Exhibit 12.2

PETRÓLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES

Computation of ratio of earnings to fixed charges

for the six month periods ended June 30, 2015 and 2016

(In thousands of Mexican pesos)

	June 30, 2015			June 30, 2016
IFRS
Fixed Charges:
Interest capitalized in fixed assets		3,042,548			2,094,222
Interest expense		51,431,290			54,056,779
Amortization premiums related to indebtedness		(2,095,916	)		(1,362,242	)
Estimate of the interest within rental expense		213,417			302,208
Total Fixed Charges		52,591,069			55,090,967
Net income (loss)		(185,176,356	)		(145,478,673	)
Hydrocarbon Income Tax (IRP)		—			—
Income Tax and Others		5,338,871			5,078,873
Profit sharing in subsidiaries and affiliates (income from equity investees)		(1,207,444	)		(711,162	)
Pretax income from continuing operations before income from equity investees		(181,044,929	)		(139,688,638	)
Fixed Charges:		52,591,069			55,090,967
Amortization of interest capitalized		121,702			83,769
Distributed income of investment shares		171,451			128,051
Interest capitalized in fixed assets		(3,042,548	)		(2,094,222	)
Earnings		(131,203,255	)		(86,480,073	)
Amount by which fixed charges exceed earnings		183,794,324			141,571,040
Ratio of earnings to fixed charges		—			—