UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2009

Commission File Number 0-99

PETRÓLEOS MEXICANOS

(Exact name of registrant as specified in its charter)

MEXICAN PETROLEUM

(Translation of registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

Avenida Marina Nacional No. 329
Colonia Huasteca
Mexico, D.F. 11311
Mexico

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes o No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes o No þ

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.

Yes o No þ

Corporate Finance Office
October 30, 2009.

Financial Summary for the Quarter Ended September 30, 2009¹

• During the third quarter of 2009, PEMEX recorded a net loss of Ps. 3.7 billion (US$0.3 billion), as compared to a net loss of Ps. 14.4 billion in the same quarter of 2008, primarily due to lower cost of imported products, and a decrease in taxes and duties, partially offset by lower prices and volume of crude oil exports and a lower credit of the Special Tax on Production and Services (IEPS).

Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Financial results summary* **

	Third quarter (Jul.-Sep.)														Nine months ending Sep. 30,
	2008			2009			Change					2009			2008		2009			Change					2009
	(Ps. MM)											(US$MM)			(Ps. MM)										(US$MM)
Total sales		370,088			293,445			-20.7	%	(76,644	)		22,119			1,064,913		779,355			-26.8	%	(285,558	)		57,044
Domestic sales		177,756			160,816			-9.5	%	(16,940	)		12,122			519,382		433,960			-16.4	%	(85,422	)		31,763
Exports		191,074			131,336			-31.3	%	(59,738	)		9,900			541,944		341,357			-37.0	%	(200,588	)		24,985
Services income		1,259			1,293			2.7	%	34			97			3,587		4,038			12.6	%	452			296
Operating income (loss)		190,382			143,761			-24.5	%	(46,621	)		10,836			552,338		357,937			-35.2	%	(194,401	)		26,199
Taxes and duties		251,733			147,468			-41.4	%	(104,265	)		11,116			685,061		389,365			-43.2	%	(295,696	)		28,499
Net income (loss)		(14,393	)		(3,690	)		74.4	%	10,703			(278	)		5,555		(29,529	)				(35,085	)		(2,161	)
EBITDA(1)		283,535			200,009			-29.5	%	(83,526	)		15,076			859,254		516,900			-39.8	%	(342,355	)		37,834
EBITDA / Financial cost(2)		20.7			21.3											22.1		9.1

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	Numbers may not total due to rounding.

• Total sales, including revenues from services, decreased by 20.7% to Ps. 293.4 billion (US$22.1 billion), as a result of a 31.3% reduction of export sales due to lower prices and volumes of crude oil exports, as well as a decrease by 9.5% in domestic sales as a result of lower prices of natural gas and petrochemicals.

• Cost of sales decreased by 23.0%, to Ps. 125.0 billion, primarily due to a decrease of Ps. 40.2 billion in purchases of imported products partially and by a favorable variation of Ps. 12.2 billion in inventory valuation.

• Cost of the reserve for employee benefits was Ps. 24.1 billion. The variation, as compared to the third quarter of 2008 is mainly explained by the incorporation of the results of an independent actuarial valuation study.

• Operating income decreased by 24.5%, to Ps. 143.8 billion, primarily due to lower export sales partially offset by a favorable variation in inventory valuation.

¹ For purposes of analysis quarterly changes were made against the same quarter last year.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 1

PEMEX Corporate Finance Office — Investor Relations

• Other net revenues decreased by 81.7%, to Ps. 12.4 billion, primarily due to lower credit of IEPS of Ps. 52.5 billion.

• Taxes and duties decreased by 41.4%, to Ps. 147.5 billion, primarily due to lower prices and volume of production of crude oil.

Income Statement as of September 30, 2009

• As of September 30, 2009, total assets increased by 7.0%, to Ps. 1,390.6 billion, as compared to September 30, 2008. This variation is primarily due to an increase of Ps. 84.8 billion in properties, plant and equipment.

• Total debt valued in dollar, including accrued interest, increased by 5.0% to US$ 50.6 billion, whereas total debt valued in pesos increased by 29%, to Ps. 683.2 billion, primarily due to the depreciation of the peso against the US dollar.

• Total equity decreased to Ps. 0.6 billion, primarily due to accumulated losses in the past twelve months as a result of lower prices and volume of crude oil exports and to the depreciation of the peso against the US dollar during that period.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 2

PEMEX Corporate Finance Office — Investor Relations

Operating Summary for the Quarter Ended September 30, 2009

• During the third quarter of 2009, crude oil production decreased by 6.8%, to 2,567 thousand barrels per day (Mbd), as compared to the same period of 2008, due to the natural decline of Cantarell, partially offset by an increase of 13.9% in the production of Ku-Maloob-Zaap, which reached a new production record of 851 Mbd.

• Dry natural gas production increased by 2.7% to 3,574 million cubic feet per day (MMcfd), primarily due to higher associated gas production in the offshore and Southern regions, as well as higher availability of non-associated gas due to the incorporation of new wells in the Northern region.

• The production of petroleum products increased by 5.3% to 1,510 Mbd, primarily due to greater fuel oil and gasoline production, which increased by 13.5% and 7.6% respectively. This increase is primarily due to the reconversion of one of the processes of the Tula refinery, which will support in the production of ultra low sulfur gasoline (UBA), as well as greater production of gasoline due to the use of inventories of intermediate products.

• Net production of petrochemicals decreased by 3.1%, to 1,068 Mt. This decrease was primarily due to a lower production of ethane and methane derivatives, in particular ethylene oxide and ammonia as a result of scheduled maintenance and the integration of the ethylene oxide project in the Morelos Petrochemical Complex.

• The volume of crude oil exports decreased by 8.4% as compared to the same quarter of 2008, to 1,179 Mbd, as a result of lower production. Additionally, the weighted average export price of the Mexican crude oil basket decreased by 39.7%, as compared to the same quarter of 2008, to US$63.9 per barrel.

Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Operating information summary

	Third quarter (Jul.-Sep.)											Nine months ending Sep. 30,
	2008			2009			Change					2008			2009			Change
Hydrocarbons production
Total hydrocarbons (Mboed)		3,935			3,793			-3.6	%	(142	)		3,977			3,821			-3.9	%	(155	)
Total crude oil (Mbd)		2,754			2,567			-6.8	%	(186	)		2,813			2,608			-7.3	%	(205	)
Offshore crude oil / Total crude oil production		80.7	%		77.4	%		-3.3	%				81.4	%		78.3	%		-3.2	%
Total gas equivalent (Mboed)(1)		1,181			1,226			3.8	%	45			1,164			1,214			4.3	%	50
Total gas (Mboed)		6,963			7,066			1.5	%	103			6,804			7,038			3.4	%	234
Dry natural gas production (MMcfd)		3,479			3,574			2.7	%	95			3,466			3,550			2.4	%	84
Natural gas liquids production (Mbd)(2)		376			378			0.6	%	2			378			380			0.7	%	2
Petroleum products production(3)		1,435			1,510			5.3	%	75			1,493			1,517			1.6	%	24
Net production of petrochemicals		1,103			1,068			-3.1	%	(34	)		3,232			3,214			-0.6	%	(18	)

(1)	Includes condensates.
(2)	Includes condensates and other streams to fractionating process.
(3)	Excludes butylene and propylene and includes isobutanes from Pemex-Gas and Basic Petrochemicals and butane from Pemex-Petrochemicals.
Note:	Numbers may not total due to rounding. Mboed stands for thousand barrels of oil equivalent per day.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 3

PEMEX Corporate Finance Office — Investor Relations

Financial Summary as of September 30, 2009²

• During the first nine months of 2009, PEMEX recorded a net loss of Ps. 29.5 billion (US$2.2 billion), as compared to a net income of Ps. 5.6 billion in the first nine months of 2008. This variation is explained by lower prices and volume of crude oil exports, as well as a decrease in other net income as a result of lower credit of IEPS tax.

• Total sales, including revenues from services, decreased of 26.8% to Ps. 779.4 billion (US$57.0 billion), primarily due to a decrease of 37.0% in export sales as a result of lower prices and volume of crude oil exports and a decrease by 16.4% in sales in Mexico as a result of a widespread reduction of natural gas, petroleum products and petrochemical prices.

• Cost of sales decreased by 20.2%, to Ps. 352.1 billion, primarily due to a decrease of Ps. 106.4 billion as a result of lower purchases of products, partially compensated by an increase of Ps. 9.5 billion in exploration expenses.

• Operating income decreased by 35.2%, to Ps. 357.9 billion, primarily due to lower prices and volumes of crude oil exports.

• Other net revenues decreased by 84.6%, to Ps. 24.9 billion, primarily due to lower credit of IEPS tax by Ps. 143.1 billion.

• Taxes and duties decreased by 43.2%, to Ps. 389.4 billion, primarily due to lower prices and volumes of crude oil production.

² For purposes of analysis the cumulative changes were made against the comparable period of last year.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 4

PEMEX Corporate Finance Office — Investor Relations

Results by Subsidiary Entity during the first nine months of 2009.

• During the first nine months of 2009, Pemex-Exploration and Production (PEP) recorded a net loss of Ps. 10.8 billion, as compared to a net income of Ps. 69.6 billion recorded in the same period of 2008, primarily due to lower prices and volumes of crude oil exports.

• Pemex-Refining (PR) recorded a net loss of Ps. 32.9 billion, as compared to a net loss of Ps. 70.7 billion in 2008, primarily due to an increase in the variable refining margin, which increased from a negative margin of US$0.13, to a positive margin of US$2.14 per barrel during the first nine months of 2009.

• Pemex-Gas and Basic Petrochemicals (PGPB) recorded a net income of Ps. 1.4 billion, as compared to a net income of Ps. 4.2 billion in 2008, primarily due to a decrease in the natural gas and gas liquids prices, despite an increase in the processing level.

• Pemex-Petrochemicals (PPQ) recorded a net loss of Ps. 14.0 billion, as compared to a net loss of Ps. 13.9 billion in 2008 as a result of a decrease in the comprehensive financial result.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 5

PEMEX Corporate Finance Office — Investor Relations

Financial Results as of September 30, 2009³

Net income

3Q09

In the third quarter of 2009, PEMEX recorded a net loss of Ps. 3.7 billion (US$0.3 billion), as compared to a net loss of Ps. 14.4 billion in the same quarter of 2008. This decrease is primarily due to lower costs of imported products and lower taxes and duties, partially offset by lower crude oil prices and volume of crude oil exports, as well as lower credit on the Special Tax on Production and Services (IEPS).

Jan.-Sep. 09

In the first nine months of 2009, PEMEX recorded a net loss of Ps. 29.5 billion (US$2.2 billion), as compared to a net income of Ps. 5.6 billion in the first nine months of 2008. This change from income to loss is primarily explained by lower crude oil prices and volume of crude oil exports, and lower credit on the IEPS.

Sales

3Q09	Total sales, including revenues from services, decreased by 20.7% to Ps. 293.4 billion (US$22.1 billion), primarily due to lower crude oil prices and lower volume of crude oil exports.
	Domestic sales decreased by 9.5% to Ps. 160.8 billion:
	•    Dry natural gas sales decreased by 51.4% to Ps. 13.2 billion, due to a decrease in the average price of natural gas from US$9.5 to US$3.4 per million British Thermal Unit (MMBtu), which was partially offset by a 6.8% increase in volume sold, from 2,937 to 3,137 MMcfd.
	•    Sales of petroleum products increased only 0.2% to Ps. 142.6 billion, primarily due to higher diesel prices, partially compensated by lower volume of diesel and LPG.
	•    Petrochemical product sales decreased by 39.7%, to Ps. 5.0 billion, primarily as a result of lower prices and volume sold, from 1,030 to 883 Mt.
	Export sales decreased by 31.3% to Ps. 131.3 billion:
	•    Crude oil and condensates export sales decreased by 32.6% to Ps. 111.7 billion, due to a 46.5% decrease in the weighted average Mexican crude oil export price from US$105.89 to US$63.90 per barrel, and a 8.4% decrease in the volume of crude oil exports, from 1,287 to 1,179 Mbd.
	•    Dry natural gas export sales decreased by 84.4% to Ps. 0.2 billion, primarily due to an increase in demand from the Mexican electric industry and lower international reference prices.
	•    Petroleum products export sales decreased by 18.7% to Ps. 18.6 billion, due to an overall decrease in prices of these products, regardless of an 18.8% increase in the volume exported, from 189 to 224 Mbd.
	•    Petrochemical products export sales decreased by 24.4% to Ps. 0.8 billion, as a result of lower reference prices, despite of a 41.3% increase in the volume exported, from 169 to 239 Mt.

³ For purposes of analysis quarterly changes are made against the same quarter last year. Similarly, the cumulative changes are made against the comparable period last year.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 6

PEMEX Corporate Finance Office — Investor Relations

Jan.-Sep. 09	In the first nine months of 2009, total sales, including revenues from services, decreased by 26.8% to Ps. 779.4 billion (US$57.0 billion), due to lower crude oil prices and lower volume of crude oil exports.
	Domestic sales decreased by 16.4% to Ps. 434.0 billion, due to a widespread decrease in natural gas prices, petroleum products and petrochemicals, as well as to a decrease in the volumes of sales of these products.
	Additionally, export sales decreased by 37.0%, to Ps. 341.4 billion, due to a decrease in crude oil prices and volume of crude oil exports.

Table 1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Sales* **

	Third quarter (Jul.-Sep.)											Nine months ending Sep. 30,
	2008		2009		Change					2009		2008		2009		Change					2009
	(Ps. MM)									(US$MM)		(Ps. MM)									(US$MM)
Total sales		370,088		293,445		-20.7	%	(76,644	)		22,119		1,064,913		779,355		-26.8	%	(285,558	)		57,044
Domestic sales		177,756		160,816		-9.5	%	(16,940	)		12,122		519,382		433,960		-16.4	%	(85,422	)		31,763
Dry natural gas		27,134		13,199		-51.4	%	(13,936	)		995		85,152		43,844		-48.5	%	(41,308	)		3,209
Petroleum products		142,345		142,624		0.2	%	279			10,750		410,124		375,527		-8.4	%	(34,597	)		27,486
Gasoline		68,144		68,903		1.1	%	760			5,194		199,980		187,875		-6.1	%	(12,106	)		13,751
Diesel		28,581		32,336		13.1	%	3,755			2,437		81,142		88,365		8.9	%	7,224			6,468
LPG(1)		13,390		11,704		-12.6	%	(1,686	)		882		40,440		36,208		-10.5	%	(4,232	)		2,650
Other		32,230		29,680		-7.9	%	(2,550	)		2,237		88,562		63,079		-28.8	%	(25,483	)		4,617
Petrochemical products		8,277		4,994		-39.7	%	(3,283	)		376		24,106		14,589		-39.5	%	(9,517	)		1,068
Exports		191,074		131,336		-31.3	%	(59,738	)		9,900		541,944		341,357		-37.0	%	(200,588	)		24,985
Crude oil and condensates		165,647		111,717		-32.6	%	(53,931	)		8,421		475,624		288,656		-39.3	%	(186,968	)		21,128
Dry natural gas		1,515		237		-84.4	%	(1,279	)		18		2,556		1,231		-51.8	%	(1,325	)		90
Petroleum products		22,835		18,570		-18.7	%	(4,265	)		1,400		61,294		49,844		-18.7	%	(11,450	)		3,648
Petrochemical products		1,076		813		-24.4	%	(263	)		61		2,471		1,625		-34.2	%	(846	)		119

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	Liquefied Petroleum Gas
Note:	Numbers may not total due to rounding.

Table 2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Volume of domestic sales

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009		Change
Dry natural gas (MMcfd)		2,937		3,137		6.8	%	199			3,112		3,077		-1.1	%	(35	)
Petroleum products (Mbd)		1,828		1,799		-1.6	%	(29	)		1,842		1,755		-4.7	%	(87	)
Gasoline		793		790		-0.3	%	(3	)		788		784		-0.5	%	(4	)
Diesel		390		360		-7.7	%	(30	)		383		357		-6.7	%	(26	)
LPG		276		264		-4.5	%	(12	)		286		274		-4.2	%	(12	)
Other		368		385		4.4	%	16			384		339		-11.7	%	(45	)
Petrochemicals products (Mt)		1,030		883		-14.3	%	(147	)		3,220		3,001		-6.8	%	(219	)

Note: Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 7

PEMEX Corporate Finance Office — Investor Relations

Cost of Sales

3Q09	In the third quarter of 2009, cost of sales decreased by 23.0%, to Ps. 125.0 billion, primarily as a result of the following:
	•    a decrease of Ps. 40.2 billion in purchases of imported products then to be sold in Mexico; and
	•    a favorable change in inventories of Ps. 12.2 billion during the third quarter of 2009, due to a price increases during the period, which generated its revaluation.
	In the third quarter of 2009, cost of sales as a percentage of total sales amounted to 42.6%, representing a decrease of 1.3 percentage points, essentially as a result of a favorable change in inventories and lower costs of imported products.
Jan.-Sep. 09	In the first nine months of 2009, cost of sales decreased by 20.2%, to Ps. 352.1 billion. This decrease was primarily the result of the following:
	•    a decrease of Ps. 106.4 billion in purchases of imported products then to be sold in México; and
	•    an increase of Ps. 9.5 billion in exploration expenses.
	Cost of sales as a percentage of total sales amounted to 45.2%, representing an increase of 3.8 percentage points compared to the first nine months of 2008, primarily as a result of greater exploration costs.

General Expenses

3Q09	General expenses increased by 42.4%, to Ps. 24.7 billion, primarily due to a decrease of Ps. 6.4 billion in the net cost of employee benefits of the period.
Jan.-Sep. 09	General expenses decreased by 3.1% to Ps. 69.4 billion, primarily due to a decrease of Ps. 6.2 billion in the net cost of the period for employee benefits, partially offset by an increase of Ps. 3.4 billion in operating expenses.

Cost of Employee Benefits for the Period⁴

3Q09	The net cost of employee benefits for the period totaled Ps. 24.1 billion. The variation as compared to third quarter of 2008 is due to the incorporation of the results of an independent valuation study during 2008.
Jan.-Sep. 09	The cost of employee benefits for the period decreased by 13.9% to Ps. 72.3 billion, essentially due to the recognition of the results of an independent actuarial valuation study.

⁴ The cost of the reserve for employee benefits comprises provisions over the year to account for the increase of the reserve for employee benefits, which is recognized in the financial statements in accordance with Mexican FRS D-3 “Employee benefits”. This cost is allocated among cost of sales, distribution expenses and administrative expenses. A change in the cost of the reserve for employee benefits reflects the recognition of one additional year of employment and age; wage increases, pensions and benefits; and changes in actuarial assumptions.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 8

PEMEX Corporate Finance Office — Investor Relations

Table 3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Other operating costs and expenses

	Third quarter (Jul.-Sep.)											Nine months ending Sep. 30,
	2008		2009		Change					2009		2008		2009		Change						2009
	(Ps. MM)									(US$MM)		(Ps. MM)							(US$MM)
Cost of sales		162,387		125,023		-23.0	%	(37,365	)		9,424		440,993		352,057		-20.2	%		(88,936	)		25,768
General expenses		17,319		24,661		42.4	%	7,342			1,859		71,582		69,361		-3.1	%		(2,221	)		5,077
Distribution expenses		5,146		8,330		61.9	%	3,184			628		22,289		23,777		6.7	%		1,489			1,740
Administrative expenses		12,173		16,331		34.2	%	4,158			1,231		49,293		45,584		-7.5	%		(3,709	)		3,336
Net cost of the period for employee benefits		9,045		24,093		166.4	%	15,048			1,816		83,977		72,278		-13.9	%		(11,700	)		5,290

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	Numbers may not total due to rounding.

Operating Income

3Q09	In the third quarter of 2009, operating income decreased by 24.5%, to Ps. 143.8 billion, primarily as a result of lower export sales, partially offset by a favorable variation of Ps. 12.2 billion in inventory revaluation.
Jan.-Sep. 09	In the first nine months of 2009, operating income decreased by 35.2%, to Ps. 357.9 billion, due to lower prices and lower volume of crude oil exports.

Other Revenues (Expenses)-Net

3Q09	In the third quarter of 2009, other net revenues decreased by 81.7%, to Ps. 12.4 billion, primarily due to lower tax credit derived from the negative rate of the IEPS5 tax, to Ps. 52.5 billion.
Jan.-Sep. 09	In the first nine months of 2009, other net revenues decreased by 84.6%, to Ps. 24.9 billion, primarily due to a decrease in IEPS credit of Ps. 143.1 billion.

⁵ Under the current fiscal regime, the Special Tax on Production and Services (IEPS) applicable to gasoline and diesel is regulated under the Federal Income Law. PEMEX is an intermediary between the Secretary of Finance and Public Credit (SHCP) and the final consumer; PEMEX retains the IEPS and transfers it to the Federal Government. The difference between the retail price, or final price, and the producer price is the IEPS rate. The final price of gasoline and diesel is established by SHCP. The producer price of PEMEX is referenced to that of an efficient refinery in the Gulf of Mexico.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 9

PEMEX Corporate Finance Office — Investor Relations

Comprehensive Financing Result

3Q09	In the third quarter of 2009, the loss associated with comprehensive financing result decreased by 19.5% to Ps. 11.8 billion, as a result of:
	•     a decrease of Ps. 2.9 billion net interest cost; and
	•     a decrease of Ps. 0.6 billion in the foreign exchange loss.
Jan.-Sep. 09	During the first nine months of 2009, comprehensive financing result represented a cost of Ps. 21.9 billion, slightly below to the expense of Ps. 22.1 billion recorded in 2008. This variation resulted from:
	•     an increase of Ps. 2.1 billion on the net interest cost;
	•     partially offset by a decrease of Ps. 2.3 billion in the foreign exchange loss.

Table 4
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Comprehensive financing result* **

	Third quarter (Jul.-Sep.)														Nine months ending Sep. 30,
	2008			2009			Change					2009			2008			2009			Change					2009
	(Ps. MM)											(US$MM)			(Ps. MM)											(US$MM)
Comprehensive financing result		(14,715	)		(11,841	)		-19.5	%	2,874			(893	)		(22,095	)		(21,922	)		-0.8	%	173			(1,605	)
Financial income(1)		14,272			12,279			-14.0	%	(1,993	)		926			20,095			35,560			77.0	%	15,465			2,603
Financial cost(1)		(13,667	)		(9,372	)		-31.4	%	4,295			(706	)		(38,947	)		(56,551	)		45.2	%	(17,604	)		(4,139	)
Foreign exchange gain (loss)		(15,319	)		(14,748	)		-3.7	%	571			(1,112	)		(3,242	)		(931	)		-71.3	%	2,311			(68	)

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAA P- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	The financial cost and financial income include the effect of financial derivatives.
Note:	Numbers may not total due to rounding.

Participation in Results of Subsidiary Entities and Affiliates

3Q09	Participation in the results of subsidiary entities and affiliates increased from a loss of Ps. 5.9 billion in 2008, to a loss of Ps. 0.5 billion in the third quarter of 2009, primarily due to a recognition of the results associated with the Deer Park refinery joint venture.
Jan.-Sep. 09	Participation in the results of subsidiary entities and affiliates increased from a loss of Ps. 1.3 billion in 2008, to a loss of Ps. 1.1 billion during the first nine months of 2009, due to a recognition of the results associated with the Deer Park refinery joint venture.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 10

PEMEX Corporate Finance Office — Investor Relations

Income before Taxes and Duties

3Q09	In the third quarter of 2009, income before taxes and duties decreased 39.4%, to Ps. 143.8 billion mainly due to:
	•    a decrease of Ps. 46.6 billion in operating income, as a result of lower prices and lower volume of crude oil exports; and
	•    a decrease of Ps. 55.2 billion in other net revenues, associated with a lower tax credit derived from the negative rate of the IEPS.
Jan.-Sep. 09	In the first nine months of 2009, income before taxes and duties decreased by 47.9% to Ps. 359.8 billion, primarily due to:
	•    a decrease of Ps. 194.4 billion in the operating income, primarily as a result of lower prices and lower volume of crude oil exports; and
	•    a decrease of Ps. 143.1 billion in other net revenues, primarily due to a decrease in the tax credit derived from the negative rate of the IEPS.

Taxes and Duties⁶

3Q09	In the third quarter of 2009, taxes and duties decreased by 41.4%, to Ps. 147.5 billion (US$11.1 billion), primarily due to lower prices and volumes of crude oil production, partially offset by the elimination of the Extraordinary Duty on Crude Oil Exports.
Jan.-Sep. 09	In the first nine months of 2009, taxes and duties paid decreased by 43.2%, to Ps. 389.4 billion, primarily due to lower prices and volumes of crude oil production.

Table 5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Taxes and duties* **

	Third quarter (Jul.-Sep.)											Nine months ending Sep. 30,
	2008		2009		Change					2009		2008		2009		Change					2009
	(Ps. MM)									(US$MM)		(Ps. MM)									(US$MM)
Total taxes and duties		251,733		147,468		-41.4	%	(104,265	)		11,116		685,061		389,365		-43.2	%	(295,696	)		28,499
Hydrocarbon duties		248,909		144,334		-42.0	%	(104,575	)		10,879		676,139		379,618		-43.9	%	(296,521	)		27,786
Ordinary hydrocarbons duty		218,269		123,194		-43.6	%	(95,075	)		9,286		592,110		324,505		-45.2	%	(267,604	)		23,752
Extraordinary duty on crude oil exports		11,218		—		-100.0	%	(11,218	)		—		27,463		—		-100.0	%	(27,463	)		—
Hydrocarbons duty for the stabilization fund		18,879		19,598		3.8	%	719			1,477		55,077		51,559		-6.4	%	(3,518	)		3,774
Duty for scientific and technological research on energy		532		665		24.9	%	133			50		1,460		1,806		23.7	%	346			132
Duty for oil monitoring		11		7		-37.7	%	(4	)		0.5		29		18		-38.4	%	(11	)		1
Other taxes and duties(1)		2,824		3,134		11.0	%	310			236		8,922		9,747		9.2	%	825			713

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	Includes provisions.
Note:	Numbers may not total due to rounding.

⁶ Since January 1, 2006, PEMEX has been subject to a new fiscal regime. Pemex-Exploration and Production’s (PEP) tax regime is governed by the Federal Duties Law, while the other Subsidiary Entities continue to be governed by Mexico’s Income Tax Law. The most important duty paid by PEP is the Ordinary Hydrocarbons Duty (OHD), the tax base of which is a quasi operating profit. In addition to the payment of the OHD, PEP pays other duties.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 11

PEMEX Corporate Finance Office — Investor Relations

Changes in the Chicontepec and deep waters fiscal regimes

On October 21, 2009, the Chamber of Deputies approved the Federal Duties Law that includes PEMEX’s Fiscal Regime. The law incorporates changes in the fiscal regimes for Chicontepec and deep waters.

Special Duty:

• The rate applicable to the value of production less authorized deductions is reduced to 30% for both regions.⁷ This rate will increase to 36% when cumulative production of the region exceeds 240 million barrels of crude oil equivalent (MMboe).

• The deductible limit, which acts as a cap on costs for both regions was increased. The applicable limit will be the lesser of US$32.5/boe and 60% of the price of crude oil equivalent.⁸

• The cost recovery period for costs that exceed the deductible limit (cost cap) was extended to 15 years for both regions.⁹

Hydrocarbons Extraction Duty:

• The rate applicable to the value of production changes from a variable rate of 10% to 20% (depending on the weighted average Mexican crude oil export price) to a fixed rate of 15%.

Additional Hydrocarbons Duty:

• This duty will be applied if and only if the equivalent oil price is above US$60/boe. The duty is calculated by applying a rate of 52% on the total production volume, multiplied by the difference between the equivalent oil price and US$60.

7	The Special Hydrocarbons Duty rate was 71.5% for Chicontepec, and a varied from 60% to 71.5% (depending on the average Mexican crude oil export price) for deep waters fields off the Gulf of México.
8	The former deductible limit was US$11/boe and US$2.7/Mcf for Chicontepec, and US$16.5/boe and US$4/Mcf for deep waters.
9	The former recovery periods for costs that exceeded the deductible limit was 7 years for fields in Paleocanal Chicontepec, and 10 years for fields in deep waters off the Gulf of Mexico.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 12

PEMEX Corporate Finance Office — Investor Relations

Results by Subsidiary Entity

Pemex-Exploration and Production (PEP)	PEP operating income per barrel of crude oil equivalent decreased by 35.5%, to US$40.7 per barrel, as compared to the first nine months of 2008, primarily due to lower prices and volume of crude oil production. The ratio of taxes to operating income increased by 7.2 percentage points to 94.6% during 2009.
	As a result, PEP recorded a net loss of Ps. 10.8 billion, compared to a net income of Ps. 69.6 billion during the first nine months of 2008.

Table 6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected indexes* **

	Nine months ending Sep. 30,
Pemex-Exploration and Production	2008			2009			Change					2009
												(US$/boe)
Sales / Hydrocarbons production (Ps. / boe)		862.5			556.7			-35.5	%	(305.8	)		40.7
Operating income / Hydrocarbons production (Ps. / boe)		710.4			385.1			-45.8	%	(325.3	)		28.2
Net income / Hydrocarbons production (Ps. / boe)		63.9			(10.3	)		-116.1	%	(74.2	)		(0.8	)
Taxes and duties / Operating income		87.4	%		94.6	%		7.2	%

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	boe stands for barrels of crude oil equivalent.

Pemex- Refining (PR)	PR operating loss decreased by 80.5% to Ps. 42.4 billion, primarily due to an increase in the variable refining margin10, from a negative margin of US$0.13 to a positive margin of US$2.14 per barrel.
	During the first nine months of 2009, PR recorded a net loss of Ps. 32.9 billion, compared to a net loss of Ps. 70.7 billion.
Pemex-Gas and Basic Petrochemicals (PGPB)	PGPB recorded an operating loss of Ps. 1.1 billion as compared to a net income of Ps. 1.8 billion during the first nine months of 2008, primarily due to lower natural gas and gas liquids prices, despite an increase in the processing level.
	As a result, PGPB recorded a net income of Ps. 1.4 billion, compared to a net income of Ps. 4.2 billion during the first nine months of 2008.
Pemex- Petrochemicals (PPQ)	PPQ net operating loss decreased by 6.0% to Ps. 14.0 billion, essentially due to a decrease in the cost of employee benefits for the period.
	PPQ net loss increased to Ps. 14.0 billion as compared to a loss of Ps. 13.9 billion during the first nine months of 2008, essentially as a result of a decrease in the comprehensive financial result.

¹⁰ This variable refining margin is an estimate of operating income per barrel of crude oil processed. Operating income is calculated as total revenues minus the cost of raw materials, internal consumption (consisting of fuel oil and natural gas used to operate the refineries) and auxiliary services (electric power, water and catalysts).

PEMEX Unaudited Financial Results Report as of September 30, 2009. 13

PEMEX Corporate Finance Office — Investor Relations

Investing Activities

2009	During 2009 PEMEX expects to invest approximately Ps. 251.2 billion. The allocation of total investments is expected to be as follows11:
	•     Ps. 219.5 billion to Exploration and Production12;
	•     Ps. 23.8 billion to Refining;
	•     Ps. 4.5 billion to Gas and Basic Petrochemicals;
	•     Ps. 2.5 billion to Petrochemicals; and
	•     Ps. 0.9 billion to Petróleos Mexicanos.
	During the first nine months of 2009 Ps. 164.8 billion have been used, which represents 65.6% from the planned investment.

Financing Activities

3Q09	During the third quarter of 2009, PEMEX performed the following operations in capital markets:
	•    On August 4, 2009, PEMEX issued an 8-year bond for €200 million, with an annual coupon of 5.779%.
	•    On September 10, 2009, PEMEX issued a 5.5-year bond for US$1.5 billion, with a semi-annual coupon of 4.875%.
	•    On September 15, 2009, PEMEX issued a 5-year bond for 350 million Swiss Francs, with an annual coupon of 3.5%.
	•    On September 30, 2009, PEMEX issued a 7-year bond for €1.0 billion, with an annual coupon of 5.5%.
	Likewise, PEMEX performed the following operations on its lines of credit:
	•    On July 29, 2009, PEMEX disbursed Ps. 6.7 billion from a bilateral line of credit with maturity on 2011.
	•    On August 17, 2009, PEMEX disbursed Ps. 5.0 billion from a bilateral line of credit with maturity on 2014.
	•    On September 30, 2009, PEMEX disbursed Ps. 3.8 billion from a bilateral line of revolving credit with maturity on 2011.
	During the third quarter of 2009 Petróleos Mexicanos obtained US$765.5 million through a credit line guaranteed by ECA’s.
	The proceeds will be used to finance PEMEX’s investment program and refinancing activities.

11	The investment amounts may be further modified based on budgetary adjustments.
12	It includes upstream maintenance expenditures.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 14

PEMEX Corporate Finance Office — Investor Relations

Liquidity Management

3Q09 As of September 30, 2009, US$1.5 billion of the amount of the syndicated revolving credit facility, entered into on September 17, 2007, had been disbursed.

Elimination of PIDIREGAS

On November 13, 2008, PEMEX’s PIDIREGAS (long term productive infrastructure projects) scheme was eliminated, as a result, Petróleos Mexicanos, will assume, prior to December 31, 2009, as primary obligor, all payment obligations under PIDIREGAS financings entered into by financing vehicles created for such purpose, including the Fideicomiso Irrevocable de Administración F/163 (“Fideicomiso F/163”) and the Pemex Project Funding Master Trust (“Master Trust”).

In order to assume the payment obligations of Fideicomiso F/163, Petróleos Mexicanos will launch a public exchange offer of the securities issued by Fideicomiso F/163 for securities issued by Petróleos Mexicanos. The financial terms and conditions of the securities will not be modified. The exchange offer process will begin once it is authorized by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV).

With respect to the finance vehicle Master Trust, the bondholders’ trustees have agreed for Petróleos Mexicanos to assume the obligations of the Master Trust, pursuant to the terms and conditions contained in the indentures and trust deeds that document the issuances of the Master Trust.

EBITDA

3Q09	In the third quarter of 2009, earnings before interest, taxes, depreciation and amortization, or EBITDA, decreased by 29.5%, to Ps. 200.0 billion (US$15.1 billion), as compared to the third quarter of 2008.
Jan.-Sep. 09	In the first nine months of 2009, EBITDA decreased by 39.8%, to Ps. 516.9 billion (US$37.8 billion).

Table 7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
EBITDA reconciliation* **

	Third quarter (Jul.-Sep.)														Nine months ending Sep. 30,
	2008			2009			Change					2009			2008			2009			Change					2009
	(Ps. MM)											(US$MM)			(Ps. MM)											(US$MM)
Net income (loss)		(14,393	)		(3,690	)		-74.4	%	10,703			(278	)		5,555			(29,529	)				(35,085	)		(2,161	)
+ Taxes and duties		251,733			147,468			-41.4	%	(104,265	)		11,116			685,061			389,365			-43.2	%	(295,696	)		28,499
- Comprehensive financing result		(14,715	)		(11,841	)		-19.5	%	2,874			(893	)		(22,095	)		(21,922	)		-0.8	%	173			(1,605	)
+ Depreciation and amortization		22,435			20,297			-9.5	%	(2,138	)		1,530			62,566			62,865			0.5	%	298			4,601
+ Net cost of the period for employee benefits		9,045			24,093			166.4	%	15,048			1,816			83,977			72,278			-13.9	%	(11,700	)		5,290
EBITDA		283,535			200,009			-29.5	%	(83,526	)		15,076			859,254			516,900			-39.8	%	(342,355	)		37,834

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 15

PEMEX Corporate Finance Office — Investor Relations

Statement of Cash Flows

Operating Activities	In the first nine months of 2009, net cash flow generated from operating activities was Ps. 120.2 billion, primarily due to the cost of employee benefits for the period and depreciation and amortization, items that did not represent cash expenses.
Investing Activities	The net cash flow used in investing activities was Ps. 145.3 billion, primarily due to the execution of the investment program.
Financing Activities	The net cash flow provided from financing activities was Ps. 89.7 billion.
Variation in cash and cash equivalents	As a result of the foregoing, in the first nine months of 2009, PEMEX recorded an accumulation in cash and cash equivalents of Ps. 64.6 billion.

Consolidated Balance Sheet as of September 30, 2009

Working Capital

Current Assets

As of September 30, 2009, current assets increased by 5.2% to Ps. 451.3 billion, as compared to September 30, 2008, primarily due to an increase of Ps. 27.8 billion in cash and cash equivalents due to financing activities for the investment program, as well as an increase of Ps. 23.3 billion explained by an increase in the fund for Specific Infrastructure Projects fund, partially offset by a decrease of Ps. 28.8 billion in inventory, primarily due to a decrease in the prices of crude oil and petroleum products.

Short-term Liabilities

Short-term liabilities increased by 12.2%, to Ps. 251.6 billion, primarily as a result of an increase of Ps. 54.0 billion in short-term debt valued in pesos, which was partially offset by a decrease of Ps. 27.3 billion in taxes and duties payable.

Table 8
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Working capital* **

	Nine months ending Sep. 30,
	2008		2009		Change					2009
	(Ps. MM)									(US$MM)
Current assets		429,046		451,336		5.2	%	22,290			33,450
Cash & cash equivalents		151,054		178,844		18.4	%	27,790			13,255
Net accounts receivable		155,315		178,656		15.0	%	23,341			13,241
Inventories		122,677		93,836		-23.5	%	(28,841	)		6,955
Short-term liabilities		224,138		251,586		12.2	%	27,448			18,646
Short-term debt(1)		83,771		137,789		64.5	%	54,019			10,212
Suppliers		37,796		45,901		21.4	%	8,106			3,402
Net accounts payable		38,777		31,421		-19.0	%	(7,357	)		2,329
Taxes payable		63,794		36,475		-42.8	%	(27,319	)		2,703
Working capital(2)		204,908		199,749		-2.5	%	(5,158	)		14,804

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	Includes documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, Pemex Finance Ltd., P.M.I. Trading, Ltd.and Repcon Lux, S.A.
(2)	Current assets minus short-term liabilities.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 16

PEMEX Corporate Finance Office — Investor Relations

Debt

Total	As of September 30, 2009, total consolidated debt in U.S. dollars, including accrued interest, increased by 5.0% compared to the amount recorded as of September 30, 2008, from US$48.2 to US$50.6 billion. However, total consolidated debt in pesos increased by 29.0%, to Ps. 683.2 billion primarily due to a 22.9% depreciation of the Mexican peso against the U.S. dollar. 13
	Total debt as a percentage of the sum of equity and total liabilities represents 49.1% as of September 30, 2009.
Net	Net debt increased by 33.3% to Ps. 504.4 billion (US$37.4 billion).

Table 9
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated total debt* **

	As of September 30,
	2008		2009		Change				2009
	(Ps. MM)								(US$MM)
Total debt		529,544		683,229		29.0	%	153,686		50,637
Short-term		83,771		137,789		64.5	%	54,019		10,212
Long-term		445,773		545,440		22.4	%	99,667		40,425
Cash & cash equivalents		151,054		178,844		18.4	%	27,790		13,255
Total net debt		378,490		504,386		33.3	%	125,896		37,382

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	Numbers may not total due to rounding.

Table 10
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Maturity profile* **

		As of September 30,
		(Ps. MM)		(US$MM)
Documented debt in pesos			140,426		10,407
	October – December 2009		18,956		1,405
	January – September 2010		15,013		1,113
	October 2010 – September 2011		24,422		1,810
	October 2011 – September 2012		24,133		1,789
	October 2012 – September 2013		16,221		1,202
	October 2013 and beyond		41,681		3,089
Documented debt in other currencies			542,803		40,229
	October – December 2009		37,598		2,786
	January – September 2010		66,223		4,908
	October 2010 – September 2011		53,622		3,974
	October 2011 – September 2012		51,143		3,790
	October 2012 – September 2013		55,622		4,122
	October 2013 and beyond		278,596		20,648
Total debt			683,229		50,637

*	Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	Numbers may not total due to rounding.

¹³ Total consolidated debt consists of documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, Pemex Finance, Ltd. and RepCon Lux, S.A.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 17

PEMEX Corporate Finance Office — Investor Relations

Equity

As of September 30, 2009, PEMEX’s equity decreased to Ps. 0.6 billion, as compared to Ps. 106.7 billion recorded as of September 30, 2009. The decrease was primarily due to the net loss recorded in the previous twelve months, which was caused by lower crude oil prices and the depreciation of the Mexican peso against the U.S. dollar, partially offset by an increase in Increases in equity¹⁴.

Table 11
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Equity* **

	As of September 30,
	2008			2009			Change					2009
	(Ps. MM)											(US$MM)
Total equity		106,662			561			-99.5	%	(106,101	)		42
Certificates of contribution		96,958			96,958			0.0	%	—			7,186
Increase in equity		147,264			179,880			22.1	%	32,616			13,332
Social capital		4,017			4,158			3.5	%	140			308
Legal reserve		840			985			17.3	%	145			73
Donations		2,311			932			-59.7	%	(1,379	)		69
Comprehensive profit (loss)		(349	)		9,018					9,367			668
Accumulated net income (losses)		(144,380	)		(291,369	)		101.8	%	(146,990	)		(21,594	)
From prior years		(149,935	)		(261,840	)		74.6	%	(111,905	)		(19,406	)
Net income (loss) for the period		5,555			(29,529	)		-631.6	%	(35,085	)		(2,189	)

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
Note:	Numbers may not total due to rounding.

¹⁴ As a consequence of the elimination of the PIDIREGAS scheme, during the second quarter of 2009, some reclassifications for presentation effects were done in increase in equity and conversion effects included in the comprehensive profit (loss).

PEMEX Unaudited Financial Results Report as of September 30, 2009. 18

PEMEX Corporate Finance Office — Investor Relations

Other Relevant Topics

National Suppliers Strategy	On August 20, 2009, the new “Strategy for the Development of Suppliers and Contractors of PEMEX” was announced. This strategy is designed to increase the participation of Mexican suppliers in PEMEX’s purchases of goods and services in the medium term.
Fight against illicit market	On August 18, 2009, PEMEX received US$2.4 million from the Office of the Federal Attorney in Mexico to compensate PEMEX for the illegal sale of Mexican petroleum products, particularly condensate by Trammo Petroleum Inc., a company based in Houston, Texas. The Office of the Federal Attorney in México received the US$2.4 million from U.S. Immigration and Customs Enforcement.
	On this matter, PEMEX restates its commitment to continue the fight, with the support of the authorities, against the hydrocarbon subtraction actions committed by criminal groups.
Appointments	On September 4, 2009, Marco A. Murillo Soberanis was renamed acting Corporate Director of Management of Petróleos Mexicanos, replacing Rosendo Villarreal Dávila.
	On September 7, 2009, President Felipe Calderón appointed Juan José Suárez Coppel as the new Director General of PEMEX replacing Jesús Reyes Heróles González-Garza.
	On October 22, 2009, the Board of Directors of PEMEX approved the appointment of Carlos Rafael Murrieta Cummings as the new Corporate Director of Operations, replacing Raúl Alejandro Livas Elizondo.
	On October 29, 2009, PEMEX’s Director General, appointed Homero Niño de Rivera Vela as Chief of Staff of the General Direction.
Sulfur sales for production of fertilizers	On October 1, 2009, PEMEX published the availability of liquid sulfur for 2010 for production of nitrogen fertilizers. A total amount of 769 Mt of liquid sulfur will be available through the loading terminals of the Southeastern (Cactus, Nuevo Pemex, Ciudad Pemex, Matapionche, Minatitlán and Salina Cruz).

PEMEX Unaudited Financial Results Report as of September 30, 2009. 19

PEMEX Corporate Finance Office — Investor Relations

Regulation to the Law of Petróleos Mexicanos	On September 4, 2009, the Regulation to the Law of Petróleos Mexicanos was published in the Official Gazette of the Federation. These regulation has the purpose of regulate the application of the Law of Petróleos Mexicanos particularly with respect to the operation of the Board of Directors and the committees of Petróleos Mexicanos, business planning and budgeting processes, including provisions relating to acquisitions and financing programs, the procurement of contracts and the control, monitoring and performance evaluation of Petróleos Mexicanos.
PEMEX Organic Statute	On September 4, 2009, the Board of Directors of Petróleos Mexicanos approved the Organic Statute of Petróleos Mexicanos, which was published on the Official Gazette of the Federation on September 24, 2009. This Organic Statute establishes the structure, organizational basis, and functions of the administrative units of Petróleos Mexicanos, as well as the attributions and internal regulations of the Board of Directors.
Regulation to the Regulatory Law to Article 27 of the Constitution Concerning Petroleum Affairs	On September 22, 2009, The Regulations to the “Regulatory Law to Article 27 of the Constitution of the United States of Mexico Concerning Petroleum Affairs” was published on the Official Gazette of the Federation. This regulation dictates the execution of the Regulatory Law.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 20

PEMEX Corporate Finance Office — Investor Relations

Annex

Table A1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated balance sheet^{* **}

	As of September 30,
	2008		2009		Change					2009
	(Ps. MM)									(US$MM)
Current assets		429,046		451,336		5.2	%	22,290			33,450
Cash & cash equivalents		151,054		178,844		18.4	%	27,790			13,255
Net accounts receivable		155,315		178,656		15.0	%	23,341			13,241
Inventories		122,677		93,836		-23.5	%	(28,841	)		6,955
of products		118,530		89,347		-24.6	%	(29,184	)		6,622
of materials		4,147		4,490		8.3	%	343			333
Investments in shares of non-consolidated subsidiaries and affiliates		28,607		10,255		-64.2	%	(18,351	)		760
Properties, plant and equipment		831,832		916,606		10.2	%	84,774			67,933
Other assets, net		10,385		12,389		19.3	%	2,004			918
Total assets		1,299,870		1,390,585		7.0	%	90,716			103,061
Short-term liabilities		224,138		251,586		12.2	%	27,448			18,646
Short-term debt(1)		83,771		137,789		64.5	%	54,019			10,212
Suppliers		37,796		45,901		21.4	%	8,106			3,402
Net accounts payable		38,777		31,421		-19.0	%	(7,357	)		2,329
Taxes payable		63,794		36,475		-42.8	%	(27,319	)		2,703
Long-term liabilities		969,070		1,138,438		17.5	%	169,368			84,374
Long-term debt(1)		445,773		545,440		22.4	%	99,667			40,425
Reserve for employee benefits		466,050		545,558		17.1	%	79,507			40,433
Reserve for sundry creditors and others		51,248		40,526		-20.9	%	(10,722	)		3,004
Deferred taxes		5,999		6,914		15.3	%	915			512
Total liabilities		1,193,208		1,390,024		16.5	%	196,816			103,020
Total equity		106,662		561		-99.5	%	(106,101	)		42
Total liabilities and equity		1,299,870		1,390,586		7.0	%	90,716			103,061

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.4928 = US$1.00 as of September 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	Includes documented debt of Petróleos Mexicanos, the Pemex Project Funding Master Trust, Fideicomiso F/163, Pemex Finance Ltd., P.M.I. Trading, Ltd.and Repcon Lux, S.A.
Note:	Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 21

PEMEX Corporate Finance Office — Investor Relations

Table A2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated income statement* **

	Third quarter (Jul.-Sep.)														Nine months ending Sep. 30,
	2008			2009			Change					2009			2008			2009			Change					2009
	(Ps. MM)											(US$MM)			(Ps. MM)											(US$MM)
Total sales		370,088			293,445			-20.7	%	(76,644	)		22,119			1,064,913			779,355			-26.8	%	(285,558	)		57,044
Domestic sales		177,756			160,816			-9.5	%	(16,940	)		12,122			519,382			433,960			-16.4	%	(85,422	)		31,763
Exports		191,074			131,336			-31.3	%	(59,738	)		9,900			541,944			341,357			-37.0	%	(200,588	)		24,985
Services income		1,259			1,293			2.7	%	34			97			3,587			4,038			12.6	%	452			296
Cost of sales(1)		162,387			125,022			-23.0	%	(37,365	)		9,424			440,993			352,057			-20.2	%	(88,936	)		25,768
Gross income		207,701			168,422			-18.9	%	(39,279	)		12,695			623,919			427,298			-31.5	%	(196,621	)		31,275
General expenses(1)		17,319			24,661			42.4	%	7,341			1,859			71,582			69,361			-3.1	%	(2,221	)		5,077
Distribution expenses		5,146			8,330			61.9	%	3,184			628			22,289			23,777			6.7	%	1,489			1,740
Administrative expenses		12,173			16,331			34.2	%	4,158			1,231			49,293			45,584			-7.5	%	(3,709	)		3,336
Operating income (loss)		190,382			143,761			-24.5	%	(46,621	)		10,836			552,338			357,937			-35.2	%	(194,401	)		26,199
Other revenues (expenses) -net(2)		67,589			12,360			-81.7	%	(55,229	)		932			161,661			24,875			-84.6	%	(136,786	)		1,821
Comprehensive financing result		(14,715	)		(11,841	)		19.5	%	2,874			(893	)		(22,095	)		(21,922	)		0.8	%	173			(1,605	)
Participation in the results of subsidiaries and associates		(5,916	)		(502	)		91.5	%	5,414			(38	)		(1,288	)		(1,055	)		18.1	%	233			(77	)
Income before taxes and duties		237,340			143,778			-39.4	%	(93,562	)		10,837			690,616			359,835			-47.9	%	(330,781	)		26,338
Taxes and duties		251,733			147,468			-41.4	%	(104,265	)		11,116			685,061			389,365			-43.2	%	(295,696	)		28,499
Net income (loss)		(14,393	)		(3,690	)		74.4	%	10,703			(278	)		5,555			(29,529	)				(35,085	)		(2,161	)

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the third quarter of 2009 and the first nine months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	Includes the cost of the reserve for employee benefits.
(2)	Includes IEPS credits.
Note:	Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 22

PEMEX Corporate Finance Office — Investor Relations

Table A3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Consolidated statement of cash flows (indirect method)* **

	2008			2009			Change
	(Ps. MM)											(US$MM)
Operating activities
Income before taxes and duties paid (1)		690,616			363,755			-47.3	%	(326,861	)		26,625
Non-cash items (2)		83,977			72,323			-13.9	%	(11,654	)		5,294
Items related to investing activities		61,043			74,687			22.4	%	13,644			5,467
Depreciation and amortization		62,566			62,865			0.5	%	298			4,601
Profit or loss of sale of property, plants and equipment		(235	)		10,768					11,004			788
Participation in subsidiary companies and joint ventures		(1,288	)		1,055			-181.9	%	2,343			77
Items related to financing activities		4,294			6,801			58.4	%	2,506			498
Accrued interest		(3,766	)		5,983			-258.9	%	9,748			438
Other items		8,060			818			-89.8	%	(7,242	)		60
Funds provided by income before taxes and duties		839,931			517,566			-38.4	%	(322,365	)		37,882
Accounts receivable		8,021			8,562			6.7	%	541			627
Inventories		(29,360	)		(28,365	)		-3.4	%	995			(2,076	)
Other accounts receivable and other assets		(461	)		3,918			-949.1	%	4,379			287
Suppliers		2,657			10,520			295.9	%	7,862			770
Other liabilities		(15,255	)		(18,520	)		21.4	%	(3,265	)		(1,356	)
Taxes and duties paid		(767,860	)		(373,482	)		51.4	%	394,378			(27,336	)
Funds provided by (used in) operating activities		(802,259	)		(397,368	)		-50.5	%	404,891			(29,085	)
Net cash flow from operating activities		37,672			120,198			219.1	%	82,526			8,798
Investing activities
Property, plant and equipment		(89,686	)		(145,129	)		61.8	%	(55,443	)		(10,623	)
Other permanent investments		5,745			(133	)		-102.3	%	(5,877	)		(10	)
Other items		3,418			—			-100.0	%	(3,418	)		—
Net cash flow from investing activities		(80,523	)		(145,261	)		80.4	%	(64,739	)		(10,632	)
Excess (required) funds for financing activities		(42,850	)		(25,064	)		-41.5	%	17,787			(1,834	)
Financing activities
Bank loans		45,333			555			-98.8	%	(44,777	)		41
Securities		60,313			134,954			123.8	%	74,641			9,878
Amortization of bank loans		(53,235	)		(31,021	)		-41.7	%	22,215			(2,271	)
Amortization of securities		(28,040	)		(14,771	)		-47.3	%	13,269			(1,081	)
Future equity increases		2,806			(35	)		-101.3	%	(2,842	)		(3	)
Other items		(4,270	)		—					4,270			—
Net cash flow from financing activities		22,907			89,683			291.5	%	66,776			6,564
Net increase in cash and cash equivalents		(19,944	)		64,619			-424.0	%	84,563			4,730
Cash and cash equivalents at the beginning of the year		170,997			114,224			-33.2	%	(56,773	)		8,360
Cash and cash equivalents at the end of the year		151,054			178,844			18.4	%	27,790			13,090

*	Unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.
**	Convenience translations into US dollars of amounts in pesos have been made at the average exchange rate of Ps. 13.6624 = US$1.00 for the first nine months of 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	The starting point is income before taxes and duties paid, not accrued as presented in the income statement.
(2)	Includes the net cost of employees benefits
Note:	Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 23

PEMEX Corporate Finance Office — Investor Relations

Table A4
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Subsidiary Entities’ contribution to financial results*

													Subsidiary
	Exploration						Gas and Basic						Companies and			Intersegment
	and Production			Refining			Petrochemicals			Petrochemicals			Corporate			eliminations			Total
	(Ps. MM)
Nine months ending September 30, 2009
Total sales		580,758			385,442			125,624			41,403			527,002			(880,874	)		779,355
External clients		—			339,319			81,374			13,267			341,357			—			775,317
Intersegment		580,758			43,591			44,249			28,136			183,304			(880,037	)		—
Revenues from services		—			2,533			—			—			2,342			(836	)		4,038
Gross income (loss)		425,058			(10,649	)		7,953			(5,718	)		41,481			(30,826	)		427,298
Operating income (loss)		401,749			(42,396	)		(1,078	)		(14,139	)		13,374			426			357,937
Comprehensive financing result		(33,923	)		(9,295	)		1,615			54			19,627			—			(21,922	)
Depreciation and amortization		52,161			6,703			2,657			853			490			—			62,865
Cost of the reserve for employee benefits		24,661			24,338			5,441			6,733			11,104			—			72,278
Taxes and duties		380,110			2,473			334			210			6,238			—			389,365
Net income (loss)		(10,762	)		(32,902	)		1,387			(14,007	)		(23,459	)		50,214			(29,530	)
As of September 30, 2009
Current assets		1,445,448			237,238			92,307			58,513			1,211,146			(2,593,315	)		451,336
Investment in shares of non-consolidated		581			157			1,572			—			43,075			(35,130	)		10,255
Fixed assets		668,092			181,153			41,319			16,764			9,277			—			916,606
Acquisition of fixed assets		126,229			16,768			187			1,505			928			—			145,617
Total assets		2,116,588			420,712			135,509			75,794			2,070,221			(3,428,238	)		1,390,585
Short-term liabilities		1,132,315			238,428			32,314			13,647			1,001,452			(2,166,570	)		251,586
Reserve for employee benefits		188,958			186,191			46,635			51,125			72,648			—			545,558
Total liabilities		1,857,458			469,266			86,601			65,783			2,031,547			(3,120,630	)		1,390,024
Equity		259,131			(48,554	)		48,908			10,011			38,674			(307,608	)		561
Nine months ending September 30, 2008
Total sales		939,719			416,953			213,073			64,555			800,575			(1,369,962	)		1,064,913
External clients		—			369,684			129,207			20,491			541,944			—			1,061,326
Intersegment		939,719			44,599			83,867			44,064			256,969			(1,369,217	)		(0	)
Revenues from services		—			2,670			—			—			1,661			(744	)		3,587
Gross income (loss)		797,137			(186,784	)		9,930			(5,508	)		38,406			(29,262	)		623,919
Operating income (loss)		774,090			(217,603	)		1,765			(14,557	)		9,128			(486	)		552,337
Comprehensive financing result		(29,403	)		(8,228	)		2,662			469			13,828			(1,422	)		(22,094	)
Depreciation and amortization		51,465			7,226			2,598			824			453			—			62,566
Cost of the reserve for employee benefits		28,663			27,490			6,648			7,833			13,343			—			83,977
Taxes and duties		676,457			3,900			821			205			3,677			—			685,061
Net income (loss)		69,620			(70,705	)		4,161			(13,862	)		14,589			1,752			5,555
As of September 30, 2008
Current assets		709,966			250,849			93,464			69,186			564,885			(1,259,305	)		429,046
Investment in shares of non-consolidated		377			157			1,247			—			776,719			(749,894	)		28,607
Fixed assets		604,291			164,105			41,136			15,333			8,280			(1,314	)		831,832
Acquisition of fixed assets		88,848			8,233			1,677			659			1,904			—			101,322
Total assets		1,335,818			416,239			136,150			84,796			2,761,050			(3,434,183	)		1,299,870
Short-term liabilities		155,577			172,872			36,373			11,284			1,103,400			(1,255,368	)		224,138
Reserve for employee benefits		163,231			158,004			38,410			44,276			62,130			—			466,050
Total liabilities		1,031,886			383,123			86,386			56,657			2,620,763			(2,985,608	)		1,193,208
Equity		303,932			33,116			49,764			28,139			140,287			(448,575	)		106,662

*

Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Informacion Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.

Note:

Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 24

PEMEX Corporate Finance Office — Investor Relations

Table A5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Selected financial indexes*

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008			2009			Change			2008			2009			Change
Consolidated income statement ratios
Cost of sales / Total sales		43.9	%		42.6	%		-1.3	%		41.4	%		45.2	%		3.8	%
Depreciation / Cost of sales and General expenses		12.5	%		13.6	%		1.1	%		12.2	%		14.9	%		2.7	%
Operating income / Total sales		51.4	%		49.0	%		-2.5	%		51.9	%		45.9	%		-5.9	%
Taxes and duties / Total sales		68.0	%		50.3	%		-17.8	%		64.3	%		50.0	%		-14.4	%

	As of September 30,
	2008			2009			Change
Consolidated balance sheet ratios(1)
Properties and equipment / Total Assets		64.0	%		65.9	%		1.9	%
Total debt / Total liabilites and equity		40.7	%		49.1	%		8.4	%

* Indicative figures from unaudited consolidated financial statements prepared in accordance with Normas de Información Financiera (Mexican Financial Reporting Standards, FRS) -formerly Mexican GAAP- issued by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF). Based on the adoption of FRS B-10 “Inflation effects”, 2008 and 2009 amounts are expressed in nominal terms.

Table A6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Debt exposure⁽¹⁾

	As of September 30,
	2008			2009			2008			2009			2008			2009
	Percentage
	By currency						At fixed rate						At floating rate
U.S. Dollars		78.5	%		79.2	%		53.5	%		54.2	%		46.5	%		45.8	%
Mexican pesos		21.4	%		20.8	%		45.1	%		40.4	%		54.9	%		59.6	%
Euros		0.0	%		0.0	%		100.0	%		100.0	%		0.0	%		0.0	%
Yen		0.1	%		0.0	%		100.0	%		100.0	%		0.0	%		0.0	%
Total		100.0	%		100.0	%		51.7	%		51.3	%		48.3	%		48.7	%

(1)	Excludes accrued interest.
Note:	Numbers may not total due to rounding.

Table A7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Average duration of debt exposure

	As of September 30,
	2008		2009		Change
	(Years)
U.S. Dollars		4.0		4.5		0.5
Mexican pesos		1.7		1.6		(0.1	)
Euros		2.7		2.4		(0.3	)
Yen		0.8		0.4		(0.5	)
Total		3.5		3.9		0.4

Note: Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 25

PEMEX Corporate Finance Office — Investor Relations

Table A8¹⁵
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Derivative financial instruments*

	As of September 30,
	2008			2009			Change					2009
	(Ps. MM)											(US$MM)
Derivative financial instruments linked to debt and assets
Face Value (Ps. MM)		(433	)		10,142					10,575			752
Interest rate swaps		(1,069	)		(1,414	)		32.2	%	(345	)		(105	)
Cross currency swaps		1,785			6,587			269.1	%	4,802			488
Extinguishing cross currency swaps		251			3,272					3,021			243
Assets swaps(1)		(1,399	)		1,697			-221.3	%	3,096			126
Mark to market (Ps. MM)		121,798			150,020			23.2	%	28,222			11,119
Interest rate swaps		18,896			16,122			-14.7	%	(2,774	)		1,195
Cross currency swaps		58,351			92,243			58.1	%	33,892			6,836
Extinguishing cross currency swaps		28,471			22,042			-22.6	%	(6,429	)		1,634
Assets swaps(1)		16,080			19,613			22.0	%	3,533			1,454
Natural gas derivative financial instruments
Mark to market (Ps. MM)		131			225			71.2	%	93			17
Long swaps		(5,219	)		(5,898	)		13.0	%	(679	)		(437	)
Short swaps		5,352			6,123			14.4	%	770.5			454
Long options		1,024			444			-56.7	%	(580	)		33
Short options		(1,026	)		(443	)		-56.8	%	582.5			(33	)
Volume (MMBTU)		1,458,383			881,926			-39.5	%	(576,457	)
Long swaps		248,750,046			155,975,660			-37.3	%	(92,774,386	)
Short swaps		(246,780,605	)		(155,087,746	)		-37.2	%	91,692,859
Long options		113,624,904			47,933,418			-57.8	%	(65,691,486	)
Short options		(114,135,962	)		(47,939,406	)		-58.0	%	66,196,556
Volume of petroleum products derivative financial instruments
Mark to market (Ps. MM)		769			149			-80.6	%	(620	)		11
Volume (MMb)		21			16			-24.6	%	(5	)

*	Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.1722 = US$1.00 as of June 30, 2009. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.
(1)	Asset swaps include options over Repsol YPF, S.A. shares.
Note:	Numbers may not total due to rounding.

¹⁵ Los instrumentos derivados financieros se registran a valor justo o valor razonable en los estados financieros, de conformidad con la NIF C-10 “Instrumentos financieros derivados y operaciones de cobertura”. Sin embargo, algunos de estos instrumentos no cumplen con los requerimientos de las normas contables para ser designados como operaciones de cobertura, no obstante que los flujos de efectivo generados por estos instrumentos son compensados por los flujos generados por las posiciones a las cuales se encuentran asociados.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 26

PEMEX Corporate Finance Office — Investor Relations

Supplement of operating results for the third quarter of 2009¹⁶

Exploration and Production

Crude Oil Production	During the third quarter of 2009, total crude oil production decreased by 6.8% as compared to the same quarter of 2008, from 2,754 to 2,567 Mbd.
	Production of heavy crude oil decreased by 13.7%, primarily due to lower production at Cantarell as a result of the natural decline and the shutdown of wells as a result of the increase in the oil-gas ratio. This decline was partially offset by a 13.9% increase in production from Ku-Maloob-Zaap (KMZ) project, which achieved historical production level of 852 Mb on September 29, 2009.
	Production of light crude oil decreased by 2.6%, primarily due to maintenance activities in the Pol-Chuc Asset. In contrast, production of extra-light crude oil increased by 34.1%, due to the completion of wells in the Delta del Grijalva and Costero Terrestre projects in the Southern region.

Table S1
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of liquid hydrocarbons

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009		Change
	(Mbd)									(Mbd)
Liquid hydrocarbons		3,129		2,946		-5.9	%	(184	)		3,191		2,988		-6.3	%	(202	)
Crude oil		2,754		2,567		-6.8	%	(186	)		2,813		2,608		-7.3	%	(205	)
Heavy		1,716		1,481		-13.7	%	(235	)		1,794		1,536		-14.4	%	(258	)
Light		831		809		-2.6	%	(21	)		813		810		-0.4	%	(3	)
Extra-light		207		277		34.1	%	70			205		261		27.2	%	56
Natural gas liquids(1)		376		378		0.6	%	2			378		380		0.7	%	2

(1)	Includes condensates.
Note:	Numbers may not total due to rounding.

Table S2
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil production by selected fields

					2007								2008								2009
	2005		2006		1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q		2Q		3Q
	(Mbd)
Total		3,333		3,256		3,158		3,166		3,048		2,934		2,891		2,794		2,754		2,729		2,667		2,590		2,567
Northeastern Marine Region		2,357		2,205		2,074		2,111		2,003		1,885		1,861		1,770		1,695		1,658		1,584		1,481		1,456
Cantarell		2,029		1,788		1,582		1,580		1,427		1,270		1,163		1,036		954		858		742		637		583
Ku-Maloob-Zaap		319		394		453		485		534		581		657		693		703		754		792		788		801
Others		9		23		39		47		42		34		41		41		39		45		49		56		72
Southwestern Marine Region		396		475		522		493		493		515		495		486		507		513		512		521		511
Chuc		103		107		96		94		82		78		76		71		68		62		67		67		67
Ixtal		9		47		77		50		74		73		74		56		98		102		102		105		110
Others		285		321		350		350		336		365		344		359		341		349		344		348		334
Southern Region		497		491		475		472		465		449		449		450		466		470		479		493		506
Samaria		65		64		67		63		59		58		55		52		51		52		52		51		48
Jujo		50		56		53		52		51		50		46		46		47		43		40		38		37
Iride		50		48		46		42		40		38		37		35		35		30		28		27		26
Puerto Ceiba		77		54		42		41		41		40		36		33		32		29		26		26		24
Sen		19		22		21		27		29		29		38		37		39		48		48		44		43
Tecominoacán		22		29		25		24		21		20		23		24		27		28		27		25		23
Others		213		218		222		223		225		213		213		221		235		240		257		282		306
Northern Region		84		84		87		89		87		85		87		88		86		88		92		95		94
Chicontepec		25		23		22		23		23		23		28		30		31		30		28		29		30
Poza Rica		10		10		10		10		9		9		8		7		7		8		8		7		6
Others		48		51		55		56		55		53		51		50		48		51		56		59		64

Note: Numbers may not total due to rounding.

¹⁶ For purposes of analysis quarterly changes are made against the same quarter last year.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 27

PEMEX Corporate Finance Office — Investor Relations

Natural Gas Production

During the third quarter of 2009, total natural gas production increased by 1.5% as compared to the third quarter of 2008, from 6,963 to 7,066 MMcfd. The production of associated natural gas increased by 3.0%, primarily due to higher production volumes from the KMZ project, as well as from the Crudo Ligero and Ixtal-Manik projects in the Southern offshore region. In contrast, the production of non-associated natural gas decreased by 1.1%, primarily due to lower production from the Veracruz and Lankahuasa projects in the Northern region.

During the third quarter of 2009, Burgos and Veracruz projects reached a production of 2,324 MMcfd, representing 33% of the total natural gas production. On September 25, 2009, Burgos project reached a maximum historical production level of 1,569 MMcf.

Table S3
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Production of natural gas and gas flaring

	Third quarter (Jul.-Sep.)											Nine months ending Sep. 30,
	2008			2009			Change					2008			2009			Change
	(MMcfd)											(MMcfd)
Total		6,963			7,066			1.5	%	103			6,804			7,038			3.4	%	234
Associated		4,384			4,516			3.0	%	133			4,189			4,500			7.4	%	311
Non-associated		2,579			2,550			-1.1	%	(29	)		2,615			2,538			-3.0	%	(77	)
Natural gas flaring(1)		1,338			1,097			-18.0	%	(241	)		1,231			1,143			-7.1	%	(88	)
Gas flaring / total production		19.2	%		15.5	%							18.1	%		16.2	%

Note:	Numbers may not total due to rounding.
(1)	Includes nitrogen.

Table S4
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas production by selected fields

					2007								2008								2009
	2005		2006		1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q		1Q		2Q		3Q
	(MMpcd)
Total		4,818		5,356		5,816		6,033		6,094		6,285		6,586		6,861		6,963		7,260		7,018		7,029		7,066
Northeastern Marine Region		928		920		992		1,129		1,147		1,356		1,647		1,854		1,913		2,189		1,900		1,814		1,803
Cantarell		759		716		782		930		925		1,124		1,383		1,586		1,634		1,897		1,579		1,457		1,469
Ku		103		141		146		138		147		153		161		153		159		164		178		211		180
Others		65		63		64		61		75		79		103		114		120		128		143		147		153
Southwestern Marine Region		655		856		985		940		1,010		1,035		991		1,016		1,046		1,038		1,067		1,141		1,095
Caan		206		185		171		159		200		212		188		227		209		179		163		180		173
May		24		85		135		121		152		165		173		229		206		215		254		278		265
Ixtal		13		86		143		99		151		147		152		113		200		202		202		208		211
Others		412		500		536		561		507		510		478		446		431		442		448		475		446
Southern Region		1,400		1,352		1,365		1,392		1,378		1,277		1,364		1,419		1,492		1,525		1,540		1,547		1,633
Iride		93		106		108		116		104		96		92		93		108		106		108		105		98
Narvaez		0		30		87		83		82		85		88		90		101		100		93		99		99
Sen		47		56		54		71		73		75		90		106		117		146		150		128		123
Tizón		28		29		31		36		42		40		33		32		54		75		78		95		98
Others		1,231		1,131		1,084		1,086		1,075		981		1,061		1,099		1,113		1,098		1,111		1,121		1,214
Northern Region		1,835		2,228		2,475		2,572		2,559		2,616		2,583		2,572		2,512		2,509		2,511		2,526		2,536
Chicontepec		28		28		29		28		25		29		44		50		51		66		81		83		77
Lizamba		103		152		235		233		225		279		303		307		297		296		288		268		259
Culebra		172		168		154		160		167		170		165		145		139		138		118		116		110
Papán		—		—		—		14		98		115		129		197		256		262		258		242		236
Others		1,532		1,879		2,057		2,137		2,045		2,024		1,941		1,875		1,769		1,747		1,766		1,818		1,855

Note: Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 28

PEMEX Corporate Finance Office — Investor Relations

Gas Flaring

In the third quarter of 2009, gas flaring decreased by 18.0% as compared to the third quarter of 2008, due to decreased gas extraction in the transition zone at Cantarell and works aimed to increase the level of gas use.

Completion of Wells

During the third quarter of 2009, the number of wells drilled increased by 68.4%, from 190 to 320 wells, primarily due to an increase in the number of development wells by 115 as compared to the same quarter of 2008, due to higher activity in the Aceite Terciario del Golfo (ATG) project. Additionally, 23 exploratory wells were drilled, eight more than were drilled during the same period last year, due to an increase in drilling activity in the ATG project.

Table S5
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Inventory of wells and operation equipment

	Third quarter (Jul.-Sep.)								Nine months ending Sep. 30,
	2008		2009		Change				2008		2009		Change
Wells drilled		190		320		68.4	%	130		521		854		63.9	%	333
Development		175		297		71.4	%	115		478		799		67.2	%	321
Exploration		15		23		53.3	%	8		43		55		27.9	%	12
Total operating wells(1)										6,321		5,818		-8.0	%	(503	)
Injection										253		212		-16.2	%	(41	)
Production										6,068		5,606		-7.6	%	(462	)
Crude oil										2,946		2,575		-12.6	%	(371	)
Non-associated gas										3,122		3,031		-2.9	%	(91	)
Selected operating infrastructure(1)
Drilling rigs(2)										137		175		28.2	%	38
Offshore platforms										226		227		0.4	%	1

(1)	At end of period.
(2)	As of September 30, 2009, PEMEX owns 126 of these drilling rigs.
Note:	Numbers may not total due to rounding.

Seismic Information	The number of kilometers covered by 2D seismic studies was 542 km, 396 km less than were covered in the same quarter of 2008. This decrease in 2D studies is primarily explained by the lack of seismic data acquisition in the onshore portion of the Southeast basins.
	In contrast, we conducted 3D seismic studies over 2,528 km2, an increase of 1,516 km2 as compared to the area covered during the same quarter of 2008. This increase was primarily due to higher activity in the projects Burgos and Veracruz Basin, as well as in the development of fields located at the ATG project.

Table S6
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Seismic studies

	Third quarter (Jul.-Sep.)							Nine months ending Sep. 30,
	2008		2009		Change			2008		2009		Change
Seismic information
2D (km)		938		542		(396	)		2,197		17,453		15,256
3D (km2)		1,012		2,528		1,516			7,733		11,860		4,127

Note: Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 29

PEMEX Corporate Finance Office — Investor Relations

Discoveries Our main discoveries during the third quarter of 2009 were:

Table S7
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Main discoveries

Project	3Q09	Geologic age	Initial production	Type
Burgos	Parritas-1001	Oligocen	6.8 MMcfd and 36 bpd	Dry gas
	Nejo-2001	Oligocen	1.5 MMcfd and 1.2 Mbd	Gas and condensates
	Nejo-301	Oligocen	0.9 MMcfd and 165 bpd	Dry gas
Cinco Presidentes	Flanco-1	Miocen	1.6 Mbd and 0.9 MMcfd	Heavy crude oil
Muspac	Teotleco-1001	Middle cretacic	3.0 Mbd and 6.5 MMcfd	Light crude oil

Cantarell	During the third quarter of 2009, the main activities focused on counteracting the decline of the Cantarell project were:
	•    completion of three development wells, and
	•    31 major and 20 minor well workovers.
	The Cantarell asset is still working in the feasibility analysis of enhanced oil recovery project.
KMZ	During the third quarter of 2009, the main activities at the KMZ project focused on maintaining production were:
	•    completion of three development wells,
	•    three major and 37 minor well workovers, and
	•    installation of the drilling platform Maloob-C.
ATG	During the third quarter of 2009, the main activities aimed at expanding the execution capacity and maintaining the intense activities at the ATG project were:
	•    completion of 121 development wells, and
	•    35 major and 141 minor well workovers.
	The Asset works in the water injection pilot test in Furbero field for maintenance pressure.
Veracruz	During the third quarter of 2009, the main activity in the Veracruz non-associated gas project, was:
	•    14 major well workovers.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 30

PEMEX Corporate Finance Office — Investor Relations

Tenders The main tenders conducted by Pemex-Exploration and Production during the third quarter of 2009 were:

Table S8
Main Tenders
Pemex-Exploration and Production

			Announced/
	Amount		awarded
Tender number	US$MM		date	Description	Status	Awarded to:
18575110-001-09		564.0	17-ago-09	WELL DRILLING AT THE BURGOS AREA	AWARDED	INDUSTRIAL PERFORADORA DE CAMPECHE
18575106-004-09		194.9	11-sep-09	ENGINEERING, PROCUREMENT AND CONSTRUCTION OF THE ELECTRICITY GENERATING PLATAFORM PG-ZAAP–C	AWARDED	DRAGADOS OFFSHORE DE MÉXICO
18575106-001-09		122.7	3-jul-09	ENGINEERING, PROCUREMENT AND INSTALLMENT OF SUBMARINE WIRING AT THE PLATAFORM PG-ZAAP-C	AWARDED	DEMAR INSTALADORA Y CONSTRUCTORA
18575106-005-09		52.9	16-jul-09	WORKS OF ENGINEERING, PROCUREMENT AND MAINTENANCE AT FACILITIES IN THE NORTHEAST AND SOUTHEAST MARINE REGIONS	AWARDED	DEMAR INSTALADORA Y CONSTRUCTORA
18572039-002-09		52.3	9-sep-09	COMPLEMENTARY WORKS OF ENGINEERING, PROCUREMENT AND CONSTRUCTION OF 5 STORAGE TANKS	AWARDED	TRADECO INFRAESTRUCTURA
18575088-019-08		50.8	31-jul-09	CHEMICAL PROCESSES, NITROGEN PUMPING AND INDUCTIONS AT OFFSHORE OIL WELLS	AWARDED	HALLIBURTON DE MÉXICO
18575106-018-09		43.3	29-jul-09	MODERNIZATION OF THE PLATAFORM EK-TB	AWARDED	CONSTRUCTORA SUBACUATICA DIAVAZ
18575109-011-09		41.0	24-ago-09	WELL MONITORING SERVICES AT THE BURGOS INTEGRAL ASSET	AWARDED	INTEGRADORES DE TECNOLOGÍA
18575069-010-09		39.3	9-ago-09	MAINTENANCE OF WELLS IN THE SOUTH REGION	AWARDED	QM AX MÉXICO
18575106-006-09		39.1	8-jul-09	AUXILIARY AND INTEGRATION SERVICES OF SECURITY SYSTEMS AT THE PP-KU-I DRILLING PLATFORM	AWARDED	CONDUX
18575035-006-09		29.2	19-ago-09	ONIXMA 3D AND KUZAM 3D SEISMIC SURVEYS	AWARDED	CGGVERITAS SERVICES DE MÉXICO
18575106-020-09		27.3	18-ago-09	CONSTRUCTION OF THE 16” CARDENAS NORTE-PAREDÓN GAS PIPELINE	AWARDED	ICA CSA PROYECTOS
18575008-023-09		22.4	23-sep-09	INFRASTRUCTURE RENOVATIONS OF PRODUCTION FACILITIES AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET	AWARDED	FABRICACIÓN Y REPARACIÓN ELECTROM ECÁNICA
18575109-038-08		21.9	14-jul-09	GENERAL SERVICES AT THE BURGOS INTEGRAL ASSET, IN THE STATES OF TAMAULIPAS AND NUEVO LEON	AWARDED	QUIMICA APOLLO S.A. DE C.V.
18575051-018-09		16.6	22-jul-09	OIL DRILLING AND MAINTENANCE SERVICES AT INTEGRAL ASSETS IN THE NORTH REGION	AWARDED	TRANSPORTES INTERNACIONALES TAMAULIPECOS
18575008-010-09		16.4	26-ago-09	CONSTRUCTION AND RENOVATION OF ROADS AND PLATFORMS AT THE ATG INTEGRAL ASSET	AWARDED	AZTECA CONSTRUCCIONES INDUSTRIALES
18575106-019-09		15.4	28-jul-09	CONSTRUCTION OF THE KAM BESAH WELLS RECOVERY PLATFORM AND OF THE KAM BESAH FIELD STATION STRUCTURE	AWARDED	CONSTRUCCIONES MECÁNICAS MONCLOVA
18575108-004-09		14.8	13-jul-09	GEOPHYSICAL AND GEOTECHNICAL SURVEYS IN THE MARINE REGION	AWARDED	CONSTRUCTORA SUBACUATICA DIAVAZ
18575008-025-09		13.7	30-sep-09	INFRASTRUCTURE CONSTRUCTION OF PRODUCTION FACILITIES AT THE POZA RICA-ALTAMIRA II INTEGRAL ASSET	AWARDED	MILLER PIPELINE DE MEXICO, SA DE CV
18575008-011-09		13.3	4-sep-09	INFRASTRUCTURE CONSTRUCTION FOR PRODUCTION PROCESSES AT THE ATG INTEGRAL ASSET	AWARDED	BISELL CONSTRUCCIONES E INGENIERÍA
18575106-021-09		12.5	21-sep-09	WORKS OF ENGINEERING, PROCUREMENT AND CONSTRUCTION OF A LIGHT WEIGHT WORK MARINE PLATFORM	AWARDED	CONSTRUCCIONES MECÁNICAS MONCLOVA
18575088-001-09		11.4	21-jul-09	RENT OF MODULAR HOUSED DIESEL ELECTRIC GENERATING UNITS FOR DRILLING ACTIVITIES	AWARDED	TODCO MÉXICO
18575008-006-09		11.4	17-jul-09	CONSTRUCTION AND RENOVATIONS OF ROADS AT THE ATG INTEGRAL	AWARDED	CENTRAL DE IM PERM EABILIZANTES Y
18575004-026-09		10.2	21-sep-09	SPECIALIZED TRANSPORTATION SERVICES FOR DRY LOADS AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET	AWARDED	CUI
18575008-012-09		10.0	12-ago-09	SUBSTRATE ENGINEERING SERVICES AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET	AWARDED	PETRO SERVICIOS ESPECIALES DE INGENIERÍA
18575008-009-09		9.3	3-jul-09	COMPLEMENTARY WORKS FOR THE FIELDS AT THE ATG INTEGRAL ASSET	AWARDED	SOCIEDAD INDUSTRIAL DE CONSTRUCCIONES
18575051-014-09		8.4	24-ago-09	WELL WASHING AND FILTERING AT INTEGRAL ASSETS IN THE NORTH REGION	AWARDED	BJ SERVICES COMPANY MEXICANA
18575062-001-09		8.3	18-sep-09	GEOLOGICAL MONITORING SERVICES FOR EXPLORATORY DRILLING IN THE SOUTH REGION	AWARDED	DIVERSIFIED WELL LOGGING
18575110-019-09		8.3	17-sep-09	CONSTRUCTION OF GAS COLLECTION STATIONS AT THE BURGOS INTEGRAL ASSET	AWARDED	GALCOR DEL NORTE
18575110-017-09		7.9	10-sep-09	CONSTRUCTION OF PLATFORMS AND ACCESS ROADS AT THE BURGOS INTEGRAL ASSET	AWARDED	CONSTRUCTORA RECA DE REYNOSA
18575008-007-09		7.6	23-jul-09	SUPERVISING SERVICES ON FIELDS AND OFFICES AT THE POZA RICA-ALTAMIRA INTEGRAL ASSET	AWARDED	CORPORATE ENERGY MASTER GRUP O DIARQCO

Note: For further information on these and other tenders, consult www.compranet.gob.mx.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 31

PEMEX Corporate Finance Office — Investor Relations

Refining
Processing	During the third quarter of 2009, total crude oil processing increased by 2.8% as compared to the same quarter of 2008, primarily as a result of scheduled maintenance in the National Refining System. Due to this maintenance program an increase by 5.2% in light crude oil processing was obtained, while heavy crude oil processing decreased by 0.8%.

Table S9
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Crude oil processing

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009		Change
	(Mbd)									(Mbd)
Total processed		1,250		1,285		2.8	%	36			1,265		1,288		1.8	%	23
Light Crude		764		803		5.2	%	40			755		813		7.6	%	58
Heavy Crude(1)		486		482		-0.8	%	(4	)		510		475		-6.8	%	(35	)

(1)	Excludes reconstituted crude.
Note:	Numbers may not total due to rounding.

Capacity Utilization

During the third quarter of 2009, the primary distillation capacity utilization rate increased to 83.9%, or 2.0 percentage points more than the registered rate during the same quarter of 2008, due to higher processing levels.

Production

During the third quarter of 2009, the production of petroleum products increased by 5.3% as compared to the third quarter of 2008, from 1,435 to 1,510 Mbd, primarily as a result of higher fuel oil production due to the reconversion of the H-Oil process, in the Tula refinery, to hidrodesulfurization of vacuum gas oils in order to produce ultra low sulfur gasolines, as well as higher gasolines production due to the greater use of inventories of intermediate products.

Table S10
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Petroleum products

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009	Change
	(Mbd)									(Mbd)
Total production		1,435		1,510		5.3	%	75			1,493	1,517	1.6	%	24
Gasolines		432		465		7.6	%	33			450	475	5.6	%	25
Fuel oil		282		320		13.5	%	38			286	306	6.9	%	20
Diesel		324		331		1.9	%	6			346	337	-2.8	%	(10	)
Liquefied petroleum gas (LPG)(1)		206		207		0.2	%	0.4			210	209	-0.5	%	(1	)
Jet Fuel		59		53		-10.3	%	(6	)		66	56	-14.9	%	(10	)
Other(2)		132		135		2.8	%	4			134	134	0.1	%	0.1

(1)	Excludes butylene and propylene and includes isobutanes from Pemex-Gas and Basic Petrochemicals and butane from Pemex-Petrochemicals.
(2)	Includes mainly paraffins, furfural extract, aeroflex, asphalt, among others.
Note:	Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 32

PEMEX Corporate Finance Office — Investor Relations

Franchises	As of September 30, 2009, the number of franchised gas stations totaled 8,662, 5.4% more than the 8,222 registered as September 30, 2008.
New refinery	On August 12, 2009, PEMEX announced that the new refinery will be constructed in Tula, Hidalgo. PEMEX expects to receive formally titles to the land where the plant will be constructed shortly, in order to begin the pre-conditioning works on the site. With an investment of approximately US$9.0 billion, the new refinery will have a production capacity of 300 Mbd refined products.
Tenders	The main tenders conducted by Pemex-Refining during the third quarter of 2009 were:

Table S11
Main Tenders
Pemex-Refining

			Announced/
	Amount		awarded
Tender number	US$MM		date	Description	Status	Awarded to:
18572039-001-09		633.4	20-ago-09	ENGINEERING DEVELOPMENT, PROCUREMENT AND CONSTRUCTION SERVICES OF THE DESULPHURATION PLANTS OF CATALYTIC GASOLINE	AWARDED	ICA FLUOR DANIEL
18576057-017-09		72.8	14-sep-09	OTHER PRODUCTS AND CHEMICAL SUBSTANCES	AWARDED
12 partidas		47.2			AWARDED	INDUSTRIA QUÍMICA DEL ISTMO
6 partidas		25.6			AWARDED	MEXICHEM DERIVADOS
18576057-016-09		25.9	9-ago-09	EMULSIFYING CHEMICAL PROCESS FOR FUEL OIL	AWARDED	GOLFO SUPLEMENTO LATINO
18572039-004-09		18.2	18-ago-09	ELABORATION OF COMPLEMENTARY ENGINEERING WORKS AND MATERIAL AND EQUIPMENT PROCUREMENT FOR THE HYDROGEN DUCT GOING FROM LA CANGREJERA PETROCHEMICAL COMPLEX TO THE MINATITLAN	AWARDED	PROYECTOS Y DESARROLLOS DE INFRAESTRUCTURA
18576057-019-09		18.0	18-sep-09	OTHER PRODUCTS AND CHEMICAL SUBSTANCES	AWARDED	PRAXAIR MÉXICO
18576057-018-09		14.6	21-sep-09	OTHER PRODUCTS AND CHEMICAL SUBSTANCES	AWARDED
6 partidas		8.6			AWARDED	AGROGEN
6 partidas		4.6			AWARDED	ABASTECEDORA MEXICANA DE SODIO DE MONTERREY
4 partidas		1.5			AWARDED	ÁCIDOS Y SOLVENTES
18576057-014-09		9.8	9-sep-09	REPAIR AND MAINTENANCE SERVICES	AWARDED
9 partidas		5.9			AWARDED	QUÍM ICA APOLLO
9 partidas		4.0			AWARDED	PRODUCTOS ROLMEX

Note: For further information on these and other tenders, consult www.compranet.gob.mx.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 33

PEMEX Corporate Finance Office — Investor Relations

Gas and Basic Petrochemicals

Gas Processing	During the third quarter of 2009, our total onshore natural gas processing increased by 4.8% as compared to the third quarter of 2008, mainly due to a 5.5% increase in the production of sour wet gas in the offshore regions and the Southern region. Additionally the sweet wet gas processing increased by 2.8%, due to the incorporation of new wells in the Northern region.
	As a result, dry natural gas production increased by 2.7% and natural gas liquids production increased by 0.6% despite a decrease in the production of condensates, from 43.3 to 35.2 Mbd.

Table S12
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Natural gas processed and dry gas production

	Third quarter (Jul.-Sep.)								Nine months ending Sep. 30,
	2008		2009		Change				2008		2009		Change
	(MMcfd)								(MMcfd)
On-shore gas processed		4,264		4,469		4.8	%	205		4,241		4,417		4.2	%	176
Sour wet gas		3,219		3,395		5.5	%	176		3,170		3,373		6.4	%	204
Sweet wet gas		1,045		1,075		2.8	%	29		1,071		1,044		-2.6	%	(28	)
Production
Dry natural gas		3,479		3,574		2.7	%	95		3,466		3,550		2.4	%	84
Natural gas liquids (Mbd)(1)		376		378		0.6	%	2		378		380		0.7	%	2

(1)	Includes condensates and other streams to fractionating process.
Note:	Numbers may not total due to rounding.

Compression Station Emiliano Zapata	The construction of a 48 inch bypass and 22 km of natural gas pipelines to the city of Xalapa, Veracruz, included the following advances as of September 30, 2009:
	•    tracing of 22 km of rights of way,
	•    overhauling of 20.5 km of rights of way,
	•    transportation and installation of 18.9 km of pipeline, and
	•    digging of 14.9 km of trenches.
	The completion of the bypass and its connection to the Emiliano Zapata compression station are scheduled for the first half of 2010.
Poza Rica GPC	The project to expand capacity at the Poza Rica Gas Processing Center (GPC) includes the construction of a cryogenic plant with a capacity of 200 MMcfd, in order to process sweet wet gas from the ATG project. As of September 30, 2009, the main results of the project were:
	•    Conclusion of the risk and operating process study, and
	•    purchase order of turbocompressors, turboexpansors, storage spheres, electrical equipment and heat exchangers.
	The total estimated investment for the 2009-2011 period amounts to Ps. 3.9 billion.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 34

PEMEX Corporate Finance Office — Investor Relations

Tenders The main tenders conducted by Pemex-Gas and Basic Petrochemicals during the third quarter of 2009 were:

Table S13

Main Tenders
Pemex-Gas and Basic Petrochemicals

			Announced/
	Amount		awarded
Tender number	US$MM		date	Description	Status	Awarded to:
18577001-036-08		550.6	31-ago-09	TRANSFORMATION OF DEM INERALIZED WATER FROM LIQUID INTO STEAM FOR DELIVERY AT THE CPG NUEVO PEMEX, AND CONVERSION OF NATURAL GAS INTO ELECTRICITY	AWARDED	ABENGOA MÉXICO

Note: For further information on these and other tenders, consult www.compranet.gob.mx.

Petrochemicals

Production	During the third quarter of 2009, total petrochemicals production decreased by 3.1%, from 1,103 to 1,068 thousand tons (Mt). This decrease was primarily due to:
	•    a decreased in production of ethane derivatives due to lower production of ethylene oxide primarily caused by scheduled maintenance activity and the integration of the project of ethylene oxide in the Morelos Petrochemical Complex (PC), which generated a greater volume of ethylene for exportation;
	•    a decreased in production of methane derivatives, in particular ammonia due to programmed maintenance activity; and
	•    an increased in aromatics production, primarily due to a higher production of high-octane hydrocarbons as a result of the beginning of operations of the isomerization plant in the Cangrejera PC, partially offset by a reduction in the production of xylenes.

Table S14
Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Net production of petrochemicals

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009		Change
	(Mt)									(Mt)
Total production		1,103		1,068		-3.1	%	(34	)		3,232		3,214		-0.6	%	(18	)
Methane derivatives
Ammonia		238		194		-18.3	%	(43	)		712		615		-13.7	%	(98	)
Methanol		N/A		N/A		—		—			44		N/A		—		—
Ethane derivatives
Ethylene		16		40		153.2	%	24			38		90		133.0	%	51
Ethylene oxide		61		15		-74.9	%	(46	)		180		102		-43.4	%	(78	)
Low density polyethylene		68		74		9.0	%	6			211		215		2.0	%	4
High density polyethylene		45		54		19.2	%	9			141		142		0.5	%	1
Linear low density polyethylene		49		50		0.9	%	0.5			129		162		25.3	%	33
Vinyl chloride		44		42		-4.9	%	(2	)		125		99		-20.5	%	(26	)
Aromáticos y derivados
Styrene		24		28		17.3	%	4			95		82		-13.8	%	(13	)
Toluene		21		19		-11.4	%	(2	)		40		49		22.0	%	9
Xylenes		38		19		-49.9	%	(19	)		158		58		-63.5	%	(100	)
High octane hydrocarbon		69		168		142.2	%	99			148		414		179.9	%	266
Others(1)		430		366		-14.9	%	(64	)		1,210		1,188		-1.8	%	(22	)

(1)	Includes glycols, heavy reformed, oxygen, hydrogen, nitrogen, chlorhydric acid, muriatic acid, hexane, heptanes, benzene, ethane, carbon dioxide, sulfur, carbon black, BTX liquids, amorphous gasoline, heavy naphtha, butadiene and others.
Note: Numbers may not total due to rounding.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 35

PEMEX Corporate Finance Office — Investor Relations

Infrastructure Projects	As of September 30, 2009, the physical advances on the project to modernize and increase the capacity of the aromatics train at the Cangrejera PC were 7.6%. The expected year to start operations is 2012.
	The first stage of the project to expand the capacity of the ethylene oxide plant in the Morelos PC was 96% complete.
Tenders	During the third quarter of 2009 Pemex-Petrochemicals do not announced or awarded tenders higher than Ps. 100 million.
International Trade17
Crude Oil	During the third quarter of 2009, the volume of crude oil exports decreased by 8.4% as compared to the same quarter of 2008, from 1,287 to 1,179 Mbd, primarily as a result of lower production.
	Approximately 84.1% of total crude oil exports were composed of heavy crude oil (Maya and Altamira); the remainder consisted of light and extra-light crude oil (Isthmus and Olmeca).
	PEMEX exported 84.0% of its total crude oil exports to the United States of America, while the remaining 16.0% was distributed among Europe (10.3%), the rest of the Americas (4.0%) and the Far East (1.7%).
	The weighted average export price of the Mexican crude oil basket decreased by 39.7%, from US$105.9 to US$63.9 per barrel in the third quarter of 2009.
Dry Gas	During the third quarter of 2009, dry gas exports decreased, from 145 to 47 MMcfd, and imports increased from 373 to 432 MMcfd, primarily due to higher demand from the National Electricity Commission (CFE by its Spanish acronym), which was partially offset by lower demand from the Mexican industrial sector.
Petroleum products and Petrochemicals	During the third quarter of 2009, exports of petroleum products increased from 189 to 224 Mbd, primarily due to higher exports of fuel oil as a result of higher production. On the other hand imports decreased from 603 to 601 Mbd, primarily as a result of decreased purchases of gasolines and diesel.
	By volume, the main petroleum products exported during the third quarter of 2009 were fuel oil and naphtha, while the main products imported were gasoline and LPG.
	Petrochemical exports increased from 169 to 239 Mt, primarily due to higher sulfur18 and ethylene sales. In the other hand petrochemical imports increased from 99 to 105 Mt, primarily as a result of higher toluene and isobutane purchases.
	By volume, the main petrochemicals exported during the third quarter of 2009, were sulfur and ethylene, and the main petrochemicals imported were isobutene and methanol.

17	According to data provided by P.M.I.®, except natural gas.
18	Sulfur is included as a petrochemical product for categorization purposes only.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 36

PEMEX Corporate Finance Office — Investor Relations

Table S15

Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
International Trade⁽¹⁾

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009		Change
Exports
Crude oil (Mbd)		1,287		1,179		-8.4	%	(107	)		1,398		1,217		-12.9	%	(180	)
Heavy		1,148		992		-13.6	%	(156	)		1,251		1,077		-13.9	%	(174	)
Light		9		21		132.2	%	12			18		15		-18.9	%	(3	)
Extra-light		130		166		28.1	%	36			129		126		-2.2	%	(3	)
Average price (US$/b)		105.9		63.9		-39.7	%	(42.0	)		98.3		52.9		-46.2	%	(45.4	)
Dry natural gas (MMcfd)		145		47		-67.6	%	(98	)		77		68		-11.3	%	(9	)
Petroleum products (Mbd)		189		224		18.8	%	35.5			177		250		41.5	%	73
Petrochemicals (Mt)		169		239		41.3	%	70			463		578		24.8	%	115
Imports
Dry natural gas (MMcfd)		373		432		15.8	%	59			468		405		-13.5	%	(63	)
Petroleum products (Mbd)(2)		603		601		-0.4	%	(2	)		549		513		-6.5	%	(36	)
Petrochemicals (Mt)		99		105		5.7	%	6			303		349		15.1	%	46

(1)	Source: P.M.I.® except dry natural gas.
(2)	Includes 89 Mbd and 59 Mbd of LPG for the third quarter of 2008 and 2009, respectively.
Note:	Numbers may not total due to rounding.

Industrial Safety, Environmental Protection and Social Development

Industrial Safety	During the third quarter of 2009, the frequency index of industrial accidents at PEMEX’s facilities decreased by 4.3%, to 0.45 incapacitating accidents per million man-hours worked (MMhw), as compared to the third quarter of 2008. Similarly, the severity index decreased by 30.6%, to 25 days lost per MMhw. The improvement in both indices is primarily explained by the reinforcement of PEMEX-SSPA.19
Environmental Protection	During the third quarter of 2009, the sulfur oxide emissions index decreased by 8.3%, to 3.07 tons per thousand tons (t/Mt), primarily due to lower crude oil production and sulfur oxide emissions20.

Table S16

Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies
Industrial safety and environmental protection

	Third quarter (Jul.-Sep.)									Nine months ending Sep. 30,
	2008		2009		Change					2008		2009		Change
Selected indexes
Frequency index (1)		0.47		0.45		-4.3	%	(0.02	)		0.44		0.47		6.8	%	0.03
Severity index (2)		36.0		25.0		-30.6	%	-11.0			25.0		27.0		8.0	%	2.0
Sulfur oxide emissions (t/Mt)		3.34		3.07		-8.3	%	(0.28	)		2.85		2.80		-1.8	%	(0.05	)
Reused water / Use and management		0.03		0.05		38.2	%	0.01			0.04		0.04		8.3	%	0.00

(1)	PEMEX incapacitating work accidents frequency index per million man-hours of risk exposure. Quarterly figures include information for the last month of the period.
(2)	PEMEX incapacitating work accidents severity index measures the number of days lost to incapacitating work accidents. Quarterly figures include information for the last month of the period.
Note:	Numbers may not total due to rounding.

19	The frequency index is the number of accidents with incapacitating injuries per MMhw of risk exposure during the relevant period. An incapacitating accident is a sudden or unexpected event that provokes a bodily injury, functional disability or death, immediate or later, while working or as a result or work. Risk exposure man hours are the number of hours worked by all the personnel, inside or outside the working facilities, during and outside standard working hours, including overtime hours.
	The “severity index” is the number of days lost per MMhw of risk exposure during the relevant period. Lost days are those missed due to medical incapacity as a result of work accident injuries or rewarded as compensation for partial, total or permanent incapacity, or for death.
20	Average sulfur oxide emissions (SOX) by thousand tons.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 37

PEMEX Corporate Finance Office — Investor Relations

Incidents	On September 4, 2009, Hurricane “Jimena” fractured the Guaymas — Hermosillo pipeline at the km 17+500, this caused a spill of 6,772 barrels in the “El Caballo” stream in the state of Sonora.
	On September 27, 2009, a spill of 88 barrels took place in the Nuevo Teapa — Cadereyta pipeline as a result of a clandestine tap. This incident affected 50 hectares of the municipality of Ozuluama, in the state of Veracruz.
	On September 27, 2009, hydrocarbons leaks took place in Xicotepec, Puebla and Hidalgo. This was caused by heavy rain and landslides that affected the Poza Rica — Salamanca and the Poza Rica — Azcapotzalco pipelines.

PEMEX Unaudited Financial Results Report as of September 30, 2009. 38

PEMEX Corporate Finance Office — Investor Relations

If you would like to contact Investor Relations, please call or send an e-mail to:

Telephone:	(52 55) 1944 9700
Voice mail:	(52 55) 1944 2500 ext. 59412

ri@dcf.pemex.com

If you would like to be included in our distribution list, please access www.ri.pemex.com and then “Distribution List”.

Celina Torres	Andrés Brügmann
ctorresu@dcf.pemex.com	abrugmann@dcf.pemex.com
Carmina Moreno	Guillermo Regalado
cmoreno@dcf.pemex.com	gregalado@dcf.pemex.com
Cristina Arista	Paulina Nieto
darista@dcf.pemex.com	pnietob@dcf.pemex.com
Antonio Murrieta amurrieta@dcf.pemex.com

PEMEX is Mexico’s national oil and gas company. Created in 1938, it is the exclusive producer of Mexico’s oil and gas resources. The operating subsidiary entities are Pemex-Exploration and Production, Pemex-Refining, Pemex-Gas and Basic Petrochemicals and Pemex-Petrochemicals. The principal subsidiary company is PMI Comercio Internacional, S.A. de C.V., Pemex’s international trading arm.

Convenience translations into US dollars of amounts in pesos for the Balance Sheet have been made at the established exchange rate, as of September 30, 2009, of Ps. 13.4928 = US$1.00; other translations into US dollars of amounts in pesos have been made at the average exchange rates of Ps. 13.2668 = US$1.00 and Ps. 13.6624 = US$1.00 for the second quarter of 2009 and the first six months of 2009, respectively. Such translations should not be construed as a representation that the peso amounts have been or could be converted into US dollars at the foregoing or any other rate.

This report contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the Mexican National Banking and Securities Commission and the U.S. Securities and Exchange Commission, in our annual report, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties.

We may include forward-looking statements that address, among other things, our:

• drilling and other exploration activities;

• import and export activities;

• projected and targeted capital expenditures and other costs, commitments and revenues; and liquidity, etc..

Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

• changes in international crude oil and natural gas prices;

• effects on us from competition;

• limitations on our access to sources of financing on competitive terms;

• significant economic or political developments in Mexico;

• developments affecting the energy sector; and

• changes in our regulatory environment.

Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. These risks and uncertainties are more fully detailed in PEMEX’s most recent Form 20-F filing, as amended, with the U.S. Securities and Exchange Commission (www.sec.gov) and the PEMEX prospectus filed with the National Banking and Securities Commission (CNBV) and available through the Mexican Stock Exchange (www.bmv.com.mx). These factors could cause actual results to differ materially from those contained in any forward-looking statement.

The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document, such as total reserves, probable reserves and possible reserves, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, as amended, “File No. 0-99”, available from us at www.pemex.com or Marina Nacional 329, Floor 38, Col. Huasteca, Mexico City 11311 or at (52 55) 1944 9700. You can also obtain this Form from the SEC ‘s website, www.sec.gov. Investors are also welcome to review the annual report to the CNBV, available at www.pemex.com.

EBITDA is a non-US GAAP measure.

PEMEX Unaudited Financial Results Report as of June 30, 2009 39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Petróleos Mexicanos
By:	/s/ Arturo Delpech del Ángel
	Arturo Delpech del Ángel
	Associate Managing Director of Finance

Date: November 16, 2009

FORWARD-LOOKING STATEMENTS

This report contains words, such as “believe,” “expects,” “anticipate” and similar expressions that identify forward-looking statements, which reflect our views about future events and financial performance. We have made forward-looking statements that address, among other things, our:

• drilling and other exploration activities;

• import and export activities;

• projected and targeted capital expenditures and other costs, commitments and revenues; and

• liquidity.

Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

• changes in international crude oil and natural gas prices;

• effects on us from competition;

• limitations on our access to sources of financing on competitive terms;

• significant economic or political developments in Mexico;

• developments affecting the energy sector; and

• changes in our regulatory environment.

Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.