UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2014

Commission File Number 0-99

PETRÓLEOS MEXICANOS

(Exact name of registrant as specified in its charter)

MEXICAN PETROLEUM

(Translation of registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

Avenida Marina Nacional No. 329

Colonia Petróleos Mexicanos

México, D.F. 11311

México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes  ¨            No   x

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨            No   x

April 30, 2014

Financial Results of Petróleos Mexicanos, Subsidiary Entities and Subsidiary

Companies as of March 31, 2014¹

First Quarter	2013			2014						2014
(Jan.-Mar.)	(MXN billion)						Variation			(USD billion)				Highlights
Total Sales		396.3			406.9			2.7	%		31.1		g	Total hydrocarbons production averaged 3.6 MMboe, crude oil production decreased by 2.1% and natural gas production increased by 1.9%.
Gross Income		192.4			196.6			2.2	%		15.0		g	Higher production of petroleum products with greater value added and petrochemicals.
Operating Income		201.5			181.2			-10.1	%		13.8		g	The average price of the Mexican crude oil basket decreased by 12.1%, from USD 104.72 to USD 92.10.
Income before Taxes and Duties		219.8			174.2			-20.8	%		13.3		g	The average price of regular gasoline in the U.S. Gulf of Mexico decreased by 2.4%, from U.S.¢280.12 to U.S.¢273.40.
Taxes and Duties		224.2			210.1			-6.3	%		16.1		g	Taxes and duties represented almost 121% over income before taxes and duties.
Net Income (Loss)		(4.4	)		(36.0	)					(2.7	)	g	EBITDA amounted to MXN 249.4 billion (USD 19.1 billion).

Acronyms used: thousand barrels per day (Mbd), million barrels of oil equivalent (MMboe), million cubic feet per day (MMcfd), thousand tons (Mt).

Uses and Sources as of March 31, 2014

(MXN million)

(1) Before taxes.

(2) Excludes Financed Public Works Contract Program.

(3) Includes change of cash effect of MXN 490 million and of MXN 1,810 million due to adjustments in equity increases made by the Federal Government.

¹  PEMEX is providing this report to publish its preliminary financial and operational results for the first quarter of 2014. PEMEX encourages the reader to analyze this report together with the information provided in the Annexes hereto and the transcript of PEMEX’s conference call announcing its first quarter results. All comparisons are made against the same period of the previous year unless otherwise specified. This call is to take place on April 30, 2014. Annexes, transcripts and relevant documents related to this call can be found at www.ri.pemex.com.

PEMEX

Operating Results

PEMEX

Main Statistics of Production

	First quarter (Jan.-Mar.)
	2013		2014		Change
Upstream
Total hydrocarbons (Mboed)		3,689		3,643		-1.3	%	(46	)
Liquid hydrocarbons (Mbd)		2,582		2,537		-1.8	%	(45	)
Crude oil (Mbd)		2,544		2,492		-2.1	%	(52	)
Condensates (Mbd)		38		45		18.4	%	7
Natural gas (MMcfd)(1)		6,463		6,522		0.9	%	59
Downstream
Dry gas from plants (MMcfd)(2)		3,759		3,671		-2.3	%	(88	)
Natural gas liquids (Mbd)		361		369		2.1	%	8
Petroleum products (Mbd)(3)		1,379		1,330		-3.5	%	(49	)
Petrochemical products (Mt)		1,282		1,441		12.4	%	159

(1) Includes nitrogen.

(2) Does not include dry gas produced by Pemex-Refining and used as fuel by this subsidiary entity.

(3) Includes LPG from Pemex-Gas and Basic Petrochemicals, Pemex-Exploration and Production and Pemex-Refining.

Upstream 1Q14

Crude Oil Production

During the first quarter of 2014, total crude oil production averaged 2,492 Mbd, a 2.1% decrease as compared to the same period of 2013. This variation was primarily due to: •     a 3.7% decrease in the production of heavy crude oil due to an increase in the fractional water flow of wells and a natural decline in production at the fields of the Cantarell business unit in the Northeastern Marine region; and •     a 4.4% decrease in production of extra-light crude oil, primarily due to a natural decline in production at the Crudo Ligero Marino project in the Southwestern Marine region, as well as an increase in the fractional water flow of wells of the Pijije and Sen fields in the Delta del Grijalva project, located in the Southern region. This decrease was partially offset by a 1.5% increase in light crude oil production at the Kuil, Onel, Chuhuk and Tsimin fields in the Southwestern Marine region, at the Kambesah field in the Northeastern Marine region, at the Artesa field of the Southern region, and at the Gasífero and Bedel fields in the Northern region. Altogether, this group of fields reached an average production of 200 Mbd by the end of the first quarter of 2014.

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PEMEX

Crude Oil Production (Mbd)	Crude Oil Production by Region 1Q14

Crude Oil Production by Field

(Mbd)

Natural Gas Production During the first quarter of 2014, natural gas production increased by 1.9%², as compared to the same quarter of 2013, primarily as a result of a 10.8% increase in associated gas production at the Ku-Maloob-Zaap and Cantarell business units in the Northeastern Marine region, and at the Litoral de Tabasco and Abkatún-Pol-Chuc business units in the Southwestern Marine region.   This increase was partially offset by a 15.8% decline in non-associated gas production during the period caused by a scheduled reduction in drilling activities and the completion of wells at the Veracruz and Burgos Assets in the Northern region.

²  Does not include nitrogen.

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PEMEX

Natural Gas Production

(MMcfd)

Natural Gas Production by Asset (MMcfd)	Natural Gas Production by Type of Field 1Q14

Gas Flaring	During the first quarter of 2014, gas flaring increased by 92 MMcfd, primarily due to:
	•   scheduled maintenance of compression equipment on rigs located in the Northeastern Marine region; and
	•   non-scheduled shutdowns of compression equipment in the Southwestern Marine region in February.
	As a result, the natural gas use as a percentage of production was 97.0% during the first quarter of 2014.

Gas Flaring

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PEMEX

Operational Infrastructure	During the first quarter of 2014:
	•   the average number of operating wells totaled 9,725, a 2.6% decrease as compared to the average number of operating wells for the same quarter of 2013; and
	•   the completion of wells decreased to 135 wells in the first quarter of 2014 from 259 wells in the same period of 2013, a 47.9% decrease, due to a scheduled reduction of activities at the Aceite Terciario del Golfo (ATG) and Burgos business units in the Northern region; and
	•   six exploratory wells were completed during the first quarter of 2014, an increase of two wells as compared to the same period of 2013, primarily due to an increase in activities at the Exploración Cuencas del Sureste Marino and Aguas Profundas Sur business units.

Average Number of Operating Wells	Average Operating Wells by Type of Field 1Q14

Completed Wells

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PEMEX

Average Number of Operating Drilling Rigs

Average Drilling Rigs by Type

1Q14

Seismic Information During the first quarter of 2014, PEMEX acquired additional 2D seismic data by focusing its two-dimensional acquisition efforts on the Loma Bonita Veracruz and Zapatero Pénjamo studies.   In addition, PEMEX focused its 3D seismic data acquisition efforts on the Anhélido and Centauro 3D studies, the latter aimed at identifying new exploratory opportunities in the Perdido Folded Belt.

Seismic Information

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PEMEX

Upstream Projects

Round Zero During the first quarter of 2014, PEMEX requested Round Zero assignments in order to retain enough resources to maintain our current production levels and provide sufficient exploration opportunities to increase our production and organic growth in the future.

2P Reserves MMMboe 100% = 24.8	3P Reserves MMMboe 100% = 43.8	Total Prospective Resources MMMboe

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PEMEX

Downstream 1Q14

Crude Oil Processing	During the first quarter of 2014, total crude oil processing decreased by 6.4%, as compared to the same period of 2013, primarily due to: •     scheduled maintenance cycles; and •     non-scheduled overhaul works. The ratio of heavy crude oil to total crude oil processed by the National Refining System (NRS) increased by 3.7 percentage points, as part of an effort to take advantage of highly specialized equipment to convert residuals and maximize the output of gasoline and distillates. PEMEX’s usage of its primary distillation capacity decreased by 4.1 percentage points, due to scheduled maintenance cycles, as well as non-scheduled overhaul projects.
	Crude Oil Processing (Mbd)
Production of Petroleum Products	During the first quarter of 2014, total petroleum products output decreased by 3.5%, as compared to the same period of 2013, due to an decrease in crude oil processing. Nevertheless, the production of gasoline was slightly higher, as compared to the same period of 2013, while fuel oil production, which is an output with a lower added value, continued to record a downward trend.
	Petroleum Products Production (Mbd)

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PEMEX

Variable Refining Margin	During the first quarter of 2014, PEMEX’s NRS recorded a positive variable refining margin of USD 3.34 per barrel, USD 2.06 per barrel above the margin recorded during the first quarter of 2013. This increase was primarily due to an increase in production of gasoline and a recovery of international refining margins during the period.
	Variable Refining Margin (USD /b)
Natural Gas Processing and Production	During the first quarter of 2014, natural gas processing decreased by 2.2%, in response to the decreased availability of sweet wet gas from the Northern region. As a result, dry gas production decreased by 2.3%, or 88 MMcfd. Condensates processing increased by 18.0%, as compared to the first quarter of 2013, due to an increase in the supply of sweet condensates in the Northern region, as well as to increased availability of sour condensates in the Marine regions.
	Natural Gas Processing (MMcfd)

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PEMEX

	Dry Gas and Natural Gas Liquids Production
Petrochemicals Production	During the first quarter of 2014, the production of petrochemical products increased by 12.4%, or 159 Mt, as compared to the same period of 2013, primarily due to the following: •     an 82 Mt increase in production in the aromatics and derivatives chain due to the stabilization of the continuous catalytic regeneration (CCR) plant and regularized operations of plants involved in the production of aromatics at the Cangrejera complex. The increase in production in this chain also resulted in an increase in production of other petrochemicals, high octane, toluene and xylene; •     a 13 Mt increase in production in the methane derivatives chain due to an increased availability of natural gas, which increased the output of carbon dioxide and methanol; and •     a 30 Mt increase in production in the propylene and derivatives chain, due to greater production of propylene and to the stabilization of the acrylonitrile producer plant. This increase was partially offset by a 24 Mt decrease in production in the ethane derivatives chain, mainly due to the fact that production of vinyl chloride was transferred to the joint venture between Pemex- Petrochemicals and Petroquímica Mexicana de Vinilo, S.A. de C.V. in September 2013, and is no longer on our records. Moreover, lower volumes of low and high density polyethylene were recorded due to non-scheduled shutdowns.
	Petrochemicals Production (Mt)

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PEMEX

Downstream Projects

Sulfur Recovery Unit (SRU-2)	On February 20, 2014, a sulfur recovery unit was launched at the Salamanca refinery. This unit will allow the recovery of liquid sulfur resulting from the refinery’s operating processes, thereby decreasing the emissions of polluting gases. The SRU-2 plant is one of only nine plants in the world with this kind of reactors and state-of-the-art technology which guarantees a high degree of reliability, performance and operational safety. Startup operations of this plant will increase sulfur recovery by 5 tons per day until it reaches a total of 99.8%. The additional sulfur production will be used for industrial purposes, primarily in the elaboration of paint.
Clean Fuels Program	On February 26, 2014, the Board of Director of Petróleos Mexicanos approved the Clean Fuels Program project to be carried out at the Madero, Mianatitlán, Salamanca, Salina Cruz and Tula refineries. The project investment is expected to total USD 3.4 billion, and its main goal is to produce ultra-low sulfur (ULS) at these refineries. The project involves:
	•      the construction of four hydro-desulphurization plants at the Madero, Minatitlán and Salamanca refineries;
	•      a major modernization of four plants in Salina Cruz and Tula;
	•      a moderate renewal of eight plants in the Salamanca, Salina Cruz and Tula refineries;
	•      a minor modernization of two plants in the Madero and Minatitlán refineries; and
	•      the construction of complimentary plants for all refineries.
Second Stage of Los Ramones Gas Project	On March 27, 2014, works began at the “Los Ramones” gas project (2nd stage), which will be comprised of two routes: •      Ramones Norte:
	•      this stretch covers 441 km, from Los Ramones, Nuevo León to Villa Hidalgo, San Luis Potosí and contains two compression stations.
	•      Ramones Sur:
	•      this stretch covers 287 km, from Villa Hidalgo to Apaseo el Alto, Guanajuato, and contains one compression station.
	The 1st stage, which already began works, will run across Camargo, Tamaulipas and Los Ramones, Nuevo Léon.
Modernization of the Maritime Fleet	On March 31, 2014, two new double-hull tankers, the Kukulcán and Calakmul, began operations. These tankers will distribute fuel along the coasts of the Gulf of Mexico and Pacific Ocean. The addition of these two tankers along with four other similar vessels that began operations during 2013 has modernized PEMEX’s maritime fleet, and will thereby facilitate compliance with distribution programs of petroleum products across Mexico’s coastal waters.
Infrastructure Modernization	On April 1, 2014, Petróleos Mexicanos put in place infrastructure modernization works in order to increase transportation capacity of gasoline and gas from the Gulf of Mexico to the Pacific Ocean by:
	•      restoring a 12-inch gas pipeline that runs from Jaltipan, Veracruz to the Salina Cruz refinery in Oaxaca, which will help decrease production costs of refined products by replacing the use of diesel with gas, which will also positively impact the environment; and
	•      modernizing the turbines at the pumping station in Donají, Oaxaca. This will increase the transportation of gasoline from the Minatilán refinery to the Salina Cruz refinery through a 16-inch pipeline of 248 km. The Transportation capacity will increase from 55 Mbd to 100 Mbd.
	These actions represent a competitive advantage due to lower transportation and production costs of petroleum products from the Minatitlán refinery.

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PEMEX

Transisthmian Corridor

On April 10, 2014, Petróleos Mexicanos submitted its Commercialization Strategy in the Pacific Markets Transisthmian Energy Corridor, which contemplates taking advantage of Mexico’s geographic location, the installed petroleum infrastructure in the southeastern portion of the country and of the production of hydrocarbons in the Gulf of Mexico to participate in Central American markets, as well as those of South America and Asia. Currently, Petróleos Mexicanos contains maritime terminals in Pajaritos, Veracruz and in Salina Cruz, Oaxaca, on both coasts of the isthmus of Tehuantepec. However, PEMEX will likely require additional transportation and storage infrastructure, including the construction of natural gas, propane and naphtha pipelines. Pemex - Gas & Basic Petrochemical plans to seek an appropriate business partnership arrangement to construct the additional infrastructure required.

Gas Stations

As of March 31, 2014, a total of 10,535 gas stations have been recorded, an increase by 1.14%, as compared to the same period of 2013.

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PEMEX

Financial Results

PEMEX

Consolidated Income Statement

	First quarter (Jan.-Mar.)
	2013			2014			Change					2014
	(MXN million)											(USD million)
Total sales		396,254			406,934			2.7	%	10,680			31,102
Domestic sales		214,019			231,044			8.0	%	17,025			17,659
Exports		180,000			173,191			-3.8	%	(6,809	)		13,237
Services income		2,236			2,699			20.7	%	463			206
Cost of sales		203,842			210,332			3.2	%	6,489			16,076
Gross income		192,412			196,603			2.2	%	4,190			15,027
Other revenues (expenses)		40,574			17,178			-57.7	%	(23,396	)		1,313
IEPS accrued		34,486			15,905			-53.9	%	(18,581	)		1,216
Other		6,088			1,273			-79.1	%	(4,815	)		97
Transportation and distribution expenses		7,583			7,328			-3.4	%	(255	)		560
Administrative expenses		23,885			25,284			5.9	%	1,399			1,932
Operating income (loss)		201,517			181,169			-10.1	%	(20,349	)		13,847
Total interest expense		(17,387	)		(13,088	)		24.7	%	4,299			(1,000	)
Total interest income		3,317			5,023			51.5	%	1,707			384
Foreign exchange profit (loss)		32,577			(87	)		-100.3	%	(32,665	)		(7	)
Profit sharing in non-consolidated subsidiaries and affiliates		(238	)		1,135			576.8	%	1,373			87
Income before taxes and duties		219,786			174,152			-20.8	%	(45,634	)		13,311
Taxes and duties		224,174			210,105			-6.3	%	(14,069	)		16,059
Duties over hydrocarbon extraction and other		221,978			207,676			-6.4	%	(14,302	)		15,873
Oil income tax		1,066			1,545			44.9	%	479			118
Income tax and other		1,129			884			-21.7	%	(245	)		68
Net income (loss)		(4,388	)		(35,953	)		-719.3	%	(31,565	)		(2,748	)
Other comprehensive results		(3,639	)		(2	)		100.0	%	3,637			(0	)
Investment in equity securities		271			160			-40.9	%	(111	)		12
Conversion effect		(3,909	)		(162	)		95.9	%	3,748			(12	)
Comprehensive income (loss)		(8,027	)		(35,955	)		-347.9	%	(27,928	)		(2,748	)

Sales During the first quarter of 2014, total sales increased by 2.7% or MXN 10.7 billion, as compared to the same quarter of 2013, primarily as a result of:   •     an 8.8%, or MXN 8.3 billion increase in domestic sales of gasoline, excluding the accrued amount of IEPS³ credit⁴; and   •     a 47.0%, or MXN 7.0 billion increase in domestic sales of gas, mainly due to a 77.0% rise in its price.

³  Special Tax on Production and Services (IEPS).

⁴  Including the accrued amount of IEPS credit, domestic sales of gasoline recorded an 8.0% decrease, primarily as a result of a 2.4% decrease in the average price of regular gasoline in the U.S. Gulf of Mexico, from USD ¢280.12 to USD ¢273.40.

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PEMEX

	These increases were partially offset by: •        a 49.7%, or MXN 8.2 billion decrease in fuel oil domestic sales, primarily due to a 50.8% reduction in sales volume; and •        a 3.8%, or MXN 6.8 billion pesos decrease in exports, mainly due to a 12.1% decline in the average price of the Mexican crude oil basket, from USD 104.72 per barrel in the first quarter of 2013, to USD 92.10 per barrel in the same period of 2014. As well as by a 1.1% decrease in the volume of crude oil exports, amounting to 1,191 Mbd.
Sales Evolution (MXN million)

Exports (MXN million)	Crude Exports by Region 1Q14

Domestic Sales including IEPS Credit (MXN million)	Domestic Sales of Petroleum Products 1Q14

Cost of Sales & Operating Expenses A 3.2%, or MXN 6.5 billion increase in cost of sales was recorded during the first quarter of 2014, as compared to the same period of 2013, primarily due to a 9.3% or MXN 8.5 billion increase in purchases for resale, primarily due to higher prices of natural gas.

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PEMEX

	The previous was partially offset by a 23.6%, or MXN 7.3 billion decrease in operating expenses, mainly due to a decline in provision for liabilities. In addition, distribution and transportation expenses decreased by 3.4%, or MXN 0.3 billion, while administrative expenses increased by 5.9%, or MXN 1.4 billion. During the first quarter of 2014, the net cost of employee benefits recorded under cost of sales and under general expenses decreased by 3.7%, or MXN 1.1 billion, due to adjustments to the actuarial calculation method.
	Evolution of Gross Income (MXN million)
Other Revenues (expenses)	The sum of other revenues and expenses during the first quarter of 2014 represented a MXN 17.2 billion revenue, as compared to revenues for MXN 40.6 billion during the same period of 2013. This variation was primarily due to an MXN 18.6 billion decrease in the accrued amount of IEPS credit.
	Evolution of Operating Income (Loss) (MXN million)
Interest Income & Interest Expense	During the first quarter of 2014, interest expenses decreased by 24.7%, due to a MXN 6.5 billion reduction in financial derivative costs, while interest income increased by 51.5%, due to a MXN 1.9 billion increase in financial derivatives income.

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PEMEX

Exchange Rate Variation	In addition, PEMEX recorded a foreign exchange loss of MXN 87 billion during the first quarter of 2014, as compared to a foreign exchange gain of MXN 32.6 billion during the same period of 2013. The Mexican peso recorded a 0.1% depreciation against the U.S. dollar during the first quarter of 2014, as compared to the 5.0% peso appreciation recorded during the same quarter of 2013.
Taxes and Duties	During the first quarter of 2014, taxes and duties paid decreased by 6.3%, or MXN 14.1 billion, primarily due to a decrease in the price of the Mexican crude oil basket, as well as lower production volumes. Nevertheless, the ratio of taxes and duties paid over income before taxes and duties increased from 102.0% during the first quarter of 2013, to 120.6% during the same period of 2014.

Evolution of Taxes and Duties (MXN million)	Taxes and Duties (MXN million)

Net Income (Loss) During the first quarter of 2014, PEMEX recorded a net loss of MXN 36.0 billion. This was primarily due to:   •     a 12.1% decrease in the price of the Mexican crude oil basket; and   •     a 2.4% decrease in the price of regular gasoline in the U.S. Gulf of Mexico, which directly affected PEMEX’s gasoline sale price; and   •     an 18.6 percentage points increase in taxes and duties paid over income before taxes and duties.

Evolution of Net (Loss) Income 1Q13 vs 1Q14

(MXN million)

(1) Profit (loss) sharing in non-consolidated subsidiaries, affiliates and others.

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PEMEX

Comprehensive Income (loss) During the first quarter of 2014, comprehensive loss totaled MXN 36.0 billion, as compared to an MXN 8.0 billion comprehensive loss recorded during the same period of 2013. Other comprehensive results decreased by MXN 3.6 billion due to the effect caused by profit sharing from non-consolidated subsidiary companies.

Consolidated Balance Sheet as of March 31, 2014

PEMEX

Consolidated Balance Sheet

	As of March 31,			As of March 31,
	2013			2014			Change					2014
	(MXN million)											(USD million)
Total assets		2,047,390			2,051,440			0.2	%	4,050			156,794
Current assets		266,914			267,732			0.3	%	818			20,463
Cash and cash equivalents		80,746			83,172			3.0	%	2,426			6,357
Accounts, notes receivable and other		122,512			131,395			7.3	%	8,883			10,043
Inventories		56,914			46,108			-19.0	%	(10,806	)		3,524
Derivative financial instruments		6,742			7,056			4.7	%	315			539
Investment in equity securities		17,729			18,377			3.7	%	649			1,405
Permanent investment in shares of associates		16,780			17,755			5.8	%	975			1,357
Property, plant and equipment		1,721,579			1,718,830			-0.2	%	(2,749	)		131,372
Deferred taxes		2,493			1,317			-47.2	%	(1,176	)		101
Restricted cash		7,702			9,538			23.8	%	1,836			729
Other assets		14,195			17,891			26.0	%	3,697			1,367
Total liabilities		2,232,637			2,270,832			1.7	%	38,195			173,562
Current liabilities		259,191			250,331			-3.4	%	(8,860	)		19,133
Short-term debt		90,677			120,796			33.2	%	30,119			9,233
Suppliers		106,745			61,019			-42.8	%	(45,727	)		4,664
Accounts and accrued expenses payable		14,195			11,183			-21.2	%	(3,012	)		855
Financial Instruments		6,284			5,182			-17.5	%	(1,102	)		396
Taxes and duties payable		41,289			52,152			26.3	%	10,862			3,986
Long-term liabilities		1,973,446			2,020,500			2.4	%	47,054			154,429
Long-term debt		750,563			787,308			4.9	%	36,744			60,175
Employee benefits		1,119,208			1,130,054			1.0	%	10,846			86,371
Provision for diverse credits		69,209			69,835			0.9	%	625			5,338
Other liabilities		7,406			8,534			15.2	%	1,128			652
Deferred taxes		27,060			24,770			-8.5	%	(2,290	)		1,893
Total equity		(185,247	)		(219,392	)		18.4	%	(34,145	)		(16,768	)
Holding		(185,751	)		(219,826	)		18.3	%	(34,075	)		(16,802	)
Certificates of contribution “A”		114,605			114,605			0.0	%	—			8,759
Federal Government Contributions		115,314			117,123			1.6	%	1,810			8,952
Legal Reserve		1,002			1,002			0.0	%	0			77
Comprehensive accumulated results		(129,066	)		(129,068	)		0.0	%	(3	)		(9,865	)
Retained earnings (accumulated losses)		(287,606	)		(323,488	)		12.5	%	(35,883	)		(24,725	)
From prior years		(117,740	)		(287,606	)		144.3	%	(169,866	)		(21,982	)
For the year		(169,866	)		(35,883	)		-78.9	%	133,983			(2,743	)
Participation of non-holding entities		504			434			-13.8	%	(70	)		33
Total liabilities and equity		2,047,390			2,051,440			0.2	%	4,050			156,794

PEMEX Results Report as of March 31, 2014	17 / 23
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PEMEX

Working Capital As of March 31, 2014, working capital was MXN 17.4 billion, primarily as a result of a decrease of MXN 8.9 billion in current liabilities, primarily due to a MXN 45.7 billion reduction in suppliers, which was partially offset by a MXN 30.1 billion increase in short-term debt.

Working Capital 1Q14

(MXN million)

Debt Total debt increased by 1.7%, or MXN 38.2 billion, due to financing activities carried out for investment projects.

Debt

(MXN million)

1) Excludes Finance Public Works Contracts Program.

2) Includes accrued interests, fees and charges for debt issuance, loss under par, Finance Public Works Contracts Program and amortized cost.

PEMEX Results Report as of March 31, 2014	18 / 23
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PEMEX

Debt exposure as of March 31, 2014

By currency   By rate  

Average Life

(years)

Investment Activities

Activity 1Q14	During the first quarter of 2014, PEMEX spent MXN 97.6 billion in investment activities, which represents 27.3% of the total investment of MXN 357.5 billion that are scheduled for the year. These investments were allocated as follows: •     MXN 85.0 billion to Pemex-Exploration and Production5, MXN 11.3 billion of which were allocated to exploration; •     MXN 9.5 billion to Pemex-Refining; •     MXN 2.0 billion to Pemex-Gas and Basic Petrochemicals; •     MXN 0.6 billion to Petróleos Mexicanos Corporate; and •     MXN 0.5 billion to Pemex-Petrochemicals.
Financing Activities
Financial Markets	•     On January 23, 2014, Petróleos Mexicanos issued the following four series of securities for an aggregate amount of USD 4.0 billion: i)       USD 500 million of its 3.125% Notes due on 2019; ii)     a reopening of USD 500 million of its 4.875% Notes, due on January 18, 2024; and iii)    USD 3.0 billion of its 6.375% Notes, due 2045. Total demand was approximately ten times the original amount announced to be issued of USD 3.0 billion, representing an all-time record demand from the international markets.

⁵  Includes maintenance expenditures.

PEMEX Results Report as of March 31, 2014	19 / 23
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PEMEX

	•    On January 30, 2014, Petróleos Mexicanos issued MXN 12.5 billion of its Certificados Bursátiles as follows: i)       MXN 3.5 billion, denominated in UDIs (Investment Units) due in 2026, at a 3.94% rate; ii)     a reopening of MXN 2.0 billion due on February 28, 2019 , at 28 days floating TIIE rate plus six basis points; and iii)    a reopening of MXN 7.5 billion due on September 12, 2024, at a 7.19% rate. •    On April 16, 2014, Petróleos Mexicanos issued EUR 1.0 billion of its 3.75% Notes due in 2026. Total demand was approximately six times the original amount issued, representing an all-time record demand for euros issued by Petróleos Mexicanos.
ECA	On March 21, 2014, Petróleos Mexicanos obtained a bilateral credit line from the Export Development Bank of Canada for USD 0.3 billion, which bears interest at a rate of 2.35% and matures in March 2018.
COPF	During the first quarter of 2014, no provisions were carried out through the Financed Public Works Contracts program (COPF) of Pemex-Exploration and Production.
Liquidity Management	As of March 31, 2014, USD 1.0 billion were disbursed from the syndicated revolving credit lines that are available to PEMEX for USD 3.3 billion.

PEMEX Results Report as of March 31, 2014	20 / 23
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PEMEX

PEMEX

Consolidated Statements of Cash Flows

	As of March 31,
	2013		2014		Change			2014
	(MXN million)							(USD million)
Operating Activities
Net income (loss)		(4,388)		(35,953)		-719.3%	(31,565)		(2,748)
Items related to investing activities		36,947		40,188		8.8%	3,241		3,072
Depreciation and amortization		36,639		37,570		2.5%	932		2,872
Unsuccessful wells		803		2,504		211.7%	1,701		191
Retirement of property, plant and equipment		61		1,249		1956.4%	1,188		95
Profit sharing in non-consolidated subsidiaries and affiliates		(238)		(1,135)		-376.8%	(897)		(87)
Effects of net present value of reserve for well abandonment		(318)		—		100.0%	318		—
Activities related to financing activities		(27,271)		10,616		138.9%	37,887		811
Amortization of primes, discounts, profits and debt issuance expenses		—		(814)		0.0%	(814)		(62)
Interest expense (income)		8,672		10,938		26.1%	2,266		836
Unrealized loss (gain) from foreign exchange fluctuations		(35,943)		493		101.4%	36,435		38
Subtotal		5,288		14,851		180.9%	9,563		1,135
Funds provided by (used in) operating activities		43,528		(33,774)		-177.6%	(77,303)		(2,581)
Financial instruments for negotiation		5,259		(1,417)		-126.9%	(6,676)		(108)
Accounts and notes receivable		(22,402)		(10,719)		52.2%	11,683		(819)
Inventories		12,534		10,806		-13.8%	(1,728)		826
Other assets		(3,480)		(6,054)		-74.0%	(2,575)		(463)
Accounts payable and accrued expenses		(795)		(3,012)		-278.9%	(2,217)		(230)
Taxes paid		15,552		10,862		-30.2%	(4,690)		830
Suppliers		18,538		(45,727)		-346.7%	(64,264)		(3,495)
Provision for diverse credits		(677)		1,754		359.2%	2,430		134
Employees benefits		19,666		10,846		-44.9%	(8,820)		829
Deferred taxes		(667)		(1,113)		-66.8%	(446)		(85)
Net cash flow from operating activities		48,816		(18,923)		-138.8%	(67,740)		(1,446)
Investing activities
Acquisition of property, plant and equipment		(47,622)		(36,070)		24.3%	11,552		(2,757)
Exploration expenses		(288)		(147)		49.0%	141		(11)
Net cash flow from investing activities		(47,910)		(36,217)		24.4%	11,693		(2,768)
Cash needs related to financing activities		906		(55,140)		-6183.1%	(56,047)		(4,214)
Financing activities
Increase of contributions from the Federal Government		—		2,000		0.0%	2,000		153
Decrease of contributions from the Federal Government		—		(190)		0.0%	(190)		(15)
Loans obtained from financial institutions		87,014		97,439		12.0%	10,425		7,447
Amortization of loans		(86,362)		(29,770)		65.5%	56,592		(2,275)
Interest paid		(8,721)		(11,422)		-31.0%	(2,701)		(873)
Net cash flow from financing activities		(8,069)		58,057		819.5%	66,126		4,437
Net Increase (decrease) in cash and cash equivalents		(7,163)		2,917		140.7%	10,079		223
Effect of change in cash value		(1,036)		(490)		52.7%	546		(37)
Cash and cash equiv. at the beginning of the period		119,235		80,746		-32.3%	(38,489)		6,171
Cash and cash equivalents at the end of the period		111,036		83,172		-25.1%	(27,864)		6,357

PEMEX Results Report as of March 31, 2014	21 / 23
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PEMEX

Other Relevant Information

Secondary Laws on the Energy Reform Decree	The secondary laws which will modify and include several provisions set forth in the Mexican Constitution regarding energy matters are expected to be discussed in an extraordinary session of the Congress between May and August 2014.
Strategic Safeguarding Deputy Direction	On March 14, 2014, the Board of Directors of Petróleos Mexicanos approved the creation of the Strategic Safeguarding Deputy Direction in order to strengthen its security policies toward protecting the company’s installations and assets. Consequently, the purview of the Physical Safety Services Office was expanded, and its name was also changed.
	Brigadier General Eduardo León Trauwitz, who was Head of the Physical Safety Services Office, has been appointed to lead the new Deputy Direction.
	The new area will have three offices: Strategy and Security and Monitoring Systems, Physical Security and Inter-Institutional Safeguarding and Logistics Linkage.
PEMEX Expo Foro	On April 22, 23 and 24, 2014, Petróleos Mexicanos carried out the 2nd Expo Foro PEMEX in order to share among students, researchers, enterprises and general public, the company’s vision in light of the challenges posed by the Energy Reform.
Corporate Procurement and Supply Direction	The Corporate Procurement and Supply Direction led by Arturo Henríquez began operations on March 11, 2014. The new division seeks to establish standard procedures on all purchases of goods, services, public works and operating leases made by Petróleos Mexicanos, in order to expedite decision making processes and generate savings.
Industrial Safety	During the first quarter of 2014, the accumulated frequency index for PEMEX personnel amounted to 0.541, which represented a 27% decrease as compared to the same period of 2013, and is 15% above the Oil & Gas Producers registered standard of 0.474. As a result, the accumulated serious-injuries index decreased 5% as compared to the first quarter of 2013.
Agreements	During the first quarter of 2014, several agreements and memorandums of understanding were signed with different companies and state governments:
	GE Energy & Gas
	On April 9, 2014, the Mexican Petroleum Institute (IMP) and General Electric (GE) Energy & Gas signed a technology collaboration agreement to improve the productivity of oil and wells both onshore and offshore.
	GDF Suez
	On April 10, 2014 PEMEX signed a memorandum of understanding with GDF Suez to develop projects focused on protecting the environment, fighting against climate change and support sustainability trough energy efficiency actions, cogeneration, water treatment and the decrease of greenhouse gas emissions, as well as the development of infrastructure to treat and transport natural gas.
	Total
	On April 10, 2014, PEMEX signed a memorandum of understanding with TOTAL, a French company, to exchange technology related to hydrocarbon exploration and production and explore future business opportunities in non-conventional fields, such as deep waters, as well as in industrial safety and workplace health.
	Government of the State of Chiapas
	On April 15, 2014, PEMEX signed a framework agreement to set collaboration mechanisms that contribute towards a comprehensive development of all the oil and gas regions in the state. The agreement comprises joint actions in matters such as safety, civil protection, environmental protection, social development, investment development projects, national content marketing, highly skilled human resources training for the oil and industry, as well as mutual benefit works and programming procedures, evaluation and accountability.

PEMEX Results Report as of March 31, 2014	22 / 23
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PEMEX

If you would like to be included in our distribution list, please access www.ri.pemex.com and then “Distribution List.”

If you would like to contact us, please call or send an email to ri@pemex.com.

Telephone:	(52 55) 1944 9700
Voice mail:	(52 55) 1944 2500 ext. 59412

Síguenos en @PEMEX_RI

Rolando Galindo Galvez	Celina Torres Uribe	David Ocañas Jasso
rolando.galindo@pemex.com	celina.torres@pemex.com	david.ocanas@pemex.com
Ana Lourdes Benavides Escobar	Mariana López Martínez	Alejandro López Mendoza
ana.lourdes.benavides@pemex.com	mariana.lopezm@pemex.com	alejandro.lopezm@pemex.com

Variations

Cumulative and quarterly variations are calculated comparing the period with the same one of the previous year; unless specified otherwise.

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) on April 30, 2013. 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 of Petróleos Mexicanos.

Foreign Exchange Conversions

Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, at March 31, 2014, of MXN 13.0837 = 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, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production’s (PEP) tax regime is governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities continue to be 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 PEMEX’s current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and Public Credit (SHCP) and the final consumer; PEMEX retains 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 credits 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

Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States Concerning Petroleum Affairs, (i) PEMEX’s reports evaluating hydrocarbon reserves shall be approved by the National Hydrocarbons Commission (NHC); and (ii) the Secretary of Energy will register and disclose Mexico’s hydrocarbon reserves based on information provided by the NHC. As of the date of this report, this process is ongoing.

As of January 1, 2012, 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 Mexican Banking and Securities Commission, 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 Comisión Nacional Bancaria y de Valores (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:

• drilling and other exploration activities;

• import and export activities; and

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

• liquidity.

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;

• limitations on our access to sources of financing on competitive terms;

• significant developments in the global economy;

• significant economic or political developments in Mexico, including developments relating to the implementation of the Energy Reform Decree;

• developments affecting the energy sector; and

• changes in our 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 PEMEX’s most recent Form 20-F filing with the SEC (www.sec.gov), and the PEMEX prospectus filed with the CNBV and available through the Mexican Stock Exchange (www.bmv.com.mx). These factors could cause actual results to differ materially from those contained in any forward-looking statement.

PEMEX

PEMEX is Mexico’s national oil and gas company. Created in 1938, it is the exclusive 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 principal subsidiary company is PMI Comercio Internacional, S.A. de C.V., Pemex’s international trading arm.

PEMEX Results Report as of March 31, 2014	23 / 23
www.pemex.com

Annexes

PEMEX

Main Statistics of Production

	First quarter (Jan.-Mar.)
	2013		2014		Change
Upstream
Total hydrocarbons (Mboed)		3,689		3,643		-1.3	%	(46	)
Liquid hydrocarbons (Mbd)		2,582		2,537		-1.8	%	(45	)
Crude oil (Mbd)		2,544		2,492		-2.1	%	(52	)
Condensates (Mbd)		38		45		18.4	%	7
Natural gas (MMcfd)(1)		6,463		6,522		0.9	%	59
Downstream
Dry gas from plants (MMcfd)(2)		3,759		3,671		-2.3	%	(88	)
Natural gas liquids (Mbd)		361		369		2.1	%	8
Petroleum products (Mbd)(3)		1,379		1,330		-3.5	%	(49	)
Petrochemical products (Mt)		1,282		1,441		12.4	%	159

(1) Includes nitrogen.

(2) Does not include dry gas produced by Pemex-Refining and used as fuel by this subsidiary entity.

(3) Includes LPG from Pemex-Gas and Basic Petrochemicals, Pemex-Exploration and Production and Pemex-Refining.

PEMEX

Crude Oil Production by Type

	First quarter (Jan.-Mar.)
	2013			2014			Change
Crude Oil (Mbd)		2,544			2,492			-2.1	%	(52	)
Heavy		1,374			1,323			-3.7	%	(51	)
Light		844			857			1.5	%	13
Extra-light		326			311			-4.4	%	(14	)
Offshore Crude Oil / Total		74.3	%		75.4	%

PEMEX Preliminary Results as of March 31, 2014	1 / 21
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PEMEX

PEMEX

Crude Oil Production by Asset

	2010		2011		2012								2013								2014
					1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q
											(Mbd)
Total		2,577		2,573		2,560		2,528		2,550		2,540		2,545		2,546		2,561		2,544		2,516		2,506		2,523		2,492
Northeastern Marine Region		1,397		1,365		1,357		1,324		1,325		1,305		1,314		1,313		1,304		1,305		1,314		1,302		1,294		1,274
Cantarell		558		523		517		495		469		455		453		460		449		446		445		443		426		414
Ku-Maloob-Zaap		839		842		841		830		856		850		861		854		855		859		869		859		868		860
Southwestern Marine Region		544		556		555		554		577		583		582		586		591		586		581		595		608		604
Abkatún-Pol Chuc		296		295		277		265		269		264		258		269		275		281		288		299		306		300
Litoral de Tabasco		248		261		278		290		308		319		324		317		317		305		293		296		303		304
Southern Region		532		542		534		529		518		517		505		499		512		498		474		468		484		479
Cinco Presidentes		72		80		81		84		89		93		94		97		100		96		91		92		94		93
Bellota-Jujo		160		152		148		139		134		132		130		129		131		132		132		133		139		131
Macuspana-Muspac(1)		82		82		81		82		79		76		74		76		80		81		80		80		83		84
Samaria-Luna		218		228		223		224		216		216		207		196		201		190		170		163		168		171
Northern Region		104		110		114		121		130		136		143		148		154		155		146		142		137		133
Burgos		1		1		2		3		4		4		5		5		6		7		7		8		9		10
Poza Rica-Altamira		57		59		60		60		61		65		68		69		69		66		63		60		58		58
Aceite Terciario del Golfo(2)		41		46		49		54		62		64		67		69		74		74		67		63		60		54
Veracruz		5		4		3		3		3		3		3		4		5		8		9		10		10		11

(1) The Macuspana-Muspac Asset was created in August 2011 and designated as a separate Asset in 2012.

(2) The Aceite Terciario del Golfo Asset was created in 2008, when the fields that comprise it were divested from the Poza Rica-Altamira Asset.

PEMEX

Natural Gas Production and Gas Flaring

	First quarter (Jan.-Mar.)
	2013			2014			Change
Total (MMcfd)(1)		5,769			5,881			1.9	%	112
Associated		3,855			4,270			10.8	%	415
Non-associated		1,914			1,612			-15.8	%	(303	)
Natural gas flaring (MMcfd)		85			177			108.4	%	92
Gas flaring / total		1.5	%		3.0	%

(1) Does not include nitrogen.

PEMEX Preliminary Results as of March 31, 2014	2 / 21
www.pemex.com

PEMEX

PEMEX

Natural Gas Production by Asset

	2010		2011								2012								2013								2014
			1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q
											(MMcfd)
Total(1)		7,020		6,820		6,704		6,501		6,357		6,380		6,418		6,378		6,363		6,463		6,275		6,328		6,416		6,522
Northeastern Marine Region		1,584		1,507		1,503		1,357		1,258		1,295		1,339		1,354		1,346		1,356		1,386		1,425		1,480		1,601
Cantarell		1,252		1,171		1,167		1,031		933		978		1,004		1,018		1,017		1,014		1,007		1,006		1,001		1,075
Ku-Maloob-Zaap		332		336		336		326		325		317		335		336		330		342		379		418		479		526
Southwestern Marine Region		1,172		1,234		1,220		1,199		1,181		1,210		1,223		1,263		1,341		1,308		1,289		1,313		1,397		1,425
Abkatún-Pol Chuc		594		617		576		534		510		494		503		543		555		560		571		580		606		610
Litoral Tabasco		578		616		644		665		671		716		720		720		786		748		718		733		790		815
Southern Region		1,765		1,728		1,697		1,674		1,672		1,661		1,660		1,664		1,625		1,596		1,516		1,562		1,608		1,599
Cinco Presidentes		105		117		117		118		116		117		115		115		119		120		126		134		137		151
Bellota-Jujo		306		303		293		268		289		293		302		302		293		309		308		326		334		302
Macuspana-Muspac(2)		580		569		578		577		561		550		540		545		537		528		509		497		526		517
Samaria-Luna		774		739		709		711		705		702		703		703		676		639		572		604		611		629
Northern Region		2,500		2,351		2,284		2,271		2,246		2,214		2,196		2,097		2,051		2,203		2,083		2,029		1,931		1,897
Burgos		1,478		1,368		1,328		1,344		1,337		1,313		1,314		1,243		1,208		1,377		1,309		1,264		1,199		1,191
Poza Rica-Altamira		117		114		115		117		115		118		123		119		119		112		107		117		114		110
Aceite Terciario del Golfo(3)		85		99		111		111		126		142		154		151		149		168		171		168		161		154
Veracruz		819		769		731		700		668		641		606		584		574		546		496		480		457		442
Nitrogen		683		653		767		663		640		639		743		752		700		694		717		693		661		641
Southern Region		106		105		91		88		100		106		111		109		102		85		84		99		84		89
Bellota-Jujo		46.5521		37		31		26		36		34		36		36		33		24		20		28		21		26
Samaria-Luna		59.2997		68		60		62		64		72		75		73		69		62		64		71		62		63
Northeastern Marine Region		577		548		675		575		540		533		632		643		598		609		632		594		577		552
Cantarell		577		548		675		575		540		533		632		643		598		609		632		594		577		552

(1) Includes nitrogen.

(2) The Macuspana-Muspac Asset was created in August 2011 and designated as a separate Asset in 2012.

(3) The Aceite Terciario del Golfo Asset was created in 2008; when the fields that comprise it were divested from the Poza Rica-Altamira Asset.

PEMEX

Seismic Information

	First quarter (Jan.-Mar.)
	2013		2014		Change
2D (km)		550		1,192		116.8	%	642
3D (km2)		5,374		5,707		6.2	%	333

PEMEX Preliminary Results as of March 31, 2014	3 / 21
www.pemex.com

PEMEX

PEMEX

Operating Offshore Platforms

	As of March 31,
	2013		2014		Change
Offshore platforms		234		254		8.5%	20
Storage		1		1		—	—
Compression		10		10		—	—
Control and service		1		1		—	—
Linkage		13		13		—	—
Measurement		1		1		—	—
Drilling		155		172		11.0%	17
Production		25		25		—	—
Telecommunications		6		7		0	1
Treatment and pumping		1		1		—	—
Housing		21		23		9.5%	2

PEMEX

Drilled and Operating Wells

	First quarter (Jan.-Mar.)
	2013		2014		Change
Wells Drilled		259		135		-47.9	%	(124	)
Development		255		129		-49.4	%	(126	)
Exploration		4		6		50.0	%	2
Operating Wells		9,983		9,725		-2.6	%	-258
Crude oil		6,632		6,424		-3.1	%	(208	)
Non-Associated Gas		3,350		3,301		-1.5	%	(49	)

PEMEX Preliminary Results as of March 31, 2014	4 / 21
www.pemex.com

PEMEX

PEMEX

Average Operating Drilling Rigs

	First quarter (Jan.-Mar.)
	2013		2014		Change
Total		149		102		-31.5	%	(47	)
Exploration		17		14		-17.6	%	(3	)
Development		132		88		-33.3	%	(44	)

PEMEX

Crude Oil Processing

	First quarter (Jan.-Mar.)
	2013			2014			Change
Total processed (Mbd)		1,237			1,157			-6.4	%	(79	)
Light Crude		741			651			-12.1	%	(90	)
Heavy Crude		495			506			2.1	%	11
Light Crude / Total Processed		59.9	%		56.3	%				(3.7	)
Heavy Crude / Total Processed		40.1	%		43.7	%				3.7
Use of primary distillation capacity		70.8	%		69.7	%				(1.1	)

PEMEX

Petroleum Products Production

	First quarter (Jan.-Mar.)
	2013		2014		Change
Total production (Mbd)		1,379		1,330		-3.5	%	(49	)
Automotive gasolines		425		430		1.1	%	5
Fuel oil		283		241		-14.7	%	(42	)
Diesel		303		282		-6.8	%	(20	)
LPG		207		214		3.3	%	7
Jet Fuel		63		57		-8.9	%	(6	)
Other(1)		98		105		7.4	%	7

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

Note: As of March 31, 2014 PEMEX had 10,535 service stations.

PEMEX Preliminary Results as of March 31, 2014	5 / 21
www.pemex.com

PEMEX

PEMEX

Natural Gas Processing and Production

	First quarter (Jan.-Mar.)
	2013		2014		Change
Natural Gas Processing (MMcfd)		4,481		4,384		-2.2	%	(97	)
Sour Wet Gas		3,334		3,412		2.4	%	78
Sweet Wet Gas		1,148		972		-15.3	%	(176	)
Condensates Processing (Mbd)		43		50		18.0	%	8
Production
Dry gas from plants (MMcfd)		3,759		3,671		-2.3	%	(88	)
Natural gas liquids (Mbd)		361		369		2.1	%	8

PEMEX Preliminary Results as of March 31, 2014	6 / 21
www.pemex.com

PEMEX

PEMEX

Production of Petrochemicals

	First quarter (Jan.-Mar.)
	2013		2014		Change
Total production		1,282		1,441		12.4%	159
Basic (Mt)		109		112		2.6%	3
Heptane		0.3		1		242.8%	0.7
Hexane		—		4			4
Pentanes		3		4		44.5%	1
Carbon black		100		96		-4.2%	(4	)
Butane		6		7		17.8%	1
Secondary (Mt)		1,172		1,329		13.3%	156
Methane Derivatives		347		360		3.8%	13
Ammonia		248		245		-0.9%	(2	)
Carbon dioxide		59		70		18.6%	11
Methanol		40		45		11.1%	4
Ethane Derivatives		306		282		-7.9%	(24	)
Vinyl chloride		18		—		—	(18	)
Dichloroethane		0.01		—		—	(0.01	)
Ethylene		1		0		-77.3%	(1	)
Ethylene glycol		45		40		-11.4%	(5	)
Impure glycol		0.8		0.6		-25.5%	(0.2	)
Pure monoethylene glycol		3		3		13.4%	0
Ethylene oxide		64		66		1.9%	1
High density polyethylene		49		40		-18.4%	(9	)
Low density polyethylene		73		67		-7.9%	(6	)
Linear low density polyethylene		53		66		25.8%	14
Aromatics and Derivatives		83		165		99.2%	82
Aromine 100		0		3		27	3
Benzene		0.0		0.2		448.3%	0.2
Styrene		26		33		30.9%	8
Fluxoil		0.6		1.0		74.0%	0.4
High octane hydrocarbon		31		86		180.8%	55
Toluene		12		15		21.6%	3
Xylenes		14		26		93.3%	13
Propylene and Derivatives		92		123		32.5%	30
Hydrocyanic acid		0.6		1.0		56.2%	0.4
Acrylonitrile		7		11		62.9%	4
Propylene		85		110		29.9%	25
Other		344		399		16.0%	55

Note: “Other” includes muriatic acid, butadiene, polyethylene wax, petrochemical specialities, BTX liquids, hydrogen, isohexane, pyrolysis liquids, oxygen, CPDI, sulfur, isopropyl alcohol, amorphous

PEMEX Preliminary Results as of March 31, 2014	7 / 21
www.pemex.com

PEMEX

PEMEX

Industrial Safety and Environmental Protection

	First quarter (Jan.-Mar.)
	2013		2014		Change
Frequency Index(1)		0.75		0.54		-27.6	%	(0.21	)
Severity Index(2)		20		18		-9.2	%	(2	)
Sulfur Oxide Emissions (Mt)		100		152		51.0	%	51
Reused Water / Use		0.16		0.14		-12.5	%	(0.02	)

(1) Number of lost-time injuries by MMmh risk exposure.

(2) Total days lost by MMmh risk exposure.

Note: MMmh stands for million man-hours.

PEMEX

Volume of Domestic Sales

	First quarter (Jan.-Mar.)
	2013		2014		Change
Dry natural gas (MMcfd)		3,487		3,386		-2.9	%	(101	)
Petroleum products (Mbd)		1,795		1,689		-5.9	%	(107	)
Automotive gasolines		778		766		-1.6	%	(12	)
Fuel oil		191		94		-50.8	%	(97	)
Diesel		388		377		-2.8	%	(11	)
LPG		298		299		0.4	%	1
Jet fuel		64		67		4.8	%	3
Other		76		85		11.8	%	9
Petrochemical products (Mt)		990		1,105		11.6	%	115

PEMEX Preliminary Results as of March 31, 2014	8 / 21
www.pemex.com

PEMEX

PEMEX

Volume of Exports⁽¹⁾

	First quarter (Jan.-Mar.)
	2013		2014		Change
Crude oil (Mbd)		1,203		1,191		-1.1	%	(13	)
Maya(2)		962		927		-3.6	%	(34	)
Istmo		97		169		74.0	%	72
Olmeca		144		94		-35.0	%	(51	)
Dry natural gas (MMcfd)(3)		1		5		568.4	%	3.9
Petroleum products (Mbd)		193		229		19.1	%	37
Fuel oil		76		151		99.9	%	76
LPG		0.1		—		-100.0	%	(0.1	)
Jet fuel		2		—		-100.0	%	(2	)
Naftas		76		68		-11.1	%	(9	)
Other		38		11		-72.4	%	(28	)
Petrochemical products (Mt)		111		150		36.0	%	40

(1) Transactions conducted by P.M .I.® Group.

(2) Includes Altamira.

(3) Transactions conducted by Pemex-Gas and Basic Petrochemicals.

PEMEX

Volume of Imports⁽¹⁾

	First quarter (Jan.-Mar.)
	2013		2014		Change
Dry natural gas (MMcfd)(2)		1,245		1,313		5.4	%	68
Petroleum products (Mbd)		608		629		3.5	%	21
Automotive gasolines		364		376		3.1	%	11
Fuel oil		35		7		-81.3	%	(28	)
Diesel		106		120		13.3	%	14
LPG		92		102				10
Jet fuel		3		5		69.5	%	2
Naftas		7		19		169.7	%	12
Other		0.49		0.45		-9.2	%	(0.05	)
Petrochemical products (Mt)		77		87		13.0	%	10

(1) Transactions conducted by PMI.

(2) Transactions conducted by Pemex-Gas and Basic Petrochemicals.

PEMEX Preliminary Results as of March 31, 2014	9 / 21
www.pemex.com

PEMEX

PEMEX

Average Exchange Rates and Reference Data

	First quarter (Jan.-Mar.)
	2013		2014		Change
Mexican crude oil basket (USD/b)		104.72		92.10		-12.1	%	(12.62	)
Regular gasoline in the USCGM (USD¢/gal)		280.12		273.40		-2.4	%	(6.72	)
LPG price by Decree (MXN/t)		8		9		11.2	%	1
International reference LPG (MXN/t)		8		13		69.5	%	5
Natural gas (Henry Hub)(USD/MMBtu)		2.27		4.02		77.0	%	1.75

	First quarter (Jan.-Mar.)
	2013		2014		Change
MXN per USD		12.3546		13.0837		5.9	%	0.73

PEMEX Preliminary Results as of March 31, 2014	10 / 21
www.pemex.com

PEMEX

PEMEX

Consolidated Income Statement

	First quarter (Jan.-Mar.)
	2013			2014			Change					2014
	(MXN million)											(USD million)
Total sales		396,254			406,934			2.7	%	10,680			31,102
Domestic sales		214,019			231,044			8.0	%	17,025			17,659
Exports		180,000			173,191			-3.8	%	(6,809	)		13,237
Services income		2,236			2,699			20.7	%	463			206
Cost of sales		203,842			210,332			3.2	%	6,489			16,076
Gross income		192,412			196,603			2.2	%	4,190			15,027
Other revenues (expenses)		40,574			17,178			-57.7	%	(23,396	)		1,313
IEPS accrued		34,486			15,905			-53.9	%	(18,581	)		1,216
Other		6,088			1,273			-79.1	%	(4,815	)		97
Transportation and distribution expenses		7,583			7,328			-3.4	%	(255	)		560
Administrative expenses		23,885			25,284			5.9	%	1,399			1,932
Operating income (loss)		201,517			181,169			-10.1	%	(20,349	)		13,847
Total interest expense		(17,387	)		(13,088	)		24.7	%	4,299			(1,000	)
Total interest income		3,317			5,023			51.5	%	1,707			384
Foreign exchange profit (loss)		32,577			(87	)		-100.3	%	(32,665	)		(7	)
Profit sharing in non-consolidated subsidiaries and affiliates		(238	)		1,135			576.8	%	1,373			87
Income before taxes and duties		219,786			174,152			-20.8	%	(45,634	)		13,311
Taxes and duties		224,174			210,105			-6.3	%	(14,069	)		16,059
Duties over hydrocarbon extraction and other		221,978			207,676			-6.4	%	(14,302	)		15,873
Oil income tax		1,066			1,545			44.9	%	479			118
Income tax and other		1,129			884			-21.7	%	(245	)		68
Net income (loss)		(4,388	)		(35,953	)		-719.3	%	(31,565	)		(2,748	)
Other comprehensive results		(3,639	)		(2	)		100.0	%	3,637			(0	)
Investment in equity securities		271			160			-40.9	%	(111	)		12
Conversion effect		(3,909	)		(162	)		95.9	%	3,748			(12	)
Comprehensive income (loss)		(8,027	)		(35,955	)		-347.9	%	(27,928	)		(2,748	)

PEMEX Preliminary Results as of March 31, 2014	11 / 21
www.pemex.com

PEMEX

PEMEX

Financial Ratios

	First quarter (Jan.-Mar.)
	2013			2014			Change
Cost of sales / Total revenues (including negative IEPS credit)		47.3	%		49.7	%		2.4
D&A / Operating costs & expenses		15.6	%		15.5	%		(0.1	)
Operating income / Total revenues (including negative IEPS credit)		46.8	%		42.8	%		(3.9	)
Taxes and duties / Total revenues (including negative IEPS credit)		52.0	%		49.7	%		(2.4	)
Earnings before Interest, Taxes Depreciation and Amortization (EBITDA) / Interest expense		(30.7	)		(22.7	)		8.0

PEMEX

Sales and Services Revenues

	First quarter (Jan.-Mar.)
	2013		2014		Change					2014
	(MXN million)									(USD million)
Total revenues from sales and services		396,254		406,934		2.7	%	10,680			31,102
Domestic sales (including negative IEPS recovery)		248,504		246,948		-0.6	%	(1,556	)		18,874
Domestic sales		214,019		231,044		8.0	%	17,025			17,659
Dry gas		14,929		21,939		47.0	%	7,010			1,677
Petroleum products (including negative IEPS recovery)		226,287		217,425		-3.9	%	(8,863	)		16,618
Petroleum products		191,802		201,520		5.1	%	9,718			15,402
IEPS		34,486		15,905		-53.9	%	(18,581	)		1,216
Gasolines		94,318		102,629		8.8	%	8,311			7,844
Fuel oil		16,433		8,266		-49.7	%	(8,167	)		632
Diesel		49,732		53,499		7.6	%	3,767			4,089
LPG		17,798		19,568		9.9	%	1,770			1,496
Jet fuel		9,479		9,724		2.6	%	245			743
Other		4,042		7,834		93.8	%	3,792			599
Petrochemical products		7,288		7,585		4.1	%	297			580
Exports		180,000		173,191		-3.8	%	(6,809	)		13,237
Crude oil and condensates		144,400		130,862		-9.4	%	(13,538	)		10,002
Dry gas		2		20		983.3	%	18			1
Petroleum products		19,028		20,782		9.2	%	1,754			1,588
Petrochemical products		258		225		-13.0	%	(34	)		17
Other		16,313		21,304		30.6	%	4,991			1,628
Services revenues		2,236		2,699		20.7	%	463			206

PEMEX Preliminary Results as of March 31, 2014	12 / 21
www.pemex.com

PEMEX

PEMEX

Operating Costs and Expenses

	First quarter (Jan.-Mar.)
	2013		2014		Change					2014
	(MXN million)									(USD million)
Operating costs and expenses		235,311		242,944		3.2	%	7,633			18,568
Cost of sales		203,842		210,332		3.2	%	6,489			16,076
Operating expenses		30,683		23,430		-23.6	%	(7,254	)		1,791
Purchases for resale		90,886		99,366		9.3	%	8,480			7,595
Other		82,273		87,536		6.4	%	5,263			6,690
Transportation and distribution expenses		7,583		7,328		-3.4	%	(255	)		560
Administrative expenses		23,885		25,284		5.9	%	1,399			1,932
Net cost for the period of employee benefits		30,688		29,562		-3.7	%	(1,126	)		2,259
Depreciation and amortization expenses		36,639		37,570		2.5	%	932			2,872

Note: “Other” includes depreciation, amortizations, net cost for the period of employee benefits, preservation and maintenance, exploration expenses, non-successful wells, inventories variation, subsidiary entities consolidation net effect.

PEMEX

Financing income (cost)

	First quarter (Jan.-Mar.)
	2013			2014			Change					2014
	(MXN million)											(USD million)
Total interest expense		(17,387	)		(13,088	)		24.7	%	4,299			(1,000	)
Interest expense		(8,738	)		(10,982	)		-25.7	%	(2,244	)		(839	)
(Cost) by financial derivatives		(8,649	)		(2,106	)		75.7	%	6,543			(161	)
Total interest income		3,317			5,023			51.5	%	1,707			384
Interest income		667			514			-22.9	%	(153	)		39
Income by financial derivatives		2,649			4,509			70.2	%	1,860			345

PEMEX Preliminary Results as of March 31, 2014	13 / 21
www.pemex.com

PEMEX

PEMEX

Taxes and Duties

	First quarter (Jan.-Mar.)
	2013		2014		Change					2014
	(MXN million)									(USD million)
Total Taxes and Duties		224,174		210,105		-6.3	%	(14,069	)		16,059
Hydrocarbons Extraction Duties and other		221,978		207,676		-6.4	%	(14,302	)		15,873
Ordinary Hydrocarbons Duty		186,098		175,942		-5.5	%	(10,157	)		13,447
Special Hydrocarbons Duty		1,332		780		-41.4	%	(552	)		60
Extraction of Hydrocarbons Duty		1,498		1,065		-28.9	%	(433	)		81
Duty on Regulation and Supervision in Exploration and Exploration of Hydrocarbons		99		93		-5.8	%	(6	)		7
Duty for the Fund of Scientific and Technological Research on Energy		2,145		2,020		-5.8	%	(125	)		154
Duty for Oil Monitoring		10		9		-5.8	%	(1	)		1
Hydrocarbons Duty for the Stabilization Fund		26,643		26,284		-1.3	%	(359	)		2,009
Extraordinary Duty on Crude Oil Exports		3,340		1,319		-60.5	%	(2,021	)		101
Additional Duty on Hydrocarbons		813		164		-79.9	%	(649	)		13
Crude Oil Income Tax		1,066		1,545		44.9	%	479			118
Income Tax and other		1,129		884		-21.7	%	(245	)		68

PEMEX

Selected Indices

	As of March 31,
Pemex - Exploration and Production	2013			2014			Change			2014
										(USD/boe)
Total sales / Hydrocarbons production (MXN/boe)		964.5			908.1			(56.4	)		69.4
Operating income / Hydrocarbons production (MXN/boe)		712.8			641.4			(71.3	)		49.0
Net income / Hydrocarbons production (MXN/boe)		97.4			(16.2	)		(113.7	)		(1.2	)
Taxes and duties / Operating income (%)		93.8	%		98.7	%		5.0

PEMEX Preliminary Results as of March 31, 2014	14 / 21
www.pemex.com

PEMEX

PEMEX

Consolidated Balance Sheet

	As of March 31,			As of March 31,
	2013			2014			Change					2014
	(MXN million)											(USD million)
Total assets		2,047,390			2,051,440			0.2	%	4,050			156,794
Current assets		266,914			267,732			0.3	%	818			20,463
Cash and cash equivalents		80,746			83,172			3.0	%	2,426			6,357
Accounts, notes receivable and other		122,512			131,395			7.3	%	8,883			10,043
Inventories		56,914			46,108			-19.0	%	(10,806	)		3,524
Derivative financial instruments		6,742			7,056			4.7	%	315			539
Investment in equity securities		17,729			18,377			3.7	%	649			1,405
Permanent investment in shares of associates		16,780			17,755			5.8	%	975			1,357
Property, plant and equipment		1,721,579			1,718,830			-0.2	%	(2,749	)		131,372
Deferred taxes		2,493			1,317			-47.2	%	(1,176	)		101
Restricted cash		7,702			9,538			23.8	%	1,836			729
Other assets		14,195			17,891			26.0	%	3,697			1,367
Total liabilities		2,232,637			2,270,832			1.7	%	38,195			173,562
Current liabilities		259,191			250,331			-3.4	%	(8,860	)		19,133
Short-term debt		90,677			120,796			33.2	%	30,119			9,233
Suppliers		106,745			61,019			-42.8	%	(45,727	)		4,664
Accounts and accrued expenses payable		14,195			11,183			-21.2	%	(3,012	)		855
Financial Instruments		6,284			5,182			-17.5	%	(1,102	)		396
Taxes and duties payable		41,289			52,152			26.3	%	10,862			3,986
Long-term liabilities		1,973,446			2,020,500			2.4	%	47,054			154,429
Long-term debt		750,563			787,308			4.9	%	36,744			60,175
Employee benefits		1,119,208			1,130,054			1.0	%	10,846			86,371
Provision for diverse credits		69,209			69,835			0.9	%	625			5,338
Other liabilities		7,406			8,534			15.2	%	1,128			652
Deferred taxes		27,060			24,770			-8.5	%	(2,290	)		1,893
Total equity		(185,247	)		(219,392	)		18.4	%	(34,145	)		(16,768	)
Holding		(185,751	)		(219,826	)		18.3	%	(34,075	)		(16,802	)
Certificates of contribution “A”		114,605			114,605			0.0	%	—			8,759
Federal Government Contributions		115,314			117,123			1.6	%	1,810			8,952
Legal Reserve		1,002			1,002			0.0	%	0			77
Comprehensive accumulated results		(129,066	)		(129,068	)		0.0	%	(3	)		(9,865	)
Retained earnings (accumulated losses)		(287,606	)		(323,488	)		12.5	%	(35,883	)		(24,725	)
From prior years		(117,740	)		(287,606	)		144.3	%	(169,866	)		(21,982	)
For the year		(169,866	)		(35,883	)		-78.9	%	133,983			(2,743	)
Participation of non-holding entities		504			434			-13.8	%	(70	)		33
Total liabilities and equity		2,047,390			2,051,440			0.2	%	4,050			156,794

PEMEX Preliminary Results as of March 31, 2014	15 / 21
www.pemex.com

PEMEX

PEMEX

Selected Financial Indices

	As of Dec. 31,			As of March 31,
	2013			2014			Change
Property, plant and equipment / Assets		84.1	%		83.8	%		(0.3	)
Debt / Total liabilities and equity		41.1	%		44.3	%		3.2
Working capital (MXN million)		(1,965,723	)		(2,003,100	)		(37,377	)

PEMEX

Consolidated Total Debt

	As of Dec. 31,		As of March 31,
	2013		2014		Change				2014
	(MXN million)								(USD million)
Total debt		841,240		908,104		7.9	%	66,864		69,407
Short-term		90,677		120,796		33.2	%	30,119		9,233
Long-term		750,563		787,308		4.9	%	36,744		60,175
Cash and cash equivalents		80,746		83,172		3.0	%	2,426		6,357
Total net debt		760,495		824,932		8.5	%	64,437		63,050

PEMEX Preliminary Results as of March 31, 2014	16 / 21
www.pemex.com

PEMEX

PEMEX

Debt Maturity Profile

	As of March 31, 2014
	(MXN million)		(USD million)
Total debt		908,104		69,407
In Mexican pesos		178,742		13,661
2014		21,446		1,639
enero 2015 - marzo 2015		7,960		608
abril 2015 - marzo 2016		28,113		2,149
abril 2016 - marzo 2017		1,150		88
abril 2017 - marzo 2018		23,446		1,792
2018 and forward		96,628		7,385
Other Currencies		729,362		55,746
2014		66,947		5,117
enero 2015 - marzo 2015		24,444		1,868
abril 2015 - marzo 2016		51,176		3,911
abril 2016 - marzo 2017		55,018		4,205
abril 2017 - marzo 2018		62,776		4,798
2018 and forward		469,001		35,846

PEMEX

Exposure of Debt Principal⁽¹⁾

	As of March 31,
	2013			2014			2013			2014			2013			2014
	By currency						At fixed rate						At floating rate
Total		100.0	%		100.0	%		68.6	%		73.6	%		31.4	%		26.1	%
USD		80.4	%		80.2	%		74.6	%		78.6	%		25.4	%		21.4	%
MXN		18.5	%		18.9	%		46.9	%		55.9	%		53.1	%		44.1	%
EUR		1.1	%		0.6	%		0.0	%		0.0	%		100.0	%		100.0	%
JPY		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
UDIs		0.0	%		0.4	%		0.0	%		0.0	%		0.0	%		0.0	%

(1) Includes derivative financial instruments.

PEMEX Preliminary Results as of March 31, 2014	17 / 21
www.pemex.com

PEMEX

PEMEX

Derivative Financial Instruments

	As of March 31,
	2013			2014			Change			2014
	(MXN million)									(US$MM)
Derivative financial instruments linked to debt and assets
Mark to market (MXN million)		(3,366	)		1,756			5,122			134
Interest rate swaps		—			39			39			3
Cross currency swaps		(2,533	)		(193	)		2,340			(15	)
Extinguishing cross currency swaps		803			1,936			1,133			148
Assets swaps		(1,636	)		(27	)		1,609			(2	)
Face value (MXN million)		147,176			176,535			29,359			13,493
Interest rate swaps		—			9,813			9,813			750
Cross currency swaps		115,206			130,609			15,403			9,983
Extinguishing cross currency swaps		15,689			13,457			(2,232	)		1,029
Assets swaps		16,281			22,656			6,375			1,732
Natural gas derivative financial instruments
Mark to market (MXN million)		4			1			(3	)		0.1
Long swaps		(58	)		1			59			0
Short swaps		62			0			(62	)		0
Long options		17			23			5			2
Short options		(17	)		(22	)		(6	)		(2	)
Volume (MMBtu)		(531	)		—			531
Long swaps		4,782,906			1,159,560			(3,623,346	)
Short swaps		(4,784,157	)		(1,159,560	)		3,624,597
Long options		4,471,696			4,850,398			378,702
Short options		(4,470,976	)		(4,850,398	)		(379,422	)
Crude oil and petroleum products derivative financial instruments classified as cash and cash equivalents for accounting purposes due to high liquidity
Mark to market (MXN million)		144			75			(69	)		6
Stock market futures		(9	)		6			15			0
Stock market swaps		154			69			(85	)		5
Net volume (MM barrels)		(10	)		(5	)		5
Stock market futures		(1	)		(1	)		(0	)
Stock market futures		(9	)		(4	)		5
Derivative financial instruments fo PMI
Mark to market (MXN million)		360			117			(243	)		9
Interest rate swaps OTC markets		(125	)		(67	)		58			(5	)
Forward exchange rate in OTC markets		(284	)		145			429			11
Stock options		769			39			(730	)		3
Face value (MXN million)		19,749			12,777			(6,972	)		977
Interest rate swaps OTC markets		1,689			1,632			(57	)		125
Forward exchange rate in OTC markets		8,462			4,792			(3,670	)		366
Stock options		9,599			6,353			(3,246	)		486

Note: the fair value of the Financial Derivative Instruments has been adjusted in accordance with the International Financial Reporting Standards (IFRS).

PEMEX Preliminary Results as of March 31, 2014	18 / 21
www.pemex.com

PEMEX

PEMEX

Consolidated Statements of Cash Flows

	As of March 31,
	2013			2014			Change					2014
	(MXN million)											(USD million)
Operating Activities
Net income (loss)		(4,388	)		(35,953	)		-719.3	%	(31,565	)		(2,748	)
Items related to investing activities		36,947			40,188			8.8	%	3,241			3,072
Depreciation and amortization		36,639			37,570			2.5	%	932			2,872
Unsuccessful wells		803			2,504			211.7	%	1,701			191
Retirement of property, plant and equipment		61			1,249			1956.4	%	1,188			95
Profit sharing in non-consolidated subsidiaries and affiliates		(238	)		(1,135	)		-376.8	%	(897	)		(87	)
Effects of net present value of reserve for well abandonment		(318	)		—			100.0	%	318			—
Activities related to financing activities		(27,271	)		10,616			138.9	%	37,887			811
Amortization of primes, discounts, profits and debt issuance expenses		—			(814	)		0.0	%	(814	)		(62	)
Interest expense (income)		8,672			10,938			26.1	%	2,266			836
Unrealized loss (gain) from foreign exchange fluctuations		(35,943	)		493			101.4	%	36,435			38
Subtotal		5,288			14,851			180.9	%	9,563			1,135
Funds provided by (used in) operating activities		43,528			(33,774	)		-177.6	%	(77,303	)		(2,581	)
Financial instruments for negotiation		5,259			(1,417	)		-126.9	%	(6,676	)		(108	)
Accounts and notes receivable		(22,402	)		(10,719	)		52.2	%	11,683			(819	)
Inventories		12,534			10,806			-13.8	%	(1,728	)		826
Other assets		(3,480	)		(6,054	)		-74.0	%	(2,575	)		(463	)
Accounts payable and accrued expenses		(795	)		(3,012	)		-278.9	%	(2,217	)		(230	)
Taxes paid		15,552			10,862			-30.2	%	(4,690	)		830
Suppliers		18,538			(45,727	)		-346.7	%	(64,264	)		(3,495	)
Provision for diverse credits		(677	)		1,754			359.2	%	2,430			134
Employees benefits		19,666			10,846			-44.9	%	(8,820	)		829
Deferred taxes		(667	)		(1,113	)		-66.8	%	(446	)		(85	)
Net cash flow from operating activities		48,816			(18,923	)		-138.8	%	(67,740	)		(1,446	)
Investing activities
Acquisition of property, plant and equipment		(47,622	)		(36,070	)		24.3	%	11,552			(2,757	)
Exploration expenses		(288	)		(147	)		49.0	%	141			(11	)
Net cash flow from investing activities		(47,910	)		(36,217	)		24.4	%	11,693			(2,768	)
Cash needs related to financing activities		906			(55,140	)		-6183.1	%	(56,047	)		(4,214	)
Financing activities
Increase of contributions from the Federal Government		—			2,000			0.0	%	2,000			153
Decrease of contributions from the Federal Government		—			(190	)		0.0	%	(190	)		(15	)
Loans obtained from financial institutions		87,014			97,439			12.0	%	10,425			7,447
Amortization of loans		(86,362	)		(29,770	)		65.5	%	56,592			(2,275	)
Interest paid		(8,721	)		(11,422	)		-31.0	%	(2,701	)		(873	)
Net cash flow from financing activities		(8,069	)		58,057			819.5	%	66,126			4,437
Net Increase (decrease) in cash and cash equivalents		(7,163	)		2,917			140.7	%	10,079			223
Effect of change in cash value		(1,036	)		(490	)		52.7	%	546			(37	)
Cash and cash equiv. at the beginning of the period		119,235			80,746			-32.3	%	(38,489	)		6,171
Cash and cash equivalents at the end of the period		111,036			83,172			-25.1	%	(27,864	)		6,357

PEMEX Preliminary Results as of March 31, 2014	19 / 21
www.pemex.com

PEMEX

PEMEX

EBITDA Reconciliation

	First quarter (Jan.-Mar.)
	2013			2014			Change					2014
	(MXN million)											(USD million)
Net loss		(4,388	)		(35,953	)		-719.3	%	(31,565	)		(2,748	)
+ Taxes and duties		224,174			210,105			-6.3	%	(14,069	)		16,059
- Total interest expense		(17,387	)		(13,088	)		24.7	%	4,299			(1,000	)
- Total interest income		3,317			5,023			51.5	%	1,707			384
- Foreign exchange fluctuation		32,577			(87	)		-100.3	%	(32,665	)		(7	)
+ Depreciation and amortization		36,639			37,570			2.5	%	932			2,872
+ Net cost for the period of employee benefits		30,688			29,562			-3.7	%	(1,126	)		2,259
EBITDA		268,606			249,437			-7.1	%	(19,170	)		19,065

PEMEX Preliminary Results as of March 31, 2014	20 / 21
www.pemex.com

PEMEX

PEMEX

Business Segment Information

	Exploration and Production			Refining			Gas and Basic Petrochemicals			Petrochemicals			Commercial entities			Petróleos Mexicanos and Subsidiary Companies			Intersegment eliminations			Total
	(MXN million)
First quarter (Jan.-Mar.) 2014
Total sales		297,729			201,504			66,403			11,550			285,208			17,496			(472,956	)		406,934
External clients		—			180,523			42,935			7,585			173,191			—			—			404,235
Intersegment		297,729			19,933			22,867			3,965			111,836			16,359			(472,690	)		—
Revenues from services		—			1,047			601			—			181			1,136			(266	)		2,699
Depreciation and amortization		32,167			2,779			1,772			662			3			188			—			37,570
Cost of the reserve for employee benefits		9,136			9,232			2,257			2,797			47			6,093			—			29,562
Gross income (loss)		221,296			(29,320	)		1,823			(83	)		2,400			16,984			(16,496	)		196,603
Operating income (loss)		210,310			(29,784	)		(2,778	)		(3,847	)		2,134			5,112			22			181,169
Total interest expense		(12,769	)		(2,984	)		(96	)		(17	)		(338	)		(19,130	)		22,245			(13,088	)
Total interest income		4,627			44			771			30			425			21,368			(22,242	)		5,023
Foreign exchange profit (loss)		91			(28	)		(86	)		(1	)		(6	)		(57	)		—			(87	)
Taxes and duties		207,676			—			(327	)		5			792			1,959			—			210,105
Net income (loss)		(5,326	)		(32,752	)		(1,574	)		(3,841	)		2,149			(39,647	)		45,038			(35,953	)
As of March 31, 2014
Total assets		1,852,214			529,236			211,370			115,811			112,476			1,705,074			(2,474,741	)		2,051,440
Current assets		518,230			271,063			105,958			76,106			97,181			402,296			(1,203,103	)		267,732
Equity securities		—			—			—			—			0			18,377			—			18,377
Investment in equity securities		1,281			488			4,422			—			7,790			490,519			(486,746	)		17,755
Property, plant and equipment		1,312,132			255,749			100,320			38,830			1,153			10,646			—			1,718,830
Total liabilities		1,363,374			656,162			141,858			116,244			78,670			1,902,417			(1,987,894	)		2,270,832
Current liabilities		193,033			266,009			32,450			7,606			71,654			875,952			(1,196,373	)		250,331
Long-term liabilities		1,170,341			390,153			109,408			108,638			7,016			1,026,465			(791,521	)		2,020,500
Equity		488,840			(126,926	)		69,512			(434	)		33,806			(197,343	)		(486,847	)		(219,392	)
First quarter (Jan.-Mar.) 2013
Total sales		320,247			192,113			49,846			9,794			277,709			15,714			(469,168	)		396,254
External clients		—			173,652			33,079			7,288			180,000			—			—			394,018
Intersegment		320,247			17,526			16,498			2,506			97,500			14,588			(468,865	)		—
Revenues from services		—			935			269			—			209			1,126			(303	)		2,236
Depreciation and amortization		31,503			2,667			1,655			624			2			187			—			36,639
Cost of the reserve for employee benefits		9,746			9,966			2,366			2,957			46			5,608			—			30,688
Gross income (loss)		242,387			(58,026	)		3,533			167			3,822			14,919			(14,390	)		192,412
Operating income (loss)		236,671			(38,633	)		(49	)		(3,283	)		3,532			3,244			36			201,517
Total interest expense		(18,360	)		(4,776	)		(271	)		(13	)		(1,384	)		(28,229	)		35,646			(17,388	)
Total interest income		10,305			41			1,276			168			1,059			26,149			(35,681	)		3,317
Foreign exchange profit (loss)		25,678			2,971			124			2			60			3,740			—			32,577
Taxes and duties		221,978			—			843			9			1,031			312			—			224,174
Net income (loss)		32,355			(40,397	)		378			(3,135	)		1,807			6,815			(2,211	)		(4,388	)
As of March 31, 2013
Total assets		1,890,735			535,536			209,477			119,393			1,534,685			(2,374,270	)		—			1,915,556
Current assets		596,520			297,762			102,036			78,018			489,649			(1,353,631	)		—			210,354
Equity securities		—			—			—			—			15,477			—			—			15,477
Investment in equity securities		1,021			409			3,821			—			370,741			(367,506	)		—			8,486
Property, plant and equipment		1,281,603			235,678			103,112			40,902			10,236			—			—			1,671,530
Total liabilities		1,299,155			849,554			147,422			136,236			1,803,012			(2,006,775	)		—			2,228,605
Current liabilities		187,225			380,509			24,131			6,756			911,372			(1,345,670	)		—			164,322
Long-term liabilities		1,111,930			469,045			123,291			129,480			891,640			(661,105	)		—			2,064,283
Equity		591,580			(314,018	)		62,055			(16,843	)		(268,327	)		(367,496	)		—			(313,049	)

Investor Relations

(+52 55) 1944 - 9700

ri@pemex.com

@PEMEX_RI

PEMEX Preliminary Results as of March 31, 2014	21 / 21
www.pemex.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Petróleos Mexicanos
By:	/S/ CARLOS CARAVEO SÁNCHEZ
	Carlos Caraveo Sánchez
	Associate Managing Director of Finance

Date: May 21, 2014

FORWARD-LOOKING STATEMENTS

This report contains words, such as “believe,” “expect,” “anticipate” and similar expressions that identify forward-looking statements, which reflect our views about future events and financial performance. We have made forward-looking statements that address, among other things, our:

• drilling and other exploration activities;

• import and export activities;

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

• liquidity.

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;

• limitations on our access to sources of financing on competitive terms;

• significant developments in the global economy;

• significant economic or political developments in Mexico;

• developments affecting the energy sector; and

• changes in our regulatory environment.

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.