PEMEX Investor Presentation
PEMEX ®
Fiscal Regime
Forward-Looking Statement and Cautionary
Note (2/3)
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 tax regimes of 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 is required to pay other duties.
Under PEMEX's 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 amount of IEPS and transfers it to the Federal Government. The IEPS rate is
calculated as the difference between the retail or "final price", and the "producer price”. The final prices of gasoline and
diesel are established by the SHCP. PEMEX's producer price is calculated in reference to that of an efficient refinery
operating in the Gulf of Mexico. Since 2006, if the final price is lower than the producer price, the SHCP credits to PEMEX the
difference among them. The IEPS credit amount is accrued, whereas the information generally presented by the SHCP is cash-
flow.
Hydrocarbon Reserves
Pursuant to Article 10 of the Regulatory Law to Article 27 of the Political Constitution of the United Mexican States
Concerning Petroleum Affairs, Pemex-Exploration and Production's hydrocarbon reserves estimates as of January 1, 2012,
were reviewed by the National Hydrocarbons Commission (which we refer to as the NHC). The NHC approved our hydrocarbon
reserves estimates on February 24, 2012. The registration and publication by the Ministry of Energy, as provided in Article 33,
paragraph XX of the Organic Law of the Federal Public Administration, is still pending.
As of January 1, 2010, the SEC changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not
only proved reserves, but also probable reserves and possible reserves. In addition, we do not necessarily mean that the
probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new
definitions. Investors are urged to consider closely the disclosure in our Form 20-F and our annual report to the Mexican
Banking and Securities Commission (CNBV), available at http://www.pemex.com/.
www.pemex.com
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C-0022, Pemex Investor Presentation (Sept. 2012)View entire presentation