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2025.D.R Petróleos Mexicanos. All the rights reserved. Preliminary Results at December 31, 2024 February 27, 2025 Lázaro Cárdenas Refinery, Minatitlán, Veracruz.
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2025. D.R. 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 December 31 2024, the exchange rate of MXN 20.2683 = 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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2025. D.R. Petróleos Mexicanos. All the rights reserved. Key Highlights
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 4 Financial Strategy Defined in coordination with the Ministry of Finance and Public Credit and the Ministry of Energy Continuity of support from the Federal Government Definition of financial mechanisms to address debt commitments Use PEMEX's debt ceiling to take advantage of the best financing conditions from the Federal Government Payment to suppliers and contractors Continue strengthening the ESG strategy Modification of the tax regime applicable to PEMEX
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Financial Highlights
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 6 Income statement 2024 MXN billion Total sales Impairment (reverse) Cost of sales Gross Income (loss) Operating loss Loss before taxes and duties Taxes and duties General expenses Financial cost Foreign exchange loss Net loss Impairment and exchange rate fluctuation items, which do not imply cash outflows, negatively impacted the 2024 result. 1,678 182 (16) (490) (621) 1,442 55 (198) (170) (304) (131)
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 28% 19% 33% 31% 21% 15% 2019 2020 2021 2022 2023 2024 397 180 493 734 355 249 2019 2020 2021 2022 2023 2024 7 EBITDA & EBITDA Margin • EBITDA generation in 2024 amounted to MXN 249 billion. EBITDA1 MXN billion Margen EBITDA % EBITDA / Total Sales 1. Earnings before interest, taxes, depreciation and amortization, impairment, undeveloped wells and net periodic cost of employee benefits net of pension and medical payments.
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 8 CAPEX evolution MXN million 1 2018 2019 2020 2021 2022 2023 2024 96,762 111,127 122,476 161,492 206,811 208,704 197,931 EPS 2023 20241 PEP 165,905 162,616 PTRI 33,898 29,013 PLOG2 8,901 6,302 Total 208,704 197,931 Environmental 3,369 7,425 Industrial Safety 6,030 5,598
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 9 Payment to suppliers and contractors1 MXN million 277,625 278,413 279,815 279,002 370,711 445,148 413,937 404,454 2017 2018 2019 2020 2021 2022 2023 2024 1. Payments to subsidiaries and government entities are not considered. Amounts include Value Added Tax.
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 64,332 77,677 86,792 95,972 102,992 105,792 105,235 108,435 105,244 102,591 101,982 95,954 4,792 4,052 5,137 4,062 1,678 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 109,296 113,227 107,728 106,044 Note: For the years 2013-2023 figures from Audited financial statements. For 2024 unaudited figures as of December 31, 2024. Debt Balance USD million 97,632 Monetization of Federal Government Promissory NotesFinancial debt Recorded nominal debt 10
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Note: Profile does not include revolving credits or other short- and long-term liabilities. Does not include accrued interest. Debt Maturity Profile as of December 31, 2024 USD billion 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 → 11
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 12 Crude Oil Hedge 2024 Crude Oil • PEMEX's current hedging strategy hedges about 20% of its total estimated exposure for fiscal year 2024. • As a result of the crude oil price volatility, in 2024 the crude oil hedge paid USD 91.6 million. • The hedging strategy for fiscal year 2025 began to be implemented in December 2024. Crack spread • The strategy to protect cashflows against a reduction in diesel and gasoline crack spread levels, hedged around 2.7 Mbd and 21.5 Mbd of diesel and gasoline, respectively. • As a result of the volatility of the diesel and gasoline crack spread observed in 2024, the hedge provided a USD 3.1 and 10.3 million net benefit for PEMEX, respectively. 1. If the observed crack (difference between the price of Diesel and the price of WTI crude oil) is lower than the fixed crack, PEMEX receives the difference, otherwise, if the observed crack is higher than the fixed crack, PEMEX must pay the difference.
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 1. Criterios Ambientales, Sociales y de Gobierno Corporativo ASG1
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2025. D.R. Petróleos Mexicanos. All the rights reserved. PEMEX moves forward in the CDP evaluation of: ❖ Climate Change ❖ Water Stress Progress in ESG ❖ The initiatives included in the Sustainability Plan were recognized by the group of institutional investors Climate Action 100+ ❖ PEMEX maintains and reaffirms its commitments to sustainability and will continue to collaborate closely with its stakeholders to align with international best practices. ❖ Training and adoption of international standards to protect the integrity of staff, facilities and the environment. ❖ The collaborative effort has facilitated the identification, validation and ranking of initiatives, as well as the prioritization of needs and the allocation of financial resources in matters of safety and health at work. Senior Management at Petróleos Mexicanos Commits to strength H&S performance 0 1 2 3 4 5 6 7 8 9 2020 2021 2022 2023 2024 PEMEX - CDP ratings evolution Climate Change Water Stress A A- B B- C C- D D- F F
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Sulfur oxide emissions Water Reuse / Use 2023 2024 1,094 Mt 1,354.7 Mt 2023 2024 0.169 0.194 23.8%6.6% 14.8% Carbon dioxide equivalent emission 15 ESG KPIs 15 303 PROAs Social Investment MXN 3.2 billion 48 Donations 2023 2024 61 MMtCO2e 57 MMtCO2e 17 13 20 29 30 9 32 33 20 24 0.24 0.24 0.36 0.49 0.41 0.31 0.39 0.38 0.20 0.32 -0.40 0.10 0.60 0 20 40 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2,024 Severity index Frequency index
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 16 Environmental & Safety and Reliability Risks Management 1. Information provided by the Productive Subsidiary Companies (EPS) 2. DCPCD reported that 4 risks that were still in the validation process were excluded. Environmental risk inventory (1) Priority Number of risk identified Addressed 1 38 15 2 64 14 3 92 14 4 40 11 5 6 1 Total 240 55 ▪ At the end of 2024, of the total inventory of 240 environmental risks, 55 risks have been addressed; 62 are in process, 77 have a work program for the subsequent years, and 45 are pending program assignment. ▪ Regarding priority 1 risks, 15 are addressed, 19 are in process and 4 are scheduled for 2025. ▪ The estimated total investment to address the environmental risks inventory is MXN 15.73 billion, which contributes to the mitigation of impacts on soil, water and air. Risk Inventory Safety and Reliability (2) Year Number of risk identified Addressed 2019 230 228 2020 237 225 2021 190 155 2022 91 74(2) 2023 108 37 2024 9 3 Total 865 722 ▪ At the end of 2024, 722 of safety and reliability risks have been addressed out of a total inventory of 865 risks identified. For the remaining 143 risks, mitigation plans have been implemented to definitively address them. ▪ Currently, risks from each year of identification are being addressed simultaneously. ▪ The estimated total investment for the attention of this inventory is MXN 23.3 billion.
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Exploration & Production
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2025. D.R. Petróleos Mexicanos. All the rights reserved. *Incluye la producción de socios 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 2,562 Jan 2019 1,626 Mbd 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2,522 2,429 2,267 2,154 1,948 1,833 1,701 1,705 1,756 1,785 1,875 1,759 In 2024, liquid production registered a volume of 1,759 Mbd Liquid hydrocarbon production1 Thousand barrels per day 2024 4Q24 New fields 546 521 Mature fields 1,213 1,149 Total 1,759 1,670 1. Includes the production of partners
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Liquids production performance Liquids production in 4Q24 decreased by 186 Mbd compared to 4Q23 Liquid production1 Thousand barrels per day (Mbd) 1. Includes production of partners. 4Q23 4Q24 1,856 1,670 (186) Production 2024 922 52% 837 48% Heavy Light 1,140 65% 619 35% Onshore Offshore 2023 2024 1,875 1,759 (116) Liquids production in 2024 reduced by 116 Mbd compared to 2023
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Hydrocarbon gas production performance 1. Includes partner production. Does not include nitrogen. Hydrocarbon gas production1 Million cubic feet per day (MMcfd) 1,840 49% 1,892 51% Associated Non-associated 1,413 38% 2,318 62% Onshore Offshore Production 2024 Gas production in 4Q24 decreased by 343 MMcfd compared to 4Q23 4Q23 4Q24 3,954 3,611 (343) 2023 2024 4,060 3,732 (329) Gas production in 2024 reduced by 329 MMcfd compared to 2023
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2025. D.R. Petróleos Mexicanos. All the rights reserved. To achieve our goals, it is essential that we maintain base production and incorporate new production 212 136 344 374 79 38 4Q23 4Q24 57660 28 Terminations Major repairs Minor repairs Stimulations 4Q24 2024 2,753 576 695 754 737 1,619 1,676 297 201 2023 2024 2,753 222 139 2,892 737 27% 1,676 61% 201 7%139 5% 136 24% 374 65% 38 6% 28 5% Interventions to wells
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Industrial Processes
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 233 Crude Oil Processing and Oil Products Production 1. Includes dry gas, paraffins, aeroflex, asphalts, lubricants, coke and light cyclic oil. 2. Includes diesel and jet fuel 3. Includes automotive gasolines, diesel and jet fuel 52% 51% 48% 49% 792 985 890 962 786 906 - 250 500 750 1,000 2023 1Q24 2Q24 3Q24 4Q24 2024 Crude Oil Processing Mbd Heavy Crude Light Crude • In 2024, crude oil processing at the NRS increased by 14% as compared to 2023. • Distillate production increased by 76 Mbd, or 18%, as compared to 2023. The distillate yield reached 54.2%, 1.8 percentage points higher than the previous year. 33% 30% 21% 24% 31% 31%2% 1%14% 14%800 1,011 879 930 786 901 52% 55% 53% 51% 59% 54% - 200 400 600 800 1,000 2023 1Q24 2Q24 3Q24 4Q24 2024 Production of Oil Products Mbd Other LPG Automotive gasolines Distillates Fuel oil Distillates yield 1 2 3
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 24 Gas Processing and Production 1. Includes fractioning fluents. Dry Gas from Plants (MMcfd) Annual Dry Gas from Plants Natural Gas Liquids (Mbd)1 Annual Natural Gas Liquids1 87% 87% 13% 13% 2,633 2,419 2,306 2,274 2,278 2,319 - 800 1,600 2,400 2023 1Q24 2Q24 3Q24 4Q24 2024 Wet gas process MMcfd Sweet Wet Gas Sour Wet Gas 1,931 1,831 1,776 1,760 2,061 1,824 156 146 156 148 166 152 - 50 100 150 200 250 300 1,000 1,300 1,600 1,900 2023 1Q24 2Q24 3Q24 4Q24 2024 MbdMMcfd Dry gas and natural liquids production
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 25 Petrochemical Production Thousand tons (Mt) 2 1 30% 32% 11% 8% 4% 3%0.2% 0.2% 21% 15% 5% 8% 28% 32% 1% 1% 1,065 335 245 223 236 1,039 - 200 400 600 800 1,000 2023 1Q24 2Q24 3Q24 4Q24 2024 Other Carbon dioxide Carbon black Sulfur Propylene and Derivatives Aromatics and Derivatives Ethane Derivatives Methane Derivatives 1. Includes crude butadiene, polyethylene waxes, CPDI, petrochemical specialties, heptane, hexane, hydrogen, isopentanes, pyrolysis liquids, nitrogen, oxygen, pentanes and byproducts of polyethylene. 2. Includes ammonia and methanol. • Production of carbon dioxide feedstocks increased by 30 Mt, as a result of the start of production at the ammonia unit VII of the Cosoleacaque petrochemical complex. • The production of methane derivatives increased by 11 Mt, mainly due to the extended operating time of the methanol unit no. 2 of the Independencia petrochemical complex.
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Deer Park refinery results 26 • Operational indicators remain stable compared to recent results. • Financial balance is neutral at the end of the fiscal year, marking the third consecutive year without debt. The net result is explained by the accelerated amortization of strategic decisions. • The solid performance in process safety contrasts with personal safety results falling below expectations. This has been the main focus of the last quarter. 97 91 -149 -377 -328 954 581 -118 250 274 242 262 244 277 259 272 226 258 240 248 225 251 239 256 0 50 100 150 200 250 300 -500 0 500 1,000 1,500 2017 2018 2019 2020 2021 2022 2023 2024 PEMEX managementUSD million Net Income kbd Crude runs Transportation fuels production, gasoline, diesel and jet fuel EBITDA, MMUS$ 322 331 95 -121 -80 1,306 822 145 Debt, MMUS$ 539 493 909 1,133 1,499 0 0 0 Utilization, % 77.6 84.7 75.7 78.5 72.4 79.8 80.0 80.1 Availability, % 89.1 96.3 90.8 93.6 92.9 91.3 92.3 90.5 Unplanned downtime, % 8.02 3.66 3.57 5.90 4.82 3.43 5.70 6.5
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Key Highlights
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 28 Financial Strategy Defined in coordination with the Ministry of Finance and Public Credit and the Ministry of Energy Continuity of support from the Federal Government Definition of financial mechanisms to address debt commitments Use PEMEX's debt ceiling to take advantage of the best financing conditions from the Federal Government Payment to suppliers and contractors Continue strengthening the ESG strategy Modification of the tax regime applicable to PEMEX
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2025. D.R. Petróleos Mexicanos. All the rights reserved. Q&A
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2025. D.R. Petróleos Mexicanos. All the rights reserved. 30 Q&A To ask questions by phone press asterisk + 11 (*11) and wait for the operator to announce your name, to withdraw the question press asterisk + 11 (*11) again. If you are connected via webcast, you can ask the question through the platform. Jorge Alberto Aguilar Corporate Director of Planning, Coordination and Performance Martha Agiss Chief Financial Officer at P.M.I. International Trade Néstor Martínez General Director at Pemex Exploration & Production Marco Antonio Gomez Deputy Director of Evaluation and Regulatory Compliance at Pemex Industrial Transformation Juan Carlos Carpio Chief Financial Officer
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2025. D.R. Petróleos Mexicanos. All the rights reserved. INVESTOR RELATIONS (+52) 55 9126 2940 ri@pemex.com www.pemex.com/en/investors