 0.0

Xikin-22 0.9 0.0

Hok-44 8.2 0.0

Tlacame-3 8.2 4.6

Mulach-10 8.3 6.9

Chejekbal-1 9.6 7.0

Mulach-5 14.4 10.8

Ixachi-10 3.8 3.5

Xikin-24 2.1 1.2

Manik-4 4.1 4.5

Cheek-1 5.1 5.3

Xikin-32 0.6 0.6

Cibix-1001 0.6 0.6

Cibix-12 2.4 0.8

2019 2020

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

Early

Prod.2.6 3.5 4.6 5.2 5.2 6.4 6.8 7.0 7.8 8.1 11.6 13.5 20.4 21.8 33.9 47.0 47.5 57.5 76.8 107.7 120.7 123.0 135.3

WellQoi Qo

(Mbd) (Mbd)

Quesqui-

1DL8.2 8.2

Ixachi-20 3.0 3.0

Cahua-2 3.7 4.0

Octli-2 5.5 4.9

Ixachi-2 1.6 1.6

Mulach-9 10.5 11.0

Tlacame-13 7.4 4.8

Cheek-45 5.4 6.0

Cahua-3 1.4 1.7

Hok-4 4.8 4.3

Pachil-1 0.4 0.4

Cibix-14 1.4 1.4

Octli-3 4.4 5.4

Ixachi-11 1.7 1.7

Mulach-4 12.7 12.6

Tlacame-9 4.5 4.5

Ixachi-24 0.0 0.0

Cheek-22 5.4 5.4

Total 172.0 142.2

10/32

Crude oil production is expected to increase from 2020 onwards, with a

lower investment budget than in 2012-2015 but incremental well drilling

1. Nominal values. For 2020 it is considered Jan – Sep 2020 Banxico’s average exchange rate MXN 21.78 = USD 1.00; for 2021 it is

considered a MXN 22.81 = USD 1.00 exchange rate.

Source: SIPOP, POT IV 2019-2020; Public Account 2012-2019, Adequate Budget 4-2020

2,548 2,522 2,4292,267

2,1541,948

1,8231,684 1,714

1,944Crude oil

production

(Mbd)

Investment

budget

(MM USD1)

Wells

(Number)

201720142012 2019

23,698

2013

10,530

2016 20212015

24,003

2020

21,297

14,81310,684 7,840 8,495 8,310

12,672

2018

+20%

198 174 157 10343

115 140 148

1,003

611

354186

100

2014 2016

231

535

2017 20212020

149

1,234

821

2015

162225 250

315

79

2012 20192013 2018

33

ProductionInvestment

+27%-2%

-8%+2%

+13%

36 24 26 216959

24

2431

1943

23

87

42

49

58

44

Exploratory

Mesozoic

Terciary

+8%+3%+39%

11/32

Lifting CostUSD per barrel

-1.8% -2.4% -5.3% -2.9%-1.8% -2.4% -5.3% -2.9%-2.1%

0.0%

6.8

7.98.2

9.4

7.8

10.9

13.7

2012 2013 2014 2015 2016 2017 2018

14.3%

-16.8%

39.5%

26%

3.9%16%

13.714.1

13.8

2018 2019 2020 2021 2022 2023 2024

2.4% -1.8%

Forecats

Real

Between 2017 and

2018, costs increased

32.7% annual

average

In two years a

minimum 2% reduction

is expected by the end

of 2020

2012-2018 2018-2024

12/32

PEMEX has proven to be very successful in exploratory projects,

with commercial success rates and finding costs

more competitive than peers' average

1. Finding and Delimitation Cost per Operator, calculated as "Investment in Exploration and Delimitation/Total Volume Discovered", where the

Investment in Exploration and Delimitation (E&D) is the sum of the fraction of the investment assigned to each operator for each individual exploration

and delimitation project, after allocations.

2. Petrobras, only non-commercial technical findings

Source: Wood Mackenzie Exploration Service, Wood Mackenzie Consulting, Pemex

34%

25%23%

17%

12%12%11%10%

0%

2

0.8 0.9 1.21.5

2.9 3.13.6

6.5

13.8

Average 16%

Average 3.7 USD / boe

Commercial Success Rate 2015 – 2019

Percentage

Finding Costs1 2015 – 2019

USD/boe

13/32

1P

Reserves

as of

January 1st

10.29.6

8.67.7

7.0 7.2 7.4

-9%+3%

1PR Forecast

1P Reserves1

Billion barrels of oil equivalent

2018 2021220162015 20202017 2019

1. Includes fields in evaluation process.

2. 2021 number is a forecast

Proven reserves (1P) increased

from the previous year's certified reserve

14/32

15/32

Budgetary InvestmentMXN billion

-1.8% -2.4% -5.3% -2.9%-1.8% -2.4% -5.3% -2.9%-2.1%

0.0%312

334

359

306 299

194 189

2012 2013 2014 2015 2016 2017 2018

-14.7%-2.3%

-35.3%-2.6%

7.6%

6.9%

189201

230

353

2018 2019 2020 2021 2022 2023 2024

14.4%

6.8%

ForecastReal

Between 2014 and 2018

PEMEX's investment fell

13.7% annual average

while debt increased

Without new debt,

investment is

expected to grow

2012-2018 2018-2024

53.5%

16/32

Results of the Strategy to Combat Fuel Theft, 2018-2020Thousand barrels per day

56

8174

23

6 5 5 5 5 4 3 3 4 4 6 6 6

Avera

ge

20

18

Nov

Dec 0

1-2

0

Dec 2

1-3

1

Avg.

201

9

Avg.

202

0

Ja

n 2

02

0

Fe

b 2

02

0

Ma

r 2

02

0

Apr

20

20

Ma

y 2

02

0

Ju

n 2

02

0

Ju

l 20

20

Aug

20

20

Sep

20

20

Oct 2

020

Nov 2

02

0

2018

Fuel theft has decreased around 90%

as compared to the average for 2018

Source: Comisión Nacional de Seguridad, Informe Seguridad http://www.informeseguridad.cns.gob.mx/

17/32

Losses due to Fuel Theft1MXN billion

Estimated savings

for PEMEX in two

years amount to

MXN 71.5

billion2

36.2

3.6 2.33.2 1.0 0.4

2018 2019 Jan-Sep2020

Gasolines and Diesel LPG

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

2. As compared to 2018

18/33

19/32

Financial DebtUSD billion

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

-2.1% 0.0%

60.064.0

78.0

87.0

96.0

103.0106.0

50

60

70

80

90

100

110

120

2012 2013 2014 2015 2016 2017 2018

11.5%

10.3%

7.3%2.9%

21.9%

6.7%

10

6.0

105.0

10

5.0

10

5.0

10

5.0

10

5.0

10

4.0

103

104

105

106

107

2018 2019 2020 2021 2022 2023 2024

-0.9% 0%

ForecastObserved

2012-2018 2018-20241

1. 2018 and 2019 Actual Figures, 2020-2024 Forecast figures.

20/32

Refinancing Operations

• On February 2020, Pemex concluded the comprehensive liability management strategy that started on

2019, which consisted of three major components:

• The strategy was focused on reducing short term refinancing risk and it represents the most

ambitious liability management exercise undertaken by the company in the last years.

Refinancing

and increase

of credit lines

with banks

1Q2019

Refinancing

and liability

management

in the

international

debt capital

markets

2Q2019

Refinancing

and liability

management

in the

international

debt capital

markets

1Q2020

21/32

Maturity ProfileUSD billion

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

the first half of the year. Does not considers revolving credit facilities and short-term credits, nor accrued interests.

6.7

9.6 9.48.7 8.6

6.7

4.2

9.17.5

4.43.6

0.3 0.1

23.7

201

9

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

20

33

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

USD 30 billion of refinanced financial liabilities.

1.6

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

20

33

→

Before

As of December 31, 2018

Current

As of September 30, 2020

1

22/32

48.0%

40.8%

5.5%4.1%

1.5% 0.1%

Distribution by region

NorthAmericaEurope

Latinamerica

Asia

Recent Access to the Market

On October 8, PEMEX issued a USD 1.5 bn benchmark bond in the international debt capital

markets due in 5 years with a 6.875% coupon.

• Reduction of financial cost initially announced thanks to investors’ interest.

• Approximate demand of USD 10 bn, equivalent to approximately 7 times the amount.

• Participation mainly from asset managers and financial institutions from the USA and Europe.

43.4%

26.2%

20.9%

3.1%

2.2%

2.2%1.7%

0.2%

Distribution by type of investor

AssetmanagerInvestmentfundHedge fund

Private bank

Bank treasury

23/32

PEMEX 10-year Bond

Yield Rate Evolution

PEMEX did not refinance debt during the most volatile period in the market

24/32

Cost & Income of PEMEX’s Crude Oil HedgeUSD million

369.1

149.6

Crude OilHedge Income

Cost

322.7

178.3

54.6

0 200 400

Crude Oil HedgeIncome

Cost

As of November 6th, 2020

nine payments had

been received

219.5 Surplus

2019 2020

377.3

2020 potential

income for

PEMEX

With the 2019

surplus, the 2020

hedge was paid

25/32

3Q20 Financial HighlightsMXN million

3Q19 2Q20 3Q20

Sales 350,488 181,693 239,031

Cost of sales 263,814 153,140 189,045

Impairment (reversal) (17,247) 18,392 (8,186)

Gross Income 103,921 10,162 58,172

Transportation and distribution

expenses38,301 43,147 36,188

Operating income (loss) 68,561 (29,585) 24,509

Financial cost, income due to

financial derivatives47,274 39,753 16,062

Foreign exchange profit (loss) (35,520) 49,545 36,194

Taxes, duties and others 73,598 23,625 41,826

Net income (loss) (87,858) (44,337) 1,411

1

2

3

4

5

6

7

8

9

10

26/32

Federal Government Support in 2019

The objective of the Federal

Government is to directly

support PEMEX during the

first half of the six-year term

The intention is for PEMEX to

achieve in the remaining three

years a virtuous cycle that

consolidates the company

towards a sustained recovery

in oil production

Concept MXN billion

1. Capital injection 25

2. Payment by the SHCP of

pension promissory notes

(currently there is a remaining

balance of 101.5 billion

pesos)1

35

3. Tax incentives and tax

burden reduction30

4. Government capitalization 122

Total 212

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

27/32

Federal Government Support in 2020

• PEMEX has the support of the Federal Government to strengthen its financial position as depicted?

during 2020 through various support measures:

Concept MXN billion Comments

Profit Sharing Duty rate decreases to 58% from

65% (@49 USD/b as defined in the budget)39.9

The new rate will apply in

February’s 2021 tax

declaration

Capital injections established in the approved

budget46.2

As of today, 100% have

been received

Cash-out of Pension Liability promissory

Notes 4.9 Redeemed

Additional support because of low oil prices:

Fiscal benefit to reduce the payment of Profit-

Sharing Duty (April 21, 2020)

65.0As of 3Q20, MXN 48.8 billion

have been credited

Total Annual 156.0

28/33

29/32

Estimated contributions to the Federal Government for 2021 Budgetary figures, MXN million

1. Consider an annual average price of the Mexican crude oil mix of USD 42.1 per barrel

PEMEX's transfers tothe government

897,170 Total

Direct taxes

(DUC1 &

others)

Indirect taxes

(IEPS & IVA)

PEMEX will

continue to be

the most

important tax

contributor in

2021

352,570

544,600

Federal GovernmentSupport

Capitalizations for the

new refinery

Total support from

the Federal

Government

45,050

30/32

2021 PEMEX’s Budget Highlights

Total Budget MXN 544.6 billion

Budgetary Investment MXN 352.6 billion

OPEX MXN 191.9 billion

Financial Balance MXN (92.6) billion

Net Debt Ceiling MXN 44.8 billion

Production 1,944 Mbd

Mexican Crude Oil Mix Price USD 42.12 /b

Exchange Rate MXN 22.09 / USD

31/32

Key highlights

• Despite the challenging financial environment developed during this year,

PEMEX has been able to maintain its production levels and expects to slightly

increase it towards the end of the year.

• The crude oil price hedging strategy has been essential to contain the

negative impact of high volatility in hydrocarbon prices.

• Short and long-term liability management transactions have improved maturity

curves.

• Overall, the company has been implementing a strategy based on

expenditure efficiency criteria. Today, we carry out more productive activities

with fewer resources.

Investor Relations

(+52 55) 9126-2940

ri@pemex.com

www.pemex.com/en/investorsSonda de Campeche

33/32

Primary

Balance

before

taxes

116

PEMEX: Budgetary Financial Balance, Year-End 2019

Budgetary figures in MXN billion

1. Includes MXN 3 billion for net foreign operations.

1,899

1,220

1,018

139

183

201

501

875

-197

9.6%

PEMEX does generate value, with a

primary balance of 1.0 trillion pesos,

but tax burden was 85.9% as

compared to this balance.

27

For the first time

in a decade,

PEMEX

generated a

surplus

Total

income

Purchase

for resale

Operating

expenses

Operative

balance1Budgetary

investment

Taxes and

duties

Payment

of debt

interest

Primary

Balance

Financial

Balance1

116