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April 2015 Investor Update – PEMEX

PEMEX · Apr 23, 2015 · 37 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. April 2015 Investor Update – PEMEX – slide 1
    PEMEX Moving Ahead April 2015
  2. April 2015 Investor Update – PEMEX – slide 2
    Content PEMEX today Energy Reform New era of PEMEX Financials 2
  3. April 2015 Investor Update – PEMEX – slide 3
    A Transformation is Underway Benefits for PEMEX Benefits for the Industry Round Zero: 1 reserve base largely intact 13.4 MMMboe proved reserves 1 Open and regulated industry Low replacement cost 2 Management and budgetary…
  4. April 2015 Investor Update – PEMEX – slide 4
    A Snapshot of PEMEX Today Exploration and Production Downstream International Crude oil production: 2,429 Mbd1 Refining capacity: 1,690 Mbd1 8th largest oil producer worldwide2 Natural gas production: 5,758 MMcfd1,3 Strategically…
  5. April 2015 Investor Update – 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. April 2015 Investor Update – PEMEX – slide 6
    Industry Cost Leader Production Costsa,b Finding and Development Costsa,c,d USD 2013 / boe USD 2013 / boe 7.91 17.63 6.67 6.34 6.94 16.22 15.74 15.07 14.91 5.27 5.57 13.66 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012…
  7. April 2015 Investor Update – PEMEX – slide 7
    Building on Our Significant Infrastructure Production Capacity Producer Zone Refinery Refining Petrochemical Center Atmospheric distillation capacity 1,690 Mbd Gas Processing Center Gas Processing Sour Nat Gas 4.5 Bcf Camargo…
  8. April 2015 Investor Update – PEMEX – slide 8
    Content PEMEX today Energy Reform New era of PEMEX Financials 8
  9. April 2015 Investor Update – PEMEX – slide 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…
  10. April 2015 Investor Update – PEMEX – slide 10
    Updating an Outdated Energy Model Constitutional A clear distribution of roles: owner, regulator, Secondary Reform operating entities and operating companies Legislation The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…
  11. April 2015 Investor Update – PEMEX – slide 11
    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.…
  12. April 2015 Investor Update – PEMEX – slide 12
    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.…
  13. April 2015 Investor Update – PEMEX – slide 13
    Content PEMEX today Energy Reform New era of PEMEX Financials 13
  14. April 2015 Investor Update – PEMEX – slide 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…
  15. April 2015 Investor Update – PEMEX – slide 15
    Fiscal Regime for Assignments 1. Simple 3. Gradual reduction of fiscal burden Key Takeaways 2. Resembles typical Increasing cost recognition tax scheme Decreasing profit sharing duty Duties and Royalties Hydrocarbon Exploration…
  16. April 2015 Investor Update – PEMEX – slide 16
    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…
  17. April 2015 Investor Update – PEMEX – slide 17
    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…
  18. April 2015 Investor Update – PEMEX – slide 18
    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…
  19. April 2015 Investor Update – PEMEX – slide 19
    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.…
  20. April 2015 Investor Update – PEMEX – slide 20
    Content PEMEX today Energy Reform New era of PEMEX Financials 20
  21. April 2015 Investor Update – PEMEX – slide 21
    Income Statement Evolution Income Statement Income before taxes and duties USD billion Taxes and duties EBITDA Historically, from 2009 to Total sales 2013, taxes have accounted for 117% of operating income 100 and 125% of before-tax…
  22. April 2015 Investor Update – PEMEX – slide 22
    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…
  23. April 2015 Investor Update – PEMEX – slide 23
    Balance Sheet Evolution Liability and Equity Profile USD billion 19 17 21 In addition to internal cash 17 100 flows, PEMEX has resorted to 23 15 99 86 15 financial markets to finance 9 62 its investment projects. 49 54 37 44…
  24. April 2015 Investor Update – PEMEX – slide 24
    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…
  25. April 2015 Investor Update – PEMEX – slide 25
    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%…
  26. April 2015 Investor Update – PEMEX – slide 26
    CAPEX Financing Net Indebtedness Net Indebtedness Total debt as of December 2014 is USD 78 billion which (USD billion) represents 0.7x sales and 1.3x EBITDA CAPEX 62% 28% 25% 18% 7% 14% 26.1 26.8 21.3 21.5 23.7 18.6 16.7 5.1 5.3…
  27. April 2015 Investor Update – PEMEX – slide 27
    Financing Program 2015 By Currency2 By Interest Rate2 By Instrument2 By Currency Exposure2 1% 1% 1% 22% 4% 1% 28% 58% 11% 25% 4% 74% 9% 63% 72% 7% 0% 19% Dollar Euros Fixed Floating Int. Bonds Cebures Dollar Euros Pesos UDI…
  28. April 2015 Investor Update – PEMEX – slide 28
    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
  29. April 2015 Investor Update – PEMEX – slide 29
    Expected Sources and Uses of Funds 20151 Price: 79.0 USD/b Exchange rate: MXN 13.40/USD Sources Uses Crude oil production: 2,400 Mbd USD billion USD billion 18.5 27.3 36.6 15.8 5.8 3.5 2.3 Initial Cash Resources Financing…
  30. April 2015 Investor Update – PEMEX – slide 30
    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…
  31. April 2015 Investor Update – PEMEX – slide 31
    Financial Strategy Options International Market Issues New Structures Issues in MXN Diversify sources of financing in efficient Structured Products (Development Capital MXN is both more efficient in terms of cost and deep markets…
  32. April 2015 Investor Update – PEMEX – slide 32
    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…
  33. April 2015 Investor Update – PEMEX – slide 33
    Background and Necessary Update of the Pension Scheme Mexico: Life Expectancy Accrued Obligations Active MXN billion employees Years Current 1,474 pensions In 1942, the retirement conditions were established: 55 years of age 42%…
  34. April 2015 Investor Update – PEMEX – slide 34
    What differentiates PEMEX Strengths Human capital Execution flexibility Selected participation in new projects Sustainability mandate through corporate governance, and social & environmental responsibility Improved efficiencies…
  35. April 2015 Investor Update – PEMEX – slide 35
    Timely Response to the Abkatn Permanente Incident Timeline Abkatn A Complex 1. On April 1, 2015, the incident started at 03:40 hrs and by 03:45 3 hrs the complex evacuation was commanded (completed by 05:30 6 hrs) 2 2. By 03:45 hrs,…
  36. April 2015 Investor Update – PEMEX – slide 36
    Institutional Capacities and Audit Compliance Pemexs E&P Frequency Index1 (0.11) is 80% below OGPs2 international standard (0.55) Well-trained employees. We maintain an integral 9 safety auditing processes, The Complex has multiple…
  37. April 2015 Investor Update – PEMEX – slide 37
    Deferred Production Volume of 238 Mbd of Oil & 627 MMcfd of Gas Resumption of Operations Phase 1 Phase 2 Phase 3 On April 6 On April 20 On June 1 Actions Actions Actions Abkatn A Permanente platform Abkatn A Termporal platform…

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