Content PEMEX today Energy Reform New era of PEMEX Financials 2
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…
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…
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…
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:…
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…
Content PEMEX today Energy Reform New era of PEMEX Financials 9
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…
Updating an Outdated Energy Model Constitutional A clear distribution of roles: owner, regulator, Secondary Reform operating entities and operating companies Legislation The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…
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.…
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 5.…
Content PEMEX today Energy Reform New era of PEMEX Financials 14
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…
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…
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…
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…
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…
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…
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…
New Business Models - Downstream PEMEX is seeking to create value through successful business schemes for new projects. The business schemes PEMEX is looking for are: Alliances with partners that have capital and operational…
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…
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.…
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…
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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-…
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…
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…
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…
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…
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…
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
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,…
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…
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…
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…
What differentiates PEMEX Strengths Human capital Execution flexibility Selected participation in new projects Sustainability mandate through corporate governance, and social & environmental responsibility Improved efficiencies…
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