Exhibit 7.1
(1 of 2)
PETROLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES
Computation of ratio of earnings to fixed charges
(thousands of constant pesos as of December 31, 2003 )
2003 | 2002 | 2001 | ||||
Mexican GAAP | ||||||
Fixed charges (1): | ||||||
Interest capitalized in fixed assets | 7,246,308 | 5,468,205 | 4,153,855 | |||
Interest in the specific reserve for exploration and depletion | 19,039 | 50,045 | 95,125 | |||
Interest expense | 23,487,142 | 20,971,411 | 17,784,090 | |||
Total interest cost | 30,752,489 | 26,489,661 | 22,033,070 | |||
Total Fixed Charges | 30,752,489 | 26,489,661 | 22,033,070 | |||
Earnings after IEPS taxes and Hydrocarbon | ||||||
Extraction duties | (40,644,363) | (24,574,040) | (30,395,660) | |||
Fixed Charges (1): | ||||||
Interest cost net of amounts capitalized | 23,487,142 | 20,971,411 | 17,784,090 | |||
Total Fixed Charges | 23,487,142 | 20,971,411 | 17,784,090 | |||
Earnings after taxes and duties plus fixed charges | ||||||
( net of amounts capitalized ) | (17,157,221) | (3,602,629) | (12,611,570) | |||
Amount by which fixed charges exceed earnings | 47,909,710 | 30,092,290 | 34,644,640 | |||
(1) These figures do not include rental expense |
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Exhibit 7.1
(2 of 2)
PETROLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES
Computation of ratio of earnings to fixed charges
( thousands of constant pesos as of December 31, 2003 )
2003 | 2002 | 2001 | ||||
U.S. GAAP | ||||||
Fixed Charges (1): | ||||||
Interest capitalized in fixed assets | 7,954,598 | 6,000,176 | 5,713,858 | |||
Interest expense | 22,797,891 | 20,489,485 | 16,319,212 | |||
Total interest cost | 30,752,489 | 26,489,661 | 22,033,070 | |||
Total Fixed Charges | 30,752,489 | 26,489,661 | 22,033,070 | |||
Income Earnings after taxes and duties | (66,309,390) | (32,666,715) | (23,344,362) | |||
Fixed Charges (1): | ||||||
Interest cost net of amounts Capitalized | 22,797,891 | 20,489,485 | 16,319,212 | |||
Total Fixed Charges (Net of amounts capitalized) | 22,797,891 | 20,489,485 | 16,319,212 | |||
Earnings after taxes and duties plus fixed charges | ||||||
(net of amounts capitalized) | (43,511,499) | (12,177,230) | (7,025,150) | |||
Amount by which fixed charges exceed earnings | 74,263,988 | 38,666,891 | 29,058,220 | |||
(1) These figures do not include rental expense |
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