EX-10.2



 Exhibit 10.2 

Pemex Exploración y Producción 

Estimated 
 Future
Reserves 
 Attributable to Certain 

Oil and Gas Properties in Mexico 

By Pemex and Other Operators 

SEC Parameters 
 As of

 December 31, 2014 
  

					
			 




  
 Guale
Ramirez, P.E.
 TBPE License No.48318

Managing Senior Vice President – International

 
 RYDER SCOTT COMPANY, L.P.

TBPE Firm Registration No. F-1580
  

RYDER SCOTT COMPANY    PETROLEUM CONSULTANTS
		













					
	 








  

                TBPE REGISTERED ENGINEERING FIRM F-1580FAX (713)
651-0849

	                1100 LOUISIANA SUITE 4600	  	HOUSTON, TEXAS 77002-5294	  	TELEPHONE (713) 651-9191

 March 6, 2015 

Ing. Gustavo Hernandez Garcia 
 E.D. Dirección Pemex -
Exploración y Producción 
 Av. Marina Nacional #329, Piso 41 T.E. 

Colonia Petróleos Mexicanos 
 México 11311, D.F.

 Dear Ing. Hernandez, 
 At the request of
Pemex Exploración y Producción (PEP), a wholly owned subsidiary of Petróleos Mexicanos (Pemex), Ryder Scott Company, L.P. (Ryder Scott) has conducted a reserves audit of the estimates of the proved reserves owned by the United
Mexican States as of December 31, 2014. In most cases the properties reviewed by us are operated by Pemex; however, certain contract areas located within the larger area known as Chicontepec are operated by other companies. The estimates we
audited were prepared by PEP’s engineering and geological staff based on the definitions and disclosure guidelines of the United States Securities and Exchange Commission contained in Title 17, Code of Federal Regulations, Modernization of Oil
and Gas Reporting, Final Rule released January 14, 2009, in the Federal Register (SEC regulations). Our third party reserves audit, completed on February 25, 2015, and presented herein, was prepared for public disclosure by Pemex in
filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. The properties reviewed by Ryder Scott are comprised of those properties located in PEP’s Northern Region. The subject properties are
located in the Mexican states of Coahuila, Nuevo León, Puebla, San Luis Potosí, Tamaulipas and Veracruz. Certain properties are located in Mexican territorial waters, offshore in the Gulf of Mexico. There are other properties located
in the Northern Region that are not operated by PEP and were not reviewed by Ryder Scott. The proved net reserves attributable to the properties that we reviewed account for 83.6 percent of the total proved net oil equivalent barrels (BOE) for the
Northern Region. 
 The properties reviewed by Ryder Scott account for a portion of Pemex’s total net proved reserves as of
December 31, 2014. Based on the estimates of total net proved reserves prepared by Pemex, the reserves audit conducted by Ryder Scott addresses 4.3 percent of the total proved developed net liquid hydrocarbon reserves and 15.3 percent of the
total proved developed net gas reserves or 6.5 percent of the total proved developed net reserves on a barrel of oil equivalent, BOE basis and 14.2 percent of the total proved undeveloped net liquid hydrocarbon reserves and 21.5 percent of the total
proved undeveloped net gas reserves or 15.9 percent of the total proved undeveloped net reserves on a barrel of oil equivalent, BOE basis of Pemex. On a total net reserves basis, the proved reserves audited by Ryder Scott represent 10.2 percent of
Pemex’s total proved net reserves in the country on a barrel of oil equivalent, BOE basis. 
 As prescribed by the Society of Petroleum
Engineers in Paragraph 2.2(f) of the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards), a reserves audit is defined as “the process of reviewing certain of the pertinent facts
interpreted and assumptions made that have resulted in an estimate of reserves prepared by others and the rendering of an opinion about (1) the appropriateness of the methodologies employed; (2) the adequacy and quality of the data relied
upon; (3) the depth and thoroughness of the reserves estimation process; (4) the classification of reserves appropriate to the relevant definitions used; and (5) the reasonableness of the estimated reserve quantities.” 

  

							
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 Pemex Exploración y Producción 

March 6, 2015 
 Page 2 

 
 Based on our review, including the data, technical processes and
interpretations presented by PEP, it is our opinion that the overall procedures and methodologies utilized by PEP in preparing their estimates of the proved reserves as of December 31, 2014 comply with the current SEC regulations, and that the
overall proved reserves for the reviewed properties as estimated by PEP are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 

The estimated reserves presented in this report are related to hydrocarbon prices. PEP has informed us that in the preparation of their
reserve and income projections, as of December 31, 2014, they used average prices during the 12-month period prior to the “as of date” of this report, determined as the unweighted arithmetic averages of the prices in effect on the
first-day-of-the-month for each month within such period, unless prices were defined by contractual arrangements, as required by the SEC regulations. Actual future prices may vary significantly from the prices required by SEC regulations; therefore,
volumes of reserves actually recovered may differ significantly from the estimated quantities presented in this report. The net reserves as estimated by PEP attributable to the properties that we reviewed and the reserves of properties that we did
not review are summarized as follows: 
 SEC PARAMETERS 

Estimated Net Reserves 

Attributable to Certain Properties in the Northern Region 

As of December 31, 2014 

 
  

																	
	 		Proved	 
	 		Developed	 		 	 		 	 
	 		Producing	 		Non-Producing	 		Undeveloped	 		Total
Proved	 
	 Net Reserves of Properties
																
	 Audited by Ryder Scott
																
	 Oil/Condensate – MM Barrels
		 	107.321	  		 	176.924	  		 	470.922	  		 	755.167	  
	 Plant Products(1) – MM
Barrels
		 	16.560	  		 	19.805	  		 	47.260	  		 	83.625	  
	 Dry Gas(2) – MM Barrels
Equivalent
		 	136.558	  		 	94.470	  		 	200.902	  		 	431.930	  
	 BOE(3) – MM Barrels
		 	260.439	  		 	291.199	  		 	719.084	  		 	1,270.722	  
	 Gross Gas(4) – MMMCF
		 	816.134	  		 	592.073	  		 	1,228.035	  		 	2,636.242	  
					
	 Net Reserves of Properties
																
	 Not Audited by Ryder Scott
																
	 Oil/Condensate – MM Barrels
		 	50.948	  		 	7.556	  		 	59.653	  		 	118.157	  
	 Plant Products(1) – MM
Barrels
		 	4.716	  		 	2.956	  		 	7.433	  		 	15.105	  
	 Dry Gas(2) – MM Barrels
Equivalent
		 	46.561	  		 	20.059	  		 	49.641	  		 	116.261	  
	 BOE(3) – MM Barrels
		 	102.225	  		 	30.571	  		 	116.727	  		 	249.523	  
	 Gross Gas(4) – MMMCF
		 	279.094	  		 	115.048	  		 	282.856	  		 	676.998	  
					
	 Total Net Reserves
																
	 Oil/Condensate – MM Barrels
		 	158.268	  		 	184.481	  		 	530.575	  		 	873.324	  
	 Plant Products(1) – MM
Barrels
		 	21.276	  		 	22.761	  		 	54.693	  		 	98.730	  
	 Dry Gas(2) – MM Barrels
Equivalent
		 	183.119	  		 	114.529	  		 	250.543	  		 	548.191	  
	 BOE(3) – MM Barrels
		 	362.664	  		 	321.770	  		 	835.811	  		 	1,520.245	  
	 Gross Gas(4) – MMMCF
		 	1,095.228	  		 	707.121	  		 	1,510.891	  		 	3,313.240	  

  

	(1)	Includes liquids generated through the transportation process and at the petrochemical plants. 


	(2)	Dry Gas reserves are the dry, sweetened gas available for sale by Pemex - Gas y Petroquímica Básica at the tailgate of the processing plants. 


	(3)	Barrels of oil-equivalent are based on dry gas conversion factors provided by PEP. 


	(4)	Gross Gas represents produced volumes of gas before any losses for fuel use, venting, transporting or plant shrinkage. 


  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 3 

 
 Liquid hydrocarbons are expressed in standard 42 gallon barrels and are
shown in millions of barrels (MM Barrels). All gas volumes are reported on an “as-sold” basis expressed in billions of cubic feet (MMMCF) at the official temperature and pressure bases of the areas in which the gas reserves are located.
The net remaining reserves are also shown herein on an equivalent unit (BOE) basis wherein natural gas is converted to oil equivalent barrels using a factor of 5,200.9 cubic feet of natural gas per one barrel of oil equivalent. MMBOE represents
million barrels of oil equivalent. 
 Reserves Included in This Report 

In our opinion, the proved reserves reviewed by us and presented in this report conform to the definition as set forth in the Securities and
Exchange Commission’s Regulations Part 210.4-10(a). An abridged version of the SEC reserves definitions from 210.4-10(a) entitled “Petroleum Reserves Definitions” is included as an attachment to this report. 

The various proved reserve status categories are defined under the attachment entitled “Petroleum Reserves Status Definitions and
Guidelines” in this report. The proved developed non-producing reserves included herein consist of the shut-in and behind pipe categories. 

Reserves are “estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a
given date, by application of development projects to known accumulations”. All reserve estimates involve an assessment of the uncertainty relating the likelihood that the actual remaining quantities recovered will be greater or less than the
estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative
degree of uncertainty may be conveyed by placing reserves into one of two principal categories, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-categorized as probable and
possible reserves to denote progressively increasing uncertainty in their recoverability. At PEP’s request, this report addresses only the proved reserves attributable to the properties reviewed herein. 

Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be economically producible from a given date forward.” The proved reserves included herein were estimated using deterministic methods. If deterministic methods are used, the SEC has defined reasonable certainty for
proved reserves as a “high degree of confidence that the quantities will be recovered.” 
 Proved reserve estimates will generally
be revised only as additional geologic or engineering data become available or as economic conditions change. For proved reserves, the SEC states that “as changes due to increased availability of geoscience (geological, geophysical, and
geochemical), engineering, and economic data are made to the estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.” Moreover, estimates of proved reserves may be
revised as a result of future operations, effects of regulation by governmental agencies or geopolitical or economic risks. Therefore, the proved reserves included in this report are estimates only and should not be construed as being exact
quantities, and if recovered, could be more or less than the estimated amounts. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 4 

 
 Audit Data, Methodology, Procedure and Assumptions 

The estimation of reserves involves two distinct determinations. The first determination results in the estimation of the quantities of
recoverable oil and gas and the second determination results in the estimation of the uncertainty associated with those estimated quantities in accordance with the definitions set forth by the Securities and Exchange Commission’s Regulations
Part 210.4-10(a). The process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into three broad categories or methods:
(1) performance-based methods; (2) volumetric-based methods; and (3) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves. Reserve evaluators
must select the method or combination of methods which in their professional judgment is most appropriate given the nature and amount of reliable geoscience and engineering data available at the time of the estimate, the established or anticipated
performance characteristics of the reservoir being evaluated and the stage of development or producing maturity of the property. 
 In many
cases, the analysis of the available geoscience and engineering data and the subsequent interpretation of this data may indicate a range of possible outcomes in an estimate, irrespective of the method selected by the evaluator. When a range in the
quantity of reserves is identified, the evaluator must determine the uncertainty associated with the incremental quantities of the reserves. If the reserve quantities are estimated using the deterministic incremental approach, the uncertainty for
each discrete incremental quantity of the reserves is addressed by the reserve category assigned by the evaluator. Therefore, it is the categorization of reserve quantities as proved, probable and/or possible that addresses the inherent uncertainty
in the estimated quantities reported. For proved reserves, uncertainty is defined by the SEC as reasonable certainty wherein the “quantities actually recovered are much more likely than not to be achieved.” The SEC states that
“probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.” The SEC states that “possible reserves are
those additional reserves that are less certain to be recovered than probable reserves and the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves.” All quantities
of reserves within the same reserve category must meet the SEC definitions as noted above. 
 Estimates of reserves quantities and their
associated reserve categories may be revised in the future as additional geoscience or engineering data become available. Furthermore, estimates of reserves quantities and their associated reserve categories may also be revised due to other factors
such as changes in economic conditions, results of future operations, effects of regulation by governmental agencies or geopolitical or economic risks as previously noted herein. 

The proved reserves prepared by PEP for the properties that we reviewed were estimated by performance methods, the volumetric method, analogy,
or a combination of methods. Approximately 95 percent of the proved producing reserves attributable to producing wells and/or reservoirs that we reviewed were estimated by performance methods. These performance methods include, but may not be
limited to, decline curve analysis and material balance which utilized extrapolations of historical production and pressure data available through December 2014, in those cases where such data were considered to be definitive. The data utilized in
this analysis were furnished to Ryder Scott by PEP and were considered sufficient for the purpose thereof. The remaining 5 percent of the proved producing reserves that we reviewed were estimated by the volumetric method, analogy, or a combination
of methods. These methods were used where there were inadequate historical performance data to establish a definitive trend and where the use of production performance data as a basis for the reserve estimates was considered to be inappropriate.


  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 5 

 
 All of the proved developed non-producing and undeveloped reserves that
we reviewed were estimated by the volumetric method, analogy, or a combination of methods. The volumetric analysis utilized pertinent well and seismic data furnished to Ryder Scott by PEP for our review that were available through December 2014. The
data utilized from the analogues in conjunction with well and seismic data incorporated into the volumetric analysis were considered sufficient for the purpose thereof. 

To estimate economically recoverable proved oil and gas reserves many factors and assumptions are considered including, but not limited to,
the use of reservoir parameters derived from geological, geophysical and engineering data which cannot be measured directly, economic criteria based on current costs and SEC pricing requirements, and forecasts of future production rates. Under the
SEC regulations 210.4-10(a)(22)(v) and (26), proved reserves must be anticipated to be economically producible from a given date forward based on existing economic conditions including the prices and costs at which economic producibility from a
reservoir is to be determined. While it may reasonably be anticipated that the future prices received for the sale of production and the operating costs and other costs relating to such production may increase or decrease from those under existing
economic conditions, such changes were, in accordance with rules adopted by the SEC, omitted from consideration in conducting this review. 

As stated previously, proved reserves must be anticipated to be economically producible from a given date forward based on existing economic
conditions including the prices and costs at which economic producibility from a reservoir is to be determined. To confirm that the proved reserves reviewed by us meet the SEC requirements to be economically producible, we have reviewed certain
primary economic data utilized by PEP relating to hydrocarbon prices and costs as noted herein. 
 The hydrocarbon prices furnished by PEP
for the properties reviewed by us are based on SEC price parameters using the average prices during the 12-month period prior to the “as of date” of this report, determined as the unweighted arithmetic averages of the prices in effect on
the first-day-of-the-month for each month within such period, unless prices were defined by contractual arrangements. For hydrocarbon products sold under contract, the contract prices, including fixed and determinable escalations exclusive of
inflation adjustments, were used until expiration of the contract. Upon contract expiration, the prices were adjusted to the 12-month unweighted arithmetic average as previously described. 

The initial SEC hydrocarbon prices in effect on December 31, 2014 for the properties reviewed by us were determined using the 12-month
average first-day-of-the-month prices appropriate to the geographic areas where the hydrocarbons are sold. These prices are the actual prices received by PEP for the sale of hydrocarbon products to its affiliates such as Pemex - Refinación.

 Certain properties included herein are operated by other operators under specified operating contracts. Under the terms of these
contracts, the other operators have the right to operate and produce hydrocarbons; however, the produced volumes are ultimately delivered to PEP for marketing. Such contracts signed between PEP and the other operators also dictate that the reserves
associated with the contract areas are the property of the United Mexican States. 
 The table below summarizes PEP’s net volume
weighted prices adjusted for differentials for the properties reviewed by us by geographic areas and referred to herein as PEP’s “average realized prices.” The average realized prices shown in the table below were determined from
PEP’s estimate of the total future gross revenue before production taxes for the properties reviewed by us and PEP’s estimate of the total net reserves for the properties reviewed by us for each of the areas referred to as Activos in the
Northern Region. The data shown in the table below is presented in accordance with SEC disclosure requirements for each of the geographic areas within the Northern Region reviewed by us. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 6 

 

					
	 Geographic Area (Activo)
		Product		Average
Realized
Prices
	 AIPRA Area
		Oil		$91.87
			Gas		$  5.33
	 ATG Area - Chicontepec
		Oil		$96.32
			Gas		$  5.68
	 Burgos Area
		Oil/Condensate		$95.42
			Gas		$  4.63
	 Veracruz Area
		Oil/Condensate		$91.31
			Gas		$  4.88

 The effects of derivative instruments designated as price hedges of oil and gas quantities are not reflected
in PEP’s individual property evaluations. 
 Accumulated gas production imbalances, if any, were not taken into account in the proved
gas reserve estimates reviewed. The proved gas volumes included herein do not attribute gas consumed in operations as reserves. 
 Operating
costs furnished by PEP are based on the operating expense reports of PEP and include only those costs directly applicable to the fields or wells for the properties reviewed by us. The operating costs include a portion of general and administrative
costs allocated directly to the fields and wells. The operating costs furnished by PEP were accepted as factual data and reviewed by us for their reasonableness; however, we have not conducted an independent verification of the data used by PEP. No
deduction was made for loan repayments, interest expenses, or exploration and development prepayments that were not charged directly to the fields, wells or contract areas. 

Development costs furnished by PEP are based on authorizations for expenditure for the proposed work or actual costs for similar projects. The
development costs furnished by PEP were accepted as factual data and reviewed by us for their reasonableness; however, we have not conducted an independent verification of the data used by PEP. At PEP’s request, abandonment costs were not
considered in our economic evaluation. 
 The proved developed non-producing and undeveloped reserves for the operated and non-operated
properties reviewed by us have been incorporated herein in accordance with PEP’s and the other operator’s plans to develop these reserves as of December 31, 2014. The implementation of these development plans as presented to us is
subject to the approval process adopted by PEP’s management. As the result of our inquiries during the course of our review, PEP has informed us that the development activities for the properties reviewed by us have been subjected to and
received the internal approvals required by PEP’s management at the appropriate local, regional and/or corporate level. PEP has also informed us that the same type of approval process has been conducted by the other operators for those
properties that such companies operate. Additionally, PEP has informed us that they are not aware of any legal, regulatory or political obstacles that would significantly alter their plans. While these plans could change from those under existing
economic conditions as of December 31, 2014, such changes were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 7 

 
 The project known as Aceite Terciario del Golfo (ATG), and also known as
Chicontepec, is authorized by the government of the United Mexican States having Authorization Number 00102001, which was granted by the Secretaría de Hacienda y Crédito Público (SHCP) to invest in the subject project starting
in fiscal year 2007. PEP’s current investment portfolio includes the continued development and progression of the ATG project, encompassing the required capital investments that are necessary to develop a major part of the proven plus probable
reserves. As such, there exists a high degree of certainty or reasonable expectation that the investments required to develop the proven undeveloped reserves will be expended. Nevertheless, due to the characteristics of the reservoirs that comprise
the 29 fields in the ATG project and the delineation strategies for the non-proven reserves, a large number of the wells to be drilled in the next five years are in the non-proven areas of the project thus resulting in a time period greater than
five years in order to drill all of the 4,559 proven undeveloped locations in ATG assigned by PEP. For these reasons and due to the nature of this massive development project we have extended the time period within which proved undeveloped reserves
can be assigned to 10 years from the as of date of this report. As of January 1, 2015 there were also 2,446 active producers in the ATG project. 

As previously stated, the contract areas that we reviewed which are not operated by PEP are situated within the Chicontepec project area.
According to the new Mexican hydrocarbon law these companies have the option to convert the contractual terms currently in place to other types of contractual arrangements such as Concession Licenses, Production Sharing Contracts or Profit Sharing
Contracts. While current negotiations are or will soon be in progress, there are no new contractual arrangements for such areas in effect as of the date of this report. Therefore, the reserves reported herein for these areas are based on the
existing contractual terms that were effective as of December 31, 2014. 
 Current costs used by PEP were held constant throughout the
life of the properties. 
 PEP’s forecasts of future production rates are based on historical performance from wells currently on
production. If no production decline trend has been established, future production rates were held constant until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If a
decline trend has been established, this trend was used as the basis for estimating future production rates. 
 Test data and other related
information were used by PEP to estimate the anticipated initial production rates for those wells or locations that are not currently producing. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by
PEP. Wells or locations that are not currently producing may start producing earlier or later than anticipated in PEP’s estimates due to unforeseen factors causing a change in the timing to initiate production. Such factors may include delays
due to weather, the availability of rigs, the sequence of drilling, completing and/or recompleting wells and/or constraints set by regulatory bodies. 

The future production rates from wells currently on production or wells or locations that are not currently producing may be more or less than
estimated because of changes including, but not limited to, reservoir performance, operating conditions related to surface facilities, compression and artificial lift, pipeline capacity and/or operating conditions, producing market demand and/or
allowables or other constraints set by regulatory bodies. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 8 

 
 Ryder Scott did not evaluate the country and geopolitical risks in the
country of Mexico where all of the subject properties are located. PEP’s operations and the operations of the other companies may be subject to various levels of governmental controls and regulations. These controls and regulations may include,
but may not be limited to, matters relating to land tenure and use, drilling and production practices, environmental protection, marketing and pricing policies, various taxes and levies and are subject to change from time to time. The Political
Constitution of the United Mexican States provides that the Mexican nation, not Pemex or the other operators owns all petroleum and other hydrocarbon reserves located in Mexico. 

Although Mexican law has previously given Pemex the exclusive right to exploit Mexico’s hydrocarbon reserves either as operator or under
agreements with other operators, certain new laws were enacted in December 2013 that in the future will permit foreign companies to operate under other types of contracts that would potentially enable such companies to book their own reserves. It is
expected that such laws will result in the participation of foreign companies in the upstream exploitation of certain oil and gas properties which as of December 31, 2014 were under the operatorship of PEP and which reserves are included in
this report. Such changes as well as potential changes to the contractual terms of the areas that are currently operated by others and also included in this report could cause volumes of proved reserves actually recovered and amounts of proved
income actually received to differ significantly from the estimated quantities presented herein. 
 The estimates of proved reserves
presented herein were based upon a review of the subject properties; however, we have not made any field examination of the properties. No consideration was given in this report to potential environmental liabilities that may exist nor were any
costs included by PEP for potential liabilities to restore and clean up damages, if any, caused by past operating practices. 
 Certain
technical personnel of PEP are responsible for the preparation of reserve estimates on new properties and for the preparation of revised estimates, when necessary, on old properties. These personnel assembled the necessary data and maintained the
data and workpapers in an orderly manner. We consulted with these technical personnel and had access to their workpapers and supporting data in the course of our audit. 

PEP has informed us that for both the operated and non-operated properties they have furnished us all of the material accounts, records,
geological and engineering data, and reports and other data required for this investigation. In performing our audit of PEP’s forecast of future proved production, we have relied upon data furnished by PEP with respect to property interests,
production and well tests from examined wells, normal direct costs of operating the properties, other costs such as transportation and/or processing fees, recompletion and development costs, development plans, product prices based on the SEC
regulations, adjustments or differentials to product prices, geological structural and isochore maps, well logs, core analyses, and pressure measurements. For non-operated properties, the costs provided by Pemex include all charges related to the
expense of such contractual obligations. Ryder Scott reviewed such factual data for its reasonableness; however, we have not conducted an independent verification of the data furnished by PEP. The data described herein were accepted as authentic and
sufficient for determining the reserves unless, during the course of our examination, a matter of question came to our attention in which case the data were not accepted until all questions were satisfactorily resolved. We consider the factual data
furnished to us by PEP to be appropriate and sufficient for the purpose of our review of PEP’s estimates of reserves. In summary, we consider the assumptions, data, methods and analytical procedures used by PEP and as reviewed by us appropriate
for the purpose hereof, and we have used all such methods and procedures that we consider necessary and appropriate under the circumstances to render the conclusions set forth herein. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 9 

 
 Audit Opinion 

Based on our review, including the data, technical processes and interpretations presented by PEP, it is our opinion that the overall
procedures and methodologies utilized by PEP in preparing their estimates of the proved reserves as of December 31, 2014 comply with the current SEC regulations and that the overall proved reserves in terms of barrels of oil equivalent (BOE)
for the reviewed properties as estimated by PEP are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent as set forth in the SPE auditing standards. 

We were in reasonable agreement with PEP’s estimates of proved reserves for the properties which we reviewed; however, in certain cases
there was more than an acceptable variance between PEP’s estimates and our estimates due to a difference in interpretation of data or due to our having access to data which were not available to PEP when its reserve estimates were prepared. In
these cases, PEP revised its estimates to better conform to our estimates. As a consequence, it is our opinion that on an aggregate basis the data presented herein for the properties that we reviewed fairly reflects the estimated net reserves for
those properties, both operated and non-operated, and owned by the United Mexican States. 
 The same technical personnel of PEP were
responsible for the preparation of the reserve estimates for the properties that we reviewed as well as for the properties not reviewed by Ryder Scott. 

Standards of Independence and Professional Qualification 

Ryder Scott is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world
since 1937. Ryder Scott is employee-owned and maintains offices in Houston, Texas; Denver, Colorado; and Calgary, Alberta, Canada. We have over eighty engineers and geoscientists on our permanent staff. By virtue of the size of our firm and the
large number of clients for which we provide services, no single client or job represents a material portion of our annual revenue. We do not serve as officers or directors of any privately-owned or publicly-traded oil and gas company and are
separate and independent from the operating and investment decision-making process of our clients. This allows us to bring the highest level of independence and objectivity to each engagement for our services. 

Ryder Scott actively participates in industry-related professional societies and organizes an annual public forum focused on the subject of
reserves evaluations and SEC regulations. Many of our staff have authored or co-authored technical papers on the subject of reserves related topics. We encourage our staff to maintain and enhance their professional skills by actively participating
in ongoing continuing education. 
 Prior to becoming an officer of the Company, Ryder Scott requires that staff engineers and geoscientists
have received professional accreditation in the form of a registered or certified professional engineer’s license or a registered or certified professional geoscientist’s license, or the equivalent thereof, from an appropriate governmental
authority or a recognized self-regulating professional organization. 
 We are independent petroleum engineers with respect to PEP. Neither
we nor any of our employees have any financial interest in the subject properties, and neither the employment to do this work nor the compensation is contingent on our estimates of reserves for the properties which were reviewed. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Pemex Exploración y Producción 

March 6, 2015 
 Page 10 

 
 The results of this audit, presented herein, are based on technical
analysis conducted by teams of geoscientists and engineers from Ryder Scott. The professional qualifications of the undersigned, the technical person primarily responsible for the review of the reserves information discussed in this report, are
included as an attachment to this letter. 
 Terms of Usage 

The results of our third party audit, presented in report form herein, were prepared in accordance with the disclosure requirements set forth
in the SEC regulations and intended for public disclosure as an exhibit in filings made with the SEC by Pemex. 
 Pemex makes periodic
filings on Form 20-F with the SEC under the 1934 Exchange Act. Furthermore, Pemex files registration statements with the SEC under the 1933 Securities Act into which filings on Form 20-F are incorporated by reference. We have consented to the
references to our name in and the filing of this report as an exhibit to the annual report on Form 20-F of Pemex for the year ended December 31, 2014. Our written consent for such use will be included as a separate exhibit to such Form 20-F. In
the event the references to our name as well as references to our report are incorporated by reference into any registration statement on Form F-4, then our written consent for such use will be included as a separate exhibit to such registration
statement. 
 We have provided PEP with a digital version of the original signed copy of this report letter. In the event there are any
differences between the digital version included in filings made by Pemex and the original signed report letter, the original signed report letter shall control and supersede the digital version. 

The data and workpapers used in the preparation of this report are available for examination by authorized parties in our offices. Please
contact us if we can be of further service. 
  

	
	Very truly yours,
	
	RYDER SCOTT COMPANY, L.P.
	TBPE Firm Registration No. F-1580
	




	Guale Ramirez, P.E.
	TBPE License No. 48318
	Managing Senior Vice President – International


 GR (DPR)/pl 

					
					






  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 Professional Qualifications of Primary Technical Person 

The conclusions presented in this report are the result of technical analysis conducted by teams of geoscientists and engineers from Ryder Scott Company, L.P.
Guadalupe Ramirez was the primary technical person responsible for overseeing the estimate of the reserves, future production and income. 

Mr. Ramirez, an employee of Ryder Scott Company, L.P. (Ryder Scott) since 1981, is a Managing Senior Vice President and also serves as a member of the
Board of Directors. He is responsible for coordinating and supervising staff and consulting engineers of the company in ongoing reservoir evaluation studies worldwide. Before joining Ryder Scott, Mr. Ramirez served in a number of engineering
positions with Sun Oil Company and Natomas North America. For more information regarding Mr. Ramirez’s geographic and job specific experience, please refer to the Ryder Scott Company website at www.ryderscott.com/Company/Employees.

 Mr. Ramirez earned a Bachelor of Science Degree in Mechanical Engineering with honors from Texas A&M University in 1976 and is a licensed
Professional Engineer in the State of Texas. He is also a member of the Society of Petroleum Engineers and Society of Petroleum Evaluation Engineers. 
 In
addition to gaining experience and competency through prior work experience, the Texas Board of Professional Engineers requires a minimum of fifteen hours of continuing education annually, including at least one hour in the area of professional
ethics, which Mr. Ramirez fulfills. As part of his 2014 continuing education hours, Mr. Ramirez attended an internally received 10 hours of formalized training as well as a day-long public forum, the 2013 RSC Reserves Conference relating
to the definitions and disclosure guidelines contained in the United States Securities and Exchange Commission Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal
Register. Mr. Ramirez has also presented courses on the new SEC and SPE-PRMS reserves definitions on various occasions during 2011, 2012 and 2013 and received 40 hours of formalized external training during 2014, covering such topics as the
Guidelines for Application of the SPE/WPC/AAPG/SPEE Petroleum Resources Management System, reservoir engineering, geoscience and petroleum economics evaluation methods, procedures and software, unconventional resources and ethics for consultants.

 Based on his educational background, professional training and more than 35 years of practical experience in the estimation and evaluation of petroleum
reserves, Mr. Ramirez has attained the professional qualifications as a Reserves Estimator and Reserves Auditor set forth in Article III of the “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information”
promulgated by the Society of Petroleum Engineers as of February 19, 2007. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 PETROLEUM RESERVES DEFINITIONS 

As Adapted From: 
 RULE
4-10(a) of REGULATION S-X PART 210 
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) 

PREAMBLE 
 On January 14,
2009, the United States Securities and Exchange Commission (SEC) published the “Modernization of Oil and Gas Reporting; Final Rule” in the Federal Register of National Archives and Records Administration (NARA). The “Modernization of
Oil and Gas Reporting; Final Rule” includes revisions and additions to the definition section in Rule 4-10 of Regulation S-X, revisions and additions to the oil and gas reporting requirements in Regulation S-K, and amends and codifies Industry
Guide 2 in Regulation S-K. The “Modernization of Oil and Gas Reporting; Final Rule” , including all references to Regulation S-X and Regulation S-K, shall be referred to herein collectively as the “SEC regulations” . The SEC
regulations take effect for all filings made with the United States Securities and Exchange Commission as of December 31, 2009, or after January 1, 2010. Reference should be made to the full text under Title 17, Code of Federal
Regulations, Regulation S-X Part 210, Rule 4-10(a) for the complete definitions (direct passages excerpted in part or wholly from the aforementioned SEC document are denoted in italics herein). 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given
date, by application of development projects to known accumulations. All reserve estimates involve an assessment of the uncertainty relating the likelihood that the actual remaining quantities recovered will be greater or less than the estimated
quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of
uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as probable and possible
reserves to denote progressively increasing uncertainty in their recoverability. Under the SEC regulations as of December 31, 2009, or after January 1, 2010, a company may optionally disclose estimated quantities of probable or possible
oil and gas reserves in documents publicly filed with the SEC. The SEC regulations continue to prohibit disclosure of estimates of oil and gas resources other than reserves and any estimated values of such resources in any document publicly filed
with the SEC unless such information is required to be disclosed in the document by foreign or state law as noted in §229.1202 Instruction to Item 1202. 

Reserves estimates will generally be revised only as additional geologic or engineering data become available or as economic conditions
change. 
 Reserves may be attributed to either natural energy or improved recovery methods. Improved recovery methods include all methods
for supplementing natural energy or altering natural forces in the reservoir to increase ultimate recovery. Examples of such methods are pressure maintenance, natural gas cycling, waterflooding, thermal methods, chemical flooding, and the use of
miscible and immiscible displacement fluids. Other improved recovery methods may be developed in the future as petroleum technology continues to evolve. 

Reserves may be attributed to either conventional or unconventional petroleum accumulations. Petroleum accumulations are considered as either
conventional or unconventional based on the nature of their in-place characteristics, extraction method applied, or degree of processing prior to sale. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 PETROLEUM RESERVES DEFINITIONS 

Page 2 
  

Examples of unconventional petroleum accumulations include coalbed or coalseam methane (CBM/CSM), basin-centered gas, shale gas, gas hydrates, natural bitumen
and oil shale deposits. These unconventional accumulations may require specialized extraction technology and/or significant processing prior to sale. 

Reserves do not include quantities of petroleum being held in inventory. 

Because of the differences in uncertainty, caution should be exercised when aggregating quantities of petroleum from different reserves
categories. 
 RESERVES (SEC DEFINITIONS) 

Securities and Exchange Commission Regulation S-X §210.4-10(a)(26) defines reserves as follows: 

Reserves. Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible,
as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production,
installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project. 

Note to paragraph (a)(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those
reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low
reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations). 

PROVED RESERVES (SEC DEFINITIONS) 

Securities and Exchange Commission Regulation S-X §210.4-10(a)(22) defines proved oil and gas reserves as follows: 

Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and
engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the
time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the
hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. 

(i) The area of the reservoir considered as proved includes: 

(A) The area identified by drilling and limited by fluid contacts, if any, and 

(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain
economically producible oil or gas on the basis of available geoscience and engineering data. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 PETROLEUM RESERVES DEFINITIONS 

Page 3 
  

PROVED RESERVES (SEC DEFINITIONS) CONTINUED 

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen
in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. 

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an
associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

 (iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited
to, fluid injection) are included in the proved classification when: 
 (A) Successful testing by a pilot project in an area of the
reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the
engineering analysis on which the project or program was based; and 
 (B) The project has been approved for development by all
necessary parties and entities, including governmental entities. 
 (v) Existing economic conditions include prices and costs at which
economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the
first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 PETROLEUM RESERVES STATUS DEFINITIONS AND GUIDELINES 

As Adapted From: 
 RULE
4-10(a) of REGULATION S-X PART 210 
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) 

and 
 PETROLEUM
RESOURCES MANAGEMENT SYSTEM (SPE-PRMS) 
 Sponsored and Approved by: 

SOCIETY OF PETROLEUM ENGINEERS (SPE) 

WORLD PETROLEUM COUNCIL (WPC) 

AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS (AAPG) 

SOCIETY OF PETROLEUM EVALUATION ENGINEERS (SPEE) 

Reserves status categories define the development and producing status of wells and reservoirs. Reference should be made to Title 17, Code of
Federal Regulations, Regulation S-X Part 210, Rule 4-10(a) and the SPE-PRMS as the following reserves status definitions are based on excerpts from the original documents (direct passages excerpted from the aforementioned SEC and SPE-PRMS documents
are denoted in italics herein). 
 DEVELOPED RESERVES (SEC DEFINITIONS) 

Securities and Exchange Commission Regulation S-X §210.4-10(a)(6) defines developed oil and gas reserves as follows: 

Developed oil and gas reserves are reserves of any category that can be expected to be recovered: 

(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor
compared to the cost of a new well; and 
 (ii) Through installed extraction equipment and infrastructure operational at the time of
the reserves estimate if the extraction is by means not involving a well. 
 Developed Producing (SPE-PRMS Definitions) 

While not a requirement for disclosure under the SEC regulations, developed oil and gas reserves may be further sub-classified according to the
guidance contained in the SPE-PRMS as Producing or Non-Producing. 
 Developed Producing Reserves 

Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the estimate.

 Improved recovery reserves are considered producing only after the improved recovery project is in operation. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 








 PETROLEUM RESERVES STATUS DEFINITIONS AND GUIDELINES 

Page 2 
  

Developed Non-Producing 

Developed Non-Producing Reserves include shut-in and behind-pipe reserves. 

Shut-In 

Shut-in Reserves are expected to be recovered from: 
  

	 	(1)	completion intervals which are open at the time of the estimate, but which have not started producing; 

  

	 	(2)	wells which were shut-in for market conditions or pipeline connections; or 

  

	 	(3)	wells not capable of production for mechanical reasons. 

 Behind-Pipe

 Behind-pipe Reserves are expected to be recovered from zones in existing wells, which will require additional completion
work or future re-completion prior to start of production. 
 In all cases, production can be initiated or restored with relatively
low expenditure compared to the cost of drilling a new well. 
 UNDEVELOPED RESERVES (SEC DEFINITIONS) 

Securities and Exchange Commission Regulation S-X §210.4-10(a)(31) defines undeveloped oil and gas reserves as follows: 

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from
existing wells where a relatively major expenditure is required for recompletion. 
 (i) Reserves on undrilled acreage shall be
limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater
distances. 
 (ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted
indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. 
 (iii)
Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by
actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS