PEMEX s Ambitions as a Productive Enterprise of the State. Gustavo Hernández García Director de Operaciones de E&P

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1 PEMEX s Ambitions as a Productive Enterprise of the State Gustavo Hernández García Director de Operaciones de E&P Julio 22, 2015

2 Pemex is a NOC in transition to become a more commercial oriented player Oil prices decline Budget reduction forces prioritization Evaluate divestiture and monetization programs of existing asset base Develop new third-party financing mechanisms Accelerate partnerships Energy reform Restructuring Transformation Competition for acreage Ability to partner Large asset base / important proportion to be migrated from Entitlements to Contracts of Exploration & Extraction Industry practices for recruitment, procurement and compensation Future growth based on frontier resources New business model, from regional to asset type focus (onshore, shallow waters, deepwater, unconventional, etc.) Centralization of certain key corporate functions Creation of a new drilling subsidiary Need to develop commercial skills 2

3 Mexican Basket Price (dls/bl) Actual Forecast POT I Month Average Avg jan feb mar apr may jun jul aug sep oct nov dec jan feb mar apr may jun jul aug sep oct nov dec 2014 Fuente: Programa de Operación de la Dirección Corporativa de Finanzas : POT-I versión 1.1, real y proyección 2015 versión 6.1. BDIPEP: junio preliminar Market Events of the day for some crude oil markers: Futuros de los principales crudos marcadores finalizaron la sesión con ganancias. El mercado spot cerró sesión con resultados mixtos siendo los mercados Europeo y de Medio Oriente los que registraron pérdidas. Crudos marcadores de EUA fueron apoyados por expectativa de que inventarios reporten disminución de 2.3 MMb. 21-jul Dif. 20-jul 18-jul Mezcla Maya Istmo Olmeca Basket Mayan Isthmus Olmec Maximum Month june 21st mayo ene feb mar abr may jun jul ago sep oct nov dic ene feb mar abr may jun jul Fuente: Gerencia de Estrategias de Comercialización de Hidrocarburos y BDIPEP

4 The stakes are high for Pemex, we are overhauling our strategy and management model to prepare for competition with foreign firms amid adverse market conditions New principles on economic value creation as per energy reform Produce value barrels Production of profitable barrels that result in economic value for the company Reduce operating costs More efficient upstream operation that allows costs in line with private sector players Improve capital allocation Efficient capital allocation to more profitable areas through better planning and risk evaluation Oil price environment represents a challenge, but also an opportunity to accelerate Pemex transition: Budget reduction forces prioritization; Reassessing portfolio Evaluate divestiture and monetization programs of existing asset base to mitigate cash starvation Accelerate partnerships and develop new third-party financing mechanisms 4

5 Energy driving forces in Mexico are not that different from global markets but represent significant challenges to Pemex as it transitions to a more commercial entity Trend Driving force Key themes Rising technical and commercial complexity Mature basin requiring intense technology application, better execution at a higher cost Deepwater Unconventional Heavy Oil LNG HT / HP Midstream Stricter regulation in every business aspect More specialized, strengthened authorities and regulators will push companies to a fish bowl operation E & P License management (entitlements and contracts) No cross subsidization among projects Segregation of activities across the value chain Best practice adoption for both resource management and HSE Multiple reporting Strong competition Same play level field to everyone. Pemex has no advantages by way of policy Exceptionality of entitlements Acreage granted through license rounds Talent war Reliance on partnerships 5

6 Technology is critical to face upstream challenges RISK TECHNOLOGY INNOVATION INVESTMENT Conventional reservoirs: Easy and low risk development Small volumes Oil and Gas Unconventional reservoirs: Difficult development Medium-Large volumes Reservoirs: Compact Heavy and Extra Heavy Oil in Deepwater Bituminous sands Complex development Large volumes Oil Shale Hydrates Resource volume 6

7 PEMEX strategy in partnerships is focused on three main major objectives Migrate the current E&P Service Contracts (FPWC 1 and EPIC 2 ) into Exploration and Extraction Contracts (EEC) Under the new legal framework, the existing contracts with the corresponding contractors will be migrated into EEC By improving fiscal terms, contractors will gain access to additional resources, currently classified as prospective or contingent, hence enhancing the reserves and production for the contractor as well as earnings and taxes for the State Establish partnerships for selected assigned fields to PEMEX in Round Zero A farm-out process will be implemented for select fields assigned to PEMEX in Round Zero The farm-outs will enable the development of fields with high technical complexity or high CAPEX requirements which otherwise would remain underutilized Position PEMEX for partnerships in next rounds PEMEX will develop technical and organizational capabilities to compete for new blocks Capabilities acquired will allow to improve PEMEX s position to compete for blocks in future bidding rounds 1. FPWC. Financed Public Work Contracts 2. EPIC. Exploration and Production Integrated Contracts 7

8 First stage: Migration of existing contracts First stage: 22 existing contracts 2P Reserves (MMboe) 1 Expected Investment (USD billion) First block Fields Poza Rica-Altamira and Burgos Assets Second block 2 1, ATG and Burgos Assets 1. Includes 10 blocks: COPFs (Mision, Olmos), CIEPs (Santuario, Panuco, Arenque, Altamira, Ebano, Nejo, Magallanes) ATG CIEP (Miquetla) 2. Includes 12 blocks: ATG (Amatitlán, Miahuapán, Humapa, Soledad, Pitepec), COPFs (Cuervito, Pirineo, Monclova, Fronterizo) CIEPs (Tierra Blanca, San Andres, and Carrizo)

9 Second stage: Farm-Outs of 16 fields Area Km 2 Cumulative production mmboe Reserves P 2P 3P mmboe CAPEX Billion USD Oil Prod n March 2015 (tbd) Gas Prod n March 2015 (mmcfd) Shallow waters Bolontikú, Sinán, Ek Extra heavy oil Ayatsil- Tekel-Utsil Onshore Samaria, Ogarrio, Cárdenas-Mora, Rodador Gas Deep water Kunah-Piklis Oil Perdido Area Maximino, Trión, Exploratus , Total 1,008 1,145 1,239 2,157 3,

10 PEMEX keeps looking for new business associations Partnership s strategic objectives Different types of opportunities Take the most of the potential of a large base of assets obtained from Round Zero Improve and expand the existing asset base Share risk, brings experience and capital from others Increase the operational capacity/ best practices Promote the development of business Technology transfer Pemex has analyzed its portfolio to identify additional fields for partnerships The business opportunities for private sector accounts for more than 15 billion dollars Farm in Farm out Joint Venture Financing of E&P activities Merger / Acquisition 10

11 PEMEX has identified potential partners that can provide technology for each type of project Level of technical capacity High Upper-middle Technical competences of Pemex Without partners 1 of 2 With partners Middle Lower-Middle Low Conventional Onshore (Oil) Conventional Onshore (Gas) Exploration Shallow waters Deepwaters Unconventionals

12 Level of technical capacity High Upper-middle Middle Lower-Middle PEMEX has identified potential partners that can provide technology for each type of project Technical competences of Pemex Conventional Onshore (Oil) Without partners 2 of 2 With partners Low Conventional Onshore (Gas) Production and development Shallow waters Deepwaters Unconventionals Extra heavy oil (shallow waters)

13 Exploration portfolio is focused on 12 projects located in 108 entitlements Unconventional Projects Shale Oil and Gas Deep Water Projects Area Perdido Holok (gas) Han Shallow water Projects Alosa (gas) Uchukil Chalabil Campeche Oriente Onshore Projects Terrestres Llave (gas) Cuichapa Comalcalco Pakal Asignaciones 13

14 Julio 22, 2015

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