Obligation Petromex 5.5% ( US71654QAX07 ) en USD

Société émettrice Petromex
Prix sur le marché 100 %  ▼ 
Pays  Mexique
Code ISIN  US71654QAX07 ( en USD )
Coupon 5.5% par an ( paiement semestriel )
Echéance 21/01/2021 - Obligation échue



Prospectus brochure de l'obligation Pemex US71654QAX07 en USD 5.5%, échue


Montant Minimal 10 000 USD
Montant de l'émission 2 961 947 000 USD
Cusip 71654QAX0
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée Petróleos Mexicanos (PEMEX) est une entreprise publique mexicaine, l'une des plus grandes compagnies pétrolières et gazières au monde, jouant un rôle crucial dans l'économie du Mexique.

L'Obligation émise par Petromex ( Mexique ) , en USD, avec le code ISIN US71654QAX07, paye un coupon de 5.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/01/2021








Luxembourg Listing Memorandum
Petróleos Mexicanos
U.S. $2,961,947,000 5.50% Notes due 2021 (ISIN US71654QAX07)
U.S. $1,229,880,000 6.500% Bonds due 2041 (ISIN US71654QAZ54)

unconditionally guaranteed by
Pemex-Exploration and Production
Pemex-Refining
Pemex-Gas and Basic Petrochemicals

The payment of principal of and interest on the U.S. $2,961,947,000 5.50% Notes due 2021 (the "2021
Notes") and the U.S. $1,229,880,000 6.500% Bonds due 2041 (the "2041 Bonds" and, together with the 2021 Notes,
the "securities") will be unconditionally and irrevocably guaranteed jointly and severally by Pemex-Exploración y
Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica (each a "guarantor" and, collectively, the
"guarantors"), each of which is a decentralized public entity of the Federal Government (the "Mexican
Government") of the United Mexican States ("Mexico"). The securities are not obligations of, or guaranteed by, the
Mexican Government.
Petróleos Mexicanos (the "issuer" and, together with the Guarantors and their consolidated subsidiaries,
"PEMEX"), a decentralized public entity of the Mexican Government, will pay interest on the 2021 Notes on
January 21 and July 21 of each year, commencing on January 21, 2012. The first interest payment on the 2021
Notes will include interest accrued from July 21, 2011. The 2021 Notes will mature on January 21, 2021. The 2021
Notes are subject to redemption prior to maturity, as described under "Description of the Securities--Tax
Redemption" and "--Redemption of the Securities at the Option of the Issuer."
The issuer will pay interest on the 2041 Bonds on June 2 and December 2 of each year, commencing on
December 2, 2011. The first interest payment on the 2041 Bonds will include interest accrued from June 2, 2011.
The 2041 Bonds will mature on June 2, 2041. The 2041 Bonds are subject to redemption prior to maturity, as
described under "Description of the Securities--Tax Redemption" and "--Redemption of the Securities at the
Option of the Issuer."
The securities will contain provisions regarding acceleration and future modifications to their terms that
differ from those applicable to certain of Petróleos Mexicanos, which we refer to as the issuer, and the guarantors'
other outstanding public external indebtedness issued prior to October 2004. Under these provisions, in certain
circumstances, the issuer may amend the payment and certain other provisions of the securities with the consent of
the holders of 75% of the aggregate principal amount of the securities.
Investing in the securities involves certain risks. See "Risk Factors" beginning on page 10.
U.S. $1,997,607,000 principal amount of the 2021 Notes were issued by the issuer on October 5, 2010
pursuant to the exchange offers commenced by the issuer on August 31, 2010, and U.S. $964,340,000 principal
amount of the 2021 Notes were issued by the issuer on October 4, 2011 pursuant to the exchange offers commenced
by the Issuer on September 1, 2011. All of the 2041 Bonds were issued by the issuer on October 4, 2011 pursuant to
the exchange offers commenced by the Issuer on September 1, 2011.
Application has been made to list the 2021 Notes and the 2041 Bonds on the Luxembourg Stock Exchange
and for admission of the 2021 Notes and the 2041 Bonds for trading on the Euro MTF Market. This Listing
Memorandum constitutes a "prospectus" for the purposes of Part IV of the Luxembourg Act dated 10 July 2005 on
prospectuses for securities and may be used only for the purposes for which it has been published.
Neither the United States Securities and Exchange Commission, or the "SEC," nor any regulatory
body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Listing
Memorandum. Any representation to the contrary is a criminal offense.
______________________________
November 4, 2011









TABLE OF CONTENTS
Page

Available Information .................................................................................................................................. 1
Currency of Presentation .............................................................................................................................. 2
Presentation of Financial Information .......................................................................................................... 2
Summary ...................................................................................................................................................... 4
Selected Financial Data ................................................................................................................................ 8
Risk Factors ................................................................................................................................................. 9
Forward-Looking Statements ..................................................................................................................... 16
Use of Proceeds .......................................................................................................................................... 16
Ratio of Earnings to Fixed Charges ........................................................................................................... 17
Capitalization of PEMEX .......................................................................................................................... 18
Guarantors .................................................................................................................................................. 19
Description of the Securities ...................................................................................................................... 22
Book Entry; Delivery and Form................................................................................................................. 42
Taxation ..................................................................................................................................................... 46
Plan of Distribution .................................................................................................................................... 51
Public Official Documents and Statements ............................................................................................... 52
Responsible Persons ................................................................................................................................... 52
General Information ................................................................................................................................... 52




ii






Terms such as "we," "us" and "our" generally refer to Petróleos Mexicanos and its consolidated
subsidiaries, unless the context otherwise requires.
The information contained in this Listing Memorandum is the exclusive responsibility of the
issuer and the guarantors and has not been reviewed or authorized by the Comisión Nacional Bancaria y
de Valores (National Banking and Securities Commission, or the CNBV) of the United Mexican States,
which we refer to as Mexico. Petróleos Mexicanos filed a notice in respect of the offerings of the
securities with the CNBV. Such notice is a requirement under the Ley de Mercado de Valores (the
Securities Market Law) in connection with an offering of securities outside of Mexico by a Mexican
issuer. Such notice is solely for information purposes and does not imply any certification as to the
investment quality of the securities, the solvency of the issuer or the guarantors or the accuracy or
completeness of the information contained in this Listing Memorandum. The securities have not been
and will not be registered in the Registro Nacional de Valores (National Securities Registry), maintained
by the CNBV, and may not be offered or sold publicly in Mexico. Furthermore, the securities may not be
offered or sold in Mexico, except through a private placement made to institutional or qualified investors
conducted in accordance with article 8 of the Securities Market Law.
This Listing Memorandum constitutes a "prospectus" for the purposes of Part IV of the
Luxembourg Act dated 10 July 2005 on prospectuses for securities and may be used only for the purposes
for which it has been published.
You should rely only on the information provided in this Listing Memorandum. We have
authorized no one to provide you with different information. You should not assume that the information
in this Listing Memorandum is accurate as of any date other than the date on the front of the document.
AVAILABLE INFORMATION
The following documents filed by the Issuer with the SEC are incorporated by reference into this
Listing Memorandum and are available for viewing at the website of the Luxembourg Stock Exchange at
http://www.bourse.lu:
Petróleos Mexicanos' annual report on Form 20-F for the year ended December 31, 2010,
filed with the SEC on Form 20-F on June 30, 2011, which we refer to as the "Form 20-
F";
Petróleos Mexicanos' report relating to our unaudited condensed consolidated results for
the six months ended June 30, 2011, furnished to the SEC on Form 6-K on August 30,
2011, which we refer to as the "August Form 6-K";
Petróleos Mexicanos' report furnished to the SEC on Form 6-K on October 12, 2011,
which we refer to as the "October Form 6-K"; and
The information incorporated by reference is considered to be part of this Listing Memorandum.
You may read and copy the documents incorporated by reference at the SEC's public reference room in
Washington, D.C. You can request copies of these documents, upon payment of a duplicating fee, by
writing to the SEC's Public Reference Section at Judiciary Plaza, 100 F Street, N.E., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public
reference rooms. In addition, these documents are available to the public over the Internet at the SEC's
website at http://www.sec.gov under the name "Mexican Petroleum."
1






You may request a copy of any document that is incorporated by reference in this Listing
Memorandum, at no cost, by writing or telephoning Petróleos Mexicanos at: Gerencia Jurídica de
Finanzas, Avenida Marina Nacional No. 329, Colonia Petróleos Mexicanos, México D.F. 11311,
telephone (52-55) 1944-9325.
You may also obtain copies of these documents at the offices of the Luxembourg listing agent,
KBL European Private Bankers S.A. and at the office of Deutsche Bank Luxembourg S.A. (in such
capacity the "Paying Agent" and the "Transfer Agent") in Luxembourg.
CURRENCY OF PRESENTATION
References in this Listing Memorandum to "U.S. dollars," "U.S. $," "dollars" or "$" are to the
lawful currency of the United States. References in this Listing Memorandum to "pesos" or "Ps." are to
the lawful currency of Mexico. We use the term "billion" in this Listing Memorandum to mean one
thousand million.
This Listing Memorandum contains translations of certain peso amounts into U.S. dollars at
specified rates solely for your convenience. You should not construe these translations as representations
that the peso amounts actually represent the actual U.S. dollar amounts or could be converted into U.S.
dollars at the rate indicated. Unless we indicate otherwise, the U.S. dollar amounts have been translated
from pesos at an exchange rate of Ps. 12.3571 to U.S. $1.00, which is the exchange rate that the
Secretaría de Hacienda y Crédito Público (the Ministry of Finance and Public Credit) instructed us to use
on December 31, 2010.
On October 28, 2011, the noon buying rate for cable transfers in New York reported by the Board
of Governors of the Federal Reserve System was Ps. 13.1025 = U.S. $1.00.
PRESENTATION OF FINANCIAL INFORMATION
The audited consolidated financial statements of Petróleos Mexicanos, subsidiary entities and
subsidiary companies as of December 31, 2009 and 2010 and for each of the years in the three-year
period ended December 31, 2010 are included in Item 18 of the Form 20-F incorporated by reference in
this Listing Memorandum. We refer to these financial statements as the 2010 financial statements. These
consolidated financial statements were prepared in accordance with Normas de Información Financiera
Mexicanas (Mexican Financial Reporting Standards, which we refer to as Mexican FRS or NIFs).
We have also incorporated by reference in this Listing Memorandum the condensed consolidated
interim financial statements of Petróleos Mexicanos, subsidiary entities and subsidiary companies as of
June 30, 2011 and for the six month period ended June 30, 2010 and 2011 (which we refer to as the 2011
interim financial statements), which were not audited and were prepared in accordance with Mexican
FRS.
Beginning January 1, 2003, we recognized the effects of inflation in accordance with
Governmental Standard GS-06 BIS "A" Section C, which required the adoption of Bulletin B-10,
"Recognition of the Effects of Inflation on Financial Information," under Mexican FRS (which we refer
to as Bulletin B-10). As a result of the provisions of Bulletin B-10, we restated our consolidated financial
statements for the year ended December 31, 2006, in order to present our results for that year on the same
basis and purchasing power as the results for the year ended December 31, 2007 with respect to the
recognition of the effects of inflation. Consequently, the amounts shown in our consolidated financial
statements for the year then ended are expressed in thousands of constant Mexican pesos as of December
31, 2007. The December 31, 2007 restatement factor applied to the financial statements at December 31,

2






2006 was 1.0376, which corresponds to inflation from January 1, 2006 through December 31, 2007,
based on the national consumer price index (NCPI).
In accordance with FRS B-10 "Effects of Inflation" (which we refer to as FRS B-10)
commencing January 1, 2008, we no longer use inflation accounting unless the economic environment in
which we operate qualifies as "inflationary" as defined by Mexican FRS. Because the economic
environment in the three-year periods ended December 31, 2007, 2008 and 2009 did not qualify as
inflationary (given that accumulated inflation for such periods was below 26%), we did not use inflation
accounting to prepare our consolidated financial statements as of December 31, 2008, 2009 and 2010 and
for the years then ended, or our 2011 interim financial statements. As a result, amounts in this Listing
Memorandum and in the reports incorporated herein are presented in nominal terms; however, such
amounts do reflect inflationary effects recognized up to December 31, 2007.
See Note 3(a) to the 2010 financial statements for a summary of the effects of application of FRS
B-10 and Notes 3(h), 3(p) and 3(v) to the 2010 financial statements for discussion of the inflation
accounting rules applied prior to the adoption of FRS B-10.
In addition to the above, our consolidated financial statements for the years ended December 31,
2006, 2007, 2008 and 2009 have been reclassified in certain accounts with the purpose of making them
comparable with our consolidated financial statements as of December 31, 2010.
Mexican FRS differ in certain significant respects from United States Generally Accepted
Accounting Principles (which we refer to as U.S. GAAP). The principal differences between our net
income and equity under U.S. GAAP and Mexican FRS are described in Note 21 to the 2010 financial
statements. Our 2011 interim financial statements have not been reconciled to U.S. GAAP.

3






SUMMARY
The following summary highlights selected information from this Listing Memorandum and may
not contain all of the information that is important to you. We encourage you to read this Listing
Memorandum in its entirety.
The Issuer
Securities Listed
Petróleos Mexicanos is a decentralized
U.S. $2,961,947,000 aggregate
public entity of the Mexican Government. The
principal amount of 5.50%
Federal Congress of Mexico (the "Mexican
Notes due 2021.
Congress") established Petróleos Mexicanos on
June
7, 1938 in conjunction with the
U.S. $1,229,880,000 aggregate
nationalization of the foreign oil companies then
principal amount of 6.500%
operating in Mexico. Its operations are carried
Bonds due 2041.
out through four principal subsidiary entities,
which are Pemex-Exploración y Producción
U.S.
$1,997,607,000 principal amount
(Pemex-Exploration and Production), Pemex-
of the 2021 Notes were issued by the issuer on
Refinación (Pemex-Refining), Pemex-Gas y
October 5, 2010 upon the consummation of its
Petroquímica Básica (Pemex-Gas and Basic
offers to exchange (the "2010 Exchange
Petrochemicals) and Pemex-Petroquímica
Offers") up to U.S. $2,000,000,000 of its 5.50%
(Pemex-Petrochemicals). Petróleos Mexicanos
Notes due 2021 (ISIN Nos. US71656LAD38
and each of the subsidiary entities are
(Rule 144A) and US71656MAD11 (Regulation
decentralized public entities of Mexico and legal
S)). An additional U.S. $964,340,000 principal
entities empowered to own property and carry
amount of the 2021 Notes and all of the 2041
on business in their own names. In addition, a
Bonds were issued by the issuer on October 4,
number of subsidiary companies are
2011 upon the consummation of its offers to
incorporated into the consolidated financial
exchange (the "2011 Exchange Offers" and,
statements. We refer to Petróleos Mexicanos,
together with the 2010 Exchange Offers, the
the subsidiary entities and these subsidiary
"Exchange Offers") up to U.S. $1,002,393,000
companies as "PEMEX," and together they
of its 5.50% Notes due 2021 (ISIN Nos.
comprise Mexico's state oil and gas company.
US71656LAJ08 and 71656LAD38 (Rule 144A)
and US71656MAD11 (Regulation S)) (the "old
Description of the Securities
notes") and up to U.S. $1,250,000,000 of its
6.500% Bonds due 2041 (ISIN Nos.
Issuer
US71654QAY89 (Rule 144A) and
USP78628BQ91 (Regulation S)). We refer to
Petróleos Mexicanos.
the outstanding 5.50% Notes due 2021 and
6.500% Bonds due 2041 that we offered to
Guarantors
exchange in the Exchange Offers as the "old
notes" and "old bonds," respectively, and
Pemex-Exploration and Production,
together as the "old securities." The form and
Pemex-Refining and Pemex-Gas and Basic
terms of each series of securities are the same as
Petrochemicals will jointly and severally
the form and terms of the corresponding series
unconditionally guarantee the payment of
of old securities already listed on the Euro MTF,
principal and interest on the securities.
except that:
the securities described in this
Listing Memorandum were
registered under the U.S.
Securities Act of 1933, as
4






amended (the "Securities Act")
Further Issues
and therefore will not bear
legends restricting their transfer;
We may, without your consent, increase
the size of the issue of any series of securities or
holders of the securities
create and issue additional securities with either
described in this Listing
the same terms and conditions or the same
Memorandum will not be
except for the issue price, the issue date and the
entitled to some of the benefits
amount of the first payment of interest; provided
of the exchange and registration
that such additional securities do not have, for
rights agreements that we
the purpose of U.S. federal income taxation, a
entered into when we issued the
greater amount of original issue discount than
old securities; and
the affected securities have as of the date of the
issue of the additional securities. These
we did not issue the securities
additional securities may be consolidated to
under our medium-term note
form a single series with the corresponding
program.
securities.
The securities described in this Listing
Withholding Tax; Additional Amounts
Memorandum will evidence the same debt as the
old notes and old bonds.
We will make all principal and interest
payments on the securities without any
Maturity Dates
withholding or deduction for Mexican
withholding taxes, unless we are required by law
The securities will be redeemed at par
to do so. In some cases where we are obliged to
on their respective maturity dates.
withhold or deduct a portion of the payment, we

will pay additional amounts so that you will
2021 Notes mature on January
receive the amount that you would have received
21, 2021.
had no tax been withheld or deducted. For a
description of when you would be entitled to
2041 Bonds mature on June 2,
receive additional amounts, see "Description of
2041.
the Securities--Additional Amounts."
Interest Payment Dates
You should consult your tax advisor
about the tax consequences of an investment in
For the 2021 Notes, January 21
the securities as they apply to your individual
and July 21 of each year.
circumstances.
For the 2041 Bonds, June 2 and
Tax Redemption
December 2 of each year.
If, as a result of certain changes in
Consolidation with Other Securities
Mexican law, the issuer or any guarantor is
obligated to pay additional amounts on interest
The U.S. $964,340,000 of 2021 Notes
payments on the securities at a rate in excess of
that we issued on October 4, 2011 upon the
10% per year, then we may choose to redeem
consummation of our 2011 Exchange Offers will
those securities. If we redeem any securities, we
be consolidated to form a single series with, and
will pay 100% of their outstanding principal
will be fully fungible with, the
amount, plus accrued and unpaid interest and
U.S. $1,997,607,000 principal amount of 2021
any additional amounts payable up to the date of
Notes that we issued on October 5, 2010 upon
our redemption.
the consummation of our 2010 Exchange Offers.


5






Redemption of the Securities at the Option
U.S. $12 billion of receivables financings and
of the Issuer
similar transactions in the aggregate.
The issuer may at its option redeem the
We may pledge or grant security
2021 Notes or the 2041 Bonds, in whole or in
interests in any of our other assets or the assets
part, at any time or from time to time prior to
of the issuer or the guarantors to secure our
their maturity, at a redemption price equal to the
debts. In addition, we may pledge oil or oil
principal amount thereof, plus the Make-Whole
receivables to secure debts payable in pesos or
Amount (as defined under "Description of the
debts that are different than the securities, such
Securities--Redemption of the Securities at the
as commercial bank loans.
Option of the Issuer"), plus accrued interest on
the principal amount of the 2021 Notes or the
Indenture
2041 Bonds, as the case may be, to the date of
redemption.
The securities were issued pursuant to
an indenture dated as of January 27, 2009,
Ranking of the Securities and the Guaranties
between the issuer and the trustee.
The securities:
Trustee
are our direct, unsecured and
Deutsche Bank Trust Company
unsubordinated public external
Americas (the "trustee").
indebtedness, and
Events of Default
will rank equally in right of
payment with each other and
The securities and the indenture under
with all our existing and future
which the securities were issued contain certain
unsecured and unsubordinated
events of default. If an event of default occurs
public external indebtedness.
and is continuing with respect to a series of
securities, 20% of the holders of the outstanding
The guaranties of the securities by each
securities of that series can require us to pay
of the guarantors constitute direct, unsecured
immediately the principal of and interest on all
and unsubordinated public external indebtedness
those securities. For a description of the events
of each guarantor, and rank pari passu with each
of default and their grace periods, you should
other and with all other present and future
read "Description of the Securities--Events of
unsecured and unsubordinated public external
Default; Waiver and Notice."
indebtedness of each of the guarantors. As of
December 31, 2010, Pemex-Refining had
Collective Action Clauses
outstanding U.S.
$270.8 million of financial
leases which will, with respect to the assets
The securities contain provisions
securing those financial leases, rank prior to the
regarding acceleration and future modifications
securities and the guaranties.
to their terms that differ from those applicable to
certain of the issuer's and the guarantors' other
Negative Pledge
outstanding public external indebtedness issued
prior to October 2004. Under these provisions,
None of the issuer or the guarantors or
in certain circumstances, the issuer and the
their respective subsidiaries will create security
guarantors may amend the payment and certain
interests in our crude oil and crude oil
other provisions of a series of securities with the
receivables to secure any public external
consent of the holders of 75% of the aggregate
indebtedness. However, we may enter into up to
principal amount of such securities.
U.S. $4 billion of receivables financings and
similar transactions in any year and up to

6






Resale of Securities
Principal Executive Offices
We believe that you may offer the
Our headquarters are located at:
securities for resale, resell them or otherwise
transfer them without compliance with the
Avenida Marina Nacional No. 329
registration and prospectus delivery provisions
Colonia Petróleos Mexicanos
of the Securities Act, as long as:
México, D.F. 11311
Phone: (52-55) 1944-2500.
you are acquiring the securities in
the ordinary course of your
Risk Factors
business;
We cannot promise that a market for the
you are not participating, do not
securities will be liquid or will continue to exist.
indent to participate, and have no
Prevailing interest rates and general market
arrangement or understanding with
conditions could affect the price of the
any person to participate, in the
securities. This could cause the securities to
distribution of the securities; and
trade at prices that may be lower than their
principal amount or their initial offering price.
you are not an "affiliate" of ours, as
defined under Rule 405 of the
In addition to these risks, there are
Securities Act.
additional risk factors related to the operations
of PEMEX, the Mexican Government's
If any statement above is not true and
ownership and control of PEMEX and Mexico
you transfer any security without delivering a
generally. These risks are described beginning
prospectus meeting the requirements of the
on page 10.
Securities Act or without an exemption from the
registration requirements of the Securities Act,

you may incur liability under the Securities Act.
We do not assume responsibility for or
indemnify you against this liability.
If you are a broker-dealer and received
securities for your own account in the Exchange
Offers, you must deliver a prospectus meeting
the requirements of the Securities Act in
connection with any resale of those securities.
Governing Law
The securities and the indenture are
governed by New York law, except that the laws
of Mexico will govern the authorization and
execution of these documents by Petróleos
Mexicanos.
Use of Proceeds
We will not receive any cash proceeds
from the issuance of the securities.

7






SELECTED FINANCIAL DATA

Year Ended December 31,(1)(2)(3)
June 30,(1)(4)

2006
2007
2008
2009
2010
2010
2011

(unaudited; in millions of pesos, except ratios)(5)
Income Statement Data





Amounts in accordance with
Mexican FRS:







Net sales(6) ........................................ Ps.1,106,101 Ps.1,139,257
Ps.1,328,950
Ps.1,089,921
Ps.1,282,064 Ps. 621,449
Ps. 746,010
Total sales net of the IEPS tax.........
1,106,101
1,139,257
1,328,950
1,089,921
1,282,064 621,449 746,010
Operating income ............................
606,868 593,652
571,111
428,277
545,521
277,774
348,101
Comprehensive financing result ......
(23,847) (20,047)
(107,512)
(15,308)
(11,969) (16,487)
5,409
Net income (loss) for the year .........
46,953
(18,308)
(112,076)
(94,662)
(47,463) (18,662)
(18,662)
Amounts in accordance with
U.S. GAAP:


Total sales net of IEPS tax ..............
1,106,101
1,139,257
1,328,950
1,089,921
1,282,064 n.a.
n.a.
Operating income net of IEPS tax ...
614,067
584,703
627,865
459,947
566,590
n.a.
n.a.
Comprehensive financing (cost)
income .........................................
(18,151) (25,610)
(123,863)
(5,094)
(3,277) n.a.
n.a.
Net income (loss) for the period ......
56,722 (32,642)
(67,766)
(52,572)
(17,442) n.a.
n.a.
Balance Sheet Data (end of period)


Amounts in accordance with
Mexican FRS:


Cash and cash equivalents ...............
195,777
170,997
114,224
159,760
133,587
n.a.
100,302
Total assets ......................................
1,250,020 1,330,281
1,236,837
1,332,037
1,392,715 n.a.
1,401,899
Long-term debt ................................
524,475 424,828
495,487
529,258
575,171 n.a.
541,462
Total long-term liabilities ................
1,032,251 990,909
1,033,987
1,155,917
1,299,245 n.a.
1,298,152
Equity (deficit) .................................
41,456
49,908
26,885
(66,840)
(113,783) n.a.
(102,093)
Amounts in accordance with
U.S. GAAP:


Total assets ......................................
1,224,272 1,211,719
1,239,464
1,321,570
1,400,191 n.a.
n.a.
Equity (deficit) .................................
(22,883) (198,083)
(145,420)
(423,159)
(230,364) n.a.
n.a.
Other Financial Data


Amounts in accordance with
Mexican FRS:


Depreciation and amortization ........
65,672
72,592
89,840
76,891
96,482
45,771
46,942
Investments in fixed assets at
cost(7) ...........................................
104,647 155,121
132,092
213,232
184,584 84,993
62,498
Ratio of earnings to fixed charges:


Mexican FRS(8) ...........................
1.8581




n.a.
n.a.
U.S. GAAP(8) ...............................
2.0680




n.a.
n.a.

Note: n.a. = Not applicable.
(1)
Includes Petróleos Mexicanos, the subsidiary entities and the subsidiary companies (including the Pemex Project Funding Master Trust, the
Fideicomiso Irrevocable de Administración No. F/163 (Fideicomiso F/163) and Pemex Finance, Ltd.).
(2)
Mexican FRS differ from U.S. GAAP. For the most significant differences between U.S. GAAP and Mexican FRS affecting PEMEX's consolidated
financial statements, see Note 21 to the 2010 financial statements and "Item 5--Operating and Financial Review and Prospects--U.S. GAAP
Reconciliation" in the Form 20-F.
(3)
Information derived from PEMEX's audited consolidated financial statements.
(4)
Information derived from PEMEX's unaudited condensed consolidated results for the six month periods ended June 30, 2010 and 2011, which are
included in the August 6-K.
(5)
Figures for 2006 have been restated to constant pesos as of December 31, 2007, by applying the inflation factor, as measured by the NCPI, from
December 31, 2006 through December 31, 2007. See the third paragraph of "Presentation of Financial Information" above for the inflation factor.
Figures for 2007 are stated in constant pesos as of December 31, 2007. Figures for 2008, 2009, 2010 and 2011 are in nominal pesos.
(6)
Net sales include the Impuesto Especial sobre Producción y Servicios (Special Tax on Production and Services, which we refer to as the IEPS tax)
as part of the sales price of the products sold. However, the IEPS tax rate was negative in the years ended December 31, 2006, 2007, 2008, 2009 and
2010, and in the six month periods ended June 30, 2010 and 2011, resulting in no IEPS tax payable during each of those periods.
(7)
Includes investments in fixed assets and capitalized interest until 2006, and, beginning in 2007, capitalized comprehensive financial result. The
amount of our investment in fixed assets in 2006 and 2007 was derived from our accounting records, but does not appear directly in the
corresponding statement of changes in financial position. Beginning with fiscal year 2008, the amount presented for investment in fixed assets is
that which is included in the statement of cash flows. See note 3(h) to the 2010 financial statements and "Item 5--Operating and Financial Review
and Prospects--Liquidity and Capital Resources" in the August Form 20-F.
(8)
Under Mexican FRS, earnings for the years ended December 31, 2007, 2008, 2009 and 2010 were insufficient to cover fixed charges. The amount
by which fixed charges exceeded earnings was Ps. 16,174 million, Ps. 97,735 million, Ps. 88,310 million and Ps. 46,600 million for the years ended
December 31, 2007, 2008, 2009 and 2010, respectively. Under U.S. GAAP, earnings for the years ended December 31, 2007, 2008, 2009 and 2010
were insufficient to cover fixed charges. The amount by which fixed charges exceeded earnings was Ps. 33,160 million, Ps. 56,880 million,
Ps. 46,426 million and Ps. 16,839 million for the years ended December 31, 2007, 2008, 2009 and 2010, respectively.
Source: PEMEX's consolidated financial statements.
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