Adjustment to Petr#243;leos Mexicanos 2015 Budget调整切赫# 243;狮子墨西哥2015年预算.pdfVIP

Twitter: @PEMEX_RI Press Release 02/ 17/2015 Adjustment to Petróleos Mexicanos’ 2015 Budget In the last eight months, the oil and gas industry has been facing significant adjustments in international oil prices. The Mexican crude oil export basket traded on average at USD 86 per barrel during 2014, having hit high levels above USD 100 per barrel in the past. Currently, it is trading at an average of USD 49 per barrel, having hit a low of USD 37 in January 2015. The sharp decline in crude oil prices could be a result of new structural market conditions. Therefore, a majority of specialized analysts foresee that oil prices could remain at low levels for months, or even years. Petróleos Mexicanos’ 2015 budget formulation process considered a USD 79 per barrel average price for the Mexican crude oil export basket to estimate annual revenues, and to set a corresponding ceiling on expenditures. Considering this average reference price, the Mexican Congress approved PEMEX a MXN 540 billion expense program for 2015, one third of which is focused on operating activities and meeting labor and pension obligations. The remaining two thirds, equivalent to MXN 366 billion destined to carry out the company’s investment plans. As a result of the approval of the Energy Reform, PEMEX was granted a special budgetary regime that allows for additional autonomy to allocate resources to seize business opportunities that will yield the best possible economic benefits. In addition, the company is subject to target an annual financial balance. A measure that seeks to maintain a flowing correspondence between generated revenues and expenses incurred throughout the year, including debt service obligations. For 2015, this target considers a MXN 155 billion deficit.