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 August, 2015

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

July 28, 2015

Results of PEMEX¹ as of June 30, 2015²

Second Quarter 2015 (net of IEPS)	2014			2015			Variation			2015				Highlights
	(MXN billion)									(USD billion)
Total Sales		424.0			309.7			-27.0	%		19.9		g	Total hydrocarbons production averaged 3.3 MMboed, and crude oil production decreased by 9.8%.
Operating Income		171.1			53.9			-68.5	%		3.5		g	The average price of the Mexican crude oil basket decreased by 44.4%, from USD 97.09 to USD 53.95.
Net Income (Loss)		(52.3	)		(84.6	)		61.8	%		(5.4	)	g	EBITDA totaled MXN 130.7 billion (USD 8.4 billion).

Acronyms used: Special Tax on Production and Services (IEPS), thousand (M), million (MM), billion (MMM), thousand barrels per day (Mbd), thousand barrels of oil equivalent per day (Mboed), thousand cubic feet per day (Mcfd), thousand tons (Mt).

Uses and Sources of Funds as of June 30, 2015

(MXN million)

(1) Before taxes and duties. Calculated by adding accrued taxes and duties to revenues from operations from the statement of changes in financial position.

(2) Excludes E&P Financed Public Works Contract Program.

(3) Includes (i) a MXN 2,308 million effect from exploration expenses, investment in shares, dividend revenue and financial instruments available for sale and (ii) change of cash effect of MXN 3,527 million.

¹  PEMEX refers to Petróleos Mexicanos, its Productive Subsidiary Companies, Affiliates, Subsidiary Entities and Subsidiary Companies.

²  PEMEX is providing this report to publish its preliminary financial and operational results for the second quarter of 2015. 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 result of the second quarter of 2015. All comparisons are made against the same period of the previous year unless otherwise specified. This call is to take place on July 28, 2015. Annexes, transcripts and relevant documents related to this call can be found at www.pemex.com/en/investors.

PEMEX

Operating Results

PEMEX

Main Statistics of Production

	Second quarter (Apr.-Jun.)
	2014		2015		Change
Upstream
Total hydrocarbons (Mboed)		3,578		3,255		-9.0	%	(323	)
Liquid hydrocarbons (Mbd)		2,510		2,261		-9.9	%	(249	)
Crude oil (Mbd)		2,468		2,225		-9.8	%	(243	)
Condensates (Mbd)		42		36		-14.6	%	(6	)
Natural gas (MMcfd)(1)		6,524		6,282		-3.7	%	(241	)
Downstream
Dry gas from plants (MMcfd)(2)		3,593		3,276		-8.8	%	(317	)
Natural gas liquids (Mbd)		368		323		-12.1	%	(44	)
Petroleum products (Mbd)(3)		1,401		1,216		-13.2	%	(185	)
Petrochemical products (Mt)		1,366		1,249		-8.5	%	(116	)

(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.

Exploration & Production 2Q15

Crude Oil Production During the second quarter of 2015, total crude oil production averaged 2,225 Mbd, a 9.8%, or 243 Mbd decrease as compared to the same period of 2014. This variation was primarily due to:   •     a 9.9% decrease in the production of heavy crude oil, as a result of the natural decline in production and an increase in the fractional water flow of wells in highly fractured deposits of the Cantarell business unit;   •     an 8.4% decrease in production of light crude oil, primarily due to production deferrals at fields of the Abktatún-Pol-Chuc business unit, as a result of the incident that occurred at the Abkatún-A Permanente platform. By the end of the quarter, the decrease in production volume due to the pending restoration of the Abkatún-A Permanente platform was 20 Mbd; and   •     a 13.6% decrease in extra-light crude oil production, primarily due to an increase in the fractional water flow of wells located in the Samaria-Luna business unit, a natural decline in production at the Costero field, as well as an increase in the fractional water flow with high salt concentration of wells in the Macuspana-Muspac business unit.   This decrease was partially offset by a 2.5% increase in production from the Litoral de Tabasco and Ku-Maloob-Zaap business units.

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PEMEX

Crude Oil Production (Mbd)	Crude Oil Production (Mbd)

Natural Gas Production During the second quarter of 2015, natural gas production decreased by 6.3%³, as compared to the same quarter of 2014, from 5,762 to 5,399 MMcfd. This decrease was primarily driven by:   •     an 8.4% decrease in the supply of associated gas, primarily caused by production deferrals at fields of the Abkatún-Pol-Chuc business unit, as a result of the incident that occurred at the Abkatún-A Permanente platform, as well as an increase in the fractional water flow of wells in highly fractured deposits of the Bellota-Jujo and Samaria Luna business units in the Southern region; and   •     a marginal decrease in non-associated gas production during the period, primarily at the Veracruz and Macuspana business units of the Northern and Southern region, respectively.

Natural Gas Production

(MMcfd)

³  Does not include nitrogen.

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PEMEX

Natural Gas by Asset (MMcfd)	Natural Gas Production by Type of Field 2Q15

Gas Flaring During the second quarter of 2015, natural gas use as a percentage of production amounted to 90.2%.   Gas flaring increased by 135.3%, primarily as a result of the incident that occurred at the Abkatún-A Permanente platform, delays in the completion of works for gas utilization and problems with compression equipment located on marine rigs.

Gas Flaring

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PEMEX

Operational Infrastructure During the second quarter of 2015, the average number of operating wells totaled 9,380, a 1.4% decrease as compared to the average number of operating wells during the same quarter of 2014.   The completion of wells decreased by 19.3%, a decrease of 22 wells, of which 18 are development wells and 4 are exploration wells. This decrease was a result of a scheduled reduction of development activities at the Poza Rica-Altamira, Burgos and Veracruz business units in the Northern region, and a scheduled reduction of exploration activities at the Burgos and Southeastern Onshore Basins business units in the Northern and Southern region, respectively.

Average Number of Operating Wells	Average Operating Wells by Type of Field 2Q15

Completed Wells

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PEMEX

Average Number of Operating Drilling Rigs

Average Drilling Rigs by Type 2Q15

Seismic Information During the second quarter of 2015, 3D seismic data acquisition increased by 106.0%, while 2D seismic data acquisition decreased by 80.0% as a result of a reduction in the areas assigned to PEMEX for exploration as part of the Round Zero process.   The two-dimensional acquisition efforts were focused on the Sur de Burgos 2D study, which acquired 177 km of 2D seismic data. In addition, PEMEX acquired 612 km² of 3D seismic data by focusing its three-dimensional acquisition efforts on the Salsomera NE 3D and the Ku-Maloob-Zaap 3D 3C studies.

Seismic Information

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PEMEX

Discoveries As a result of the exploratory activities carried out during the second quarter of 2015, the Batsil -1 well located 102 km northwest of Ciudad del Carmen, Campeche, at water depths of 82 meters in the Litoral de Tabasco business unit, confirmed the existence of heavy crude oil. The initial production of the discovery well was above 1,190 bd.   In addition, the Cheek-1 well located 69 km northwest of Ciudad del Carmen, Campeche, at water depths of 28 meters in the Abkatún-Pol-Chuc business unit, confirmed the existence of light crude oil. The initial production of the discovery well was more than 2,100 bd.   The volume of hydrocarbon reserves in these deposits is currently being evaluated. Nevertheless, we would highlight that these discoveries are located in shallow waters near existing production complexes. Production is expected to commence approximately 16 months after a development plan is approved and corresponding authorizations are obtained, achieving a stable production platform six months later.

Main Discoveries

As of June 30, 2015

Business Unit	Well	Geologic Age	Initial Production				Water Depth		Type of Hydrocarbons
			Oil & Condensates (bd)		Gas (MMcfd)		Meters
Litoral de Tabasco	Batsil-1	Late Cretaceous		1,198		0.5		82	Heavy Crude Oil
Abkatún-Pol-Chuc	Cheek-1	Cretaceous-Breccia		2,148		1.6		28	Light Crude Oil
Total				3,346		2.1

Other Information Related to E&P Activities

Incidents On April 1, 2015, an explosion occurred at the Abkatún-A Permanente processing platform in the Southwestern Marine region of the Gulf of Mexico. As a result of the incident, seven people died and 45 people were injured. PEMEX profoundly regrets the loss of human lives and the injuries suffered by workers due to this incident.   As of the date of this report, the root-cause analysis to determine the primary cause of the explosion continues to be conducted by the company ABSG.   On May 5, 2015, the Troll Solution jack-up, owned by Typhoon Offshore, tilted while positioning itself on the Caan-A platform, in the Campeche Sound, due to a failure of one of its legs. Hydrocarbons production was not affected, as Troll Solution is a mobile platform that provides only maintenance to wells.   Unfortunately, two workers from Typhoon Offshore died and a third one was injured. PEMEX profoundly regrets the loss of human lives and the injuries suffered by workers due to this incident.   On June 22, 2015, an oil and gas leak occurred at the Akal-H satellite platform in the Campeche Sound. There were no injuries to report and hydrocarbons production was not affected.

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PEMEX

Industrial Transformation 2Q15

Crude Oil Processing	During the second quarter of 2015, total crude oil processing decreased by 11.7%, to 1,058 Mbd, as compared to the same period of 2014, primarily due to scheduled maintenance cycles; non-scheduled maintenance and overhaul works and operational problems resulting from the quality of crude oil supplied by producing areas. As a result, PEMEX’s usage of its primary distillation capacity decreased by 8.4 percentage points. The ratio of heavy crude oil to total crude oil processed by the National Refining System (NRS) increased by 2.5 percentage points, as part of an effort to take advantage of highly specialized equipment to convert residuals and maximize the output of gasoline.
	Crude Oil Processing (Mbd)
Production of Petroleum Products	During the second quarter of 2015, total petroleum products output decreased by 13.2%, as compared to the same period of 2014, from 1,401 to 1,216 Mbd, primarily due to a decrease in the amount of crude oil processed during this period.
	Petroleum Products Production (Mbd)

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PEMEX

Variable Refining Margin	During the second quarter of 2015, PEMEX’s NRS recorded a positive variable refining margin of USD 8.85 per barrel, as compared to USD 3.56 per barrel during the first quarter of 2014. This increase is primarily a result of processing a heavier crude oil mix.
	Variable Refining Margin (USD /b)
Natural Gas Processing and Production	During the second quarter of 2015, natural gas processing decreased by 8.3%, to 3,955 MMcfd, as compared to the same period of 2014, in response to the decreased availability of sour and sweet wet gas from both the offshore and onshore regions. As a result, dry gas and natural gas liquids production decreased by 8.8% and 12.1%, respectively, as compared to the same period of 2014. Condensates processing decreased by 15.7%, to 39.5 Mbd during the second quarter of 2015, as compared to the same period of 2014, primarily due to decreased availability of sour condensates in the Marine regions.
	Natural Gas Processing (MMcfd)
	Dry Gas and Natural Gas Liquids Production

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PEMEX

Petrochemicals Production During the second quarter of 2015, the production of petrochemical products decreased by 8.5%, or 116 Mt, as compared to the same period of 2014, primarily due to the following:   •     a 140 Mt decrease in production in the methane derivatives chain, due to decreased output of carbon dioxide and ammonia, in response to a reduction in the supply of natural gas; and   •     a 60 Mt decrease in production of other petrochemicals, primarily due to a decrease in production of octane gasoline, which resulted from an increase in the use of octane gasoline as an input in the production of additional high octane hydrocarbons.   This decrease was partially offset by:   •     an 11 Mt increase in production in the ethane derivatives chain, mainly due to increased production at the Swing plant;   •     a 57 Mt increase in production in the aromatics and derivatives chain, due to the increased production of high octane hydrocarbons; and   •     a 13 Mt increase in production in the propylene and derivatives chain, mainly due to increased output of propylene, as a result of the stabilization of the acrylonitrile production plant.

Petrochemicals Production

(Mt)

Industrial Transformation Projects

NuStar Energy

On April 10, 2015, Petróleos Mexicanos announced a ten-year agreement between NuStar Energy L.P. (“NuStar”) and PMI, a subsidiary company of Petróleos Mexicanos, for the transportation and storage of naphtha. Pursuant to the agreement, naphtha produced at the Reynosa-Burgos complex will be transported via NuStar’s Burgos-Valley pipeline system first to a terminal in Edinburg, Texas, and then to Transmontaigne’s terminal in Brownsville, Texas.

Maverick Terminal LLC

On April 21, 2015, Petróleos Mexicanos through its affiliate, PMI, signed an agreement for the storage of liquid fuels with Maverick Terminal LLC. Pursuant to the agreement, four tanks will be installed in Brownsville, Texas, which will have an initial total capacity of 300 Mbd, with a capability of expansion of up to 700 Mbd. Operations are expected to start during the third quarter of 2015.

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PEMEX

Pemex Gas Stations As of June 30, 2015, a total of 11,006 PEMEX gas stations were registered, which is 98 more than the number registered as of June 30, 2014.

Industrial Safety

Frequency Index4

During the second quarter of 2015, the accumulated frequency index for PEMEX personnel was 0.52 injuries per million man-hours worked (MMhh), which represents a 73.2% increase as compared to the same period of 2014, and is 30.0% higher than the International Association of Oil & Gas Producers (IOGP) standard for 2013, which was 0.40.

Severity Index5

By the end of the second quarter of 2015, the accumulated severity index was 29 days lost per MMhh, a 59.1% increase as compared to the second quarter of 2014. Petróleos Mexicanos continues to direct its efforts toward supporting the implementation of its Operational Reliability Program while focusing on strengthening its accident containment plan through the following methods: operational discipline, operational procedures and safety practices, training and development, process-risk assessment, effective audits and mechanical integrity, labor management, repair and maintenance management, operating windows, risk-based inspections and operational reliability oriented maintenance. Petróleos Mexicanos continues to evaluate the impact of these initiatives.

Environmental Protection

Sulfur Oxide Emissions	During the second quarter of 2015, sulfur oxide emissions increased by 9.5% as compared to the same period of 2014, primarily due to emissions produced as a result of the decline in wells that use nitrogen to increase its production, which resulted in an increase in the generation of sour gas with a high nitrogen content that is then burnt at the Northeastern Marine region and at the Akal C7/C8 Gas Processing Center.
Water Reuse	During the second quarter of 2015, the reuse of water increased by 2.0% as compared to the same period of 2014, primarily due to the decrease in the utilization rates of residual water treatment plants in the NRS.
Safety, Health at Work & Environmental Protection Strategy for 2015-2025	On May 28, 2015, PEMEX presented its Safety, Health at Work and Environmental Protection Strategy for 2015-2025 (SSPA, by its acronym in Spanish), which outlines actions to strengthen safety and reliability of operations in an efficient manner.

⁴  Refers to the number of accidents with incapacitating injuries per million man-hours worked (MMhh) with risk exposure during the relevant period of time. An incapacitating injury is an injury, functional damage or death that is caused, either immediately or subsequently, by a sudden event at work or during work-related activities. Man-hours worked with risk exposure represent the number of hours worked by all personnel, including overtime hours.

⁵  Refers to the total number of days lost per million man-hours worked with risk exposure during the relevant period of time. The number of days lost is based on medical leaves of absence for injuries stemming from accidents at work, plus the number of corresponding days on which compensation is paid for partial or total disability or death.

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PEMEX

Financial Results

PEMEX

Consolidated Income Statement

	Second quarter (Apr.-Jun.)
	2014			2015			Change					2015
	(MXN million)											(USD million)
Total sales		409,070			308,864			-24.5	%	(100,207	)		19,840
Domestic sales		241,793			190,145			-21.4	%	(51,648	)		12,214
Exports		165,673			115,427			-30.3	%	(50,246	)		7,415
Services income		1,604			3,291			105.2	%	1,687			211
Cost of sales		217,375			218,575			0.6	%	1,200			14,040
Gross income		191,695			90,289			-52.9	%	(101,406	)		5,800
Other revenues (expenses)		15,716			978			-93.8	%	(14,738	)		63
IEPS accrued		14,974			831			-94.4	%	(14,143	)		53
Other		742			147			-80.2	%	(595	)		9
Transportation and distribution expenses		7,995			8,516			6.5	%	521			547
Administrative expenses		28,325			28,825			1.8	%	500			1,852
Operating income (loss)		171,091			53,926			-68.5	%	(117,165	)		3,464
Total interest expense		(11,004	)		(15,834	)		43.9	%	(4,830	)		(1,017	)
Total interest income		714			1,295			81.4	%	581			83
Income (cost) due to financial derivatives		629			1,318			109.7	%	690			85
Foreign exchange profit (loss)		3,506			(28,731	)				(32,237	)		(1,846	)
Profit sharing in non-consolidated subsidiaries and affiliates		692			1,168			68.8	%	476			75
Income before taxes and duties		165,628			13,142			-92.1	%	(152,486	)		844
Taxes and duties		217,923			97,772			-55.1	%	(120,151	)		6,280
Net income (loss)		(52,295	)		(84,630	)		61.8	%	(32,335	)		(5,436	)
Other comprehensive results		636			(1,449	)				(2,085	)		(93	)
Investment in equity securities		1,258			(493	)		-139.2	%	(1,751	)		(32	)
Actuarial losses due to employee benefits		18			0.0					(18	)		0
Conversion effect		(640	)		(956	)		49.4	%	(316	)		(61	)
Comprehensive income (loss)		(51,660	)		(86,079	)				(34,420	)		(5,529	)

Income Statement from April 1 to June 30, 2015

Sales During the second quarter of 2015, total sales (including the amount of IEPS credit) decreased by 27.0%, or MXN 114.3 billion, as compared to the same period of 2014, primarily as a result of:   •     24.8%, or MXN 44.8 billion decrease in domestic sales of gasoline and diesel. The price effect on the domestic sales of gasoline and diesel had a negative impact of MXN 46.2 billion, while sales volume increased by USD 1.4 billion;   •     34.8%, or MXN 43.4 billion decrease in exports of crude oil and condensates, largely due to a decline in the prices of oil. The price effect on the exports of oil and condensates had a negative impact of MXN 41.6 billion, and sales volume decreased by MXN 1.8 billion. The Mexican crude oil basket decreased by USD 43.14, from USD 97.09 to USD 53.95 per barrel;   •     40.4%, or MXN 9.1 billion decrease in domestic sales of dry gas, mainly due to a decline in the prices of gas, and a decrease in sales volume. The Henry Hub price reference used decreased from USD 4.68 to USD 2.65 per million British Thermal Units (MMBtu). The price effect on the domestic sales of dry gas had a negative impact of MXN 6.5 billion, and sales volume decreased by MXN 2.6 billion;   •     63.1%, or MXN 8.0 billion decrease in domestic sales of fuel oil; and   •     16.2%, or MXN 6.5 billion decrease in exports of petroleum products, primarily as a result of lower prices. The price effect on the reduction of petroleum products’ exports had a negative impact of MXN 12.1 billion, and was partially offset by an increase in sales volume by MXN 5.6 billion.

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PEMEX

Sales Evolution

(MXN million)

Exports (MXN million)	Crude Exports by Region 2Q15

Domestic Sales including IEPS Credit (MXN million)	Domestic Sales of Petroleum Products 2Q15

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PEMEX

Gross & Operating Income	During the second quarter of 2015, gross income, net of IEPS, decreased by 55.9%, or MXN 115.5 billion, as compared to the same period of 2014. It’s important to highlight that as of January 1, 2015, PEMEX’s tax regime was modified as established in the Hydrocarbons Revenue Law, which sets forth that direct taxes and duties should be recorded under the cost of sales: Hydrocarbon Extraction Duty, Hydrocarbon Exploration Duty, and Hydrocarbon Extraction Activity Tax. In addition, operating income decreased by 68.5%, or MXN 117.2 billion, as compared to the same period of 2014, to MXN 53.9 billion.
	Operating Income Evolution (MXN million) Net of IEPS

Composition of Net Income (Loss) During the second quarter of 2015, PEMEX recorded a net loss of MXN 84.6 billion, primarily as a result of:   •    operating income of MXN 53.9 billion;   •    net interest expense of MXN 14.5 billion;   •    costs associated to financial derivatives of MXN 1.3 billion;   •    a foreign exchange loss of MXN 28.7 billion; and   •    taxes and duties of MXN 97.8 billion.   During the second quarter of 2015, the ratio of taxes and duties paid to operating income was 181.3%, as compared to 127.4% during the same period of 2014. We would highlight that based on the new fiscal regime applicable as of January 1, 2015, some of the taxes and duties are recorded under the cost of sales, therefore, operating income between the 2014 and 2015 periods is not entirely comparable.   Although since 2015, PEMEX has been subject to a new fiscal regime that is more in line with the rest of the oil and gas industry, PEMEX, as opposed to other companies, is still not able to deduct all of its operating costs and expenses in its calculation of taxes and duties. As a result, taxes and duties paid have consistently been greater than income before taxes and duties and operating income since 1998, except for 2006, when the cap on permitted deductions was updated.   It is therefore desirable that in the future, the fiscal regime applicable to PEMEX is one that is comparable to other companies in the oil and gas industry. In order to realize all of the expected benefits from the Energy Reform, it is of utmost importance that all players in the Mexican oil and gas industry operate under equal conditions.

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PEMEX

Composition of Net Income

(MXN million)

Evolution of Taxes and Duties

(MXN million)

Evolution of Net Income (Loss) The increase in net loss during the second quarter of 2015 is primarily explained by:   •     a 68.5%, or MXN 117.2 billion decrease in operating income;   •     a MXN 4.3 billion increase in net interest expense;   •     a MXN 0.7 billion increase in costs associated to financial derivatives, mainly due to the depreciation of the U.S. dollar against currencies other than the Mexican peso in which Petróleos Mexicanos has entered into cross currency swaps;   •     a MXN 32.2 billion foreign exchange loss, as a result of a 2.7% depreciation of the Mexican peso relative to the U.S. dollar during the second quarter of 2015, as compared to a 0.4% appreciation of the Mexican peso relative to the U.S. dollar during the same period of 2014; and   •     a 55.1%, or MXN 120.2 billion decrease in taxes and duties, due to a decline in the production and price of the Mexican crude oil basket.   As a result of the aforementioned, PEMEX recorded a net loss of MXN 84.6 billion during the second quarter of 2015, as compared to MXN 52.3 billion during the same period of 2014.

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PEMEX

Evolution of Net Income (Loss)

(MXN million)

Comprehensive Income (Loss) During the second quarter of 2015, other comprehensive results decreased by MXN 2.1 billion, primarily as a result of a MXN 1.8 billion decrease in investment on assets available for sale, mainly from the sale of Repsol shares. As a result, the comprehensive loss amounted to MXN 86.1 billion.

Evolution of Comprehensive Income

(MXN million)

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PEMEX

Consolidated Balance Sheet as of June 30, 2015

PEMEX

Consolidated Balance Sheet

	As of December 31,			As of June 30,
	2014			2015			Change					2015
	(MXN million)											(USD million)
Total assets		2,128,368			2,121,733			-0.3	%	(6,636	)		136,292
Current assets		289,327			252,611			-12.7	%	(36,716	)		16,227
Cash and cash equivalents		117,989			91,259			-22.7	%	(26,730	)		5,862
Accounts, notes receivable and other		114,423			107,603			-6.0	%	(6,820	)		6,912
Inventories		49,939			46,101			-7.7	%	(3,838	)		2,961
Financial assets available for sale		5,415			5,507			1.7	%	92			354
Derivative financial instruments		1,563			2,141			37.0	%	579			138
Permanent investment in shares of associates		22,015			24,359			10.6	%	2,344			1,565
Property, plant and equipment		1,783,374			1,814,181			1.7	%	30,807			116,536
Deferred taxes		4,143			2,004			-51.6	%	(2,139	)		129
Restricted cash		6,884			7,280			5.7	%	396			468
Other assets		22,625			21,298			-5.9	%	(1,327	)		1,368
Total liabilities		2,896,089			3,060,176			5.7	%	164,086			196,573
Current liabilities		334,159			295,576			-11.5	%	(38,583	)		18,987
Short-term financial debt		145,866			168,098			15.2	%	22,232			10,798
Suppliers		116,178			58,569			-49.6	%	(57,609	)		3,762
Accounts and accrued expenses payable		12,235			18,791			53.6	%	6,556			1,207
Derivative financial instruments		17,460			21,533			23.3	%	4,073			1,383
Taxes and duties payable		42,420			28,584			-32.6	%	(13,836	)		1,836
Long-term liabilities		2,561,930			2,764,599			7.9	%	202,670			177,587
Long-term financial debt		997,384			1,163,208			16.6	%	165,823			74,720
Reserve for employee benefits		1,474,089			1,517,203			2.9	%	43,114			97,459
Reserve for diverse credits		78,423			72,111			-8.0	%	(6,311	)		4,632
Other liabilities		7,718			10,695			38.6	%	2,977			687
Deferred taxes		4,316			1,383			-68.0	%	(2,933	)		89
Total equity		(767,721	)		(938,443	)		22.2	%	(170,722	)		(60,282	)
Holding		(768,066	)		(938,672	)		22.2	%	(170,606	)		(60,296	)
Certificates of contribution “A”		134,605			144,605			7.4	%	10,000			9,289
Federal Government Contributions		43,731			43,731			0.0	%	—			2,809
Legal Reserve		1,002			1,002			0.0	%	—			64
Comprehensive accumulated results		(394,594	)		(390,150	)		-1.1	%	4,445			(25,062	)
Retained earnings (accumulated losses)		(552,809	)		(737,859	)		33.5	%	(185,051	)		(47,397	)
From prior years		(287,606	)		(552,809	)		92.2	%	(265,203	)		(35,510	)
For the year		(265,203	)		(185,051	)		-30.2	%	80,153			(11,887	)
Participation of non-holding entities		345			229			-33.7	%	(116	)		15
Total liabilities and equity		2,128,368			2,121,733			-0.3	%	(6,636	)		136,292

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PEMEX

Working Capital	As of June 30, 2015, working capital totaled MXN (43.0) billion, primarily as a result of a MXN 22.2 billion increase in short-term financial debt, a MXN 6.6 billion increase in accounts and accrued expenses payable, and a MXN 3.5 billion increase in derivate financial instruments –net-, which were partially offset by a MXN 57.6 billion reduction in suppliers.
Working Capital (MXN million)

Debt	Total financial debt increased by 16.4%, to MXN 1,331.3 billion (USD 85.5 billion), primarily due to the additional financing activities carried out during the period. During 2015, Petróleos Mexicanos and PMI’s6 total financing activities amounted to MXN 236.4 billion (USD 15.2 billion). Total debt payments made during the period amounted to MXN 97.8 billion (USD 6.3 billion). PEMEX’s financing strategy is intended to take advantage of financial markets with increased liquidity, maximize efficiencies with respect to reference curves, seize opportunities in select markets and maintain a diversified debt maturity profile.
Financial Debt (MXN billion)

⁶  Refers to P.M.I. Holdings, B.V., P.M.I. Norteamérica, S.A. de C.V., Pemex Finance Ltd and Pro-Agroindustria, S.A. de C.V.

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PEMEX

Financial Debt Exposure as of June 30, 2015
Average Duration of Financial Debt Exposure (years)

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PEMEX

Investment Activities

Activity During the first half of 2015, PEMEX spent MXN 199.7 billion (USD 13.2 billion)⁷ on investment activities, which represents 64.9% of the total investment of MXN 307.6 billion that were programmed for the year. These investments were allocated as follows:   •     MXN 171.7 billion to Pemex-Exploration and Production⁸, MXN 24.1 billion of which were allocated to exploration;   •     MXN 22.6 billion to Pemex-Refining;   •     MXN 3.3 billion to Pemex-Gas and Basic Petrochemicals;   •     MXN 1.4 billion to Pemex-Petrochemicals; and   •     MXN 0.8 billion to Petróleos Mexicanos Corporate.

Financing Activities

Capital Markets	From April 1 to July 16, 2015, Petróleos Mexicanos issued a total of MXN 17.5 billion of short-term Certificados Bursátiles at fixed and floating rates and repaid MXN 12.5 billion. On April 21, 2015, Petróleos Mexicanos issued the following series of securities for an aggregate amount of EUR 2.25 billion: •     EUR 1.0 billion, 1.875% Notes due in April 2022; and •     EUR 1.25 billion, 2.750% Notes due in April 2027. On July 16, 2015, Petróleos Mexicanos issued Certificados Bursátiles for an aggregate amount of approximately MXN 7.7 billion, in three tranches: •     MXN 650 million due in 2020, at a floating rate of TIIE9+15 basis points (PEMEX 14 reopening); •     MXN 6.1 billion due in 2026, at a fixed rate of 7.47% (PEMEX 14-2 reopening); and •     The equivalent of approximately MXN 971.6 million in UDIs (Investment Units) due in 2026, at a fixed rate of 3.94% (PEMEX 14U reopening).
ECAs	On July 22, 2015, Petróleos Mexicanos issued USD 525 million of its 2.46% Notes, due in 2025. These are structured bonds guaranteed by the U.S. Export Import Bank.
Syndicated Revolving Credit Lines	As of June 30, 2015, Petróleos Mexicanos holds syndicated revolving credit lines for liquidity management in the amounts of USD 4.5 billion and MXN 23.5 billion, of which USD 1.05 billion and MXN 3.5 billion are available.

⁷  Convenience translation has been made at the established average exchange rate for the second quarter of 2015, of MXN 15.1200 = USD 1.00.

⁸  Includes maintenance expenditures.

⁹  TIIE stands for Interbank Equilibrium Interest Rate in Spanish.

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PEMEX

PEMEX

Consolidated Statements of Cash Flows

	As of June 30,
	2014			2015			Change					2015
	(MXN million)											(USD million)
Operating activities
Net income (loss)		(88,249	)		(185,176	)		109.8	%	(96,927	)		(11,895	)
Items related to investing activities		88,494			87,459			-1.2	%	(1,036	)		5,618
Depreciation and amortization		73,174			77,652			6.1	%	4,478			4,988
Impairment of properties, plant and equipment		8,678			(3,013	)				(11,691	)		(194	)
Unsuccessful wells		5,559			9,517			71.2	%	3,958			611
Retirement of property, plant and equipment		2,597			4,070			56.7	%	1,473			261
Realized profit (loss) by investments in equity securities		189			—					(189	)		—
Profit sharing in non-consolidated subsidiaries and affiliates		(1,827	)		(1,207	)		-33.9	%	620			(78	)
Dividends received		(504	)		(171	)				333			(11	)
Effects of net present value of reserve for well abandonment		629			611					(18	)		39
Activities related to financing activities		17,686			76,402			332.0	%	58,716			4,908
Amortization of primes, discounts, profits and debt issuance expenses		(997	)		(2,096	)		110.2	%	(1,099	)		(135	)
Interest expense (income)		21,824			29,812			36.6	%	7,989			1,915
Unrealized loss (gain) from foreign exchange fluctuations		(3,141	)		48,686			-1650.2	%	51,827			3,127
Subtotal		17,931			(21,315	)		-218.9	%	(39,247	)		(1,369	)
Funds provided by (used in) operating activities		5,257			(19,591	)		-472.7	%	(24,848	)		(1,258	)
Financial instruments for negotiation		1,087			3,495			221.4	%	2,407			224
Accounts and notes receivable		(8,363	)		(5,780	)		-30.9	%	2,583			(371	)
Inventories		13,384			3,838			-71.3	%	(9,546	)		247
Other assets		(5,715	)		(5,914	)		3.5	%	(199	)		(380	)
Accounts payable and accrued expenses		2,205			6,556			197.3	%	4,351			421
Taxes paid		15,944			(1,461	)		-109.2	%	(17,405	)		(94	)
Suppliers		(47,714	)		(57,609	)		20.7	%	(9,895	)		(3,701	)
Reserve for diverse credits		1,211			(5,036	)		-515.8	%	(6,246	)		(323	)
Reserve for employees benefits		34,111			43,114			26.4	%	9,003			2,769
Deferred taxes		(894	)		(795	)		-11.1	%	99			(51	)
Net cash flow from operating activities		23,188			(40,906	)		-276.4	%	(64,094	)		(2,628	)
Investing activities		—			—			0.0	%	—			—
Acquisition of property, plant and equipment		(92,594	)		(100,325	)		8.3	%	(7,731	)		(6,444	)
Exploration expenses		(448	)		(2,276	)		408.0	%	(1,828	)		(146	)
Investment in securities		(118	)		(31	)				87			(2	)
Dividends received		336			—					(336	)		—
Financial instruments available for sale		12,735			—					(12,735	)		—
Net cash flow from investing activities		(80,089	)		(102,633	)		28.1	%	(22,544	)		(6,593	)
Cash needs related to financing activities		(56,901	)		(143,539	)		152.3	%	(86,638	)		(9,220	)
Financing activities
Increase of contributions from the Federal Government		2,000			10,000			400.0	%	8,000			642
Retirement of contributions from the Federal Government		(190	)		—					190			—
Loans obtained from financial institutions		177,846			228,348			28.4	%	50,503			14,668
Amortization of loans		(94,105	)		(97,823	)		4.0	%	(3,718	)		(6,284	)
Interest paid		(20,468	)		(26,973	)		31.8	%	(6,505	)		(1,733	)
Net cash flow from financing activities		65,083			113,552			74.5	%	48,470			7,294
Net Increase (decrease) in cash and cash equivalents		8,182			(29,987	)		-466.5	%	(38,168	)		(1,926	)
Effect of change in cash value		(513	)		3,257			-734.9	%	3,770			209
Cash and cash equiv. at the beginning of the period		80,746			117,989			46.1	%	37,243			7,579
Cash and cash equivalents at the end of the period		88,414			91,259			3.2	%	2,845			5,862

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PEMEX

Other Relevant Information

New Organic Statute	The Board of Directors of Petróleos Mexicanos adopted a new Organic Statute. The Statute was published in the Official Gazette of the Federation on April 28, 2015.
Corporate Reorganization	On June 1, 2015, the recently created productive state-owned subsidiaries, Pemex Exploration and Production and Pemex Cogeneration and Services, were formed and began operating. Moreover, the Corporate Office of Operations was transformed into the Corporate Office of Planning, Coordination and Performance. The Board of Directors of PEMEX also appointed the following individuals to the positions indicated below: Pemex Exploration and Production: •     Juan Javier Hinojosa, Director of Development and Production •     José Antonio Escalera, Director of Exploration •     Gustavo Hernández, Director of Operations Pemex Cogeneration and Services: •     Eleazar Gómez, Director General of Pemex Cogeneration and Services; Corporate Office of Planning, Coordination and Performance: •     Rodulfo Figueroa, Corporate Director of Planning, Coordination and Performance. A Management Committee for Pemex Exploration and Production was created, which is presided by Juan Javier Hinojosa as Executive Director, with José Antonio Escalera and Gustavo Hernández, as additional members. On July 3, 2015, the Board of Directors of each of Pemex Cogeneration and Services and Pemex Exploration and Production was installed, and the organic statute of each entity was also approved. The Board of Directors of Pemex Cogeneration made the following appointments: •     Raquel Buenrostro, Planning and Development; •     Alberto Elizalde, Project Execution; •     Roberto Osegueda, Operations; and •     Rodrigo Sánchez, Sales. In addition, the Board of Directors of Pemex Exploration and Production approved the following appointments: •     Miguel Angel Flores, Secretary to the Board of Directors of Pemex E&P; •     Patricia Zorrilla, Pro-Secretary of the Board of Directors of Pemex E&P; •     Ricardo Villegas, Deputy Director of Production (Shallow Waters); •     Félix Alvarado, Deputy Director of Production (Onshore Fields); •     José Luis Fong, Deputy Director of Production (Non-Conventional Fields); •     Plácido Reyes, Deputy Director of Production (Non-Associated Gas Fields); •     Eduardo Zavala, Deputy Director of Sustainable Development, Industrial Safety, Health and Environmental Protection; •     José Guadalupe de la Garza, Deputy Director of Reliability; •     Primo Luis Velazco, Deputy Director of Processing and Distribution of Hydrocarbons; and •     Luis Ramos, Deputy Director of Portfolio Management.
Crude Oil Exports to Asia	On May 14, 2015, Petróleos Mexicanos, through P.M.I. Comercio Internacional, and Hyundai Oilbank Co. Ltd. signed a contract for the supply of five million barrels (MMb) of Mexican crude oil (Maya heavy crude oil and Isthmus light crude oil), with an option for additional volume, to be processed at the Daesan Refinery in South Korea during the second half of 2015. This agreement is part of PEMEX’s business strategy to geographically diversify Mexican oil exports.

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PEMEX

	In addition, on July 24, 2015, PEMEX and JX Nippon Oil and Energy Corporation (JX Nippon) signed a contract for the supply of 6 MMb of Isthmus light crude oil. The product will be shipped through six cargoes from the Salina Cruz maritime terminal located in the state Oaxaca, beginning in August 2015 and until January 2016. This is an additional contract to occasional cargoes shipped during the first six months of 2015.
Comprehensive Insurance Policy	On June 23, 2015, PEMEX awarded Mapfre Tepeyac S.A., through a public bidding process, a contract to provide its comprehensive insurance policy. This two-year policy covers direct physical damage to all PEMEX assets, onshore and offshore, as well as any civil liability that may derive from the development of its operations. In addition, Seguros Inbursa was awarded a contract to provide the civil liability policy for the Board of Directors of Petróleos Mexicanos, top management and executives. The bidding process had the largest participation of insurance companies ever recorded for the comprehensive policy, totaling eight. The total premium for both policies amounts to USD 427.9 million. The cost for managing these policies will decrease from 2.78% for the 2013-2015 period, to 2.41% for the 2015-2017 period.
MOUs	The following table sets forth a brief description of the MOUs recently entered into by Petróleos Mexicanos:

MOU

Counterparty	Date	Purpose
First Reserve	April 7, 2015	•     Explore new business opportunities with respect to a wide range of projects. •     Exchange of technical and operational knowledge and experience. •     The MOU contemplates an investment of up to USD 1.0 billion in potential projects related to infrastructure, shipping, cogeneration and processing, among others, in addition to the exchange of technical and operational knowledge and experience.
Global Water Development Partners	May 12, 2015	•     Create a partnership to invest in environmentally sustainable water and wastewater treatment infrastructure for upstream and downstream facilities.

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PEMEX

Counterparty	Date	Purpose
Enel - Abengoa	May 12, 2015	•     Form a partnership aimed at the combined execution of the cogeneration project, which will provide power and steam to the Antonio Dovalí Jaime refinery of Salina Cruz, Oaxaca, and to the National Electricity System. •     Develop an efficient cogeneration plant with an estimated capacity of 517 megawatts of power and 850 tons per hour of steam production.
National Institute for Transparency, Information Access and Personal Data Protection (INAI)	May 14, 2015	•     Establish actions regarding access to public government information and personal data protection. •     Foster a culture of transparency in government actions. •     Promote accountability to the public.
The Consumer Affairs Bureau (PROFECO)	May 19, 2015	•     Exchange of confidential information, joint operations and redirection of efforts to protect consumers from gasoline theft at gas stations.
BlackRock	June 1, 2015	•     Accelerate the development and financing of strategic energy infrastructure projects of PEMEX.
Ministry of Agrarian, Land and Urban Development (SEDATU), through the Agrarian Prosecutor Office (PA)	July 22, 2015	•     Establish information, consulting and training mechanisms so that the exploration, extraction and distribution of hydrocarbon projects are developed with strict observance to the legal framework and full respect to the agrarian subjects. •     The PA will carry out advising and conciliatory efforts for the controversies that could derive from the relationship between PEMEX and the agrarian subjects.

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PEMEX

Counterparty	Date	Purpose
Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM)	July 23, 2015	•     Foster competitive development within the Mexican oil and gas industry. •     Conduct specialized research and consulting to benefits PEMEX’s development. Organize lectures, seminars, conferences, congresses, symposiums, round tables, etc. of common interest for both institutions. •     Provide postgraduate studies for PEMEX employees, who will assess and supervise the development of social service practices and internships of college students at the company.
Government of the State of Puebla	July 27, 2015	•     Boost the production of methanol to oxygenate gasolines in the petrochemical complex Independencia.

Investigations of Alleged Acts of Extortion	On July 7, 2015, Petróleos Mexicanos announced the ongoing investigations related to a complaint filed by an employee of Pemex Exploration and Production about alleged acts of extortion by PEMEX employees towards Súper Pereyra, S.A. de C.V. The complaint is related to a public tender issued by Petróleos Mexicanos for the procurement of food and housing services at accommodation rigs located in the Campeche Sound. Complaints were filed on June 25, 2015 by the Public Prosecutor of the Ministry of Public Function in coordination with Súper Pereyra.
Agreement with the OECD	On July 20, 2015, Petróleos Mexicanos, through its Corporate Office of Procurement and Supply, signed an agreement with the Organization for Economic Cooperation and Development (OECD) that will enable PEMEX to adopt and promote best practices in procurement, and foster efficient management and transparency in its processes. The agreement contemplated a comparative study of PEMEX’s procurement and supply business model, which will be conducted in three phases: i) analysis of the regulatory framework; ii) analysis of practices to promote transparency and ethics in procurement; and iii) review of PEMEX’s relationship with suppliers and contractors. The agreement also considers the training of PEMEX personnel by the OECD on transparency and ethics issues, procurement procedures design and collusion-risk mitigation.
Agreement with Conproca	On July 20, 2015, Petróleos Mexicanos and Conproca, S.A. de C.V. (Conproca), a consortium formed by SK Engineering & Construction Co. Ltd. and Siemens, A.G. (Siemens), reached a settlement agreement to put an end to the controversies derived from the revamp of the Héctor R. Lara Sosa refinery, in Cadereyta, Nuevo León, that began in 1997. With the agreement, the parties settled all existing disputes, and decided to allocate the resources that Siemens will receive from Conproca to a trust fund to develop projects intended to fight corruption, promote environmental protection and social development, foster transparency, energy culture and fair market practices, and other projects determined by the trust’s Technical Committee, which will be formed by PEMEX and Siemens representatives.

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PEMEX

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Julio Valle	Celina Torres	David Ocañas	Ana Lourdes Benavides
julio.alberto.valle@pemex.com	celina.torres@pemex.com	david.ocanas@pemex.com	ana.lourdes.benavides@pemex.com
Lucero Medina	Mariana López	Alejandro López
lucero.angelica.medina@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. For more information regarding the transition to IFRS, see Note 23 to the consolidated financial statements included in Petróleos Mexicanos’ 2012 Form 20-F filed with the Securities and Exchange Commission (SEC) and its Annual Report filed with the Comisión Nacional Bancaria y de Valores (CNBV).

EBITDA is a non-IFRS measure. We show a reconciliation of EBITDA to net income in Table 33 of the annexes to this report. Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies or affiliates of Petróleos Mexicanos. It is important to mention, that our current financing agreements do not include financial covenants or events of default that would be triggered as a result of our having negative equity.

Methodology

We might change the methodology of the information disclosed in order to enhance its quality and usefulness, and/or to comply with international standards and best practices.

Foreign Exchange Conversions

Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the exchange rate at close for the corresponding period, unless otherwise noted. Due to market volatility, the difference between the average exchange rate, the exchange rate at close and the spot exchange rate, or any other exchange rate used could be material. Such translations should not be construed as a representation that the Mexican peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate. It is important to note that we maintain our consolidated financial statements and accounting records in pesos. As of June 30, 2015, the exchange rate of MXN 15.5676 = USD 1.00 is used.

Fiscal Regime

Starting January 1, 2015, Petróleos Mexicanos’ fiscal regime is ruled by the Ley de Ingresos sobre Hidrocarburos (Hydrocarbons Income Law). Since January 1, 2006 and until 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.

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. The IEPS rate is calculated as the difference between the retail or “final price,” and the “producer price” of products. If the “final price” is higher than the “producer price,” the IEPS is paid by the final consumer. If the opposite occurs, the “negative IEPS” amount can be credited against certain of PEMEX’s tax liabilities and included in “Other income (expenses)” in its Income Statement.

PEMEX’s “producer price” is calculated by reference to that of an efficient refinery operating in the Gulf of Mexico. Until 2014, the “final price” or “retail price” was established by the SHCP. In 2015 the SHCP set a cap for retail price based on inflation expectations. In 2016 and 2017 the SHCP expects to apply the same system, and if competitive economic conditions are present, the retail price is expected to be determined by the market beginning in 2018.

Hydrocarbon Reserves

In accordance with the Hydrocarbons Law, published in the Official Gazette of the Federation on August 11, 2014, the National Hydrocarbons Commission (CNH) will establish and will manage the National Hydrocarbons Information Center, comprised by a system to obtain, safeguard, manage, use, analyze, keep updated and publish information and statistics related; which includes estimations, valuation studies and certifications.

As of January 1, 2010, the Securities and Exchange Commission (SEC) changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. Nevertheless, any description of probable or possible reserves included herein may not meet the recoverability thresholds established by the SEC in its definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our Annual Report to the CNBV and SEC, available at http://www.pemex.com/.

Forward-looking Statements

This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. We may include forward-looking statements that address, among other things, our:

• exploration and production activities, including drilling;

• activities relating to import, export, refining, petrochemicals and transportation of petroleum, natural gas and oil products;

• activities relating to the generation of electrical energy;

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

• liquidity and sources of funding.

Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

• changes in international crude oil and natural gas prices;

• effects on us from competition, including on our ability to hire and retain skilled personnel;

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

• our ability to find, acquire or have the right to access additional hydrocarbons reserves and to develop 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, including developments relating to the implementation of the laws that implement the new legal framework contemplated by the Energy Reform Decree (as described in our most recent Annual Report and Form 20-F);

• developments affecting the energy sector; and

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

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.

PEMEX Results Report as of June 30, 2015 26 / 26

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Annexes

PEMEX

Main Statistics of Production

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Upstream
Total hydrocarbons (Mboed)		3,578		3,255		-9.0	%	(323	)		3,595		3,321		-7.6	%	(274	)
Liquid hydrocarbons (Mbd)		2,510		2,261		-9.9	%	(249	)		2,524		2,303		-8.7	%	(220	)
Crude oil (Mbd)		2,468		2,225		-9.8	%	(243	)		2,480		2,262		-8.8	%	(218	)
Condensates (Mbd)		42		36		-14.6	%	(6	)		44		41		-6.5	%	(3	)
Natural gas (MMcfd)(1)		6,524		6,282		-3.7	%	(241	)		6,523		6,442		-1.2	%	(81	)
Downstream
Dry gas from plants (MMcfd)(2)		3,593		3,276		-8.8	%	(317	)		3,632		3,436		-5.4	%	(196	)
Natural gas liquids (Mbd)		368		323		-12.1	%	(44	)		368		336		-8.7	%	(32	)
Petroleum products (Mbd)(3)		1,401		1,216		-13.2	%	(185	)		1,366		1,218		-10.8	%	(147	)
Petrochemical products (Mt)		1,366		1,249		-8.5	%	(116	)		2,806		2,518		-10.3	%	(288	)

(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

	Second quarter (Apr.-Jun.)											Six months ending Jun. 30,
	2014			2015			Change					2014			2015			Change
Crude oil (Mbd)		2,468			2,225			-9.8	%	(243	)		2,480			2,262			-8.8	%	(218	)
Heavy		1,297			1,169			-9.9	%	(129	)		1,310			1,166			-11.0	%	(144	)
Light		869			796			-8.4	%	(73	)		863			830			-3.8	%	(32	)
Extra-light		302			261			-13.6	%	(41	)		306			265			-13.4	%	(41	)
Offshore crude oil / total		75.4	%		77.3	%							75.4	%		77.6	%

PEMEX Preliminary Results as of June 30, 2015 1 / 21

www.pemex.com

PEMEX

PEMEX

Crude Oil Production by Asset

	2011		2012		2013								2014								2015
					1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q		2Q
									(Mbd)
Total		2,553		2,548		2,544		2,516		2,506		2,523		2,492		2,468		2,398		2,360		2,300		2,225
Northeastern Marine Region		1,343		1,309		1,305		1,314		1,302		1,294		1,274		1,252		1,207		1,194		1,144		1,144
Cantarell		501		454		446		445		443		426		414		397		358		332		304		282
Ku-Maloob-Zaap		842		855		859		869		859		868		860		855		850		862		840		861
Southwestern Marine Region		561		585		586		581		595		608		604		610		622		642		646		576
Abkatún-Pol Chuc		276		266		281		288		299		306		300		296		292		309		309		239
Litoral de Tabasco		284		319		305		293		296		303		304		314		331		333		337		337
Southern Region		531		508		498		474		468		484		479		476		448		406		396		393
Cinco Presidentes		83		96		96		91		92		94		93		92		85		87		85		89
Bellota-Jujo		143		130		132		132		133		139		131		131		125		112		103		103
Macuspana-Muspac(1)		81		77		81		80		80		83		84		82		78		64		62		57
Samaria-Luna		223		205		190		170		163		168		171		171		160		143		146		145
Northern Region		119		145		155		146		142		137		133		130		120		117		113		112
Burgos		3		5		7		7		8		9		10		10		—		—		—		—
Poza Rica-Altamira		60		68		66		63		60		58		58		60		61		60		58		59
Aceite Terciario del Golfo(2)		53		69		74		67		63		60		54		49		47		46		44		42
Veracruz		3		4		8		9		10		10		11		11		12		12		11		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

	Second quarter (Apr.-Jun.)											Six months ending Jun. 30,
	2014			2015			Change					2014			2015			Change
Total (MMcfd)(1)		5,762			5,399			-6.3	%	(363	)		5,785			5,575			-3.6	%	(210	)
Associated		4,137			3,789			-8.4	%	(348	)		4,167			3,901			-6.4	%	(266	)
Non-associated		1,624			1,609			-0.9	%	(15	)		1,618			1,674			3.5	%	56
Natural gas flaring (MMcfd)		225			530			135.3	%	305			202			397			96.8	%	195
Gas flaring / total		3.9	%		9.8	%							3.5	%		7.1	%

(1) Does not include nitrogen.

PEMEX Preliminary Results as of June 30, 2015 2 / 21

www.pemex.com

PEMEX

PEMEX

Natural Gas Production by Asset

	2011		2012		2013								2014								2015
					1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q		2Q
									(MMcfd)
Total (1)		6,594		6,385		6,463		6,275		6,328		6,416		6,522		6,524		6,513		6,568		6,604		6,282
Northeastern Marine Region		1,406		1,334		1,356		1,386		1,425		1,480		1,601		1,674		1,706		1,785		1,831		1,835
Cantarell		1,075		1,004		1,014		1,007		1,006		1,001		1,075		1,117		1,116		1,175		1,317		1,294
Ku-Maloob-Zaap		331		330		342		379		418		479		526		557		590		610		514		542
Southwestern Marine Region		1,208		1,259		1,308		1,289		1,313		1,397		1,425		1,378		1,372		1,410		1,500		1,297
Abkatún-Pol Chuc		559		524		560		571		580		606		610		585		507		513		528		353
Litoral Tabasco		649		736		748		718		733		790		815		793		865		896		972		944
Southern Region		1,692		1,652		1,596		1,516		1,562		1,608		1,599		1,563		1,488		1,414		1,374		1,379
Cinco Presidentes		117		116		120		126		134		137		151		148		148		164		158		162
Bellota-Jujo		288		297		309		308		326		334		302		295		284		275		265		265
Macuspana-Muspac(2)		572		543		528		509		497		526		517		503		480		463		466		471
Samaria-Luna		716		696		639		572		604		611		629		617		576		512		485		481
Northern Region		2,288		2,139		2,203		2,083		2,029		1,931		1,897		1,909		1,948		1,960		1,899		1,772
Burgos		1,344		1,269		1,377		1,309		1,264		1,199		1,191		1,205		1,229		1,258		1,222		1,124
Poza Rica-Altamira		115		120		112		107		117		114		110		101		102		99		100		102
Aceite Terciario del Golfo(3)		112		149		168		171		168		161		154		149		148		147		147		145
Veracruz		717		601		546		496		480		457		442		454		469		456		429		400
Nitrogen
Southern Region		96		107		85		84		99		84		89		116		122		117		106		109
Bellota-Jujo		33		35		24		20		28		21		26		54		64		61		43		37
Samaria-Luna		63		72		62		64		71		62		63		62		58		56		63		71
Northeastern Marine Region		585		601		609		632		594		577		625		646		689		691		744		775
Cantarell		585		601		609		632		594		577		625		646		689		691		744		775

(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

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
2D (km)		545		177		-67.5	%	(368	)		2,177		645		-70.4	%	(1,532	)
3D (km2)		296		612		106.8	%	316			6,003		881		-85.3	%	(5,122	)

PEMEX Preliminary Results as of June 30, 2015 3 / 21

www.pemex.com

PEMEX

PEMEX

Operating Offshore Platforms

	As of June 30,
	2014		2015		Change
Offshore platforms		256		257		0.4	%	1
Storage		1		1		0.0	%	—
Compression		10		9		-10.0	%	(1	)
Control and service		1		1		0.0	%	—
Linkage		13		13		0.0	%	—
Measurement		1		1		0.0	%	—
Drilling		173		175		1.2	%	2
Production		26		26		0.0	%	—
Telecommunications		7		7		0.0	%	—
Treatment and pumping		1		1		0.0	%	—
Housing		23		23		0.0	%	—

PEMEX

Drilled and Operating Wells

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Wells drilled		114		92		-19.3	%	(22	)		252		176		-30.2	%	(76	)
Development		107		89		-16.8	%	(18	)		239		167		-30.1	%	(72	)
Exploration		7		3		-57.1	%	(4	)		13		9		-30.8	%	(4	)
Operating wells		9,513		9,380		-1.4	%	(133	)		9,619		9,443		-1.8	%	(175	)
Crude oil		6,333		5,832		-7.9	%	(501	)		6,378		5,864		-8.1	%	(515	)
Non-associated gas		3,180		3,548		11.6	%	368			3,240		3,579		10.5	%	339

PEMEX Preliminary Results as of June 30, 2015 4 / 21

www.pemex.com

PEMEX

PEMEX

Average Operating Drilling Rigs

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Total		124		78		-37.1	%	(46	)		118		82		-30.5	%	(36	)
Exploration		17		14		-17.6	%	(3	)		16		14		-12.5	%	(2	)
Development		107		64		-40.2	%	(43	)		102		68		-33.3	%	(34	)

PEMEX

Crude Oil Processing

	Second quarter (Apr.-Jun.)											Six months ending Jun. 30,
	2014			2015			Change					2014			2015			Change
Total processed (Mbd)		1,199			1,058			-11.7	%	(140	)		1,174			1,058			-9.9	%	(116	)
Light crude		683			576			-15.6	%	(107	)		664			563			-15.2	%	(101	)
Heavy crude		516			482			-6.5	%	(34	)		510			495			-2.9	%	(15	)
Light crude / Total processed		57.0	%		54.5	%		-4.4	%	(2.5	)		56.5	%		53.2	%		-5.9	%	(3.4	)
Heavy crude / Total processed		43.0	%		45.5	%		5.9	%	2.5			43.5	%		46.8	%		7.7	%	3.4
Use of primary distillation capacity		71.7	%		63.4	%		-11.7	%	(8.4	)		70.7	%		63.4	%		-10.3	%	(7.3	)

PEMEX

Petroleum Products Production

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Total production (Mbd)		1,401		1,216		-13.2	%	(185	)		1,366		1,218		-10.8	%	(147	)
Automotive gasolines		453		395		-12.8	%	(58	)		442		392		-11.3	%	(50	)
Fuel oil		276		234		-15.2	%	(42	)		258		220		-15.1	%	(39	)
Diesel		307		263		-14.2	%	(43	)		295		275		-6.7	%	(20	)
LPG		210		176		-16.3	%	(34	)		212		186		-12.6	%	(27	)
Jet Fuel		59		46		-20.8	%	(12	)		58		48		-16.6	%	(10	)
Other(1)		97		101		4.7	%	5			101		98		-2.6	%	(3	)

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

Note: As of March 31, 2015 PEMEX had 10,908 service stations.

PEMEX Preliminary Results as of June 30, 2015 5 / 21

www.pemex.com

PEMEX

PEMEX

Natural Gas Processing and Production

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Natural gas processing (MMcfd)		4,311		3,955		-8.3	%	(356	)		4,347		4,125		-5.1	%	(222	)
Sour wet gas		3,334		3,095		-7.2	%	(239	)		3,373		3,219		-4.6	%	(154	)
Sweet wet gas		976		860		-11.9	%	(117	)		974		906		-7.0	%	(68	)
Condensates processing (Mbd)		47		40		-15.7	%	(7	)		49		45		-7.3	%	(4	)
Production
Dry gas from plants (MMcfd)		3,593		3,276		-8.8	%	(317	)		3,632		3,436		-5.4	%	(196	)
Natural gas liquids (Mbd)		368		323		-12.1	%	(44	)		368		336		-8.7	%	(32	)

PEMEX Preliminary Results as of June 30, 2015 6 / 21

www.pemex.com

PEMEX

PEMEX

Production of Petrochemicals

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Total production		1,366		1,249		-8.5	%	(116	)		2,806		2,518		-10.3	%	(288	)
Methane derivatives		350		209		-40.1	%	(140	)		710		516		-27.2	%	(193	)
Ammonia		225		114		-49.5	%	(112	)		471		335		-28.9	%	(136	)
Carbon dioxide		79		54		-32.3	%	(26	)		149		95		-36.3	%	(54	)
Methanol		45		42		-6.8	%	(3	)		90		87		-3.5	%	(3	)
Ethane derivatives		262		273		4.3	%	11			544		542		-0.4	%	(2	)
Ethylene		7		—		—		—			7		N/D		—		—
Ethylene glycol		41		45		10.0	%	4			81		89		10.7	%	9
Impure glycol		1		1		12.9	%	0			1		2		20.8	%	0
Pure monoethylene glycol		3		3		-9.2	%	(0	)		6		5		-14.2	%	(1	)
Ethylene oxide		66		62		-6.6	%	(4	)		131		123		-6.6	%	(9	)
High density polyethylene		42		38		-10.9	%	(5	)		82		81		-1.8	%	(2	)
Low density polyethylene		56		53		-5.4	%	(3	)		123		108		-12.3	%	(15	)
Linear low density polyethylene		46		72		56.5	%	26			113		135		19.8	%	22
Aromatics and derivatives		177		234		32.0	%	57			342		431		25.9	%	89
Aromine 100		4		5		13.1	%	1			7		9		25.1	%	2
Benzene		0		6		2569.5	%	6			0		7		1434.8	%	6
Styrene		33		27		-18.5	%	(6	)		66		61		-7.9	%	(5	)
Fluxoil		1		1		-19.4	%	(0	)		2		2		-9.2	%	(0	)
High octane hydrocarbon		89		160		79.3	%	71			175		281		60.2	%	105
Toluene		22		9		-60.0	%	(13	)		37		22		-40.8	%	(15	)
Xylenes		27		26		-4.6	%	(1	)		54		49		-8.0	%	(4	)
Propylene and derivatives		125		139		10.7	%	13			248		257		3.6	%	9
Hydrocyanic acid		1.5		1.5		6.3	%	0			2		3		20.7	%	1
Acrylonitrile		14		14		5.1	%	1			25		28		10.8	%	3
Propylene		110		123		11.5	%	13			220		226		2.5	%	6
Other		451		394		-12.7	%	(58	)		963		772		-19.8	%	(190	)
Heptane		1		—		—		—			2		—		—		—
Hexane		7		8		6.9	%	0			11		18		58.3	%	7
Pentanes		4		5		23.4	%	1			8		9		14.5	%	1
Carbon black		77		79		2.5	%	2			173		175		1.0	%	2
Butane		8		9		5.2	%	0			15		16		9.4	%	1
Other		354		293		-17.0	%	(60	)		753		554		-26.4	%	(199	)

Note: “Other” includes muriatic acid, butadiene, polyethylene wax, petrochemical specialities, BTX liquids, hydrogen, isohexane, pyrolysis liquids, oxygen, CPDI, sulfur, isopropyl alcohol, amorphous gasoline, octane basis gasoline and heavy naphtha.

PEMEX Preliminary Results as of June 30, 2015 7 / 21

www.pemex.com

PEMEX

PEMEX

Industrial Safety and Environmental Protection

	Second quarter (Apr.-Jun.)								Six months ending Jun. 30,
	2014		2015		Change				2014		2015		Change
Frequency index (1)		0.30		0.52		73.2	%	0.22		0.35		0.50		42.0	%	0.15
Severity index (2)		18		29		59.1	%	11		18		22		22.7	%	4
Sulfur oxide emissions (Mt)		143		156		9.5	%	14		295		308		4.3	%	13
Reused water / Use		0.138		0.141		2.0	%	0.003		0.146		0.139		-5.1	%	(0.007	)

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

(2) Total days lost by MMmh risk exposure.

Note: MMmh stands for millon man-hours.

PEMEX

Volume of Domestic Sales

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Dry natural gas (MMcfd)		3,452		3,056		-11.5	%	(397	)		3,434		3,151		-8.2	%	(283	)
Petroleum products (Mbd)		1,703		1,667		-2.1	%	(36	)		1,696		1,652		-2.6	%	(44	)
Automotive gasolines		778		785		0.8	%	6			772		776		0.5	%	4
Fuel oil		135		84		-37.5	%	(51	)		115		70		-38.9	%	(45	)
Diesel		393		396		0.8	%	3			385		385		-0.1	%	(0	)
LPG		261		264		1.3	%	3			280		279		-0.1	%	(0	)
Jet fuel		66		69		4.0	%	3			67		70		5.3	%	4
Other		71		70		-0.9	%	(1	)		78		71		-8.1	%	(6	)
Petrochemical products (Mt)		1,042		970		-6.9	%	(72	)		2,151		2,027		-5.8	%	(124	)

PEMEX Preliminary Results as of June 30, 2015 8 / 21

www.pemex.com

PEMEX

PEMEX

Volume of Exports⁽¹⁾

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Crude oil (Mbd)		1,081		1,066		-1.4	%	(15	)		1,136		1,164		2.5	%	29
Maya(2)		879		745		-15.3	%	(134	)		903		834		-7.7	%	(69	)
Istmo		107		208		95.5	%	102			138		202		46.3	%	64
Olmeca		95		113		18.3	%	17			95		129		35.9	%	34
Dry natural gas (MMcfd)(3)		4		3		-38.6	%	(2	)		4		3		-37.7	%	(2	)
Petroleum products (Mbd)		159		197		24.1	%	38			193		216		11.6	%	23
Fuel oil		100		118		17.4	%	17			125		139		10.8	%	14
Naftas		59		63		7.7	%	5			63		66		4.7	%	3
Other		—		16		—		16			5		11		114.3	%	6
Petrochemical products (Mt)		118		83		-30.2	%	(36	)		269		151		-43.7	%	(117	)

(1) Transactions conducted by PMI Group.

(2) Includes Altamira.

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

PEMEX

Volume of Imports⁽¹⁾

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Dry natural gas (MMcfd)(2)		1,406		1,332		-5.3	%	(74	)		1,360		1,268		-6.8	%	(92	)
Petroleum products (Mbd)		554		682		23.0	%	128			593		681		15.0	%	89
Automotive gasolines		329		386		17.3	%	57			352		397		12.6	%	44
Fuel oil		16		9		-41.6	%	(6	)		13		7		-43.9	%	(6	)
Diesel		118		148		25.6	%	30			119		141		18.4	%	22
LPG		60		94		57.4	%	34			80		96		20.2	%	16
Jet fuel		8		24		216.6	%	16			6		23		266.2	%	17
Naftas		24		18		-24.3	%	(6	)		21		15		-29.6	%	(6	)
Other		0.5		2.9		524.4	%	2.4			0.5		1.7		270.9	%	1.2
Petrochemical products (Mt)		88		77		-11.6	%	(10	)		175		159		-8.9	%	(15	)

(1) Transactions conducted by PMI Group.

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

PEMEX Preliminary Results as of June 30, 2015 9 / 21

www.pemex.com

PEMEX

PEMEX

Average Exchange Rates and Reference Data

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014		2015		Change					2014		2015		Change
Mexican crude oil basket (USD/b)		97.09		53.95		-44.4	%	(43.14	)		94.75		49.70		-47.6	%	(45.05	)
Regular gasoline in the USCGM (USD¢/gal)		293.23		197.74		-32.6	%	(95.49	)		281.07		176.38		-37.2	%	(104.70	)
LPG price by Decree (MXN/t)		9.02		9.41		4.3	%	0.39			8.91		9.41		5.6	%	0.50
International reference LPG (MXN/t)		9.48		6.58		-30.6	%	(2.90	)		10.61		6.48		-38.9	%	(4.13	)
Natural gas (Henry Hub)(USD/MMBtu)		4.68		2.65		-43.4	%	(2.03	)		4.95		2.99		-39.6	%	(1.96	)

	Six months ending Jun. 30,
	2014		2015		Change
MXN per USD		13.0323		15.5676		19.5	%	2.54

PEMEX

Consolidated Income Statement

	Second quarter (Apr.-Jun.)																	Six months ending Jun. 30,
	2014			2015			Change					2015			2014			2015			Change					2015
	(MXN million)											(USD million)			(MXN million)											(USD million)
Total sales		409,070			308,864			-24.5	%	(100,207	)		19,840			816,004			588,363			-27.9	%	(227,641	)		37,794
Domestic sales		241,793			190,145			-21.4	%	(51,648	)		12,214			472,837			360,890			-23.7	%	(111,947	)		23,182
Exports		165,673			115,427			-30.3	%	(50,246	)		7,415			338,864			220,588			-34.9	%	(118,276	)		14,170
Services income		1,604			3,291			105.2	%	1,687			211			4,303			6,885			60.0	%	2,582			442
Cost of sales		217,375			218,575			0.6	%	1,200			14,040			427,707			413,078			-3.4	%	(14,629	)		26,534
Gross income		191,695			90,289			-52.9	%	(101,406	)		5,800			388,298			175,285			-54.9	%	(213,012	)		11,260
Other revenues (expenses)		15,716			978			-93.8	%	(14,738	)		63			32,894			2,317			-93.0	%	(30,577	)		149
IEPS accrued		14,974			831			-94.4	%	(14,143	)		53			30,878			1,320			-95.7	%	(29,558	)		85
Other		742			147			-80.2	%	(595	)		9			2,015			997			-50.5	%	(1,019	)		64
Transportation and distribution expenses		7,995			8,516			6.5	%	521			547			15,323			17,751			15.8	%	2,428			1,140
Administrative expenses		28,325			28,825			1.8	%	500			1,852			53,609			57,493			7.2	%	3,883			3,693
Operating income (loss)		171,091			53,926			-68.5	%	(117,165	)		3,464			352,259			102,359			-70.9	%	(249,901	)		6,575
Total interest expense		(11,004	)		(15,834	)		43.9	%	(4,830	)		(1,017	)		(21,986	)		(30,991	)		41.0	%	(9,005	)		(1,991	)
Total interest income		714			1,295			81.4	%	581			83			1,228			3,057			148.9	%	1,829			196
Income (cost) due to financial derivatives		629			1,318			109.7	%	690			85			3,032			(14,867	)		-590.4	%	(17,899	)		(955	)
Foreign exchange profit (loss)		3,506			(28,731	)				(32,237	)		(1,846	)		3,419			(45,344	)		-1426.3	%	(48,763	)		(2,913	)
Profit sharing in non-consolidated subsidiaries and affiliates		692			1,168			68.8	%	476			75			1,827			1,207			-33.9	%	(620	)		78
Income before taxes and duties		165,628			13,142			-92.1	%	(152,486	)		844			339,779			15,421			-95.5	%	(324,359	)		991
Taxes and duties		217,923			97,772			-55.1	%	(120,151	)		6,280			428,028			200,597			-53.1	%	(227,431	)		12,886
Net income (loss)		(52,295	)		(84,630	)		61.8	%	(32,335	)		(5,436	)		(88,249	)		(185,176	)		109.8	%	(96,927	)		(11,895	)
Other comprehensive results		636			(1,449	)				(2,085	)		(93	)		634			4,454			602.4	%	3,820			286
Investment in equity securities		1,258			(493	)		-139.2	%	(1,751	)		(32	)		1,419			(548	)		-138.6	%	(1,966	)		(35	)
Actuarial losses due to employee benefits		18			0					(18	)		0			18			—			-100.0	%	(18	)		—
Conversion effect		(640	)		(956	)		49.4	%	(316	)		(61	)		(802	)		5,002			-723.8	%	5,804			321
Comprehensive income (loss)		(51,660	)		(86,079	)				(34,420	)		(5,529	)		(87,615	)		(180,722	)		106.3	%	(93,107	)		(11,609	)

PEMEX Preliminary Results as of June 30, 2015 10 / 21

www.pemex.com

PEMEX

PEMEX

Financial Ratios

	Second quarter (Apr.-Jun.)									Six months ending Jun. 30,
	2014			2015			Change			2014			2015			Change
Cost of sales / Total revenues (including negative IEPS credit)		51.3	%		70.6	%		19.3			50.5	%		70.1	%		19.5
D&A / Operating costs & expenses		14.0	%		15.9	%		1.9			14.7	%		15.9	%		1.2
Operating income / Total revenues (including negative IEPS credit)		40.3	%		17.4	%		(22.9	)		41.6	%		17.4	%		(24.2	)
Taxes and duties / Total revenues (including negative IEPS credit)		51.4	%		31.6	%		(19.8	)		50.5	%		34.0	%		(16.5	)
Earnings before Interest, Taxes Depreciation and Amortization (EBITDA) / Interest expense		21.5			8.3			(13.3	)		22.1			8.1			(14.1	)

PEMEX

Sales and Services Revenues

	Second quarter (Apr.-Jun.)													Six months ending Jun. 30,
	2014		2015		Change					2015		2014		2015		Change					2015
	(MXN million)									(USD million)		(MXN million)									(USD million)
Total revenues from sales and services		409,070		308,864		-24.5	%	(100,207	)		19,840		816,004		588,363		-27.9	%	(227,641	)		37,794
Domestic sales (including negative IEPS recovery)		256,767		190,976		-25.6	%	(65,791	)		12,268		503,715		362,210		-28.1	%	(141,506	)		23,267
Domestic sales		241,793		190,145		-21.4	%	(51,648	)		12,214		472,837		360,890		-23.7	%	(111,947	)		23,182
Dry gas		22,431		13,375		-40.4	%	(9,056	)		859		46,188		26,485		-42.7	%	(19,702	)		1,701
Petroleum products (including negative IEPS recovery)		227,228		170,942		-24.8	%	(56,286	)		10,981		442,834		321,819		-27.3	%	(121,016	)		20,672
Petroleum products		212,254		170,111		-19.9	%	(42,143	)		10,927		411,956		320,498		-22.2	%	(91,458	)		20,588
IEPS		14,974		831		-94.4	%	(14,143	)		53		30,878		1,320		-95.7	%	(29,558	)		85
Gasolines		107,981		91,335		-15.4	%	(16,646	)		5,867		210,610		167,630		-20.4	%	(42,980	)		10,768
Fuel oil		12,638		4,662		-63.1	%	(7,976	)		299		20,904		7,790		-62.7	%	(13,114	)		500
Diesel		57,736		43,736		-24.2	%	(14,000	)		2,809		111,235		82,713		-25.6	%	(28,522	)		5,313
LPG		18,107		18,442		1.8	%	335			1,185		37,308		39,313		5.4	%	2,005			2,525
Jet fuel		9,334		7,267		-22.1	%	(2,067	)		467		19,058		13,782		-27.7	%	(5,276	)		885
Other		6,458		4,670		-27.7	%	(1,788	)		300		12,841		9,271		-27.8	%	(3,570	)		596
Petrochemical products		7,108		6,659		-6.3	%	(449	)		428		14,693		13,906		-5.4	%	(787	)		893
Exports		165,673		115,427		-30.3	%	(50,246	)		7,415		338,864		220,588		-34.9	%	(118,276	)		14,170
Crude oil and condensates		124,667		81,287		-34.8	%	(43,379	)		5,222		255,528		154,095		-39.7	%	(101,433	)		9,898
Dry gas		18		6		-66.1	%	(12	)		0		37		13		-64.3	%	(24	)		1
Petroleum products		40,341		33,810		-16.2	%	(6,531	)		2,172		82,296		66,080		-19.7	%	(16,216	)		4,245
Petrochemical products		586		248		-57.7	%	(338	)		16		811		343		-57.7	%	(468	)		22
Suphur		62		76		22.2	%	14			5		192		57		-70.5	%	(135	)		4
Services revenues		1,604		3,291		105.2	%	1,687			211		4,303		6,885		60.0	%	2,582			442

PEMEX Preliminary Results as of June 30, 2015 11 / 21

www.pemex.com

PEMEX

PEMEX

Operating Costs and Expenses

	Second quarter (Apr.-Jun.)													Six months ending Jun. 30,
	2014		2015		Change					2015		2014		2015		Change					2015
	(MXN million)									(USD million)		(MXN million)									(USD million)
Operating costs and expenses		253,695		255,916		0.9	%	2,221			16,439		496,639		488,321		-1.7	%	(8,318	)		31,368
Cost of sales		217,375		218,575		0.6	%	1,200			14,040		427,707		413,078		-3.4	%	(14,629	)		26,534
Operating expenses		28,668		31,448		9.7	%	2,780			2,020		52,098		57,477		10	%	5,380			3,692
Purchases for resale		88,438		85,929		-2.8	%	(2,509	)		5,520		187,804		155,118		-17	%	(32,686	)		9,964
Hydrocarbon exploration duty		—		494				494			32		—		494				494			32
Hydrocarbon exploration activity tax		—		645				645			41		—		645				645			41
Hydrocarbon extraction duty		—		26,584				26,584			1,708		—		26,584				26,584			1,708
Hydrocarbon extraction activity tax		—		1,396				1,396			90		—		1,396				1,396			90
Other		100,269		72,078		-28.1	%	(28,191	)		4,630		187,805		171,363				(16,442	)		11,008
Transportation and distribution expenses		7,995		8,516		6.5	%	521			547		15,323		17,751		15.8	%	2,428			1,140
Administrative expenses		28,325		28,825		1.8	%	500			1,852		53,609		57,493		7.2	%	3,883			3,693
Net cost for the period of employee benefits		29,549		34,950		18.3	%	5,401			2,245		59,111		68,757		16.3	%	9,646			4,417
Depreciation and amortization expenses		35,604		40,681		14.3	%	5,078			2,613		73,174		77,652		6.1	%	4,478			4,988

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

PEMEX

Interest expense & interest income

	Second quarter (Apr.-Jun.)																	Six months ending Jun. 30,
	2014			2015			Change					2015			2014			2015			Change					2015
	(MXN million)											(USD million)			(MXN million)											(USD million)
Total interest expense		(14,082	)		(17,807	)		26.4	%	(3,725	)		(1,144	)		(27,171	)		(51,431	)		89.3	%	(24,261	)		(3,304	)
Interest expense		(11,004	)		(15,834	)		43.9	%	(4,830	)		(1,017	)		(21,986	)		(30,991	)		41.0	%	(9,005	)		(1,991	)
Income (cost) by financial derivatives		(3,079	)		(1,973	)		-35.9	%	1,106			(127	)		(5,184	)		(20,440	)		294.3	%	(15,256	)		(1,313	)
Total interest income		4,421			4,586			3.7	%	165			295			9,444			8,630			-8.6	%	(815	)		554
Interest income		714			1,295			81.4	%	581			83			1,228			3,057			148.9	%	1,829			196
Income (cost) by financial derivatives		3,707			3,291			-11.2	%	(416	)		211			8,216			5,573			-32.2	%	(2,643	)		358

PEMEX

Taxes and Duties

	Second quarter (Apr.-Jun.)															Six months ending Jun. 30,
	2014		2015			Change					2015			2014		2015		Change					2015
	(MXN million)										(USD million)			(MXN million)									(USD million)
Total taxes and duties		217,923		97,772			-55.1	%	(120,151	)		6,280			428,028		200,597		-53.1	%	(227,431	)		12,886
Duties		213,982		95,404			-55.4	%	(118,578	)		6,128			421,658		195,258		-53.7	%	(226,400	)		12,543
Ordinary hydrocarbons duty		181,286		—					(181,286	)		—			357,227		—		-100.0	%	(357,227	)		—
Special hydrocarbons duty		802		—					(802	)		—			1,582		—		-100.0	%	(1,582	)		—
Extraction of hydrocarbons duty		1,020		—					(1,020	)		—			2,085		—		-100.0	%	(2,085	)		—
Duty on regulation and supervision in exploration and exploration of hydrocarbons		96		—					(96	)		—			189		—		-100.0	%	(189	)		—
Duty for the Fund of Scientific and Technological		2,069		—					(2,069	)		—			4,089		—		-100.0	%	(4,089	)		—
Research on Energy
Duty for oil monitoring		9.6		—					(9.6	)		—			18.9		—		-100.0	%	(18.9	)		—
Hydrocarbons duty for the stabilization fund		26,405		—					(26,405	)		—			52,689		—		-100.0	%	(52,689	)		—
Extraordinary duty on crude oil exports		2,072		—					(2,072	)		—			3,391		—		-100.0	%	(3,391	)		—
Additional duty on hydrocarbons		223		—					(223	)		—			386		—		-100.0	%	(386	)		—
Profit sharing duty		—		106,571					106,571			6,846
Hydrocarbon extraction duty		—		(10,920	)				(10,920	)		(701	)
Hydrocarbon exploration duty		—		(247	)				(247	)		(16	)		—		195,258		—		195,258			12,543
Hydrocarbon income tax		3,142		—					(3,142	)		—			—		—		—		—			—
Hydrocarbon exploration and extraction activity tax		—		(1,021	)				(1,021	)		(66	)
Income tax and other		799		3,389			324.3	%	2,590			218			—		—		—		—			—

PEMEX Preliminary Results as of June 30, 2015 12 / 21

www.pemex.com

PEMEX

PEMEX

Selected Indices

	As of June 30,
Pemex - Exploration and Production	2014			2015			Change			2015
										(USD/boe)
Total sales / Hydrocarbons production (MXN/boe)		914.6			590.9			(323.7	)		38.0
Operating income / Hydrocarbons production (MXN/boe)		623.2			242.7			(380.6	)		15.6
Net income / Hydrocarbons production (MXN/boe)		(45.8	)		(204.3	)		(158.5	)		(13.1	)
Taxes and duties / Operating income (%)		104.0	%		133.9	%		29.9

PEMEX Preliminary Results as of June 30, 2015 13 / 21

www.pemex.com

PEMEX

PEMEX

Consolidated Balance Sheet

	As of December 31,			As of June 30,
	2014			2015			Change					2015
	(MXN million)											(USD million)
Total assets		2,128,368			2,121,733			-0.3	%	(6,636	)		136,292
Current assets		289,327			252,611			-12.7	%	(36,716	)		16,227
Cash and cash equivalents		117,989			91,259			-22.7	%	(26,730	)		5,862
Accounts, notes receivable and other		114,423			107,603			-6.0	%	(6,820	)		6,912
Inventories		49,939			46,101			-7.7	%	(3,838	)		2,961
Available for sale financial assets		5,415			5,507			1.7	%	92			354
Derivative financial instruments		1,563			2,141			37.0	%	579			138
Permanent investment in shares of associates		22,015			24,359			10.6	%	2,344			1,565
Property, plant and equipment		1,783,374			1,814,181			1.7	%	30,807			116,536
Deferred taxes		4,143			2,004			-51.6	%	(2,139	)		129
Restricted cash		6,884			7,280			5.7	%	396			468
Other assets		22,625			21,298			-5.9	%	(1,327	)		1,368
Total liabilities		2,896,089			3,060,176			5.7	%	164,086			196,573
Current liabilities		334,159			295,576			-11.5	%	(38,583	)		18,987
Short-term financial debt		145,866			168,098			15.2	%	22,232			10,798
Suppliers		116,178			58,569			-49.6	%	(57,609	)		3,762
Accounts and accrued expenses payable		12,235			18,791			53.6	%	6,556			1,207
Derivative financial instruments		17,460			21,533			23.3	%	4,073			1,383
Taxes and duties payable		42,420			28,584			-32.6	%	(13,836	)		1,836
Long-term liabilities		2,561,930			2,764,599			7.9	%	202,670			177,587
Long-term financial debt		997,384			1,163,208			16.6	%	165,823			74,720
Reserve for employee benefits		1,474,089			1,517,203			2.9	%	43,114			97,459
Reserve for diverse credits		78,423			72,111			-8.0	%	(6,311	)		4,632
Other liabilities		7,718			10,695			38.6	%	2,977			687
Deferred taxes		4,316			1,383			-68.0	%	(2,933	)		89
Total equity		(767,721	)		(938,443	)		22.2	%	(170,722	)		(60,282	)
Holding		(768,066	)		(938,672	)		22.2	%	(170,606	)		(60,296	)
Certificates of contribution “A”		134,605			144,605			7.4	%	10,000			9,289
Federal Government Contributions		43,731			43,731			0.0	%	—			2,809
Legal Reserve		1,002			1,002			0.0	%	—			64
Comprehensive accumulated results		(394,594	)		(390,150	)		-1.1	%	4,445			(25,062	)
Retained earnings (accumulated losses)		(552,809	)		(737,859	)		33.5	%	(185,051	)		(47,397	)
From prior years		(287,606	)		(552,809	)		92.2	%	(265,203	)		(35,510	)
For the year		(265,203	)		(185,051	)		-30.2	%	80,153			(11,887	)
Participation of non-holding entities		345			229			-33.7	%	(116	)		15
Total liabilities and equity		2,128,368			2,121,733			-0.3	%	(6,636	)		136,292

PEMEX Preliminary Results as of June 30, 2015 14 / 21

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PEMEX

PEMEX

Selected Financial Indices

	As of Dec. 31,			As of June 30,
	2014			2015			Change
Property, plant and equipment / Assets		83.8	%		85.5	%		1.7
Financial debt / Total liabilities and equity		53.7	%		62.7	%		9.0
Working capital (MXN million)		(44,832	)		(42,965	)		1,867

PEMEX

Consolidated total financial debt

	As of Dec. 31,		As of June 30,
	2014		2015		Change					2015
			(MXN million)							(USD million)
Total financial debt		1,143,251		1,331,306		16.4	%	188,055			85,518
Short-term		145,866		168,098		15.2	%	22,232			10,798
Long-term		997,384		1,163,208		16.6	%	165,823			74,720
Cash and cash equivalents		117,989		91,259		-22.7	%	(26,730	)		5,862
Total net financial debt		1,025,262		1,240,047		20.9	%	214,785			79,656

PEMEX Preliminary Results as of June 30, 2015 15 / 21

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PEMEX

PEMEX

Financial debt maturity profile

	As of June 30, 2015
	(MXN million)		(USD million)
Total financial debt		1,331,306		85,518
In Mexican pesos		320,060		20,559
2015		43,504		2,795
Janaury - June 2016		26,732		1,717
July 2016 - June 2017		12,536		805
July 2017 - June 2018		20,924		1,344
July 2018 - June 2019		19,052		1,224
July 2019 and forward		197,312		12,675
Other currencies		1,011,246		64,958
2015		83,169		5,342
Janaury - June 2016		14,693		944
July 2016 - June 2017		62,084		3,988
July 2017 - June 2018		77,158		4,956
July 2018 - June 2019		84,708		5,441
July 2019 and forward		689,434		44,286

PEMEX

Exposure of Debt Principal⁽¹⁾

	As of December 31,			As of June 30,			As of December 31,			As of June 30,			As of December 31,			As of June 30,
	2014			2015			2014			2015			2014			2015
	By currency						At fixed rate						At floating rate
Total		100.0	%		100.0	%		70.8	%		72.9	%		29.2	%		27.1	%
USD		74.7	%		75.5	%		78.0	%		79.5	%		22.0	%		20.5	%
MXN		24.2	%		23.4	%		47.2	%		50.2	%		52.8	%		49.8	%
EUR		0.0	%		0.0	%		100.0	%		100.0	%		0.0	%		0.0	%
JPY		0.0	%		0.0	%		0.0	%		0.0	%		100.0	%		100.0	%
UDIs		1.1	%		1.1	%		100.0	%		100.0	%		0.0	%		0.0	%

(1) Includes derivative financial instruments.

PEMEX Preliminary Results as of June 30, 2015 16 / 21

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PEMEX

PEMEX

Derivative Financial Instruments

	As of December 31,			As of June 30,
	2014			2015			Change			2015
	(MXN million)									(USD million)
Derivative financial instruments linked to debt and assets
Mark to market (MXN million)		(15,824	)		(18,809	)		(2,986	)		(1,208	)
Interest rate swaps		(180	)		(150	)		30			(10	)
Cross currency swaps		(13,722	)		(15,158	)		(1,437	)		(974	)
Extinguishing cross currency swaps		(1,922	)		(3,501	)		(1,579	)		(225	)
Face value (MXN million)		186,664			227,035			40,371			14,584
Interest rate swaps		17,570			18,000			430			1,156
Cross currency swaps		152,222			191,188			38,966			12,281
Extinguishing cross currency swaps		16,873			17,847			974			1,146
Natural gas derivative financial instruments
Mark to market (MXN million)		3.6			3.6			(0.1	)		0.2
Long swaps		(36.9	)		(24.0	)		12.8			(1.5	)
Short swaps		40.4			27.2			(13.2	)		1.7
Long options		2			41			39			2.6
Short options		(2	)		(41	)		(39	)		(2.6	)
Volume (MMBtu)		—			16			16
Long swaps		3,173,172			2,915,199			(257,973	)
Short swaps		(3,173,172	)		(2,915,199	)		257,973
Long options		2,554,450			9,543,328			6,988,878
Short options		(2,554,450	)		(9,543,312	)		(6,988,862	)
Propane derivative financial instruments
Mark to market (MXN million)
Long swaps		—			(512	)		(512	)		(33	)
Volume (Gallons)
Long swaps		—			10			10
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)		1,950			(174	)		(2,124	)		(11	)
Stock market futures		118			(39	)		(157	)		(2	)
Stock market swaps		1,832			(136	)		(1,968	)		(9	)
Net volume (MM barrels)		(8.6	)		(8.2	)		0.4
Stock market futures		(1.7	)		(0.7	)		1.0
Stock market futures		(6.9	)		(7.5	)		(0.6	)
Derivative financial instruments fo PMI
Mark to market (MXN million)
Interest rate swaps OTC markets		(70	)		(74	)		(4	)		(5	)
Face value (MXN million)
Interest rate swaps OTC markets		1,693			1,670			(23	)		107

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

PEMEX Preliminary Results as of June 30, 2015 17 / 21

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PEMEX

PEMEX

Consolidated Statements of Cash Flows

	As of June 30,
	2014			2015			Change					2015
	(MXN million)											(USD million)
Operating activities
Net income (loss)		(88,249	)		(185,176	)		109.8	%	(96,927	)		(11,895	)
Items related to investing activities		88,494			87,459			-1.2	%	(1,036	)		5,618
Depreciation and amortization		73,174			77,652			6.1	%	4,478			4,988
Impairment of properties, plant and equipment		8,678			(3,013	)		-134.7	%	(11,691	)		(194	)
Unsuccessful wells		5,559			9,517			71.2	%	3,958			611
Retirement of property, plant and equipment		2,597			4,070			56.7	%	1,473			261
Realized profit (loss) by investments in equity securities		189			—					(189	)		—
Profit sharing in non-consolidated subsidiaries and affiliates		(1,827	)		(1,207	)		-33.9	%	620			(78	)
Dividends received		(504	)		(171	)		-66.0	%	333			(11	)
Effects of net present value of reserve for well abandonment		629			611			-2.9	%	(18	)		39
Activities related to financing activities		17,686			76,402			332.0	%	58,716			4,908
Amortization of primes, discounts, profits and debt issuance expenses		(997	)		(2,096	)		110.2	%	(1,099	)		(135	)
Interest expense (income)		21,824			29,812			36.6	%	7,989			1,915
Unrealized loss (gain) from foreign exchange fluctuations		(3,141	)		48,686			-1650.2	%	51,827			3,127
Subtotal		17,931			(21,315	)		-218.9	%	(39,247	)		(1,369	)
Funds provided by (used in) operating activities		5,257			(19,591	)		-472.7	%	(24,848	)		(1,258	)
Financial instruments for negotiation		1,087			3,495			221.4	%	2,407			224
Accounts and notes receivable		(8,363	)		(5,780	)		-30.9	%	2,583			(371	)
Inventories		13,384			3,838			-71.3	%	(9,546	)		247
Other assets		(5,715	)		(5,914	)		3.5	%	(199	)		(380	)
Accounts payable and accrued expenses		2,205			6,556			197.3	%	4,351			421
Taxes paid		15,944			(1,461	)		-109.2	%	(17,405	)		(94	)
Suppliers		(47,714	)		(57,609	)		20.7	%	(9,895	)		(3,701	)
Reserve for diverse credits		1,211			(5,036	)		-515.8	%	(6,246	)		(323	)
Reserve for employees benefits		34,111			43,114			26.4	%	9,003			2,769
Deferred taxes		(894	)		(795	)		-11.1	%	99			(51	)
Net cash flow from operating activities		23,188			(40,906	)		-276.4	%	(64,094	)		(2,628	)
Investing activities
Acquisition of property, plant and equipment		(92,594	)		(100,325	)		8.3	%	(7,731	)		(6,444	)
Exploration expenses		(448	)		(2,276	)		408.0	%	(1,828	)		(146	)
Investment in securities		(118	)		(31	)		-73.7	%	87			(2	)
Dividends received		336			—					(336	)		—
Financial instruments available for sale		12,735			—					(12,735	)		—
Net cash flow from investing activities		(80,089	)		(102,633	)		28.1	%	(22,544	)		(6,593	)
Cash needs related to financing activities		(56,901	)		(143,539	)		152.3	%	(86,638	)		(9,220	)
Financing activities
Increase of contributions from the Federal Government		2,000			10,000			400.0	%	8,000			642
Retirement of contributions from the Federal Government		(190	)		—					190			—
Loans obtained from financial institutions		177,846			228,348			28.4	%	50,503			14,668
Amortization of loans		(94,105	)		(97,823	)		4.0	%	(3,718	)		(6,284	)
Interest paid		(20,468	)		(26,973	)		31.8	%	(6,505	)		(1,733	)
Net cash flow from financing activities		65,083			113,552			74.5	%	48,470			7,294
Net Increase (decrease) in cash and cash equivalents		8,182			(29,987	)		-466.5	%	(38,168	)		(1,926	)
Effect of change in cash value		(513	)		3,257			-734.9	%	3,770			209
Cash and cash equiv. at the beginning of the period		80,746			117,989			46.1	%	37,243			7,579
Cash and cash equivalents at the end of the period		88,414			91,259			3.2	%	2,845			5,862

PEMEX Preliminary Results as of June 30, 2015 18 / 21

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PEMEX

PEMEX

EBITDA Reconciliation

	Second quarter (Apr.-Jun.)
	2014			2015			Change					2015
	(MXN million)											(USD million)
Net loss		(52,295	)		(84,630	)		-61.8	%	(32,335	)		(5,436	)
+   Taxes and duties		217,923			97,772			-55.1	%	(120,151	)		6,280
-   Total interest expense		(11,004	)		(15,834	)		-43.9	%	(4,830	)		(1,017	)
-   Total interest income		714			1,295			81.4	%	581			83
-   Income (cost) due to financial derivatives		629			1,318			109.7	%	690			85
-   Foreign exchange fluctuation		3,506			(28,731	)		-919.4	%	(32,237	)		(1,846	)
+   Depreciation and amortization		35,604			40,681			14.3	%	5,078			2,613
+   Net cost for the period of employee benefits		29,549			34,950			18.3	%	5,401			2,245
EBITDA		236,935			130,725			-44.8	%	(106,210	)		8,397

PEMEX Preliminary Results as of June 30, 2015 19 / 21

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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)
Six months ending Jun. 30, 2015
Total sales		355,149			309,855			96,621			20,835			391,549			36,145			(621,790	)		588,363
External clients		—			280,028			66,956			13,906			220,588			—			—			581,478
Intersegment		355,149			27,621			28,393			6,433			170,531			619			(588,746	)		—
Revenues from services		—			2,207			1,271			495			430			35,526			(33,044	)		6,885
Cost of sales		187,473			328,407			90,567			20,062			378,174			3,232			(594,837	)		413,078
Gross income (loss)		167,675			(18,552	)		6,054			772			13,376			32,913			(26,953	)		175,285
Other revenues (expenses)		810			392			418			37			833			320			(493	)		2,317
Transportation and distribution expenses		—			16,845			2,030			678			209			0			(2,012	)		17,751
Administrative expenses		22,609			16,456			5,793			7,263			1,063			29,743			(25,434	)		57,493
Operating income (loss)		145,877			(51,461	)		(1,351	)		(7,131	)		12,936			3,490			(1	)		102,359
Total interest expense		(43,241	)		(5,623	)		(808	)		(103	)		(570	)		(42,332	)		61,685			(30,991	)
Total interest income		8,032			48			1,270			11			562			54,812			(61,678	)		3,057
Income (cost) due to financial derivatives		—			—			3			—			(1,379	)		(13,490	)		—			(14,867	)
Foreign exchange profit (loss)		(37,820	)		(2,136	)		(23	)		(1	)		(17	)		(5,348	)		—			(45,344	)
Profit sharing in non-consolidated subsidiaries and affiliates		(382	)		—			300			—			1,316			(180,373	)		180,346			1,207
Taxes and duties		195,258			—			888			—			3,915			536			—			200,597
Net income (loss)		(122,793	)		(59,172	)		(1,496	)		(7,224	)		8,933			(183,777	)		180,353			(185,176	)
Depreciation and amortization		66,238			5,877			3,630			1,459			42			408			—			77,652
Cost of the reserve for employee benefits		21,081			21,364			5,343			6,404			93			14,472			—			68,757
Acquisition of wells, pipelines, properties, plant and equipment		—			—			—			—			—			—			—			—
As of June 30, 2015
Total assets		1,899,766			348,357			206,903			50,202			114,665			1,284,303			(1,782,462	)		2,121,733
Current assets		510,437			57,320			102,125			10,220			95,397			549,328			(1,072,217	)		252,611
Investment in securities of associeted companies		1,010			488			5,513			—			10,554			(426,327	)		433,119			24,359
Property, plant and equipment		1,367,303			289,089			97,669			38,868			2,694			18,558			—			1,814,181
Total liabilities		1,826,088			895,214			144,518			156,542			67,142			2,186,253			(2,215,581	)		3,060,176
Current liabilities		161,023			391,699			27,951			12,449			59,967			703,334			(1,060,847	)		295,576
Long-term liabilities		1,665,065			503,515			116,567			144,092			7,175			1,482,919			(1,154,735	)		2,764,599
Long-term debt		1,131,977			21,033			1,118			201			3,533			1,146,498			(1,141,153	)		1,163,208
Reserve for employee benefits		461,832			476,399			114,544			143,700			771			319,956			—			1,517,203
Equity		73,678			(546,857	)		62,384			(106,340	)		47,523			(901,950	)		433,119			(938,443	)
Six months ending Jun. 30, 2014
Total sales		595,060			416,916			129,790			23,065			553,710			35,249			(937,786	)		816,004
External clients		—			373,678			84,466			14,693			338,864			—			—			811,701
Intersegment		595,060			41,159			45,324			8,372			214,463			32,987			(937,366	)		—
Revenues from services		—			2,079			—			—			383			2,262			(420	)		4,303
Cost of sales		167,603			468,757			122,545			24,282			547,811			1,255			(904,546	)		427,707
Gross income (loss)		427,457			(51,842	)		7,245			(1,216	)		5,899			33,994			(33,240	)		388,298
Other revenues (expenses)		2,445			29,145			(523	)		485			232			1,232			(121	)		32,894
Transportation and distribution expenses		—			13,503			1,386			449			205			0			(220	)		15,323
Administrative expenses		24,397			19,791			6,614			7,728			733			27,515			(33,169	)		53,609
Operating income (loss)		405,505			(55,990	)		(1,279	)		(8,908	)		5,193			7,710			29			352,260
Total interest expense		(24,799	)		(5,248	)		(155	)		(34	)		(514	)		(32,492	)		41,256			(21,986	)
Total interest income		8,018			216			1,443			87			526			32,191			(41,253	)		1,228
Income (cost) due to financial derivatives		—			—			(1	)		—			(217	)		3,250			(0	)		3,032
Foreign exchange profit (loss)		2,995			177			(22	)		(0	)		(27	)		295			—			3,419
Profit sharing in non-consolidated subsidiaries and affiliates		149			—			692			—			921			(91,943	)		92,008			1,827
Taxes and duties		421,658			—			(150	)		—			1,265			5,255			—			428,028
Net income (loss)		(29,790	)		(60,846	)		829			(8,855	)		4,617			(86,243	)		92,039			(88,249	)
Depreciation and amortization		62,283			5,623			3,533			1,343			6			387			—			73,174
Cost of the reserve for employee benefits		18,273			18,464			4,515			5,594			80			12,185			—			59,111
Acquisition of wells, pipelines, properties, plant and		—			—			—			—			—			—			—			—
equipment
As of December 31, 2014
Total assets		1,953,828			535,095			210,626			108,445			102,955			1,580,485			(2,363,066	)		2,128,368
Current assets		579,202			255,407			105,122			68,243			83,346			505,950			(1,307,942	)		289,327
Investment in securities of associeted companies		1,393			488			5,060			—			8,484			67,164			(60,574	)		22,015
Property, plant and equipment		1,347,194			277,720			99,635			38,929			2,421			17,476			—			1,783,374
Total liabilities		1,694,873			828,577			145,191			148,149			67,267			2,314,525			(2,302,492	)		2,896,089
Current liabilities		206,711			330,309			31,966			8,230			57,266			1,000,368			(1,300,690	)		334,159
Long-term liabilities		1,488,161			498,268			113,225			139,920			10,001			1,314,157			(1,001,802	)		2,561,930
Long-term debt		963,275			23,142			1,118			191			3,589			986,026			(979,956	)		997,384
Reserve for employee benefits		448,888			463,144			110,913			139,554			641			310,949			—			1,474,089
Equity		258,956			(293,482	)		65,435			(39,705	)		35,689			(734,040	)		(60,574	)		(767,721	)

PEMEX Preliminary Results as of June 30, 2015 20 / 21

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PEMEX

Investor Relations

(+52 55) 1944—9700

ri@pemex.com

  @PemexGlobal

PEMEX Preliminary Results as of June 30, 2015 21 / 21

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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: August 26, 2015

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:

• exploration and production activities, including drilling;

• activities relating to import, export, refining, petrochemicals and transportation of petroleum, natural gas and oil products;

• activities relating to the generation of electrical energy;

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

• liquidity and sources of funding.

Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

• changes in international crude oil and natural gas prices;

• effects on us from competition;

• 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, including developments relating to the implementation of the laws that implement the new legal framework contemplated by the Decreto por el que se reforman y adicionan diversas disposiciones de la Constitución Política de los Estados Unidos Mexicanos, en Materia de Energía (Decree that amends and supplements various provisions of the Political Constitution of the United Mexican States relating to energy matters);

• 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.