Segment Financial Information | SEGMENT FINANCIAL INFORMATION PEMEX’s primary business is the exploration and production of crude oil and natural gas, as well as the production, processing, marketing and distribution of petroleum and petrochemical products. As of June 30, 2024 and December 31, 2023, PEMEX’s operations were conducted through seven business segments: Exploration and Production, Industrial Transformation, Logistics, DPRLP, Trading Companies, Corporate and Other Operating Subsidiary Companies. Due to PEMEX’s structure, there are significant amounts of inter-segment sales among the reporting segments, which are made at market prices. The primary sources of revenue for PEMEX’s business segments are as described below: • The Exploration and Production segment earns revenues from domestic sales of crude oil and natural gas, and from exporting crude oil through certain of the Trading Companies. Crude oil export sales are made through the agent subsidiary company PMI CIM, to 18 major customers in various foreign markets. Approximately half of PEMEX’s crude oil is sold to Pemex Industrial Transformation. Additionally, it receives income from drilling services, and servicing and repairing wells. • The Industrial Transformation segment earns revenues from sales of refined petroleum products and derivatives, mainly to third parties within the domestic market. This segment also sells a significant portion of the fuel oil it produces to the Comisión Federal de Electricidad (Federal Eletricity Commission, or “CFE”) and a significant portion of jet fuel produced to the Aeropuertos y Servicios Auxiliares (Airports and Auxiliary Services Agency or “ASA”). This segment’s most important products are different types of gasoline and diesel. The Industrial Transformation segment also earns revenues from domestic sources generated by sales of natural gas, liquefied petroleum gas, naphtha, butane and ethane and certain other petrochemicals such as methane derivatives, ethane derivatives, aromatics, ammonia, fertilizers and its derivatives. • The Logistics segment earns income from transportation and storage of crude oil, petroleum products and petrochemicals, as well as related services, which it provides by employing pipelines and offshore and onshore resources, and from providing services related to the maintenance, handling, guarding and management of these products. • The DPRLP segment includes Deer Park’s operations and generates revenues from sales of distillates and gasoline in the U.S. market. • The Trading Companies segment, which consist of PMI CIM, PMI NASA, PMI Trading, MGAS and GASOB (the “Trading Companies”), earns revenues from trading crude oil, natural gas and petroleum and petrochemical products in international markets. • The Corporate segment provides administrative, financing and consulting services to PEMEX’s subsidiary entities and companies. • The Other Operating Subsidiary Companies segment provides administrative, financing, consulting and logistical services, as well as economic, tax and legal advice and re-insurance services to PEMEX’s subsidiary entities and companies. The following tables present the condensed financial information of these segments, after elimination of unrealized intersegment gain (loss), and include only select line items. The columns before intersegment eliminations include unconsolidated figures. As a result, the line items presented below may not total. These reporting segments are those which PEMEX’s management evaluates in its analysis and on which it bases its decision-making. These reporting segments are presented in PEMEX’s reporting currency. As of/for the six-month period ended June 30, 2024 Exploration Industrial Logistics DPRLP Trading Corporate Other Intersegment Total Revenues: Trade Ps. 167,641,188 321,320,541 — 75,731,508 237,448,242 — 11,922,829 — Ps. 814,064,308 Intersegment 259,533,761 175,962,347 47,053,985 10,587,880 251,549,157 20,680,704 24,259,194 (789,627,028) — Services income 13,198 176,669 247,635 189 909,804 439 14,203 — 1,362,137 (Impairment) of wells, pipelines, properties, plant and equipment, net 19,014,931 (36,392,092) (171,830) — — — — — (17,548,991) Cost of sales 255,656,439 563,805,165 38,613,054 84,944,760 481,817,572 550,181 30,068,714 (769,704,562) 685,751,323 Gross income 190,546,639 (102,737,700) 8,516,736 1,374,817 8,089,631 20,130,962 6,127,512 (19,922,466) 112,126,131 Distribution, transportation and sale expenses 331,001 10,200,978 156,381 — 70,287 90,646 32,711 (3,149,384) 7,732,620 Administrative expenses 19,893,862 27,138,630 7,628,389 793,223 1,687,434 40,703,996 3,317,432 (16,686,510) 84,476,456 Other revenues 3,436,975 3,174,426 428,958 7,892 267,312 154,826 1,110,728 — 8,581,117 Other expenses 2,227,199 1,006,202 100,651 39 16,441 73,347 114,370 (85,701) 3,452,548 Operating income 171,531,552 (137,909,084) 1,060,273 589,447 6,582,781 (20,582,201) 3,773,727 (871) 25,045,624 Financing income 37,075,735 541,629 10,009,689 544,536 594,955 114,406,269 1,012,875 (153,991,237) 10,194,451 Financing cost 92,949,387 17,540,997 188,074 94,061 3,575,805 109,327,911 1,416,355 (153,992,108) 71,100,482 Derivative financial instruments (cost) income, net (10,739,208) 156,741 — 92,182 (644,612) (4,648,420) — — (15,783,317) Foreign exchange (loss) income — net (20,632,464) (124,477,013) (195,264) — (458,402) 21,003,651 (1,535,650) — (126,295,142) Profit sharing in associates 106,495 (481,453) 1,005 — 2,011,406 (260,831,141) 2,448,484 257,010,420 265,216 Total duties, taxes and other 77,700,631 — 2,718,193 48,019 1,528,638 8,639,331 338,895 — 90,973,707 Net (loss) income Ps. 6,692,092 (279,710,177) 7,969,436 1,084,085 2,981,685 (268,619,084) 3,944,186 257,010,420 Ps. (268,647,357) Total current assets 937,920,629 228,855,334 282,912,229 40,254,106 284,493,604 2,214,708,552 129,956,074 (3,653,516,921) 465,583,607 Total non-current assets 945,415,557 572,388,371 154,702,640 31,563,567 110,643,895 91,047,489 509,698,621 (612,832,284) 1,802,627,856 Total current liabilities 595,337,603 1,457,901,728 82,717,564 16,026,689 225,132,362 2,229,453,577 59,476,372 (3,653,444,351) 1,012,601,544 Total long-term liabilities 1,781,018,827 588,622,256 76,460,278 2,937,786 1,355,663 1,681,912,232 59,221,993 (1,330,169,669) 2,861,359,366 Total equity (deficit) (493,020,244) (1,245,280,279) 278,437,027 52,853,198 168,649,474 (1,605,609,768) 520,956,330 717,264,815 (1,605,749,447) Depreciation and amortization of wells, pipelines, properties, plant and equipment 63,013,017 5,382,944 3,197,671 1,086,616 136,235 284,137 1,158,009 — 74,258,629 Depreciation of rights of use 160,421 1,566,853 184,726 278,446 349,543 301,264 74,423 — 2,915,676 Net periodic cost of employee benefits 19,412,723 27,750,107 4,532,084 — 1,575 17,267,857 31,314 — 68,995,660 Interest income (1) 101,686 345,114 9,686 168,334 232,728 4,546,423 784,037 — 6,188,008 Interest cost (2) (2,909,555) 1,545,832 188,052 94,061 2,777,427 64,999,656 1,070,365 — 67,765,838 (1) Included in financing income. (2) Included in financing cost. For the three-month period ended June 30, 2024 Exploration Industrial Logistics DPRLP Trading Corporate Other Intersegment Total Revenues: Trade Ps. 80,381,858 162,876,687 — 36,443,936 125,830,318 — 3,312,152 — Ps. 408,844,951 Intersegment 127,496,911 83,025,869 21,356,659 4,191,797 131,813,310 3,984,549 13,845,389 (385,714,484) — Services income 7,062 129,672 125,330 189 413,480 229 7,153 — 683,115 (Impairment) of wells, pipelines, properties, plant and equipment, net 26,544,569 (36,447,717) — — — — — — (9,903,148) Cost of sales 128,940,546 286,417,550 17,770,354 43,208,832 255,261,210 345,972 13,725,122 (382,103,636) 363,565,950 Gross income 105,489,854 (76,833,039) 3,711,635 (2,572,910) 2,795,898 3,638,806 3,439,572 (3,610,848) 36,058,968 Distribution, transportation and sale expenses 176,671 6,460,984 75,331 — 44,547 105,190 7,598 (1,633,383) 5,236,938 Administrative expenses 4,980,119 13,130,212 3,113,482 407,525 973,831 21,089,075 2,028,930 (1,971,427) 43,751,747 Other revenues 2,275,170 1,202,875 288,531 4,477 132,892 94,448 333,101 — 4,331,494 Other expenses 1,934,080 628,408 73,329 39 2,875 31 107,510 7,394 2,753,666 Operating (loss) income 100,674,154 (95,849,768) 738,024 (2,975,997) 1,907,537 (17,461,042) 1,628,635 (13,432) (11,351,889) Financing income 18,118,052 111,964 5,085,301 294,335 303,587 45,927,650 472,615 (66,658,342) 3,655,162 Financing cost 35,781,051 9,070,167 113,516 59,622 1,705,639 56,110,727 845,777 (66,671,774) 37,014,725 Derivative financial instruments (cost) income, net 3,101,430 134,318 — 50,114 (123,788) (13,226,530) — — (10,064,456) Foreign exchange (loss) income — net (40,337,478) (143,297,563) (232,514) — (469,194) 25,072,565 (419,055) — (159,683,239) Profit sharing in associates 118,177 141,501 1,000 — (3,405,399) (248,337,275) (7,991,634) 259,707,949 234,319 Total duties, taxes and other 45,955,816 — 2,048,151 14,297 1,585,992 9,179,826 320,653 — 59,104,735 Net (loss) income Ps. (62,532) (247,829,715) 3,430,144 (2,705,467) (5,078,888) (273,315,185) (7,475,869) 259,707,949 Ps. (273,329,563) Depreciation and amortization of wells, pipelines, properties, plant and equipment 36,032,330 2,462,100 1,546,745 546,688 68,092 141,106 580,871 — 41,377,932 Depreciation of rights of use 79,551 806,040 101,379 141,115 165,334 150,632 51,979 — 1,496,030 Net periodic cost of employee benefits 9,524,925 13,625,957 2,132,369 — (838) 8,498,722 15,399 — 33,796,534 Interest income (1) 60,432 103,461 5,881 80,210 123,309 1,669,357 357,094 — 2,399,744 Interest cost (2) (1,289,026) 803,101 113,494 59,622 1,281,389 34,001,347 645,160 — 35,615,087 (1) Included in financing income. (2) Included in financing cost. For the six-month period ended June 30, 2023 Exploration Industrial Logistics DPRLP Trading Corporate Other Intersegment Total Revenues: Trade Ps. 210,208,695 391,599,929 — 81,871,944 136,828,605 — 9,983,763 — Ps. 830,492,936 Intersegment 243,185,733 122,295,916 54,666,766 6,247,343 281,288,494 45,034,813 26,984,640 (779,703,705) — Services income 13,179 164,645 884,275 — 1,012,550 457 27,797 — 2,102,903 (Impairment) of wells, pipelines, properties, plant and equipment, net (59,536,095) (6,548,396) — — — — — — (66,084,491) Cost of sales 225,377,034 577,117,863 40,042,416 80,669,955 409,704,279 460,531 32,732,333 (733,559,272) 632,545,139 Gross income 168,494,478 (69,605,769) 15,508,625 7,449,332 9,425,370 44,574,739 4,263,867 (46,144,433) 133,966,209 Distribution, transportation and sale expenses 316,937 9,571,998 124,281 — 54,240 16,959 40,072 (2,635,132) 7,489,355 Administrative expenses 36,044,430 33,205,975 10,518,433 376,269 1,278,091 38,132,660 3,270,774 (43,342,167) 79,484,465 Other revenues 1,567,552 6,675,653 1,008,815 13,848 363,057 633,924 1,907,599 — 12,170,448 Other expenses 2,399,104 19,848 1,451 275,190 140,995 952 3,527 (170,719) 2,670,348 Operating income 131,301,559 (105,727,937) 5,873,275 6,811,721 8,315,101 7,058,092 2,857,093 3,585 56,492,489 Financing income 30,052,525 559,823 9,175,301 342,625 206,440 78,981,548 603,430 (111,697,161) 8,224,531 Financing cost 61,914,236 17,221,094 200,419 79,092 2,560,933 103,293,487 1,205,132 (111,693,576) 74,780,817 Derivative financial income (cost) income, net 7,277,345 390,478 — — (174,255) (4,705,229) — — 2,788,339 Foreign exchange income (loss), net 120,010,658 116,517,971 180,487 — 67,687 (10,448,807) 4,348,136 — 230,676,132 Profit sharing in associates (36,008) 2,536,741 44 — 12,703,617 113,450,915 18,693,622 (147,196,962) 151,969 Total duties, taxes and other 137,788,248 — 3,986,924 68,655 401,312 (1,147,993) 296,342 — 141,393,488 Net income Ps. 88,903,595 (2,944,018) 11,041,764 7,006,599 18,156,345 82,191,025 25,000,807 (147,196,962) Ps. 82,159,155 Depreciation and amortization of wells, pipelines, properties, plant and equipment 45,405,980 5,706,197 3,157,246 1,056,479 149,289 283,832 1,032,155 — 56,791,178 Depreciation of rights of use 113,458 1,587,118 211,854 — 122,344 294,821 55,982 — 2,385,577 Net periodic cost of employee benefits 18,748,351 27,211,126 4,349,264 — 2,051 16,638,728 23,002 — 66,972,522 Interest income (1) 89,075 485,865 32,888 184,924 40,456 6,133,697 365,906 — 7,332,811 Interest cost (2) (225,250) 1,725,577 199,954 79,092 2,147,091 64,305,915 1,078,318 — 69,310,697 (1) Included in financing income. (2) Included in financing cost. For the three-month period ended June 30, 2023 Exploration Industrial Logistics DPRLP Trading Corporate Other Intersegment Total Revenues: Trade Ps. 110,946,624 178,768,338 — 43,120,554 73,435,364 — 6,308,660 — Ps. 412,579,540 Intersegment 119,412,979 60,765,403 29,994,502 587,387 132,348,619 24,362,588 13,414,644 (380,886,122) — Services income 6,419 121,522 938,914 (222) 502,541 225 7,917 — 1,577,316 (Impairment) of wells, pipelines, properties, plant and equipment, net (18,867,771) (7,079,332) — — — — — — (25,947,103) Cost of sales 121,795,236 277,734,654 21,622,942 41,697,687 203,398,658 315,117 17,483,960 (355,485,478) 328,562,776 Gross income 89,703,015 (45,158,723) 9,310,474 2,010,032 2,887,866 24,047,696 2,247,261 (25,400,644) 59,646,977 Distribution, transportation and sale expenses 148,578 3,985,661 76,746 — (25,611) (17,883) 19,442 (1,275,636) 2,911,297 Administrative expenses 19,585,824 17,219,109 5,279,115 150,244 763,313 18,450,331 1,529,133 (23,727,740) 39,249,329 Other revenues 702,841 2,843,993 973,245 9,590 150,105 568,126 725,894 — 5,973,794 Other expenses 1,744,962 (765) 444,794 137,247 19,922 952 3,039 (406,396) 1,943,755 Operating income 68,926,492 (63,518,735) 4,483,064 1,732,131 2,280,347 6,182,422 1,421,541 9,128 21,516,390 Financing income 13,880,957 348,807 4,552,787 204,983 108,226 37,157,911 254,191 (54,298,483) 2,209,379 Financing cost 28,815,708 9,588,288 118,058 38,100 1,241,563 50,473,637 619,456 (54,289,355) 36,605,455 Derivative financial income (cost) income, net 3,050,956 174,753 — — (268,857) (466,905) — — 2,489,947 Foreign exchange income (loss), net 54,114,570 55,403,887 106,473 — 32,713 (6,566,620) 2,268,407 — 105,359,430 Profit sharing in associates (36,963) 1,398,321 44 — 3,121,162 39,013,523 4,551,956 (48,006,030) 42,013 Total duties, taxes and other 65,582,750 — 3,920,277 56,177 335,393 (592,463) 286,191 — 69,588,325 Net income Ps. 45,537,554 (15,781,255) 5,104,033 1,842,837 3,696,635 25,439,157 7,590,448 (48,006,030) Ps. 25,423,379 Depreciation and amortization of wells, pipelines, properties, plant and equipment 23,246,437 2,695,759 1,552,736 494,220 67,644 132,626 546,198 — 28,735,620 Depreciation of rights of use 43,680 811,153 115,262 (135,604) 60,417 147,410 35,600 — 1,077,918 Net periodic cost of employee benefits 9,374,176 13,702,260 2,174,632 — 459 8,319,364 11,162 — 33,582,053 Interest income (1) 47,401 329,116 (2,874) 101,007 29,474 2,178,823 147,347 — 2,830,294 Interest cost (2) (76,444) 847,327 118,004 38,100 1,031,926 32,008,505 573,675 — 34,541,093 (1) Included in financing income. (2) Included in financing cost. As of December 31, 2023 Exploration Industrial Logistics DPRLP Trading Companies Corporate Other Intersegment Total Total current assets Ps. 909,819,796 218,747,813 274,384,409 34,058,111 235,899,424 1,850,711,295 111,621,072 (3,096,701,174) Ps. 538,540,746 Total non-current assets 910,837,120 521,938,961 162,309,993 27,058,584 101,729,105 158,576,028 448,587,744 (566,102,945) 1,764,934,590 Total current liabilities 629,264,289 1,161,203,831 89,855,544 10,696,459 182,349,198 2,071,859,608 75,119,615 (3,096,630,883) 1,123,717,661 Total non-current liabilities 1,727,159,904 625,142,251 83,574,554 3,191,749 1,247,810 1,590,289,886 58,281,618 (1,256,151,287) 2,832,736,485 Equity (deficit), net (535,767,277) (1,045,659,308) 263,264,304 47,228,487 154,031,521 (1,652,862,171) 426,807,583 689,978,051 (1,652,978,810) |