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BCP Securities Annual Conference – PEMEX

PEMEX · Dec 1, 2020 · 33 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. BCP Securities Annual Conference – PEMEX – slide 1
    BCP Securities Annual Conference
  2. BCP Securities Annual Conference – PEMEX – slide 2
    Table of Contents 1 PEMEX General Overview 2 Exploration & Production 3 Other Relevant Indicators 4 Public Debt and Financing Activities 5 2021 Budget 2/32
  3. BCP Securities Annual Conference – PEMEX – slide 3
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  4. BCP Securities Annual Conference – PEMEX – slide 4
    PEMEX: A vertically integrated company Commercialization Transformation Transportation and Exploration and production distribution 3rd largest exporter 16th largest oil 11th largest crude producer1 of crude to the refiner2…
  5. BCP Securities Annual Conference – PEMEX – slide 5
    PEMEX: A company that creates value 44% The EBITDA margin represents the 33% profit or income of a company before 29% the payment of interest, taxes, amortization and depreciation of fixed 23% assets in proportion to its total…
  6. BCP Securities Annual Conference – PEMEX – slide 6
    PEMEX: financial balance 2008-2019 Real 2019 MXN billion 223.0 Since 2008, PEMEX had not recorded a positive financial balance 26.4 -47.6 -54.2 -49.5 -45.4 -64.0 -82.8 -101.8 -117.9 -162.4 -176.1 2008 2009 2010 2011…
  7. BCP Securities Annual Conference – PEMEX – slide 7
    7
  8. BCP Securities Annual Conference – PEMEX – slide 8
    The implemented actions resulted in a 314 Mbd increase above 2018's decreasing trend Liquids Daily Production Mbd 2018 2019 2020 2,000 Decline 1,900 10.4% annual Production Annual 0.9 % 23-nov-20 growth 1,696 Mbd 1,800…
  9. BCP Securities Annual Conference – PEMEX – slide 9
    New fields produced 142 Mbd at November 23th, 2020 Monthly production from new fields Qoi Qo Qoi Qo The production deferral is due to: Mbd Well (Mbd) (Mbd) Well (Mbd) (Mbd) Delays in infrastructure 160 Ixachi-1DL 3.6 4.0…
  10. BCP Securities Annual Conference – PEMEX – slide 10
    Crude oil production is expected to increase from 2020 onwards, with a lower investment budget than in 2012-2015 but incremental well drilling Investment Production 2,548 2,522 2,429 2,267 +13% Crude oil 2,154 +2% -8% production…
  11. BCP Securities Annual Conference – PEMEX – slide 11
    Lifting Cost USD per barrel 2012-2018 2018-2024 13.7 Between 2017 and 14.1 In two years a 2018, costs increased -1.8% -2.4% 13.7 -5.3% 13.8 -2.9% -2.1% minimum 2% reduction 26% 0.0% 32.7% annual 2.4% is expected by the end…
  12. BCP Securities Annual Conference – PEMEX – slide 12
    PEMEX has proven to be very successful in exploratory projects, with commercial success rates and finding costs more competitive than peers' average Commercial Success Rate 2015 2019 Finding Costs1 2015 2019 34% 13.8 Percentage…
  13. BCP Securities Annual Conference – PEMEX – slide 13
    Proven reserves (1P) increased from the previous year's certified reserve 1P Reserves1 Billion barrels of oil equivalent 1PR Forecast -9% 10.2 +3% 9.6 8.6 1P 7.7 Reserves 7.0 7.2 7.4 as of January 1st 2015 2016 2017…
  14. BCP Securities Annual Conference – PEMEX – slide 14
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  15. BCP Securities Annual Conference – PEMEX – slide 15
    Budgetary Investment MXN billion 2012-2018 2018-2024 359 -1.8% -2.4% 353 334 Forecast -2.1% -5.3% -2.9% Real 7.6% 0.0% 53.5% 312 306 6.9% 299 -14.7% -2.3% Between 2014 and 2018 230 PEMEX's investment fell 201 14.4%…
  16. BCP Securities Annual Conference – PEMEX – slide 16
    Results of the Strategy to Combat Fuel Theft, 2018-2020 Thousand barrels per day 81 74 Fuel theft has decreased around 90% 56 as compared to the average for 2018 23 6 5 5 5 5 4 3 3 4 4 6 6 6 Nov 2020 May 2020 Aug…
  17. BCP Securities Annual Conference – PEMEX – slide 17
    Losses due to Fuel Theft1 MXN billion 36.2 Estimated savings for PEMEX in two years amount to MXN 71.5 3.6 billion2 3.2 2.3 1.0 0.4 2018 2019 Jan-Sep 2020 Gasolines and Diesel LPG 1. Prices at storage facilities, does…
  18. BCP Securities Annual Conference – PEMEX – slide 18
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  19. BCP Securities Annual Conference – PEMEX – slide 19
    Financial Debt USD billion 2012-2018 2018-20241 120 107 Forecast 106.0 Observed 110 106.0 103.0 -2.4% -5.3% -1.8% -2.9% 100 96.0 -2.1% 2.9% 106 0.0% 105.0 105.0 105.0 105.0 105.0 7.3% 90 87.0 10.3% 78.0…
  20. BCP Securities Annual Conference – PEMEX – slide 20
    Refinancing Operations On February 2020, Pemex concluded the comprehensive liability management strategy that started on 2019, which consisted of three major components: Refinancing Refinancing and liability and liability…
  21. BCP Securities Annual Conference – PEMEX – slide 21
    Maturity Profile USD billion Before Current As of December 31, 2018 As of September 30, 2020 23.7 9.6 9.4 9.1 8.7 8.6 6.7 7.5 6.7 4.2 4.4 3.6 1.6 0.3 0.1 1 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028…
  22. BCP Securities Annual Conference – PEMEX – slide 22
    Recent Access to the Market On October 8, PEMEX issued a USD 1.5 bn benchmark bond in the international debt capital markets due in 5 years with a 6.875% coupon. Reduction of financial cost initially announced thanks to investors…
  23. BCP Securities Annual Conference – PEMEX – slide 23
    PEMEX 10-year Bond Yield Rate Evolution PEMEX did not refinance debt during the most volatile period in the market 23/32
  24. BCP Securities Annual Conference – PEMEX – slide 24
    Cost & Income of PEMEXs Crude Oil Hedge USD million 2019 2020 With the 2019 As of November 6th, 2020 Cost 149.6 surplus, the 2020 Cost 178.3 nine payments had hedge was paid been received 219.5 Surplus 54.6 Crude Oil Crude…
  25. BCP Securities Annual Conference – PEMEX – slide 25
    3Q20 Financial Highlights MXN million 3Q19 2Q20 3Q20 1 Sales 350,488 181,693 239,031 2 Cost of sales 263,814 153,140 189,045 3 Impairment (reversal) (17,247) 18,392 (8,186) 4 Gross Income 103,921 10,162 58,172 Transportation and…
  26. BCP Securities Annual Conference – PEMEX – slide 26
    Federal Government Support in 2019 Concept MXN billion 1. Capital injection 25 The objective of the Federal Government is to directly 2. Payment by the SHCP of support PEMEX during the pension promissory notes first half of the…
  27. BCP Securities Annual Conference – PEMEX – slide 27
    Federal Government Support in 2020 PEMEX has the support of the Federal Government to strengthen its financial position as depicted during 2020 through various support measures: Concept MXN billion Comments The new rate will apply…
  28. BCP Securities Annual Conference – PEMEX – slide 28
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  29. BCP Securities Annual Conference – PEMEX – slide 29
    Estimated contributions to the Federal Government for 2021 Budgetary figures, MXN million 897,170 Total Direct taxes (DUC1 & others) PEMEX will 352,570 continue to be Total support from the most the Federal important tax…
  30. BCP Securities Annual Conference – PEMEX – slide 30
    2021 PEMEXs Budget Highlights Total Budget MXN 544.6 billion Budgetary Investment MXN 352.6 billion OPEX MXN 191.9 billion Financial Balance MXN (92.6) billion Net Debt Ceiling MXN 44.8 billion Production 1,944 Mbd Mexican Crude…
  31. BCP Securities Annual Conference – PEMEX – slide 31
    Key highlights Despite the challenging financial environment developed during this year, PEMEX has been able to maintain its production levels and expects to slightly increase it towards the end of the year. The crude oil price…
  32. BCP Securities Annual Conference – PEMEX – slide 32
    Investor Relations (+52 55) 9126-2940 ripemex.com www.pemex.com/en/investors Sonda de Campeche
  33. BCP Securities Annual Conference – PEMEX – slide 33
    PEMEX: Budgetary Financial Balance, Year-End 2019 Budgetary figures in MXN billion 1,899 PEMEX does generate value, with a For the first time primary balance of 1.0 trillion pesos, 183 in a decade, but tax burden was 85.9% as…

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