EX-10.6



 Exhibit 10.6 
 DEGOLYER AND MACNAUGHTON 
 500 | SPRING VALLEY ROAD 

SUITE 800 EAST 
 DALLAS, TEXAS 75244 
 This is a digital
representation of a DeGolyer and MacNaughton report. 
 This file is intended to be a manifestation of certain data in the
subject report and as such are subject to the same conditions thereof. The information and data contained in this file may be subject to misinterpretation; therefore, the signed and bound copy of this report should be considered the only
authoritative source of such information. 
  
 



 








 DEGOLYER AND
MACNAUGHTON 
 500 | SPRING VALLEY ROAD 

SUITE 800 EAST 
 DALLAS, TEXAS 75244 
  

 February 22, 2013 
 Pemex-Exploración y Producción 
 Avenida Marina Naciónal 

Torre Ejecutiva, Piso 41 
 Colonia
Petróleos Mexicanos 
 C.P. 11311 México, D.F., México 
 Gentlemen: 
 Pursuant to your request, we have conducted a reserves
audit of the net proved crude oil, condensate, natural gas liquids (NGL), and sales-gas reserves, as of January 1, 2013, of certain properties owned by the United Mexican States in the Región Marina Suroeste of Mexico. This audit was
completed on February 22, 2013. Pemex Exploración y Producción (PEP) has represented that these properties account for 15.6 percent on a net total liquids equivalent barrel basis of the net proved reserves of the United Mexican
States, as of January 1, 2013, and that the net proved reserves estimates have been prepared in accordance with the reserves definitions of Rules 4–10(a) (1)–(32) of Regulation S–X of the Securities and Exchange Commission
(SEC) of the United States. We have reviewed information provided to us by PEP that it represents to be PEP’s estimates of the net reserves, as of January 1, 2013, for the same properties as those which we audited. This report was prepared
in accordance with guidelines specified in Item 1202 (a)(8) of Regulation S-K and is to be used for inclusion in certain SEC filings by PEP. 
 Reserves included herein are expressed as net reserves as represented by PEP. Gross reserves are defined as the total estimated petroleum to be produced from these properties after December 31, 2012.
Net reserves are defined as that portion of the gross reserves attributable to the interests owned by the United Mexican States after deducting all interests owned by others. 

Estimates of oil, condensate, NGL, and sales gas should be regarded only as estimates that may change as further
production history and additional information become available. Not only are such reserves estimates based on that information which is currently available, but such estimates are also subject to the uncertainties inherent in the application of
judgmental factors in interpreting such information. 








 DEGOLYER AND MACNAUGHTON

  

 Data used in this audit were obtained from reviews with PEP personnel,
PEP files, from records on file with the appropriate regulatory agencies, and from public sources. In the preparation of this report we have relied, without independent verification, upon such information furnished by PEP with respect to property
interests, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production, and various other information and data that were
accepted as represented. A field examination of the properties was not considered necessary for the purposes of this report. 

Methodology and Procedures 
 Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principles and techniques that are in accordance with practices generally recognized by the
petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (Revision as of February 19, 2007).” The method
or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history. 

When applicable, the volumetric method was used to estimate the original oil in place (OOIP) and the original gas in
place (OGIP). Structure and isopach maps were constructed to estimate reservoir volume. Electrical logs, radioactivity logs, core analyses, and other available data were used to prepare these maps as well as to estimate representative values for
porosity and water saturation. When adequate data were available and when circumstances justified, material balance and other engineering methods were used to estimate OOIP or OGIP. 

Estimates of ultimate recovery were obtained after applying recovery factors to OOIP or OGIP. These recovery factors were
based on consideration of the type of energy inherent in the reservoirs, analyses of the petroleum, the structural positions of the properties, and the production histories. When applicable, material balance and other engineering methods were used
to estimate recovery factors. In such cases, an analysis of reservoir performance, including production rate, reservoir pressure, and gas-oil ratio behavior, was used in the estimation of reserves. 

  
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 DEGOLYER AND MACNAUGHTON

  

 For depletion-type reservoirs or those whose performance disclosed a
reliable decline in producing-rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production-decline curves, reserves were
estimated only to the limits of economic production or to the limit of the production licenses as appropriate. 
 Definition of Reserves

 Petroleum reserves estimated by PEP included in this report are classified as proved. Only proved
reserves have been evaluated for this report. Reserves classifications used by PEP in this report are in accordance with the reserves definitions of Rules 4–10(a) (1)–(32) of Regulation S–X of the SEC. Reserves are judged to be
economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using conventional production methods and equipment. In the analyses of
production-decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration
of changes in existing prices provided only by contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified 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. 

  
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 DEGOLYER AND MACNAUGHTON

  

 (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. 

(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. 

  
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 DEGOLYER AND MACNAUGHTON

  

 Developed oil and gas reserves – 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. 
 Undeveloped oil and gas reserves –
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 section 210.4–10 (a) Definitions, or by other evidence using reliable technology establishing reasonable
certainty. 

  
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 DEGOLYER AND MACNAUGHTON

  

 Primary Economic Assumptions 

The following economic assumptions were used for estimating existing and future prices and costs: 

Oil and Condensate Prices 
 PEP has represented that the oil and condensate prices were calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end
of the reporting period, unless prices are defined by contractual arrangements. PEP provided these 12-month average prices by field, each including differentials to the Istmo and Olmeca export prices of U.S.$107.16 and U.S.$109.54, respectively, and
the prices were held constant thereafter. The volume-weighted average oil price attributable to estimated proved reserves was U.S.$107.70 per barrel. The volume-weighted average condensate price attributable to estimated proved reserves was
U.S.$53.28 per barrel. 
 Natural Gas Prices 

PEP has represented that the plant-inlet natural gas prices were calculated as the unweighted arithmetic
average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual arrangements. The gas reference prices per million British thermal units (MMBtu)
provided by PEP varied between U.S.$4.258, and U.S.$5.600, and the prices were held constant thereafter. These reference prices represent the three gas processing plants through which all of the gas is processed for all of the fields audited. Each
field’s calorific value, which includes NGL, varied between 0.782 and 1.668 MMBtu per thousand cubic feet (Mcf), was used to determine each field’s gas price. The volume-weighted average price attributable to estimated proved reserves was
U.S.$4.64 per Mcf. 

  
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 DEGOLYER AND MACNAUGHTON

  

 Operating Expenses and Capital Costs 

Operating expenses and capital costs, based on information provided by PEP, were used in estimating future
costs required to operate the properties. In certain cases, future costs, either higher or lower than existing costs, may have been used because of anticipated changes in operating conditions. These costs were not escalated for inflation.

 While the oil and gas industry may be subject to regulatory changes from time to time that could affect an
industry participant’s ability to recover its oil and gas reserves, we are not aware of any such governmental actions which would restrict the recovery of the January 1, 2013, estimated oil, condensate, NGL, and gas reserves. The reserves
estimated in this report can be produced under current regulatory guidelines. 
 PEP has represented that its
estimated net proved reserves attributable to the reviewed properties are based on the definitions of proved reserves of the SEC. PEP represents that its estimates of the net proved reserves attributable to these properties which represent 15.6
percent of the United Mexican States’ reserves on a net total liquids equivalent basis are as follows, expressed in thousands of barrels (Mbbl), millions of cubic feet (MMcf), and thousands of barrels of oil equivalent (Mboe): 

 

																	
	 	  	Estimated by PEP
Net Proved
Reserves
as of
January 1, 2013	 
	 	  	Oil and
Condensate
(Mbbl)	 	  	NGL
(Mbbl)	 	  	Sales
Gas
(MMcf)	 	  	Total Liquids
Equivalent
(Mboe)	 
					
	 Properties reviewed by DeGolyer and MacNaughton
	  				  				  				  			
	 Mexico
	  				  				  				  			
	 Proved Developed
	  	 	709,091	  	  	 	119,058	  	  	 	1,170,653	  	  	 	1,053,234	  
	 Proved Undeveloped
	  	 	617,692	  	  	 	170,361	  	  	 	1,685,415	  	  	 	1,112,113	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
					
	 Total Proved
	  	 	1,326,783	  	  	 	289,419	  	  	 	2,856,068	  	  	 	2,165,347	  

  

	 	Note:	 Total liquids equivalent volumes are based on heating values for gas that vary for each field. 



  
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 DEGOLYER AND MACNAUGHTON

  

 In our opinion, the information relating to estimated proved reserves of
oil, condensate, natural gas liquids, and gas contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, and 932235-50-9 of the Accounting Standards Update 932-235-50, Extractive Industries
– Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the Financial Accounting Standards Board and Rules 4–10(a) (1)-(32) of Regulation S–X and Rules 302(b), 1201, 1202(a) (1), (2), (3),
(4), (8), and 1203(a) of Regulation S–K of the Securities and Exchange Commission; provided, however, that estimates of proved developed and proved undeveloped reserves are not presented at the beginning of the year. 

To the extent the above-enumerated rules, regulations, and statements require determinations of an accounting or legal
nature, we, as engineers, are necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor. 

In comparing the detailed net proved reserves estimates prepared by us and by PEP, we have found differences, both
positive and negative resulting in an aggregate difference of 8 percent when compared on the basis of net total liquids equivalent barrels. It is our opinion that the net proved reserves estimates prepared by PEP on the properties reviewed by us and
referred to above, when compared on the basis of net total liquids equivalent barrels, in aggregate, are considered reasonable. 

  
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 DEGOLYER AND MACNAUGHTON

  

 DeGolyer and MacNaughton is an independent petroleum engineering
consulting firm that has been providing petroleum consulting services throughout the world for since 1936. DeGolyer and MacNaughton does not have any financial interest, including stock ownership, in PEP. Our fees were not contingent on the results
of our evaluation. This letter report has been prepared at the request of PEP. DeGolyer and MacNaughton has used all assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report. 

 

					
	 




	 		 	 Submitted,
  






 DeGOLYER and MacNAUGHTON
 Texas Registered Engineering Firm F-716
  
 




 R. M. Shuck, P.E.
 Senior Vice President
 DeGolyer and MacNaughton

	 		 
	 		 
	 		 
	 		 
	 		 


  
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 DEGOLYER AND MACNAUGHTON

  

 CERTIFICATE of QUALIFICATION 

I, R. M. Shuck, Petroleum Engineer with DeGolyer and MacNaughton, 5001 Spring Valley Road, Suite 800 East, Dallas, Texas,
75244 U.S.A., hereby certify: 
  

	 	1.	 That I am a Senior Vice President with DeGolyer and MacNaughton, which company did prepare the letter report addressed to PEP dated
February 22, 2013, and that I, as Senior Vice President, was responsible for the preparation of this report. 


  

	 	2.	 That I attended the University of Houston, and that I graduated with a Bachelor of Science degree in Chemical Engineering in the year 1977; that I
am a Registered Professional Engineer in the State of Texas; that I am a member of the Society of Petroleum Engineers; and that I have in excess of 35 years of experience in oil and gas reservoir studies and evaluations.



  

	
	 





	R. M. Shuck, P E.
	 Senior Vice President
 DeGolyer
and MacNaughton