main production and financial indicators, july 2021

Plataforma de Producción PB-KU-S, Sonda de Campeche.

August 19, 2021

Main production and

financial indicators,

July 2021

2021. Petróleos Mexicanos. All the rights reserved.

2021. Petróleos Mexicanos. All the rights reserved.2

Forward-Looking Statement & Cautionary Note

Variations

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

Rounding

Numbers may not total due to rounding.

Financial Information

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

International Accounting Standards Board (“IFRS”), which PEMEX has adopted effective January 1, 2012. Information from prior periods has been retrospectively adjusted in certain accounts to make it comparable with the unaudited consolidated financial information

under IFRS. For more information regarding the transition to IFRS, see Note 23 to the consolidated financial statements included in Petróleos Mexicanos’ 2012 Form 20-F filed with the Securities and Exchange Commission (SEC) and its Annual Report filed with the

Comisión Nacional Bancaria y de Valores (CNBV). EBITDA is a non-IFRS measure. We show a reconciliation of EBITDA to net income in Table 33 of the annexes to PEMEX’s Results Report as of March 31, 2015. Budgetary information is based on standards from

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

would be triggered as a result of our having negative equity.

Methodology

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

Foreign Exchange Conversions

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

at close and the spot exchange rate, or any other exchange rate used could be material. Such translations should not be construed as a representation that the Mexican peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate.

It is important to note that we maintain our consolidated financial statements and accounting records in pesos. As of June 30, 2021, the exchange rate of MXN 19.8027 = 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.


PEMEX's contributions to Mexico's public treasury


PEMEX: contributions to SHCPBillion pesos

128

182

260 243

Jan-Jul 2020 Jan-Jul 2021

Direct

(DUC 1/ &

others)

Indirect

(IEPS e IVA)

425

389

In 2021, PEMEX

continues to be the main

taxpayer in the country.

From January-July,

PEMEX has contributed

MXN 182to the Federal

Government

Through DUC and

DEXTH.

That is a MXN 54increase as compared to

the same period of 2020.

PEMEX continues to

generate oil income to

finance Mexico’s

development.


Public sector revenues’ evolutionBillion pesos

249.8

427.1

Jan-Jun

2020

Jan-Jun

2021

2,603

2,9311,749

1,856

+ 328.2

7.3%

real

+ 177.3

62.9%

real

+ 107.5

1.1%

real

Jan-Jun

2020Jan-Jun

2021

Jan-Jun

2020Jan-Jun

2021

Source: SHCP1 In real terms.

Tax incomeOil revenuesTotal public

sector revenues

Oil

revenues

recorded a

62.9%1

increase

in 1H21


Evolution of oil revenues in public budgetary incomeMXN billion (constant), June 2021

Note: Oil revenues include PEMEX's own revenues and those of the Federal Government.

(65.3%) (62.0%) (60.6%)(64.6%)

(69.3%)

(80.2%)

(83.7%) (83.3%)(80.9%)

(82.3%)

(88.7%)

(85.2%)

(34.7%)(38.0%) (39.4%)

(35.4%)(30.7%)

(19.8%)

(16.3%)(16.7%)

(19.1%)(17.7%) (11.3%)

(14.8%)

(65.3%) (61.9%) (60.6%)(64.6%)

(69.3%)

(80.2%)

(83.7%)(83.3%)

(80.9%)

(82.2%)

(88.7%)

(85.2%)

(34.7%)(38.1%)

(39.4%)

(35.4%)

(30.7%)

(19.8%)

(16.3%)

(16.7%)(19.1%)

(17.8%)

(11.3%)

(14.8%)

(Jan-Jun)

2,916 2,944 2,985 3,313 3,580

4,345

4,9814,739

4,5384,725

4,896

2,504

1,549 1,808 1,945 1,814

1,583

1,070

969 951 1,073

1,020 627

427

4,465 4,752

4,930 5,127 5,163

5,416

5,950 5,690 5,612

5,745 5,523

2,931

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Non-oil revenues Oil revenues


Crude Oil Production


1,701 1,7051,750

1,801

1,974

2,121

2,186

1,600

1,800

2,000

2,200

2,400

2019 2020 Jan-Jul

2021

2021 2022 2023 2024

8

Total Crude Oil Production1

Thousand barrels per day (Mbd)

1. Considers crude oil and condensates production; includes partners production.

2. Preliminary figures.

-2.1%

2,5482,522

2,429

2,267

2,154

1,948

1,833

1,600

1,900

2,200

2,500

2,800

2012 2013 2014 2015 2016 2017 2018

-6.7%

-5%

-9.6%

-5.9%

-3.7%

-1%

Before 2012-2018

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

Now 2019-2024

-7.2% 0.2%

2.9%

9.6%

7.4%

3.1%

ForecastReal2.4%

• It is important to keep in mind the difficult situation that we observed for 15 years regarding crude oil

production.

• For 18 years in a row, PEMEX was not able to halt the drop in production and certainly was not able to

increase oil production either.

2


Total Crude Oil Production1

Thousand barrels per day (Mbd)

1. Considers crude oil and condensates production, including partners.

* Preliminary figures.

1,647

1,772

1,300

1,350

1,400

1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,800

July 2020 July 2021*

1,6801,689

1,711 1,713

1,732

1,7591,751 1,755

1,768 1,772

1,600

1,620

1,640

1,660

1,680

1,700

1,720

1,740

1,760

1,780

1,800

Oct Nov Dec Jan Feb Mar Apr May Jun Jul*

2020 2021

In July, crude oil production increased by 7.6%, in annual terms,

equivalent to a 125 thousand barrels per day increase.

+7.6%


242.5 Mbd

31.9 Mbd

0

50

100

150

200

250

300

Ja

nM

ar

Ma

yJu

lS

ep

No

vJa

nM

ar

Ma

yJu

lS

ep

No

vJa

nM

ar

May

Ju

lS

ep

No

vJa

nM

ar

Ma

yJu

lS

ep

No

vJa

nM

ar

Ma

yJu

lS

ep

No

vJa

nM

ar

Ma

yJu

lS

ep

No

vJa

nM

ar

Ma

yJu

lS

ep

No

vJa

nM

ar

Ma

yJu

l

10

Contribution of PEMEX’s New DevelopmentsThousand barrels per day (Mbd)

Energy Reform

PEMEX starts

development of

new fields

PEMEX in two

and a half years

Private

companies'

production

In 6 years

2014 2015 2016 2017 2018 2019 2020 2021

Source: PEMEX production data is provided by Pemex Exploration y Production. Private figures correspond to data published by the National Hydrocarbons

Commission, contract production www.cnh.gob.mx.

PEMEX’s production of new

developments is 7.6 times

privates’ production, and it is

achieved in a third of the time it

took private companies.


The new developments have allowed the consolidation of production growth

11

Num. FieldWells Qo

(#) (Mbd)

1 Cahua 2 0.6

2 Camatl 1 0.7

3 Chamak 1 2.4

4 Cheek 4 18.1

5 Copali 1 0.0

6 Hok 3 3.7

7 Itta 2 15.2

8 Koban 1 6.2

9 Manik NW 3 9.4

10 Mulach 6 25.2

11 Octli 5 22.2

12 Pokche 3 3.6

13 Saap 1 0.0

14 Tetl 1 1.2

15 Tlacame 6 18.0

Num. Field

Wells Qo

(#) (Mbd)

16 Tlamatini 3 13.8

17 Uchbal 1 2.2

18 Xikin 3 1.0

19 Xolotl 1 1.3

20 Chocol 1 0.0

21 Cibix 4 2.2

22 Pachil 1 0.4

23 Quesqui 6 54.1

24 Racemosa 1 5.3

25 Tupilco 1 7.5

26 Valeriana 1 0.3

27 Ixachi 9 27.1

28 Kuun 1 0.0

29 Tum 1 0.9

Total 74 242.5

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

2019 2.6 3.5 4.6 5.2 5.2 6.4 6.8 7.0 7.8 8.1 11.6 13.5

2020 20.4 21.8 33.9 47.0 47.5 57.5 77.0 108.9 122.1 124.6 137.0 146.5

2021 144.5 157.0 163.2 165.0 188.3 216.8


Mexico’s Total Oil ProductionThousand barrels per day (Mbd)

Note: For PEMEX and partners as of July 2021: PEMEX (1,729 Mbd) + Partners (21 Mbd). For private companies, it corresponds to the January-July average,

which is the latest figure published by CNH.

Private

companies'

production

25 Mbd (1.4%)

98.6%

PEMEX

• More than 7 years after the Energy

Reform, PEMEX contributes with most

of the oil production in Mexico.

• Last June, third parties' production

totaled 32 Mbd, averaging 25 Mbd in

1H21.

• During 2021, 99% of the total oil

production in Mexico came from

PEMEX.

1,750

Jan-Jul 2021

1,775


Crude oil prices and exports


Mexican Crude Oil Mix Export PriceUSD/b

Note: Weighted average price based on volume,

Source: PEMEX Institutional Data Base

48.7

40.3

28.5

17.1

22.7

33.836.6

39.1 38.3 38.9 39.344.8

52.457.3

60.0 61.4 62.367.3 68.6

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

2020 2021

For 2Q21, the average

price of the Mexican

Crude Oil Mix was

USD 63.8 per barrel,

higher than the

USD 56.5/b recorded in

1Q20.

Preliminary figures

show that July recorded

the highest average

price for this year.


2021 Total Crude Oil ExportsThousand barrels per day (Mbd)

During 2Q21, PEMEX

exported an average of

1,020 Mbd. This

represents a 51 Mbd or

5.3% increase as

compared to 1Q21.

In July, exports recorded

1,155 Mbd

2021

1. Preliminary figures as of July 2021.

9791,006

925 923

1,031

1,1061,155

Ene Feb Mar Abr May Jun Jul*

Average: 929

Average: 1,020

1


Light Crude Oil CommercializationThousand barrels per day

Export Import

While PEMEX imported light crude oil in the past, it is currently exporting an average of

165 thousand barrels per day of light crude oil.

85

112

21 7 8

110

89 97

158 146

122

77

55

97

40

151

32

- - - - - - - - - - - - - - - - - -

48 48

103

65

133

109

152 163

204

181

66

180

273

141

158

124114

128

211

275

-20

30

80

130

180

230

280

Ja

n-1

7

Ma

r-17

Ma

y-1

7

Ju

l-1

7

Sep

-17

No

v-1

7

Ja

n-1

8

Ma

r-18

Ma

y-1

8

Ju

l-1

8

Sep

-18

No

v-1

8

Ja

n-1

9

Ma

r-19

Ma

y-1

9

Ju

l-1

9

Sep

-19

No

v-1

9

Ja

n-2

0

Ma

r-20

Ma

y-2

0

Ju

l-2

0

Sep

-20

No

v-2

0

Ja

n-2

1

Ma

r-21

Ma

y-2

1

Ju

l-2

1

2017 2018 2019 202112020

86 Mbd 31 Mbd 4 Mbd 140 Mbd 165

Mbd

1. Preliminary figures as of July 2021.

main production and financial indicators, july 2021

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