February 27, 2015

Preliminary Results as of December 31, 2014

Forward-Looking Statement and Cautionary Note

Variations

If no further specification is included, comparisons 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 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 this report. 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.

Foreign Exchange Conversions

Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, at December 31, 2014, of MXN 14.7180 = USD 1.00. 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.

Fiscal Regime

Since January 1, 2006 and until December 31, 2014, PEP has been subject to a new fiscal regime governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities is 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 this fiscal regime.

Starting January 1, 2015, Petróleos Mexicanos’ fiscal regime is ruled by the Ley de Ingresos sobre Hidrocarburos (Hydrocarbon Income Law).

The Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX has acted as an intermediary between the Secretary of Finance and Public Credit (SHCP) and

the final consumer; PEMEX has retained 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 has credited 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

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.

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 of petroleum, natural gas and oil products;

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

• liquidity and sources of funding.

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 have the right to access additional hydrocarbons reserves and to develop them;

• 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, including developments relating to the implementation of the Energy Reform (as described in our most recent Annual Report and Form 20-F);

• developments affecting the energy sector; and

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

PEMEX

PEMEX is Mexico’s national oil and gas company and was created in 1938. It is the primary 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 main subsidiary company is PMI Comercio Internacional, S.A. de C.V., Pemex’s international trading arm.

1

Index

Milestones Achieved

Exploration & Production

Industrial Transformation

Context

Financial Results

Questions & Answers

2

Milestones Achieved

3 3

Index

Milestones Achieved

Exploration & Production

Industrial Transformation

Context

Financial Results

Questions & Answers

4

2P Reserves

(MMboe)1 CAPEX

(Billion USD) Fields

22 existing

contracts

Phase 1 569 11.4

Poza Rica-Altamira y Burgos

Phase 2 1,639 32.8 ATG and Burgos

Farm-outs

Shallow waters 350 6.3 Bolontikú, Sinán and Ek

Onshore 248 1.7 Rodador, Ogarrio and Cárdenas-Mora

Extra heavy oil 747 6.2 Ayatsil-Tekel-Utsil

Deep water (gas) 212 6.8 Kunah-Piklis

Deep water (oil) 5392 11.2 Trión and Exploratus

Total 4,304 76.5

1 Public Financed Works Contracts, Integrated Exploration & Production Contracts.

2 MMboe – million barrels of oil equivalent.

3 3P Reserves

5

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

Aug 2014 / April 2015

Nov 2014 / Dec 2015

2014 2015

CIEP & COPF contract migration (first block)

Farm-outs

Jan / Sept 2015 CIEP & COPF - Second block

Migration of Assignments1 into E&E Contracts

6

Migration of Assignments1 into E&E Contracts

1 Public Financed Works Contracts, Integrated Exploration & Production Contracts.

COPFs & CIEPs Contracts

• There are 22 existing contracts:

• 6 Public Financed Works Contracts (COPF); and

• 16 Integrated Exploration & Production Contracts (CIEP)

• On December 19, 2014, we sent an initial set of 9 migration requests to the Ministry

of Energy:

• Public Financed Works Contracts: Misión and Olmos

• Integrated Contracts: Santuario, Magallanes, Altamira, Arenque, Ébano,

Miquetla and Pánuco

Farm-outs

• On an initial stage, we have identified 14 fields that could be migrated from

Assignments into Exploration and Extraction Contracts:

• 3 mature fields in shallow waters;

• 3 offshore extra-heavy oil fields;

• 4 onshore mature fields;

• 2 gas fields in deep waters; and

• 2 oil fields discovered in the Perdido Area.

Higher Production of Light Crude Oil Mbd

7

-

500

1,000

1,500

2,000

2,500

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

Daily Production

Heavy Light Extra light

53% 53% 51% 51%

34% 35% 36% 37%

13% 12% 13% 12%

2,522 2,492 2,468 2,398 2,360 2,429

2013 1Q14 2Q14 3Q14 4Q14 2014

Heavy Light Extra-light

76%

24%

Offshore Onshore

Annual average

Start of Production at Ayatsil-Tekel

8

Geographic Location

Ayatsil Tekel Utsil Total

2P 555.9 127.8 46.8 730.5

Reserves

MMboe

• Located at 130-140 km off the Campeche

coast

• Area: 74 km2

• Water depth: 125 meters

• Potential reserve recovery: 730.5 MMboe

• Primarily extra-heavy crude oil

Production Profile

13 44

89 124 136

2015 2016 2017 2018 2019

Oil

Mbd

2 5

10 14 16

2015 2016 2017 2018 2019

Gas

MMcfd

• Maximum production estimated: 136 Mbd and 16

MMcfd

Natural Gas Production Increased1

• Natural gas use as a

percentage of

production in 2014 was

95.7%

9

72% 72% 68% 69%

28% 28% 32% 31%

5,679

5,808 5,762 5,701 5,761

5,758

2013 1Q14 2Q14 3Q14 4Q14 2014

Natural Gas Production

MMcfd

Associated Non-Associated

42%

58%

Offshore Onshore

124 177

225 276 304

246

96.9% 96.1% 95.2% 94.7%

2013 1Q14 2Q14 3Q14 4Q14 2014

Natural gas use MMcfd

Gas flaring (MMcfd)

Natural gas use / Total gas produced

Annual average

Annual average

1 Does not include nitrogen.

97.8% 95.7%

Exploration Activity 3D Seismic (Thousand of squared km)

13,991

6,019

2013 2014

Exploration wells

38

24

2013 2014

Investment (million pesos)

32,178

35,063

2013 2014

2013

2014 Million pesos

Wells 23,907 26,256

Seismic 5,141 5,448

Others 3,130 3,358

Total 32,178 35,063

2014 Wells Capex

Million pesos

Deep water 5 17,043

Shallow waters 5 8,780

Onshore 14 9,242

Total 24 35,063

Index

Milestones Achieved

Exploration & Production

Industrial Transformation

Context

Financial Results

Questions & Answers

11

Integrated Operations Yield Synergies

12

• The merger of the different downstream divisions into

Industrial Transformation allows for several synergies to

be captured:

‒ operational coordination and efficiencies

‒ value chain integration

‒ creation of market and customer service

integrated strategies

• The creation of affiliate companies such as Logistics,

Cogeneration, Fertilizers and Ethylene Polymers will

also generate:

‒ a more agile response to capitalize on competitive

advantages

‒ savings on auxiliary services

• The possibility to form strategic partnerships in a

regulated sector

Refining

Gas

Petro-chemicals

PEMEX’s Projects Supporting Industrial Transformation Efficiencies

13

Refinery

Gas Processing Plant

PEMEX infrastructure

Project Est. Capacity

(MW)

Cactus 560

Salina

Cruz 690

Tula 640

Minatitlán 690

Cadereyta 390

Total 2,970

Salina Cruz

Cactus

Minatitlán Tula

Cadereyta

• Startup of operations of Los Ramones Phase I

• Cogeneration (potential of 2.9 GW)

• Storage capacity improvement at the Tuxpan Marine

Terminal

• Startup of operations of the Ultra-Low-Sulfur fuel

plants at Cadereyta

Los Ramones

Tuxpan

Maritime Terminal

Improved Variable Refining Margin

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

730 657

495 499

1,224

1,157 1,190 1,177 1,079

1,155

2013 1Q14 2Q14 3Q14 4Q14 2014

Crude Oil Processing Mbd

Heavy Crude

Light Crude

437 422

269 259

313 287

206 205

61 53 100 95

1,386

1,330 1,401 1,329 1,226

1,321

2013 1Q14 2Q14 3Q14 4Q14 2014

Production of Petroleum Products Mbd

Automotive gasolines Fuel oil Diesel LPG Jet Fuel Other*1

Crude oil processing and

production of petroleum products

amounted to 1,155 Mbd and 1,321

Mbd, respectively.

Crude oil processing and

production of petroleum products

amounted to 1,155 Mbd and 1,321

Mbd, respectively.

Annual average

Quarterly

average 2.93 3.56

1.32

-0.96 -1.84

1.76

2013 1Q14 2Q14 3Q14 4Q14 2014

Variable Refining Margin (USD /b)

Increased Sour Wet Gas Processing

15 (1) Includes condensate process.

3,330 3,356

1,074 986

4,404

4,384 4,311 4,347 4,329

4,343

2013 1Q14 2Q14 3Q14 4Q14 2014

Natural Gas Processing MMcfd

Sweet Wet Gas

Sour Wet Gas

3,671

3,593 3,638 3,658

3,693 3,640

369 368 363 356 362 364

300

325

350

375

400

3,200

3,400

3,600

3,800

2013 1Q14 2Q14 3Q14 4Q14 2014

Mbd MMcfd

Dry Natural Gas and Gas Liquids Production Dry Gas fromPlants (MMcfd)

Dry Gas fromPlants 2014(MMcfd)Natural GasLiquids (Mbd)

Natural GasLiquids 2014(Mbd)

1

Increase in Production in the Aromatics & Propylene Derivatives Chains

16 (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.

Thousand tons

479 428

1,348 1,278

1,148 1,005

544 642

445 506

1,492 1,391

5,455

1,441

1,366

1,244

1,200

5,251

2013 1Q14 2Q14 3Q14 4Q14 2014

Other

Propylene andDerivatives

Aromatics andDerivatives

Ethane Derivatives

MethaneDerivatives

Basic

1

Index

Milestones Achieved

Exploration & Production

Industrial Transformation

Context

Financial Results

Questions & Answers

17

Context 2014

18

30

50

70

90

110

130

1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14

Prices of Crude Oil US$/barrel

Mexican Mix

WTI

Avg 2014:

86.56 US$/b

Avg 2013:

98.53 US$/b

1.0

1.5

2.0

2.5

3.0

3.5

1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14

Prices of Reg Gasoline in the USGM US$/Gal

Avg 2013:

2.78 US$/Gal

Avg 2014:

2.57 US$/Gal

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14

Exchange Rate Ps./US$

Dec31, 2014:

14.72 Pesos/US$

Dec 31, 2013:

13.08 Pesos/US$

2.5

3.5

4.5

5.5

6.5

7.5

8.5

1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14

Prices of Natural Gas US$/MMBtu

Avg 2013:

3.65 US$/MMBtu

Avg 2014:

4.43 US$/MMBtu

Index

Milestones Achieved

Exploration & Production

Industrial Transformation

Context

Financial Results

Questions & Answers

19

20

1,703 840 863 135 728 (33) 695 865 (170)

1,263 623 640 118 522 (45) 477 625 (148)

2013

9 months 2014

1 Includes Other expenses.

2 Includes Subdiaries and associates participation.

1,631

766 617

482

(746)

(264)

865

149 135

Total salesnet of IEPS

Cost ofsales

Grossincome

Generalexpenses

Operatingincome

Financialcost

Incomebefore

taxes andduties

Taxes andduties

Net income(loss)

2014 MXN billion

1 2

Sales and Gross Income

Income before Taxes & Duties

21

1,703 840 863 135 728 33 695 865 (170)

1,263 623 640 118 522 45 477 625 (148)

2013

9 months 2014

1,631

766 617

482

(746)

(264)

865

149 135

Total salesnet of IEPS

Cost ofsales

Grossincome

Generalexpenses

Operatingincome

Financialcost

Incomebefore

taxes andduties

Taxes andduties

Net income(loss)

2014 MXN billion

1 Includes Other expenses.

2 Includes Subdiaries and associates participation.

Net Result

22

1,631

766 617

482

746

(264)

865

149 135

Total salesnet of IEPS

Cost ofsales

Grossincome

Generalexpenses

Operatingincome

Financialcost

Incomebefore

taxes andduties

Taxes andduties

Net income(loss)

2014 MXN billion

1,703 840 863 135 728 33 695 865 (170)

1,263 623 640 118 522 45 477 625 (148)

2013

9 months 2014

1 Includes Other expenses.

2 Includes Subdiaries and associates participation.

Evolution of Liabilities

23

MXN billion

427

79

841

1,143 3 (207)

Financial Debt2013

FinancingActivities

Amortizations ForeignExchangeFluctuation

Others Financial Debt2014

Debt

2

1

1 Includes Finance Public Works Contracts Program..

2 Includes accrued interests and amortized cost.

273 278

1,119

302 355

9 (6)

1,474

841

1,143 2,233

2,895

Total Liabilities2013

Financial Debt Reserve foremployeebenefits

Suppliers Other liabilities Total Liabilities2014

Other liabilities

Pension

liability

Debt

35.9%

34

39

47

58 61

66

71 74 74 75

1930 1940 1950 1960 1970 1980 1990 2000 2010 2013

24

Background and Necessary Update of the Pension Scheme

Based on the following conditions, the Federal Government will recognize with an

amount equal to the savings achieved through the negotiation and amendment of

the Collective Bargaining Agreement:

• Individual account regime for new employees

• Gradual adjustment of the retirement parameters of active employees

1,474

42%

48%

10%

Accruedobligations

Reformobjectives

Currentpensions and

activeemployees

Accrued Obligations MXN billion

In 1942, the retirement

conditions were

established:

• 55 years of age

• 25 years of work

• Up to 80% of wage

The life

expectancy growth

has had an

exponential effect

in the pension

liability.

Active

employees

Current

pensions

Mexico: Life Expectancy

Years

Evolution of Equity

25

(185)

(770)

(52)

(269)

(264)

Equity2013

FederalGovernmentContributions

Comprehensiveaccumulated

results

Result for theyear

Equity2014

MXN billion

Financing Program 2015

26

Financing Program 2015

100% = USD 18.5 billion Source Programmed

USD billion

Domestic Markets 7.0 – 9.0

International Markets 8.0 – 11.0

Loans 2.0 – 3.0

Export Credit Agencies (ECAs) 1.0 – 2.0

Others 0.2 – 0.5

44.7%

35.0%

12.2%

6.5% 1.6%

International Markets Domestic Markets

Loans ECAs

Others

By Currency By Interest Rate By Instrument By Currency Exposure

63% 9% 4%

1%

1% 22%

Dollar Euros

UDIS British Pounds

Yens Pesos

72%

28%

Fixed Floating

58% 19%

7%

11% 4% 1%

Int. BondsCeburesECAsInt. Bank LoansDomestic Bank LoansOthers

74%

0%

25%

1%

Dollar Euros Pesos UDI

27

Financial Discipline

Budget Adjustment Premises

• To minimize crude and gas production effects

• To minimize the impacts on reserves replacement

• To maintain the capacity to supply the national petroleum

products market

• To minimize the impacts on safety and reliability of our

infrastructure while complying with environmental

standards

• To minimize potential impacts on our future

competitiveness in the opening of the petroleum products

market

• To increase PEMEX’s profitability

Future Goals

28

Index

Milestones Achieved

Exploration & Production

Industrial Transformation

Context

Financial Results

Questions & Answers

29

Investor Relations

(+52 55) 1944-9700

ri@pemex.com

www.ri.pemex.com