Overview

Rolando Galindo

Head of Investor Relations Office

May 20th, 2014

Forward-Looking Statement and

Cautionary Note

1

Variations

If no further specification is included, changes are made against the same period of the last year.

Rounding

Numbers may not total due to rounding.

Financial information

Excluding budgetary and volumetric information, the financial information included in this report and the annexes hereto is based on unaudited consolidated financial statements prepared in accordance with International Financial

Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which PEMEX has adopted effective January 1, 2012. Information from prior periods has been retrospectively adjusted in certain accounts to

make it comparable with the unaudited consolidated financial information under IFRS. For more information regarding the adoption of IFRS, see Note 20 to the consolidated financial statements included in Petróleos Mexicanos’ 2011

Form 20-F filed with the SEC on April 30, 2012. Adjusted EBITDA is a non-IFRS measure. We show a reconciliation of Adjusted EBITDA to net income in Table [35] of the annexes to this report. EBITDA is a non-U.S. GAAP and non-FRS

measure issued by the CINIF.

Budgetary information is based on standards from Mexican governmental accounting; therefore, it does not include information from the subsidiary companies of Petróleos Mexicanos.

Foreign exchange conversions

Convenience translations into U.S. dollars of amounts in Mexican pesos have been made at the established exchange rate, as of December 31, 2013, of Ps. 13.0765 = U.S.$1.00. Such translations should not be construed as a

representation that the peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate.

Fiscal regime

Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production’s (PEP) tax regime is governed by the Federal Duties Law, while the tax regimes of the other Subsidiary Entities continue to be

governed by Mexico’s Income Tax Law. The most important duty paid by PEP is the Ordinary Hydrocarbons Duty (OHD), the tax base of which is a quasi operating profit. In addition to the payment of the OHD, PEP is required to pay

other duties.

Under PEMEX’s current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and

Public Credit (SHCP) and the final consumer; PEMEX retains the amount of IEPS and transfers it to the Federal Government. The IEPS rate is calculated as the difference between the retail or “final price”, and the “producer price”.

The final prices of gasoline and diesel are established by the SHCP. PEMEX’s producer price is calculated in reference to that of an efficient refinery operating in the Gulf of Mexico. Since 2006, if the final price is lower than the

producer price, the SHCP credits to PEMEX the difference among them. The IEPS credit amount is accrued, whereas the information generally presented by the SHCP is cash-flow.

Hydrocarbon reserves

Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States Concerning Petroleum Affairs, (i) PEMEX's reports evaluating hydrocarbon reserves shall be approved by the National

Hydrocarbons Commission (NHC); and (ii) the Secretary of Energy will register and disclose Mexico's hydrocarbon reserves based on information provided by the NHC. As of the date of this report, this process is ongoing.

As of January 1, 2010, the SEC changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. In addition, we do not necessarily

mean that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our annual

report to the Mexican Banking and Securities Commission, available at http://www.pemex.com/.

Forward-looking statements

This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the CNBV and the SEC, in our annual reports, in our offering circulars and prospectuses, in press

releases and other written materials and in oral statements made by our officers, directors or employees to third parties. We may include forward-looking statements that address, among other things, our:

– Drilling and other exploration activities;

– Import and export activities;

– Projected and targeted capital expenditures; costs; commitments; revenues; liquidity, etc.

Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

– Changes in international crude oil and natural gas prices;

– Effects on us from competition;

– Limitations on our access to sources of financing on competitive terms;

– Significant economic or political developments in Mexico;

– Developments affecting the energy sector; and

– Changes in our regulatory environment.

Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result

of new information, future events or otherwise. These risks and uncertainties are more fully detailed in PEMEX’s most recent Form 20-F filing with the SEC (www.sec.gov), and the PEMEX prospectus filed with the CNBV and available

through the Mexican Stock Exchange (www.bmv.com.mx). These factors could cause actual results to differ materially from those contained in any forward-looking statement.

PEMEX

PEMEX is Mexico’s national oil and gas company. Created in 1938, it is the exclusive producer of Mexico’s oil and gas resources. The operating subsidiary entities are Pemex-Exploration and Production, Pemex-Refining, Pemex-Gas and

Basic Petrochemicals and Pemex-Petrochemicals. The principal subsidiary company is PMI.

2

Content

Mexico:

An Economic

Perspective

PEMEX in Context

PEMEX Financials Potential

Mexico Snapshot

(1) Source: Consejo Nacional de Población (CONAPO)

(2) Source: Secretaría de Economía

(3) Source: International Monetary Found

President Enrique Peña Nieto

Total area 1,972,550 km2

2013 population1 118,395,054

Population Density 60/km2

Foreign Direct Investment

3Q 20132 USD 28.2 billion

GDP (PPP)3 2013 estimated

• Total $1.845 trillion

• Per capita $15,608

GDP (nominal)3 2013 estimated

• Total $1.327 trillion

• Per capita $11,224

The Mexican Economy: Diversity and Strength

10.8%

79.7%

4.5% 4.4%

0.2% 0.3% 0.0%

Non-Petroleum Exports 20132

America ex US

US

Europe

Asia

Africa

Australia

Other

11% 2% 3%

1%

83%

Exports by Type 20132

Crude Oil

Petroleum-Other

Agro

Extractive

Manufacturing

(1) Source: The World Bank

(2) Source: Banxico

16.24

8.23

5.96

3.43

2.61

2.47

2.25

2.01

2.01

1.84

1.82

1.53

1.32

1.18

1.13

0.88

0.79

0.77

0.71

0.63

United States

China

Japan

Germany

France

United Kingdom

Brazil

Russian Federation

Italy

India

Canada

Australia

Spain

Mexico

Korea, Rep.

Indonesia

Turkey

Netherlands

Saudi Arabia

Switzerland

Top 20 Economies by GDP 20121

Trillion USD

4

The Mexican Economy: Sound Debt Policies

242.3

133.1 125.3 121

109.2 107.3 99.1 95.3

78.1

45.8 44.7

Japan

Italy

Port

ugal

Irela

nd

Avera

ge

Unit

ed S

tate

s

Spain

Unit

ed K

ingdom

Germ

any

Mexic

o

South

Afr

ica

Expected General Government Gross Debt 20141 (% of GDP)

(1) Source: IMF Fiscal Monitor. Gross Debt for every country; in Mexico it includes debt from central government, social

security, public enterprises, development banks, the national insurance corporation, and the National Infrastructure

Fund, but excludes subnational governments.

(2) Source: Banxico

(3) The Flexible Credit Line (FCL) was designed to meet the increased demand for crisis-prevention and crisis-mitigation

lending for countries with very strong policy frameworks and track records in economic performance. Mexico, Poland

and Colombia are the only countries to have accessed the FCL. None have drawn down on FCL resources.

5

0

50

100

150

200

250

300

Jan

-08

Jun

-08

No

v-0

8

Ap

r-0

9

Sep

-09

Feb

-10

Jul-

10

Dec

-10

May

-11

Oct

-11

Mar

-12

Au

g-1

2

Jan

-13

Jun

-13

No

v-1

3

Foreign Exchange Reserves2

(billion USD as of Dec 28, 2014)

International Reserves Flexibe Credit Line3

Source: Bloomberg

-0.7

-0.2

0.3

0.8

1.3

1.8

2.3

2.8

1.5

2.0

2.5

3.0

3.5

4.0

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Jul-

13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

Cumulative Change (bp) Yield (%)

USD 10 Year Yield

UST (L) Brazil (R) Mexico (R)

Colombia (R) Turkey (R)

Bernanke's

Press

Conference

6

The Mexican Economy: Market Stability

70

120

170

220

270

320

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Jul-

13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

5 yr Credit Default Swaps bsp

Mexico Brazil Colombia Turkey

Bernanke's Press Conference

The Mexican Economy: Credit Rating

Country Credit Rating4

7.7

4.4 4.7

1.2 1.9 1.8 1.7 2.3 1.3 1.5 1.7

0.5

-0.4

0.2

-1.8 -1.2

7.5

5.4 5.1 3.9

2.8 2.8 2.4 2.3 2.2 2.0 1.7 1.6 1.0 0.9 0.6 0.6

China India Emerging&

DevelopingEconomies

Mexico UnitedStates

SouthAfrica

UnitedKingdom

Brazil AdvancedEconomies

Russia Japan Germany EuroArea

France Italy Spain

Overview of the World Economic Growth Projections1

(Annual change %) 2013

2014

(1) Source: IMF World Economic Outlook. January 2014.

(2) Mexican Ministry of Finance Forecast

(3) Source: Banxico

(4) Source: Moody´s

2

7

54% 39%

7%

Federal Government Gross External Debt3

(as of Dec 31, 2013)

Capital Markets

International FinancialOrganizations (OFIS)

Foreign Trade

The Mexican Economy: Prominent

International Player

Source: OECD & WTO

8

247.80

155.65

62.91

61.46

61.38

52.62

49.61

42.54

33.98

29.46

25.50

24.97

20.85

19.89

16.47

China

United States

Russia

Brazil

Canada

Australia

United Kingdom

Spain

Ireland

Mexico

India

Chile

Netherlands

Indonesia

Norway

Foreign Direct Investment Inflows (Billion USD Rolling 4 Quarters as of 3Q13)

161.82%

85.40%

63.77%

58.45%

51.04%

49.70%

47.52%

47.11%

47.00%

43.15%

42.92%

42.56%

33.78%

23.89%

21.13%

Netherlands

Ireland

Mexico

Chile

Canada

Norway

Spain

United Kingdom

China

Indonesia

Russia

India

Australia

United States

Brazil

Merchandise Foreign Trade (% of GDP 2012)

9

Content

Mexico:

An Economic

Perspective

PEMEX in Context

PEMEX Financials Potential

469.2 449.9

233.9

169.6 162.5 156.5 152.3 146.9 144.6 138.3 134.3 127.4 127.2 126.6 123.1

America’s Top 15 Corporations based on Revenues (US$MMM)

Source: Fortune 500 ranking 2013.

In terms of revenue PEMEX is one of the leading companies in America and the World.

World Ranking

A Company Of Global Scale

2010 2011 2012

64 49 34

2013

36

14

10

Essential Corporate to Mexico

US$MM

Source: Bloomberg and PEMEX 2012 Financial Information.

*) Includes negative IEPS credit.

PEMEX's revenues are higher than the

total of the top 5 companies in the

Mexican Stock Exchange (BMV)

PEMEX’s EBITDA is 63% higher than the

sum of all the listed companies.

139,122 58,967

31,805

18,130

15,229 14,990

130,208

Top 5 IPC AméricaMóvil

WalmartMéxico

FEMSA Alfa CEMEX PEMEX

REVENUE 2013

59,846

75,931

19,849

4,709 3,508

3,394 3,103 2,824

2,183 2,049 2,025 1,944 1,846 12,413

IPC AméricaMóvil

GrupoMéxico

Banorte Santander WalmartMéxico

FEMSA CEMEX Coca ColaFEMSA

Televisa Peñoles Alfa Otros PEMEX

EBITDA

11

Other

PEMEX invests more than double the amount of what the largest company in the Mexican

Stock Exchange invests.

Pemex invests an amount higher to the sum of the total investment made by all the

companies listed in the Mexican Stock Exchange.

US$MM

An Engine of Growth in Mexico

Source: Bloomberg and PEMEX 2013 Audited Financial Information.

20,462

26,126

9,278

2,120

1,129 1,115 869 868 741 557 449 426 2,908

IPC AméricaMóvil

GrupoMéxico

FEMSA WalmartMéxico

Televisa Peñoles Coca ColaFEMSA

Alfa Mexichem CEMEX Otros PEMEX

CAPEX 2013

12

Other

Key Contributor to the Mexican Government Taxes and Duties

(US$MMM)

Revenues from the oil and gas industry as % of GDP

7.2% 7.6% 7.6% 7.7% 7.3% 8.6% 7.8%

2009 2011 2012 2007 2010 2008 2013

Source: SHCP and PEMEX 2012 Audited Financial Information.

62 57

42

53 63

69 66

35.4% 36.9%

31.0% 32.9% 33.7% 33.7% 33.2%

2007 2008 2009 2010 2011 2012 2013

Taxes and Duties % the Government Income

13

14

Content

Mexico:

An Economic

Perspective

PEMEX in Context

PEMEX Financials Potential

Exploration and

Production

• Crude oil production: 2,522

Mbd1

• Natural gas production: 5,679

MMcfd1,3

• 75% of crude oil output is

produced offshore

• 1P reserves-life2: 10.2 years

Downstream International

• Refining capacity: 1,690 Mbd

• Strategically positioned

infrastructure

• JVs and associations with key

operators in the Mexican

petrochemical and natural

gas transportation industry

• Crude oil exports: 1,189 Mbd1

• Gasoline traded: 390 Mbd

• Long-term relationship with

USGC refiners

• JV with Shell in Deer Park

Gas Proved Reserves

42%

58%

100% = 3.9 MMMboe

Offshore Onshore

(1) As of December 31, 2013.

(2) At current production levels of approximately 2.5 MMbd.

(3) Does not include nitrogen.

15

Oil Proved Reserves

68%

32%

100% = 10 MMMbd

Offshore Onshore

PEMEX Snapshot

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Jan-00 Nov-02 Sep-05 Jul-08 May-11 Mar-14

Stable Crude Oil Production (Mbd)

Reserves Replacement Rate

Growing Natural Gas Production (Bcf)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan-00 Nov-02 Sep-05 Jul-08 May-11 Mar-14

Off-shore

Onshore

Associated

Non-associated

1.5 1.3 1.4 2.4 2.3 2.0 2.2 2.5 2.6

22.7% 26.4%

41.0% 50.3%

71.8%

77.1% 85.8%

101.1% 104.3%

56.9% 59.2% 59.7% 65.7%

102.1%

128.7%

103.9% 107.6% 128.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013

Exploration CAPEX 1P 3P

(1) Data as of March 2014.

(2) RRR: Reserves Replacement Rate.

16

The Importance of Heavy Crude Oil Production

2,4691 5.91

54% 35%

11%

Heavy Light Extra light

Stable Production with Solid Reserve Base

API˚

Extra

light >38˚

Light >27˚

<38˚

Heavy <=27˚

Refinery

Petrochemical Center

Pipeline

Sales Point

Gas Processing Center

Producer Zone

Maritime Route

Cadereyta Monterrey

Madero

Tula

Pajaritos Morelos

Minatitlán Cactus

Salina Cruz

Cd. Pemex

Salamanca

Guadalajara Cd. México

Camargo

Reynosa

Poza Rica

Cangrejera

Cosoleacaque N. Pemex

San Martín La Venta

Matapionche

Arenque

Burgos

Production Capacity

• Refining

• Atmospheric distillation capacity

1,690 Mbd

• Gas Processing

• Sour Nat Gas 4.5 Bcf

• Cryogenic 5.9 Bcf

• Condensate Sweetening 144 Mbd

• Fractioning 568 Mbd

• Sulfur Recovery 3,256 t/d

• Petrochemical

• 13.55 MM t nominal per year

Infrastructure

• Refining

• 6 Refineries.

• Fleet: 21 tankers.

• Storage of 13.5 MMb of Refined Products.

• 14,176 kms. of pipelines.

• Gas

• 70 Plants in 11 Gas Processing Centers.

• 12,678 kms. of pipelines.

• Petrochemical.

• 8 Petrochemical Plants.

Downstream and Midstream

17

18

Content

Mexico:

An Economic

Perspective

PEMEX in Context

PEMEX Financials Potential

42.3 32.8 44.2

61.6 69.6 45.4

13.8

43% 39%

43%

55% 55%

45% 45%

2008 2009 2010 2011 2012 2013 1Q14

Operating Income USD billion

Operating Income Operating Margin

48.8 34.6

49.2 54.9 69.6

43.5

13.3

50%

41% 47% 49%

55%

43% 43%

2008 2009 2010 2011 2012 2013 1Q14

Income before Taxes and Duties USD billion

Income before Taxes and Duties Net Margin

71.6 49.7

67.2 76.6 88.2

61.1

19.1

73% 60% 65%

69% 70% 62% 61%

2008 2009 2010 2011 2012 2013 1Q14

EBITDA USD billion

EBITDA EBITDA Margin

19

Source: Audited and Unaudited Financial Results of PEMEX.

43.3 48.4 53.8 56.0 60.5 64.3 69.4

0.6

1.0

0.8 0.7 0.7

0.9 0.9

0.4

0.6 0.5 0.5 0.5 0.5 0.6

2008 2009 2010 2011 2012 2013 1Q14

Debt USD billion

Debt Debt/EBITDA Debt/Sales

Profitability, Cash Generation & Debt Ratios

2.0% Pemex-

Petrochemicals

11% Pemex-

Refining

2.0% Pemex-Gas & Basic

Petrochemicals

Pemex-

Exploration &

Production

85%

Figures are nominal and may not total due to rounding

Figures are based on PEMEX’s Business Plan and are subject to Congress and Ministry of Finance approval

Includes upstream maintenance expenditures

“E” means Estimated, and “P” means Preliminary. For reference purposes, U.S. dollar- Mexican peso exchange rate

conversions have been made at the following exchange rates, Ps.12.9/U.S.$1 for 2014 and beyond years

Includes complimentary non-programmed CAPEX

13.8

15.7 14.9

18.6

21.7

19.1

23.9

26.0

23.4

29.0 29.9

31.0 31.3

3.2

27.7

2006 2007 2008 2009 2010 2011 2012 2013P 2014E 2015E 2016E 2017E 2018E

USD billion

20

Investing To Meet Our Long-term Goals

PEMEX the Financial Community

PEMEX’s Credit rating

Fitch BBB+

Moody’s Baa1

S&P BBB+

PEMEX’s credit

ratings, yields and

CDS have had a

favorable trend

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Dec-11 Jul-12 Jan-13 Aug-13 Mar-14

Pemex vs Petrobras 10 years (%)

Pemex 10años

Petrobras10 años

Diferencial

-100

0

100

200

300

400

500

600

700

800

0

50

100

150

200

250

300

350

Dec-11 Jul-12 Jan-13 Aug-13 Mar-14

Pemex vs Petrobras CDS 5 years (Basis points) Pemex CDS 5 años

Petrobras CDS 5años

Diferencial

21

PEMEX 10

years

Petrobras

5 years

Spread

PEMEX CDS

5 years

Petrobras

CDS 5 years

Spread

22

Content

Mexico:

An Economic

Perspective

PEMEX in Context

PEMEX Financials Potential

24.3

62.2

Baseline Full potential

Investment Annual average 2014-2025

(Billion USD)

2.8

4.1

Baseline Full potential

Oil Annual average

2014-2025 (MMbd)

6.1

9.1

Baseline Full potential

Gas Annual average

2014-2025 (Bcfd)

E & P opportunities more than double

Pemex’s present CAPEX

New Players

&

PEMEX

E&P

Midstream

Downstream Substantial

increase in

investment in the

oil and gas industry

23

Enhanced Oil Recovery (EOR):

Untapped potential

24

445

757

312

Mature Others Total

Oil and Gas fields Number

10

44.5 34.5

Mature Others Total

Total Reserves MMMboe

52%

5%

10%

33%

Total Mature Reserves by Region

Marine Northeast Marine Southwest

North South

Source: National Geographic

United

States

Mexico

Cuba

Gulf of

Mexico

PEMEX has taken important

steps in Mexico’s next

production frontiers

PEMEX has acquired significant

information from deep and

ultra-deep water oil fields in

the Gulf of Mexico:

• 3D seismic acquisition:

124,790 km2

• Wells Drilled: ~30.

Commercial success: above

50%

• Focus on Perdido (crude oil)

and Holok (non-associated

natural gas)

25

Mexico’s Next Production Frontiers –

Deep Water

NiobraraMarcellus

HeneysvilleBarnet

Antrim

Monterey

Woodford

Bakken

PEMEX has taken important

steps in Mexico’s next

production frontiers

• Eagle Ford and Woodford

have continuity across the

border

• Bakken and Haynesville are

analogues of plays in Mexico

• EIA estimates Mexico counts

with 6th largest reserve

worldwide

• Geological and geochemical

analyses have identified 6

potential shale oil/gas plays:

• Chihuahua

• Sabinas

• Burro-Picachos

• Burgos

• Tampico-Misantla

• Veracruz

NiobraraMarcellus

HeneysvilleBarnet

Antrim

Monterey

Woodford

Bakken

NiobraraMarcellus

HeneysvilleBarnet

Antrim

Monterey

Woodford

Bakken

Basins

Prospective Areas

Gulf of

Mexico

26

Source: CNH with information from North Dakota Department of Mineral Resources, Oklahoma Geological Survey, Texas Railroad

Commission, Bureau of Ocean Energy Management, Oil & Gas Journal Well Forecast for 2013.

Mexico’s Next Production Frontiers - Shale

Overview

Rolando Galindo

Head of Investor Relations Office

Q & A