preliminary results at march 31, 2020...jan feb mar apr may jun jul aug sep oct nov dec mbd 2019...
TRANSCRIPT
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Sonda de Campeche
Preliminary Results at March 31, 2020
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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 March 31, 2020, the exchange rate of MXN 23.5122 = 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.
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Complejo Procesador de Gas Ciudad Pemex
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1Q20 Liquid Hydrocarbons Production
3
• Production of liquid
hydrocarbons increased
compared to 1Q19
• In 1Q20, the change in
production trend, which
had not increased in 14
years, continued
• In the coming months
there will be adjustments in
production due to the
current situation
Liquid Hydrocarbons Production (including partners)1
2018-2020
(Mbd)
1,899 1,869 1,8291,738 1,690 1,690 1,712 1,712 1,759
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
Production
Variation-1.6%
-2.1% -5.0% -2.7% 0.0% +1.3%
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.
0.0% 2.8%
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1Q20 PEMEX’s Production
4
• Considering PEMEX’s
production only, since
1Q20 the trend
increased
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.
Liquid Hydrocarbons Production (without partners)1
2018-2020
(Mbd)
1,893 1,860 1,8161,723 1,675 1,673 1,694 1,693 1,739
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
Production
Variation-1.8%
-2.3% -5.1% -2.8% 0.1% +1.2% 0.07% 2.7%
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1Q20 Crude Oil Processing
5
597
705640
505559
595657
557 542
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
Crude Oil Processing, 2018-2020
Thousand barrels per day (Mdb)
• Crude oil processing at
the National Refining
System decreased due
to the rehabilitation
works
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1Q20 Gasoline and Diesel Production
6
• Due to the fact that
rehabilitation works continued
during 1Q20, the production
of high yield refined products
decreased
• When maintenance activities
are completed, an increase in
the crude oil process and oil
production will be observed
192
243219
174 192211 218
193173
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
114
144120
90119
141 143117
103
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
Gasoline Production1
Thousand barrels per day (Mbd)
Diesel Production
Thousand barrels per day (Mbd)
1 Includes intermediate products and excludes naphtha production
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1Q20 Purchases for Resale
7
• Purchases for resale
decreased by 10.2%, as
compared to 1Q19
Purchases for Resale
MXN billion
115.9 104.1
1Q19 1Q20
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Mexican Mix Export Price
8Source: PEMEX’s Institutional Database
• In 1Q20, the average price
of the Mexican export mix
was $15.6 per barrel
below the 1Q19 average
• This decrease in the price
of crude oil is the most
relevant variable that
affected the company's
export sales in 1Q20
• In 1Q20, the average price
of the Mexican mix was
$40.9 per barrel, 38%
lower than in 1Q19
53.856.8
59.061.9 60.3
56.8 57.8
49.5
55.150.6 50.5
54.5
48.7
45.0
29.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020
Mexican Mix Export Price (MME)
USD/b
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1Q20 Total Crude Oil Exports
9
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
Variation
(mbd)189 -382 --6
During the first quarter of 2020, average crude oil exports stood at 1,166 Mbd, i.e.
66 Mbd less than in the first quarter of 2019
Total Crude Oil Exports
Thousand barrels per day (Mbd)
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10
MXN Depreciation Generated an Atypical High
Foreign Exchange Loss (non-cash variable)
• The Mexican peso depreciated against the US dollar by 24.8% from
MXN 18.8452 in December 2019 to MXN 23.5122 in March 2020. Therefore,
there is a significant effect of this change on non-cash variables such as
exchange rate losses
• The foreign exchange loss in 1Q20 amounted to MXN 469,206 million, this
amount, mainly does not generate cash flow because it is the valuation of
the variation of the debt balances in foreign currency between December 31,
2019 and March 31, 2020. By international accounting standards, this item
forms part of the company's financial statements
• Therefore, the valuation of debt balances is significantly impacted by the
depreciation of the Mexican peso against the U.S. dollar; however, it does
not affect Petróleos Mexicanos' cash flow.
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1Q20 Financial Highlights
111 Final figures
1Q19 4Q191 1Q20
Sales 356.2 318.5 284.1
Cost of sales 256.6 320.3 243.0
Impairment (reversal) 5.1 104.7 -26.3
Gross Income 94.4 -106.5 67.3
Distribution and administrative
expenses37.7 37.4 38.2
Operating income 60.7 -145.0 30.2
Financial cost, income due to
financial derivatives and others-34.1 -20.4 -62.8
Foreign Exchange profit (loss) 30.4 69.6 -469.2
Taxes and duties 92.4 74.6 60.4
Net income (loss) -35.7 -171.5 -562.2
1
2
3
4
5
MXN billion
6
7
8
9
10
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69,246
53,009
4T19 1T20
21.7
18.7
4T19 1T20
EBITDA1
MXN million
Margen EBITDA1
%
• As with the entire O&G industry, the low crude oil prices in March significantly affected
the profitability levels of Petróleos Mexicanos
• However, PEMEX continued to obtain a profitability close to the average of the
international O&G industry
EBITDA & EBITDA Margin
1 To be comparable with the industry, the EBITDA and EBITDA margin calculations only include variables that generate cash flow. 12
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13
1Q20 Tax Contribution Payments
During the first quarter of 2020, PEMEX paid a total of MXN 167,773 million in fiscal
contributions as a result of its substantial activity.1 If we add to this amount the entire amount of
tax withholdings for MXN 9,949 million, the total tax contributions amounts to
MXN 177,722 million
71,788
13,010
26,2121,368
48,762
6,632
Direct taxes Indirect taxes Substantial activitycontributions
Witholdings Total tax contributionpayment
Tax Contribution Payments as of 1T20(MXN million)
177,722167,773
9,949
86,167
81,606
DUC
DEXTH
OthersIEPS
IVA
Import Taxes
Retained
ISR
1 Does not includes VAT paid to third parties
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General Expenses at 1T20
14
5.5
3.3
1Q19 1Q20
32.2 34.9
1Q19 1Q20
Distribution, transportation
and sales expenses
MXN billion
Administrative expenses
MXN billion
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Measures to mitigate the effects of
lower oil prices and low fuels demand
15
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16
Measures to mitigate the effects of lower oil prices and low fuels demand
• Since mid-February, Petróleos Mexicanos activated a protocol to protect its finances in
the face of a low oil price scenario
• It should be noted that the immediate effects of the COVID-19 pandemic include the
temporary reduction of economic activities in virtually all countries of the world, with a
direct and immediate effect on the fossil fuels demand
• The above situation caused volatility in the oil markets with a drop in oil prices
• It should be noted that as a result of a prudent and responsible use of its debt, as well
as the refinancing operations in recent months, the company reduced its liquidity risk
exposure that will allow us to better face the temporary effects of this crisis
• Below, we list the main measures we are taking in the face of this temporary crisis of
low oil prices.
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17
Federal Government Support in 2020
Concept MXN million Observations
Profit Sharing Duty rate decreases to 58% from 65%
(@49 USD/b as defined in the budget)39,918
The new rate applied in
February’s tax declaration
Capital injections established in the approved budget
(these are already programed)46,256
As of today, MXN 26,063
million have been received.
The remainder MXN 20,193
million will be received in
May-July
Cash-out of Pension Liability promissory
Notes 4,984 Redeemed
Additional support because of low oil prices:
Fiscal benefit to reduce the payment of Profit-Sharing
Duty (April 21, 2020)
65,000
To date, MXN 16,250 million
have been credited,
subtracting MXN 48,750
million for the rest of the year.
Total Annual 156,158
• PEMEX has the support of the Federal Government to strengthen its financial position during 2020
through various support measures:
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18
Decree to Reduce Duties’ Payment
• On April 21, the Executive published the Decree granting a fiscal incentive for the payment of the Profit-Sharing
Duty (DUC, for its Spanish acronym) during 2020
• The incentive consists of a tax credit equivalent to 28% of the amount of the taxable base for the calculation of
the DUC, that is, on the value of the hydrocarbons extracted less the deductions provided for in the Ley de
Ingresos sobre Hidrocarburos
• The effective rate of the DUC would be approximately 39%
• The Decree establishes that the maximum amount of the benefit will be of MXN 65,000 million and establishes
the possibility to credit the proportion that corresponds from the provisional payment of the DUC of the month of
March, which was paid on April 27
• This situation meant that April's payment was reduced by MXN 16,250 million, and it is expected to capture
monthly benefits from May to December for MXN 5,417 million to reach the maximum benefit established
16,250
5,417 5,417 5,417 5,417 5,417 5,417 5,417 5,417 5,417
March April May June July August September October November December
Fiscal Benefit due to reduced DUC payment in 2020
(MXN million)
Total: 65,000
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19
Measures to mitigate the effects of lower oil prices and low fuels demand
• The geopolitical situation that has impacted the prices of the Mexican crude oil mix, as well
as the lower export volumes and the drop in domestic demand for fuels caused by the
COVID-19 pandemic, have resulted in PEMEX's revenues being lower than programmed
• In order to face this situation and the impact on budgetary commitments, PEMEX has
implemented a reduction in its investment budget by MXN 45,500 million
• The budget to be exercised during the year will be channeled to projects to maximize
profitability
TOTAL 45,500
Pemex Exploración y Producción 40,500
Other Segments 5,000
Budgetary Investment Reduction 2020
(MXN million)
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20
Measures to mitigate the effects of lower oil prices and low fuels demand
• Petróleos Mexicanos estimates that it will receive MXN 7,540 million for the oil hedge
contracted for 2020
• Another factor that will have an impact on our cost of sales will be the decrease in
gasoline and diesel imports that we are projecting from May and towards the end of
2020
• This will be possible due to the high inventories we have of products and the increase in
the levels of the crude oil process that are expected to start in August 2020
• Finally, in order to strengthen the payment process to our suppliers and contractors, we
would like to announce that we have reached a preliminary agreement with Nacional
Financiera to strengthen the available line of the Cadenas Productivas Program, which
currently amounts to MXN 12,623 million, which today has 61.5% of that amount
available. We will soon be announcing this agreement
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Instruments available to alleviate the effects of
the drop in crude oil prices
1. Access to available committed credit lines of nearly USD 6 billion
2. Reduction of MXN 45.5 billion to 2020 investment budget
3. Additional tax benefit of MXN 65,000 million
4. Additional income of MXN 7,540 million from the oil hedge contracted by
PEMEX
All these measures and other government support amount to
MXN 156,158 million. The objective is to mitigate the effects of
falling oil prices on the company's balance sheet and liquidity
21
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Net Indebtedness 2020MXN billion
22
Approved net
indebtedness 2020
Net indebtedness goal
for 2020
Financing 176.0 141.0
Amortizations 141.0 141.0
Net Indebtedness 35.0 0
Annual net indebtedness and net indebtedness goal
24 45 62
223195
232
72 60
-29
0
-50
0
50
100
150
200
250
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e
Net indebtedness
• The net indebtedness ceiling
approved by the Congress in
2020 amounts MXN 10,000
million and USD 1,250 million,
respectively.
• PEMEX’s goal is to achieve zero
net indebtedness.
• With january refinancing
operation, PEMEX covered
approximately 70% of the
refinancing program for 2020.
Net Indebtedness: new debt issuance minus amortizations
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Pozo Chejekbal 1, Tabasco
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Liquid Hydrocarbons
Production Increased
Daily Liquid Hydrocarbons 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.24
62% 63% 63% 63% 64%
28% 27% 28% 28% 27%
8% 8% 8% 7% 8%1% 1% 2% 2% 1%1,674 1,673 1,694 1,693 1,739
0
400
800
1,200
1,600
1Q19 2Q19 3Q19 4Q19 1Q20
Liquids Quarterly ProductionMbd
Heavy Light Extra-light Condensates
81%
19%
Crude Oil Production1Q20
Offshore Onshore
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Hok-44
Tlacame-3
Mulach-10
Chejekbal-1
46
0
10
20
30
40
50
60
Mb
d
Producción temprana, pozos exploratorios
Pozos de desarrollo
Xikin-22
Quesqui-1
Valeriana-1
Cibix-1
Chocol-1
Ixachi-1
Ixachi-1DL
Dec Jan Feb MarNov
Quesqui-1
(ducto)
13
21
19
34
25
The increase in production was due to the incorporation of new developments and the early production of new fields, at the end of March
there was an increase of 46 Mbd
Deferred production of the new fields is due to:
• Delay in the construction of the infrastructure
• Bad weather conditions
• Operational problems in well drilling
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Natural Gas Production
Remains Stable
1 Does not include nitrogen
2 Includes nitrogen
2
26
75% 75% 74% 75% 75%
25% 25% 26% 25% 25%
3,668 3,637 3,685 3,767 3,738
0
1,000
2,000
3,000
4,000
1Q19 2Q19 3Q19 4Q19 1Q20
Natural Gas Production1
MMcfd
Associated Non-Associated
54%
46%
Natural Gas Production1Q20
Offshore Onshore
243 261 310 396 459
94.9% 94.5% 93.6%91.9% 90.6%
0
200
400
600
1Q19 2Q19 3Q19 4Q19 1Q20
Natural Gas UseMMcfd
Gas Flaring (MMcfd)
Natural Gas Use /Total Gas Produced
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Urea 1 - Cosoleacaque, Ver.
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Crude Oil Process and Refined ProductsProduction
281 Includes dry gas, gasoil, light cyclic oil, aeroflex, asphalts, coke, lubricants and paraffins.
• In the last two quarters, the crude oil
processing has been limited
because the refinery maintenance
program continues to be carried out.
However, in 1Q20, Madero and
Salamanca refineries registered
increases in the crude oil process of
41 Mbd and 29 Mbd, respectively.
• The variable refining margin
decreased as a result of both the fall
in crude oil prices and the reduction
in demand for refined products.
284 331 313 272 268
275264 344
285 274
559 595
657
557 542
-
200
400
600
1Q19 2Q19 3Q19 4Q19 1Q20
Crude Oil ProcessingMbd
Heavy Crude
Light Crude
5.27
-0.99
1.61
-2.64
-12.51-13.0
-10.0
-7.0
-4.0
-1.0
2.0
5.0
1Q19 2Q19 3Q19 4Q19 1Q20
Variable Refining MarginUSD/b
180 196 202 181 173
141 159 163 136 126
119 141 143
118 103
7 8 7
7 6
26 28 33
29 26
88
104 121
110 114
561
636 668
580 547
-
200
400
600
1Q19 2Q19 3Q19 4Q19 1Q20
Production of Petroleum ProductsMbd
Other*
Jet Fuel
LPG
Diesel
Fuel oil
Automotivegasolines
1
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Gas Processing and Production
291 Includes fractioning fluents.
2,360 2,336 2,458 2,427 2,380
420 417 430 455 446
2,780 2,753 2,889 2,881 2,826
-
700
1,400
2,100
2,800
1Q19 2Q19 3Q19 4Q19 1Q20
Wet Gas ProcessingMMcfd
Sweet Wet Gas
Sour Wet Gas
2,314
2,218
2,368
2,314
2,241
224 223 218 220 225
100
200
300
400
2,000
2,200
2,400
1Q19 2Q19 3Q19 4Q19 1Q20
MbdMMcfd
Dry Gas and Gas Liquids Production
Dry Gas fromPlants (MMcfd)
Natural GasLiquids (Mbd) 1
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Petrochemicals Production
30
1 Includes carbon dioxide, petrochemical specialties, crude butadiene, pyrolysis liquids, hexane, heptane, polyethylene waxes, oxygen, butanes, pentane blend,
nitrogen, hydrogen, CPDI, isopentane and pentane.30
42 31 30 38 49
149 143 150
97 91
53 48 56
44 69
39 35
47
39 18
93 92
99
98 91
56 53
73
43 57
46 50
54
43 49
478 453
510
402 423
-
100
200
300
400
500
600
1Q19 2Q19 3Q19 4Q19 1Q20
Production of petrochemicalsThousand tons (Mt)
Other*
Carbon black
Sulfur
Propylene andDerivatives
Aromatics andDerivatives
Ethane Derivatives
Methane Derivatives
1
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Industrial Safety Performance
31
In all moderate and severe events, Petróleos Mexicanos
performs a root cause analysis to identify the causes and
defines corrective actions to prevent recurrence
0.13
0.35
0.27
0.19 0.21
0.0
0.1
0.2
0.3
0.4
0.5
0.6
1Q19 2Q19 3Q19 4Q19 1Q20
Frequency indexAccident with disabling injuries/ MMhh
5
15
20
25
7
-
5
10
15
20
25
30
1Q19 2Q19 3Q19 4Q19 1Q20
Severity IndexTotal number of days lost/ MMhh
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Centro de Proceso Akal-C
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Centro de Proceso Akal-C
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Questions and Answers
Alberto VelázquezChief Financial Officer
Reinaldo WencesDeputy Director of Evaluation and Regulatory Compliance at Pemex Industrial Transformation
Francisco FlamencoActing General Director at Pemex Exploration and Production
34
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Investor Relations
(+52 55) 9126-2940
www.pemex.com/en/investors Sonda de Campeche