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June 2015 Investor Presentation – PEMEX

PEMEX · Jun 22, 2015 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. June 2015 Investor Presentation – PEMEX – slide 1
    Investor Presentation June 2015
  2. June 2015 Investor Presentation – PEMEX – slide 2
    Content PEMEX today Energy Reform New era of PEMEX Financials 2
  3. June 2015 Investor Presentation – PEMEX – slide 3
    A Transformation is Underway Benefits for PEMEX Benefits for the Industry Round Zero: 1 reserve base largely intact 12.4 MMMboe proved reserves 1 Open and regulated industry low replacement cost 2 Management and budgetary…
  4. June 2015 Investor Presentation – PEMEX – slide 4
    A Snapshot of PEMEX Today Exploration and Production Downstream International Crude oil production: 2,300 Mbd1 Refining capacity: 1,690 Mbd 8th largest oil producer worldwide2 Natural gas production: 5,753 MMcfd1,3 Strategically…
  5. June 2015 Investor Presentation – PEMEX – slide 5
    Round Zero Maintains Our Strong Reserve Base Prospective 2P Reserves Total prospective resources Conventional 2P Reserves resources resources MMMboe MMMboe MMMboe MMMboe Unconventional 100% = 24.8 resources 100% = 20.6 100% = 23.4…
  6. June 2015 Investor Presentation – PEMEX – slide 6
    Distribution of PEMEXs Reserves1 MMMboe (billion barrels of oil equivalent) Oil and Gas Prospective Reserves Gas Cum. Resources Basin Prod. 1P 2P 3P Non Conv. (90%) (50%) (10%) Conv. Southeastern 47.8 10.8 14.2 18.2 12.5 Sabinas…
  7. June 2015 Investor Presentation – PEMEX – slide 7
    Industry Cost Leader Production Costsa,b Finding & Development Costsa,c,d, e USD / boe USD / boe 7.91 8.22 17.97 6.12 6.84 14.35 5.22 13.79 13.23 12.54 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2013 Benchmarking:…
  8. June 2015 Investor Presentation – PEMEX – slide 8
    Building on Our Significant Infrastructure Production Capacity Producer Zone Refinery Refining Petrochemical Center Atmospheric distillation capacity 1,602 Mbd Gas Processing Gas Processing Center Sour Nat Gas 4.5 Bcf Camargo…
  9. June 2015 Investor Presentation – PEMEX – slide 9
    Content PEMEX today Energy Reform New era of PEMEX Financials 9
  10. June 2015 Investor Presentation – PEMEX – slide 10
    The Milestones of the Energy Reform Constitutional Reform (December 20, 2013) March 21 August 13 Round Zero & The Ministry of Energy1 prioritized PEMEXs request for exploratory 2014 Resolution blocks and producing fields, and defined…
  11. June 2015 Investor Presentation – PEMEX – slide 11
    Updating an Outdated Energy Model Constitutional A clear distribution of roles: owner, regulator, Secondary Reform operating entities and operating companies Legislation The Ministry of Finance defines fiscal regime, The Ministry of…
  12. June 2015 Investor Presentation – PEMEX – slide 12
    Quick Take on the New Energy Sector in Mexico Assignments Regulated by the Ministry of Energy and the CNH Migration PEMEX to 1. Production-sharing continue 2. Profit-sharing commercialization Contracts + Third Parties 3.…
  13. June 2015 Investor Presentation – PEMEX – slide 13
    The Fiscal Regime New fiscal 1. Contractual Fee Assignments regime for the Oil Fund (Round Zero) PEMEX Exploratory Phase 2. Royalties Migration 3. Compensation considering Operating Income or Signing Licenses Contractual…
  14. June 2015 Investor Presentation – PEMEX – slide 14
    Content PEMEX today Energy Reform New era of PEMEX Financials 14
  15. June 2015 Investor Presentation – PEMEX – slide 15
    Corporate Governance and Structure Strengthen Corporate Governance Board Committees Human Audit Resources and Compensation State Acquisitions, SENER SHCP Independent Members Strategy and Representatives1 Leasing, Works…
  16. June 2015 Investor Presentation – PEMEX – slide 16
    New Internal Committees to Support Management Executive Committee Operational Committee Ethics Committee Provide support on strategic Provide support on operational Provide support to overview the management management, decision…
  17. June 2015 Investor Presentation – PEMEX – slide 17
    Status of the New Structure On March 27, 2015, PEMEXs Board of Directors adopted creation resolutions for the new state productive subsidiaries, the new Organic Statute of Petrleos Mexicanos and made several executive appointments and…
  18. June 2015 Investor Presentation – PEMEX – slide 18
    Fiscal Regime for Assignments Key Takeaways 1. Simple 2. Resembles typical tax scheme 3. Gradual reduction of fiscal burden Duties and Royalties Hydrocarbon Exploration Fixed amount per km2 (amount increases with time) Duty…
  19. June 2015 Investor Presentation – PEMEX – slide 19
    PEMEX Strategy in Partnerships is Focused on Three Main Major Objectives Migrate the current E&P Under the new legal framework, the existing contracts with the corresponding Service Contracts (FPWC1 contractors will be migrated into EEC…
  20. June 2015 Investor Presentation – PEMEX – slide 20
    Bringing New Partnerships On-Board 2P Reserves CAPEX (MMboe)2 (USD billion) Fields 2.6 Phase 1 569 Poza Rica-Altamira and Burgos 22 existing contracts1 Phase 2 1,639 32.7 ATG and Burgos Shallow waters 350 6.3 Bolontik, Sinn and…
  21. June 2015 Investor Presentation – PEMEX – slide 21
    Future Production Frontiers Deepwater Infrastructure1 Shale Potential2 United States United Gulf of Mexico States Mexico Mexico Cuba 1 Source: National Geographic. 2 Source: CNH with information from North Dakota…
  22. June 2015 Investor Presentation – PEMEX – slide 22
    Downstream Business Portfolio: Main Projects Refining Gas Processing Petrochemicals Cogeneration Challenges: Challenges: Challenges: Challenges: Increase operational Expand gas pipeline Integrate value Take advantage of efficiency…
  23. June 2015 Investor Presentation – PEMEX – slide 23
    New Business Models - Downstream PEMEX has developed successful strategic alliances in our downstream activities Project Deer Park Gas Pipelines PEMEX Mexichem Partner PEMEXs 1. Joint Venture 1. Joint Venture Participation 1.…
  24. June 2015 Investor Presentation – PEMEX – slide 24
    Los Ramones Pipeline Project Los Ramones Phase II: North Los Ramones Phase I Ownership structure (TAG Pipelines Norte): 45% BlackRock/First Reserve1 Ownership structure (Gasoductos de Chihuahua): 30% PGPB1 50% PGPB. 25% IEnova…
  25. June 2015 Investor Presentation – PEMEX – slide 25
    Content PEMEX today Energy Reform New era of PEMEX Financials 25
  26. June 2015 Investor Presentation – PEMEX – slide 26
    Income Statement Evolution Income Statement Income before taxes and duties USD billion Taxes and duties EBITDA Historically, from 2009 to Total sales 2014, taxes have accounted for 118% of operating 100 income and 129% of before-…
  27. June 2015 Investor Presentation – PEMEX – slide 27
    PEMEX One of the Most Profitable Companies in 2014 Gross Margin EBITDA Margin 55.56% 50.3% 45.5% 34.79% 15.1% 18.99% 13.6% 13.3% 12.5% 14.09% 12.32% 9.40% Statoil PEMEX Shell Chevron Exxon BP PEMEX Statoil Chevron Exxon Shell…
  28. June 2015 Investor Presentation – PEMEX – slide 28
    Balance Sheet Evolution Liability and Equity Profile USD billion 19 15 In addition to internal cash 17 21 flows, PEMEX has resorted 17 99 to financial markets to 100 finance its investment 23 15 99 86 15 projects. 62 49 9 54…
  29. June 2015 Investor Presentation – PEMEX – slide 29
    Price Sensitivity 2015 Price Sensitivity 2015: -1 USD/b USD million (164) (287) 69 303 (356) 107 1 2 Exports Domestic Sales Imports DUC DEH Total Considering current production and the Mexican Mix price3, if the crude…
  30. June 2015 Investor Presentation – PEMEX – slide 30
    Investing To Meet Our Long-term Goals USD billion 33.7 32.8 32.4 31.5 CAPEX Distribution 2015-2019 USD billion 0.6% Pemex-Corporate 26.1 26.8 23.7 23.5 Pemex- Gas & Basic 1.3% 21.5 Petrochemicals Pemex- 21.2% 2.2%…
  31. June 2015 Investor Presentation – PEMEX – slide 31
    CAPEX Financing Net Indebtedness Total debt as of March 2015 is USD 84 billion which USD MMM 62.4% 63.8% represents 0.9x sales and 1.7x EBITDA 27.6% 25.0% 18.2% 7.4% 14.4% 26.1 26.8 21.3 21.5 23.7 23.5 18.6 16.7 15.0 5.1 5.3 3.4…
  32. June 2015 Investor Presentation – PEMEX – slide 32
    Debt Profile By Currency1,2 By Interest Rate1,2 By Instrument1,2 By Currency Exposure1,2 1% 2% 1% 21% 4% 1% 27% 59% 11% 23% 4% 66% 75% 73% 6% 0% 7% 18% Dollar Euros Fixed Floating Int. Bonds Cebures Dollar Euros Pesos UDI…
  33. June 2015 Investor Presentation – PEMEX – slide 33
    Financing Program 2015 Programmed Source USD billion Domestic Markets 7.0 9.0 International Markets 8.0 11.0 Loans 2.0 3.0 Export Credit Agencies (ECAs) 1.0 2.0 Others 0.2 0.5 Net Indebtedness 15.0 33
  34. June 2015 Investor Presentation – PEMEX – slide 34
    Financial Strategy Options International Market Issues New Structures Issues in MXN Diversify sources of financing in efficient Structured Products (Development MXN is both more efficient in terms of cost and deep markets (Japan,…
  35. June 2015 Investor Presentation – PEMEX – slide 35
    New Financing Alternatives Fund Raising in the O&G Industry1 PEMEX Financing Program 2015 9% 2% 13% 31% 50% 10% 85% Bonds (domestic, international International markets: Bonds Project finance markets, ECAs) 34.7% Bank loans…
  36. June 2015 Investor Presentation – PEMEX – slide 36
    Financial Discipline 2015 Budget Adjustment MXN billion Budget Adjustment Premises 62 62 To minimize crude and gas production effects To minimize the impacts on reserves replacement To maintain the capacity to supply the national…
  37. June 2015 Investor Presentation – PEMEX – slide 37
    Background and Necessary Update of the Pension Scheme Mexico: Life Expectancy Accrued Obligations1 Active MXN billion employees Years Current 1,494 pensions In 1942, the retirement conditions were established: 55 years of age…
  38. June 2015 Investor Presentation – PEMEX – slide 38
    What differentiates PEMEX Strengths Human capital Execution flexibility Selected participation in new projects Sustainability mandate through corporate governance, and social & environmental responsibility Improved efficiencies…
  39. June 2015 Investor Presentation – PEMEX – slide 39
    Future Goals 39
  40. June 2015 Investor Presentation – PEMEX – slide 40
    Investor Relations (+52 55) 1944-9700 ripemex.com www.pemex.com/en/investors

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