EX-7.1 5 dex71.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges
     Exhibit 7.1
     (1 of 2)

 

PETROLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES

 

Computation of ratio of earnings to fixed charges

(Thousand of constant pesos as of December 31, 2004)

 

     2004
     2003
     2002
     2001
  

Mexican GAAP

                         

Fixed Charges(1):

                         

Interest capitalized in fixed assets

    Ps. 4,339,933     Ps. 7,622,449     Ps. 5,752,053     Ps. 4,369,475  

Interest in the specific reserve for exploration and depletion

    0     20,029     52,638     100,063  

Interest expense

    31,764,579     24,706,311     22,059,995     18,707,235  
    
 
 
 

Total interest cost

    36,104,512     32,348,789     27,864,686     23,176,773  

Total Fixed Charges

    36,104,512     32,348,789     27,864,686     23,176,773  
    
 
 
 

Earnings after IEPS taxes and Hydrocarbon Extraction duties

    (25,495,610 )   (42,754,131 )   (25,849,641 )   (31,973,453 )

Fixed Charges(1):

                         

Interest cost (net of amounts capitalized)

    31,764,579     24,706,311     22,059,995     18,707,235  
    
 
 
 

Total Fixed Charges (net of amounts capitalized)

    31,764,579     24,706,311     22,059,995     18,707,235  
    
 
 
 

Earnings after taxes and duties plus fixed charges (net of amounts capitalized)

    6,268,969     (18,047,820 )   (3,789,646 )   (13,266,217 )
    
 
 
 

Amount by which fixed charges exceed earnings

    Ps. 29,835,543     Ps. 50,396,609     Ps. 31,654,332     Ps. 36,442,991  
(1) These figures do not include rental expense

     Exhibit 7.1
     (2 of 2)

 

PETROLEOS MEXICANOS SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES

 

Computation of ratio of earnings to fixed charges

(Thousand of constant pesos as of December 31, 2004)

 

     2004
     2003
     2002
     2001
  

U.S. GAAP

                         

Fixed Charges(1):

                         

Interest capitalized in fixed assets

    Ps. 5,228,236     Ps. 8,367,505     Ps. 6,311,633     Ps. 6,010,456  

Interest expense

    30,876,276     23,981,284     21,553,053     17,166,318  
    
 
 
 

Total interest cost

    36,104,512     32,348,789     27,864,686     23,176,773  

Total Fixed Charges

    36,104,512     32,348,789     27,864,686     23,176,773  
    
 
 
 

Income Earnings after taxes and duties

    (13,011,182 )   (69,751,377 )   (34,362,362 )   (24,556,132 )

Fixed Charges(1):

                         

Interest cost (net of amounts capitalized)

    30,876,276     23,981,284     21,553,053     17,166,318  
    
 
 
 

Total Fixed Charges (net of amounts capitalized)

    30,876,276     23,981,284     21,553,053     17,166,318  
    
 
 
 

Earnings after taxes and duties plus fixed charges (net of amounts capitalized)

    17,865,094     (45,770,093 )   (12,809,309 )   (7,389,815 )
    
 
 
 

Amount by which fixed charges exceed earnings

    Ps. 18,239,418     Ps. 78,118,882     Ps. 40,673,995     Ps. 30,566,588  
(1) These figures do not include rental expense