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Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX

PEMEX · Nov 1, 2014 · 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 1
    Mexicos Energy Reform & PEMEX as a State Productive Enterprise November 2014
  2. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 2
    Content PEMEX today Energy Reform New era of PEMEX Financials 2
  3. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 3
    A PEMEX Transformation is Underway Round Zero leaves our reserve base 1 largely intact 13.4 MMMboe proven reserves 6 Stronger finance; taxes will drop from 70% today to 65% by 2019 Low replacement cost 7 Opening of…
  4. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 4
    A Snapshot of PEMEX Today Exploration and Production Downstream International Crude oil production: 2,452 Mbd1 Refining capacity: 1,690 Mbd1 7th largest oil producer worldwide2 Natural gas production: 5,757 MMcfd1,3 Strategically…
  5. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 5
    Round Zero maintains our strong reserve base Propspective 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 6
    Low Cost Production and Replacement Production Costsa,b Finding and Development Costsc,d USD 2013 / boe USD 2013 / boe 7.91 16.13 14.91 6.84 12.48 13.24 13.77 6.44 6.12 11.27 5.09 5.38 2008 2009 2010 2011 2012 2013 2008 2009…
  7. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 8
    Content PEMEX today Energy Reform New era of PEMEX Financials 8
  9. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 12
    The Fiscal Regime New fiscal Assignments regime Oil Fund (Round Zero) PEMEX Migration Signing Contractual Fee for the Licenses Bonus Exploratory Phase Royalties Income Contracts Compensation considering Tax Exploration…
  13. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 13
    Content PEMEX today Energy Reform New era of PEMEX Financials 13
  14. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – 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. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – 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 Extraction % of…
  16. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 16
    Migration: Onboarding New Partners in E&P Increasing execution Expected capacity & Investment 2P Reserves Investment (MMboe)1 (USD billion) Fields First stage: First block 569 2.6 Poza Rica-Altamira and Burgos Assets 2014 22…
  17. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 17
    Mexicos Next Production Frontiers Deepwater Infrastructure1 Shale Potential2 United States United Gulf of Mexico States Mexico Mexico Cuba Substantial potential in both frontiers 1 Source: National Geographic. 2…
  18. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 18
    Downstream Business Portfolio: Main Projects Challenges Main Projects Investments in supply infrastructure Increase operational (Project Gulf-Center), Refining efficiency Refineries reconfiguration Infrastructure for better fuels…
  19. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 19
    Revamping Pemex Refineries Objectives: Investment in high conversion plants to increase profitability by producing higher value distillates products. Increase process capacity to receive more heavy oil volumes (i.e Maya Crude).…
  20. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 20
    Refining: Clean Fuels Projects To address changes in specifications for distillate Ultra Low Sulfur (ULS) fuels in accordance with the needs of the Mexican market, a set of projects is developed for the six refineries at the National…
  21. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 21
    Los Ramones Phase I & II: Success Case Project Los Ramones phase I Scheme PEMEX Gas signed a long term transport service Los Ramones I is being constructed by Gasoductos del contract with the company Gasoductos del Noreste Noreste,…
  22. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 22
    Trading Opportunities: PEMEX as a key player in the Pacific market (Transoceanic Corridor Project) Pemex has identified the opportunity to move product from the US Gulf Coast to the Pacific markets Mexico has a privileged…
  23. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 23
    Petrochemicals: Modernization and Expansion of Aromatics Train at Cangrejera P.C. Scope Modernization of the aromatics chain Technology upgrade Broad operational flexibility Lower energy consumption and overall cost of…
  24. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 24
    PEMEXs Power Cogeneration Potential PEMEXs productive processes consume large amount of energy. Cadereyta Strategy for taking advantage of cogeneration potential (PEMEXs Business Plan). E.E. Generation Project (MW) On April 2013…
  25. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 25
    Content PEMEX today Energy Reform New era of PEMEX Financials 25
  26. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 26
    Income Statement Evolution Income Statement USD billion 140 Historically, from 2007 to 2012, taxes have accounted 120 for 119% of operating income 100 Sales and 120% of before-tax 80 EBITDA profits. 60 Taxes In 2013, taxes amounted…
  27. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 27
    Balance Sheet Evolution Liability and Equity Profile USD billion 17 18 21 In addition to internal cash 17 flows, PEMEX has resorted to 15 87 23 99 86 financial markets to finance its 15 62 investment projects. 9 49 44 54…
  28. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 28
    PEMEX One of the Most Profitable Companies in 2013 Percent Gross Margin EBITDA Margin 61.74 50.36 49.38 36.78 23.34 15.87 15.44 19.56 20.25 14.13 13.93 14.73 7.72 10.72 Statoil PEMEX Petrobras Chevron Shell Exxon BP BP Shell…
  29. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 29
    Investing To Meet Our Long-term Goals USD billion 34.7 33.8 33.4 32.5 CAPEX Distribution 2015-2019 27.3 27.3 1.4% Pemex-Corporate USD billion 25.5 24.0 Pemex- Gas & Basic 2.0% Petrochemicals 19.1 21.3% Pemex- 4.0%…
  30. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 30
    CAPEX Financing Net Indebtedness Net indebtedness Total debt as of September 2014 is USD 74.0 billion which (USD billion) represents 0.61x sales and 1.08x EBITDA CAPEX 39.11% 26.66% 24.49% 14.20% 18.62% 8.35% 23.98 25.51 27.27…
  31. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 31
    Financing Program 2015 Financing Program 2015 100% = USD 18.5 billion Programmed Source USD billion 8.1% 2.0% Domestic Markets 6.0 8.0 International Markets 5.0 7.0 13.0% 34.7% Loans 2.0 3.0 Export Credit Agencies (ECAs) 1.0 2.0…
  32. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 32
    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…
  33. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 33
    New Financing Alternatives Fund Raising in the O&G Industry1 PEMEX Financing Program 2015 USD billion 100% = USD 18.5 billion 9% 2% 13% 31% 50% 10% 85% Bonds (domestic, international International markets: Bonds Project…
  34. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 34
    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…
  35. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 35
    What differentiates PEMEX Strengths Human capital Execution flexibility Selected participation in new projects Sustainability mandate through corporate governance, and social & environmental responsibility Improved efficiencies…
  36. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 36
    Potential Savings from a New Pension Scheme Accrued obligations1 The Government offered to capitalize MXN billion PEMEX for a proportional amount of December 31st, 2013 the Pension Liability reduction that results from the modifications…
  37. Mexicos Energy Reform & PEMEX as a State Productive Enterprise – PEMEX – slide 37
    Investor Relations (+52 55) 1944-9700 ripemex.com www.ri.pemex.com

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