Exhibit 7.1 | ||
(1 of 2) |
PETROLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES
Computation of ratio of earnings to fixed charges
(Thousand of constant pesos as of December 31, 2004)
2004 | 2003 | 2002 | 2001 | |||||||||
Mexican GAAP | ||||||||||||
Fixed Charges(1): | ||||||||||||
Interest capitalized in fixed assets | Ps. 4,339,933 | Ps. 7,622,449 | Ps. 5,752,053 | Ps. 4,369,475 | ||||||||
Interest in the specific reserve for exploration and depletion | 0 | 20,029 | 52,638 | 100,063 | ||||||||
Interest expense | 31,764,579 | 24,706,311 | 22,059,995 | 18,707,235 | ||||||||
Total interest cost | 36,104,512 | 32,348,789 | 27,864,686 | 23,176,773 | ||||||||
Total Fixed Charges | 36,104,512 | 32,348,789 | 27,864,686 | 23,176,773 | ||||||||
Earnings after IEPS taxes and Hydrocarbon Extraction duties | (25,495,610 | ) | (42,754,131 | ) | (25,849,641 | ) | (31,973,453 | ) | ||||
Fixed Charges(1): | ||||||||||||
Interest cost (net of amounts capitalized) | 31,764,579 | 24,706,311 | 22,059,995 | 18,707,235 | ||||||||
Total Fixed Charges (net of amounts capitalized) | 31,764,579 | 24,706,311 | 22,059,995 | 18,707,235 | ||||||||
Earnings after taxes and duties plus fixed charges (net of amounts capitalized) | 6,268,969 | (18,047,820 | ) | (3,789,646 | ) | (13,266,217 | ) | |||||
Amount by which fixed charges exceed earnings | Ps. 29,835,543 | Ps. 50,396,609 | Ps. 31,654,332 | Ps. 36,442,991 |
(1) | These figures do not include rental expense |
Exhibit 7.1 | ||
(2 of 2) |
PETROLEOS MEXICANOS SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES
Computation of ratio of earnings to fixed charges
(Thousand of constant pesos as of December 31, 2004)
2004 | 2003 | 2002 | 2001 | |||||||||
U.S. GAAP | ||||||||||||
Fixed Charges(1): | ||||||||||||
Interest capitalized in fixed assets | Ps. 5,228,236 | Ps. 8,367,505 | Ps. 6,311,633 | Ps. 6,010,456 | ||||||||
Interest expense | 30,876,276 | 23,981,284 | 21,553,053 | 17,166,318 | ||||||||
Total interest cost | 36,104,512 | 32,348,789 | 27,864,686 | 23,176,773 | ||||||||
Total Fixed Charges | 36,104,512 | 32,348,789 | 27,864,686 | 23,176,773 | ||||||||
Income Earnings after taxes and duties | (13,011,182 | ) | (69,751,377 | ) | (34,362,362 | ) | (24,556,132 | ) | ||||
Fixed Charges(1): | ||||||||||||
Interest cost (net of amounts capitalized) | 30,876,276 | 23,981,284 | 21,553,053 | 17,166,318 | ||||||||
Total Fixed Charges (net of amounts capitalized) | 30,876,276 | 23,981,284 | 21,553,053 | 17,166,318 | ||||||||
Earnings after taxes and duties plus fixed charges (net of amounts capitalized) | 17,865,094 | (45,770,093 | ) | (12,809,309 | ) | (7,389,815 | ) | |||||
Amount by which fixed charges exceed earnings | Ps. 18,239,418 | Ps. 78,118,882 | Ps. 40,673,995 | Ps. 30,566,588 |
(1) | These figures do not include rental expense |