Report on Reserves Data by DeGolyer and MacNaughton, as of January 1, 2012



 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 
 April 24, 2012 

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, 2012, of certain properties owned by the United Mexican States in the Región Marina Suroeste of Mexico. This audit was completed on April 24, 2012. Pemex Exploratión y Producción
(PEP) has represented that these properties account for 15.3 percent on a net total liquids equivalent barrel basis of the net proved reserves of the United Mexican States, as of January 1, 2012, 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, 2012, 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, 2011. 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 








 DEGOLYER AND MACNAUGHTON

  

 which is currently available, but such estimates are also subject to the uncertainties inherent in the
application of judgmental factors in interpreting such information. 
 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 auditing 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. An analysis of reservoir performance, including
production rate, reservoir pressure, and gas-oil ratio behavior, was used in the estimation of reserves. 

  
 2 









 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 audited for this
report. Reserves classifications used by PEP in this report are in accordance with the reserves definitions of Rules 4-10(a) (l)-(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. 

  
 3 









 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. 

  
 4 









 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) 

  
 5 









 DEGOLYER AND MACNAUGHTON

  

 Definitions], or by other evidence using reliable technology establishing reasonable
certainty. 
 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.$110.94 and U.S.$114.20, respectively, and the prices were held constant thereafter. The volume-weighted average oil price attributable
to estimated proved reserves was $106.12 per barrel. The volume-weighted average condensate price attributable to estimated proved reserves was $58.25 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 were $4.351, $4.361, $4.362, $4.417, and $4.512, and the prices were held constant thereafter. These reference prices represent the five 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 0.783 and 1.574 MMBtu per thousand cubic feet (Mcf), was used to determine each field’s gas price. The 

  
 6 









 DEGOLYER AND MACNAUGHTON

  

 volume-weighted average price attributable to estimated proved reserves was $6.10 per
Mcf. 
 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, 2012, estimated oil, condensate, NGL, and gas volumes. 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 15.3 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 (Mboc): 
  

																	
	 	  	Estimated by PEP	 
	 	  	Net Proved Reserves	 
	 	  	as of	 
	 	  	January 1, 2012	 
	 	  	Oil and	 	  	 	 	  	Sales	 	  	Total Liquids	 
	 	  	Condensate	 	  	NGL	 	  	Gas	 	  	Equivalent*	 
	 	  	(Mbbl)	 	  	(Mbbl)	 	  	(MMcf)	 	  	(Mboe)	 
	 Properties reviewed by
	  				  				  				  			
	 DeGolyer and MacNaughton
	  				  				  				  			
	 Mexico
	  				  				  				  			
	 Proved Developed
	  	 	630,845	  	  	 	100,735	  	  	 	985,838	  	  	 	921,130	  
	 Proved Undeveloped
	  	 	657,488	  	  	 	163,652	  	  	 	1,941,220	  	  	 	1,194,385	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Proved
	  	 	1,288,333	  	  	 	264,387	  	  	 	2,927,058	  	  	 	2,115,515	  

  

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


  
 7 









 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 932-235-50-9 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) (l)-(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 9 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. 

  
 8 









 DEGOLYER AND MACNAUGHTON

  

 DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that
has been providing petroleum consulting services throughout the world 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 audit. 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 

 
 



 
  
 



 
 Thomas C. Pence, P.E. 

Senior Vice President 
 DeGolyer and MacNaughton 

  
 9 









 DEGOLYER AND MACNAUGHTON

  

 CERTIFICATE of QUALIFICATION 

I, Thomas C. Pence, 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 April 24, 2012, and that I, as
Senior Vice President, was responsible for the preparation of this report. 

  

	 	2.	That I attended Texas A&M University, and that I graduated with a Bachelor of Science degree in Petroleum Engineering in the year 1982; that I am a Registered
Professional Engineer in the State of Texas; that I am a member of the International Society of Petroleum Engineers; and that I have in excess of 29 years of experience in oil and gas reservoir studies and reserves evaluations.


  
 



 
 Thomas C. Pence, P.E. 

Senior Vice President 
 DeGolyer and MacNaughton