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 November 2009
Commission File Number 0-99
Commission File Number 0-99
PETRÓLEOS MEXICANOS
(Exact name of registrant as specified in its charter)
MEXICAN PETROLEUM
(Translation of registrant’s name into English)
United Mexican States
(Jurisdiction of incorporation or organization)
Avenida Marina Nacional No. 329
Colonia Huasteca
Mexico, D.F. 11311
Mexico
Colonia Huasteca
Mexico, D.F. 11311
Mexico
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F orForm 40-F.
Form 20-Fþ Form 40-Fo
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)
Yeso Noþ
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)
Yeso Noþ
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.
Yeso Noþ
Corporate Finance Office
October 30, 2009.
October 30, 2009.
Financial Summary for the Quarter Ended September 30, 20091
• | During the third quarter of 2009, PEMEX recorded anet lossof Ps. 3.7 billion (US$0.3 billion), as compared to a net loss of Ps. 14.4 billion in the same quarter of 2008, primarily due to lower cost of imported products, and a decrease in taxes and duties, partially offset by lower prices and volume of crude oil exports and a lower credit of the Special Tax on Production and Services (IEPS). |
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Financial results summary* **
Financial results summary* **
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Total sales | 370,088 | 293,445 | -20.7 | % | (76,644 | ) | 22,119 | 1,064,913 | 779,355 | -26.8 | % | (285,558 | ) | 57,044 | ||||||||||||||||||||||||||
Domestic sales | 177,756 | 160,816 | -9.5 | % | (16,940 | ) | 12,122 | 519,382 | 433,960 | -16.4 | % | (85,422 | ) | 31,763 | ||||||||||||||||||||||||||
Exports | 191,074 | 131,336 | -31.3 | % | (59,738 | ) | 9,900 | 541,944 | 341,357 | -37.0 | % | (200,588 | ) | 24,985 | ||||||||||||||||||||||||||
Services income | 1,259 | 1,293 | 2.7 | % | 34 | 97 | 3,587 | 4,038 | 12.6 | % | 452 | 296 | ||||||||||||||||||||||||||||
Operating income (loss) | 190,382 | 143,761 | -24.5 | % | (46,621 | ) | 10,836 | 552,338 | 357,937 | -35.2 | % | (194,401 | ) | 26,199 | ||||||||||||||||||||||||||
Taxes and duties | 251,733 | 147,468 | -41.4 | % | (104,265 | ) | 11,116 | 685,061 | 389,365 | -43.2 | % | (295,696 | ) | 28,499 | ||||||||||||||||||||||||||
Net income (loss) | (14,393 | ) | (3,690 | ) | 74.4 | % | 10,703 | (278 | ) | 5,555 | (29,529 | ) | (35,085 | ) | (2,161 | ) | ||||||||||||||||||||||||
EBITDA(1) | 283,535 | 200,009 | -29.5 | % | (83,526 | ) | 15,076 | 859,254 | 516,900 | -39.8 | % | (342,355 | ) | 37,834 | ||||||||||||||||||||||||||
EBITDA / Financial cost(2) | 20.7 | 21.3 | 22.1 | 9.1 |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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. |
• | Totalsales, including revenues from services, decreased by 20.7% to Ps. 293.4 billion (US$22.1 billion), as a result of a 31.3% reduction of export sales due to lower prices and volumes of crude oil exports, as well as a decrease by 9.5% in domestic sales as a result of lower prices of natural gas and petrochemicals. | |
• | Cost of salesdecreased by 23.0%, to Ps. 125.0 billion, primarily due to a decrease of Ps. 40.2 billion in purchases of imported products partially and by a favorable variation of Ps. 12.2 billion in inventory valuation. | |
• | Cost of the reserve for employee benefitswas Ps. 24.1 billion. The variation, as compared to the third quarter of 2008 is mainly explained by the incorporation of the results of an independent actuarial valuation study. | |
• | Operating incomedecreased by 24.5%, to Ps. 143.8 billion, primarily due to lower export sales partially offset by a favorable variation in inventory valuation. |
1 | For purposes of analysis quarterly changes were made against the same quarter last year. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 1 |
PEMEX | Corporate Finance Office — Investor Relations |
• | Other net revenuesdecreased by 81.7%, to Ps. 12.4 billion, primarily due to lower credit of IEPS ofPs. 52.5 billion. |
• | Taxes and dutiesdecreased by 41.4%, to Ps. 147.5 billion, primarily due to lower prices and volume of production of crude oil. |
Income Statement as of September 30, 2009
• | As of September 30, 2009,total assetsincreased by 7.0%, to Ps. 1,390.6 billion, as compared to September 30, 2008. This variation is primarily due to an increase of Ps. 84.8 billion in properties, plant and equipment. |
• | Total debtvalued in dollar, including accrued interest, increased by 5.0% to US$ 50.6 billion, whereas total debt valued in pesos increased by 29%, to Ps. 683.2 billion, primarily due to the depreciation of the peso against the US dollar. |
• | Totalequitydecreased to Ps. 0.6 billion, primarily due to accumulated losses in the past twelve months as a result of lower prices and volume of crude oil exports and to the depreciation of the peso against the US dollar during that period. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 2 |
PEMEX | Corporate Finance Office — Investor Relations |
Operating Summary for the Quarter Ended September 30, 2009
• | During the third quarter of 2009, crude oil productiondecreased by 6.8%, to 2,567 thousand barrels per day (Mbd), as compared to the same period of 2008, due to the natural decline of Cantarell, partially offset by an increase of 13.9% in the production of Ku-Maloob-Zaap, which reached a new production record of 851 Mbd. |
• | Dry natural gas productionincreased by 2.7% to 3,574 million cubic feet per day (MMcfd), primarily due to higher associated gas production in the offshore and Southern regions, as well as higher availability of non-associated gas due to the incorporation of new wells in the Northern region. |
• | Theproduction of petroleum productsincreased by 5.3% to 1,510 Mbd, primarily due to greater fuel oil and gasoline production, which increased by 13.5% and 7.6% respectively. This increase is primarily due to the reconversion of one of the processes of the Tula refinery, which will support in the production of ultra low sulfur gasoline (UBA), as well as greater production of gasoline due to the use of inventories of intermediate products. |
• | Net production of petrochemicalsdecreased by 3.1%, to 1,068 Mt. This decrease was primarily due to a lower production of ethane and methane derivatives, in particular ethylene oxide and ammonia as a result of scheduled maintenance and the integration of the ethylene oxide project in the Morelos Petrochemical Complex. |
• | The volume ofcrude oil exportsdecreased by 8.4% as compared to the same quarter of 2008, to 1,179 Mbd, as a result of lower production. Additionally, the weighted average export price of the Mexican crude oil basket decreased by 39.7%, as compared to the same quarter of 2008, to US$63.9 per barrel. |
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Operating information summary
Operating information summary
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
Hydrocarbons production | ||||||||||||||||||||||||||||||||
Total hydrocarbons (Mboed) | 3,935 | 3,793 | -3.6 | % | (142 | ) | 3,977 | 3,821 | -3.9 | % | (155 | ) | ||||||||||||||||||||
Total crude oil (Mbd) | 2,754 | 2,567 | -6.8 | % | (186 | ) | 2,813 | 2,608 | -7.3 | % | (205 | ) | ||||||||||||||||||||
Offshore crude oil / Total crude oil production | 80.7 | % | 77.4 | % | -3.3 | % | 81.4 | % | 78.3 | % | -3.2 | % | ||||||||||||||||||||
Total gas equivalent (Mboed)(1) | 1,181 | 1,226 | 3.8 | % | 45 | 1,164 | 1,214 | 4.3 | % | 50 | ||||||||||||||||||||||
Total gas (Mboed) | 6,963 | 7,066 | 1.5 | % | 103 | 6,804 | 7,038 | 3.4 | % | 234 | ||||||||||||||||||||||
Dry natural gas production (MMcfd) | 3,479 | 3,574 | 2.7 | % | 95 | 3,466 | 3,550 | 2.4 | % | 84 | ||||||||||||||||||||||
Natural gas liquids production (Mbd)(2) | 376 | 378 | 0.6 | % | 2 | 378 | �� | 380 | 0.7 | % | 2 | |||||||||||||||||||||
Petroleum products production(3) | 1,435 | 1,510 | 5.3 | % | 75 | 1,493 | 1,517 | 1.6 | % | 24 | ||||||||||||||||||||||
Net production of petrochemicals | 1,103 | 1,068 | -3.1 | % | (34 | ) | 3,232 | 3,214 | -0.6 | % | (18 | ) |
(1) | Includes condensates. | |
(2) | Includes condensates and other streams to fractionating process. | |
(3) | Excludes butylene and propylene and includes isobutanes from Pemex-Gas and Basic Petrochemicals and butane from Pemex-Petrochemicals. | |
Note: | Numbers may not total due to rounding. Mboed stands for thousand barrels of oil equivalent per day. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 3 |
PEMEX | Corporate Finance Office — Investor Relations |
Financial Summary as of September 30, 20092
• | During the first nine months of 2009, PEMEX recorded anet lossof Ps. 29.5 billion (US$2.2 billion), as compared to a net income of Ps. 5.6 billion in the first nine months of 2008. This variation is explained by lower prices and volume of crude oil exports, as well as a decrease in other net income as a result of lower credit of IEPS tax. |
• | Totalsales, including revenues from services, decreased of 26.8% to Ps. 779.4 billion (US$57.0 billion), primarily due to a decrease of 37.0% in export sales as a result of lower prices and volume of crude oil exports and a decrease by 16.4% in sales in Mexico as a result of a widespread reduction of natural gas, petroleum products and petrochemical prices. |
• | Cost of salesdecreased by 20.2%, to Ps. 352.1 billion, primarily due to a decrease of Ps. 106.4 billion as a result of lower purchases of products, partially compensated by an increase of Ps. 9.5 billion in exploration expenses. |
• | Operating incomedecreased by 35.2%, to Ps. 357.9 billion, primarily due to lower prices and volumes of crude oil exports. |
• | Other net revenuesdecreased by 84.6%, to Ps. 24.9 billion, primarily due to lower credit of IEPS tax byPs. 143.1 billion. |
• | Taxes and dutiesdecreased by 43.2%, to Ps. 389.4 billion, primarily due to lower prices and volumes of crude oil production. |
2 | For purposes of analysis the cumulative changes were made against the comparable period of last year. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 4 |
PEMEX | Corporate Finance Office — Investor Relations |
Results by Subsidiary Entity during the first nine months of 2009.
• | During the first nine months of 2009,Pemex-Exploration and Production(PEP) recorded a net loss ofPs. 10.8 billion, as compared to a net income of Ps. 69.6 billion recorded in the same period of 2008, primarily due to lower prices and volumes of crude oil exports. |
• | Pemex-Refining(PR) recorded a net loss of Ps. 32.9 billion, as compared to a net loss of Ps. 70.7 billion in 2008, primarily due to an increase in the variable refining margin, which increased from a negative margin of US$0.13, to a positive margin of US$2.14 per barrel during the first nine months of 2009. |
• | Pemex-Gas and Basic Petrochemicals(PGPB) recorded a net income of Ps. 1.4 billion, as compared to a net income of Ps. 4.2 billion in 2008, primarily due to a decrease in the natural gas and gas liquids prices, despite an increase in the processing level. |
• | Pemex-Petrochemicals(PPQ) recorded a net loss of Ps. 14.0 billion, as compared to a net loss ofPs. 13.9 billion in 2008 as a result of a decrease in the comprehensive financial result. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 5 |
PEMEX | Corporate Finance Office — Investor Relations |
Financial Results as of September 30, 20093
Net income
3Q09 | In the third quarter of 2009, PEMEX recorded a net loss of Ps. 3.7 billion (US$0.3 billion), as compared to a net loss of Ps. 14.4 billion in the same quarter of 2008. This decrease is primarily due to lower costs of imported products and lower taxes and duties, partially offset by lower crude oil prices and volume of crude oil exports, as well as lower credit on the Special Tax on Production and Services (IEPS). | |
Jan.-Sep. 09 | In the first nine months of 2009, PEMEX recorded a net loss of Ps. 29.5 billion (US$2.2 billion), as compared to a net income of Ps. 5.6 billion in the first nine months of 2008. This change from income to loss is primarily explained by lower crude oil prices and volume of crude oil exports, and lower credit on the IEPS. |
Sales
3Q09 | Total sales, including revenues from services, decreased by 20.7% to Ps. 293.4 billion (US$22.1 billion), primarily due to lower crude oil prices and lower volume of crude oil exports. | |
Domestic sales decreased by 9.5% to Ps. 160.8 billion: | ||
• Dry natural gas sales decreased by 51.4% to Ps. 13.2 billion, due to a decrease in the average price of natural gas from US$9.5 to US$3.4 per million British Thermal Unit (MMBtu), which was partially offset by a 6.8% increase in volume sold, from 2,937 to 3,137 MMcfd. | ||
• Sales of petroleum products increased only 0.2% to Ps. 142.6 billion, primarily due to higher diesel prices, partially compensated by lower volume of diesel and LPG. | ||
• Petrochemical product sales decreased by 39.7%, to Ps. 5.0 billion, primarily as a result of lower prices and volume sold, from 1,030 to 883 Mt. | ||
Export sales decreased by 31.3% to Ps. 131.3 billion: | ||
• Crude oil and condensates export sales decreased by 32.6% to Ps. 111.7 billion, due to a 46.5% decrease in the weighted average Mexican crude oil export price from US$105.89 to US$63.90 per barrel, and a 8.4% decrease in the volume of crude oil exports, from 1,287 to 1,179 Mbd. | ||
• Dry natural gas export sales decreased by 84.4% to Ps. 0.2 billion, primarily due to an increase in demand from the Mexican electric industry and lower international reference prices. | ||
• Petroleum products export sales decreased by 18.7% to Ps. 18.6 billion, due to an overall decrease in prices of these products, regardless of an 18.8% increase in the volume exported, from 189 to 224 Mbd. | ||
• Petrochemical products export sales decreased by 24.4% to Ps. 0.8 billion, as a result of lower reference prices, despite of a 41.3% increase in the volume exported, from 169 to 239 Mt. |
3 | For purposes of analysis quarterly changes are made against the same quarter last year. Similarly, the cumulative changes are made against the comparable period last year. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 6 |
PEMEX | Corporate Finance Office — Investor Relations |
Jan.-Sep. 09 | In the first nine months of 2009, total sales, including revenues from services, decreased by 26.8% to Ps. 779.4 billion (US$57.0 billion), due to lower crude oil prices and lower volume of crude oil exports. | |
Domestic sales decreased by 16.4% to Ps. 434.0 billion, due to a widespread decrease in natural gas prices, petroleum products and petrochemicals, as well as to a decrease in the volumes of sales of these products. | ||
Additionally, export sales decreased by 37.0%, to Ps. 341.4 billion, due to a decrease in crude oil prices and volume of crude oil exports. |
Table 1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Sales* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Sales* **
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Total sales | 370,088 | 293,445 | -20.7 | % | (76,644 | ) | 22,119 | 1,064,913 | 779,355 | -26.8 | % | (285,558 | ) | 57,044 | ||||||||||||||||||||||||||
Domestic sales | 177,756 | 160,816 | -9.5 | % | (16,940 | ) | 12,122 | 519,382 | 433,960 | -16.4 | % | (85,422 | ) | 31,763 | ||||||||||||||||||||||||||
Dry natural gas | 27,134 | 13,199 | -51.4 | % | (13,936 | ) | 995 | 85,152 | 43,844 | -48.5 | % | (41,308 | ) | 3,209 | ||||||||||||||||||||||||||
Petroleum products | 142,345 | 142,624 | 0.2 | % | 279 | 10,750 | 410,124 | 375,527 | -8.4 | % | (34,597 | ) | 27,486 | |||||||||||||||||||||||||||
Gasoline | 68,144 | 68,903 | 1.1 | % | 760 | 5,194 | 199,980 | 187,875 | -6.1 | % | (12,106 | ) | 13,751 | |||||||||||||||||||||||||||
Diesel | 28,581 | 32,336 | 13.1 | % | 3,755 | 2,437 | 81,142 | 88,365 | 8.9 | % | 7,224 | 6,468 | ||||||||||||||||||||||||||||
LPG(1) | 13,390 | 11,704 | -12.6 | % | (1,686 | ) | 882 | 40,440 | 36,208 | -10.5 | % | (4,232 | ) | 2,650 | ||||||||||||||||||||||||||
Other | 32,230 | 29,680 | -7.9 | % | (2,550 | ) | 2,237 | 88,562 | 63,079 | -28.8 | % | (25,483 | ) | 4,617 | ||||||||||||||||||||||||||
Petrochemical products | 8,277 | 4,994 | -39.7 | % | (3,283 | ) | 376 | 24,106 | 14,589 | -39.5 | % | (9,517 | ) | 1,068 | ||||||||||||||||||||||||||
Exports | 191,074 | 131,336 | -31.3 | % | (59,738 | ) | 9,900 | 541,944 | 341,357 | -37.0 | % | (200,588 | ) | 24,985 | ||||||||||||||||||||||||||
Crude oil and condensates | 165,647 | 111,717 | -32.6 | % | (53,931 | ) | 8,421 | 475,624 | 288,656 | -39.3 | % | (186,968 | ) | 21,128 | ||||||||||||||||||||||||||
Dry natural gas | 1,515 | 237 | -84.4 | % | (1,279 | ) | 18 | 2,556 | 1,231 | -51.8 | % | (1,325 | ) | 90 | ||||||||||||||||||||||||||
Petroleum products | 22,835 | 18,570 | -18.7 | % | (4,265 | ) | 1,400 | 61,294 | 49,844 | -18.7 | % | (11,450 | ) | 3,648 | ||||||||||||||||||||||||||
Petrochemical products | 1,076 | 813 | -24.4 | % | (263 | ) | 61 | 2,471 | 1,625 | -34.2 | % | (846 | ) | 119 |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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) | Liquefied Petroleum Gas | |
Note: | Numbers may not total due to rounding. |
Table 2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Volume of domestic sales
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Volume of domestic sales
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
Dry natural gas (MMcfd) | 2,937 | 3,137 | 6.8 | % | 199 | 3,112 | 3,077 | -1.1 | % | (35 | ) | |||||||||||||||||||||
Petroleum products (Mbd) | 1,828 | 1,799 | -1.6 | % | (29 | ) | 1,842 | 1,755 | -4.7 | % | (87 | ) | ||||||||||||||||||||
Gasoline | 793 | 790 | -0.3 | % | (3 | ) | 788 | 784 | -0.5 | % | (4 | ) | ||||||||||||||||||||
Diesel | 390 | 360 | -7.7 | % | (30 | ) | 383 | 357 | -6.7 | % | (26 | ) | ||||||||||||||||||||
LPG | 276 | 264 | -4.5 | % | (12 | ) | 286 | 274 | -4.2 | % | (12 | ) | ||||||||||||||||||||
Other | 368 | 385 | 4.4 | % | 16 | 384 | 339 | -11.7 | % | (45 | ) | |||||||||||||||||||||
Petrochemicals products (Mt) | 1,030 | 883 | -14.3 | % | (147 | ) | 3,220 | 3,001 | -6.8 | % | (219 | ) |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 7 |
PEMEX | Corporate Finance Office — Investor Relations |
Cost of Sales
3Q09 | In the third quarter of 2009, cost of sales decreased by 23.0%, to Ps. 125.0 billion, primarily as a result of the following: | |
• a decrease of Ps. 40.2 billion in purchases of imported products then to be sold in Mexico; and | ||
• a favorable change in inventories of Ps. 12.2 billion during the third quarter of 2009, due to a price increases during the period, which generated its revaluation. | ||
In the third quarter of 2009, cost of sales as a percentage of total sales amounted to 42.6%, representing a decrease of 1.3 percentage points, essentially as a result of a favorable change in inventories and lower costs of imported products. | ||
Jan.-Sep. 09 | In the first nine months of 2009, cost of sales decreased by 20.2%, to Ps. 352.1 billion. This decrease was primarily the result of the following: | |
• a decrease of Ps. 106.4 billion in purchases of imported products then to be sold in México; and | ||
• an increase of Ps. 9.5 billion in exploration expenses. | ||
Cost of sales as a percentage of total sales amounted to 45.2%, representing an increase of 3.8 percentage points compared to the first nine months of 2008, primarily as a result of greater exploration costs. |
General Expenses
3Q09 | General expenses increased by 42.4%, to Ps. 24.7 billion, primarily due to a decrease of Ps. 6.4 billion in the net cost of employee benefits of the period. | |
Jan.-Sep. 09 | General expenses decreased by 3.1% to Ps. 69.4 billion, primarily due to a decrease of Ps. 6.2 billion in the net cost of the period for employee benefits, partially offset by an increase of Ps. 3.4 billion in operating expenses. |
Cost of Employee Benefits for the Period4
3Q09 | The net cost of employee benefits for the period totaled Ps. 24.1 billion. The variation as compared to third quarter of 2008 is due to the incorporation of the results of an independent valuation study during 2008. | |
Jan.-Sep. 09 | The cost of employee benefits for the period decreased by 13.9% to Ps. 72.3 billion, essentially due to the recognition of the results of an independent actuarial valuation study. |
4 | The cost of the reserve for 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”. This cost is allocated among cost of sales, distribution expenses and administrative expenses. A change in the cost of the reserve for employee benefits reflects the recognition of one additional year of employment and age; wage increases, pensions and benefits; and changes in actuarial assumptions. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 8 |
PEMEX | Corporate Finance Office — Investor Relations |
Table 3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Other operating costs and expenses
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Other operating costs and expenses
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Cost of sales | 162,387 | 125,023 | -23.0 | % | (37,365 | ) | 9,424 | 440,993 | 352,057 | -20.2 | % | (88,936 | ) | 25,768 | ||||||||||||||||||||||||||
General expenses | 17,319 | 24,661 | 42.4 | % | 7,342 | 1,859 | 71,582 | 69,361 | -3.1 | % | (2,221 | ) | 5,077 | |||||||||||||||||||||||||||
Distribution expenses | 5,146 | 8,330 | 61.9 | % | 3,184 | 628 | 22,289 | 23,777 | 6.7 | % | 1,489 | 1,740 | ||||||||||||||||||||||||||||
Administrative expenses | 12,173 | 16,331 | 34.2 | % | 4,158 | 1,231 | 49,293 | 45,584 | -7.5 | % | (3,709 | ) | 3,336 | |||||||||||||||||||||||||||
Net cost of the period for employee benefits | 9,045 | 24,093 | 166.4 | % | 15,048 | 1,816 | 83,977 | 72,278 | -13.9 | % | (11,700 | ) | 5,290 |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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. |
Operating Income
3Q09 | In the third quarter of 2009, operating income decreased by 24.5%, to Ps. 143.8 billion, primarily as a result of lower export sales, partially offset by a favorable variation of Ps. 12.2 billion in inventory revaluation. | |
Jan.-Sep. 09 | In the first nine months of 2009, operating income decreased by 35.2%, to Ps. 357.9 billion, due to lower prices and lower volume of crude oil exports. |
Other Revenues (Expenses)-Net
3Q09 | In the third quarter of 2009, other net revenues decreased by 81.7%, to Ps. 12.4 billion, primarily due to lower tax credit derived from the negative rate of the IEPS5 tax, to Ps. 52.5 billion. | |
Jan.-Sep. 09 | In the first nine months of 2009, other net revenues decreased by 84.6%, to Ps. 24.9 billion, primarily due to a decrease in IEPS credit of Ps. 143.1 billion. |
5 | 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 September 30, 2009. | 9 |
PEMEX | Corporate Finance Office — Investor Relations |
Comprehensive Financing Result
3Q09 | In the third quarter of 2009, the loss associated with comprehensive financing result decreased by 19.5% to Ps. 11.8 billion, as a result of: | |
• a decrease of Ps. 2.9 billion net interest cost; and | ||
• a decrease of Ps. 0.6 billion in the foreign exchange loss. | ||
Jan.-Sep. 09 | During the first nine months of 2009, comprehensive financing result represented a cost of Ps. 21.9 billion, slightly below to the expense of Ps. 22.1 billion recorded in 2008. This variation resulted from: | |
• an increase of Ps. 2.1 billion on the net interest cost; | ||
• partially offset by a decrease of Ps. 2.3 billion in the foreign exchange loss. |
Table 4
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Comprehensive financing result* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Comprehensive financing result* **
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Comprehensive financing result | (14,715 | ) | (11,841 | ) | -19.5 | % | 2,874 | (893 | ) | (22,095 | ) | (21,922 | ) | -0.8 | % | 173 | (1,605 | ) | ||||||||||||||||||||||
Financial income(1) | 14,272 | 12,279 | -14.0 | % | (1,993 | ) | 926 | 20,095 | 35,560 | 77.0 | % | 15,465 | 2,603 | |||||||||||||||||||||||||||
Financial cost(1) | (13,667 | ) | (9,372 | ) | -31.4 | % | 4,295 | (706 | ) | (38,947 | ) | (56,551 | ) | 45.2 | % | (17,604 | ) | (4,139 | ) | |||||||||||||||||||||
Foreign exchange gain (loss) | (15,319 | ) | (14,748 | ) | -3.7 | % | 571 | (1,112 | ) | (3,242 | ) | (931 | ) | -71.3 | % | 2,311 | (68 | ) |
* | Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAA P- 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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. |
Participation in Results of Subsidiary Entities and Affiliates
3Q09 | Participation in the results of subsidiary entities and affiliates increased from a loss of Ps. 5.9 billion in 2008, to a loss of Ps. 0.5 billion in the third quarter of 2009, primarily due to a recognition of the results associated with the Deer Park refinery joint venture. | |
Jan.-Sep. 09 | Participation in the results of subsidiary entities and affiliates increased from a loss of Ps. 1.3 billion in 2008, to a loss of Ps. 1.1 billion during the first nine months of 2009, due to a recognition of the results associated with the Deer Park refinery joint venture. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 10 |
PEMEX | Corporate Finance Office — Investor Relations |
Income before Taxes and Duties
3Q09 | In the third quarter of 2009, income before taxes and duties decreased 39.4%, to Ps. 143.8 billion mainly due to: | |
• a decrease of Ps. 46.6 billion in operating income, as a result of lower prices and lower volume of crude oil exports; and | ||
• a decrease of Ps. 55.2 billion in other net revenues, associated with a lower tax credit derived from the negative rate of the IEPS. | ||
Jan.-Sep. 09 | In the first nine months of 2009, income before taxes and duties decreased by 47.9% to Ps. 359.8 billion, primarily due to: | |
• a decrease of Ps. 194.4 billion in the operating income, primarily as a result of lower prices and lower volume of crude oil exports; and | ||
• a decrease of Ps. 143.1 billion in other net revenues, primarily due to a decrease in the tax credit derived from the negative rate of the IEPS. |
Taxes and Duties6
3Q09 | In the third quarter of 2009, taxes and duties decreased by 41.4%, to Ps. 147.5 billion (US$11.1 billion), primarily due to lower prices and volumes of crude oil production, partially offset by the elimination of the Extraordinary Duty on Crude Oil Exports. | |
Jan.-Sep. 09 | In the first nine months of 2009, taxes and duties paid decreased by 43.2%, to Ps. 389.4 billion, primarily due to lower prices and volumes of crude oil production. |
Table 5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Taxes and duties* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Taxes and duties* **
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Total taxes and duties | 251,733 | 147,468 | -41.4 | % | (104,265 | ) | 11,116 | 685,061 | 389,365 | -43.2 | % | (295,696 | ) | 28,499 | ||||||||||||||||||||||||||
Hydrocarbon duties | 248,909 | 144,334 | -42.0 | % | (104,575 | ) | 10,879 | 676,139 | 379,618 | -43.9 | % | (296,521 | ) | 27,786 | ||||||||||||||||||||||||||
Ordinary hydrocarbons duty | 218,269 | 123,194 | -43.6 | % | (95,075 | ) | 9,286 | 592,110 | 324,505 | -45.2 | % | (267,604 | ) | 23,752 | ||||||||||||||||||||||||||
Extraordinary duty on crude oil exports | 11,218 | — | -100.0 | % | (11,218 | ) | — | 27,463 | — | -100.0 | % | (27,463 | ) | — | ||||||||||||||||||||||||||
Hydrocarbons duty for the stabilization fund | 18,879 | 19,598 | 3.8 | % | 719 | 1,477 | 55,077 | 51,559 | -6.4 | % | (3,518 | ) | 3,774 | |||||||||||||||||||||||||||
Duty for scientific and technological research on energy | 532 | 665 | 24.9 | % | 133 | 50 | 1,460 | 1,806 | 23.7 | % | 346 | 132 | ||||||||||||||||||||||||||||
Duty for oil monitoring | 11 | 7 | -37.7 | % | (4 | ) | 0.5 | 29 | 18 | -38.4 | % | (11 | ) | 1 | ||||||||||||||||||||||||||
Other taxes and duties(1) | 2,824 | 3,134 | 11.0 | % | 310 | 236 | 8,922 | 9,747 | 9.2 | % | 825 | 713 |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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. |
6 | Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production’s (PEP) tax regime is governed by the Federal Duties Law, while the 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 September 30, 2009. | 11 |
PEMEX | Corporate Finance Office — Investor Relations |
Changes in the Chicontepec and deep waters fiscal regimes
On October 21, 2009, the Chamber of Deputies approved the Federal Duties Law that includes PEMEX’s Fiscal Regime. The law incorporates changes in the fiscal regimes for Chicontepec and deep waters.
Special Duty:
• | The rate applicable to the value of production less authorized deductions is reduced to 30% for both regions.7This rate will increase to 36% when cumulative production of the region exceeds 240 million barrels of crude oil equivalent (MMboe). | ||
• | The deductible limit, which acts as a cap on costs for both regions was increased. The applicable limit will be the lesser of US$32.5/boe and 60% of the price of crude oil equivalent.8 | ||
• | The cost recovery period for costs that exceed the deductible limit (cost cap) was extended to 15 years for both regions.9 |
Hydrocarbons Extraction Duty:
• | The rate applicable to the value of production changes from a variable rate of 10% to 20% (depending on the weighted average Mexican crude oil export price) to a fixed rate of 15%. |
Additional Hydrocarbons Duty:
• | This duty will be applied if and only if the equivalent oil price is above US$60/boe. The duty is calculated by applying a rate of 52% on the total production volume, multiplied by the difference between the equivalent oil price and US$60. |
7 | The Special Hydrocarbons Duty rate was 71.5% for Chicontepec, and a varied from 60% to 71.5% (depending on the average Mexican crude oil export price) for deep waters fields off the Gulf of México. | |
8 | The former deductible limit was US$11/boe and US$2.7/Mcf for Chicontepec, and US$16.5/boe and US$4/Mcf for deep waters. | |
9 | The former recovery periods for costs that exceeded the deductible limit was 7 years for fields in Paleocanal Chicontepec, and 10 years for fields in deep waters off the Gulf of Mexico. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 12 |
PEMEX | Corporate Finance Office — Investor Relations |
Results by Subsidiary Entity
Pemex-Exploration and Production (PEP) | PEP operating income per barrel of crude oil equivalent decreased by 35.5%, to US$40.7 per barrel, as compared to the first nine months of 2008, primarily due to lower prices and volume of crude oil production. The ratio of taxes to operating income increased by 7.2 percentage points to 94.6% during 2009. | |
As a result, PEP recorded a net loss of Ps. 10.8 billion, compared to a net income of Ps. 69.6 billion during the first nine months of 2008. |
Table 6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected indexes* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected indexes* **
Nine months ending Sep. 30, | ||||||||||||||||||||
Pemex-Exploration and Production | 2008 | 2009 | Change | 2009 | ||||||||||||||||
(US$/boe) | ||||||||||||||||||||
Sales / Hydrocarbons production (Ps. / boe) | 862.5 | 556.7 | -35.5 | % | (305.8 | ) | 40.7 | |||||||||||||
Operating income / Hydrocarbons production (Ps. / boe) | 710.4 | 385.1 | -45.8 | % | (325.3 | ) | 28.2 | |||||||||||||
Net income / Hydrocarbons production (Ps. / boe) | 63.9 | (10.3 | ) | -116.1 | % | (74.2 | ) | (0.8 | ) | |||||||||||
Taxes and duties / Operating income | 87.4 | % | 94.6 | % | 7.2 | % |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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: | boe stands for barrels of crude oil equivalent. |
Pemex- Refining (PR) | PR operating loss decreased by 80.5% to Ps. 42.4 billion, primarily due to an increase in the variable refining margin10, from a negative margin of US$0.13 to a positive margin of US$2.14 per barrel. | |
During the first nine months of 2009, PR recorded a net loss of Ps. 32.9 billion, compared to a net loss of Ps. 70.7 billion. | ||
Pemex-Gas and Basic Petrochemicals (PGPB) | PGPB recorded an operating loss of Ps. 1.1 billion as compared to a net income of Ps. 1.8 billion during the first nine months of 2008, primarily due to lower natural gas and gas liquids prices, despite an increase in the processing level. | |
As a result, PGPB recorded a net income of Ps. 1.4 billion, compared to a net income of Ps. 4.2 billion during the first nine months of 2008. | ||
Pemex- Petrochemicals (PPQ) | PPQ net operating loss decreased by 6.0% to Ps. 14.0 billion, essentially due to a decrease in the cost of employee benefits for the period. | |
PPQ net loss increased to Ps. 14.0 billion as compared to a loss of Ps. 13.9 billion during the first nine months of 2008, essentially as a result of a decrease in the comprehensive financial result. |
10 | This 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, internal consumption (consisting of 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 September 30, 2009. | 13 |
PEMEX | Corporate Finance Office — Investor Relations |
Investing Activities
2009 | During 2009 PEMEX expects to invest approximately Ps. 251.2 billion. The allocation of total investments is expected to be as follows11: | |||
• Ps. 219.5 billion to Exploration and Production12; | ||||
• Ps. 23.8 billion to Refining; | ||||
• Ps. 4.5 billion to Gas and Basic Petrochemicals; | ||||
• Ps. 2.5 billion to Petrochemicals; and | ||||
• Ps. 0.9 billion to Petróleos Mexicanos. | ||||
During the first nine months of 2009 Ps. 164.8 billion have been used, which represents 65.6% from the planned investment. |
Financing Activities
3Q09 | During the third quarter of 2009, PEMEX performed the following operations in capital markets: | |
• On August 4, 2009, PEMEX issued an 8-year bond for€200 million, with an annual coupon of 5.779%. | ||
• On September 10, 2009, PEMEX issued a 5.5-year bond for US$1.5 billion, with a semi-annual coupon of 4.875%. | ||
• On September 15, 2009, PEMEX issued a 5-year bond for 350 million Swiss Francs, with an annual coupon of 3.5%. | ||
• On September 30, 2009, PEMEX issued a 7-year bond for€1.0 billion, with an annual coupon of 5.5%. | ||
Likewise, PEMEX performed the following operations on its lines of credit: | ||
• On July 29, 2009, PEMEX disbursed Ps. 6.7 billion from a bilateral line of credit with maturity on 2011. | ||
• On August 17, 2009, PEMEX disbursed Ps. 5.0 billion from a bilateral line of credit with maturity on 2014. | ||
• On September 30, 2009, PEMEX disbursed Ps. 3.8 billion from a bilateral line of revolving credit with maturity on 2011. | ||
During the third quarter of 2009 Petróleos Mexicanos obtained US$765.5 million through a credit line guaranteed by ECA’s. | ||
The proceeds will be used to finance PEMEX’s investment program and refinancing activities. |
11 | The investment amounts may be further modified based on budgetary adjustments. | |
12 | It includes upstream maintenance expenditures. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 14 |
PEMEX | Corporate Finance Office — Investor Relations |
Liquidity Management
3Q09 | As of September 30, 2009, US$1.5 billion of the amount of the syndicated revolving credit facility, entered into on September 17, 2007, had been disbursed. |
Elimination of PIDIREGAS
On November 13, 2008, PEMEX’s PIDIREGAS (long term productive infrastructure projects) scheme was eliminated, as a result, Petróleos Mexicanos, will assume, prior to December 31, 2009, as primary obligor, all payment obligations under PIDIREGAS financings entered into by financing vehicles created for such purpose, including the Fideicomiso Irrevocable de Administración F/163 (“Fideicomiso F/163”) and the Pemex Project Funding Master Trust (“Master Trust”). | ||
In order to assume the payment obligations of Fideicomiso F/163, Petróleos Mexicanos will launch a public exchange offer of the securities issued by Fideicomiso F/163 for securities issued by Petróleos Mexicanos. The financial terms and conditions of the securities will not be modified. The exchange offer process will begin once it is authorized by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV). | ||
With respect to the finance vehicle Master Trust, the bondholders’ trustees have agreed for Petróleos Mexicanos to assume the obligations of the Master Trust, pursuant to the terms and conditions contained in the indentures and trust deeds that document the issuances of the Master Trust. |
EBITDA
3Q09 | In the third quarter of 2009, earnings before interest, taxes, depreciation and amortization, or EBITDA, decreased by 29.5%, to Ps. 200.0 billion (US$15.1 billion), as compared to the third quarter of 2008. | |
Jan.-Sep. 09 | In the first nine months of 2009, EBITDA decreased by 39.8%, to Ps. 516.9 billion (US$37.8 billion). |
Table 7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
EBITDA reconciliation* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
EBITDA reconciliation* **
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | (14,393 | ) | (3,690 | ) | -74.4 | % | 10,703 | (278 | ) | 5,555 | (29,529 | ) | (35,085 | ) | (2,161 | ) | ||||||||||||||||||||||||
+ Taxes and duties | 251,733 | 147,468 | -41.4 | % | (104,265 | ) | 11,116 | 685,061 | 389,365 | -43.2 | % | (295,696 | ) | 28,499 | ||||||||||||||||||||||||||
- Comprehensive financing result | (14,715 | ) | (11,841 | ) | -19.5 | % | 2,874 | (893 | ) | (22,095 | ) | (21,922 | ) | -0.8 | % | 173 | (1,605 | ) | ||||||||||||||||||||||
+ Depreciation and amortization | 22,435 | 20,297 | -9.5 | % | (2,138 | ) | 1,530 | 62,566 | 62,865 | 0.5 | % | 298 | 4,601 | |||||||||||||||||||||||||||
+ Net cost of the period for employee benefits | 9,045 | 24,093 | 166.4 | % | 15,048 | 1,816 | 83,977 | 72,278 | -13.9 | % | (11,700 | ) | 5,290 | |||||||||||||||||||||||||||
EBITDA | 283,535 | 200,009 | -29.5 | % | (83,526 | ) | 15,076 | 859,254 | 516,900 | -39.8 | % | (342,355 | ) | 37,834 |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. 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. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 15 |
PEMEX | Corporate Finance Office — Investor Relations |
Statement of Cash Flows
Operating Activities | In the first nine months of 2009, net cash flow generated from operating activities was Ps. 120.2 billion, primarily due to the cost of employee benefits for the period and depreciation and amortization, items that did not represent cash expenses. | |
Investing Activities | The net cash flow used in investing activities was Ps. 145.3 billion, primarily due to the execution of the investment program. | |
Financing Activities | The net cash flow provided from financing activities was Ps. 89.7 billion. | |
Variation in cash and cash equivalents | As a result of the foregoing, in the first nine months of 2009, PEMEX recorded an accumulation in cash and cash equivalents of Ps. 64.6 billion. |
Consolidated Balance Sheet as of September 30, 2009
Working Capital
Current Assets | As of September 30, 2009, current assets increased by 5.2% to Ps. 451.3 billion, as compared to September 30, 2008, primarily due to an increase of Ps. 27.8 billion in cash and cash equivalents due to financing activities for the investment program, as well as an increase of Ps. 23.3 billion explained by an increase in the fund for Specific Infrastructure Projects fund, partially offset by a decrease of Ps. 28.8 billion in inventory, primarily due to a decrease in the prices of crude oil and petroleum products. | |
Short-term Liabilities | Short-term liabilities increased by 12.2%, to Ps. 251.6 billion, primarily as a result of an increase of Ps. 54.0 billion in short-term debt valued in pesos, which was partially offset by a decrease of Ps. 27.3 billion in taxes and duties payable. |
Table 8
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Working capital* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Working capital* **
Nine months ending Sep. 30, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Current assets | 429,046 | 451,336 | 5.2 | % | 22,290 | 33,450 | ||||||||||||||
Cash & cash equivalents | 151,054 | 178,844 | 18.4 | % | 27,790 | 13,255 | ||||||||||||||
Net accounts receivable | 155,315 | 178,656 | 15.0 | % | 23,341 | 13,241 | ||||||||||||||
Inventories | 122,677 | 93,836 | -23.5 | % | (28,841 | ) | 6,955 | |||||||||||||
Short-term liabilities | 224,138 | 251,586 | 12.2 | % | 27,448 | 18,646 | ||||||||||||||
Short-term debt(1) | 83,771 | 137,789 | 64.5 | % | 54,019 | 10,212 | ||||||||||||||
Suppliers | 37,796 | 45,901 | 21.4 | % | 8,106 | 3,402 | ||||||||||||||
Net accounts payable | 38,777 | 31,421 | -19.0 | % | (7,357 | ) | 2,329 | |||||||||||||
Taxes payable | 63,794 | 36,475 | -42.8 | % | (27,319 | ) | 2,703 | |||||||||||||
Working capital(2) | 204,908 | 199,749 | -2.5 | % | (5,158 | ) | 14,804 |
* | 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. 13.4928 = US$1.00 as of September 30, 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 documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, Pemex Finance Ltd., P.M.I. Trading, Ltd.and Repcon Lux, S.A. | |
(2) | Current assets minus short-term liabilities. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 16 |
PEMEX | Corporate Finance Office — Investor Relations | |
Debt
Total | As of September 30, 2009, total consolidated debt in U.S. dollars, including accrued interest, increased by 5.0% compared to the amount recorded as of September 30, 2008, from US$48.2 to US$50.6 billion. However, total consolidated debt in pesos increased by 29.0%, to Ps. 683.2 billion primarily due to a 22.9% depreciation of the Mexican peso against the U.S. dollar.13 | |
Total debt as a percentage of the sum of equity and total liabilities represents 49.1% as of September 30, 2009. | ||
Net | Net debt increased by 33.3% to Ps. 504.4 billion (US$37.4 billion). |
Table 9
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated total debt* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated total debt* **
As of September 30, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total debt | 529,544 | 683,229 | 29.0 | % | 153,686 | 50,637 | ||||||||||||||
Short-term | 83,771 | 137,789 | 64.5 | % | 54,019 | 10,212 | ||||||||||||||
Long-term | 445,773 | 545,440 | 22.4 | % | 99,667 | 40,425 | ||||||||||||||
Cash & cash equivalents | 151,054 | 178,844 | 18.4 | % | 27,790 | 13,255 | ||||||||||||||
Total net debt | 378,490 | 504,386 | 33.3 | % | 125,896 | 37,382 |
* | 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. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. |
Table 10
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Maturity profile* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Maturity profile* **
As of September 30, | ||||||||||||
(Ps. MM) | (US$MM) | |||||||||||
Documented debt in pesos | 140,426 | 10,407 | ||||||||||
October – December 2009 | 18,956 | 1,405 | ||||||||||
January – September 2010 | 15,013 | 1,113 | ||||||||||
October 2010 – September 2011 | 24,422 | 1,810 | ||||||||||
October 2011 – September 2012 | 24,133 | 1,789 | ||||||||||
October 2012 – September 2013 | 16,221 | 1,202 | ||||||||||
October 2013 and beyond | 41,681 | 3,089 | ||||||||||
Documented debt in other currencies | 542,803 | 40,229 | ||||||||||
October – December 2009 | 37,598 | 2,786 | ||||||||||
January – September 2010 | 66,223 | 4,908 | ||||||||||
October 2010 – September 2011 | 53,622 | 3,974 | ||||||||||
October 2011 – September 2012 | 51,143 | 3,790 | ||||||||||
October 2012 – September 2013 | 55,622 | 4,122 | ||||||||||
October 2013 and beyond | 278,596 | 20,648 | ||||||||||
Total debt | 683,229 | 50,637 |
* | 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. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
Note: | Numbers may not total due to rounding. |
13 | Total consolidated debt consists of documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, Pemex Finance, Ltd. and RepCon Lux, S.A. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 17 |
PEMEX | Corporate Finance Office — Investor Relations |
Equity
As of September 30, 2009, PEMEX’s equity decreased to Ps. 0.6 billion, as compared to Ps. 106.7 billion recorded as of September 30, 2009. The decrease was primarily due to the net loss recorded in the previous twelve months, which was caused by lower crude oil prices and the depreciation of the Mexican peso against the U.S. dollar, partially offset by an increase in Increases in equity14.
Table 11
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Equity* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Equity* **
As of September 30, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Total equity | 106,662 | 561 | -99.5 | % | (106,101 | ) | 42 | |||||||||||||
Certificates of contribution | 96,958 | 96,958 | 0.0 | % | — | 7,186 | ||||||||||||||
Increase in equity | 147,264 | 179,880 | 22.1 | % | 32,616 | 13,332 | ||||||||||||||
Social capital | 4,017 | 4,158 | 3.5 | % | 140 | 308 | ||||||||||||||
Legal reserve | 840 | 985 | 17.3 | % | 145 | 73 | ||||||||||||||
Donations | 2,311 | 932 | -59.7 | % | (1,379 | ) | 69 | |||||||||||||
Comprehensive profit (loss) | (349 | ) | 9,018 | 9,367 | 668 | |||||||||||||||
Accumulated net income (losses) | (144,380 | ) | (291,369 | ) | 101.8 | % | (146,990 | ) | (21,594 | ) | ||||||||||
From prior years | (149,935 | ) | (261,840 | ) | 74.6 | % | (111,905 | ) | (19,406 | ) | ||||||||||
Net income (loss) for the period | 5,555 | (29,529 | ) | -631.6 | % | (35,085 | ) | (2,189 | ) |
* | 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. 13.4928 = US$1.00 as of September 30, 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. |
14 | As a consequence of the elimination of the PIDIREGAS scheme, during the second quarter of 2009, some reclassifications for presentation effects were done in increase in equity and conversion effects included in the comprehensive profit (loss). |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 18 |
PEMEX | Corporate Finance Office — Investor Relations |
Other Relevant Topics
National Suppliers Strategy | On August 20, 2009, the new “Strategy for the Development of Suppliers and Contractors of PEMEX” was announced. This strategy is designed to increase the participation of Mexican suppliers in PEMEX’s purchases of goods and services in the medium term. | |
Fight against illicit market | On August 18, 2009, PEMEX received US$2.4 million from the Office of the Federal Attorney in Mexico to compensate PEMEX for the illegal sale of Mexican petroleum products, particularly condensate by Trammo Petroleum Inc., a company based in Houston, Texas. The Office of the Federal Attorney in México received the US$2.4 million from U.S. Immigration and Customs Enforcement. | |
On this matter, PEMEX restates its commitment to continue the fight, with the support of the authorities, against the hydrocarbon subtraction actions committed by criminal groups. | ||
Appointments | On September 4, 2009, Marco A. Murillo Soberanis was renamed acting Corporate Director of Management of Petróleos Mexicanos, replacing Rosendo Villarreal Dávila. | |
On September 7, 2009, President Felipe Calderón appointed Juan José Suárez Coppel as the new Director General of PEMEX replacing Jesús Reyes Heróles González-Garza. | ||
On October 22, 2009, the Board of Directors of PEMEX approved the appointment of Carlos Rafael Murrieta Cummings as the new Corporate Director of Operations, replacing Raúl Alejandro Livas Elizondo. | ||
On October 29, 2009, PEMEX’s Director General, appointed Homero Niño de Rivera Vela as Chief of Staff of the General Direction. | ||
Sulfur sales for production of fertilizers | On October 1, 2009, PEMEX published the availability of liquid sulfur for 2010 for production of nitrogen fertilizers. A total amount of 769 Mt of liquid sulfur will be available through the loading terminals of the Southeastern (Cactus, Nuevo Pemex, Ciudad Pemex, Matapionche, Minatitlán and Salina Cruz). |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 19 |
PEMEX | Corporate Finance Office — Investor Relations |
Regulation to the Law of Petróleos Mexicanos | On September 4, 2009, the Regulation to the Law of Petróleos Mexicanos was published in the Official Gazette of the Federation. These regulation has the purpose of regulate the application of the Law of Petróleos Mexicanos particularly with respect to the operation of the Board of Directors and the committees of Petróleos Mexicanos, business planning and budgeting processes, including provisions relating to acquisitions and financing programs, the procurement of contracts and the control, monitoring and performance evaluation of Petróleos Mexicanos. | |
PEMEX Organic Statute | On September 4, 2009, the Board of Directors of Petróleos Mexicanos approved the Organic Statute of Petróleos Mexicanos, which was published on the Official Gazette of the Federation on September 24, 2009. This Organic Statute establishes the structure, organizational basis, and functions of the administrative units of Petróleos Mexicanos, as well as the attributions and internal regulations of the Board of Directors. | |
Regulation to the Regulatory Law to Article 27 of the Constitution Concerning Petroleum Affairs | On September 22, 2009, The Regulations to the “Regulatory Law to Article 27 of the Constitution of the United States of Mexico Concerning Petroleum Affairs” was published on the Official Gazette of the Federation. This regulation dictates the execution of the Regulatory Law. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 20 |
PEMEX | Corporate Finance Office — Investor Relations |
Annex
Table A1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated balance sheet* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated balance sheet* **
As of September 30, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Current assets | 429,046 | 451,336 | 5.2 | % | 22,290 | 33,450 | ||||||||||||||
Cash & cash equivalents | 151,054 | 178,844 | 18.4 | % | 27,790 | 13,255 | ||||||||||||||
Net accounts receivable | 155,315 | 178,656 | 15.0 | % | 23,341 | 13,241 | ||||||||||||||
Inventories | 122,677 | 93,836 | -23.5 | % | (28,841 | ) | 6,955 | |||||||||||||
of products | 118,530 | 89,347 | -24.6 | % | (29,184 | ) | 6,622 | |||||||||||||
of materials | 4,147 | 4,490 | 8.3 | % | 343 | 333 | ||||||||||||||
Investments in shares of non-consolidated subsidiaries and affiliates | 28,607 | 10,255 | -64.2 | % | (18,351 | ) | 760 | |||||||||||||
Properties, plant and equipment | 831,832 | 916,606 | 10.2 | % | 84,774 | 67,933 | ||||||||||||||
Other assets, net | 10,385 | 12,389 | 19.3 | % | 2,004 | 918 | ||||||||||||||
Total assets | 1,299,870 | 1,390,585 | 7.0 | % | 90,716 | 103,061 | ||||||||||||||
Short-term liabilities | 224,138 | 251,586 | 12.2 | % | 27,448 | 18,646 | ||||||||||||||
Short-term debt(1) | 83,771 | 137,789 | 64.5 | % | 54,019 | 10,212 | ||||||||||||||
Suppliers | 37,796 | 45,901 | 21.4 | % | 8,106 | 3,402 | ||||||||||||||
Net accounts payable | 38,777 | 31,421 | -19.0 | % | (7,357 | ) | 2,329 | |||||||||||||
Taxes payable | 63,794 | 36,475 | -42.8 | % | (27,319 | ) | 2,703 | |||||||||||||
Long-term liabilities | 969,070 | 1,138,438 | 17.5 | % | 169,368 | 84,374 | ||||||||||||||
Long-term debt(1) | 445,773 | 545,440 | 22.4 | % | 99,667 | 40,425 | ||||||||||||||
Reserve for employee benefits | 466,050 | 545,558 | 17.1 | % | 79,507 | 40,433 | ||||||||||||||
Reserve for sundry creditors and others | 51,248 | 40,526 | -20.9 | % | (10,722 | ) | 3,004 | |||||||||||||
Deferred taxes | 5,999 | 6,914 | 15.3 | % | 915 | 512 | ||||||||||||||
Total liabilities | 1,193,208 | 1,390,024 | 16.5 | % | 196,816 | 103,020 | ||||||||||||||
Total equity | 106,662 | 561 | -99.5 | % | (106,101 | ) | 42 | |||||||||||||
Total liabilities and equity | 1,299,870 | 1,390,586 | 7.0 | % | 90,716 | 103,061 |
* | 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. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Includes documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, Pemex Finance Ltd., P.M.I. Trading, Ltd.and Repcon Lux, S.A. | |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 21 |
PEMEX | Corporate Finance Office — Investor Relations |
Table A2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated income statement* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated income statement* **
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2009 | 2008 | 2009 | Change | 2009 | |||||||||||||||||||||||||||||||||
(Ps. MM) | (US$MM) | (Ps. MM) | (US$MM) | |||||||||||||||||||||||||||||||||||||
Total sales | 370,088 | 293,445 | -20.7 | % | (76,644 | ) | 22,119 | 1,064,913 | 779,355 | -26.8 | % | (285,558 | ) | 57,044 | ||||||||||||||||||||||||||
Domestic sales | 177,756 | 160,816 | -9.5 | % | (16,940 | ) | 12,122 | 519,382 | 433,960 | -16.4 | % | (85,422 | ) | 31,763 | ||||||||||||||||||||||||||
Exports | 191,074 | 131,336 | -31.3 | % | (59,738 | ) | 9,900 | 541,944 | 341,357 | -37.0 | % | (200,588 | ) | 24,985 | ||||||||||||||||||||||||||
Services income | 1,259 | 1,293 | 2.7 | % | 34 | 97 | 3,587 | 4,038 | 12.6 | % | 452 | 296 | ||||||||||||||||||||||||||||
Cost of sales(1) | 162,387 | 125,022 | -23.0 | % | (37,365 | ) | 9,424 | 440,993 | 352,057 | -20.2 | % | (88,936 | ) | 25,768 | ||||||||||||||||||||||||||
Gross income | 207,701 | 168,422 | -18.9 | % | (39,279 | ) | 12,695 | 623,919 | 427,298 | -31.5 | % | (196,621 | ) | 31,275 | ||||||||||||||||||||||||||
General expenses(1) | 17,319 | 24,661 | 42.4 | % | 7,341 | 1,859 | 71,582 | 69,361 | -3.1 | % | (2,221 | ) | 5,077 | |||||||||||||||||||||||||||
Distribution expenses | 5,146 | 8,330 | 61.9 | % | 3,184 | 628 | 22,289 | 23,777 | 6.7 | % | 1,489 | 1,740 | ||||||||||||||||||||||||||||
Administrative expenses | 12,173 | 16,331 | 34.2 | % | 4,158 | 1,231 | 49,293 | 45,584 | -7.5 | % | (3,709 | ) | 3,336 | |||||||||||||||||||||||||||
Operating income (loss) | 190,382 | 143,761 | -24.5 | % | (46,621 | ) | 10,836 | 552,338 | 357,937 | -35.2 | % | (194,401 | ) | 26,199 | ||||||||||||||||||||||||||
Other revenues (expenses) -net(2) | 67,589 | 12,360 | -81.7 | % | (55,229 | ) | 932 | 161,661 | 24,875 | -84.6 | % | (136,786 | ) | 1,821 | ||||||||||||||||||||||||||
Comprehensive financing result | (14,715 | ) | (11,841 | ) | 19.5 | % | 2,874 | (893 | ) | (22,095 | ) | (21,922 | ) | 0.8 | % | 173 | (1,605 | ) | ||||||||||||||||||||||
Participation in the results of subsidiaries and associates | (5,916 | ) | (502 | ) | 91.5 | % | 5,414 | (38 | ) | (1,288 | ) | (1,055 | ) | 18.1 | % | 233 | (77 | ) | ||||||||||||||||||||||
Income before taxes and duties | 237,340 | 143,778 | -39.4 | % | (93,562 | ) | 10,837 | 690,616 | 359,835 | -47.9 | % | (330,781 | ) | 26,338 | ||||||||||||||||||||||||||
Taxes and duties | 251,733 | 147,468 | -41.4 | % | (104,265 | ) | 11,116 | 685,061 | 389,365 | -43.2 | % | (295,696 | ) | 28,499 | ||||||||||||||||||||||||||
Net income (loss) | (14,393 | ) | (3,690 | ) | 74.4 | % | 10,703 | (278 | ) | 5,555 | (29,529 | ) | (35,085 | ) | (2,161 | ) |
* | 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 average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate. | |
(1) | Includes the cost of the reserve for employee benefits. | |
(2) | Includes IEPS credits. | |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 22 |
PEMEX | Corporate Finance Office — Investor Relations |
Table A3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated statement of cash flows (indirect method)* **
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated statement of cash flows (indirect method)* **
2008 | 2009 | Change | ||||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Operating activities | ||||||||||||||||||||
Income before taxes and duties paid(1) | 690,616 | 363,755 | -47.3 | % | (326,861 | ) | 26,625 | |||||||||||||
Non-cash items(2) | 83,977 | 72,323 | -13.9 | % | (11,654 | ) | 5,294 | |||||||||||||
Items related to investing activities | 61,043 | 74,687 | 22.4 | % | 13,644 | 5,467 | ||||||||||||||
Depreciation and amortization | 62,566 | 62,865 | 0.5 | % | 298 | 4,601 | ||||||||||||||
Profit or loss of sale of property, plants and equipment | (235 | ) | 10,768 | 11,004 | 788 | |||||||||||||||
Participation in subsidiary companies and joint ventures | (1,288 | ) | 1,055 | -181.9 | % | 2,343 | 77 | |||||||||||||
Items related to financing activities | 4,294 | 6,801 | 58.4 | % | 2,506 | 498 | ||||||||||||||
Accrued interest | (3,766 | ) | 5,983 | -258.9 | % | 9,748 | 438 | |||||||||||||
Other items | 8,060 | 818 | -89.8 | % | (7,242 | ) | 60 | |||||||||||||
Funds provided by income before taxes and duties | 839,931 | 517,566 | -38.4 | % | (322,365 | ) | 37,882 | |||||||||||||
Accounts receivable | 8,021 | 8,562 | 6.7 | % | 541 | 627 | ||||||||||||||
Inventories | (29,360 | ) | (28,365 | ) | -3.4 | % | 995 | (2,076 | ) | |||||||||||
Other accounts receivable and other assets | (461 | ) | 3,918 | -949.1 | % | 4,379 | 287 | |||||||||||||
Suppliers | 2,657 | 10,520 | 295.9 | % | 7,862 | 770 | ||||||||||||||
Other liabilities | (15,255 | ) | (18,520 | ) | 21.4 | % | (3,265 | ) | (1,356 | ) | ||||||||||
Taxes and duties paid | (767,860 | ) | (373,482 | ) | 51.4 | % | 394,378 | (27,336 | ) | |||||||||||
Funds provided by (used in) operating activities | (802,259 | ) | (397,368 | ) | -50.5 | % | 404,891 | (29,085 | ) | |||||||||||
Net cash flow from operating activities | 37,672 | 120,198 | 219.1 | % | 82,526 | 8,798 | ||||||||||||||
Investing activities | ||||||||||||||||||||
Property, plant and equipment | (89,686 | ) | (145,129 | ) | 61.8 | % | (55,443 | ) | (10,623 | ) | ||||||||||
Other permanent investments | 5,745 | (133 | ) | -102.3 | % | (5,877 | ) | (10 | ) | |||||||||||
Other items | 3,418 | — | -100.0 | % | (3,418 | ) | — | |||||||||||||
Net cash flow from investing activities | (80,523 | ) | (145,261 | ) | 80.4 | % | (64,739 | ) | (10,632 | ) | ||||||||||
Excess (required) funds for financing activities | (42,850 | ) | (25,064 | ) | -41.5 | % | 17,787 | (1,834 | ) | |||||||||||
Financing activities | ||||||||||||||||||||
Bank loans | 45,333 | 555 | -98.8 | % | (44,777 | ) | 41 | |||||||||||||
Securities | 60,313 | 134,954 | 123.8 | % | 74,641 | 9,878 | ||||||||||||||
Amortization of bank loans | (53,235 | ) | (31,021 | ) | -41.7 | % | 22,215 | (2,271 | ) | |||||||||||
Amortization of securities | (28,040 | ) | (14,771 | ) | -47.3 | % | 13,269 | (1,081 | ) | |||||||||||
Future equity increases | 2,806 | (35 | ) | -101.3 | % | (2,842 | ) | (3 | ) | |||||||||||
Other items | (4,270 | ) | — | 4,270 | — | |||||||||||||||
Net cash flow from financing activities | 22,907 | 89,683 | 291.5 | % | 66,776 | 6,564 | ||||||||||||||
Net increase in cash and cash equivalents | (19,944 | ) | 64,619 | -424.0 | % | 84,563 | 4,730 | |||||||||||||
Cash and cash equivalents at the beginning of the year | 170,997 | 114,224 | -33.2 | % | (56,773 | ) | 8,360 | |||||||||||||
Cash and cash equivalents at the end of the year | 151,054 | 178,844 | 18.4 | % | 27,790 | 13,090 |
* | 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 average exchange rate of Ps. 13.6624 = US$1.00 for the first nine months of 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. | |
(2) | Includes the net cost of employees benefits | |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 23 |
PEMEX | Corporate Finance Office — Investor Relations |
Table A4
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Subsidiary Entities’ contribution to financial results*
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Subsidiary Entities’ contribution to financial results*
Subsidiary | ||||||||||||||||||||||||||||
Exploration | Gas and Basic | Companies and | Intersegment | |||||||||||||||||||||||||
and Production | Refining | Petrochemicals | Petrochemicals | Corporate | eliminations | Total | ||||||||||||||||||||||
(Ps. MM) | ||||||||||||||||||||||||||||
Nine months ending September 30, 2009 | ||||||||||||||||||||||||||||
Total sales | 580,758 | 385,442 | 125,624 | 41,403 | 527,002 | (880,874 | ) | 779,355 | ||||||||||||||||||||
External clients | — | 339,319 | 81,374 | 13,267 | 341,357 | — | 775,317 | |||||||||||||||||||||
Intersegment | 580,758 | 43,591 | 44,249 | 28,136 | 183,304 | (880,037 | ) | — | ||||||||||||||||||||
Revenues from services | — | 2,533 | — | — | 2,342 | (836 | ) | 4,038 | ||||||||||||||||||||
Gross income (loss) | 425,058 | (10,649 | ) | 7,953 | (5,718 | ) | 41,481 | (30,826 | ) | 427,298 | ||||||||||||||||||
Operating income (loss) | 401,749 | (42,396 | ) | (1,078 | ) | (14,139 | ) | 13,374 | 426 | 357,937 | ||||||||||||||||||
Comprehensive financing result | (33,923 | ) | (9,295 | ) | 1,615 | 54 | 19,627 | — | (21,922 | ) | ||||||||||||||||||
Depreciation and amortization | 52,161 | 6,703 | 2,657 | 853 | 490 | — | 62,865 | |||||||||||||||||||||
Cost of the reserve for employee benefits | 24,661 | 24,338 | 5,441 | 6,733 | 11,104 | — | 72,278 | |||||||||||||||||||||
Taxes and duties | 380,110 | 2,473 | 334 | 210 | 6,238 | — | 389,365 | |||||||||||||||||||||
Net income (loss) | (10,762 | ) | (32,902 | ) | 1,387 | (14,007 | ) | (23,459 | ) | 50,214 | (29,530 | ) | ||||||||||||||||
As of September 30, 2009 | ||||||||||||||||||||||||||||
Current assets | 1,445,448 | 237,238 | 92,307 | 58,513 | 1,211,146 | (2,593,315 | ) | 451,336 | ||||||||||||||||||||
Investment in shares of non-consolidated | 581 | 157 | 1,572 | — | 43,075 | (35,130 | ) | 10,255 | ||||||||||||||||||||
Fixed assets | 668,092 | 181,153 | 41,319 | 16,764 | 9,277 | — | 916,606 | |||||||||||||||||||||
Acquisition of fixed assets | 126,229 | 16,768 | 187 | 1,505 | 928 | — | 145,617 | |||||||||||||||||||||
Total assets | 2,116,588 | 420,712 | 135,509 | 75,794 | 2,070,221 | (3,428,238 | ) | 1,390,585 | ||||||||||||||||||||
Short-term liabilities | 1,132,315 | 238,428 | 32,314 | 13,647 | 1,001,452 | (2,166,570 | ) | 251,586 | ||||||||||||||||||||
Reserve for employee benefits | 188,958 | 186,191 | 46,635 | 51,125 | 72,648 | — | 545,558 | |||||||||||||||||||||
Total liabilities | 1,857,458 | 469,266 | 86,601 | 65,783 | 2,031,547 | (3,120,630 | ) | 1,390,024 | ||||||||||||||||||||
Equity | 259,131 | (48,554 | ) | 48,908 | 10,011 | 38,674 | (307,608 | ) | 561 | |||||||||||||||||||
Nine months ending September 30, 2008 | ||||||||||||||||||||||||||||
Total sales | 939,719 | 416,953 | 213,073 | 64,555 | 800,575 | (1,369,962 | ) | 1,064,913 | ||||||||||||||||||||
External clients | — | 369,684 | 129,207 | 20,491 | 541,944 | — | 1,061,326 | |||||||||||||||||||||
Intersegment | 939,719 | 44,599 | 83,867 | 44,064 | 256,969 | (1,369,217 | ) | (0 | ) | |||||||||||||||||||
Revenues from services | — | 2,670 | — | — | 1,661 | (744 | ) | 3,587 | ||||||||||||||||||||
Gross income (loss) | 797,137 | (186,784 | ) | 9,930 | (5,508 | ) | 38,406 | (29,262 | ) | 623,919 | ||||||||||||||||||
Operating income (loss) | 774,090 | (217,603 | ) | 1,765 | (14,557 | ) | 9,128 | (486 | ) | 552,337 | ||||||||||||||||||
Comprehensive financing result | (29,403 | ) | (8,228 | ) | 2,662 | 469 | 13,828 | (1,422 | ) | (22,094 | ) | |||||||||||||||||
Depreciation and amortization | 51,465 | 7,226 | 2,598 | 824 | 453 | — | 62,566 | |||||||||||||||||||||
Cost of the reserve for employee benefits | 28,663 | 27,490 | 6,648 | 7,833 | 13,343 | — | 83,977 | |||||||||||||||||||||
Taxes and duties | 676,457 | 3,900 | 821 | 205 | 3,677 | — | 685,061 | |||||||||||||||||||||
Net income (loss) | 69,620 | (70,705 | ) | 4,161 | (13,862 | ) | 14,589 | 1,752 | 5,555 | |||||||||||||||||||
As of September 30, 2008 | ||||||||||||||||||||||||||||
Current assets | 709,966 | 250,849 | 93,464 | 69,186 | 564,885 | (1,259,305 | ) | 429,046 | ||||||||||||||||||||
Investment in shares of non-consolidated | 377 | 157 | 1,247 | — | 776,719 | (749,894 | ) | 28,607 | ||||||||||||||||||||
Fixed assets | 604,291 | 164,105 | 41,136 | 15,333 | 8,280 | (1,314 | ) | 831,832 | ||||||||||||||||||||
Acquisition of fixed assets | 88,848 | 8,233 | 1,677 | 659 | 1,904 | — | 101,322 | |||||||||||||||||||||
Total assets | 1,335,818 | 416,239 | 136,150 | 84,796 | 2,761,050 | (3,434,183 | ) | 1,299,870 | ||||||||||||||||||||
Short-term liabilities | 155,577 | 172,872 | 36,373 | 11,284 | 1,103,400 | (1,255,368 | ) | 224,138 | ||||||||||||||||||||
Reserve for employee benefits | 163,231 | 158,004 | 38,410 | 44,276 | 62,130 | — | 466,050 | |||||||||||||||||||||
Total liabilities | 1,031,886 | 383,123 | 86,386 | 56,657 | 2,620,763 | (2,985,608 | ) | 1,193,208 | ||||||||||||||||||||
Equity | 303,932 | 33,116 | 49,764 | 28,139 | 140,287 | (448,575 | ) | 106,662 |
* | 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 September 30, 2009. | 24 |
PEMEX | Corporate Finance Office — Investor Relations |
Table A5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected financial indexes*
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected financial indexes*
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||
Consolidated income statement ratios | ||||||||||||||||||||||||
Cost of sales / Total sales | 43.9 | % | 42.6 | % | -1.3 | % | 41.4 | % | 45.2 | % | 3.8 | % | ||||||||||||
Depreciation / Cost of sales and General expenses | 12.5 | % | 13.6 | % | 1.1 | % | 12.2 | % | 14.9 | % | 2.7 | % | ||||||||||||
Operating income / Total sales | 51.4 | % | 49.0 | % | -2.5 | % | 51.9 | % | 45.9 | % | -5.9 | % | ||||||||||||
Taxes and duties / Total sales | 68.0 | % | 50.3 | % | -17.8 | % | 64.3 | % | 50.0 | % | -14.4 | % |
As of September 30, | ||||||||||||
2008 | 2009 | Change | ||||||||||
Consolidated balance sheet ratios(1) | ||||||||||||
Properties and equipment / Total Assets | 64.0 | % | 65.9 | % | 1.9 | % | ||||||
Total debt / Total liabilites and equity | 40.7 | % | 49.1 | % | 8.4 | % |
* | Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Información 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. |
Table A6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Debt exposure(1)
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Debt exposure(1)
As of September 30, | ||||||||||||||||||||||||
2008 | 2009 | 2008 | 2009 | 2008 | 2009 | |||||||||||||||||||
Percentage | ||||||||||||||||||||||||
By currency | At fixed rate | At floating rate | ||||||||||||||||||||||
U.S. Dollars | 78.5 | % | 79.2 | % | 53.5 | % | 54.2 | % | 46.5 | % | 45.8 | % | ||||||||||||
Mexican pesos | 21.4 | % | 20.8 | % | 45.1 | % | 40.4 | % | 54.9 | % | 59.6 | % | ||||||||||||
Euros | 0.0 | % | 0.0 | % | 100.0 | % | 100.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Yen | 0.1 | % | 0.0 | % | 100.0 | % | 100.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Total | 100.0 | % | 100.0 | % | 51.7 | % | 51.3 | % | 48.3 | % | 48.7 | % |
(1) | Excludes accrued interest. | |
Note: | Numbers may not total due to rounding. |
Table A7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Average duration of debt exposure
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Average duration of debt exposure
As of September 30, | ||||||||||||
2008 | 2009 | Change | ||||||||||
(Years) | ||||||||||||
U.S. Dollars | 4.0 | 4.5 | 0.5 | |||||||||
Mexican pesos | 1.7 | 1.6 | (0.1 | ) | ||||||||
Euros | 2.7 | 2.4 | (0.3 | ) | ||||||||
Yen | 0.8 | 0.4 | (0.5 | ) | ||||||||
Total | 3.5 | 3.9 | 0.4 |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 25 |
PEMEX | Corporate Finance Office — Investor Relations |
Table A815
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Derivative financial instruments*
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Derivative financial instruments*
As of September 30, | ||||||||||||||||||||
2008 | 2009 | Change | 2009 | |||||||||||||||||
(Ps. MM) | (US$MM) | |||||||||||||||||||
Derivative financial instruments linked to debt and assets | ||||||||||||||||||||
Face Value (Ps. MM) | (433 | ) | 10,142 | 10,575 | 752 | |||||||||||||||
Interest rate swaps | (1,069 | ) | (1,414 | ) | 32.2 | % | (345 | ) | (105 | ) | ||||||||||
Cross currency swaps | 1,785 | 6,587 | 269.1 | % | 4,802 | 488 | ||||||||||||||
Extinguishing cross currency swaps | 251 | 3,272 | 3,021 | 243 | ||||||||||||||||
Assets swaps(1) | (1,399 | ) | 1,697 | -221.3 | % | 3,096 | 126 | |||||||||||||
Mark to market (Ps. MM) | 121,798 | 150,020 | 23.2 | % | 28,222 | 11,119 | ||||||||||||||
Interest rate swaps | 18,896 | 16,122 | -14.7 | % | (2,774 | ) | 1,195 | |||||||||||||
Cross currency swaps | 58,351 | 92,243 | 58.1 | % | 33,892 | 6,836 | ||||||||||||||
Extinguishing cross currency swaps | 28,471 | 22,042 | -22.6 | % | (6,429 | ) | 1,634 | |||||||||||||
Assets swaps(1) | 16,080 | 19,613 | 22.0 | % | 3,533 | 1,454 | ||||||||||||||
Natural gas derivative financial instruments | ||||||||||||||||||||
Mark to market (Ps. MM) | 131 | 225 | 71.2 | % | 93 | 17 | ||||||||||||||
Long swaps | (5,219 | ) | (5,898 | ) | 13.0 | % | (679 | ) | (437 | ) | ||||||||||
Short swaps | 5,352 | 6,123 | 14.4 | % | 770.5 | 454 | ||||||||||||||
Long options | 1,024 | 444 | -56.7 | % | (580 | ) | 33 | |||||||||||||
Short options | (1,026 | ) | (443 | ) | -56.8 | % | 582.5 | (33 | ) | |||||||||||
Volume (MMBTU) | 1,458,383 | 881,926 | -39.5 | % | (576,457 | ) | ||||||||||||||
Long swaps | 248,750,046 | 155,975,660 | -37.3 | % | (92,774,386 | ) | ||||||||||||||
Short swaps | (246,780,605 | ) | (155,087,746 | ) | -37.2 | % | 91,692,859 | |||||||||||||
Long options | 113,624,904 | 47,933,418 | -57.8 | % | (65,691,486 | ) | ||||||||||||||
Short options | (114,135,962 | ) | (47,939,406 | ) | -58.0 | % | 66,196,556 | |||||||||||||
Volume of petroleum products derivative financial instruments | ||||||||||||||||||||
Mark to market (Ps. MM) | 769 | 149 | -80.6 | % | (620 | ) | 11 | |||||||||||||
Volume (MMb) | 21 | 16 | -24.6 | % | (5 | ) |
* | Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.1722 = US$1.00 as of June 30, 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 swaps include options over Repsol YPF, S.A. shares. | |
Note: | Numbers may not total due to rounding. |
15 | Los instrumentos derivados financieros se registran a valor justo o valor razonable en los estados financieros, de conformidad con la NIF C-10 “Instrumentos financieros derivados y operaciones de cobertura”. Sin embargo, algunos de estos instrumentos no cumplen con los requerimientos de las normas contables para ser designados como operaciones de cobertura, no obstante que los flujos de efectivo generados por estos instrumentos son compensados por los flujos generados por las posiciones a las cuales se encuentran asociados. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 26 |
PEMEX | Corporate Finance Office — Investor Relations |
Supplement of operating results for the third quarter of 200916
Exploration and Production
Crude Oil Production | During the third quarter of 2009, total crude oil production decreased by 6.8% as compared to the same quarter of 2008, from 2,754 to 2,567 Mbd. | |
Production of heavy crude oil decreased by 13.7%, primarily due to lower production at Cantarell as a result of the natural decline and the shutdown of wells as a result of the increase in the oil-gas ratio. This decline was partially offset by a 13.9% increase in production from Ku-Maloob-Zaap (KMZ) project, which achieved historical production level of 852 Mb on September 29, 2009. | ||
Production of light crude oil decreased by 2.6%, primarily due to maintenance activities in the Pol-Chuc Asset. In contrast, production of extra-light crude oil increased by 34.1%, due to the completion of wells in the Delta del Grijalva and Costero Terrestre projects in the Southern region. |
Table S1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of liquid hydrocarbons
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of liquid hydrocarbons
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
(Mbd) | (Mbd) | |||||||||||||||||||||||||||||||
Liquid hydrocarbons | 3,129 | 2,946 | -5.9 | % | (184 | ) | 3,191 | 2,988 | -6.3 | % | (202 | ) | ||||||||||||||||||||
Crude oil | 2,754 | 2,567 | -6.8 | % | (186 | ) | 2,813 | 2,608 | -7.3 | % | (205 | ) | ||||||||||||||||||||
Heavy | 1,716 | 1,481 | -13.7 | % | (235 | ) | 1,794 | 1,536 | -14.4 | % | (258 | ) | ||||||||||||||||||||
Light | 831 | 809 | -2.6 | % | (21 | ) | 813 | 810 | -0.4 | % | (3 | ) | ||||||||||||||||||||
Extra-light | 207 | 277 | 34.1 | % | 70 | 205 | 261 | 27.2 | % | 56 | ||||||||||||||||||||||
Natural gas liquids(1) | 376 | 378 | 0.6 | % | 2 | 378 | 380 | 0.7 | % | 2 |
(1) | Includes condensates. | |
Note: | Numbers may not total due to rounding. |
Table S2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil production by selected fields
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil production by selected fields
2007 | 2008 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | 2006 | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||||||||||||||||||||||||||||||
(Mbd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 3,333 | 3,256 | 3,158 | 3,166 | 3,048 | 2,934 | 2,891 | 2,794 | 2,754 | 2,729 | 2,667 | 2,590 | 2,567 | |||||||||||||||||||||||||||||||||||||||
Northeastern Marine Region | 2,357 | 2,205 | 2,074 | 2,111 | 2,003 | 1,885 | 1,861 | 1,770 | 1,695 | 1,658 | 1,584 | 1,481 | 1,456 | |||||||||||||||||||||||||||||||||||||||
Cantarell | 2,029 | 1,788 | 1,582 | 1,580 | 1,427 | 1,270 | 1,163 | 1,036 | 954 | 858 | 742 | 637 | 583 | |||||||||||||||||||||||||||||||||||||||
Ku-Maloob-Zaap | 319 | 394 | 453 | 485 | 534 | 581 | 657 | 693 | 703 | 754 | 792 | 788 | 801 | |||||||||||||||||||||||||||||||||||||||
Others | 9 | 23 | 39 | 47 | 42 | 34 | 41 | 41 | 39 | 45 | 49 | 56 | 72 | |||||||||||||||||||||||||||||||||||||||
Southwestern Marine Region | 396 | 475 | 522 | 493 | 493 | 515 | 495 | 486 | 507 | 513 | 512 | 521 | 511 | |||||||||||||||||||||||||||||||||||||||
Chuc | 103 | 107 | 96 | 94 | 82 | 78 | 76 | 71 | 68 | 62 | 67 | 67 | 67 | |||||||||||||||||||||||||||||||||||||||
Ixtal | 9 | 47 | 77 | 50 | 74 | 73 | 74 | 56 | 98 | 102 | 102 | 105 | 110 | |||||||||||||||||||||||||||||||||||||||
Others | 285 | 321 | 350 | 350 | 336 | 365 | 344 | 359 | 341 | 349 | 344 | 348 | 334 | |||||||||||||||||||||||||||||||||||||||
Southern Region | 497 | 491 | 475 | 472 | 465 | 449 | 449 | 450 | 466 | 470 | 479 | 493 | 506 | |||||||||||||||||||||||||||||||||||||||
Samaria | 65 | 64 | 67 | 63 | 59 | 58 | 55 | 52 | 51 | 52 | 52 | 51 | 48 | |||||||||||||||||||||||||||||||||||||||
Jujo | 50 | 56 | 53 | 52 | 51 | 50 | 46 | 46 | 47 | 43 | 40 | 38 | 37 | |||||||||||||||||||||||||||||||||||||||
Iride | 50 | 48 | 46 | 42 | 40 | 38 | 37 | 35 | 35 | 30 | 28 | 27 | 26 | |||||||||||||||||||||||||||||||||||||||
Puerto Ceiba | 77 | 54 | 42 | 41 | 41 | 40 | 36 | 33 | 32 | 29 | 26 | 26 | 24 | |||||||||||||||||||||||||||||||||||||||
Sen | 19 | 22 | 21 | 27 | 29 | 29 | 38 | 37 | 39 | 48 | 48 | 44 | 43 | |||||||||||||||||||||||||||||||||||||||
Tecominoacán | 22 | 29 | 25 | 24 | 21 | 20 | 23 | 24 | 27 | 28 | 27 | 25 | 23 | |||||||||||||||||||||||||||||||||||||||
Others | 213 | 218 | 222 | 223 | 225 | 213 | 213 | 221 | 235 | 240 | 257 | 282 | 306 | |||||||||||||||||||||||||||||||||||||||
Northern Region | 84 | 84 | 87 | 89 | 87 | 85 | 87 | 88 | 86 | 88 | 92 | 95 | 94 | |||||||||||||||||||||||||||||||||||||||
Chicontepec | 25 | 23 | 22 | 23 | 23 | 23 | 28 | 30 | 31 | 30 | 28 | 29 | 30 | |||||||||||||||||||||||||||||||||||||||
Poza Rica | 10 | 10 | 10 | 10 | 9 | 9 | 8 | 7 | 7 | 8 | 8 | 7 | 6 | |||||||||||||||||||||||||||||||||||||||
Others | 48 | 51 | 55 | 56 | 55 | 53 | 51 | 50 | 48 | 51 | 56 | 59 | 64 |
Note: | Numbers may not total due to rounding. |
16 | For purposes of analysis quarterly changes are made against the same quarter last year. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 27 |
PEMEX | Corporate Finance Office — Investor Relations |
Natural Gas Production | During the third quarter of 2009, total natural gas production increased by 1.5% as compared to the third quarter of 2008, from 6,963 to 7,066 MMcfd. The production of associated natural gas increased by 3.0%, primarily due to higher production volumes from the KMZ project, as well as from the Crudo Ligero and Ixtal-Manik projects in the Southern offshore region. In contrast, the production of non-associated natural gas decreased by 1.1%, primarily due to lower production from the Veracruz and Lankahuasa projects in the Northern region. | |
During the third quarter of 2009, Burgos and Veracruz projects reached a production of 2,324 MMcfd, representing 33% of the total natural gas production. On September 25, 2009, Burgos project reached a maximum historical production level of 1,569 MMcf. |
Table S3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of natural gas and gas flaring
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of natural gas and gas flaring
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
(MMcfd) | (MMcfd) | |||||||||||||||||||||||||||||||
Total | 6,963 | 7,066 | 1.5 | % | 103 | 6,804 | 7,038 | 3.4 | % | 234 | ||||||||||||||||||||||
Associated | 4,384 | 4,516 | 3.0 | % | 133 | 4,189 | 4,500 | 7.4 | % | 311 | ||||||||||||||||||||||
Non-associated | 2,579 | 2,550 | -1.1 | % | (29 | ) | 2,615 | 2,538 | -3.0 | % | (77 | ) | ||||||||||||||||||||
Natural gas flaring(1) | 1,338 | 1,097 | -18.0 | % | (241 | ) | 1,231 | 1,143 | -7.1 | % | (88 | ) | ||||||||||||||||||||
Gas flaring / total production | 19.2 | % | 15.5 | % | 18.1 | % | 16.2 | % |
Note: | Numbers may not total due to rounding. | |
(1) | Includes nitrogen. |
Table S4
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas production by selected fields
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas production by selected fields
2007 | 2008 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | 2006 | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||||||||||||||||||||||||||||||
(MMpcd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 4,818 | 5,356 | 5,816 | 6,033 | 6,094 | 6,285 | 6,586 | 6,861 | 6,963 | 7,260 | 7,018 | 7,029 | 7,066 | |||||||||||||||||||||||||||||||||||||||
Northeastern Marine Region | 928 | 920 | 992 | 1,129 | 1,147 | 1,356 | 1,647 | 1,854 | 1,913 | 2,189 | 1,900 | 1,814 | 1,803 | |||||||||||||||||||||||||||||||||||||||
Cantarell | 759 | 716 | 782 | 930 | 925 | 1,124 | 1,383 | 1,586 | 1,634 | 1,897 | 1,579 | 1,457 | 1,469 | |||||||||||||||||||||||||||||||||||||||
Ku | 103 | 141 | 146 | 138 | 147 | 153 | 161 | 153 | 159 | 164 | 178 | 211 | 180 | |||||||||||||||||||||||||||||||||||||||
Others | 65 | 63 | 64 | 61 | 75 | 79 | 103 | 114 | 120 | 128 | 143 | 147 | 153 | |||||||||||||||||||||||||||||||||||||||
Southwestern Marine Region | 655 | 856 | 985 | 940 | 1,010 | 1,035 | 991 | 1,016 | 1,046 | 1,038 | 1,067 | 1,141 | 1,095 | |||||||||||||||||||||||||||||||||||||||
Caan | 206 | 185 | 171 | 159 | 200 | 212 | 188 | 227 | 209 | 179 | 163 | 180 | 173 | |||||||||||||||||||||||||||||||||||||||
May | 24 | 85 | 135 | 121 | 152 | 165 | 173 | 229 | 206 | 215 | 254 | 278 | 265 | |||||||||||||||||||||||||||||||||||||||
Ixtal | 13 | 86 | 143 | 99 | 151 | 147 | 152 | 113 | 200 | 202 | 202 | 208 | 211 | |||||||||||||||||||||||||||||||||||||||
Others | 412 | 500 | 536 | 561 | 507 | 510 | 478 | 446 | 431 | 442 | 448 | 475 | 446 | |||||||||||||||||||||||||||||||||||||||
Southern Region | 1,400 | 1,352 | 1,365 | 1,392 | 1,378 | 1,277 | 1,364 | 1,419 | 1,492 | 1,525 | 1,540 | 1,547 | 1,633 | |||||||||||||||||||||||||||||||||||||||
Iride | 93 | 106 | 108 | 116 | 104 | 96 | 92 | 93 | 108 | 106 | 108 | 105 | 98 | |||||||||||||||||||||||||||||||||||||||
Narvaez | 0 | 30 | 87 | 83 | 82 | 85 | 88 | 90 | 101 | 100 | 93 | 99 | 99 | |||||||||||||||||||||||||||||||||||||||
Sen | 47 | 56 | 54 | 71 | 73 | 75 | 90 | 106 | 117 | 146 | 150 | 128 | 123 | |||||||||||||||||||||||||||||||||||||||
Tizón | 28 | 29 | 31 | 36 | 42 | 40 | 33 | 32 | 54 | 75 | 78 | 95 | 98 | |||||||||||||||||||||||||||||||||||||||
Others | 1,231 | 1,131 | 1,084 | 1,086 | 1,075 | 981 | 1,061 | 1,099 | 1,113 | 1,098 | 1,111 | 1,121 | 1,214 | |||||||||||||||||||||||||||||||||||||||
Northern Region | 1,835 | 2,228 | 2,475 | 2,572 | 2,559 | 2,616 | 2,583 | 2,572 | 2,512 | 2,509 | 2,511 | 2,526 | 2,536 | |||||||||||||||||||||||||||||||||||||||
Chicontepec | 28 | 28 | 29 | 28 | 25 | 29 | 44 | 50 | 51 | 66 | 81 | 83 | 77 | |||||||||||||||||||||||||||||||||||||||
Lizamba | 103 | 152 | 235 | 233 | 225 | 279 | 303 | 307 | 297 | 296 | 288 | 268 | 259 | |||||||||||||||||||||||||||||||||||||||
Culebra | 172 | 168 | 154 | 160 | 167 | 170 | 165 | 145 | 139 | 138 | 118 | 116 | 110 | |||||||||||||||||||||||||||||||||||||||
Papán | — | — | — | 14 | 98 | 115 | 129 | 197 | 256 | 262 | 258 | 242 | 236 | |||||||||||||||||||||||||||||||||||||||
Others | 1,532 | 1,879 | 2,057 | 2,137 | 2,045 | 2,024 | 1,941 | 1,875 | 1,769 | 1,747 | 1,766 | 1,818 | 1,855 |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 28 |
PEMEX | Corporate Finance Office — Investor Relations |
Gas Flaring | In the third quarter of 2009, gas flaring decreased by 18.0% as compared to the third quarter of 2008, due to decreased gas extraction in the transition zone at Cantarell and works aimed to increase the level of gas use. | |
Completion of Wells | During the third quarter of 2009, the number of wells drilled increased by 68.4%, from 190 to 320 wells, primarily due to an increase in the number of development wells by 115 as compared to the same quarter of 2008, due to higher activity in the Aceite Terciario del Golfo (ATG) project. Additionally, 23 exploratory wells were drilled, eight more than were drilled during the same period last year, due to an increase in drilling activity in the ATG project. |
Table S5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Inventory of wells and operation equipment
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Inventory of wells and operation equipment
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
Wells drilled | 190 | 320 | 68.4 | % | 130 | 521 | 854 | 63.9 | % | 333 | ||||||||||||||||||||||
Development | 175 | 297 | 71.4 | % | 115 | 478 | 799 | 67.2 | % | 321 | ||||||||||||||||||||||
Exploration | 15 | 23 | 53.3 | % | 8 | 43 | 55 | 27.9 | % | 12 | ||||||||||||||||||||||
Total operating wells(1) | 6,321 | 5,818 | -8.0 | % | (503 | ) | ||||||||||||||||||||||||||
Injection | 253 | 212 | -16.2 | % | (41 | ) | ||||||||||||||||||||||||||
Production | 6,068 | 5,606 | -7.6 | % | (462 | ) | ||||||||||||||||||||||||||
Crude oil | 2,946 | 2,575 | -12.6 | % | (371 | ) | ||||||||||||||||||||||||||
Non-associated gas | 3,122 | 3,031 | -2.9 | % | (91 | ) | ||||||||||||||||||||||||||
Selected operating infrastructure(1) | ||||||||||||||||||||||||||||||||
Drilling rigs(2) | 137 | 175 | 28.2 | % | 38 | |||||||||||||||||||||||||||
Offshore platforms | 226 | 227 | 0.4 | % | 1 |
(1) | At end of period. | |
(2) | As of September 30, 2009, PEMEX owns 126 of these drilling rigs. | |
Note: | Numbers may not total due to rounding. |
Seismic Information | The number of kilometers covered by 2D seismic studies was 542 km, 396 km less than were covered in the same quarter of 2008. This decrease in 2D studies is primarily explained by the lack of seismic data acquisition in the onshore portion of the Southeast basins. | |
In contrast, we conducted 3D seismic studies over 2,528 km2, an increase of 1,516 km2as compared to the area covered during the same quarter of 2008. This increase was primarily due to higher activity in the projects Burgos and Veracruz Basin, as well as in the development of fields located at the ATG project. |
Table S6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Seismic studies
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Seismic studies
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||
Seismic information | ||||||||||||||||||||||||
2D (km) | 938 | 542 | (396 | ) | 2,197 | 17,453 | 15,256 | |||||||||||||||||
3D (km2) | 1,012 | 2,528 | 1,516 | 7,733 | 11,860 | 4,127 |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 29 |
PEMEX | Corporate Finance Office — Investor Relations |
Discoveries | Our main discoveries during the third quarter of 2009 were: |
Table S7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Main discoveries
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Main discoveries
Project | 3Q09 | Geologic age | Initial production | Type | ||||
Burgos | Parritas-1001 | Oligocen | 6.8 MMcfd and 36 bpd | Dry gas | ||||
Nejo-2001 | Oligocen | 1.5 MMcfd and 1.2 Mbd | Gas and condensates | |||||
Nejo-301 | Oligocen | 0.9 MMcfd and 165 bpd | Dry gas | |||||
Cinco Presidentes | Flanco-1 | Miocen | 1.6 Mbd and 0.9 MMcfd | Heavy crude oil | ||||
Muspac | Teotleco-1001 | Middle cretacic | 3.0 Mbd and 6.5 MMcfd | Light crude oil |
Cantarell | During the third quarter of 2009, the main activities focused on counteracting the decline of the Cantarell project were: | |
• completion of three development wells, and | ||
• 31 major and 20 minor well workovers. | ||
The Cantarell asset is still working in the feasibility analysis of enhanced oil recovery project. | ||
KMZ | During the third quarter of 2009, the main activities at the KMZ project focused on maintaining production were: | |
• completion of three development wells, | ||
• three major and 37 minor well workovers, and | ||
• installation of the drilling platform Maloob-C. | ||
ATG | During the third quarter of 2009, the main activities aimed at expanding the execution capacity and maintaining the intense activities at the ATG project were: | |
• completion of 121 development wells, and | ||
• 35 major and 141 minor well workovers. | ||
The Asset works in the water injection pilot test in Furbero field for maintenance pressure. | ||
Veracruz | During the third quarter of 2009, the main activity in the Veracruz non-associated gas project, was: | |
• 14 major well workovers. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 30 |
PEMEX | Corporate Finance Office — Investor Relations |
Tenders | The main tenders conducted by Pemex-Exploration and Production during the third quarter of 2009 were: |
Table S8
Main Tenders
Pemex-Exploration and Production
Main Tenders
Pemex-Exploration and Production
Announced/ | ||||||||||||||||
Amount | awarded | |||||||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | |||||||||||
18575110-001-09 | 564.0 | 17-ago-09 | WELL DRILLING AT THE BURGOS AREA | AWARDED | INDUSTRIAL PERFORADORA DE CAMPECHE | |||||||||||
18575106-004-09 | 194.9 | 11-sep-09 | ENGINEERING, PROCUREMENT AND CONSTRUCTION OF THE ELECTRICITY GENERATING PLATAFORM PG-ZAAP–C | AWARDED | DRAGADOS OFFSHORE DE MÉXICO | |||||||||||
18575106-001-09 | 122.7 | 3-jul-09 | ENGINEERING, PROCUREMENT AND INSTALLMENT OF SUBMARINE WIRING AT THE PLATAFORM PG-ZAAP-C | AWARDED | DEMAR INSTALADORA Y CONSTRUCTORA | |||||||||||
18575106-005-09 | 52.9 | 16-jul-09 | WORKS OF ENGINEERING, PROCUREMENT AND MAINTENANCE AT FACILITIES IN THE NORTHEAST AND SOUTHEAST MARINE REGIONS | AWARDED | DEMAR INSTALADORA Y CONSTRUCTORA | |||||||||||
18572039-002-09 | 52.3 | 9-sep-09 | COMPLEMENTARY WORKS OF ENGINEERING, PROCUREMENT AND CONSTRUCTION OF 5 STORAGE TANKS | AWARDED | TRADECO INFRAESTRUCTURA | |||||||||||
18575088-019-08 | 50.8 | 31-jul-09 | CHEMICAL PROCESSES, NITROGEN PUMPING AND INDUCTIONS AT OFFSHORE OIL WELLS | AWARDED | HALLIBURTON DE MÉXICO | |||||||||||
18575106-018-09 | 43.3 | 29-jul-09 | MODERNIZATION OF THE PLATAFORM EK-TB | AWARDED | CONSTRUCTORA SUBACUATICA DIAVAZ | |||||||||||
18575109-011-09 | 41.0 | 24-ago-09 | WELL MONITORING SERVICES AT THE BURGOS INTEGRAL ASSET | AWARDED | INTEGRADORES DE TECNOLOGÍA | |||||||||||
18575069-010-09 | 39.3 | 9-ago-09 | MAINTENANCE OF WELLS IN THE SOUTH REGION | AWARDED | QM AX MÉXICO | |||||||||||
18575106-006-09 | 39.1 | 8-jul-09 | AUXILIARY AND INTEGRATION SERVICES OF SECURITY SYSTEMS AT THE PP-KU-I DRILLING PLATFORM | AWARDED | CONDUX | |||||||||||
18575035-006-09 | 29.2 | 19-ago-09 | ONIXMA 3D AND KUZAM 3D SEISMIC SURVEYS | AWARDED | CGGVERITAS SERVICES DE MÉXICO | |||||||||||
18575106-020-09 | 27.3 | 18-ago-09 | CONSTRUCTION OF THE 16” CARDENAS NORTE-PAREDÓN GAS PIPELINE | AWARDED | ICA CSA PROYECTOS | |||||||||||
18575008-023-09 | 22.4 | 23-sep-09 | INFRASTRUCTURE RENOVATIONS OF PRODUCTION FACILITIES AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET | AWARDED | FABRICACIÓN Y REPARACIÓN ELECTROM ECÁNICA | |||||||||||
18575109-038-08 | 21.9 | 14-jul-09 | GENERAL SERVICES AT THE BURGOS INTEGRAL ASSET, IN THE STATES OF TAMAULIPAS AND NUEVO LEON | AWARDED | QUIMICA APOLLO S.A. DE C.V. | |||||||||||
18575051-018-09 | 16.6 | 22-jul-09 | OIL DRILLING AND MAINTENANCE SERVICES AT INTEGRAL ASSETS IN THE NORTH REGION | AWARDED | TRANSPORTES INTERNACIONALES TAMAULIPECOS | |||||||||||
18575008-010-09 | 16.4 | 26-ago-09 | CONSTRUCTION AND RENOVATION OF ROADS AND PLATFORMS AT THE ATG INTEGRAL ASSET | AWARDED | AZTECA CONSTRUCCIONES INDUSTRIALES | |||||||||||
18575106-019-09 | 15.4 | 28-jul-09 | CONSTRUCTION OF THE KAM BESAH WELLS RECOVERY PLATFORM AND OF THE KAM BESAH FIELD STATION STRUCTURE | AWARDED | CONSTRUCCIONES MECÁNICAS MONCLOVA | |||||||||||
18575108-004-09 | 14.8 | 13-jul-09 | GEOPHYSICAL AND GEOTECHNICAL SURVEYS IN THE MARINE REGION | AWARDED | CONSTRUCTORA SUBACUATICA DIAVAZ | |||||||||||
18575008-025-09 | 13.7 | 30-sep-09 | INFRASTRUCTURE CONSTRUCTION OF PRODUCTION FACILITIES AT THE POZA RICA-ALTAMIRA II INTEGRAL ASSET | AWARDED | MILLER PIPELINE DE MEXICO, SA DE CV | |||||||||||
18575008-011-09 | 13.3 | 4-sep-09 | INFRASTRUCTURE CONSTRUCTION FOR PRODUCTION PROCESSES AT THE ATG INTEGRAL ASSET | AWARDED | BISELL CONSTRUCCIONES E INGENIERÍA | |||||||||||
18575106-021-09 | 12.5 | 21-sep-09 | WORKS OF ENGINEERING, PROCUREMENT AND CONSTRUCTION OF A LIGHT WEIGHT WORK MARINE PLATFORM | AWARDED | CONSTRUCCIONES MECÁNICAS MONCLOVA | |||||||||||
18575088-001-09 | 11.4 | 21-jul-09 | RENT OF MODULAR HOUSED DIESEL ELECTRIC GENERATING UNITS FOR DRILLING ACTIVITIES | AWARDED | TODCO MÉXICO | |||||||||||
18575008-006-09 | 11.4 | 17-jul-09 | CONSTRUCTION AND RENOVATIONS OF ROADS AT THE ATG INTEGRAL | AWARDED | CENTRAL DE IM PERM EABILIZANTES Y | |||||||||||
18575004-026-09 | 10.2 | 21-sep-09 | SPECIALIZED TRANSPORTATION SERVICES FOR DRY LOADS AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET | AWARDED | CUI | |||||||||||
18575008-012-09 | 10.0 | 12-ago-09 | SUBSTRATE ENGINEERING SERVICES AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET | AWARDED | PETRO SERVICIOS ESPECIALES DE INGENIERÍA | |||||||||||
18575008-009-09 | 9.3 | 3-jul-09 | COMPLEMENTARY WORKS FOR THE FIELDS AT THE ATG INTEGRAL ASSET | AWARDED | SOCIEDAD INDUSTRIAL DE CONSTRUCCIONES | |||||||||||
18575051-014-09 | 8.4 | 24-ago-09 | WELL WASHING AND FILTERING AT INTEGRAL ASSETS IN THE NORTH REGION | AWARDED | BJ SERVICES COMPANY MEXICANA | |||||||||||
18575062-001-09 | 8.3 | 18-sep-09 | GEOLOGICAL MONITORING SERVICES FOR EXPLORATORY DRILLING IN THE SOUTH REGION | AWARDED | DIVERSIFIED WELL LOGGING | |||||||||||
18575110-019-09 | 8.3 | 17-sep-09 | CONSTRUCTION OF GAS COLLECTION STATIONS AT THE BURGOS INTEGRAL ASSET | AWARDED | GALCOR DEL NORTE | |||||||||||
18575110-017-09 | 7.9 | 10-sep-09 | CONSTRUCTION OF PLATFORMS AND ACCESS ROADS AT THE BURGOS INTEGRAL ASSET | AWARDED | CONSTRUCTORA RECA DE REYNOSA | |||||||||||
18575008-007-09 | 7.6 | 23-jul-09 | SUPERVISING SERVICES ON FIELDS AND OFFICES AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET | AWARDED | CORPORATE ENERGY MASTER GRUP O DIARQCO |
Note: | For further information on these and other tenders, consult www.compranet.gob.mx. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 31 |
PEMEX | Corporate Finance Office — Investor Relations |
Refining | ||
Processing | During the third quarter of 2009, total crude oil processing increased by 2.8% as compared to the same quarter of 2008, primarily as a result of scheduled maintenance in the National Refining System. Due to this maintenance program an increase by 5.2% in light crude oil processing was obtained, while heavy crude oil processing decreased by 0.8%. |
Table S9
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil processing
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil processing
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
(Mbd) | (Mbd) | |||||||||||||||||||||||||||||||
Total processed | 1,250 | 1,285 | 2.8 | % | 36 | 1,265 | 1,288 | 1.8 | % | 23 | ||||||||||||||||||||||
Light Crude | 764 | 803 | 5.2 | % | 40 | 755 | 813 | 7.6 | % | 58 | ||||||||||||||||||||||
Heavy Crude(1) | 486 | 482 | -0.8 | % | (4 | ) | 510 | 475 | -6.8 | % | (35 | ) |
(1) | Excludes reconstituted crude. | |
Note: | Numbers may not total due to rounding. |
Capacity Utilization | During the third quarter of 2009, the primary distillation capacity utilization rate increased to 83.9%, or 2.0 percentage points more than the registered rate during the same quarter of 2008, due to higher processing levels. | |
Production | During the third quarter of 2009, the production of petroleum products increased by 5.3% as compared to the third quarter of 2008, from 1,435 to 1,510 Mbd, primarily as a result of higher fuel oil production due to the reconversion of the H-Oil process, in the Tula refinery, to hidrodesulfurization of vacuum gas oils in order to produce ultra low sulfur gasolines, as well as higher gasolines production due to the greater use of inventories of intermediate products. |
Table S10
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Petroleum products
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Petroleum products
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
(Mbd) | (Mbd) | |||||||||||||||||||||||||||||||
Total production | 1,435 | 1,510 | 5.3 | % | 75 | 1,493 | 1,517 | 1.6 | % | 24 | ||||||||||||||||||||||
Gasolines | 432 | 465 | 7.6 | % | 33 | 450 | 475 | 5.6 | % | 25 | ||||||||||||||||||||||
Fuel oil | 282 | 320 | 13.5 | % | 38 | 286 | 306 | 6.9 | % | 20 | ||||||||||||||||||||||
Diesel | 324 | 331 | 1.9 | % | 6 | 346 | 337 | -2.8 | % | (10 | ) | |||||||||||||||||||||
Liquefied petroleum gas (LPG)(1) | 206 | 207 | 0.2 | % | 0.4 | 210 | 209 | -0.5 | % | (1 | ) | |||||||||||||||||||||
Jet Fuel | 59 | 53 | -10.3 | % | (6 | ) | 66 | 56 | -14.9 | % | (10 | ) | ||||||||||||||||||||
Other(2) | 132 | 135 | 2.8 | % | 4 | 134 | 134 | 0.1 | % | 0.1 |
(1) | Excludes butylene and propylene and includes isobutanes from Pemex-Gas and Basic Petrochemicals and butane from Pemex-Petrochemicals. | |
(2) | Includes mainly paraffins, furfural extract, aeroflex, asphalt, among others. | |
Note: | Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 32 |
PEMEX | Corporate Finance Office — Investor Relations |
Franchises | As of September 30, 2009, the number of franchised gas stations totaled 8,662, 5.4% more than the 8,222 registered as September 30, 2008. | |
New refinery | On August 12, 2009, PEMEX announced that the new refinery will be constructed in Tula, Hidalgo. PEMEX expects to receive formally titles to the land where the plant will be constructed shortly, in order to begin the pre-conditioning works on the site. With an investment of approximately US$9.0 billion, the new refinery will have a production capacity of 300 Mbd refined products. | |
Tenders | The main tenders conducted by Pemex-Refining during the third quarter of 2009 were: |
Table S11
Main Tenders
Pemex-Refining
Main Tenders
Pemex-Refining
Announced/ | ||||||||||||
Amount | awarded | |||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | |||||||
18572039-001-09 | 633.4 | 20-ago-09 | ENGINEERING DEVELOPMENT, PROCUREMENT AND CONSTRUCTION SERVICES OF THE DESULPHURATION PLANTS OF CATALYTIC GASOLINE | AWARDED | ICA FLUOR DANIEL | |||||||
18576057-017-09 | 72.8 | 14-sep-09 | OTHER PRODUCTS AND CHEMICAL SUBSTANCES | AWARDED | ||||||||
12 partidas | 47.2 | AWARDED | INDUSTRIA QUÍMICA DEL ISTMO | |||||||||
6 partidas | 25.6 | AWARDED | MEXICHEM DERIVADOS | |||||||||
18576057-016-09 | 25.9 | 9-ago-09 | EMULSIFYING CHEMICAL PROCESS FOR FUEL OIL | AWARDED | GOLFO SUPLEMENTO LATINO | |||||||
18572039-004-09 | 18.2 | 18-ago-09 | ELABORATION OF COMPLEMENTARY ENGINEERING WORKS AND MATERIAL AND EQUIPMENT PROCUREMENT FOR THE HYDROGEN DUCT GOING FROM LA CANGREJERA PETROCHEMICAL COMPLEX TO THE MINATITLAN | AWARDED | PROYECTOS Y DESARROLLOS DE INFRAESTRUCTURA | |||||||
18576057-019-09 | 18.0 | 18-sep-09 | OTHER PRODUCTS AND CHEMICAL SUBSTANCES | AWARDED | PRAXAIR MÉXICO | |||||||
18576057-018-09 | 14.6 | 21-sep-09 | OTHER PRODUCTS AND CHEMICAL SUBSTANCES | AWARDED | ||||||||
6 partidas | 8.6 | AWARDED | AGROGEN | |||||||||
6 partidas | 4.6 | AWARDED | ABASTECEDORA MEXICANA DE SODIO DE MONTERREY | |||||||||
4 partidas | 1.5 | AWARDED | ÁCIDOS Y SOLVENTES | |||||||||
18576057-014-09 | 9.8 | 9-sep-09 | REPAIR AND MAINTENANCE SERVICES | AWARDED | ||||||||
9 partidas | 5.9 | AWARDED | QUÍM ICA APOLLO | |||||||||
9 partidas | 4.0 | AWARDED | PRODUCTOS ROLMEX |
Note: | For further information on these and other tenders, consult www.compranet.gob.mx. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 33 |
PEMEX | Corporate Finance Office — Investor Relations |
Gas and Basic Petrochemicals
Gas Processing | During the third quarter of 2009, our total onshore natural gas processing increased by 4.8% as compared to the third quarter of 2008, mainly due to a 5.5% increase in the production of sour wet gas in the offshore regions and the Southern region. Additionally the sweet wet gas processing increased by 2.8%, due to the incorporation of new wells in the Northern region. | |
As a result, dry natural gas production increased by 2.7% and natural gas liquids production increased by 0.6% despite a decrease in the production of condensates, from 43.3 to 35.2 Mbd. |
Table S12
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas processed and dry gas production
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas processed and dry gas production
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
(MMcfd) | (MMcfd) | |||||||||||||||||||||||||||||||
On-shore gas processed | 4,264 | 4,469 | 4.8 | % | 205 | 4,241 | 4,417 | 4.2 | % | 176 | ||||||||||||||||||||||
Sour wet gas | 3,219 | 3,395 | 5.5 | % | 176 | 3,170 | 3,373 | 6.4 | % | 204 | ||||||||||||||||||||||
Sweet wet gas | 1,045 | 1,075 | 2.8 | % | 29 | 1,071 | 1,044 | -2.6 | % | (28 | ) | |||||||||||||||||||||
Production | ||||||||||||||||||||||||||||||||
Dry natural gas | 3,479 | 3,574 | 2.7 | % | 95 | 3,466 | 3,550 | 2.4 | % | 84 | ||||||||||||||||||||||
Natural gas liquids (Mbd)(1) | 376 | 378 | 0.6 | % | 2 | 378 | 380 | 0.7 | % | 2 |
(1) | Includes condensates and other streams to fractionating process. | |
Note: | Numbers may not total due to rounding. |
Compression Station Emiliano Zapata | The construction of a 48 inch bypass and 22 km of natural gas pipelines to the city of Xalapa, Veracruz, included the following advances as of September 30, 2009: | |
• tracing of 22 km of rights of way, | ||
• overhauling of 20.5 km of rights of way, | ||
• transportation and installation of 18.9 km of pipeline, and | ||
• digging of 14.9 km of trenches. | ||
The completion of the bypass and its connection to the Emiliano Zapata compression station are scheduled for the first half of 2010. | ||
Poza Rica GPC | The project to expand capacity at the Poza Rica Gas Processing Center (GPC) includes the construction of a cryogenic plant with a capacity of 200 MMcfd, in order to process sweet wet gas from the ATG project. As of September 30, 2009, the main results of the project were: | |
• Conclusion of the risk and operating process study, and | ||
• purchase order of turbocompressors, turboexpansors, storage spheres, electrical equipment and heat exchangers. | ||
The total estimated investment for the 2009-2011 period amounts to Ps. 3.9 billion. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 34 |
PEMEX | Corporate Finance Office — Investor Relations |
Tenders | The main tenders conducted by Pemex-Gas and Basic Petrochemicals during the third quarter of 2009 were: |
Table S13
Main Tenders
Pemex-Gas and Basic Petrochemicals
Pemex-Gas and Basic Petrochemicals
Announced/ | ||||||||||||
Amount | awarded | |||||||||||
Tender number | US$MM | date | Description | Status | Awarded to: | |||||||
18577001-036-08 | 550.6 | 31-ago-09 | TRANSFORMATION OF DEM INERALIZED WATER FROM LIQUID INTO STEAM FOR DELIVERY AT THE CPG NUEVO PEMEX, AND CONVERSION OF NATURAL GAS INTO ELECTRICITY | AWARDED | ABENGOA MÉXICO |
Note: For further information on these and other tenders, consult www.compranet.gob.mx. |
Petrochemicals
Production | During the third quarter of 2009, total petrochemicals production decreased by 3.1%, from 1,103 to 1,068 thousand tons (Mt). This decrease was primarily due to: | |
• a decreased in production of ethane derivatives due to lower production of ethylene oxide primarily caused by scheduled maintenance activity and the integration of the project of ethylene oxide in the Morelos Petrochemical Complex (PC), which generated a greater volume of ethylene for exportation; | ||
• a decreased in production of methane derivatives, in particular ammonia due to programmed maintenance activity; and | ||
• an increased in aromatics production, primarily due to a higher production of high-octane hydrocarbons as a result of the beginning of operations of the isomerization plant in the Cangrejera PC, partially offset by a reduction in the production of xylenes. |
Table S14
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Net production of petrochemicals
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Net production of petrochemicals
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
(Mt) | (Mt) | |||||||||||||||||||||||||||||||
Total production | 1,103 | 1,068 | -3.1 | % | (34 | ) | 3,232 | 3,214 | -0.6 | % | (18 | ) | ||||||||||||||||||||
Methane derivatives | ||||||||||||||||||||||||||||||||
Ammonia | 238 | 194 | -18.3 | % | (43 | ) | 712 | 615 | -13.7 | % | (98 | ) | ||||||||||||||||||||
Methanol | N/A | N/A | — | — | 44 | N/A | — | — | ||||||||||||||||||||||||
Ethane derivatives | ||||||||||||||||||||||||||||||||
Ethylene | 16 | 40 | 153.2 | % | 24 | 38 | 90 | 133.0 | % | 51 | ||||||||||||||||||||||
Ethylene oxide | 61 | 15 | -74.9 | % | (46 | ) | 180 | 102 | -43.4 | % | (78 | ) | ||||||||||||||||||||
Low density polyethylene | 68 | 74 | 9.0 | % | 6 | 211 | 215 | 2.0 | % | 4 | ||||||||||||||||||||||
High density polyethylene | 45 | 54 | 19.2 | % | 9 | 141 | 142 | 0.5 | % | 1 | ||||||||||||||||||||||
Linear low density polyethylene | 49 | 50 | 0.9 | % | 0.5 | 129 | 162 | 25.3 | % | 33 | ||||||||||||||||||||||
Vinyl chloride | 44 | 42 | -4.9 | % | (2 | ) | 125 | 99 | -20.5 | % | (26 | ) | ||||||||||||||||||||
Aromáticos y derivados | ||||||||||||||||||||||||||||||||
Styrene | 24 | 28 | 17.3 | % | 4 | 95 | 82 | -13.8 | % | (13 | ) | |||||||||||||||||||||
Toluene | 21 | 19 | -11.4 | % | (2 | ) | 40 | 49 | 22.0 | % | 9 | |||||||||||||||||||||
Xylenes | 38 | 19 | -49.9 | % | (19 | ) | 158 | 58 | -63.5 | % | (100 | ) | ||||||||||||||||||||
High octane hydrocarbon | 69 | 168 | 142.2 | % | 99 | 148 | 414 | 179.9 | % | 266 | ||||||||||||||||||||||
Others(1) | 430 | 366 | -14.9 | % | (64 | ) | 1,210 | 1,188 | -1.8 | % | (22 | ) |
(1) | Includes glycols, heavy reformed, oxygen, hydrogen, nitrogen, chlorhydric acid, muriatic acid, hexane, heptanes, benzene, ethane, carbon dioxide, sulfur, carbon black, BTX liquids, amorphous gasoline, heavy naphtha, butadiene and others. | |
Note: Numbers may not total due to rounding. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 35 |
PEMEX | Corporate Finance Office — Investor Relations |
Infrastructure Projects | As of September 30, 2009, the physical advances on the project to modernize and increase the capacity of the aromatics train at the Cangrejera PC were 7.6%. The expected year to start operations is 2012. | |
The first stage of the project to expand the capacity of the ethylene oxide plant in the Morelos PC was 96% complete. | ||
Tenders | During the third quarter of 2009 Pemex-Petrochemicals do not announced or awarded tenders higher than Ps. 100 million. | |
International Trade17 | ||
Crude Oil | During the third quarter of 2009, the volume of crude oil exports decreased by 8.4% as compared to the same quarter of 2008, from 1,287 to 1,179 Mbd, primarily as a result of lower production. | |
Approximately 84.1% of total crude oil exports were composed of heavy crude oil (Maya and Altamira); the remainder consisted of light and extra-light crude oil (Isthmus and Olmeca). | ||
PEMEX exported 84.0% of its total crude oil exports to the United States of America, while the remaining 16.0% was distributed among Europe (10.3%), the rest of the Americas (4.0%) and the Far East (1.7%). | ||
The weighted average export price of the Mexican crude oil basket decreased by 39.7%, from US$105.9 to US$63.9 per barrel in the third quarter of 2009. | ||
Dry Gas | During the third quarter of 2009, dry gas exports decreased, from 145 to 47 MMcfd, and imports increased from 373 to 432 MMcfd, primarily due to higher demand from the National Electricity Commission (CFE by its Spanish acronym), which was partially offset by lower demand from the Mexican industrial sector. | |
Petroleum products and Petrochemicals | During the third quarter of 2009, exports of petroleum products increased from 189 to 224 Mbd, primarily due to higher exports of fuel oil as a result of higher production. On the other hand imports decreased from 603 to 601 Mbd, primarily as a result of decreased purchases of gasolines and diesel. | |
By volume, the main petroleum products exported during the third quarter of 2009 were fuel oil and naphtha, while the main products imported were gasoline and LPG. | ||
Petrochemical exports increased from 169 to 239 Mt, primarily due to higher sulfur18 and ethylene sales. In the other hand petrochemical imports increased from 99 to 105 Mt, primarily as a result of higher toluene and isobutane purchases. | ||
By volume, the main petrochemicals exported during the third quarter of 2009, were sulfur and ethylene, and the main petrochemicals imported were isobutene and methanol. |
17 | According to data provided by P.M.I.®, except natural gas. | |
18 | Sulfur is included as a petrochemical product for categorization purposes only. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 36 |
PEMEX | Corporate Finance Office — Investor Relations |
Table S15
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
International Trade(1)
International Trade(1)
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
Exports | ||||||||||||||||||||||||||||||||
Crude oil (Mbd) | 1,287 | 1,179 | -8.4 | % | (107 | ) | 1,398 | 1,217 | -12.9 | % | (180 | ) | ||||||||||||||||||||
Heavy | 1,148 | 992 | -13.6 | % | (156 | ) | 1,251 | 1,077 | -13.9 | % | (174 | ) | ||||||||||||||||||||
Light | 9 | 21 | 132.2 | % | 12 | 18 | 15 | -18.9 | % | (3 | ) | |||||||||||||||||||||
Extra-light | 130 | 166 | 28.1 | % | 36 | 129 | 126 | -2.2 | % | (3 | ) | |||||||||||||||||||||
Average price (US$/b) | 105.9 | 63.9 | -39.7 | % | (42.0 | ) | 98.3 | 52.9 | -46.2 | % | (45.4 | ) | ||||||||||||||||||||
Dry natural gas (MMcfd) | 145 | 47 | -67.6 | % | (98 | ) | 77 | 68 | -11.3 | % | (9 | ) | ||||||||||||||||||||
Petroleum products (Mbd) | 189 | 224 | 18.8 | % | 35.5 | 177 | 250 | 41.5 | % | 73 | ||||||||||||||||||||||
Petrochemicals (Mt) | 169 | 239 | 41.3 | % | 70 | 463 | 578 | 24.8 | % | 115 | ||||||||||||||||||||||
Imports | ||||||||||||||||||||||||||||||||
Dry natural gas (MMcfd) | 373 | 432 | 15.8 | % | 59 | 468 | 405 | -13.5 | % | (63 | ) | |||||||||||||||||||||
Petroleum products (Mbd)(2) | 603 | 601 | -0.4 | % | (2 | ) | 549 | 513 | -6.5 | % | (36 | ) | ||||||||||||||||||||
Petrochemicals (Mt) | 99 | 105 | 5.7 | % | 6 | 303 | 349 | 15.1 | % | 46 |
(1) | Source: P.M.I.® except dry natural gas. | |
(2) | Includes 89 Mbd and 59 Mbd of LPG for the third quarter of 2008 and 2009, respectively. | |
Note: | Numbers may not total due to rounding. |
Industrial Safety, Environmental Protection and Social Development
Industrial Safety | During the third quarter of 2009, the frequency index of industrial accidents at PEMEX’s facilities decreased by 4.3%, to 0.45 incapacitating accidents per million man-hours worked (MMhw), as compared to the third quarter of 2008. Similarly, the severity index decreased by 30.6%, to 25 days lost per MMhw. The improvement in both indices is primarily explained by the reinforcement of PEMEX-SSPA.19 | |
Environmental Protection | During the third quarter of 2009, the sulfur oxide emissions index decreased by 8.3%, to 3.07 tons per thousand tons (t/Mt), primarily due to lower crude oil production and sulfur oxide emissions20. |
Table S16
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Industrial safety and environmental protection
Industrial safety and environmental protection
Third quarter (Jul.-Sep.) | Nine months ending Sep. 30, | |||||||||||||||||||||||||||||||
2008 | 2009 | Change | 2008 | 2009 | Change | |||||||||||||||||||||||||||
Selected indexes | ||||||||||||||||||||||||||||||||
Frequency index(1) | 0.47 | 0.45 | -4.3 | % | (0.02 | ) | 0.44 | 0.47 | 6.8 | % | 0.03 | |||||||||||||||||||||
Severity index(2) | 36.0 | 25.0 | -30.6 | % | -11.0 | 25.0 | 27.0 | 8.0 | % | 2.0 | ||||||||||||||||||||||
Sulfur oxide emissions (t/Mt) | 3.34 | 3.07 | -8.3 | % | (0.28 | ) | 2.85 | 2.80 | -1.8 | % | (0.05 | ) | ||||||||||||||||||||
Reused water / Use and management | 0.03 | 0.05 | 38.2 | % | 0.01 | 0.04 | 0.04 | 8.3 | % | 0.00 |
(1) | PEMEX incapacitating work accidents frequency index per million man-hours of risk exposure. Quarterly figures include information for the last month of the period. | |
(2) | PEMEX incapacitating work accidents severity index measures the number of days lost to incapacitating work accidents. Quarterly figures include information for the last month of the period. | |
Note: | Numbers may not total due to rounding. |
19 | The frequency index is the number of accidents with incapacitating injuries per MMhw 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 and outside standard working hours, including overtime hours. | |
The “severity index” is the number of days lost per MMhw of risk exposure during the relevant period. Lost days are those missed due to medical incapacity as a result of work accident injuries or rewarded as compensation for partial, total or permanent incapacity, or for death. | ||
20 | Average sulfur oxide emissions (SOX) by thousand tons. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 37 |
PEMEX | Corporate Finance Office — Investor Relations |
Incidents | On September 4, 2009, Hurricane “Jimena” fractured the Guaymas — Hermosillo pipeline at the km 17+500, this caused a spill of 6,772 barrels in the “El Caballo” stream in the state of Sonora. | |
On September 27, 2009, a spill of 88 barrels took place in the Nuevo Teapa — Cadereyta pipeline as a result of a clandestine tap. This incident affected 50 hectares of the municipality of Ozuluama, in the state of Veracruz. | ||
On September 27, 2009, hydrocarbons leaks took place in Xicotepec, Puebla and Hidalgo. This was caused by heavy rain and landslides that affected the Poza Rica — Salamanca and the Poza Rica — Azcapotzalco pipelines. |
PEMEX Unaudited Financial Results Report as of September 30, 2009. | 38 |
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 access www.ri.pemex.com and then “Distribution List”.
Celina Torres | Andrés Brügmann | |
ctorresu@dcf.pemex.com | abrugmann@dcf.pemex.com | |
Carmina Moreno | Guillermo Regalado | |
cmoreno@dcf.pemex.com | gregalado@dcf.pemex.com | |
Cristina Arista | Paulina Nieto | |
darista@dcf.pemex.com | pnietob@dcf.pemex.com | |
Antonio Murrieta amurrieta@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., Pemex’s international trading arm.
Convenience translations into US dollars of amounts in pesos for the Balance Sheet have been made at the established exchange rate, as of September 30, 2009, of Ps. 13.4928 = US$1.00; other translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the second quarter of 2009 and the first six months of 2009, respectively. 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.
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 recentForm 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 ourForm 20-F,as amended, “File No. 0-99”, available from us at www.pemex.com or Marina Nacional 329, Floor 38, Col. Huasteca, Mexico City 11311 or at (52 55) 1944 9700. You can also obtain this Form from the SEC ‘s website, www.sec.gov. Investors are also welcome to review the annual report to the CNBV, available at www.pemex.com.
EBITDA is a non-US GAAP measure.
PEMEX Unaudited Financial Results Report as of June 30, 2009 | 39 |
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/ Arturo Delpech del Ángel | |||
Arturo Delpech del Ángel | ||||
Associate Managing Director of Finance | ||||
Date: November 16, 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.