UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2009
Commission File Number 0-99
Commission File Number 0-99
PETRÓLEOS MEXICANOS
MEXICAN PETROLEUM
United Mexican States
Avenida Marina Nacional No. 329
Colonia Huasteca
Mexico, D.F. 11311
Mexico
Colonia Huasteca
Mexico, D.F. 11311
Mexico
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
Yes No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
Yes No X
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
May 4, 2009 |
PEMEX Unaudited Financial Results Report
as of March 31, 2009
as of March 31, 2009
PEMEX, Mexico’s oil and gas company and the eleventh largest integrated national oil company in the world1, announced its unaudited consolidated financial results as of March 31, 2009.
1Q09 Financial | ª Total sales decreased by 29.6% during the first quarter of 2009 as compared to the same period of 2008, amounting to Ps. 226.4 billion (US$16.0 billion).2 | |
Highlights | ª Income before taxes and duties decreased by 65.9% to Ps. 69.9 billion (US$4.9 billion). | |
ª Taxes and duties decreased by 51.9%, amounting to Ps. 96.9 billion (US$6.8 billion). | ||
ª Net loss was Ps. 27.0 billion (US$1.9 billion), as compared to net income of Ps. 3.3 billion in the first quarter of 2008. |
Table 1 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Financial results summary* **
Financial results summary* **
First quarter (Jan. - Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total sales | 321,463 | 226,392 | -29.6 | % | (95,072 | ) | 15,997 | |||||||||||||
Domestic sales | 163,483 | 132,983 | -18.7 | % | (30,500 | ) | 9,397 | |||||||||||||
Exports | 157,695 | 92,019 | -41.6 | % | (65,676 | ) | 6,502 | |||||||||||||
Services income | 285 | 1,390 | 387.4 | % | 1,105 | 98 | ||||||||||||||
Cost of sales | 123,582 | 110,946 | -10.2 | % | (12,636 | ) | 7,840 | |||||||||||||
Gross profit | 197,881 | 115,446 | -41.7 | % | (82,435 | ) | 8,158 | |||||||||||||
General expenses | 27,706 | 22,223 | -19.8 | % | (5,483 | ) | 1,570 | |||||||||||||
Income before taxes and duties | 204,894 | 69,899 | -65.9 | % | (134,995 | ) | 4,939 | |||||||||||||
Taxes and duties | 201,642 | 96,897 | -51.9 | % | (104,745 | ) | 6,847 | |||||||||||||
Net income (loss) | 3,253 | (26,997 | ) | (30,250 | ) | (1,908 | ) | |||||||||||||
EBITDA(1) | 258,851 | 137,551 | -46.9 | % | (121,300 | ) | 9,720 | |||||||||||||
EBITDA / Financial cost(2) | 19.9 | 5.7 |
* | Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Earnings before interest, taxes, depreciation and amortization is a non US-GAAP measure, therefore we provide a reconciliation w ith net income on the Financial Results section. This measure includes the cost of reserve for labor obligations. | |
(2) | Excludes capitalized interest. |
Note: Numbers may not total due to rounding.
1 | Petroleum Intelligence Weekly ranking, December 2008. | |
2 | Convenience translations into US dollars of amounts in pesos have been made at the rate of Ps. 14.1517 = US$1.00 at March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could have been converted into US dollar amounts at the forgoing rate or any other rate. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 1/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
1Q09 Operational Highlights | ª During the first quarter of 2009, crude oil production decreased to 2,667 thousand barrels per day (Mbd), this represents a 7.8% decrease, or 225 Mbd, as compared to the same quarter of 2008, primarily due to declining production at the Cantarell project. | |
ª In January 2009, Ku-Maloob-Zaap (KMZ) replaced Cantarell as the largest crude oil producing field, partially compensating the decline of Cantarell. KMZ produced 136 Mbd more during the first quarter of 2009. | ||
ª Total natural gas production increased by 6.6%, to 7,018 Million cubic feet per day (MMcfd), as a result of higher volumes produced in the transition zone at the Cantarell project. |
Operating Items
Exploration and Production
1Q09 Crude Oil Production | During the first quarter of 2009, crude oil production decreased by 7.8% as compared to the same quarter of 2008, from 2,891 to 2,667 Mbd. | |
Production of heavy crude oil decreased by 13.9%, primarily due to lower production at the Cantarell project and the shutdown of wells due to an increase in gas concentration. The decline of Cantarell, however, was partially offset by a 20% increase in production from KMZ project. | ||
Production of light crude oil remained constant at 811 Mbd. Moreover, production of extra-light crude oil increased by 17.8% due to completion of wells in the Delta del Grijalva project. |
Table 2 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of liquid hydrocarbons
Production of liquid hydrocarbons
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(Mbd) | ||||||||||||||||
Liquid hydrocarbons | 3,268 | 3,046 | -6.8 | % | (222 | ) | ||||||||||
Crude oil | 2,891 | 2,667 | -7.8 | % | (225 | ) | ||||||||||
Heavy | 1,877 | 1,616 | -13.9 | % | (261 | ) | ||||||||||
Light | 811 | 811 | 0.0 | % | (0 | ) | ||||||||||
Extra-light | 203 | 240 | 17.8 | % | 36 | |||||||||||
Natural gas liquids(1) | 377 | 379 | 0.6 | % | 2 |
(1) | Includes condensates. | |
Note: | Numbers may not total due to rounding. |
1Q09 Natural Gas Production | During the first quarter of 2009, total natural gas production increased by 6.6%, from 6,586 MMcfd in the first quarter of 2008 to 7,018 MMcfd, in the first quarter of 2009.3 | |
The production of associated gas increased by 13.8%, primarily due to greater production from the transition zone at the Cantarell project, and higher production volumes from the Delta del Grijalva project4. In contrast, the production of non-associated gas decreased by 4.3%, primarily due to lower production from the Veracruz and Lankahuasa projects in the Northern region. |
3 | Includes nitrogen production. | |
4 | The transition zone at the Cantarell project is defined as the zone where gas and oil zones meet. It is characterized by greater associated natural gas production with high nitrogen content. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 2/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Table 3 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of natural gas and gas flaring
Production of natural gas and gas flaring
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(MMcfd) | ||||||||||||||||
Total | 6,586 | 7,018 | 6.6 | % | 432 | |||||||||||
Associated | 3,948 | 4,493 | 13.8 | % | 545 | |||||||||||
Non-associated | 2,638 | 2,525 | -4.3 | % | (112 | ) | ||||||||||
Natural gas flaring(1) | 1,143 | 1,108 | -3.1 | % | (36 | ) | ||||||||||
Gas flaring / total production | 17.4 | % | 15.8 | % | -9.1 | % |
Note: Numbers may not total due to rounding.
1Q09 Gas Flaring | In the first quarter of 2009, gas flaring represented 15.8% of total production, primarily due to an increase in the production of gas with a high nitrogen content, which surpassed the installed capacity for natural gas handling in the Northeastern Marine region. | |
PEMEX reduced its gas flaring by 3.1% in the first quarter of 2009, as compared to 2008, primarily due to the installation of high-pressure compressors for sour gas reinjection in the Northeastern Marine region. PEMEX’s goal is to reduce gas flaring to 3% by the end of 2009. | ||
1Q09 Completion of Wells | During the first quarter of 2009, the number of wells drilled increased by 55.2% as compared to the same quarter of 2008, from 154 to 239 wells. | |
The number of development wells increased by 85 as compared to the same quarter of 2008, due to higher activity at the Aceite Terciario del Golfo (ATG, previously called Chicontepec) project in the Northern region. The number of exploratory wells drilled totaled 12, same quantity of wells as compared to the first quarter of 2008. | ||
1Q09 Drilling Equipment | During the first quarter of 2009, the number of operating drilling rigs increased by 28.8%, to 295. PEMEX owns 126 of the total drilling rigs; the remaining rigs are owned by independent contractors retained to provide drilling services. | |
1Q09 Offshore Platforms | Likewise the number of offshore platforms increased by 5.1%, from 215 in the first quarter of 2008 to 226 in the first quarter of 2009. These platforms provide services including storage, processing, control, housing, drilling, and telecommunications services, among others. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 3/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Table 4 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Inventory of wells and operation equipment
Inventory of wells and operation equipment
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
Wells drilled | 154 | 239 | 55.2 | % | 85 | |||||||||||
Development | 142 | 227 | 59.9 | % | 85 | |||||||||||
Exploration | 12 | 12 | 0.0 | % | 0 | |||||||||||
Total operating wells(1) | 6,296 | 6,551 | 4.1 | % | 255 | |||||||||||
Injection | 259 | 254 | -1.9 | % | (5 | ) | ||||||||||
Production | 6,037 | 6,297 | 4.3 | % | 260 | |||||||||||
Crude | 2,940 | 3,296 | 12.1 | % | 356 | |||||||||||
Non associated gas | 3,097 | 3,001 | -3.1 | % | (96 | ) | ||||||||||
Selected operating infrastructure(1) | ||||||||||||||||
Drilling rigs | 229 | 295 | 28.8 | % | 66 | |||||||||||
Offshore platforms | 215 | 226 | 5.1 | % | 11 |
(1) | At end of period. |
1Q09 Seismic Information | Consistent with our exploration strategy, during the first quarter of 2009, we conducted 2D seismic studies covering 8,638 km, 7,927 kilometers more than were covered during the same quarter of 2008. This increase is related to the Golfo de México B project, which will provide information enabling us to continue evaluating the hydrocarbon potential of the southern and eastern sections in in the Gulf of México deepwaters. | |
The area covered by 3D seismic studies increased to 3,858 km2, 268 km2more than the area covered during the same quarter of 2008, due to the activity executed in the deepwater Golfo de México Sur project and in the development fields in the Chicontepec area. |
Table 5 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Seismic studies for exploration
Seismic studies for exploration
First quarter (Jan.- Mar.) | ||||||||||||
2008 | 2009 | Change | ||||||||||
Seismic information | ||||||||||||
2D (km ) | 711 | 8,638 | 7,927 | |||||||||
3D (km2) | 3,590 | 3,858 | 268 | |||||||||
Note: Numbers may not total due to rounding.
1Q09 Discoveries | Our main discoveries during the first quarter of 2009 were: |
Table 6 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Main discoveries
Main discoveries
Project | 1Q09 | Geologic age | Initial production | Type | ||||
Julivá | Bajlum-1 | Mesozoic | 7.2 Mbd | Extra-light crude oil | ||||
Cinco Presidentes | Bricol-1 | Mesozoic | 5.2 Mbd | Extra-light crude oil | ||||
Cupache-1 | Mesozoic | 1.3 Mbd | Extra-light crude oil |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 4/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Cantarell | The main activities at the Cantarell project during the first quarter of 2009 were: | |
• three major and nine minor well workovers, | ||
• installation and start of operations of compression equipment, and | ||
• installation of the Akal TE well recovery platform. | ||
KMZ | The main activities at the KMZ project during the first quarter of 2009 were. | |
• completion of one development wells, | ||
• one major and nine minor well workovers, and | ||
• start of operations of the KMZ-50 nitrogen pipeline. | ||
ATG | The main activities at ATG project during the first quarter of 2009, were: | |
• completion of 70 development wells, and | ||
• 63 major and 170 minor well workovers. |
Gas and Basic Petrochemicals
1Q09 Gas Processing | During the first quarter of 2009, total on-shore natural gas processing was 4.1% greater than in the same quarter of 2008, mainly due to greater processing of sour wet gas, which increased by 8.4%, as a result of higher production of associated gas. In contrast, sweet wet gas processing decreased by 8.0% mainly due to lower supply of gas in the Northern region. As a result, dry natural gas production increased by 1.8%. | |
Natural gas liquids production increased slightly as compared to the same quarter of 2008, primarily due greater processing of sour wet gas. This gains were largely offset by a 24.1% decrease in condensates availability, from 57 to 45 Mbd, as well as to the start of operations of the nitrogen recovery unit (NRU) in the Gas Processing Center (GPC) Ciudad Pemex. |
Table 7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas processed and dry gas production
Natural gas processed and dry gas production
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(MMcfd) | ||||||||||||||||
On-shore gas processed | 4,185 | 4,355 | 4.1 | % | 171 | |||||||||||
Sour wet gas | 3,086 | 3,345 | 8.4 | % | 259 | |||||||||||
Sweet wet gas | 1,099 | 1,011 | -8.0 | % | (88 | ) | ||||||||||
Production | ||||||||||||||||
Dry natural gas | 3,440 | 3,503 | 1.8 | % | 63 | |||||||||||
Natural gas liquids (Mbd)(1) | 377 | 379 | 0.6 | % | 2 |
(1) | Includes condensates and other streams to fractionating process. | |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 5/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Infrastructure Projects | On February 3, 2009, cryogenic plant 6, with a capacity of 200 MMcfd, commenced operations at the Burgos GPC. The objective of this plant is to recover propane, butane and natural gasolines from natural gas. | |
With this plant, the GPC Burgos has a total wet sweet gas processing capacity of 1,200 MMcfd. The total processing capacity of the Burgos CPG represents 21.4% of total liquids recovery capacity. |
Refining
1Q09 Processing | During the first quarter of 2009, total crude oil processing increased by 4.5%, as compared to the same quarter of 2008, primarily due to the earthquake occurred in February, 2008, which halted operations at Salina Cruz refinery. Light crude oil processing increased by 14.0%, while heavy crude oil processing decreased by 9.0%. |
Table 8
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil processing
Crude oil processing
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(Mbd) | ||||||||||||||||
Total processed | 1,267 | 1,324 | 4.5 | % | 57 | |||||||||||
Light Crude | 741 | 845 | 14.0 | % | 104 | |||||||||||
Heavy Crude(1) | 526 | 479 | -9.0 | % | (47 | ) |
(1) | Excludes reconstituted crude. | |
Note: | Numbers may not total due to rounding. |
1Q09 Capacity Utilization | During the first quarter of 2009, PEMEX primary distillation capacity utilization rate increased to 86.8%, 3.8% more than the level recorded during the same quarter of 2008. | |
1Q09 Production | During the first quarter of 2009, the production of petroleum products increased by 2.5% as compared to the same quarter of 2008, from 1,498 to 1,536 Mbd. This increase was primarily the result of higher production of gasoline and fuel oil. | |
Production of gasoline increased by 8.3%, due to greater utilization of intermediate currents. Likewise, production of fuel oil increased by 13.6% as a result of the conversion of the H-Oil process, in the Tula refinery, to hydrodesulphurization in order to produce mor ultra low sulfur gasoline. | ||
Production of diesel decreased 9.8%, mainly attributable to higher prices and lower demand from the fishery sector. In addition, production of jet fuel decreased by 8.9% due to lower demand. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 6/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table 9
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Petroleum Products
Petroleum Products
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(Mbd) | ||||||||||||||||
Total production | 1,498 | 1,536 | 2.5 | % | 38 | |||||||||||
Gasolines | 459 | 497 | 8.3 | % | 38 | |||||||||||
Fuel oil | 273 | 310 | 13.6 | % | 37 | |||||||||||
Diesel | 354 | 319 | -9.8 | % | (35 | ) | ||||||||||
Liquefied petroleum gas (LPG) | 212 | 211 | -0.6 | % | (1 | ) | ||||||||||
Jet Fuel | 72 | 66 | -8.9 | % | (6 | ) | ||||||||||
Other(2) | 128 | 133 | 3.9 | % | 5 |
(1) | Excludes butylene and propylene and includes isobutanes from Pemex-Gas and Basic | |
(2) | Includes mainly paraffins, furfural extract, aeroflex, asphalt, among others. | |
Note: Numbers may not total due to rounding. |
1Q09 Variable Refining Margin | In the first quarter of 2009, PEMEX’s variable refining margin5 increased to US$4.73 from US$0.51 per barrel in the same quarter of 2008. This was primarily due to decrease in crude oil prices. | |
1Q09 Franchises | As of March 31, 2009, the number of franchised gas stations increased by 5.2% with respect to the same quarter of 2008, from 8,039 to 8,460 franchises. | |
Infrastructure Works | In order to increase the capacity of heavy crude oil processing PEMEX will be building a new refinery as well as reconfiguring the existing refinery in Salamanca. Total investment in these projects will amount US$12.2 billion, out of which US$3.1 billion will be allocated to the use for residual conversion in the Salamanca refinery. | |
It is estimated that the new refinery will start operations in 2015 and will have a coker configuration to produce ultra-low sulfur petroleum products. Its total Maya crude oil processing capacity will amount 300 Mbd, and it will produce 142 Mbd of gasoline and 82 Mbd of diesel. | ||
On April 14, 2009, PEMEX announced that the new refinery will be located in Tula, in the state of Hidalgo, so long as the necessary land is donated to PEMEX before July 24, 2009. Otherwise, the new refinery will be built in Salamanca and Tula refinery will be reconfigured. |
5 | The variable refining margin is an estimate of operating income per barrel of crude oil processed. Operating income is calculated as total revenues minus the cost of raw materials, auto consumption (fuel oil and natural gas used to operate the refineries), and auxiliary services (electric power, water and catalysts). |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 7/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Petrochemicals
1Q09 Production | During the first quarter of 2009, total petrochemicals production, including intermediate products and byproducts, increased by 3.9%, as compared to the same quarter of 2008, from 3,038 to 3,156 thousand tons (Mt). This variation was primarily driven by: | |
• an increase in production of ethane derivatives, resulting from higher production of vinyl chloride and ethylene; | ||
• an increase in production of aromatics, resulting from higher production volumes of other products such as high-octane hydrocarbons, amorphous gasoline and, xylene; partially offset by lower production of paraxylene and ethylbenzene; and | ||
• a decrease in methane derivatives because there was no production of methanol in the first quarter of 2009, due to market conditions. |
Table 10
Production of petrochemicals*
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(Mt) | ||||||||||||||||
Total production | 3,038 | 3,156 | 3.9 | % | 118 | |||||||||||
Methane derivatives | ||||||||||||||||
Ammonia | 254 | 242 | -4.4 | % | (11 | ) | ||||||||||
Methanol | 44 | — | — | (44 | ) | |||||||||||
Ethane derivatives | ||||||||||||||||
Ethylene | 286 | 294 | 2.7 | % | 8 | |||||||||||
Ethylene oxide | 89 | 76 | -14.8 | % | (13 | ) | ||||||||||
Low density polyethylene | 73 | 76 | 4.5 | % | 3 | |||||||||||
High density polyethylene | 50 | 48 | -3.4 | % | (2 | ) | ||||||||||
Vinyl chloride | 26 | 45 | 71.0 | % | 19 | |||||||||||
Aromatics and derivatives | ||||||||||||||||
Benzene | 28 | 20 | -30.6 | % | (9 | ) | ||||||||||
Toluene | 35 | 41 | 16.0 | % | 6 | |||||||||||
Paraxylene | 43 | N/D | — | (43 | ) | |||||||||||
Ethylbenzene | 42 | 26 | -37.3 | % | (16 | ) | ||||||||||
Propylene and derivatives | ||||||||||||||||
Acrylonitrile | N/D | — | — | |||||||||||||
Polypropylene | 90 | 106 | 17.3 | % | 16 | |||||||||||
Others(1) | 1,979 | 2,183 | 10.3 | % | 205 |
* | Includes refined products | |
(1) | Includes glycols, heavy reformed, oxygen, hydrogen, nitrogen, chlorhydric acid, muriatic acid, hexane, heptanes, styrene, ethane, carbion dioxide, sulfur, carbon black, BTX liquids, amorphous gasoline, high octane hydrocarbon, heavy naphtha, butadiene and others. | |
Note: Numbers may not total due to rounding. |
Infrastructure Projects | As of March 31, 2009, the progress toward completion of the modernization and capacity increase of the aromatics train at the Cangrejera Petrochemical Complex (PC), in Coatzacoalcos, Veracruz was 7%. It is estimated that it will start operations in 2012. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 8/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
International Trade6
1Q09 Crude Oil Exports | During the first quarter of 2009, the volume of crude oil exports decreased by 14.6% as compared to the same quarter of 2008, from 1,499 to 1,279 Mbd, primarily as a result of lower crude oil production. | |
Approximately 92% of total crude oil exports were heavy crude oil (Maya and Altamira); the remainder consisted of light and extra-light crude oil (Isthmus and Olmeca). | ||
PEMEX exported 87% of its total crude oil exports to the United States of America, while the remaining 13% was distributed among Europe (6%), the rest of the Americas (3%) and the Far East (3%). | ||
The weighted average export price of the Mexican crude oil basket decreased by 53.6%, from US$83.9 to US$38.9 per barrel as compared to the first quarter of 2008. | ||
1Q09 Dry Gas Exports | During the first quarter of 2009, dry gas exports increased from 26 to 64 MMcfd as compared to the same quarter of 2008, due to greater production and lower demand from the Mexican industrial sector. | |
1Q09 Petroleum products and Petrochemicals Exports | During the first quarter of 2008, exports of petroleum products increased from 185 to 260 Mbd, compared to the same quarter of 2008. By volume, the main petroleum products exported during the first quarter of 2009 were fuel fuel oil and naphtha. Petrochemical exports decreased from 139 to 111 Mt, primarily due to lower sulfur sales. By volume, the main petrochemical products exported during the first quarter of 2009 were sulfur butadiene and ethylene. |
Table 11 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Exports(1)
Exports(1)
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
Crude oil (Mbd) | ||||||||||||||||
Total | 1,499 | 1,279 | -14.6 | % | (219 | ) | ||||||||||
Heavy | 1,321 | 1,175 | -11.0 | % | (146 | ) | ||||||||||
Light | 37 | 7 | -81.5 | % | (30 | ) | ||||||||||
Extra-light | 141 | 97 | -31.0 | % | (44 | ) | ||||||||||
Average price (US$/b) | 83.9 | 38.9 | -53.6 | % | (45.0 | ) | ||||||||||
Dry natural gas (MMcfd) | 26 | 64 | 142.9 | % | 38 | |||||||||||
Petroleum products (Mbd) | 185 | 260 | 40.9 | % | 75.5 | |||||||||||
Petrochemicals (Mt) | 139 | 111 | -20.5 | % | (29 | ) |
(1) | Source: P.M.I.®, except dry gas. | |
Note: Numbers may not total due to rounding. | ||
6 | According to data provided by P.M.I.®. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 9/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
1Q09 Imports | During the first quarter of 2009, dry gas imports decreased from 628 to 395 MMcfd, as compared to the fourth quarter of 2008, primarily due to higher production and lower demand from the Mexican industrial sector. | |
Imports of petroleum products decreased from 521 to 446 Mbd, primarily as a result of fewer purchases of gas oil and diesel. The main imports of petroleum products, by volume, were gasoline and LPG. | ||
Petrochemical imports increased from 101 to 138 Mt, primarily due to greater ammonia purchases as a result of favorable conditions in the international markets and greater domestic demand. The main petrochemical imports, by volume, were methanol and isobutene. |
Table 12 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Imports(1)
Imports(1)
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
Dry natural gas (MMcfd) | 628 | 395 | -37.1 | % | (233 | ) | ||||||||||
Petroleum products (Mbd)(2) | 521 | 446 | -14.3 | % | (74 | ) | ||||||||||
Petrochemicals (Mt) | 101 | 138 | 35.8 | % | 36 |
(1) | Source: P.M.I.®, except dry gas. | |
(2) | Includes 66 Mbd and 68 Mbd of LPG for the first quarter of 2008 and 2009, respectively. | |
Note: Numbers may not total due to rounding. |
Industrial Safety and Environmental Protection
Industrial Safety | During the first quarter of 2009, the frequency index of industrial accidents at PEMEX’s facilities decreased by 7.0%, to 0.41 incapacitating accidents per million man-hours worked (MMhw), as compared to the same quarter in 2008. This was attributable mainly to the consolidating actions implemented by the PEMEX-SSPA system. However, the severity index increased by 21.0%, to 17 days lost per MMhw7. |
7 | The frequency index is the number of accidents with incapacitating injuries per million man-hours of risk exposure during the relevant period. An incapacitating accident is a sudden or unexpected event that provokes a bodily injury, functional disability or death, immediate or later, while working or as a result or work. Risk exposure man hours are the number of hours worked by all the personnel, inside or outside the working facilities, during working hours or outside working hours, thus, including overtime hours. | |
The severity index is the number of days lost per million man-hours of risk exposure during the relevant period. Lost days are counted as those lost to medical incapacity as a result of a work accident injuries and compensation days for partial, total or permanent incapacity, as well as for death. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 10/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Environmental Protection | Sulfur oxide emissions During the first quarter of 2009, sulfur oxide emissions increased by 13.5%, to 2.94 tons per thousand tons (t/Mt), as compared to the same quarter of 2008.8 | |
Reused water During the first quarter of 2009, reused water increased by 3.2%, as compared to the same quarter of 2008, to 0.16% of total water usage. As a result, the use of water decreased during the period. | ||
Clean Industry Certifications During the first quarter of 2009, the SEMARNAT granted 21 Certificates of Clean Industry, one of them was granted to a facility that concluded for the first time the process of environmental audits and 20 of which were granted to facilities that demonstrated to maintain environmental performance. |
Table 13 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Industrial safety and environmental protection*
Industrial safety and environmental protection*
First quarter (Jan.-Mar.) | ||||||||||||||||
2007 | 2008 | Change | ||||||||||||||
Selected indexes | ||||||||||||||||
Frequency index(1) | 0.44 | 0.41 | -7.0 | % | (0.03 | ) | ||||||||||
Severity index(2) | 14.0 | 17.0 | 21.0 | % | 3.0 | |||||||||||
Sulfur oxide emissions (t/Mt) | 2.59 | 2.94 | 13.5 | % | 0.35 | |||||||||||
Reused water / Use and management | 0.16 | 0.16 | 3.2 | % | 0.01 |
(1) | PEMEX incapacitating work accidents frequency index per million man-hours of risk exposure. | |
(2) | PEMEX incapacitating work accidents severity index, which measures the number of days lost to incapacitating work accidents. | |
* | Information is the average of the last month of the quarter. | |
Note: Numbers may not total due to rounding. |
8 | Average sulfur oxide emissions (SOX) by thousand tons. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 11/37 |
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PEMEX | Corporate Finance Office — Investor Relations |
Financial Results for the Quarter Ended March 31, 2009
Sales
1Q09 Total Sales | In the first quarter of 2009, total sales, including revenues from services, decreased by 29.6% as compared to the same quarter of the previous year, to Ps. 226.4 billion (US$16.0 billion), primarily due to a decrease in the weighted average crude oil export price and a decrease in the volume of crude oil exports. | |
1Q09 Domestic Sales | In the first quarter of 2009, domestic sales decreased by 18.7% as compared to the same quarter of 2008, to Ps. 133.0 billion (US$9.4 billion), primarily as a result of the following: |
• | dry natural gas sales decreased by 35.5%, to Ps. 16.8 billion, due to a decrease in the average price from US$7.91 to US$4.14 per million British Thermal Unit (MMBtu), and an 8.2% decrease in volume sold, from 3,272 to 3,004 MMcfd; | ||
• | sales of petroleum products decreased by 14.4% to Ps. 111.1 billion, primarily due to lower prices of gasoline and lower volumes of fuel oil, jet fuel, LPG and diesel sales; and | ||
• | petrochemical product sales decreased by 33.9%, to Ps. 5.0 billion, primarily as a result of lower prices and volume sold, from 1,089 to 1,048 Mt.. |
Table 14 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Domestic sales* **
Domestic sales* **
First quarter (Jan. - Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Domestic sales | 163,483 | 132,983 | -18.7 | % | (30,501 | ) | 9,397 | |||||||||||||
Dry natural gas | 26,116 | 16,849 | -35.5 | % | (9,267 | ) | 1,191 | |||||||||||||
Petroleum products | 129,779 | 111,114 | -14.4 | % | (18,664 | ) | 7,852 | |||||||||||||
Gasoline | 64,817 | 53,586 | -17.3 | % | (11,231 | ) | 3,787 | |||||||||||||
Diesel | 24,978 | 27,573 | 10.4 | % | 2,596 | 1,948 | ||||||||||||||
Liquefied petroleum gas (LPG) | 14,169 | 13,015 | -8.14 | % | (1,154 | ) | 920 | |||||||||||||
Other | 25,815 | 16,941 | -34.4 | % | (8,875 | ) | 1,197 | |||||||||||||
Petrochemical products | 7,589 | 5,020 | -33.9 | % | (2,569 | ) | 355 |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. |
Table 15 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Volume of domestic sales
Volume of domestic sales
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
Dry natural gas (MMcfd) | 3,272 | 3,004 | -8.2 | % | (268 | ) | ||||||||||
Petroleum products (Mbd) | 1,814 | 1,754 | -3.3 | % | (60 | ) | ||||||||||
Gasoline | 774 | 777 | 0.5 | % | 4 | |||||||||||
Diesel | 360 | 349 | -3.1 | % | (11 | ) | ||||||||||
Liquefied petroleum gas (LPG) | 308 | 297 | -3.6 | % | (11 | ) | ||||||||||
Other | 373 | 331 | -11.1 | % | (41 | ) | ||||||||||
Petrochemicals products (Mt) | 1,089 | 1,048 | -3.8 | % | (41 | ) |
Note: Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 12/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
1Q09 Exports | In the first quarter of 2009, export sales decreased by 41.6%, to Ps. 92.0 billion (US$6.5 billion), as compared to the same quarter of the previous year, primarily as a result of the following: | |
• crude oil and condensates export sales decreased by 44.8%, to Ps. 77.2 billion, primarily as a result of a decrease in the weighted average crude oil export price from US$83.94 to US$38.92 per barrel, and a 14.6% decrease in the volume of crude oil exports, from 1,499 Mbd to 1,279 Mbd; | ||
• dry natural gas export sales increased by 93.6%, to Ps. 0.5 billion, due to higher production and lower demand of the Mexican industrial sector for natural gas; | ||
• petroleum products export sales decreased by 17.5%, to Ps. 14.0 billion, due to lower prices, which were partially offset by a 40.9% increase in the volume of these exports, from 185 Mbd to 260 Mbd; and | ||
• petrochemical products export sales decreased by 52.8%, to Ps. 0.3 billion, primarily as a result of a 20.5% reduction in the volume of these exports, from 139 Mt to 111 Mt. |
Table 16
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Exports* **
Exports* **
First quarter (Jan. - Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total exports | 157,695 | 92,019 | -41.6 | % | (65,676 | ) | 6,502 | |||||||||||||
Crude oil and condensates | 139,869 | 77,249 | -44.8 | % | (62,620 | ) | 5,459 | |||||||||||||
Dry natural gas | 251 | 486 | 93.6 | % | 235 | 34 | ||||||||||||||
Petroleum products | 16,959 | 13,994 | -17.5 | % | (2,966 | ) | 989 | |||||||||||||
Petrochemical products | 616 | 290 | -52.8 | % | (325 | ) | 21 |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. |
Cost of Sales
1Q09 | In the first quarter of 2009, cost of sales decreased by 10.2%, to Ps. 110.9 billion (US$7.8 billion), as compared to the same quarter of 2008. This decrease was primarily the result of the following: | |
• a decrease of Ps. 27.4 billion in product purchases; and | ||
• a decrease of Ps. 6.0 billion in operational maintenance expenses; which were partially offset by | ||
• an increase of Ps. 12.3 billion in operational expenses; and | ||
• an increase of Ps. 6.8 billion in variation of inventories, due the decrease in crude oil prices. | ||
During the first quarter of 2009, cost of sales as a percentage of total sales amounted to 49.0%, representing an increase of 10.6 percentage points as compared to this ratio in the same quarter of the previous year, primarily as a result of a decrease in export sales. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 13/37 |
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PEMEX | Corporate Finance Office — Investor Relations | |
Gross Income
1Q09 | During the first quarter of 2009, gross income decreased by 41.7%, to Ps. 115.4 billion (US$8.2 billion), as compared to the same quarter of 2008, primarily due to lower export sales. |
General Expenses
1Q09 Total | During the first quarter of 2009, general expenses decreased by 19.8%, to Ps. 22.2 billion (US$1.6 billion), as compared to the same quarter of 2008, primarily due to a decrease in the net cost of the period of employee benefits. | |
1Q09 Distribution Expenses | During the first quarter of 2009, distribution expenses decreased by 6.7%, as compared to the same quarter of 2008, to Ps. 7.3 billion (US$0.5 billion). | |
1Q09 Administrative Expenses | During the first quarter of 2009, administrative expenses decreased by 24.9%, as compared to the same quarter of 2008, to Ps. 14.9 billion (US$1.1 billion). |
Net cost of the period of employee benefits
The net cost of the period of employee benefits comprises provisions over the year to account for the increase of the reserve for employee benefits, which is recognized in the financial statements in accordance with Mexican FRS D-3 “Employee benefits”.
The variation in the net cost of the period of employee benefits reflects the recognition of (i) one additional year of employment and age; (ii) wage increases, pensions and benefits; and (iii) changes in actuarial assumptions.
The net cost of the period of employee benefits is distributed among cost of sales, distribution expenses and administrative expenses.
1Q09 | In the first quarter of 2009, the net cost of the period of employee benefits decreased by 25.1%, to Ps. 24.1 billion (US$1.7 billion), as compared to the same quarter of 2008. The decrease was mainly due to the incorporation of results of the independent actuarial study. |
Operating Income
1Q09 | In the first quarter of 2009, operating income decreased by 45.2%, to Ps. 93.2 billion (US$6.6 billion), as compared to the same quarter of 2008, primarily as a result of a decrease in sales, an increase in operational expenses and an increase in the variation of inventories. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 14/37 |
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PEMEX | Corporate Finance Office — Investor Relations | |
Other Revenues (Expenses) -Net-
1Q09 | During the first quarter of 2009, other expenses, net amounted to Ps. 2.8 billion (US$0.2 billion), an increase of Ps. 38.8 billion as compared to the same quarter of 2008, primarily due to a decrease in the tax credit attributable to the negative rate of the Special Tax on Production and Services (IEPS) tax, which amounted to Ps. 33.7 billion9. |
Comprehensive Financing Result
1Q09 | The expense associated with comprehensive financing result increased from Ps. 0.9 billion in the first quarter of 2008 to Ps. 20.3 billion (US$1.4 billion) in the first quarter of 2009. This increase is explained by: | |
• an increase of Ps. 11.8 billion in foreign exchange loss resulting from the depreciation of the Mexican peso against the U.S. dollar; and | ||
• an increase of Ps. 7.5 billion in net interest expense and expense associated with financial products. | ||
The depreciation of the peso against the U.S. dollar resulted in an unrealized foreign exchange loss arising from the recognition in Mexican pesos of the outstanding debt stated in foreign currencies. | ||
As part of the regular conduct of its operations, PEMEX enters into contracts for the acquisition and disposition of goods and services in foreign currencies. The currency effect generated during the period between the date when the goods and services are received, or delivered, and the time when they are paid for, is registered as a foreign exchange gain or loss. | ||
A significant amount of PEMEX’s revenues are either obtained in U.S. dollars, or are indexed to this currency. In addition, PEMEX’s costs and expenses are partially indexed to the U.S. dollar. PEMEX has not entered into financial derivatives linked to the Exchange rate between the Mexican peso and the U.S. dollar. |
Table 17
Petróleos Mexicanos, Subsidiary Entities and Subsidiary
Companies Comprehensive financing result* **
Companies Comprehensive financing result* **
First quarter (Jan.-Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Comprehensive financing result | (895 | ) | (20,271 | ) | (19,376 | ) | (1,432 | ) | ||||||||||||
Financial income(1) | 7,569 | 10,990 | 45.2 | % | 3,421 | 777 | ||||||||||||||
Financial cost(1) | (12,989 | ) | (23,947 | ) | 84.4 | % | (10,958 | ) | (1,692 | ) | ||||||||||
Foreign exchange gain (loss) | 4,526 | (7,313 | ) | (11,839 | ) | (517 | ) |
* | Unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) - -formerly Mexican GAAP- issued by the Consejo Mexicano parala Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | The financial cost and financial income include the effect of financial derivatives. | |
Note: Numbers may not total due to rounding. |
9 | Under the 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 IEPS and transfers it to the Federal Government. The difference between the retail price, or final price, and the producer price is the IEPS rate. The final price of gasoline and diesel is established by SHCP. The producer price of PEMEX is referenced to that of an efficient refinery in the Gulf of Mexico. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 15/37 |
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PEMEX | Corporate Finance Office — Investor Relations | |
Participation in results of subsidiary entities and affiliates
1Q09 | In the first quarter of 2009, participation in the results of subsidiary entities and affiliates amounted to a loss of Ps. 0.2 billion (US$0.01 billion), as compared to a loss of Ps. 0.3 billion in the same quarter of 2008, primarily due to higher refining margins at the Deer Park facility. |
Income before Taxes and Duties
1Q09 | In the first quarter of 2009, income before taxes and duties amounted to Ps. 69.9 billion (US$4.9 billion), resulting in a decrease of 65.9% as contrasted with income before taxes and duties of Ps. 204.9 billion in the first quarter of 2008. This decrease in income before taxes and duties was primarily due to: | |
• a decrease of Ps. 95.1 billion in total sales; | ||
• a decrease of Ps. 38.8 billion in other revenues, net; and | ||
• a decrease of Ps. 19.4 billion in the comprehensive financial result, which was primarily attributable to an increase in unrealized foreign exchange losses. |
Taxes and Duties10
1Q09 | In the first quarter of 2009, taxes and duties decreased by 51.9%, to Ps. 96.9 billion (US$6.8 billion), as compared to the same quarter of 2008, primarily due to a decrease in the crude oil export price during the first quarter of 2009. During the quarter, taxes and duties paid as a percentage of total sales amounted to 42.8% as compared to 62.7%in the same quarter of 2008. |
Table 18
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Taxes and duties* **
Taxes and duties* **
First quarter (Jan. - Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total taxes and duties | 201,642 | 96,897 | -51.9 | % | (104,745 | ) | 6,847 | |||||||||||||
Hydrocarbon duties | 199,086 | 95,573 | -52.0 | % | (103,513 | ) | 6,753 | |||||||||||||
Ordinary hydrocarbons duty | 173,596 | 82,144 | -52.7 | % | (91,452 | ) | 5,805 | |||||||||||||
Extraordinary duty on crude oil exports | 6,321 | — | (6,321 | ) | — | |||||||||||||||
Hydrocarbons duty for the oil revenues stabilization fund | 18,724 | 12,937 | -30.9 | % | (5,787 | ) | 914 | |||||||||||||
Duty on hydrocarbons for the fund for scientific and technological research on energy | 437 | 487 | 11.5 | % | 50 | 34 | ||||||||||||||
Duty for fiscal monitoring of oil activities | 9 | 5 | -43.7 | % | (4 | ) | 0.3 | |||||||||||||
Other taxes and duties(1) | 2,555 | 1,324 | -48.2 | % | (1,232 | ) | 94 |
* | Unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Includes provisions. | |
Note: | Numbers may not total due to rounding. |
10 | Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production (PEP) tax regime is governed by the Federal Duties Law, while 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 aquasioperating profit. In addition to the payment of the OHD, PEP pays other duties. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 16/37 |
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PEMEX | Corporate Finance Office — Investor Relations | |
Net income
1Q09 | In the first quarter of 2009, PEMEX recorded a net loss of Ps. 27.0 billion (US$1.9 billion), as compared to net income of Ps. 3.3 billion in the same quarter of 2008. This variation was primarily a result of lower hydrocarbon prices, which resulted in a Ps. 95.1 billion decrease in sales as compared to the first quarter of 2008. |
EBITDA
1Q09 | In the first quarter of 2009, earnings before interest, taxes, depreciation and amortization, or EBITDA, decreased by 46.9%, to Ps. 137.6 billion (US$9.7 billion), as compared to the first quarter of 2008. |
Table 19
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
EBITDA reconciliation* **
EBITDA reconciliation* **
First quarter (Jan.- Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Net income (loss) | 3,253 | (26,997 | ) | (30,250 | ) | (1,908 | ) | |||||||||||||
+ Taxes and duties | 201,642 | 96,897 | -51.9 | % | (104,745 | ) | 6,847 | |||||||||||||
- Comprehensive financing result | (895 | ) | (20,271 | ) | (19,376 | ) | (1,432 | ) | ||||||||||||
+ Depreciation and amortization | 20,917 | 23,289 | 11.3 | % | 2,372 | 1,646 | ||||||||||||||
+ Net cost of the period of employee benefits | 32,145 | 24,093 | -25.1 | % | (8,053 | ) | 1,702 | |||||||||||||
EBITDA | 258,851 | 137,551 | -46.9 | % | (121,300 | ) | 9,720 |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. |
Results by Business Line
Net income of PEMEX’s Subsidiaries in the first quarter of 2009 was as follows: | ||
PEP | Pemex-Exploration and Production recorded a net loss of Ps. 14.2 billion, which was Ps. 8.4 billion lower than net income recorded in the first quarter of 2008, primarily due to lower crude oil and natural gas prices. | |
PGPB | Pemex-Gas and Basic Petrochemicals recorded net income of Ps. 1.1 billion, which was Ps. 0.1 billion more than the net income recorded in the first quarter of 2008, primarily due to higher processing. | |
PR | Pemex-Refining recorded a net loss of Ps. 13.3 billion, which was Ps. 7.9 billion lower than net loss recorded in the first quarter of 2008, as a result of higher refining margins. | |
PPQ | Pemex-Petrochemicals recorded net loss of Ps. 5.0 billion, which was Ps. 0.3 billion more than net loss recorded in the first quarter of 2008, primarily due to lower prices of petrochemicals. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 17/37 |
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PEMEX | Corporate Finance Office — Investor Relations |
Assets
Current Assets | As of March 31, 2009, current assets increased by 3.4%, as compared to March 31, 2008, to Ps. 403.6 billion (US$28.5 billion), primarily as a result of the following: | |
• the value of inventories decreased from Ps. 99.1 billion to Ps. 68.4 billion (US$4.8 billion); | ||
• cash and cash equivalents increased from Ps. 118.2 billion to Ps. 143.0 billion (US$10.1 billion); and | ||
• accounts receivable increased from Ps. 173.0 billion to Ps. 192.2 billion (US$13.6 billion). | ||
Investments in Shares | As of March 31, 2009, investments in shares decreased by 62.5%, as compared to March 31, 2008, to Ps. 11.6 billion (US$0.8 miles de millones). | |
Property, plant and equipment | As of March 31, 2009, property, plant and equipment increased by 7.5%, as compared to March 31, 2008, to Ps. 876.4 billion (US$61.9 billion), and represented 67.2% of total assets as of such date. This ratio increased by 1.8 percentage points as compared to the ratio on March 31, 2008. | |
Other Assets | As of March 31, 2009, other assets increased by 16.0%, as compared to March 31, 2008, to Ps. 12.3 billion (US$0.9 billion), primarily due to the fees paid by the reinsurance company of PEMEX. | |
Total Assets | As of March 31, 2009, total assets increased by 4.6%, as compared to March 31, 2008, to Ps. 1,304.0 billion (US$92.1 billion). This change is explained primarily by the increase in property, plant and equipment. | |
Liabilities
Current Liabilities | As of March 31, 2009, short-term liabilities decreased by 21.4%, as compared to March 31, 2008, to Ps. 184.9 billion (US$13.1 billion), primarily as a result of a Ps. 63.2 billion decrease in taxes payable. | |
Long Term Liabilities | As of March 31, 2009, long-term liabilities increased by 23.4%, as compared to March 31, 2008, to Ps. 1,109.4 billion (US$78.4 billion), primarily due to an increase of Ps. 137.7 billion in long-term debt, and the 19.6% increase in the reserve for employee benefits, from Ps. 425.6 to Ps. 508.9 billion due to the natural increase of this reserve. | |
Total Liabilities | As of March 31, 2009, total liabilities increased by 14.1%, as compared to March 31, 2008, to Ps. 1,294.3 billion (US$91.5 billion), primarily due to the increase of long term-debt and the reserve for employee benefits. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 18/37 |
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PEMEX | Corporate Finance Office — Investor Relations |
Equity
As of March 31, 2009, total equity decreased by 91.5%, as compared to March 31, 2008, to Ps. 9.6 billion (US$0.7 billion). The decrease was primarily due to net loss recorded in the first quarter of 2009 of Ps. 27.0 billion (US$1.9 billion).
Table 20
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Equity* **
Equity* **
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total equity | 112,666 | 9,631 | -91.5 | % | (103,034 | ) | 681 | |||||||||||||
Certificates of contribution | 96,958 | 96,958 | 0.0 | % | — | 6,851 | ||||||||||||||
Increase in equity | 147,264 | 195,011 | 32.4 | % | 47,746 | 13,780 | ||||||||||||||
Social capital | 4,044 | 4,146 | 2.5 | % | 102 | 293 | ||||||||||||||
Legal reserve | 820 | 1,023 | 24.8 | % | 203 | 72 | ||||||||||||||
Donations | 494 | 600 | 21.5 | % | 106 | 42 | ||||||||||||||
Integrated profit (loss) | 5,325 | 731 | -86.3 | % | (4,595 | ) | 52 | |||||||||||||
Accumulated net income (losses) | (142,241 | ) | (288,837 | ) | 103.1 | % | (146,597 | ) | (20,410 | ) | ||||||||||
From prior years | (145,493 | ) | (261,840 | ) | 80.0 | % | (116,347 | ) | (18,502 | ) | ||||||||||
Net income (loss) for the period | 3,253 | (26,997 | ) | -930.0 | % | (30,250 | ) | (1,908 | ) |
* | Unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. |
Statement of Cash Flows
Operating Activities | In the first quarter of 2009, net cash flow provided from operating activities was Ps. 23.1 billion (US$1.8 billion). | |
Investing Activities | The net cash flow used in investing activities was Ps. 56.1 billion (US$4.0 billion). | |
Financing Activities | The net cash flow provided from financing activities was Ps. 61.9 billion (US$4.4 billion). | |
Cash and cash equivalents | As a result of the foregoing, in 2008, PEMEX registered an increase of Ps. 28.8 billion (US$2.2 billion) in cash and cash equivalents. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 19/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Investing and Financing Activities
Investing Activities
2009 | In 2009 PEMEX expects to invest Ps. 238.9 billion (US$20.4 billion)11. The allocation of total investments is expected to be as follows: | |
• approximately Ps. 208.1 billion to exploration and production12; | ||
• approximately Ps. 23.4 billion to refining; | ||
• approximately Ps. 4.2 billion to gas and basic petrochemicals; | ||
• approximately Ps. 2.5 billion to petrochemicals; and | ||
• approximately Ps. 0.7 billion to Petróleos Mexicanos. | ||
The investment amounts may be modified if the budget is revised. |
Financing Activities
1Q09 Financing Operations | On January 27, 2009, Petróleos Mexicanos subscribed an issuance program of medium-term notes (MTN) that will allow issuing bonds directly in international markets instead of issuing through financing vehicles. The total amount of the program is US$7.0 billion. | |
On February 3, 2009, Petróleos Mexicanos issued US$2.0 billion of 10- year notes in international markets, with an 8.0% coupon, payable each semester and due on May 3, 2019. | ||
On March 30, 2009 Petróleos Mexicanos suscribed a program of Certificados Bursátiles that will allow to issue notes directly in the Mexican market. The amount of the program is Ps. 70 billion. | ||
On April 3, 2009, Petróleos Mexicanos issued Ps. 10 billion of Certificados Bursátiles in two tranches: | ||
• Ps. 6.0 billion due in March 2010 at the floating rate TIIE plus 90 basis points, and | ||
• Ps. 4.0 billion due in March 2015 at a 9.15%. | ||
1Q09 Liquidity Management | As of March 31, 2009, US$2.5 billion of the syndicated revolving credit facility entered into on September 17, 2007 had been disbursed. |
11 | The convenience translation into US dollars of the amount in pesos has been made based on the assumed exchange rate contained in the 2009 Federal Revenue Law of Ps. 11.7 = US$1.00. | |
12. | Includes upstream maintenance expenditures. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 20/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Debt
Total | As of March 31, 2009, total consolidated debt in U.S. dollars, including accrued interest, decreased 5.9%, as compared to March 31, 2008, from US$47.4 to US$44.5 billion. However, total consolidated debt in pesos increased by 25.0%, to Ps. 630.4 billion (US$44.5 billion), as compared to March 31, 200813. | |
• Short-term debt totaled Ps. 79.1 billion (US$5.6 billion), and | ||
• long-term debt totaled Ps. 551.3 billion (US$39.0 billion). | ||
Debt as a percentage of equity and liabilities totaled 48.3% as of March 31, 2009. | ||
Net | As of March 31, 2009, net debt, or the difference between total debt and cash and cash equivalents, increased by 26.3%, to Ps. 487.4 billion (US$34.4 billion), as compared to March 31, 2008. |
Table 21
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated total debt* **
Consolidated total debt* **
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total debt | 504,192 | 630,406 | 25.0 | % | 126,214 | 44,546 | ||||||||||||||
Short-term | 90,602 | 79,127 | -12.7 | % | (11,475 | ) | 5,591 | |||||||||||||
Long-term | 413,590 | 551,279 | 33.3 | % | 137,689 | 38,955 | ||||||||||||||
Cash & cash equivalents | 118,178 | 143,049 | 21.0 | % | 24,871 | 10,108 | ||||||||||||||
Total net debt | 386,014 | 487,357 | 26.3 | % | 101,343 | 34,438 |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. | |
13 | Total consolidated debt consists of documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, RepCon Lux, S.A. and PEMEX Finance, Ltd. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 21/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Maturity Profile | The following table shows the maturity profile of PEMEX total debt: |
Table 22
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Maturity profile* **
Maturity profile* **
As of March 31, | ||||||||||||
(Ps. MM) | (US$MM) | |||||||||||
Documented debt in pesos | 97,799 | 6,911 | ||||||||||
2009 | 14,957 | 1,057 | ||||||||||
January — March 2010 | 15,013 | 1,061 | ||||||||||
April 2010 — March 2011 | 7,572 | 535 | ||||||||||
April 2011 — March 2012 | 10,300 | 728 | ||||||||||
April 2012 — March 2013 | 17,287 | 1,222 | ||||||||||
April 2013 and beyond | 32,670 | 2,309 | ||||||||||
Documented debt in other currencies | 532,608 | 37,636 | ||||||||||
2009 | 44,433 | 3,140 | ||||||||||
January — March 2010 | 4,725 | 334 | ||||||||||
April 2010 — March 2011 | 87,311 | 6,170 | ||||||||||
April 2011 — March 2012 | 46,983 | 3,320 | ||||||||||
April 2012 — March 2013 | 65,575 | 4,634 | ||||||||||
April 2013 and beyond | 283,581 | 20,039 | ||||||||||
Total debt | 630,406 | 44,546 |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. |
Duration | The following table presents the average duration of our debt exposure: |
Table 23
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Average duration of debt exposure
Average duration of debt exposure
As of March 31, | ||||||||||||
2008 | 2009 | Change | ||||||||||
(Years) | ||||||||||||
U.S. Dollars | 3.9 | 4.8 | 0.9 | |||||||||
Mexican pesos | 1.9 | 1.9 | 0.0 | |||||||||
Euros | 3.0 | 2.6 | (0.3 | ) | ||||||||
Yen | 1.1 | 0.6 | (0.5 | ) | ||||||||
Total | 3.5 | 4.4 | 0.94 |
Note: | Numbers may not total due to rounding. |
Interest Rate Risk | PEMEX’s policy is to maintain a balance between fixed and floating rate liabilities in order to mitigate the impact of fluctuations in interest rates. As of March 31, 2009, approximately 52.1% of PEMEX debt exposure was to fixed interest rates, and the remaining 47.9% was to floating rates. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 22/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations |
Debt Exposure | The following table sets forth PEMEX debt exposure to currency and interest rate risk: |
Table 24
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Debt exposure(1)
Debt exposure(1)
As of March 31, | ||||||||||||||||||||||||
2008 | 2009 | 2008 | 2009 | 2008 | 2009 | |||||||||||||||||||
Percentage | ||||||||||||||||||||||||
By currency | At fixed rate | At floating rate | ||||||||||||||||||||||
U.S. Dollars | 76.6 | % | 84.7 | % | 53.7 | % | 52.6 | % | 46.3 | % | 47.4 | % | ||||||||||||
Mexican pesos | 23.3 | % | 15.3 | % | 44.2 | % | 49.5 | % | 55.8 | % | 50.5 | % | ||||||||||||
Euros | 0.0 | % | 0.0 | % | 100.0 | % | 100.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Yen | 0.09 | % | 0.06 | % | 100.0 | % | 100.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Total | 100.0 | % | 100.0 | % | 51.5 | % | 52.1 | % | 48.5 | % | 47.9 | % |
(1) | Excludes accrued interest. | |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 23/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Derivative Financial Instruments
Mark to market | The following tables present the amount hedged and the mark to market valuation of PEMEX’s derivative financial instruments. |
Table 25 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Face value of derivative financial instruments linked to debt and assets*
Face value of derivative financial instruments linked to debt and assets*
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Interest rate swaps | 19,078 | 16,421 | -13.9 | % | (2,657 | ) | 1,160 | |||||||||||||
Cross currency swaps | 47,618 | 70,265 | 47.6 | % | 22,647 | 4,965 | ||||||||||||||
Extinguishing cross currency swaps | 27,804 | 36,690 | 32.0 | % | 8,886 | 2,593 | ||||||||||||||
Assets swaps(1) | — | 20,571 | 20,571 | 1,454 | ||||||||||||||||
Total | 94,500 | 143,947 | 52.3 | % | 49,447 | 10,172 |
* | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Asset sw aps include options over Repsol YPF, S.A. shares. | |
Note: Numbers may not total due to rounding. |
Table 26 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Mark to market of derivative financial instruments linked to debt and assets*
Mark to market of derivative financial instruments linked to debt and assets*
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Interest rate swaps | (1,751 | ) | (1,587 | ) | -9.4 | % | 164 | (112 | ) | |||||||||||
Cross currency swaps | 4,649 | 909 | -80.5 | % | (3,740 | ) | 64 | |||||||||||||
Extinguishing cross currency swaps | 3,229 | (2,694 | ) | -183.4 | % | (5,922 | ) | (190 | ) | |||||||||||
Assets swaps(1) | — | (5,060 | ) | (5,060 | ) | (358 | ) | |||||||||||||
Total | 6,127 | (8,432 | ) | -237.6 | % | (14,559 | ) | (596 | ) |
* | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Asset sw aps include options over Repsol YPF, S.A. shares. | |
Note: Numbers may not total due to rounding. |
Table 27 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Volume of natural gas derivative financial instruments*
Volume of natural gas derivative financial instruments*
As of March 31, | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(MMcf) | ||||||||||||||||
Long swaps | 34,355.6 | 205,138.9 | 497.1 | % | 170,783.3 | |||||||||||
Short swaps | (34,385.1 | ) | (205,083.9 | ) | 496.4 | % | (170,698.8 | ) | ||||||||
Long options | 47,389.5 | 69,735.5 | 47.2 | % | 22,346.0 | |||||||||||
Short options | (47,442.3 | ) | (69,770.0 | ) | 47.1 | % | (22,327.7 | ) | ||||||||
Total | (82.3 | ) | 20.5 | -124.9 | % | 102.8 |
* | Each contract includes 10,000 MMBtu. The conversion rate used w as 1 cf = 1,027 Btu. | |
Note: Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 24/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table 28 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Mark to market of natural gas derivative financial instruments*
Mark to market of natural gas derivative financial instruments*
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Long swaps | 785.5 | (11,191.2 | ) | -1524.8 | % | (11,976.6 | ) | (790.8 | ) | |||||||||||
Short swaps | (770.8 | ) | 11,432.1 | -1583.2 | % | 12,202.8 | 807.8 | |||||||||||||
Long options | 570.3 | 847.8 | 48.7 | % | 277.5 | 59.9 | ||||||||||||||
Short options | (570.2 | ) | (847.8 | ) | 48.7 | % | (277.6 | ) | (59.9 | ) | ||||||||||
Total | 14.7 | 240.9 | 1534.2 | % | 226.1 | 17.0 |
* | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: Numbers may not total due to rounding. |
Table 29 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Volume of petroleum products derivative financial instruments
Volume of petroleum products derivative financial instruments
As of March 31, | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
(MMb) | ||||||||||||||||
Total | 23.9 | 16.4 | -31.2 | % | (7.5 | ) |
Note: Numbers may not total due to rounding. |
Table 30 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Mark to market of petroleum products derivative financial instruments*
Mark to market of petroleum products derivative financial instruments*
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total | 44.3 | (101.1 | ) | -328.3 | % | (145.4 | ) | (7.1 | ) |
* | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: Numbers may not total due to rounding. |
Accounting for Derivative Financial Instruments | Derivative financial instruments are accounted for at fair value in the financial statements, in accordance with Mexican FRS C-10 “Derivative Financial Instruments and Hedging Operations”. However, some of these instruments do not qualify as hedges under the accounting standards; in fact of the fact the cash flows generated by these instruments are offset by cash flows generated by the associated positions. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 25/37 |
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PEMEX | Corporate Finance Office — Investor Relations | |
Other Relevant Topics
Professional Board Members | On March 17, 2009, the Mexican Senate ratified President Felipe Calderón’s proposal of four professional directors to the Board of Directors of PEMEX. The professional directors will serve initial terms as set forth below. In the future, the professional directors will each be appointed for a six-year term, and may be appointed for an additional term of the same length. |
- Fluvio César Ruiz Alarcón | 3 years, | |
- Rogelio Gasca Neri | 4 years, | |
- Héctor Moreira | 5 years, and | |
- José Fortunato Álvarez | 6 years. |
The new professional directors have professional and academic expertise that will strengthen the decision-making processes of the Board of Directors. | ||
Price setting for liquefied petroleum gas | On January 9, 2009, it was established that the average price to end—users of liquefied petroleum gas (LPG) will be maintained at Ps. 8.03 per kilogram until December 31, 2009. | |
Awards | In February 2009, at the Map World Forum 2009, the Ministry of Science and Technology of India awarded PEMEX the “Geospatial Excellence Award”, in recognition of the development of GEO-PEMEX 3D, a tridimensional display that includes satellite images and permits PEMEX to observe and locate facilities in over 200,000 urban and rural locations in Mexico. | |
Appointments | On March 23, 2009, the following appointments were approved: |
• | Joaquín Rosete Téllez, as Deputy Director of the Northeastern Marine region, | ||
• | Gustavo Hernández García, as Deputy Director of the Southwestern Marine region, and | ||
• | Juan Arturo Hernández Carrera, as Deputy Director of the Northern region. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 26/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Annex
Table A1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil production by selected fields
Crude oil production by selected fields
2007 | 2008 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||
2005 | 2006 | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | ||||||||||||||||||||||||||||||||||||||
Total | 3,333 | 3,256 | 3,158 | 3,166 | 3,048 | 2,934 | 2,891 | 2,794 | 2,754 | 2,729 | 2,667 | |||||||||||||||||||||||||||||||||||||
Northeast Marine Region | 2,357 | 2,205 | 2,074 | 2,111 | 2,003 | 1,885 | 1,861 | 1,770 | 1,695 | 1,658 | 1,584 | |||||||||||||||||||||||||||||||||||||
Cantarell | 2,029 | 1,788 | 1,582 | 1,580 | 1,427 | 1,270 | 1,163 | 1,036 | 954 | 858 | 742 | |||||||||||||||||||||||||||||||||||||
Akal-Nohoch | 1,973 | 1,734 | 1,529 | 1,533 | 1,383 | 1,223 | 1,117 | 992 | 897 | 790 | 675 | |||||||||||||||||||||||||||||||||||||
Chac | 12 | 12 | 11 | 11 | 14 | 14 | 13 | 13 | 12 | 10 | 13 | |||||||||||||||||||||||||||||||||||||
Ixtoc | 13 | 14 | 13 | 11 | 11 | 12 | 13 | 12 | 12 | 12 | 10 | |||||||||||||||||||||||||||||||||||||
Sihil | 19 | 16 | 18 | 12 | 8 | 10 | 9 | 8 | 22 | 36 | 33 | |||||||||||||||||||||||||||||||||||||
Kutz | 12 | 12 | 12 | 12 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | |||||||||||||||||||||||||||||||||||||
Ku | 203 | 269 | 310 | 330 | 328 | 342 | 360 | 361 | 359 | 376 | 379 | |||||||||||||||||||||||||||||||||||||
Zaap | 69 | 71 | 89 | 91 | 123 | 148 | 197 | 219 | 232 | 253 | 270 | |||||||||||||||||||||||||||||||||||||
Maloob | 47 | 54 | 55 | 64 | 83 | 91 | 100 | 114 | 112 | 125 | 143 | |||||||||||||||||||||||||||||||||||||
Others | 9 | 23 | 39 | 47 | 42 | 34 | 41 | 41 | 39 | 45 | 49 | |||||||||||||||||||||||||||||||||||||
Southwest Marine Region | 396 | 475 | 522 | 493 | 493 | 515 | 495 | 486 | 507 | 513 | 512 | |||||||||||||||||||||||||||||||||||||
Chuc | 103 | 107 | 96 | 94 | 82 | 78 | 76 | 71 | 68 | 62 | 67 | |||||||||||||||||||||||||||||||||||||
Caan | 98 | 88 | 75 | 69 | 69 | 75 | 66 | 76 | 68 | 59 | 52 | |||||||||||||||||||||||||||||||||||||
Ixtal | 9 | 47 | 77 | 50 | 74 | 73 | 74 | 56 | 98 | 102 | 102 | |||||||||||||||||||||||||||||||||||||
Sinan | 32 | 53 | 66 | 70 | 66 | 62 | 64 | 60 | 53 | 61 | 62 | |||||||||||||||||||||||||||||||||||||
Bolontiku | 40 | 57 | 83 | 93 | 81 | 89 | 88 | 78 | 81 | 69 | 67 | |||||||||||||||||||||||||||||||||||||
Others | 133 | 146 | 170 | 177 | 175 | 200 | 190 | 202 | 197 | 214 | 217 | |||||||||||||||||||||||||||||||||||||
Southern Region | 497 | 491 | 475 | 472 | 465 | 449 | 449 | 450 | 466 | 470 | 479 | |||||||||||||||||||||||||||||||||||||
Samaria | 65 | 64 | 67 | 63 | 59 | 58 | 55 | 52 | 51 | 52 | 52 | |||||||||||||||||||||||||||||||||||||
Jujo | 50 | 56 | 53 | 52 | 51 | 50 | 46 | 46 | 47 | 43 | 40 | |||||||||||||||||||||||||||||||||||||
Iride | 50 | 48 | 46 | 42 | 40 | 38 | 37 | 35 | 35 | 30 | 28 | |||||||||||||||||||||||||||||||||||||
Puerto Ceiba | 77 | 54 | 42 | 41 | 41 | 40 | 36 | 33 | 32 | 29 | 26 | |||||||||||||||||||||||||||||||||||||
Sen | 19 | 22 | 21 | 27 | 29 | 29 | 38 | 37 | 39 | 48 | 48 | |||||||||||||||||||||||||||||||||||||
Tecominoacán | 22 | 29 | 25 | 24 | 21 | 20 | 23 | 24 | 27 | 28 | 27 | |||||||||||||||||||||||||||||||||||||
Pijije | 13 | 15 | 14 | 14 | 14 | 15 | 15 | 19 | 18 | 19 | 19 | |||||||||||||||||||||||||||||||||||||
Cárdenas | 15 | 18 | 15 | 14 | 14 | 13 | 12 | 12 | 12 | 14 | 14 | |||||||||||||||||||||||||||||||||||||
Cunduacán | 27 | 21 | 16 | 15 | 13 | 12 | 12 | 13 | 13 | 13 | 14 | |||||||||||||||||||||||||||||||||||||
Mora | 4 | 9 | 12 | 12 | 12 | 11 | 10 | 10 | 10 | 11 | 11 | |||||||||||||||||||||||||||||||||||||
Yagual | 12 | 11 | 11 | 13 | 12 | 10 | 10 | 9 | 9 | 8 | 8 | |||||||||||||||||||||||||||||||||||||
Oxiacaque | 6 | 8 | 11 | 12 | 11 | 11 | 9 | 8 | 9 | 7 | 7 | |||||||||||||||||||||||||||||||||||||
Ogarrio | 7 | 9 | 9 | 10 | 10 | 7 | 8 | 9 | 9 | 8 | 9 | |||||||||||||||||||||||||||||||||||||
Cactus | 9 | 8 | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | |||||||||||||||||||||||||||||||||||||
Chinchorro | 8 | 7 | 8 | 7 | 8 | 8 | 9 | 8 | 9 | 9 | 8 | |||||||||||||||||||||||||||||||||||||
Others | 110 | 111 | 117 | 119 | 124 | 119 | 120 | 127 | 139 | 144 | 159 | |||||||||||||||||||||||||||||||||||||
Northern Region(1) | 84 | 84 | 87 | 89 | 87 | 85 | 87 | 88 | 86 | 88 | 92 | |||||||||||||||||||||||||||||||||||||
Poza Rica | 10 | 10 | 10 | 10 | 9 | 9 | 8 | 7 | 7 | 8 | 8 | |||||||||||||||||||||||||||||||||||||
Tajín | 6 | 5 | 7 | 8 | 9 | 7 | 12 | 13 | 12 | 8 | 8 | |||||||||||||||||||||||||||||||||||||
Arenque | 9 | 8 | 8 | 8 | 8 | 7 | 6 | 6 | 7 | 6 | 6 | |||||||||||||||||||||||||||||||||||||
Coapechapa | 9 | 7 | 7 | 6 | 5 | 6 | 7 | 7 | 7 | 8 | 7 | |||||||||||||||||||||||||||||||||||||
Agua Fría | 6 | 7 | 5 | 4 | 5 | 6 | 7 | 6 | 6 | 7 | 6 | |||||||||||||||||||||||||||||||||||||
Constituciones | 5 | 5 | 5 | 5 | 4 | 5 | 5 | 4 | 4 | 4 | 4 | |||||||||||||||||||||||||||||||||||||
Others | 38 | 41 | 46 | 49 | 48 | 45 | 44 | 45 | 43 | 47 | 54 |
(1) | Production by Chicontepec. 1Q09: 28 Mbd. |
Note: Numbers may not total due to rounding.
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 27/37 |
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PEMEX | Corporate Finance Office — Investor Relations | |
Table A2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas production by selected fields
Natural gas production by selected fields
2007 | 2008 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||
2005 | 2006 | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | ||||||||||||||||||||||||||||||||||||||
Total | 4,818 | 5,356 | 5,816 | 6,033 | 6,094 | 6,285 | 6,586 | 6,861 | 6,963 | 7,260 | 7,018 | |||||||||||||||||||||||||||||||||||||
Northeast Marine Region | 928 | 920 | 992 | 1,129 | 1,147 | 1,356 | 1,647 | 1,854 | 1,913 | 2,189 | 1,900 | |||||||||||||||||||||||||||||||||||||
Cantarell | 759 | 716 | 782 | 930 | 925 | 1,124 | 1,383 | 1,586 | 1,634 | 1,897 | 1,579 | |||||||||||||||||||||||||||||||||||||
Akal-Nohoch | 720 | 673 | 740 | 888 | 873 | 1,069 | 1,335 | 1,553 | 1,595 | 1,853 | 1,535 | |||||||||||||||||||||||||||||||||||||
Ixtoc | 21 | 22 | 19 | 23 | 34 | 31 | 29 | 18 | 19 | 21 | 21 | |||||||||||||||||||||||||||||||||||||
Sihil | 8 | 10 | 13 | 10 | 7 | 12 | 8 | 4 | 9 | 14 | 13 | |||||||||||||||||||||||||||||||||||||
Kutz | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||||||||||||||||||||||
Chac | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 5 | 4 | 5 | |||||||||||||||||||||||||||||||||||||
Ku | 103 | 141 | 146 | 138 | 147 | 153 | 161 | 153 | 159 | 164 | 178 | |||||||||||||||||||||||||||||||||||||
Others | 65 | 63 | 64 | 61 | 75 | 79 | 103 | 114 | 120 | 128 | 143 | |||||||||||||||||||||||||||||||||||||
Southwest Marine Region | 655 | 856 | 985 | 940 | 1,010 | 1,035 | 991 | 1,016 | 1,046 | 1,038 | 1,067 | |||||||||||||||||||||||||||||||||||||
Caan | 206 | 185 | 171 | 159 | 200 | 212 | 188 | 227 | 209 | 179 | 163 | |||||||||||||||||||||||||||||||||||||
Sinan | 80 | 123 | 140 | 152 | 144 | 141 | 130 | 110 | 90 | 116 | 120 | |||||||||||||||||||||||||||||||||||||
May | 24 | 85 | 135 | 121 | 152 | 165 | 173 | 229 | 206 | 215 | 254 | |||||||||||||||||||||||||||||||||||||
Ixtal | 13 | 86 | 143 | 99 | 151 | 147 | 152 | 113 | 200 | 202 | 202 | |||||||||||||||||||||||||||||||||||||
Chuc | 113 | 115 | 107 | 107 | 93 | 84 | 82 | 78 | 75 | 68 | 74 | |||||||||||||||||||||||||||||||||||||
Bolontiku | 40 | 57 | 83 | 93 | 81 | 89 | 88 | 78 | 81 | 69 | 67 | |||||||||||||||||||||||||||||||||||||
Others | 176 | 188 | 210 | 227 | 212 | 224 | 213 | 207 | 213 | 219 | 221 | |||||||||||||||||||||||||||||||||||||
Southern Region | 1,400 | 1,352 | 1,365 | 1,392 | 1,378 | 1,277 | 1,364 | 1,419 | 1,492 | 1,525 | 1,540 | |||||||||||||||||||||||||||||||||||||
Iride | 93 | 106 | 108 | 116 | 104 | 96 | 92 | 93 | 108 | 106 | 108 | |||||||||||||||||||||||||||||||||||||
Samaria | 88 | 78 | 107 | 101 | 88 | 89 | 83 | 83 | 83 | 92 | 100 | |||||||||||||||||||||||||||||||||||||
Narvaez | 0 | 30 | 87 | 83 | 82 | 85 | 88 | 90 | 101 | 100 | 93 | |||||||||||||||||||||||||||||||||||||
Cunduacán | 88 | 97 | 85 | 80 | 61 | 58 | 60 | 66 | 59 | 62 | 59 | |||||||||||||||||||||||||||||||||||||
Sen | 47 | 56 | 54 | 71 | 73 | 75 | 90 | 106 | 117 | 146 | 150 | |||||||||||||||||||||||||||||||||||||
Muspac | 115 | 84 | 76 | 74 | 75 | 24 | 61 | 65 | 53 | 49 | 43 | |||||||||||||||||||||||||||||||||||||
Giraldas | 74 | 63 | 60 | 61 | 62 | 62 | 70 | 70 | 71 | 70 | 68 | |||||||||||||||||||||||||||||||||||||
Jujo | 54 | 57 | 58 | 57 | 53 | 57 | 63 | 66 | 61 | 73 | 64 | |||||||||||||||||||||||||||||||||||||
Oxiacaque | 13 | 15 | 32 | 41 | 62 | 74 | 77 | 76 | 81 | 54 | 42 | |||||||||||||||||||||||||||||||||||||
Copano | 65 | 55 | 50 | 49 | 47 | 48 | 44 | 42 | 40 | 38 | 36 | |||||||||||||||||||||||||||||||||||||
Pijije | 37 | 42 | 42 | 41 | 37 | 38 | 36 | 43 | 44 | 47 | 51 | |||||||||||||||||||||||||||||||||||||
Tizón | 28 | 29 | 31 | 36 | 42 | 40 | 33 | 32 | 54 | 75 | 78 | |||||||||||||||||||||||||||||||||||||
Catedral | 74 | 55 | 44 | 44 | 40 | 11 | 20 | 22 | 18 | 17 | 15 | |||||||||||||||||||||||||||||||||||||
Puerto Ceiba | 51 | 37 | 29 | 29 | 29 | 29 | 27 | 25 | 24 | 22 | 19 | |||||||||||||||||||||||||||||||||||||
José Colomo | 35 | 30 | 29 | 30 | 29 | 28 | 28 | 26 | 26 | 25 | 24 | |||||||||||||||||||||||||||||||||||||
Tecominoacán | 34 | 40 | 28 | 30 | 28 | 26 | 29 | 27 | 29 | 31 | 29 | |||||||||||||||||||||||||||||||||||||
Cárdenas | 33 | 38 | 31 | 25 | 26 | 28 | 26 | 25 | 27 | 30 | 27 | |||||||||||||||||||||||||||||||||||||
Costero | — | 11 | 18 | 12 | 43 | 18 | 40 | 52 | 81 | 70 | 105 | |||||||||||||||||||||||||||||||||||||
Others | 436 | 412 | 412 | 432 | 462 | 444 | 478 | 500 | 540 | 507 | 537 | |||||||||||||||||||||||||||||||||||||
Northern Region(1) | 1,835 | 2,228 | 2,475 | 2,572 | 2,559 | 2,616 | 2,583 | 2,572 | 2,512 | 2,509 | 2,511 | |||||||||||||||||||||||||||||||||||||
Lizamba | 103 | 152 | 235 | 233 | 225 | 279 | 303 | 307 | 297 | 296 | 288 | |||||||||||||||||||||||||||||||||||||
Arquimia | — | 113 | 195 | 219 | 198 | 195 | 167 | 129 | 101 | 79 | 63 | |||||||||||||||||||||||||||||||||||||
Apertura | 52 | 143 | 168 | 181 | 157 | 175 | 176 | 158 | 138 | 126 | 109 | |||||||||||||||||||||||||||||||||||||
Culebra | 172 | 168 | 154 | 160 | 167 | 170 | 165 | 145 | 139 | 138 | 118 | |||||||||||||||||||||||||||||||||||||
Velero | 50 | 71 | 105 | 112 | 124 | 111 | 94 | 86 | 82 | 83 | 83 | |||||||||||||||||||||||||||||||||||||
Cuitláhuac | 116 | 117 | 100 | 100 | 96 | 91 | 91 | 84 | 84 | 78 | 79 | |||||||||||||||||||||||||||||||||||||
Arcabuz | 65 | 77 | 97 | 88 | 95 | 98 | 104 | 95 | 85 | 82 | 81 | |||||||||||||||||||||||||||||||||||||
Lankahuasa | — | 51 | 104 | 101 | 83 | 79 | 72 | 66 | 61 | 57 | 50 | |||||||||||||||||||||||||||||||||||||
Fundador | 50 | 95 | 87 | 84 | 89 | 86 | 77 | 83 | 78 | 70 | 72 | |||||||||||||||||||||||||||||||||||||
Vistoso | 117 | 117 | 100 | 90 | 66 | 64 | 60 | 54 | 45 | 37 | 27 | |||||||||||||||||||||||||||||||||||||
Arcos | 92 | 96 | 69 | 67 | 60 | 61 | 55 | 62 | 53 | 50 | 47 | |||||||||||||||||||||||||||||||||||||
Papán | — | — | — | 14 | 98 | 115 | 129 | 197 | 256 | 262 | 258 | |||||||||||||||||||||||||||||||||||||
Cañón | 53 | 54 | 50 | 53 | 53 | 53 | 49 | 44 | 45 | 37 | 34 | |||||||||||||||||||||||||||||||||||||
Others | 892 | 921 | 968 | 1,043 | 1,109 | 1,119 | 1,135 | 1,231 | 1,275 | 1,356 | 1,439 |
(1) | Chicontepec production. 1Q09: 81 M M cfd. |
Note: Numbers may not total due to rounding.
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 28/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected operating information
Selected operating information
First quarter (Jan.-Mar.) | ||||||||||||||||
2008 | 2009 | Change | ||||||||||||||
Production | ||||||||||||||||
Total hydrocarbons (Mboed) | 4,035 | 3,864 | -4.2 | % | (170 | ) | ||||||||||
Total crude oil (Mbd) | 2,891 | 2,667 | -7.8 | % | (225 | ) | ||||||||||
Total gas equivalent (Mboed)(1) | 1,143 | 1,197 | 4.7 | % | 54 | |||||||||||
Offshore crude oil / Total crude oil production | 82.1 | % | 79.4 | % | -2.8 | % |
(1) | Includes condensates. |
Note: Numbers may not total due to rounding. Mboed stands for thousand of barrels of oil equivalent, per day.
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 29/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A4 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated balance sheet* **
Consolidated balance sheet* **
As of March 31, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Current assets | 390,225 | 403,646 | 3.4 | % | 13,421 | 28,523 | ||||||||||||||
Cash & cash equivalents | 118,178 | 143,049 | 21.0 | % | 24,871 | 10,108 | ||||||||||||||
Net accounts receivable | 172,977 | 192,190 | 11.1 | % | 19,213 | 13,581 | ||||||||||||||
Inventories | 99,070 | 68,407 | -31.0 | % | (30,663 | ) | 4,834 | |||||||||||||
of products | 94,802 | 63,946 | -32.5 | % | (30,856 | ) | 4,519 | |||||||||||||
of materials | 4,268 | 4,461 | 4.5 | % | 193 | 315 | ||||||||||||||
Investments in shares of non-consolidated subsidiaries and affiliates | 30,946 | 11,604 | -62.5 | % | (19,342 | ) | 820 | |||||||||||||
Properties, plant and equipment | 815,381 | 876,378 | 7.5 | % | 60,997 | 61,927 | ||||||||||||||
Other assets, net | 10,630 | 12,326 | 16.0 | % | 1,697 | 871 | ||||||||||||||
Total assets | 1,247,181 | 1,303,955 | 4.6 | % | 56,774 | 92,141 | ||||||||||||||
Short-term liabilities | 235,198 | 184,925 | -21.4 | % | (50,272 | ) | 13,067 | |||||||||||||
Short-term debt(1) | 90,602 | 79,127 | -12.7 | % | (11,475 | ) | 5,591 | |||||||||||||
Suppliers | 26,484 | 38,920 | 47.0 | % | 12,435 | 2,750 | ||||||||||||||
Net accounts payable | 34,986 | 46,985 | 34.3 | % | 11,998 | 3,320 | ||||||||||||||
Taxes payable | 83,125 | 19,894 | -76.1 | % | (63,231 | ) | 1,406 | |||||||||||||
Long-term liabilities | 899,317 | 1,109,398 | 23.4 | % | 210,081 | 78,393 | ||||||||||||||
Long-term debt(1) | 413,590 | 551,279 | 33.3 | % | 137,689 | 38,955 | ||||||||||||||
Reserve for employee benefits | 425,622 | 508,859 | 19.6 | % | 83,238 | 35,957 | ||||||||||||||
Reserve for sundry creditors | 53,626 | 42,072 | -21.5 | % | (11,554 | ) | 2,973 | |||||||||||||
Deferred taxes | 6,480 | 7,188 | 10.9 | % | 708 | 508 | ||||||||||||||
Total liabilities | 1,134,515 | 1,294,324 | 14.1 | % | 159,809 | 91,461 | ||||||||||||||
Total equity | 112,666 | 9,631 | -91.5 | % | (103,034 | ) | 681 | |||||||||||||
Total liabilities and equity | 1,247,180 | 1,303,955 | 4.6 | % | 56,774 | 92,141 |
* | Unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or | |
(1) | Includes documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, the Mexican Trust F/163, Pemex Finance Ltd. and Repcon Lux, |
Note: Numbers may not total due to rounding.
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 30/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated income statement* **
Consolidated income statement* **
First quarter (Jan.- Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total sales | 321,463 | 226,392 | -29.6 | % | (95,072 | ) | 15,997 | |||||||||||||
Domestic sales | 163,483 | 132,983 | -18.7 | % | (30,500 | ) | 9,397 | |||||||||||||
Exports | 157,695 | 92,019 | -41.6 | % | (65,676 | ) | 6,502 | |||||||||||||
Services income | 285 | 1,390 | 387.4 | % | 1,105 | 98 | ||||||||||||||
Cost of sales(1) | 123,582 | 110,946 | -10.2 | % | (12,636 | ) | 7,840 | |||||||||||||
Gross income | 197,881 | 115,446 | -41.7 | % | (82,435 | ) | 8,158 | |||||||||||||
General expenses(1) | 27,706 | 22,223 | -19.8 | % | (5,483 | ) | 1,570 | |||||||||||||
Distribution expenses | 7,809 | 7,285 | -6.7 | % | (524 | ) | 515 | |||||||||||||
Administrative expenses | 19,897 | 14,939 | -24.9 | % | (4,959 | ) | 1,056 | |||||||||||||
Operating income (loss) | 170,175 | 93,223 | -45.2 | % | (76,953 | ) | 6,587 | |||||||||||||
Other revenues (expenses) -net- (2) | 35,873 | (2,883 | ) | (38,756 | ) | (204 | ) | |||||||||||||
Comprehensive financing result | (895 | ) | (20,271 | ) | (19,376 | ) | (1,432 | ) | ||||||||||||
Participation in the results of subsidiaries and associates | (260 | ) | (169 | ) | 90 | (12 | ) | |||||||||||||
Income before taxes and duties | 204,894 | 69,899 | (134,995 | ) | 4,939 | |||||||||||||||
Taxes and duties | 201,642 | 96,897 | -51.9 | % | (104,745 | ) | 6,847 | |||||||||||||
Net income (loss) | 3,253 | (26,997 | ) | (30,250 | ) | (1,908 | ) |
* | Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) - -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso | |
(1) | Includes the cost of the reserve for retirment payments, pensions and indemnities. | |
(2) | Includes the reimbursement of the Special Tax on Production and Services (IEPS). | |
Note: Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 31/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected financial indexes* **
Selected financial indexes* **
First quarter (Jan.-Mar.) | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(US$MM) | ||||||||||||||||||||
Consolidated income statement ratios | ||||||||||||||||||||
Cost of sales / Total sales | 38.4 | % | 49.0 | % | 10.6 | % | ||||||||||||||
Depreciation / Cost of sales and General expenses | 13.8 | % | 17.5 | % | 3.7 | % | ||||||||||||||
Operating income / Total sales | 52.9 | % | 41.2 | % | -11.8 | % | ||||||||||||||
Taxes and duties / Total sales | 62.7 | % | 42.8 | % | -19.9 | % | ||||||||||||||
Consolidated balance sheet ratios | As of March 31, | |||||||||||||||||||
Working capital (Ps. MM)(1) | 155,027 | 218,721 | 41.1 | % | 63,694 | 15,455 | ||||||||||||||
Properties and equipment / Total Assets | 65.4 | % | 67.2 | % | 1.8 | % | ||||||||||||||
Total debt / Total liabilites and equity | 40.4 | % | 48.3 | % | 7.9 | % | ||||||||||||||
Pemex — Exploration and Production ratios | First quarter (Jan.-Mar.) | |||||||||||||||||||
Sales / Hydrocarbons production (Ps. / boe) | 760.8 | 465.4 | -38.8 | % | (295.4 | ) | 32.9 | |||||||||||||
Operating income / Hydrocarbons production (Ps. / boe) | 618.7 | 288.7 | -53.3 | % | (330.1 | ) | 20.4 | |||||||||||||
Net income / Hydrocarbons production (Ps. / boe) | 61.6 | (40.9 | ) | -166.4 | % | (102.5 | ) | (2.9 | ) | |||||||||||
Taxes and duties / Operating income | 87.7 | % | 95.3 | % | 7.7 | % |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Current assets minus short-term liabilities. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 32/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A7 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated statement of cashflow (indirect method)* **
Consolidated statement of cashflow (indirect method)* **
2009 | ||||||||
(US$MM) | ||||||||
Operating activities | ||||||||
Income before taxes and duties paid(1) | 77,831 | 5,500 | ||||||
Non-cash items | 21,458 | 1,516 | ||||||
Items related to investing activities | 24,085 | 1,859 | ||||||
Depreciation and amortization | 23,289 | 1,646 | ||||||
Participation in subsidiary companies and joint ventures | 169 | 169 | ||||||
Other items | 627 | 44 | ||||||
Items related to financing activities | (3,071 | ) | (217 | ) | ||||
Accrued interest | 1,249 | 88 | ||||||
Other items | (4,319 | ) | (305 | ) | ||||
Funds provided by income before taxes and duties | 120,304 | 8,659 | ||||||
Accounts receivables | (1,925 | ) | (136 | ) | ||||
Inventories | (2,935 | ) | (207 | ) | ||||
Other accounts receivable and other assets | 3,980 | 281 | ||||||
Suppliers | 3,538 | 250 | ||||||
Other liabilities | 1,720 | 122 | ||||||
Taxes and duties paid | (101,607 | ) | (7,180 | ) | ||||
Funds provided by (used in) the operation | (97,229 | ) | (6,870 | ) | ||||
Net cashflow from operating activities | 23,075 | 1,788 | ||||||
Investing activities | ||||||||
Property, plant and equipment | (55,516 | ) | (3,923 | ) | ||||
Other permanent investments | (597 | ) | (42 | ) | ||||
Net cashflow from investing activities | (56,112 | ) | (3,965 | ) | ||||
Exceeding (required) funds for financing activities | (33,037 | ) | (2,177 | ) | ||||
Financing activities | ||||||||
Bank loans | 20,538 | 1,451 | ||||||
Securities | 27,325 | 1,931 | ||||||
Amortization of bank loans | (719 | ) | (51 | ) | ||||
Amortization of securities | (379 | ) | (27 | ) | ||||
Future equity increases | 15,096 | 1,067 | ||||||
Interest paid | — | — | ||||||
Stock repurchase | — | |||||||
Other items | — | — | ||||||
Net cashflow from financing activities | 61,862 | 4,371 | ||||||
Net increase in cash and cash equivalents | 28,825 | 2,194 | ||||||
Cash and cash equivalents at the beginning of the year | 114,224 | 8,071 | ||||||
Cash and cash equivalents at the end of the year | 143,049 | 10,266 |
* | Unaudited consolidated financial statements prepared in accordance w ith Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
** | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 14.1517 = US$1.00 as of March 31, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | The starting point is income before taxes and duties paid, not accrued as presented in the income statement. | |
Note: Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 33/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A8 Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Subsidiary Entities’ contribution to financial results*
Subsidiary Entities’ contribution to financial results*
Subsidiary | |||||||||||||||||||||||||||||
Exploration and | Gas and Basic | Companies and | Intersegment | ||||||||||||||||||||||||||
Production | Refining | Petrochemicals | Petrochemicals | Corporate | eliminations | Total | |||||||||||||||||||||||
(Ps. MM) | |||||||||||||||||||||||||||||
Three months ending March 31, 2009 | |||||||||||||||||||||||||||||
Total sales | 161,852 | 112,131 | 45,993 | 12,315 | 142,058 | (247,957 | ) | 226,392 | |||||||||||||||||||||
External clients | — | 98,099 | 30,229 | 4,654 | 92,019 | — | 225,002 | ||||||||||||||||||||||
Intersegment | 161,852 | 13,118 | 15,764 | 7,661 | 49,273 | (247,668 | ) | — | |||||||||||||||||||||
Revenues from services | — | 914 | — | — | 765 | (289 | ) | 1,390 | |||||||||||||||||||||
Gross income (loss) | 108,410 | 3,767 | 3,254 | (2,759 | ) | 11,136 | (8,363 | ) | 115,446 | ||||||||||||||||||||
Operating income (loss) | 100,393 | (6,133 | ) | 300 | (5,147 | ) | 2,442 | 1,369 | 93,223 | ||||||||||||||||||||
Comprehensive financing result | (18,207 | ) | (5,350 | ) | 563 | 31 | 2,692 | — | (20,271 | ) | |||||||||||||||||||
Depreciation and amortization | 19,994 | 2,009 | 838 | 284 | 162 | — | 23,289 | ||||||||||||||||||||||
Cost of the reserve for labor obligations | 8,220 | 8,113 | 1,814 | 2,244 | 3,701 | — | 24,093 | ||||||||||||||||||||||
Taxes and duties | 95,714 | 635 | 42 | 60 | 447 | — | 96,897 | ||||||||||||||||||||||
Net income (loss) | (14,227 | ) | (13,347 | ) | 1,111 | (4,996 | ) | (36,069 | ) | 40,531 | (26,998 | ) | |||||||||||||||||
As of March 31, 2009 | |||||||||||||||||||||||||||||
Current assets | 500,129 | 199,152 | 90,580 | 57,623 | 1,106,625 | (1,550,461 | ) | 403,646 | |||||||||||||||||||||
Investment in shares | 403 | 157 | 1,738 | — | 327,833 | (318,526 | ) | 11,604 | |||||||||||||||||||||
Fixed assets | 630,068 | 178,812 | 41,940 | 16,427 | 9,131 | — | 876,378 | ||||||||||||||||||||||
Acquisition of fixed assets | 92,408 | (80 | ) | (1,017 | ) | 294 | 446 | — | 92,050 | ||||||||||||||||||||
Total assets | 1,130,748 | 380,806 | 134,597 | 74,463 | 1,999,096 | (2,415,755 | ) | 1,303,954 | |||||||||||||||||||||
Short-term liabilities | 160,575 | 188,108 | 32,948 | 6,521 | 863,883 | (1,067,110 | ) | 184,925 | |||||||||||||||||||||
Reserve for labor obligations | 177,252 | 172,609 | 43,357 | 47,751 | 67,890 | — | 508,859 | ||||||||||||||||||||||
Total liabilities | 872,067 | 409,805 | 85,856 | 55,440 | 1,958,415 | (2,087,260 | ) | 1,294,323 | |||||||||||||||||||||
Equity | 258,681 | (28,999 | ) | 48,741 | 19,023 | 40,681 | (328,495 | ) | 9,631 | ||||||||||||||||||||
Three months ending March 31, 2008 | |||||||||||||||||||||||||||||
Total sales | 279,339 | 128,563 | 65,324 | 18,863 | 238,536 | (409,161 | ) | 321,463 | |||||||||||||||||||||
External clients | — | 115,610 | 41,095 | 6,779 | 157,695 | — | 321,178 | ||||||||||||||||||||||
Intersegment | 279,339 | 12,953 | 24,229 | 12,085 | 80,387 | (408,992 | ) | (0 | ) | ||||||||||||||||||||
Revenues from services | — | — | — | — | 454 | (169 | ) | 285 | |||||||||||||||||||||
Gross income (loss) | 237,147 | (42,928 | ) | 2,773 | (1,328 | ) | 11,509 | (9,291 | ) | 197,881 | |||||||||||||||||||
Operating income (loss) | 227,176 | (53,776 | ) | 190 | (5,007 | ) | 1,262 | 330 | 170,175 | ||||||||||||||||||||
Comprehensive financing result | (5,967 | ) | (1,047 | ) | 855 | 153 | 5,048 | 63 | (895 | ) | |||||||||||||||||||
Depreciation and amortization | 17,168 | 2,403 | 904 | 288 | 155 | — | 20,917 | ||||||||||||||||||||||
Cost of the reserve for labor obligations | 10,576 | 11,133 | 2,373 | 3,180 | 4,883 | — | 32,145 | ||||||||||||||||||||||
Taxes and duties | 199,177 | 1,063 | 484 | 67 | 850 | — | 201,642 | ||||||||||||||||||||||
Net income (loss) | 22,615 | (21,274 | ) | 994 | (4,655 | ) | 4,623 | 950 | 3,253 | ||||||||||||||||||||
As of March 31, 2008 | |||||||||||||||||||||||||||||
Current assets | 608,453 | 227,395 | 88,002 | 58,583 | 503,877 | (1,096,084 | ) | 390,225 | |||||||||||||||||||||
Investment in shares | 343 | 157 | 1,093 | — | 693,092 | (663,739 | ) | 30,946 | |||||||||||||||||||||
Fixed assets | 587,326 | 162,885 | 41,887 | 15,374 | 7,909 | — | 815,381 | ||||||||||||||||||||||
Acquisition of fixed assets | 37,200 | 2,420 | 635 | 182 | 2 | — | 40,440 | ||||||||||||||||||||||
Total assets | 1,218,948 | 390,984 | 131,309 | 74,253 | 2,436,590 | (3,004,904 | ) | 1,247,181 | |||||||||||||||||||||
Short-term liabilities | 165,830 | 163,231 | 31,809 | 11,058 | 956,365 | (1,093,095 | ) | 235,198 | |||||||||||||||||||||
Reserve for labor obligations | 150,348 | 143,406 | 35,036 | 40,349 | 56,483 | — | 425,622 | ||||||||||||||||||||||
Total liabilities | 944,323 | 354,181 | 78,127 | 52,800 | 2,303,302 | (2,598,218 | ) | 1,134,515 | |||||||||||||||||||||
Equity | 274,625 | 36,803 | 53,182 | 21,453 | 133,288 | (406,686 | ) | 112,666 |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms. | |
Note: Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 34/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A9
Main Tenders
Pemex-Exploration and Production
Pemex-Exploration and Production
Amount | Announced | ||||||||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | ||||||||||||
18575111-002-08 | 1,172.3 | 11-Mar-09 | MAINTENANCE OF OIL PIPELINE | AWARDED | DM GP SERVICIOS DE INTEGRIDAD | ||||||||||||
18575051-044-08 | 610.6 | 10-Mar-09 | DRILLING AND COMPLETION OF WELLS AT ACEITE TERCIA RIO DEL GOLFO (ATG | AWARDED | DOWELL SCHLUM BERGER DE MÉXICO | ||||||||||||
18575051-046-08 | 584.3 | 27-Mar-09 | DRILLING AND COMPLETION OF WELLS AT ATG | AWARDED | WEATHERFORD DE MÉXICO | ||||||||||||
18575088-018-08 | 416.7 | 27-Feb-09 | LEASING OF OFFSHORE DRILLING RIG | AWARDED | |||||||||||||
2 lots | 218.2 | AWARDED | ENSCO DRILLING MÉXICO | ||||||||||||||
1 lot | 105.7 | AWARDED | BLACKSTONE GERENCIA | ||||||||||||||
1 lot | 92.8 | AWARDED | INDUSTRIAL DE SERVICIOS OUTSOURCING | ||||||||||||||
1 lot | VOID | ||||||||||||||||
18575088-020-08 | 222.0 | 19-Feb-09 | AWARDED | ||||||||||||||
2 lots | 167.6 | LEASING OF OFFSHORE DRILLING RIG | AWARDED | MEXDRILL OFFSHORE | |||||||||||||
1 lot | 54.3 | LEASING OF DRILLING EQUIPMENT | AWARDED | NABORS PERFORACIONES DE MÉXICO | |||||||||||||
1 lot | VOID | ||||||||||||||||
18575107-001-09 | 104.6 | 2-Mar-09 | SEA TRANSPORTATION | AWARDED | MARÍTIMA DE ECOLOGÍA | ||||||||||||
18575050-027-08 | 89.2 | 13-Mar-09 | NITROGEN INJECTION | AWARDED | DOWELL SCHLUM BERGER DE MÉXICO | ||||||||||||
18575050-023-08 | 79.5 | 6-Feb-09 | SERVICES FOR WELLS | AWARDED | HALLIBURTON DE MÉXICO | ||||||||||||
18575050-017-08 | 68.0 | 6-Jan-09 | SUPPLY OF MACHINERY, EQUIPMENT AND TOOLS | AWARDED | TUB A CERO | ||||||||||||
18575107-073-08 | 54.5 | 31-Mar-09 | MANAGEMENT OF DANGEROUS RESIDUES FROM PEP | AWARDED | ACC INGENIERÍA Y SERVICIOS ESPECIALIZA DOS | ||||||||||||
18575107-084-08 | 54.5 | 7-Jan-09 | SERVICES FOR HOUSING PLATFORM AT CAMPECHE SOUND | AWARDED | |||||||||||||
1 lot | 54.5 | AWARDED | COTEMAR | ||||||||||||||
4 lots | CANCELED | ||||||||||||||||
18575088-014-08 | 52.7 | 12-Mar-09 | NITROGEN INJECTION AT THE CAMPECHE SOUND | AWARDED | DOWELL SCHLUM BERGER DE MÉXICO | ||||||||||||
18575051-001-09 | 34.7 | 6-Mar-09 | SERVICES FOR THE NORTHERN REGION | AWARDED | TRANSPORTES INTERNACIONALES TAMAULIPECOS | ||||||||||||
18575107-078-08 | 30.5 | 7-Jan-09 | SEA TRANSPORTATION | AWARDED | |||||||||||||
2 lots | 30.5 | AWARDED | TM M DIVISIÓN MARÍTIMA | ||||||||||||||
1 lot | VOID | ||||||||||||||||
18575021-033-08 | 24.2 | 25-Feb-09 | SERVICE FOR DEHYDRATION OF MAYA CRUDE OIL | AWARDED | QUÍMICA APOLLO | ||||||||||||
18575107-082-08 | 24.1 | 8-Jan-09 | SEA TRANSPORTATION | AWARDED | |||||||||||||
2 lots | 6.5 | AWARDED | TM M DIVISIÓN MARÍTIMA | ||||||||||||||
1 lot | 6.5 | AWARDED | MANTENIMIEN TO EXPRESS MARÍTIMO | ||||||||||||||
1 lot | 11.2 | AWARDED | NAVIERA PETROLERA INTEGRAL | ||||||||||||||
1 lot | VOID | ||||||||||||||||
18575051-002-09 | 18.0 | 20-Mar-09 | ACCOMODATION AND CATERING SERVICES FOR PERSONNEL | AWARDED | MANOMETROS Y BRIDAS | ||||||||||||
18575109-038-08 | 17.9 | 17-Mar-09 | SERVICES AT BURGOS | AWARDED | QUÍMICA APOLLO | ||||||||||||
18575004-063-08 | 17.3 | 11-Feb-09 | TRANSPORTATION FOR LIQUIDS AT POZA RICA-ALTAMIRA | AWARDED | TRANSPORTES ESPECIALIZA DOS DE TOLUCA | ||||||||||||
18575106-061-08 | 17.1 | 25-Feb-09 | PROCUREMENT AND CONSTRUCTION OF PIPELINE AT VERACRUZ | AWARDED | OCEANOGRAFÍA | ||||||||||||
18575050-021-08 | 13.3 | 9-Jan-09 | MAINTENANCE SERVICES AT THE OFFSHORE REGION | AWARDED | MÉXICO DIESEL ELECTRO-MOTIVE | ||||||||||||
18575044-026-08 | 12.6 | 12-Feb-09 | SUPPLY OF CHEMICAL PRODUCTS AND SUBSTANCES | AWARDED | GLOBAL DRILLING DE MÉXICO | ||||||||||||
18575106-041-08 | 12.5 | 25-Mar-09 | STEEL PIPES | AWARDED | TUBACERO | ||||||||||||
18575051-043-08 | 12.2 | 26-Mar-09 | NITROGEN INJECTION | AWARDED | NITROPET | ||||||||||||
18575110-047-08. | 11.6 | 27-Feb-09 | CONSTRUCTION OF UNLOADING LINES | AWARDED | CONSTRUCCIÓNES Y EQUIPOS LATINO AMERICANOS | ||||||||||||
18575008-060-08 | 11.1 | 17-Mar-09 | CONSTRUCTION OF STATIONS FOR MEASURING AND CONTROL AT | AWARDED | DUMEZ COPISA SISTEM AS MEXICANOS | ||||||||||||
VERACRUZ ASSET | |||||||||||||||||
18572002-008-08 | 10.2 | 16-Jan-09 | AIR TRANSPORTATION | AWARDED | |||||||||||||
9 lots | 7.2 | AWARDED | COMPAÑÍA MEXICANA DE AVIACIÓN | ||||||||||||||
7 lots | 1.3 | AWARDED | EL MUNDOES TUYO | ||||||||||||||
2 lots | 0.9 | AWARDED | TRANSPORTES AEROMAR | ||||||||||||||
1 lot | 0.6 | AWARDED | AEROVÍA S DE MÉXICO | ||||||||||||||
1 lot | 0.1 | AWARDED | VIAJES KOKAI | ||||||||||||||
5 lots | VOID | ||||||||||||||||
18575004-064-08 | 10.1 | 23-Jan-09 | CARBON STEEL PIPELINES | AWARDED | TUBERÍA LAGUNA | ||||||||||||
18575108-039-08 | 9.6 | 22-Jan-09 | DEVELOPMENT AND MANAGEMENT OF ELECTRONIC MODELS | AWARDED | GRUPO DIARQCO | ||||||||||||
18575008-058-08 | 8.2 | 29-Jan-09 | CONSTRUCTION AND RECONDITIONING FOR PATHS AND PLATFORMS | AWARDED | TRASECOL | ||||||||||||
18575004-065-08 | 8.2 | 4-Mar-09 | OPERATION AND MAINTENANCE OF EQUIPMENT | AWARDED | PART TECHNICAL SERVICES | ||||||||||||
18575095-028-08 | 7.6 | 22-Jan-09 | SOUR WET GAS INJECTION IN WELLS | AWARDED | VALERUS COMPRESSION SERVICES MÉXICO | ||||||||||||
18575106-058-08 | 3.5 | 11-Mar-09 | ENGINEERING, PROCUREMENT AND CONSTRUCTION OF PIPELINES AT ATG | AWARDED | EDEM TEC | ||||||||||||
18575106-059-08 | 3.4 | 12-Mar-09 | ENGINEERING, PROCUREMENT AND CONSTRUCTION OF PIPELINES AT ATG | AWARDED | CDI CONSTRUCCIÓNES INDUSTRIALES | ||||||||||||
18575106-057-08 | 3.1 | 11-Mar-09 | ENGINEERING, PROCUREMENT AND CONSTRUCTION OF PIPELINES AT ATG | AWARDED | CONSTRUCCIÓNES INDUSTRIALES E INMOBILIARIOS DEL | ||||||||||||
NORTE | |||||||||||||||||
18575106-054-08 | 3.1 | 7-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | SHEBA CONSTRUCTORA E IN MOBILIARIA | ||||||||||||
18575106-055-08 | 3.0 | 7-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | CONSTRUCTORA MARUSA /GRUP OZIRA HUÉN | ||||||||||||
18575106-046-08 | 3.0 | 6-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | CALZADA CONSTRUCCIÓNES | ||||||||||||
18575106-060-08 | 2.9 | 17-mar-09 | ENGINEERING, PROCUREMENT AND CONSTRUCTION OF PIPELINES AT ATG | AWARDED | FABRICACIÓN Y REP ARA CIÓN ELECTROMECÁNICA | ||||||||||||
18575106-048-08 | 2.7 | 6-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | CONSTRUCTORAY FRACCIONA DORA ALM ACID | ||||||||||||
18575106-049-08 | 2.7 | 6-ene-09 | CONSTRUCTION FOR 12 MACROPADS AT ATG | AWARDED | CONSTRUCTORA Y FRACCIONA DORA ALM ACID | ||||||||||||
18575106-044-08 | 2.7 | 6-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | CONSTRUCTORA E INMOBILIARIA RO MEDIO | ||||||||||||
18575106-045-08 | 2.6 | 6-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | CONSTRUCTORA E INMOB ILIA RIA RÍO MEDIO | ||||||||||||
18575106-047-08 | 2.5 | 9-ene-09 | CONSTRUCTION OF 12 MACROPADS AT ATG | AWARDED | PROVEEDORES Y SERVICIOS ESPECIALIZA DOS DEL | ||||||||||||
SURESTE | |||||||||||||||||
18575106-056-08 | 1.8 | 7-ene-09 | CONSTRUCTION OF 8 MACROPADS AT ATG | AWARDED | SHEB ACONSTRUCTORA E INMOBILIARIA | ||||||||||||
18575051-005-09 | 24-feb-09 | DRILLING OF WELLS AT ATG | IN PROCESS | ||||||||||||||
18575106-001-09 | 7-abr-09 | PUMPING INFRASTRUCTURE AT KU-MALOOB -ZAAP (KMZ) | IN PROCESS | ||||||||||||||
18575106-003-09 | 7-abr-09 | PUMPING INFRASTRUCTURE AT KMZ | IN PROCESS |
Note: Information of tenders with amounts over Ps. 100 M M . For additional information and from other tenders consult www.compranet.gob.mx. |
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 35/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
Table A10
Main Tenders
Pemex-Gas and Basic Petrochemicals
Pemex-Gas and Basic Petrochemicals
Amount | Announced | ||||||||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | ||||||||||||
18577001-038-08 | 1.1 | 19-Feb-09 | PREVENTIVE AND CORRECTIVE MAINTENANCE FOR INFORMATIC | AWARDED | NEXTIRA ONE MÉXICO | ||||||||||||
EQUIPMENT | |||||||||||||||||
18577001-043-08 | 0.7 | 8-Jan-09 | MAINTENANCE SERVICES | AWARDED | $0 | ||||||||||||
3 lots | 0.4 | AWARDED | GRUPO SETEMI DE VERACRUZ | ||||||||||||||
2 lots | 0.4 | AWARDED | PROCESS CONTROL AND ENGINEERING CORPORATION | ||||||||||||||
1 lot | VOID | $0 | |||||||||||||||
18577007-038-08 | 0.6 | 16-Jan-09 | CHEMICAL SUBSTANCES FOR WATER TREATMENT | AWARDED | QUÍMICA APOLLO |
For additional information and from other tenders consult www.compranet.gob.mx.
Table A11
Main Tenders
Pemex-Refining
Pemex-Refining
Amount | Announced | ||||||||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | ||||||||||||
18576018-017-08 | 130.7 | 5-Mar-09 | SEA TRANSPORTATION | AWARDED | |||||||||||||
2 lots | 73.9 | AWARDED | ARRENDADORA OCEAN MEXICANA | ||||||||||||||
2 lots | 56.7 | AWARDED | NAVIERA TULUM | ||||||||||||||
1 lot | VOID | ||||||||||||||||
18576112-011-08 | 32.2 | 15-Jan-09 | PIPELINES FOR SCADA SYSTEM | AWARDED | |||||||||||||
691 lot | 32.2 | AWARDED | TELVENT ENERGIA | ||||||||||||||
51 lot | CANCELED | ||||||||||||||||
18576057-025-08 | 26.7 | 28-Jan-09 | SUPPLY OF CHEMICAL PRODUCTS AND SUBSTANCES | AWARDED | W.R. GRACE AND CO. | ||||||||||||
18576178-001-09 | 26.5 | 10-Mar-09 | LEASING OF 300 TANK CARS | AWARDED | CAMIONES ANDRA DE | ||||||||||||
18576057-011-08 | 18.4 | 2-Jan-09 | SUPPLY OF CHEMICAL PRODUCTS AND SUBSTANCES | AWARDED | W.R. GRACE AND CO. | ||||||||||||
18576057-024-08 | 17.2 | 30-Jan-09 | FUEL OIL, LUBE OIL AND DERIVATIVES | AWARDED | BIOCOM BUSTIBLES INTERNACIONALES | ||||||||||||
18576112-025-08 | 15.9 | 28-Jan-09 | CHEMICAL PRODUCT INJECTION SERVICS | AWARDED | QUIMICA APOLLO | ||||||||||||
18576057-003-09 | 7.4 | 24-Mar-09 | MAINTENANCE AND REPAIRMENT SERVICES AT CADEREYTA | AWARDED | DENKE |
Note: Information of tenders with amounts over Ps. 100 MM. For additional information and from other tenders consult www.compranet.gob.mx.
Table A12
Main Tenders
Pemex-Petrochemicals
Pemex-Petrochemicals
Amount | Announced | ||||||||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | ||||||||||||
18578011-021-08 | 1.1 | 20-Feb-09 | AUTOMATIC SYSTEM FOR ACCES AND ATTENDANCE CONTROL AT PQC | AWARDED | CÓDIGO EMPRESARIAL | ||||||||||||
18578019-022-08 | 0.9 | 24-Feb-09 | ENGINERY AND EQUIPMENT FOR CONSTRUCTION AT PQC MORELOS | AWARDED | FLEXIBLE LIFELINE SYSTEMS MÉXICO | ||||||||||||
18578011-020-08 | 0.6 | 11-Feb-09 | PIPELINES AT PQC CANGREJERA | AWARDED | VELTEC DE MÉXICO |
For additional information and from other tenders consult www.compranet.gob.mx.
Table A13
Main Tenders
Petróleos Mexicanos
Petróleos Mexicanos
Amount | Announced | ||||||||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | ||||||||||||
18572047-001-09 | 18.5 | 27-Mar-09 | SUPPLY OF MEDICINES | AWARDED | |||||||||||||
98 lots | 4.1 | AWARDED | FARMACÉUTICOS MAYPO | ||||||||||||||
154 lots | 3.5 | AWARDED | NADRO | ||||||||||||||
145 lots | 3.3 | AWARDED | CASA SABA | ||||||||||||||
77 lots | 2.5 | AWARDED | FÁRMACOS ESPECILIA ZDOS | ||||||||||||||
108 lots | 2.4 | AWARDED | CASA MARZA M | ||||||||||||||
45 lots | 1.4 | AWARDED | REPRESENTACIONES O.P .V. | ||||||||||||||
26 lots | 0.4 | AWARDED | FÁRMACOS NA CIONALES | ||||||||||||||
14 lots | 0.2 | AWARDED | COMERCIALIZADORA BRISSA DE MÉXICO | ||||||||||||||
3 lots | 0.2 | AWARDED | LANDSTEINER PHARMA | ||||||||||||||
7 lots | 0.1 | AWARDED | PHARMA CLUB | ||||||||||||||
3 lots | 0.1 | AWARDED | ADRIANA REGINA MARUN LAMAR | ||||||||||||||
17 lots | 0.1 | AWARDED | DISTRIBUIDORA DISUR | ||||||||||||||
6 lots | 0.1 | AWARDED | SERVICIOS DE DISTRIBUCIÓN ESPECIALIZA DA | ||||||||||||||
6 lots | 0.1 | AWARDED | NOVOFAR | ||||||||||||||
4 lots | 0.0 | AWARDED | COMERCIALIZA DORA Y DISTRIBUIDORA SAN FER | ||||||||||||||
8 lots | 0.0 | AWARDED | LILIAN HALABE BUCAY | ||||||||||||||
2 lots | 0.0 | AWARDED | PROQUIGAMA | ||||||||||||||
3 lots | 0.0 | AWARDED | PHARMACEUTICAL CORPORATION & SON`S | ||||||||||||||
1 lot | 0.01 | AWARDED | SCHNEIDER ELECTRIC MÉXICO | ||||||||||||||
2 lots | 0.0 | AWARDED | DISTRIBUIDORA MÉDICA | ||||||||||||||
494 lots | 0.0 | VOID | |||||||||||||||
18572002-008-08 | 10.2 | 16-Jan-09 | AIR TRANSPORTATION | AWARDED | |||||||||||||
9 lots | 7.2 | AWARDED | COMPAÑÍA MEXICANA DE AVIA CIÓN | ||||||||||||||
7 lots | 1.3 | AWARDED | EL MUNDOES TUYO | ||||||||||||||
2 lots | 0.9 | AWARDED | TRANSPORTES AEROMAR | ||||||||||||||
1 lot | 0.6 | AWARDED | AEROVÍAS DE MÉXICO | ||||||||||||||
1 lot | 0.1 | AWARDED | VIA JES KOKAI | ||||||||||||||
5 lots | VOID | ||||||||||||||||
18572039-010-08 | 6.3 | 23-Mar-09 | RECONDITIONING OF TANK AT PAJARITOS | AWARDED | GRUPO OLRAM | ||||||||||||
0.0 | 12-Feb-09 | ENGINEERING, PROCUREMENT AND CONSTRUCTION OF DESULFUR PLANTS | IN PROCESS | ||||||||||||||
18572039-001-09 | AT CADEREYTA AND TAMAULIP AS |
For additional information and from other tenders consult www.compranet.gob.mx.
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 36/37 |
www.pemex.com
PEMEX | Corporate Finance Office — Investor Relations | |
If you would like to contact Investor Relations, please call or send an e-mail to:
Telephone: | (52 55) 1944 9700 | |
Voice mail: | (52 55) 1944 2500 ext. 59412 |
ri@dcf.pemex.com
If you would like to be included in our distribution list, please accesswww.ri.pemex.com and then Distribution List.
Celina Torres | Andrés Brügmann | |
ctorresu@dcf.pemex.com | abrugmann@dcf.pemex.com | |
Rebeca González | Guillermo Regalado | |
rgonzalez@dcf.pemex.com | gregalado@dcf.pemex.com | |
Carmina Moreno | Cristina Arista | |
cmoreno@dcf.pemex.com | darista@dcf.pemex.com | |
Paulina Nieto | ||
pnietob@dcf.pemex.com |
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 Comercio Internacional, S.A. de C.V., its international trading arm.
Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate, as of March 31, 2009, of Ps. 14.1517 = US$1.00. Such translation should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the Mexican National Banking and Securities Commission and the U.S. Securities and Exchange Commission, in our annual report, 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 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 Form 20-F filing, as amended, with the U.S. Securities and Exchange Commission (www.sec.gov) and the PEMEX prospectus filed with the National Banking and Securities Commission (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.
The U.S. Securities and Exchange Commission (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, as amended, “File No. 0-99”, available from us atwww.pemex.comor 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 ‘s website,www.sec.gov. Investors are also welcome to review the annual report to the CNBV, available atwww.pemex.com.
EBITDA is a non-US GAAP measure.
PEMEX Unaudited Financial Results Report as of March 31, 2009 | 37/37 |
www.pemex.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Petróleos Mexicanos | ||||
By: | /s/ Mauricio Alazraki Pfeffer | |||
Mauricio Alazraki Pfeffer | ||||
Deputy Director of Finance and Treasury | ||||
Date: May 29, 2009 | ||||
FORWARD-LOOKING STATEMENTS
This report contains words, such as “believe”, “expects,” “anticipate” and similar expressions that identify forward-looking statements, which reflect our views about future events and financial performance. We have made forward-looking statements that address, among other things, our:
• | drilling and other exploration activities; |
• | import and export activities; |
• | projected and targeted capital expenditures and other costs, commitments and revenues; and |
• | liquidity. |
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.