Pemex’s Reform
and Investment Projects
2009-2012
February 10, 2009
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FORWARD-LOOKING STATEMENT
• This presentation contains forward-looking statements. We may also make written or oral forward-looking statements
in our periodic reports to the National Banking and Securities Commission (CNBV) and the U.S. Securities and
Exchange Commission (SEC), in our annual report, in our proxy statements, 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 exploration activities;
− import and export activities;
− projected and targeted capital expenditures and other costs, commitments and revenues; and 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 PEMEX prospectus filed with the CNBV
and available through the Mexican Stock Exchange (www.bmv.com.mx) and the Form 20-F filing, as amended, with
the SEC (www.sec.gov). These factors could cause actual results to differ materially from those contained in any
forward-looking statement.
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CAUTIONARY NOTE
• The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a
company has demonstrated by actual production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use certain terms in this document, such as total
reserves, probable reserves and possible reserves, that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, “File No. 0-99”
available from us at www.pemex.com or Marina Nacional 329 Floor 38 Col. Huasteca, Mexico City 11311 or at (52 55)
1944 9700. You can also obtain this Form from the SEC by calling 1-800-SEC-0330.
• EBITDA, free cash-flow and discretionary cash-flow are non-GAAP measures.
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INDEX
1. Pemex Reform
a. Strengthening of operations
b. Planning & Control
c. Policy & Regulation
2. Procurement and EPCs
3. Investment program: 2009-2012
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Pemex Reform: Introduction
As a result of President Calderon’s initiative, an
ample legal reform was passed by Congress
Pemex is the main beneficiary of the reform
Not everything was achieved, but it’s an important
first step, covering three main aspects:
Planning Policy
Strengthening
& &
of Operations
Control Regulation
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I. Strengthening of Pemex’s operations
Planning Policy
Strengthening
& &
of Operations
Control Regulation
Petróleos Mexicanos Law
A wholly new law, specifically for Pemex, which regulates not only organization
and operations, but also procurement, construction, budgeting, debt and
administrative responsibilities
HIGHLIGHTS
a) Management
Corporate Governance
Pemex’s Board is strengthened, with new functions and responsibilities
Integration
Specialized Board: four independent, professional members join the Board
(approved by the Senate)
New Rules
Professional Board members will be incorporated into decision-making
process 6/30
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
Committees
1) Audit and performance evaluation
2) Strategy and investments
Seven specialized
3) Compensations
committees are created
4) Purchases, leasing, construction & services procurement
to enhance the Board’s 5) Environment and sustainable development
functions 6) Transparency and accountability
7) Technological research and development
Organization
More flexibility to decide on the optimal organization for the company
Business units
The General Director may propose to the Board the creation of business
units to carry out productive activities
Subsidiaries and non-state-owned companies
The General Director may propose the creation of subsidiaries with private
participation for activities not reserved to the Mexican State
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
b) Operation and contractual regime
Specific contractual regime
Tailored to Pemex’s productive activities
Specific procedures
New requirements will facilitate awarding contracts, in modalities
more adequate for the oil & gas industry
Special procurement and bidding procedures
New specific rules for Pemex projects are established
Direct awards (no bidding necessary)
Bidding in a restricted group
o For cases related to technological innovation, as well as engineering,
research, training and studies
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
Special contractual modalities
New contractual modalities, in addition to those considered in the Public
Works Law:
Payment
o New modality, based on pre-determined formulas or schemes
o Full certainty on compensation methods and quantities
Contract updates
o Revisions to multi-annual contracts due to technological advances, changes
in market prices and factors contributing to improving the project’s
efficiency
Incentives and penalizations
o May be established based on positive or negative environmental impact, or
non-compliance with scheduling or quality indicators
Variable compensation
o May be awarded due to faster project execution, the appropriation of (or
benefit from) new technologies by Pemex, or other circumstances which
increase Pemex’s profit and improve the project’s performance
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
Schemes to support suppliers and contractors
Pemex will design a program which will include a diagnosis, specific
objectives and quantitative goals to gradually achieve a national
content of at least 25%
An annual procurement fund at NAFIN (national development bank) of
5 billion pesos in 2009 and 2.5 billion in 2010, to promote the
development of Pemex’s suppliers
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
c) Fiscal and financial
Specific budgetary regime
More autonomy for budgetary planning and execution
Financial balance goals
Pemex will propose every year to the finance ministry and Congress a
five-year financial program, as part of its strategic business plan
Budgetary modifications
The Pemex Board will approve changes to the budget during the course
of the year (subject to the “financial balance” goals)
Autonomy in deciding budget allocation for operation or investment
Excess income
Pemex will be able to use gradually a larger proportion of its excess
income (above its income estimate)
From 35% in the 1st year to 100% in the 7th year, subject to meeting
several specific goals, to be detailed in its business plan
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
Budget execution calendar
Pemex will be able to execute its budget as defined by the Board, without
needing the approval of the finance ministry
Budgetary execution is made independent from the public sector’s financial
situation
Investment project registration
The Board will authorize the budget and use of resources for investment
projects
Various requirements for registering projects within the finance ministry are
eliminated or simplified
Transition period
Seven years for budgetary autonomy, subject to meeting business plan goals
Transfer prices
Annual study performed by an independent expert in July. Will be published.
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
Specific regime for debt
PIDIREGAS DEBT ISSUANCE STABILIZATION CITIZEN BONDS
FUND
Pemex may use the
PIDIREGAS financing Pemex will be able Credit titles that do
resources
is eliminated and to issue debt not award property
accumulated until
substituted by according to the or control rights
2008 in the
budgetary resources company’s priorities
Stabilization Fund for
and consistent with Their yield will
Investment in
the public sector’s
Pemex investment reflect Pemex’s
Infrastructure (12
financing program
expense will no financial results
billion pesos). This
longer be part of after taxes
will enable startup
public sector Pemex will be able
for the construction
financial balance to tap local and Will boost
of new refining
(more flexible foreign financial transparency and
capacity, among
investment ceiling, markets without accountability in
other projects
tied to Pemex’s specific approval Pemex’s operations
resource availability) from the finance and finances
ministry
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Planning Policy
Strengthening
& &
of Operations
Control Regulation
New fiscal modalities for strategic projects:
Chicontepec Deep waters Abandoned fields
71.5% rate and cost- Rate range of 60%- Minimum additional
deduction cap of USD 71.5% (depending on oil production requirement is
$11/bl, compared to price level) and cost- eliminated to grant more
74.5%1 and USD $6.5/bl deduction cap of USD favorable fiscal regime
in general regime $16/b
Acknowledges the higher complexity and cost of new fields
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1. Rate applicable for 2009
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Planning Policy
II. Planning and control
Strengthening
& &
of Operations
Control Regulation
Business plan (five-year projection)
Planning
Five-year financial-balance goal scenario
Pemex will be subject to new and additional control,
transparency and accountability mechanisms
Board Audit and Performance Evaluation
committee
A corporate commissioner to support the Board in
looking out for the interests of citizen bond
Control
holders
Reports
Reports specified by law: from the General
Director to the Board; from the corporate
commissioner to bond holders
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Planning Policy
III. Policy and regulation
Strengthening
& &
of Operations
Control Regulation
Pemex will be subject to the energy policy defined by the
ministry, in terms of reserve replacement and production
SENER
platform
Pemex will obtain a formal opinion (‘dictamen’) for the
National technical aspects of its exploration and exploitation projects
Hydrocarbon
from this Commission, and it will subject itself to the
Commission
technical rules established by it
Energy New authority in regulating prices for first-hand sales,
Regulatory pipeline transportation and storage for fuel-oil and basic
Commission
petrochemicals
(CRE)
National Will establish the National Energy Strategy, with a 15 year
Energy horizon, which will be approved by Congress
Council
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1. Pemex Reform
a. Strengthening of operations
b. Planning & Control
c. Policy & Regulation
2. Procurement and EPCs
3. Investment program: 2009-2012
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Reform Timeline
MONTH ACTION LEGAL FOUNDING RESPONSIBLE
Art. 14 provisional Pemex Law
Fund to promote the Executive, SHCP
FIRST
development of Pemex
MONTH (90 days after the Law is
suppliers by NAFIN
signed)
February
Art. 19 fract. III Pemex Law PEMEX and BA
Business Plan
FOURTH
MONTH (Yearly basis with a five-year
projection)
May
Art. 31 fract. III Pemex Law
Annual operational and General Director,
financial program BA
(Annual)
Five-year financial- Art. 49 fract. I Pemex Law PEMEX
balance goal scenario
Strategy to support Mexican Art. 50, and 13 provisional PEMEX and
and foreign suppliers and Pemex Law subsidiaries
contractors
(180 days after the Law has
been signed)
Art. 13 provisional Pemex Law
Publication of a Procurement PEMEX and
plan for small and medium subsidiaries
(Annual)
companies
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Reform Timeline (cont.)
MONTH ACTION LEGAL FOUNDING RESPONSIBLE
A report on the progress Art. 13 provisional, Pemex Law Director General
ELEVENTH
of the quantitative goals
MONTH set by the strategy to
(Every six months)
promote Mexican suppliers
and contractors
December
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Special procurement conditions
SPECIAL CONTRACTUAL LEGAL FOUNDING RESPONSIBLE
REGIME
Special contractual regime:
Procurement and contracting Pemex Law, Art. 19 Fract. IV-j;
strategies and procedures and Art. 53
New contractual models for Pemex’s Board committee
construction and procurement of Pemex Law, Art. 60 y 61 for purchases, leasing and
services for substantial activities procurement of services
Mechanisms for the determination
Pemex Law, Art. 53 fract. VI
of product prices
Oil industry catalogue of unit prices
for procurement and contracting Pemex Law, Art. 53
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1. Pemex Reform
a. Strengthening of operations
b. Planning & Control
c. Policy & Regulation
2. Procurement and EPCs
3. Investment program: 2009-2012
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Investment Strategy: Main Goals
The investment strategy includes initiatives and projects in all company areas,
with the objective of meeting the following medium and long-term goals:
Maintain crude production platform within 2.7-2.8 mmbd, and seek new
opportunities to increase production to 3.0 mmbd, by 2015
Maintain natural gas production above 6.0 bcfd
Increase reserve-replacement ratios to at least 100% towards 2012
Re-establish reserve/production ratio to 10 years (after 2012)
Reduce gasoline imports, by investing in conversion of residuals at existing
refineries, as well as in additional refining capacity
Close maintenance gaps to improve security and facilities’ integrity
Reduce environmental liabilities
Reduce project-execution gaps
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Investment Portfolio: 2009-2012
USD Million 2009 2009-2012
Exploration & Production 61,151
16,899
Refining 13,116
1,920
Gas & Basic Petrochemicals 1,609
353
Petrochemicals 2,929
208
Corporate 304
64
TOTAL 79,110
19,444
Does not include third-party projects (private pipelines, co-generation)
Corporate
E&P
0.4%
77.3%
Petrochemicals
3.7%
Refining
Gas & Basic Petrochemicals
16.6%
2.0%
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Source: PEF 2009; exchange rate: 11.7 pesos/dollar
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E&P: MAIN INVESTMENT PROJECTS 2009-2012
Investment is focused on maintaining production platform and increasing
reserve-replacement ratio
Investment
(mmusd)
PROJECT GOAL / REACH 2009 2009-2012
• Contribute in meeting E&P goals by accelerating the recovery of
oil and gas 11,149
Chicontepec 2,314
• 2009 Activities: Finishing 1,063 wells, 501 major repairs, 274 Class III: +25/-15%
minor repairs
• Heavy crude and gas production through pressure maintenance,
implementing an enhanced oil recovery system and optimizing
production systems
Cantarell 2,176 5,559
• 2009 Activities: Finishing 14 wells, 51 major repairs, 8 minor Class III: +25/-15%
repairs
• Produce oil and gas by drilling wells and implementing a
pressure-maintenance system in producing fields
Ku-Maloob-
1,565 5,723
• 2009 Activities: Finishing 15 wells, 3 major repairs, 11 minor
Zaap
Class III: +25/-15%
repairs
• Incorporate new reserves and re-classify existing reserves in order 12,233
Exploration 2,562
to reach a reserve/production ratio of 10 years Class IV: +35/-20%
TOTAL 8,617 34,664
* Investment amounts are estimated for 2009-2012, and subject to budgetary approval. Exchange rate: 11.7 pesos/dólar
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REFINING: MAIN INVESTMENT PROJECTS 2009-2012 (1/2)
Investment is focused on satisfying national fuels demand and meeting
federal environmental requirements
Investment
(mmusd)
PROJECT GOAL / REACH 2009 2009-2012
• Increase production of value-added fuels
MINATITLÁN
537 537
• Build and integrate 9 process plants; auxiliary services
RECONFIGURATION
Class I: +10/-5%
• Increase heavy crude process and production of value-added
SALAMANCA
dstillates; reduce fuel-oil production 279 2,209
RECONFIGURATION
• Includes construction of 8 new plants Class V: +50/-30%
• Meet Mexican environmental gasoline standards
CLEAN FUELS –
• Includes 8 post-treatment plants, 2 complementary plants, 250 1,977
GASOLINE
auxiliary services and 2 storage tanks Class III: +25/-15%
• Meet the national sulphur content requirements
CLEAN FUELS -
• Construction of 5 new plants; 4 storage tanks; modernization 76 2,601
DIESEL
of 18 process plants and 21 complementary plants Class V: +50/-30%
• Guarantee fuels supply to Mexico City area by increasing
MÉXICO CITY pipeline capacity and storage at Tuxpan terminal 140 257
SUPPLY
• New pipeline (113 km) and 5 storage tanks (100 mb each) Class IV: +35/-20%
* Investment amounts are estimated for 2009-2012, and subject to budgetary approval. Exchange rate: 11.7 pesos/dólar
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REFINING: MAIN INVESTMENT PROJECTS 2009-2012 (2/2)
Investment
(mmusd)
PROJECT GOAL / REACH 2009 2009-2012
• Increase distillate supply, reducing imports and enhancing
NEW REFINING national energy security 66 8,160
CAPACITY
• Build a new refinery to process heavy crude (300 mbd) Class V: +50/-30%
• Increase transport capacity and optimize existing network
• Build Madero – San Luis Potosí (394 km) and Manzanillo -
NEW PIPELINES - 730
Guadalajara (314 km) pipelines. Class V: +50/-30%
• Increase storage capacity and eliminate risks to population
TERMINAL
• Re-locate 2 terminals (Tapachula, Reynosa) and build 2 new 4 99
CAPACITY
terminals (Caribbean, Mexico City) Class V: +50/-30%
TRUCK TRANSPORT
• Replace 1,105 Pemex trucks (529 in 2009-10) 36 60
REPLACEMENT
Class I: +10/-5%
TOTAL 1,389 16,631
* Investment amounts are estimated for 2009-2012, and subject to budgetary approval. Exchange rate: 11.7 pesos/dólar
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GAS & BASIC PETROCHEMICALS: MAIN INVESTMENT PROJECTS 2009-2012 (1/2)
Investment is focused on increasing process and transport capacity
Investment
(mmusd)
PROJECT GOAL / REACH 2009 2009-2012
• Develop capacity to process sweet, wet gas from
POZA RICA Chicontepec Project 228
56
• Build one cryogenic plant (200 mmcf/d) and two LPG
CRYOGENIC PLANT Class IV: +35/-20%
storage spheres (20 mb)
• Increase natural gas transport capacity in Northern Mexico
(110 mmcf/d)
COMPRESSION 27
• Upgrade Sta. Catarina station (overhaul of two 7,400 h.p. 12
STATIONS: NORTH Class V: +50/-30%
turbo-compressors) and build Cabrito station (two 7,400
h.p. turbo-compressors)
• Increase natural gas transport capacity for Valtierrilla -
COMPRESSION Lázaro Cárdenas pipeline
34
STATIONS:
• Upgrade Valtierrilla station (two 4,700 h.p. turbo- 3
VALTIERRILLA – Class V: +50/-30%
compressors) and build Zirahuen station (two 4,700 h.p.
LÁZARO CÁRDENAS
turbo-compressors)
• Supply ethane in Southeast Mexico for processing ethylene
ETHYLENE XXI AND derivatives
COMPLEMENTARY 10 205
• Supply pipelines for ethane: Cd.Pemex–Nvo.Pemex (70 km)
PROJECTS Class V: +50/-30%
and Nvo.Pemex–Cactus-Coatzacoalcos (140 km)
TOTAL 81 494
* Investment amounts are estimated for 2009-2012, and subject to budgetary approval. Exchange rate: 11.7 pesos/dólar
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GAS & BASIC PETROCHEMICALS: MAIN INVESTMENT PROJECTS 2009-2012 (2/2)
Additionally, these projects are being promoted through third-party service
contracts:
Investment
(mmusd)
PROJECT GOAL / REACH 2009-2012
• Alternate transport route to Central Mexico that increases transport
Pipeline:
capacity (400 mmcf/d) and feeds new electricity plants
Tamazunchale –
• Build the Tamazunchale - San Luis de la Paz (230 km) and San Luis de
San Luis de la Paz –
San José Iturbide la Paz - San José Iturbide (56 km) pipelines
• Meet demand growth and open supply alternatives in Northern border
Pipeline: 1,976
• Buil the San Isidro–Gloria a Dios (22 km) and Gloria a Dios – El Encino
Cd. Juarez - Class V: +50/-30%
Chihuahua (350 km) pipelines
• Alternate transport route to Central Mexico that increases transport
Pipeline:
capacity (400 mmcf/d) and feeds new electricity plants
Punta de Piedra -
• Build two new pipelines (245 & 55 km) originating at Poza Rica gas
Poza Rica–Sta. Ana
plant
• Increase efficiency and lower electric generation costs
Co-generation 400-500
• Build a co-generation plant with 300 MW and 550 t/h steam capacity
Nvo. Pemex Class IV: +35/-20%
TOTAL 2,376 – 2,476
* Investment amounts are estimated for 2009-2012, and subject to budgetary approval. Exchange rate: 11.7 pesos/dólar
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PETROCHEMICALS: MAIN INVESTMENT PROJECTS 2009-2012
Investment is focused on modernizing existing plants and increasing
capacity in profitable product segments
Investment
(mmusd)
GOAL / REACH 2009 2009-2012
PROJECT
• Increase paraxylene production capacity from 240 to 488
thousand tonnes / year, using less inputs and obtaining 504
Aromatics 63
products with more value-added
(Cangrejera) Class III: +25/-15%
• Build three new plants and modernize existing plants
• Increase production capacity at Morelos processing center and
Ethylene enhance competitiveness by using latest technology 224
41
• Increase capacity from 225 to 360 thousand tonnes / year;
Oxyde Class IV: +35/-20%
(Morelos) modernize existing plant
TOTAL 104 728
* Investment amounts are estimated for 2009-2012, and subject to budgetary approval. Exchange rate: 11.7 pesos/dólar
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Implemented actions
To face the international financial crisis and its effects on the Mexican
economy, President Felipe Calderón announced two programs that constitute
anticyclical actions to boost the Mexican economy.
With those programs as reference, Pemex has adopted several actions in order
to accelerate and anticipate the company’s programmed expenditure for 2009
(procurement and construction). Some of these actions are:
Launch most of the public biddings during the first quarter of 2009
Accelerate the public bidding processes
Accelerate the formalization of all contracts
Accelerate the maintenance calendar
Accelerate payments to Pemex suppliers
Increase credit terms to Pemex’s clients
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