Sonda de Campeche

Preliminary Results at June 30, 2020

Forward-Looking Statement &

Cautionary Note

1

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, 2020, the exchange rate of MXN 22.9715 = 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.

Campo Ayatsil

2Q20 Total Hydrocarbons Production

3

• Production of liquid

hydrocarbons with partners

increased as compared to

2Q19

• During May and June

2020, PEMEX shut in

crude oil production by

100 Mbd to comply with

Mexico's agreement with

OPEC+

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

Liquid Hydrocarbons Production (including partners)1

2018-2020

(Mbd)

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

1,899 1,869 1,8291,738 1,690 1,690 1,712 1,712 1,758 1,693

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Production

Variation-1.6% -2.1% -5.0%

-2.7% 0.0% +1.3% 0.0%2.7%

-3.7%

1. Considers crude oil and condensates production of fields, including partners. During 3Q19, the crude oil and condensates series was adjusted to include the

proportional part of Ek-Balam’s production that is assigned to the State. Thus, the series was adjusted since 1Q19.

PEMEX production in 2Q20 was stable

as compared to 2Q19

4

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

Liquid hydrocarbons production (without partners)1,

2018-2020

(Mbd)

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

1,893 1,860 1,8161,723 1,675 1,673 1,694 1,693 1,739 1,673

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Production

Variation-1.8% -2.3%

-5.1% -2.8% -0.1% +1.2% -0.07%• Despite Mexico's agreement

with OPEC+ and weather

conditions, PEMEX's

production (without partners)

remained the same as in

2Q2020

2.7% -3.8%

1. Considers crude oil and condensates production of fields, including partners. During 3Q19, the crude oil and condensates series was adjusted to include the

proportional part of Ek-Balam’s production that is assigned to the State. Thus, the series was adjusted since 1Q19.

Crude Oil Production 2018 – 20201

Thousand barrels per day

5

1,928

1,893

1,8581,879

1,8611,839 1,834

1,803 1,812

1,753

1,702 1,714

1,626

1,7071,694

1,678 1,666 1,676 1,680 1,6901,713

1,663

1,703 1,7131,730 1,736

1,7511,726

1,6571,635

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

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

2019 20202018

Lowest

record

Shut in production

(OPEP+ agreement)

1. During the 3Q19, the crude oil and condensates series was adjusted to include the proportional part of Ek-Balam’s production that is assigned to the State.

New fields production

6

Start Conclusion Wells in production

Actual

productio/1

(Mbd)

Wells that will soon start

production

(julio-diciembre)

Additional

production(

Mbd)

1. Xikin February 5 2019 January 16 2020 Xikin-22 y Xikin-24 1.6 Xikin-32 5.0

2. Cahua February 13 2019 Julio 4 2020 Cahua-2 3.2 Cahua-3 3.0

3. Octli February 13 2019 Julio 2 2020 Octli-2 0.4 Octli-3 5.5

4. Tlacame February 13 2019 March 4 2020 Tlacame-3 6.8 Tlacame-13 y Tlacame-9 14.0

5. Suuk February 13 2019 June 8 2020

6. Tetl February 13 2019 May 16 2020 Tetl-1001 4.4

7. Chejekbal February 13 2019 March 16 2020 Chejekbal-1 7.4 Pokché-2DL 10.0

8. Esah February 5 2019 In process

9. Koban February 13 2019 In process

10. Mulach February 13 2019 March 14 2020 Mulach-10 y Mulach-5 20.3 Mulach-9 y Mulach-4 12.4

11. Cheek February 13 2019 June 28 2020 Cheek-1 5.1 Cheek-45 7.0

12. Hok February 13 2019 January 17 2020 Hok-44 3.5 Hok-4 5.0

13. Yaxché February 13 2019 In process

14. Manik February 5 2019 In process Manik NK-4 4.1

15. Chocol January 1 2019 /2 Chocol-1

16. Cibix March 20 2019 /2 Cibix-1 y Cibix-12 2.2 Cibix-1001 y Cibix-14 4.0

17. Ixachi February 13 de 2019 /2 Ixachi-1, Ixachi-10, Ixachi-

1DL e Ixachi-2013.5

Ixachi-2, Ixachi-2001, Ixachi-1101,

Ixachi-11, Ixachi-34 e Ixachi 2418.8

18. Quesqui August 9 de 2019 /2 Quesqui-1 y Quesqui-1DL 14.2

19. Valeriana August 7 de 2019 /2 Valeriana-1 0.6 Valeriana-2DL 3.0

20. Terra Terra-101 3.2

Total 82.9 Total 95.3

Sh

all

ow

Wa

ters

infr

as

tru

ctu

re

On

sh

ore

Infr

as

tru

ctu

re

1. Production as of 22-July- 2020.

2. Date of first well

Mexico’s Crude Oil Production Jan-June 20201

Thousand barrels per day

7

1,725

2020

1,743

Private companies production

18 Mbd (1.0%)

99.0%

PEMEX

After almost 6 years from

the energy reform,

Petróleos Mexicanos

contributes the most to

Mexico’s crude oil

production

1. For PEMEX and partners as of June 2020. PEMEX (1,706 mbd) + Socios (19 mbd) and for private companies is the last number published by the

CNH in May 2020

Crude oil exports increased in 2Q20

8

600

800

1,000

1,200

1,400

1,600

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

Mbd

2019

2020

Diferencia

(mbd)189 -382 -6 155 -143 119

During the second quarter of 2020, crude oil exports recorded an average of 1,118

Mbd, an additional 44 Mbd as compared to the second quarter of 2019

Total Crude Oil Exports

Thousand barrels per day (Mbd)

Mexican Crude Oil Mix Export PriceUSD/b

9

1

• As a result of the COVID-

19 pandemic, during 2Q20,

the average price of the

mexican export mix

recorded USD 24 per

barrel. This is USD 35.7

per barrel below the

average of 2Q19.

53.856.8 59.0

61.9 60.356.8 57.8

49.5

55.150.6 50.5

54.5

48.7

40.3

28.5

17.121.9

32.937.5

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

2019 2020

Note: Weighted average price based on volume.

July 2020 figures as of July, 22nd.

Source: PEMEX, Estadísticas Petroleras (www.pemex.com)

Oil Products Reference PriceUSD per barrel

10

0

10

20

30

40

50

60

70

80

90

100

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

Gasolines

Ultra Low SulphurDiesel

Jet Fuel

USD/b

2019 2020

Note:July 2020 figures as of July, 22nd.

Source: Platts

Crude oil process in 2Q20 increased by 40 Mbd as

compared to 2Q19

11

• Crude oil processing in

PEMEX's refineries increased

due to progress in the

rehabilitation of the National

Refining System

597

705640

505559

595657

557 542

631

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Crude Oil Processing, 2018-2020

Thousand barrels per day (Mdb)

Fuel Production Increased in 2Q20

12

• Due to the completion of

maintenance works at the

NRS plants, gasoline and

diesel production increased

192

243219

174 192211 218

193 187221

1T18 2T18 3T18 4T18 1T19 2T19 3T19 4T19 1T20 2T20

114

144120

90119

141 143117

103

141

1T18 2T18 3T18 4T18 1T19 2T19 3T19 4T19 1T20 2T20

Gasoline Production1

Thousand barrels per day (Mbd)

Diesel Production

Thousand barrels per day (Mbd)

1. Includes intermediate products and excludes naphtha production

Gasoline and Diesel Domestic Sales, 2020Annual percentage growth

131. July 2020 figures as of July 22nd.

Source: Pemex Industrial Transformation

-8% -8%

-13%

-38% -37%

-27%

Jan Feb Mar Apr May Jun

• As of May, 2020,

domestic sales

recorded a positive

trend that continued

throughout June

Results of the Strategy to Combat Fuel Theft, 2018-2020Mbd

14

56

8174

5 4 5 5 5 4 3 3 4 4 4 4 3 4 4 4 4 2 3 4 3 3 3 3 3 2 2 3 3 4 4 4 3

Ave

rag

e 2

01

8

No

v

De

c 0

1-2

0

Ave

rag

e 2

01

9

Ave

rag

e 2

02

0

Ja

n

Fe

b

Ma

r

Ap

r

Ma

y

Ju

n

Ju

l

01

-jul

02

-jul

03-jul

04

-jul

05

-jul

06

-jul

07

-jul

08

-jul

09

-jul

10

-jul

11

-jul

12

-jul

13

-jul

14

-jul

15

-jul

16

-jul

17

-jul

18

-jul

19

-jul

20

-jul

21

-jul

22

-jul

23-jul

24

-jul

Fuel theft has decreased by 96%

as compared to the average of

November 2018

2018

Losses due to fuel subtractionMXN million

15

36,214

3,630 1,420

3,225 1,015 256

2018 * 2019 * Jan-Jun 2020 *

Oil products LPG

Successful

strategy against

fuel subtraction

Estimated savings for

PEMEX in two years

amounted to**

MXN 72,557

million

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

2. As compared to 2018

2

11

Net Profit (Loss)MXN million

17

-52,790

-562,251

-44,337

2Q 2019 1Q 2020 2T 2020

• For the second

quarter of 2020,

PEMEX improved

its results, as

compared to 2Q19

and 1Q20

• In 1Q20, net loss

was mainly

explained by the

profit exchange

loss due to the

peso depreciation

against the US

dollar

2Q20 Financial Highlights

18

2Q19 1Q20 2Q20

Sales 376 284 181

Cost of sales 282 243 153

Impairment (reverse) 4 (26) 18

Gross Income 90 67 10

Transportation and distribution

expenses37 37 40

Operating income (loss) 53 30 (30)

Financial cost, income due to

financial derivatives25 62 40

Foreign exchange profit (loss) 22 (469) 50

Taxes, duties and others 103 61 24

Net income (loss) (53) (562) (44)

1

2

3

4

5

MXN billion

6

7

8

9

10

Profit Margin (EBITDA / Sales) 1H20, O&G benchmark

19

9%

10%

10%

10%

11%

12%

17%

18%

20%

34%

40% • In the first half of the year, EBITDA as a proportion

of sales at PEMEX recorded 20%, placing the

company in third place among the selected

companies in the industry.

• In 1Q20, the company recorded a19% margin,

while for the second quarter, the margin recorded

23 per cent.

• The average result of both quarters, allowed the

company to counteract the negative impacts

expected by the decrease in world economic

activity, as a result of the COVID-19 pandemic,

Note: PEMEX’s EBITDA: Earnings before interest, taxes, depreciation and amortization, impairment, undeveloped wells and net periodic cost of

employee benefits net of pension and medical payments

Source: Bloomberg preliminary information and PEMEX financial statements (Equinor and Repsol reports observed information)

EBITDA and operating expenses peer comparison

20

50%59%

68%

80% 81% 84% 85% 83% 85% 82% 86%

10%

7%

12%

2% 2%4% 4% 7% 5% 8%

5%

40%34%

20% 18% 17%12% 11% 10% 10% 10% 9%

0%

25%

50%

75%

100%

Petrobras Ecopetrol Pemex Equinor Chevron Total Shell Eni BP Repsol Exxon

EBITDA

SG&A

Operationalexpenses

1/

2/

1. PEMEX’s EBITDA: Earnings before interest, taxes, depreciation and amortization, impairment, undeveloped wells and net periodic cost of employee benefits

net of pension and medical payments

2. Cost of sales, general and administrative expenses

Source: Bloomberg preliminary information and PEMEX financial statements (Equinor and Repsol reports observed information)

PEMEX’s efficiency: Operational costs below the average of O&G peers

EBITDA: Flow generation capacity

21

EBITDA Margin (%)

Petrobras 40

Ecopetrol 34

PEMEX 20

Equinor 18

Industria 17

Chevron 17

Total 12

Shell 11

ENI 10

BP 10

Repsol 10

Exxon 9M

exic

an

crid

e o

il P

rice

mix

US

D/b

l

16.1

14.615.5

14.5

11.6

4.1

48.2

30.9

44.2

61.458.7

31.5

0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

16

18

1H 2015 1H 2016 1H 2017 1H 2018 1H 2019 1H 2020

EBITDAMMMUSDMMMP

42%

Precio de la Mezcla

Mexicana (USD/b)Margen EBITDAEBITDA

250

276.9

277.6

35%58% 41%

288.5

30%

221.5

93.9

20%

Note: PEMEX’s EBITDA: Earnings before interest, taxes, depreciation and amortization, impairment, undeveloped wells and net periodic cost of employee benefits

net of pension and medical payments

PEMEX’s lifting costs 2016-2019USD/b

22

7.8

10.9

13.7 14.1

2016 2017 2018 2019

+2.4%+26.0%

+40.1%

• Between 2016 and

2018, lifting costs

increased by 33%

on average, on a

yearly basis

• With the expense

discipline

implemented, the

increase in lifting

costs has been

limited to only

2.4% in 2019

Results of Austerity and Expense Discipline 2015-2020MXN million

23

2015 2016 2017 2018 20192020

(Jan-Jun)

Cleaning and sanitation materials and

others72 59 45 33 8 10

Mobile phones 13 11 8 7 2 0

Technical consulting 3,435 3,361 2,884 2,276 751 236

Research and Investigation 275 65 22 109 13 15

Services from third parties 1,205 284 629 1,243 761 658

Social Communication 119 165 211 244 12 17

Travel expenses 3,154 2,683 2,436 883 471 191

Conferences, conventions and events 26 12 42 11 0 0

TOTAL 8,300 6,640 6,277 4,805 2,019 1,128

8,300

6,640 6,2774,805

2,0191,128

Efficiency, austerity

and expense

discipline at PEMEX

Payments to Suppliers and Contractors January-JuneMXN million

24

149,613

158,815

2019 2020

+6.2%

Despite the severe

global crisis, a detailed

financial planning has

allowed the company

to mantain a steady

flow of payments, and

even increase them

during 1H20 vs 1H19

Note: Does not consider payments to government entities nor PEMEX’s affiliated companies.

Acknowledgement of liabilities and accounting provisions

25

According to IFRS:

• A liability must be acknowledged every time there is a legal or contractual

obligation.

• A provision must be recorded when resource output is likely and it is

possible to make a reliable estimate about it. Environmental and legal

provisions are recorded under this criteria.

Therefore, liabilities regarding suppliers are recorded according to the goods

and services received by PEMEX under the applicable regulations, since these

liabilities derive from a contractual obligation.

Total Financial Debt and Operational Performance,

2013-2020

26

64

7887

96103

106105 1052,522 2,429

2,267

2,1541,948

1,8231,684 1,706

1,224 1,155 1,065933

767612 592 589

2013 2014 2015 2016 2017 2018 2019 2020 E

Total Debt at Dec 31 (USD billion) Crude Oil Production (Mbd)

Crude Oil Processing (Mbd)

Note: 2020’s estimated figures are based on the zero net indebtedness internal goal for PEMEX, Total financial debt includes accrued interest.

CAPEX, 2013-2020MXN million

27

253,465

277,156

203,307183,021

113,02596,762

111,127

178,329

2013 2014 2015 2016 2017 2018 2019 2020 E*

Source: PEMEX’s 20-F Forms

1. For 2020 is estimated Budget for year-end.

1

Transfers from PEMEX to SHCP and support received,

Jan-June 2020MXN million

29

46,063

32,500

Federal governmentsupport

78,563 Total

Fiscal benefit

New refinery capital

injections

227,386

113,799

PEMEX's transfers tothe government

341,185 Total

Direct

(DUC &

others)

Indirect

(IEPS & IVA)

PEMEX has received this support

from the Federal Government

• PEMEX has

transferred MXN

262,622 million to the

Federal Government

net in 1H20

• For each peso that

the State invested in

PEMEX, it obtained

4.3 pesos in return

GDP O&G Contribution 2018-2020Percentage of contribution

30

• PEMEX's activity is recorded in the secondary sector of the economy. Particularly in the

"Oil and gas extraction activity".

• This activity has had a positive trend since 1Q19, contributing to national development.

• By 3Q19, oil and gas extraction ranked fourth in the level of contribution to the secondary

sector.

• By 4Q19, oil and gas extraction moved to third place, displacing the transport equipment

manufacturing industry.

12.2%

11.9% 11.9%

11.6%

11.0% 11.2%

11.4%

11.8%11.9%

10.5%

11.0%

11.5%

12.0%

12.5%

T1 2018 T2 2018 T3 2018 T4 2018 T1 2019 T2 2019 T3 2019 T4 2019 T1 20201Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020

Source: INEGI

O&G Industry Contribution to National GDP, 2017-2020

31

• This graph shows the evolution of the oil and gas extraction industry as part of Mexico's total GDP.

• As a result of increased oil production and a higher level of processing in our refineries, there is a growing

trend, with an average quarterly growth rate of 5.2% in the last five quarters, being the most relevant

activity for the sector.

• This is good news for our country's GDP, as both oil production and crude oil processing in our refineries

will increase in the second half of 2020.

1. MXN billions, 2013 constant figures

Source: INEGI

Crude oil production Forecast (PEMEX) & WTI prices by

rating agency

32

Rating Agency

Expected

annual crude oil

production

(Mbd)

∆% vs 2019

WTI expected

Price 2020

(USD / b)

PEMEX’s

production

1H20 (Mbd)

∆% vs 1H19

Average observed

WTI price* 1H20

(USD/b)

S&P 1,750 – 1,800 -0.028 $25

1,725 2.10% 38.91Moody’s1/ 1,667 -5.20%

$30(2,282 Mboed) (-1.0%)

HR Ratings 1,767 0.50% $38

Fitch 1,671 -5.00% $32

* Referencia del WTI Argus Houston.

Source: Press releases 2020 from rating agencies.

1. Moody's forecasts total hydrocarbon production, i.e. including gas.

Note: The conversion they use is 1 boe = 6,000 MMpc

PEMEX’s Debt BalanceMXN billion1

34

For the first time in 12 years,

Petróleos Mexicanos reduced its

debt balance

831

1,130

1,475

1,955 2,006 2,049 1,950

2013 2014 2015 2016 2017 2018 2019

MXN 99 billion

reduction

1. It does not include accrued intrests

Ten-year PEMEX’s bond yield

35

5.0

5.5

6.0

6.5

7.0

7.5

8.0

02/2

018

04/2

018

06/2

018

08/2

018

10/2

018

12/2

018

02/2

019

04/2

019

06/2

019

08/2

019

10/2

019

12/2

019

02/2

020

Incom

e (

%)

PEMEX 10 years

28/02/2020:

6.25%

Max:

20/11/18

7.65%

6.0

7.0

8.0

9.0

10.0

11.0

12.0

03/2

020

03/2

020

03/2

020

04/2

020

04/2

020

04/2

020

05/2

020

05/2

020

05/2

020

06/2

020

06/2

020

07/2

020

07/2

020

07/2

020

Incom

e(%

)

PEMEX 10 yers

Max:

27/04/2020

12.05%

24/07/2020:

7.94%

The maximum in the Covid-19 period is 12.05% compared to the maximum in the pre-

Covid-19 period of 7.65%

Pre-Covid-19: Jan 2018 – Feb 2020 Covid-19: Mar – Jul 2020

PEMEX’s crude oil hedge payments 2020

36

Month January February March April May June Total

Payment (USD million) 0.0 25.0 37.7 36.5 37.7 36.5 173.2

Date 06-mar 07-abr 07-may 05-jun 07-jul

• As of today, Petróleos Mexicanos has already received five payments

for oil hedging

• At June 2020, these payments amounted to USD 173.2 million

• The expected payment for the rest of the months covered is USD 192.7

million

Note: Total may not equal the exact sum of the figures due to rounding

Financial Strategy for 2H20

37

• Debt payments for the rest of the year are in line to be met as scheduled

• Just back on July 23rd , we paid around USD 1.1 billion in debt

amortizations and interests.

• PEMEX continues to work in a proactive financial planning strategy, in

order to anticipate volatile and uncertain periods that may occur.

• The goal for the second half of the year is to reduce the company´s

financial deficit, decreasing the temporary financing executed in the first

half of the year due to the difficult market environment.

• Our strategy aims to strengthen the company’s cash flow, while

decreasing financial needs.

Financial strategy for 2H20

38

• Negotiations with Export Credit Agencies (ECAs) have been ongoing and

will be finalized during the third and fourth quarters of the year.

• Moreover, PEMEX will implement financing strategies that do not

constitute public debt.

• The productive chain program will be strengthened to support our

suppliers and contractors for an orderly year end, with the support of the

development and commercial banks.

• Depending on market conditions, we may eventually consider refinancing

operations in the capital markets

2020 Financing Program and Maturity Profile for

2021 OnwardsUSD billion

39

11.6

6.0 5.5 6.3 8.5

4.0

8.7 9.8

4.3 3.6 4.7 3.9

0.0 0.0 0.0

30.2

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 →

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.

Sonda de Campeche

The agreement with OPEC+ and weather conditions

affected production

Liquids Daily Production

Mbd

NotE: During the 3Q19, the crude oil and condensates series was adjusted to include the proportional part of Ek-Balam’s production that is assigned to the State. 41

Liquids' production remained

stable under unprecedented circumstances

Note: During the 3Q19, the crude oil and condensates series was adjusted to include the proportional part of Ek-Balam’s production that is assigned to the State. 42

63% 63% 63% 64% 65%

27% 28% 28% 27% 25%

8% 8% 7% 8% 7%1% 2% 2% 1% 3%

1,673 1,694 1,693 1,739 1,673

0

400

800

1,200

1,600

2Q19 3Q19 4Q19 1Q20 2Q20

Liquids Quarterly ProductionMbd

Heavy Light Extra-light Condensates

82%

18%

Crude Oil Production2Q20

Offshore Onshore

Liquids production stabilization is also explained by development

and early production of new fields, which contribute to

offset production decline

Hok-44

Tlacame-3

Mulach-10

Chejekbal-1 Mulach 5

Ixachi 10

Cibix 1001

Quesqui 1DL

Xikin 24

Manik 4 67

Cheek 1

Ixachi 20

Cibix 12Cahua 2

Octli 2

Ixachi 2

89

0

10

20

30

40

50

60

70

80

90

Mb

d

Xikin-22

Quesqui-1

Valeriana-1

Cibix-1

Chocol-1

Ixachi-1

Ixachi-1DL

Dic Ene FebNov

Quesqui-1

(ducto)

Mar Abr May Jun Jul

Deferred production of the new fields is due to:

• Delay in infrastructure construction

• Bad weather conditions

• Operational problems in well drilling

Early production from exploratory wells

Development wells 43

Natural gas production records a marginal decrease

44

1. Does not include nitrogen

2. Includes nitrogen

Note: During the 3Q19, the crude oil and condensates series was adjusted to include the proportional part of Ek-Balam’s production that is assigned to the State.

2

75% 74% 75% 75% 72%

25% 28% 25% 25% 28%

3,637 3,685 3,769 3,714 3,604

0

1,000

2,000

3,000

4,000

2Q19 3Q19 4Q19 1Q20 2Q20

Natural Gas Production1

MMcfd

Associated Non-Associated

53%

47%

Natural Gas Production2Q20

Offshore Onshore

261 310 396 459 459

94.5% 93.6%91.9% 90.6% 90.0%

0

200

400

600

2Q19 3Q19 4Q19 1Q20 2Q20

Natural Gas UseMMcfd

Gas Flaring (MMcfd)

Natural Gas Use /Total Gas Produced

451. Preliminary results

Asset WellGeological

EraLocation

T.A./E.T.

mts

Deep

mts

Hydrocarbon

type°API

3P Reserve

MMbpce

Qo (Mbd)

oil

Qg

(MMcfd)

gas

AEMS Paki-1 Tertiary Offshore 27 2,140 O&G 25 10 2,364 1.5

AETS Terra-101 Mesozoic Onshore 3 5,720 O&G 40 10 4,325 15.5

AETS Quesqui-1DEL Mesozoic Onshore 3 7,900Gas &

condensates42 400 3,252 11.6

AETS Ixachi-2001 Mesozoic Onshore 3 8,000Gas &

condensates41 200* 729* 4.7*

Paki-1

Terra-101

Golfo de México

Tampico

Frontera

Poza Rica

Veracruz

Coatzacoalcos Villahermosa

Campeche

Cd. Del Carmen

Mérida

Guatemala

Ixachi-2001

Quesqui-1DEL

111

Exploration activities in 2Q20 preliminarily

incorporated 620 Mmbpce of 3P reserves

Planta Coquizadora - Tula

The Crude Oil Process and Oil Products

1. Includes dry gas, gasoil, light cyclic oil, aeroflex, asphalts, coke, lubricants and paraffins. 47

•Crude oil processing and

petroleum products production

recorded significant growth as

a result of improved operating

performance at Madero and

Cadereyta refineries

•The variable refining margin

shows an important recovery

during 2Q20

331 313 272 268 311

264 344285 274

320

595 657

557 542

631

-

200

400

600

2Q19 3Q19 4Q19 1Q20 2Q20

Crude Oil ProcessingMbd

Heavy Crude

Light Crude

-0.991.61

-2.64

-12.51

9.91

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

2Q19 3Q19 4Q19 1Q20 2Q20

Variable Refining MarginUSD/b

196 202 181 173 217

159 163 136 126

183

141 143 118 103

141 8 7

7 6

7 28 33

29 26

9 104 121

110 114

116

636 668

580 546

673

-

250

500

750

2Q19 3Q19 4Q19 1Q20 2Q20

Production of Petroleum ProductsMbd

Other*

Jet Fuel

LPG

Diesel

Fuel oil

Automotivegasolines

1

Gas Processing and Production

48

2,336 2,458 2,427 2,380 2,328

417 430 455 446 443

2,753 2,889 2,881 2,826 2,771

-

700

1,400

2,100

2,800

2Q19 3Q19 4Q19 1Q20 2Q20

Wet Gas ProcessingMMcfd

Sweet Wet Gas

Sour Wet Gas

2,218

2,368

2,314

2,241 2,241

223 218 220 225

210

180

230

280

2,000

2,100

2,200

2,300

2,400

2Q19 3Q19 4Q19 1Q20 2Q20

MbdMMcfd

Dry Gas and Gas Liquids ProductionDry Gas fromPlants (MMcfd)

Natural GasLiquids (Mbd)

1

1. Includes fractioning fluents.

Petrochemicals Production

49

31 30 38 49 74

143 150 97 91

84

48 56

44 69 18

3 3

2 3

2

92 99

98 91

75

53

73

43 57

35

35

38

29

49

71

406

451

350

408

358

-

100

200

300

400

500

2Q19 3Q19 4Q19 1Q20 2Q20

Production of petrochemicalsThousand tons (Mt)

Other*

Carbon black

Sulfur

Propylene andDerivatives

Aromatics andDerivatives

Ethane Derivatives

Methane Derivatives

1

1. Includes Carbon dioxide, crude butadiene, polyethylene waxes, CPDI, petrochemicals, heptane, hexane, hydrogen, isopentanes, pyrolysis liquids, nitrogen,

oxygen and pentanes.

PEMEX’s Industrial Safety Performance

50

In all moderate and severe events, Petróleos Mexicanos

performs a root cause analysis to identify the causes and

defines corrective actions to prevent recurrence

0.35

0.27

0.19 0.21

0.15

0.0

0.1

0.2

0.3

0.4

0.5

0.6

2Q19 3Q19 4Q19 1Q20 2Q20

Frequency indexAccident with disabling injuries/ MMhh

15

20

25

7

5

-

5

10

15

20

25

30

2Q19 3Q19 4Q19 1Q20 2Q20

Severity IndexTotal number of days lost/ MMhh

Refinería Lázaro Cárdenas, Minatitlán, Ver.

Estación de Bombas Beristain, Pue.

53

Questions and Answers

Alberto Velázquez

Chief Financial Officer

Reinaldo Wences

Deputy Director of Evaluation and Regulatory

Compliance at Pemex Industrial

Transformation

Francisco Flamenco

Acting General Director at Pemex

Exploration and Production

Investor Relations

(+52 55) 9126-2940

ri@pemex.com

www.pemex.com/en/investors Sonda de Campeche