Financial Results
4th Quarter 2009
March 3, 2010
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
2
4Q09 Financial Highlights
Billion pesos
Oct - Dec
2008
Oct - Dec
2009
Billion dollars(2)
Oct - Dec
2009
Change
Total sales
264.0
314.8
50.8
19.2%
24.1
Income before taxes
and duties
(31.0)
140.7
171.7
553.9%
10.8
(117.6)
(16.6)
101.0
110.4
181.2
70.8
Net income (loss)
EBITDA (1)
•
85.9%
64.2%
(1.3)
13.9
The net loss decreased by Ps.101.0 billion due to (i) increased sales mainly
explained by higher prices of the Mexican crude basket and (ii) a favorable effect in
the foreign exchange gain due to the appreciation of the peso against the U.S.
dollar.
(1)
(2)
Earnings before interests, taxes, depreciation and amortization. Excludes IEPS.
Convenience translations into US dollars amounts in pesos have been made at the average exchange rate of Ps. 13.0743 = US$1.00 for the
fourth quarter of 2009.
Numbers may not total due to rounding.
3
4Q09 Operating Highlights
Production
Oct - Dec
2008
Oct - Dec
2009
Change
Thousand barrels per day, except natural gas which is in million cubic feet per day
• Liquid Hydrocarbons
– Crude Oil
3,088
2,953
(135)
-4.4%
2,729
2,583
(146)
-5.3%
• Natural Gas
7,260
7,009
(251)
-3.5%
• Petroleum Products
1,482
1,545
64
4.3%
• Crude oil production averaged 2.6 MMbd, a 5.3% decrease, mainly due to the
decline of the Cantarell project, which was partially offset by a 10.2% increase in
the production of the Ku-Maloob-Zaap project.
Numbers may not total due to rounding.
4
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
5
Upstream:
Exploration
Acquisition of Seismic Information
Main Discoveries 4Q09
Initial Production
579
5,315
4,430
4Q08
3D (km2 )
Project
Well
Crude oil
(Mbd)
Gas
(MMcfd)
6,436
Crudo Ligero
Marino
Xux-1
5.4
24.9
4Q09
Ku-MaloobZaap
Chapabil-1
2.1
1.0
BellotaChinchorro
Madrefil-1
5.8
7.6
Holok-Temoa
Leek-1
0.3
22.5
Delta del
Grijalva
Terra-1
7.9
22.3
Burgos
Cali-201
0.22
15.9
Trapiche-1
0.04
4.2
Cougar-1
-
7.9
Cervelo-1A
-
5.2
2D (km )
• The decrease in 2D seismic data is
primarily due to the lack of acquisition
in the “Deep Gulf of México” due to
the unavailability of vessels.
• In contrast, the increase in higher
acquisition of 3D seismic is explained
by an increase in activity in the Burgos
and Veracruz projects, as well as in the
development fields at the ATG project.
Veracruz
6
Upstream:
Crude Oil
Production
Thousand barrels per day
• Total crude oil production
decreased 146 Mbd:
-5.3%
2,729
1,047
1,681
Light and
Extra-light
Heavy
2,583
1,111
1,472
38%
43%
62%
57%
Oct - Dec 2008
Oct - Dec 2009
– Heavy crude oil production
decreased by 12.4%, due to
the decline of the Cantarell
project, which was partially
offset by a 10.2% increase in
the production of the KMZ
project.
– Production of light and extralight crude oil increased as a
result of the completion of
wells at the Delta del Grijalva
and Costero Terrestre
projects in the Southern
region, as well as at the
Crudo Ligero Marino project
in the Southwestern region.
Numbers may not total due to rounding.
7
Upstream:
Natural Gas
Production(1)
Million cubic feet per day
-3.5%
7,260
7,009
2,550
2,587
4,711
4,422
35%
37%
65%
63%
Oct - Dec 2008
Oct - Dec 2009
Non-associated
Associated
• Natural gas production
decreased by 251 MMcfd, due
to a decrease of 289 MMcfd in
associated gas with high
nitrogen content, which is
primarily due to the
optimization works in the
transition zone at the
Cantarell project.
• In contrast, non-associated gas
production increased by 1.5%,
mainly due to the completion
of wells in the Burgos project
in the Northern region.
(1) Includes nitrogen.
Numbers may not total due to rounding.
8
Upstream:
Drilling
Number of wells completed
40.2%
209
293
17
22
276
186
187
Exploration
Development
11%
6%
89%
94%
Oct - Dec 2008
Oct - Dec 2009
• Development wells totaled
276, an increase of 89
wells, primarily due to
higher activity at the ATG
project.
Numbers may not total due to rounding.
9
Upstream:
Developments
Main accomplishments during the fourth quarter of 2009
Cantarell
• Completion of four development wells;
• 20 major and 13 minor well workovers; and
• installation of three well recovery platforms: Akal-TGP2, TR
and Akal-MA.
• As of December 31, 2009, the decline rate of the AkalNohoch field remained at 12%.
•
•
•
•
KMZ
ATG
Completion of three development wells;
8 major and 14 minor well workovers;
installation of the PB-Ku-H production platform;
installation of 2.1 km of a 24” oil and gas pipeline from the MaloobC drilling platform to PB-Ku-H production platform; and
• installation of 0.5 km of a 12” pneumatic-pump gas pipeline for the
interconnection of the KMZ-22 line with the Maloob-C drilling
platform.
• On December 29, 2009, the KMZ project reached a new maximum
historical production level of 881 Mbd.
• Completion of 128 development wells;
• 50 major and 114 minor well workovers; and
• Implementation of field laboratories.
10
Upstream:
Accomplishments of Cantarell
800
165
160
750
Actions taken in the Akal field
affect its dynamic behavior
155
700
Qo (MBPD)
145
38%
600
140
135
550
No. Pozos Activos
150
650
•
A decrease in the decline rate
from 38% in the 1H09 to 12%
in the 2H09
•
Production maintenance
•
Pressure increase in the
basin´s gas cap
•
The productivity has
remained stable since July
2009
130
500
125
12%
450
120
Qo (MBPD)
Número de Pozos Operando
400
Ene
115
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Año 2009
39845
39875
39906
39936
39967
39997
40027
40058
40088
40119
40149
170
4600
165
4400
160
4200
155
4000
150
3800
145
3600
140
3400
135
0%
3200
130
3000
125
2800
Ene
No. Pozos Activos
Qo (Normalizada BPD/Pozo)
39815
4800
120
Feb
Mar
Abr
May
Jun
Jul
Numero de Pozos Activos
Ago
Sep
Oct
Nov
Dic
Qo Normalizada AKAL
11
Upstream:
Developments
Main accomplishments during the fourth quarter of 2009
Cantarell
• Completion of four development wells;
• 20 major and 13 minor well workovers; and
• installation of three well recovery platforms: Akal-TGP2, TR
and Akal-MA.
• As of December 31, 2009, the decline rate of the AkalNohoch field remained at 12%.
•
•
•
•
KMZ
ATG
Completion of three development wells;
8 major and 14 minor well workovers;
installation of the PB-Ku-H production platform;
installation of 2.1 km of a 24” oil and gas pipeline from the MaloobC drilling platform to PB-Ku-H production platform; and
• installation of 0.5 km of a 12” pneumatic-pump gas pipeline for the
interconnection of the KMZ-22 line with the Maloob-C drilling
platform.
• On December 29, 2009, the KMZ project reached a new maximum
historical production level of 881 Mbd.
• Completion of 128 development wells;
• 50 major and 114 minor well workovers; and
• Implementation of field laboratories.
12
Upstream:
Accomplishments of Aceite Terciario del Golfo (ATG)
Field Labs
Align efforts
Other Activities
Allocation of 10km2 per contractor to
develop the area
•Focus on value generation
•Improve well productivity
•Improved recovery
•Cost Reduction
•Depletion management
13
Upstream:
Accomplishments of Aceite Terciario del Golfo (ATG)
Drilling
Wells
Total: 794
Total: 505
108107
43 44
51 51 50
61
71 73
82
58 54 63 55
53
39
30
40
34 34 34 35 29
• Change focus to
complete vs. drilling
• Horizontal wells
Completion
Number
Total: 426
Total: 688
71 74
64
60
47
23 26 21
31 29
32
25
79 77
70 68
56
46
43
• Fracture design
• Cost reduction
40 37
35 35
25
J F M A M J J A S O N D J F M A M J J A S O N D
20101
2009
(1) Estimado
14
Upstream:
Accomplishments of Aceite Terciario del Golfo (ATG)
Oil production
Mbd
3D sismic
(Km2)
717
Drilling
platforms
112
60
40
average= 47.8 Mbd
20
Wells drilled
Wells
completed
Fractures
Real 2009
29.5 Mbd
505
0
688
JAN feb-----------------------------------------------------------------------ene
mar abr may jun
jul
ago sep oct nov DEC
dic
Gas production
1,396
MMcfd
120
Workovers
364
90
average= 88.0 MMcfd
Artificial Lift
617
60
30
CAPEX (Ps.)
20,764
0
Real 2009
78.8 MMcfd
JAN feb
-----------------------------------------------------------------------ene
mar abr may jun
jul
ago sep oct nov DEC
dic
15
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
16
Downstream:
Oil Refining
Crude oil processing
Thousand barrels per day
5.3%
1,249
1,315
471
498
778
817
38%
38%
62%
62%
Oct - Dec 2008
Oct - Dec 2009
Heavy Crude
Light Crude
• Total crude oil processing
increased by 5.3%, due to
reduced maintenance
activities, in accordance
with a prescribed program.
• Light crude oil and heavy
crude oil processing
increased by 5.0% and 5.7%,
respectively.
• Capacity utilization rate
increased to 86.0%, 4.0
percentage points higher
than the rate in 4Q08.
Numbers may not total due to rounding.
17
Downstream:
Natural Gas Processing
On-shore natural gas processing
Million cubic feet per day
Dry gas production
Million cubic feet per day
5.5%
6.0%
4,236
4,491
993
1,088
3,243
3,403
3,448
3,639
Oct - Dec 2008
Oct - Dec 2009
Natural gas liquids production
Thousand barrels per day
3.1%
Sweet
Sour
23%
24%
77%
76%
359
370
Oct - Dec 2008
Oct - Dec 2009
Oct - Dec 2008
Oct - Dec 2009
Numbers may not total due to rounding.
18
Downstream:
Petroleum Products
Production of petroleum products
Thousand barrels per day
4.3%
Change
1,482
1,545
335
295
396
338
346
17.3%
398
0.5%
455
464
2.0%
Oct - Dec 2008
Oct - Dec 2009
Diesel
Fuel Oil
Others(2)
23%
20%
27%
22%
22%
26%
Gasoline(1)
31%
30%
Oct - Dec 2008
Oct - Dec 2009
0.9%
• Total production
increased by 63 Mbd,
primarily as a result
of increased
production of fuel
oil.
(1) Includes transfers from “La Cangrejera” petrochemical complex.
(2) Includes LPG from Pemex-Gas and Basic Petrochemicals and Pemex-Refining, jet fuel, furfural extract, among others.
Numbers may not total due to rounding.
19
Downstream:
Variable Refining Margin and Service Stations
Variable refining margin
Dollars per barrel
Number of franchised gas stations
As of December 31,
5.4%
-30.9%
2.33
Jan - Dec 2008
8,803
1.61
8,351
Jan - Dec 2009
2008
• This decrease is primarily explained
by the behavior of crude oil and
petroleum prices in the
international markets.
2009
• As of December 31, 2009, the
number of franchised gas stations
was 8,803.
20
Downstream:
Petrochemicals Production
Net Petrochemicals Production(1)
Thousand tons
-23.5%
920
Change
703
8
184
728
1%
Ethylene
18
125.0%
175
-4.9%
510
2%
20%
25%
Ammonia
Others
79%
73%
-29.9%
• This decrease in
petrochemicals
production was primarily
driven by:
- scheduled
maintenance activity
in plants that
produce aromatics
and methane
derivatives; and
- technical problems in
the Ammonia VI
plant.
Oct - Dec 2008 Oct - Dec 2009
(1) Includes refined products.
Numbers may not total due to rounding.
21
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
22
International Trade
Volume of crude oil exports(1)
Thousand barrels per day
Exports distribution
100% = 1,249 Mbd
-12.0%
United States
of America
1,420
171
1,249
1,179
84%
209
1,249
1,040
12%
Light
Heavy
17%
88%
83%
Oct - Dec 2008
Oct - Dec 2009
Mexican crude mix
average price
(dollars per barrel):
45.74
2%
9%
5%
Rest of
the
Americas
Europe
Far East
70.37
(1) At 60º F.
Numbers may not total due to rounding.
23
International Trade:
Other Products
Dry natural gas
Million cubic feet
per day
Exports
Imports
-69.0%
19.1%
198
61
8.3%
-3.1%
Petroleum
products
Thousand barrels
per day
473
397
547
530
223
206
163.2%
30.5%
Petrochemicals
Thousand tons
76
201
Oct - Dec 2008 Oct - Dec 2009
137
178
Oct - Dec 2008 Oct - Dec 2009
Source: P.M.I.® except natural dry gas.
24
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
25
Income Statement:
Sales
Billion pesos
Domestic
Exports
160.4
264.0
21.7
132.9
5.8
-25.8%
5.5%
6.6%
16.1
140.2
Dry
gas
Petro- Petroleum chem.
products
88.3
14.0
0.2
102.5
Oct - Dec
2008
19.2%
1.3%
47.5%
42.5% 76.8% 204.3%
162.4
314.8
151.1
Oct - Dec
2009
Sales(1) Domestic Exports
6.2
125.8
24.7
0.6
Crude, Petro- Petrogas &
leum
chem.
conden products
sates
(1) Includes revenue from services.
Numbers may not total due to rounding.
26
Income Statement:
Costs and Operating Expenses
Billion pesos
242.8
245.3
264.0
=
Oct - Dec
2008
19.2%
+
=
164.8
11.7
+
30.8%
22.7%
20.1%
195.9
213.0
+
8.1
20.6
28.7
-12.2%
+
23.1
33.1
314.8
Oct - Dec
2009
Sales
Costs and
operating
expenses
Cost of
sales
Dist.
Admin.
General expenses
Net cost of
employees
benefits
Numbers may not total due to rounding.
27
Income Statement:
Net Income
Billion pesos
-24.5%
18.8
35.6
-39.4%
(85.4)
Oct - Dec
2008
(31.0)
533.2%
-57.4%
107.7%
(117.6)
(86.6)
553.9%
-81.5%
140.7
(157.3)
85.9%
6.6
Oct - Dec
2009
15.2
118.9
(16.6)
Operating
income
(1) Includes subsidiaries and affiliates.
(2) Comprehensive financing result.
Numbers may not total due to rounding.
+
Other net +
revenues
(expenses)(1)
CFR(2)
=
Income
(loss)
before
taxes &
duties
-
Taxes &
duties
=
Net
income
(loss)
28
Consolidated Balance Sheet
Billion pesos
Liabilities & Equity
Assets
Change
Total
Assets:
1,237
1,381
398
Current
364
Change
11.6% Total
Liabilities +
Equity:
9.3%
Other
832
27
Dec 08
968
15
Dec 09
Reserve
for
14.5% Employee
Benefits
-44.4%
1,381
632
Debt
Fixed
1,237
Others
Equity:
587
11.6%
7.7%
576
16.4%
128
191
27
Dec 08
(18)
Dec 09
49.2%
495
Numbers may not total due to rounding.
29
Total and Net Debt
Billion pesos
Total debt
586.7
91.2
Short
Term
Long
Term
Net debt
7.7%
495.5
102.6
472.5
503.7
Dic 08
Dic 09
529.3
16%
16%
84%
84%
Dec 08
6.6%
631.9
Dec 09
• Net debt increased by 6.6%, to
Ps. 503.7 billion, or US$38.6
billion.
• Total debt increased by 7.7%, to
Ps. 631.9 billon, or US$48.4
billion(1).
(1)
Convenience translations into U.S. dollars amounts in Mexican pesos have been made at the average exchange rate of Ps.
13.0587 = US$1.00 for the quarter ended December 31, 2009.
Numbers may not total due to rounding.
30
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
Questions and Answers
31
Appointments
Chief of Staff of
the General
Direction
• On October 29, 2009, PEMEX’s Chief Executive Officer appointed
Homero Niño de Rivera Vela as Chief of Staff of the PEMEX General
Direction.
Director General • On December 28, 2009, President Felipe Calderón appointed Miguel
Tame Domínguez as Director General of Pemex-Refining.
of Pemex-Refining
Director General
• On January 4, 2010, President Felipe Calderón appointed Jordy Herrera
of Pemex-Gas and
Flores as Director General of Pemex-Gas and Basic Petrochemicals.
Basic
Petrochemicals
Board of
Directors
Management
January 25, 2010
Finance
Changes in the
Corporate
Direction of:
Information
Technology and
Business
Processes
• Esteban Levin Balcells became PEMEX’s Corporate
Director of Management;
• Carlos Treviño Medina became PEMEX’s Chief
Financial Officer; and
• Mauricio Abraham Galán Ramírez became PEMEX’s
Corporate Director of Information Technologies and
Business Processes.
32
Elimination of PIDIREGAS
• There was a public exchange offer of the securities issued by Fideicomiso
F/163 for securities issued by Petróleos Mexicanos.
• Petróleos Mexicanos assumed the Master Trust’s obligations pursuant to the
terms and conditions of underlying agreements and other documentation
relating to the issuance of such bonds.
• The terms and conditions of the securities issued by Fideicomiso F/163 and
the Master Trust have not been modified.
33
Recent issuances
Credit
Lines
• During the fourth quarter of 2009, Petróleos Mexicanos obtained
US$594 million from credit lines guaranteed by export credit
agencies.
•
On January 28, 2010, Petróleos Mexicanos issued US$1 billion
in bonds due 2020 with a 6.0% semi-annual coupon.
•
On February 4, 2010, Petróleos Mexicanos issued approximately
Ps.15 billion in domestic bonds (Certificados Bursátiles) divided
in three tranches:
Capital
Markets
•
•
Approximately Ps. 8 billion due 2015 with a TIIE-28 plus
70 basis points coupon;
•
Ps. 5 billion due 2020 with a 9.1% semi-annual coupon;
and
•
Approximately Ps. 2 billion in UDIS due 2020 with a 4.2%
semi-annual coupon.
On February 11, 2010, Petróleos Mexicanos reopened CHF150
million in bonds due 2014 with an annual 3.5% coupon.
34
Content
4Q09 Main Highlights
Upstream
Downstream
International Trade
Financial Results
Other Relevant Topics
c
Questions and Answers
35
Investor Relations
(+52 55) 1944 - 9700
[email protected]
www.pemex.com
36