ck0000932782-20251231

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As filed with the Securities and Exchange Commission on July 23, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________

FORM 20-F/A

(Amendment No. 2)

__________________________


o			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934


x			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report: __________

For the transition period from __________ to __________

Commission File Number 0-99

__________________________

PETRÓLEOS MEXICANOS

(Exact name of registrant as specified in its charter)


Mexican Petroleum			United Mexican States
(Translation of registrant’s name into English)			(Jurisdiction of incorporation or organization)

Avenida Marina Nacional No. 329

Colonia Verónica Anzures

11300 Ciudad de México, México

(Address of principal executive offices)

Delia Cristina Arista Hernández

(5255) 9126-2940

ri@pemex.com

Avenida Marina Nacional No. 329

Torre Ejecutiva, Piso 38 Colonia Verónica Anzures

11300 Ciudad de México, México

(Name, telephone, e-mail and/or facsimile number and address of company contact person)

__________________________

Securities registered or to be registered pursuant to Section 12(b) of the Act. None

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

None

N/A

Securities registered or to be registered pursuant to Section 12(g) of the Act. None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

Title of Each Class


6.875% Notes due 2026			6.490% Notes due 2027
6.500% Notes due 2027			6.490% Notes due 2027
5.350% Notes due 2028			9.500% Guaranteed Bonds due 2027
8.750% Notes due 2029			6.500% Notes due 2029
6.840% Notes due 2030			5.950% Notes due 2031
10.000% Notes due 2033			6.700% Notes due 2032
6.625% Guaranteed Bonds due 2035			6.625% Notes due 2035
6.625% Guaranteed Bonds due 2038			6.500% Bonds due 2041
5.500% Bonds due 2044			6.375% Bonds due 2045
5.625% Bonds due 2046			6.750% Bonds due 2047
6.350% Bonds due 2048			7.690% Bonds due 2050
6.950% Bonds due 2060

__________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No x

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o Accelerated filer o Non-accelerated filer x Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes o No x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial
statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of

incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:


U.S. GAAP o			IFRS as issued by the IASB x			Other o

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 o Item 18 o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

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EXPLANATORY NOTE

Petróleos Mexicanos is filing this Amendment No. 2 (the “Amendment No. 2”) on Form 20-F/A to amend its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2026 (the “Form 20-F”), as previously amended by Amendment No. 1 on Form 20-F/A filed with the SEC on July 13, 2026 (“Amendment No. 1”).

This Amendment No. 2 is being filed to include Petróleos Mexicanos’ audited consolidated financial statements accompanying the revised Report of Independent Registered Public Accounting Firm included in Amendment No. 1. The audited consolidated financial statements included in this Amendment No. 2 are identical to those originally included in the Form 20-F and have not been amended, updated or restated. The revised Report of Independent Registered Public Accounting Firm included in this Amendment No. 2 is identical to the report included in Amendment No. 1.

New certifications by Petróleos Mexicanos’ principal executive officer and principal financial officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, and certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, are filed as exhibits to this Amendment No. 2.

Except as described above, this Amendment No. 2 does not amend, update or restate any other information contained in the Form 20-F or Amendment No. 1 and does not reflect events occurring after the filing date of the Form 20-F. Accordingly, this Amendment No. 2 should be read in conjunction with the Form 20-F, Amendment No. 1 and Petróleos Mexicanos’ other filings with the SEC subsequent to April 30, 2026.

Item 19. Exhibits

Documents filed as exhibits to this Form 20-F/A:


12.1						CEO Certification pursuant to Rule 13a-14(a)/15d-14(a).

12.2						CFO Certification pursuant to Rule 13a-14(a)/15d-14(a).

13.1						Certification pursuant to Rule 13a-14(b)/15d-14(b) and 18 U.S.C. §1350.

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SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.


			PETRÓLEOS MEXICANOS


			By:			/s/ Elizabeth Gonzalez Garduño
						Name: Elizabeth Gonzalez Garduño
						Title: Chief Financial Officer

Date: July 23, 2026

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Contents			Page
Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (KPMG Cárdenas Dosal, S.C.; Mexico City, Mexico; Auditor Firm ID: 1141)			F-1
Consolidated Statements of Financial Position			F-4
Consolidated Statements of Comprehensive Income			F-5
Consolidated Statements of Changes in Equity (Deficit)			F-6
Consolidated Statements of Cash Flows			F-7
Notes to the Consolidated Financial Statements			F-8

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Report of Independent Registered Public

Accounting Firm

To the Board of Directors of

Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Petróleos Mexicanos, State‐Owned Public Company and Subsidiary Companies (PEMEX) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity (deficit), and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of PEMEX as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Going Concern

The accompanying consolidated financial statements have been prepared assuming that PEMEX will continue as a going concern. As discussed in Note 22 F to the consolidated financial statements, PEMEX has suffered recurring losses from operations and has a net equity deficiency. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 22 F. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of PEMEX’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to PEMEX in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. PEMEX is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.


						(Continued)

F-1

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Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Impairment of certain exploration and extraction and industrial processes and energy transformation cash generating units. (in thousands of Mexican pesos)

As discussed in notes 3 H and 12 to the consolidated financial statements, PEMEX recognized a net reversal of impairment of Ps. 14,950,790 in certain of the exploration and extraction and industrial processes and energy transformation (“upstream”) cash generating units (CGUs) for the year ended December 31, 2025. At the end of each reporting period PEMEX assesses each of its CGUs for indicators of impairment and also assesses whether there is an indication that previously recognized impairment losses, except those related to goodwill, have reversed. When there is an indication of impairment and the carrying amount of a CGU exceeds its recoverable amount, PEMEX records an impairment charge in profit or loss. Impairment losses are reversed in subsequent periods if there is an indication that the impairment loss no longer exists or may have decreased and there has been an increase in the recoverable amount since the recognition of the impairment expense. The recoverable amount of a CGU is defined as the higher of its fair value minus the cost of disposal, and its value in use. The value in use is the present value of the estimated future net cash flows expected to arise from the continuing use of a CGU and from its disposal at the end of its useful life; discounted by applying a pre-tax discount rate. For the upstream CGUs, the recoverable amount was determined as the value in use and required the use of a number of assumptions, including the forecasted production of oil and gas proved and probable reserves, estimate of future operating and development costs for the exploration and production CGUs and the discount rate for all upstream CGUs.

We identified the assessment of certain assumptions used to determine the recoverable amount of the upstream CGUs as a critical audit matter. The estimation of the recoverable amount of these CGUs requires the use of subjective, significant assumptions in relation to the forecasted production of oil and gas proved and probable reserves, the future operating and development costs for the exploration and extraction CGUs and the discount rate for both the exploration and extraction and industrial processes and energy transformation CGUs. It required a high degree of subjective auditor judgment to evaluate these significant, judgmental assumptions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design of certain internal controls related to the impairment assessment process, including controls related to the forecasted production of oil and gas proved and probable reserves, estimate of future operating and development costs and the discount rate. We evaluated the competence, capabilities and objectivity of PEMEX’s internal petroleum reservoir engineers, who forecast the production of oil and gas proved and probable reserves. We compared the future production quantities forecast by PEMEX’s internal petroleum reservoir engineers to the production used in the estimate of future net


						(Continued)

F-2

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cash flows. We developed our independent correlation calculations based on PEMEX’s historical data and compared to PEMEX’s correlation factors. We compared the future production costs and expenses used in the estimate of future net cash flows to historical data. In addition, we involved a valuation professional with specialized skills and knowledge, who assisted in evaluating PEMEX’s discount rate, by comparing it against a discount rate range that was independently developed using publicly available market data for comparable entities.

The impact of estimated proved oil and gas reserves on depreciation and amortization expenses related to producing oil and gas properties. (in thousands of Mexican pesos)

As discussed in notes 3 E iii and 12 to the consolidated financial statements, PEMEX reported depreciation and amortization expenses related to producing oil and gas properties of Ps. 153,518,664 for the year ended December 31, 2025. PEMEX calculates depreciation and amortization expenses related to producing oil and gas properties using the unit of production method. Under this method, the capitalized costs of producing oil and gas properties, along with support equipment and facilities, are depreciated or amortized to profit or loss in proportion to the production of the proved oil and gas reserves. On an annual basis PEMEX’s internal petroleum reservoir engineers use geological and engineering data as well as commercial and market information and estimates of development and production costs to estimate the proved oil and gas reserves. PEMEX engages external petroleum reservoir engineering specialists to evaluate these estimates. We identified the impact of estimated proved oil and gas reserves on the depreciation and amortization expenses related to producing oil and gas properties as a critical audit matter. Complex auditor judgement was required to evaluate PEMEX’s estimate of proved oil and gas reserves, which is the most significant judgmental input to the depreciation and amortization expenses calculation. The process for evaluating the proved oil and gas reserves is complex, involves a number of subjective assumptions and requires specialized skills and knowledge. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design of certain internal controls related to the determination of the estimate of proved oil and gas reserves, including controls related to the forecasted production of proved oil and gas reserves. We assessed the methodology used by PEMEX’s internal petroleum reservoir engineers to estimate proved oil and gas reserves. We evaluated the professional qualifications and the knowledge, skills and ability of PEMEX’s internal petroleum reservoir engineers and the external petroleum reservoir engineering specialists engaged by PEMEX. We obtained the proved oil and gas reserves reports from the external petroleum reservoir engineering specialists and compared the information with that used by the internal petroleum reservoir engineers. We read the findings of the external petroleum reservoir engineering specialist’s review of the methods and procedures used by PEMEX in estimating the proved reserves to assess compliance with industry and regulatory standards.

/s/ KPMG Cárdenas Dosal, S.C.

We have served as PEMEX’s auditor since 2018.

Mexico City, México

April 30, 2026

F-3

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Consolidated statements of financial position

As of December 31, 2025 and 2024

(Figures stated in thousands, except as noted)


Assets	Note	2025		2025		2024
		(Unaudited; U.S. dollars)
Current assets:
Cash and cash equivalents	8,9	$	9,052,931	Ps.	162,651,289	88,841,826
Customers, net	7,8,10-A	6,233,447		111,994,478		126,733,175
Other financing receivables	8,10-B	1,320,257		23,720,662		32,330,944
Other non-financing receivables	8,10-B	3,588,296		64,469,829		74,532,913
Inventories	11	5,504,681		98,900,960		88,569,989
Government Bonds	14-A	1,193,093		21,435,936		14,740,032
Derivative financial instruments	8,18	808,967		14,534,464		9,203,958
Other current assets	8	252,045		4,528,422		4,601,883
Total current assets	6	27,953,717		502,236,040		439,554,720
Non-current assets:
Investments in associates	8	155,532		2,794,404		2,692,938
Wells, pipelines, properties, plant and equipment, net	12	90,106,477		1,618,916,044		1,650,532,712
Rights of use assets	16	2,106,191		37,841,299		41,964,533
Long-term notes receivable, net of current portion	8	49,712		893,152		1,021,778
Government Bonds	14-A	—		—		21,135,321
Deferred income taxes and duties	21	415,458		7,464,412		7,033,529
Intangible assets, net	13	612,181		10,998,869		17,088,277
Other assets	14-B	2,132,990		38,322,791		27,728,775
Total non-current assets	6	95,578,541		1,717,230,971		1,769,197,863
Total assets		$	123,532,258	Ps.	2,219,467,011	2,208,752,583

The accompanying notes are an integral part of these consolidated financial statements.


Liabilities	Note	2025		2025		2024
		(Unaudited; U.S. dollars)
Short-term debt and current portion of long-term debt	8,15	$	19,214,879	Ps.	345,227,971	425,218,517
Short-term leases	8,16	524,787		9,428,699		8,628,404
Suppliers	8	24,306,311		436,704,206		505,989,382
Income taxes and duties payable	21	5,311,213		95,424,966		85,941,389
Accounts and accrued expenses payable	8,18	3,778,373		67,884,889		72,773,222
Derivative financial instruments	8,18	4,347,283		78,106,329		108,972,467
Total current liabilities	6	57,482,846		1,032,777,060		1,207,523,381
Long-term liabilities:
Long-term debt, net of current portion	8,15	66,014,912		1,186,070,119		1,553,553,738
Long-term leases, net of current portion	8,16	1,767,469		31,755,581		38,196,862
Long-term contractual liabilities	17	10,743,935		193,033,065		—
Employee benefits	19	81,821,345		1,470,059,563		1,232,589,895
Provisions for sundry creditors	20	8,505,551		152,816,682		137,835,561
Other liabilities		3,043,301		54,678,031		17,692,458
Deferred income taxes	21	227,258		4,083,080		5,136,424
Total long-term liabilities	6	172,123,771		3,092,496,121		2,985,004,938
Total liabilities		$	229,606,617	Ps.	4,125,273,181	4,192,528,319
Equity (deficit)	6,22
Controlling interest:
Certificates of Contribution “A”		97,292,750		1,748,029,657		1,352,716,466
Mexican Government contributions		3,714,126		66,730,591		66,730,591
Legal reserve		55,777		1,002,130		1,002,130
Accumulated other comprehensive result		2,798,658		50,282,658		285,954,621
Accumulated deficit:
From prior years		(205,374,674)		(3,689,905,157)		(2,909,489,303)
Net (loss) for the year		(4,545,734)		(81,671,843)		(780,415,854)
Total controlling interest		(106,059,097)		(1,905,531,964)		(1,983,501,349)
Total non-controlling interest		(15,262)		(274,206)		(274,387)
Total equity (deficit)		(106,074,359)		(1,905,806,170)		(1,983,775,736)
Total liabilities and equity (deficit)		$	123,532,258	Ps.	2,219,467,011	2,208,752,583

The accompanying notes are an integral part of these consolidated financial statements.

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Consolidated statements of comprehensive income (loss)

For the years ended December 31, 2025, 2024 and 2023

(Figures stated in thousands, except as noted)


	Note	2025		2025		2024	2023
		(Unaudited; U.S. dollars)
Net revenues
Domestic	6,7	$	54,988,909	Ps.	987,969,227	977,651,655	948,666,739
Incentive for automotive fuels	7-E	—		—		—	23,421
Export	6,7	29,935,688		537,845,526		691,865,472	767,551,517
Services income	6,7	150,332		2,700,973		3,155,779	3,695,941
Total revenues		85,074,929		1,528,515,726		1,672,672,906	1,719,937,618
(Impairment) of wells, pipelines, properties, plant and equipment, net	6,12-F	(449,579)		(8,077,449)		(53,477,580)	(28,797,518)
Cost of sales	6,23	70,158,736		1,260,520,966		1,435,463,287	1,380,673,789
Gross income	6	14,466,614		259,917,311		183,732,039	310,466,311
Distribution, transportation and sale expenses	6,23	879,305		15,798,213		8,079,834	12,678,909
Administrative expenses	6,23	10,851,276		194,961,619		179,206,176	170,116,531
Impairment losses on trade receivables from customers	6,10	(719,775)		(12,931,983)		(15,438,558)	(3,113,324)
Other revenues	6,24-A	1,685,314		30,279,524		18,548,009	15,635,955
Other expenses	6,24-B	1,798,340		32,310,240		15,545,352	17,242,136
Operating income (loss)	6	1,903,232		34,194,780		(15,989,872)	122,951,366
Welfare oil duty	6,21	10,829,648		194,573,038		—	—
Operating (loss) income after Welfare oil duty	6	(8,926,416)		(160,378,258)		(15,989,872)	122,951,366
Financing income (1)	6	663,373		11,918,617		15,669,883	18,210,377
Financing cost (2)	6	8,347,700		149,980,626		158,901,950	152,171,381
Derivative financial instruments income (cost), net	6,18	1,201,551		21,587,903		(27,594,230)	672,226
Foreign exchange income (loss), net	6,18	10,863,564		195,182,398		(304,452,236)	238,079,042
Sum of financing income, financing cost, derivative financial instruments income (cost), net and foreign exchange income (loss), net		4,380,788		78,708,292		(475,278,533)	104,790,264
Profit sharing in associates	6	40,090		720,290		961,649	409,315
(Loss) income before duties, taxes and other		(4,505,538)		(80,949,676)		(490,306,756)	228,150,945
Profit sharing duty, net	21	—		—		127,499,009	214,075,924
Income tax expense	21	39,838		715,756		162,782,189	5,923,357
Total duties, taxes and other	6	39,838		715,756		290,281,198	219,999,281
Net (loss) income	6	$	(4,545,376)	Ps.	(81,665,432)	(780,587,954)	8,151,664
Other comprehensive results:
Items that will be reclassified subsequently:
Currency translation effect		(3,452,949)		(62,038,107)		90,106,487	(53,992,236)
Items that will not be reclassified:
Actuarial (losses) gains - employee benefits, net of taxes		(9,664,551)		(173,640,086)		203,175,491	(4,931,136)
Total other comprehensive results		(13,117,500)		(235,678,193)		293,281,978	(58,923,372)
Total comprehensive (loss)		$	(17,662,876)	Ps.	(317,343,625)	(487,305,976)	(50,771,708)
Net (loss) income attributable to:
Controlling interest		(4,545,734)		(81,671,843)		(780,415,854)	8,106,714
Non-controlling interest		358		6,411		(172,100)	44,950
Net (loss) income		(4,545,376)		(81,665,432)		(780,587,954)	8,151,664
Other comprehensive results attributable to:
Controlling interest		(13,117,154)		(235,671,963)		293,267,626	(59,050,393)
Non-controlling interest		(346)		(6,230)		14,352	127,021
Total other comprehensive results		(13,117,500)		(235,678,193)		293,281,978	(58,923,372)
Comprehensive (loss) income:
Controlling interest		(17,662,888)		(317,343,806)		(487,148,228)	(50,943,679)
Non-controlling interest		12		181		(157,748)	171,971
Total comprehensive (loss)		$	(17,662,876)	Ps.	(317,343,625)	(487,305,976)	(50,771,708)

The accompanying notes are an integral part of these consolidated financial statements.

(1)Includes financing income from investments and gain on discount rate of plugging of wells in 2025, 2024 and 2023.

(2)Mainly interest on debt.

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Consolidated statements of changes in equity (deficit)

For the years ended December 31, 2025, 2024 and 2023

(Figures stated in thousands, except as noted) (See Note 22)


	Controlling interest
					Accumulated other comprehensive result		Accumulated deficit
	Certificates of Contribution “A”		Mexican Government contributions	Legal reserve	Cumulative currency translation effect	Actuarial (losses) gains on employee benefits effect	For the year	From prior years	Total		Non- controlling interest	Total Equity (deficit)









Balances as of December 31, 2022	Ps.	1,029,592,293	66,730,591	1,002,130	25,437,210	26,300,178	100,412,051	(3,018,008,068)	Ps.	(1,768,533,615)	(288,610)	Ps.	(1,768,822,225)
Transfer to accumulated deficit	—		—	—	—	—	(100,412,051)	100,412,051	—		—	—
Increase in Certificates of Contribution “A”	166,615,123		—	—	—	—	—	—	166,615,123		—	166,615,123
Total comprehensive (loss) income	—		—	—	(54,116,620)	(4,933,773)	8,106,714	—	(50,943,679)		171,971	(50,771,708)
Balances as of December 31, 2023	Ps.	1,196,207,416	66,730,591	1,002,130	(28,679,410)	21,366,405	8,106,714	(2,917,596,017)	Ps.	(1,652,862,171)	(116,639)	Ps.	(1,652,978,810)
Transfer to accumulated deficit	—		—	—	—	—	(8,106,714)	8,106,714	—		—	—
Increase in Certificates of Contribution “A”	156,509,050		—	—	—	—	—	—	156,509,050		—	156,509,050
Total comprehensive (loss) income	—		—	—	90,095,800	203,171,826	(780,415,854)	—	(487,148,228)		(157,748)	(487,305,976)
Balances as of December 31, 2024	Ps.	1,352,716,466	66,730,591	1,002,130	61,416,390	224,538,231	(780,415,854)	(2,909,489,303)	Ps.	(1,983,501,349)	(274,387)	Ps.	(1,983,775,736)
Transfer to accumulated deficit	—		—	—	—	—	780,415,854	(780,415,854)	—		—	—
Increase in Certificates of Contribution “A”	395,313,191		—	—	—	—	—	—	395,313,191		—	395,313,191
Total comprehensive (loss) income	—		—	—	(62,029,769)	(173,642,194)	(81,671,843)	—	(317,343,806)		181	(317,343,625)
Balances as of December 31, 2025	Ps.	1,748,029,657	66,730,591	1,002,130	(613,379)	50,896,037	(81,671,843)	(3,689,905,157)	Ps.	(1,905,531,964)	(274,206)	Ps.	(1,905,806,170)
(Unaudited: U.S. Dollars)	97,292,750		3,714,126	55,777	(34,140)	2,832,798	(4,545,734)	(205,374,674)	(106,059,097)		(15,262)	(106,074,359)

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated statements of cash flows

For the years ended December 31, 2025, 2024 and 2023

(Figures stated in thousands, except as noted)


	2025		2025		2024	2023
	(Unaudited; U.S. dollars)
Operating activities:
Net (loss) income	$	(4,545,376)	Ps.	(81,665,432)	(780,587,954)	8,151,664
Welfare oil duty	10,829,648		194,573,038		—	—
Income taxes and duties	39,838		715,756		290,281,198	219,999,281
Depreciation and amortization of wells, pipelines, properties, plant and equipment	8,544,622		153,518,664		146,850,208	137,555,276
Amortization of intangible assets	20,039		360,032		626,800	599,627
Impairment of wells, pipelines, properties, plant and equipment	449,579		8,077,449		53,477,580	28,797,518
Capitalized unsuccessful wells	431,180		7,746,890		13,046,124	29,529,330
Unsuccessful wells from intangible assets	810,173		14,556,138		25,944,025	4,436,985
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment	931,459		16,735,240		4,563,204	7,510,572
Depreciation of rights of use	345,760		6,212,172		6,030,194	5,886,840
Impairment of leases	107,933		1,939,194		—	—
Cancellation of leases	(14,334)		(257,531)		—	(128,698)
Unrealized foreign exchange loss in discount rate of reserve for well abandonment	435,072		7,816,800		9,126,600	4,638,600


(Profit) sharing in associates, net	(40,090)		(720,290)		(961,649)	(409,315)
Unrealized foreign exchange (income) loss	(10,891,147)		(195,677,975)		279,459,341	(221,771,870)
Financing cost	8,347,700		149,980,626		158,901,950	152,171,381
Financing income	(663,373)		(11,918,617)		(15,669,883)	(18,210,377)
Funds from operating activities	15,138,683		271,992,154		191,087,738	358,756,814
Profit-sharing duty and Welfare duty paid	(10,002,676)		(179,715,074)		(109,402,970)	(234,982,338)
Derivative financial instruments	(2,014,652)		(36,196,645)		73,199,932	17,082,089
Customers and accounts receivable	1,987,555		35,709,802		85,725,209	(35,840,592)
Inventories	(1,214,229)		(21,815,693)		27,019,341	(73,915)
Accounts payable and accrued expenses	(272,077)		(4,888,334)		(10,873,542)	1,838,338
Suppliers	(154,756)		(2,780,449)		89,233,465	42,479,138
Provisions for sundry creditors	2,040,534		36,661,668		3,335,377	219,161
Employee benefits	3,552,660		63,829,581		55,098,900	60,056,484
Other taxes and duties	(421,578)		(7,574,369)		(81,514,888)	102,410,367
Net cash flows from operating activities	8,639,464		155,222,641		322,908,562	311,945,546
Investing activities

Interest collected	445,843		8,010,324		7,172,267	5,422,674
Other assets	(210,697)		(3,785,536)		(16,553,870)	19,556,667
Acquisition of wells, pipelines, properties, plant and equipment	(12,583,177)		(226,078,160)		(230,138,544)	(256,862,996)
Acquisition of intangible assets	(747,161)		(13,424,017)		(32,798,760)	(35,088,002)
Net cash flows (used in) investing activities	(13,095,192)		(235,277,389)		(272,318,907)	(266,971,657)
Financing activities:
Increase in equity due to Certificates of Contribution “A”	22,002,549		395,313,191		156,509,050	166,615,123
Increase in long-term contractual liabilities	10,743,935		193,033,065		—	—
Collections from the Mexican Government	799,217		14,359,299		28,096,861	45,849,715
Interest collected from the Mexican Government	101,259		1,819,299		4,854,744	8,052,642
Lease payments	(381,332)		(6,851,282)		(6,335,772)	(5,484,624)
Interest of lease paid	(138,143)		(2,481,974)		(2,128,875)	(2,291,356)
Loans obtained from financial institutions	49,601,914		891,182,703		1,056,523,887	881,401,059
Debt payments, principal only	(65,066,236)		(1,169,025,539)		(1,148,872,172)	(978,854,627)
Interest paid	(8,344,024)		(149,914,573)		(148,380,958)	(144,050,336)
Net cash flows from (used in) financing activities	9,319,139		167,434,189		(59,733,235)	(28,762,404)
Net increase (decrease) in cash and cash equivalents	4,863,411		87,379,441		(9,143,580)	16,211,485
Effects of foreign exchange on cash balances	(755,285)		(13,569,978)		29,238,030	(11,878,620)
Cash and cash equivalents at the beginning of the year	4,944,805		88,841,826		68,747,376	64,414,511
Cash and cash equivalents at the end of the year (Note 9)	$	9,052,931	Ps.	162,651,289	88,841,826	68,747,376

The accompanying notes are an integral part of these consolidated financial statements

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

NOTE 1. STRUCTURE AND BUSINESS OPERATIONS OF PETRÓLEOS MEXICANOS, STATE-OWNED PUBLIC COMPANY AND SUBSIDIARY COMPANIES

Petróleos Mexicanos was created by a decree issued by the Mexican Congress on June 7, 1938. The decree was published in the Diario Oficial de la Federación (“Official Gazette of the Federation”) on July 20, 1938 and came into effect on that date. On December 20, 2013, the Decreto por el que se reforman y adicionan diversas disposiciones de la Constitución Política de los Estados Unidos Mexicanos, en Materia de Energía (Decree that amends and supplements various provisions of the Mexican Constitution relating to energy matters), was published in the Official Gazette of the Federation. This Decree came into effect on December 21, 2013 and includes transitional articles setting forth the general framework and timeline for implementing legislation relating to the energy sector.

On August 11, 2014, the Ley de Petróleos Mexicanos (the “2014 Petróleos Mexicanos Law”) was published in the Official Gazette of the Federation. The 2014 Petróleos Mexicanos Law became effective on October 7, 2014, except for certain provisions. On December 2, 2014, the Secretaría de Energía (the “Ministry of Energy”) published in the Official Gazette of the Federation the declaration pursuant to which the special regime governing Petróleos Mexicanos’ activities relating to productive state-owned subsidiaries, affiliates, compensation, assets, administrative liabilities, state dividend, budget and debt came into effect. On June 10, 2015, the Disposiciones Generales de Contratación para Petróleos Mexicanos y sus Empresas Productivas Subsidiarias (General Contracting Provisions for Petróleos Mexicanos and its productive state-owned subsidiaries) was published in the Official Gazette of the Federation and the following day the special regime for acquisitions, leases, services and public works matters came into effect.

Once the 2014 Petróleos Mexicanos Law came into effect, Petróleos Mexicanos was transformed from a decentralized public entity to a productive state-owned company. Petróleos Mexicanos is a legal entity empowered to own property and carry on business in its own name with the purpose of carrying out exploration and extraction of crude oil and other hydrocarbons in the United Mexican States (“Mexico”), as well as refining, processing, storing, transporting, selling and trading in these products.

On October 31, 2024, amendments to Articles 25, 27 and 28 of the Mexican Constitution were signed into law by President Claudia Sheinbaum Pardo and published in the Official Gazette of the Federation as the Energy Reform Decree. The Energy Reform Decree took effect on November 1, 2024 and transformed the legal regime of Petróleos Mexicanos from an empresa productiva del Estado (productive state-owned company) to an empresa pública del Estado (state-owned public company). The Energy Reform Decree reaffirmed the Mexican nation’s ownership of the hydrocarbons located in Mexico’s subsoil and included transitional articles setting forth the general framework and timeline for its implementation through secondary legislation.

On March 12, 2025, the Mexican Congress approved the secondary legislation, which was subsequently signed into law by President Claudia Sheinbaum Pardo and published in the Official Gazette of the Federation on March 18, 2025. The secondary legislation took effect on March 19, 2025 and included six new laws, including the Ley de la Empresa Pública del Estado, Petróleos Mexicanos (the “2025 Petróleos Mexicanos Law”). Pursuant to the 2025 Petróleos Mexicanos Law, Petróleos Mexicanos is wholly owned by the Mexican Government and categorized under the Ministry of Energy.

The 2025 Petróleos Mexicanos Law dissolved the subsidiary entities Pemex Exploración y Producción (“Pemex Exploration and Production”), Pemex Transformación Industrial (“Pemex Industrial Transformation”) and Pemex Logística (“Pemex Logistics”) each of which were, until March 19, 2025, productive state-owned subsidiaries of Petróleos Mexicanos empowered to own property and carry on business in their own name, subject to the direction and coordination of Petróleos Mexicanos. All of the assets, liabilities, rights and obligations of the subsidiary entities were assumed by, and transferred at historical cost without gain or loss to Petróleos Mexicanos and it became the successor of the subsidiary entities as a matter of Mexican law. The 2025 Petróleos Mexicanos Law does not affect any payment obligations previously contracted, nor does it alter the guarantees provided by Petróleos Mexicanos or the dissolved entities, whether in Mexico or abroad, where Petróleos Mexicanos is the beneficiary.

Prior to their dissolution, the primary purpose of the subsidiary entities, were as follows:

•Pemex Exploration and Production: This entity was in charge of the exploration and extraction of crude oil and solid, liquid or gaseous hydrocarbons in Mexico, in the exclusive economic zone of Mexico and abroad, as well as drilling services and repair and services of wells;

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

•Pemex Industrial Transformation: This entity performed activities related to refining, transformation, processing, importing, exporting, trading and the sale of hydrocarbons, petroleum products, natural gas and petrochemicals, as well as commercialized, distributed and traded methane, ethane and propylene, directly or through others; and

•Pemex Logistics: This entity provided transportation, storage and related services for crude oil, petroleum products and petrochemicals to PEMEX (as defined below) and other companies, through pipelines and maritime and terrestrial means, and provided guard and management services.

Prior to the dissolution, the principal distinction between the subsidiary entities and the Subsidiary Companies (as defined below) was that the subsidiary entities were productive state-owned entities, whereas the Subsidiary Companies are affiliate companies that were formed in accordance with the applicable laws of each of the respective jurisdictions in which they were incorporated.

On May 22, 2025, the Board of Directors of Petróleos Mexicanos approved the Estatuto Orgánico de Petróleos Mexicanos (Organic Statute of Petróleos Mexicanos or the “New Organic Statute”). The New Organic Statute was published in the Official Gazette of the Federation on May 30, 2025, and became effective on June 1, 2025. On September 12, 2025, an amendment to the New Organic Statute, previously approved by the Board of Directors of Petróleos Mexicanos, was published in the Official Gazette of the Federation. The New Organic Statute establishes the new structure and organization of PEMEX. Changes derived from this new structure and how PEMEX’s primary business are now conducted are disclosed in Note 6.

The “Subsidiary Companies” are defined as those companies which are controlled, directly or indirectly, by Petróleos Mexicanos. “Associates,” as used herein, means those companies in which Petróleos Mexicanos has significant influence but not control or joint control over its financial and operating policies.

Petróleos Mexicanos, State-Owned Public Company and the Subsidiary Companies are referred to collectively herein as “PEMEX”.

PEMEX’s address and its principal place of business is: Av. Marina Nacional No. 329, Col. Verónica Anzures, Alcaldía Miguel Hidalgo, 11300, Ciudad de México, México.

NOTE 2. AUTHORIZATION AND BASIS OF PREPARATION

Authorization

On April 21, 2026, these consolidated financial statements and the notes hereto were authorized for issuance by the following officers: Mr. Víctor Rodríguez Padilla, Chief Executive Officer, Mr. Juan Carlos Carpio Fragoso, Chief Financial Officer, Mr. Óscar René Orozco Piliado, Deputy Director of Accounting and Tax and Mr. Ernesto Balcázar Hernández, Associate Managing Director of Accounting.

These consolidated financial statements and the notes hereto are issued pursuant to the terms of Article 16 Fraction X of the Ley de Empresa Pública del Estado, Petróleos Mexicanos (“2025 Petróleos Mexicanos Law”), Article 104 Fraction III, paragraph a, of the Ley del Mercado de Valores (“Securities Market Law”), and of Article 33 Fraction I, paragraph a, section 3 and Article 78 of the Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores (“General provisions applicable to securities’ issuers and other participants of the securities market”).

Basis of preparation

A. Statement of compliance

PEMEX prepared its consolidated financial statements as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, in accordance with IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

B. Basis of accounting

These consolidated financial statements have been prepared using the historical cost basis method, except for the following items, which have been measured using an alternative basis.


ITEM						BASIS OF MEASUREMENT
Derivative Financial Instruments (“DFIs”)						Fair Value

Employee Benefits						Fair Value of plan assets less present value of the obligation (defined benefit plan)

C. Going concern

The consolidated financial statements have been prepared on a going concern basis, which assumes that PEMEX will be able to continue its operations and can meet its payment obligations for a reasonable period (See Note 22-F).

D. Functional and reporting currency

These consolidated financial statements are presented in Mexican pesos, which is both PEMEX’s functional currency and reporting currency, due to the following:

i. The economic environment in which PEMEX operates is Mexico, where the legal currency is the Mexican peso;

ii. The budget through which Petróleos Mexicanos operate as entities of the Mexican Government, including the ceiling for personnel services, is elaborated, approved and exercised in Mexican pesos;

iii. Employee benefits provision was 36% and 29% of PEMEX’s total liabilities as of December 31, 2025 and 2024, respectively. This provision is computed, denominated and payable in Mexican pesos; and

iv. Cash flows for payment of general expenses, taxes and duties are realized in Mexican pesos.

Although the sales prices of certain products are based on international U.S. dollar-indices, final domestic selling prices are governed by the economic and financial policies established by the Mexican Government. Accordingly, cash flows from domestic sales are generated and received in Mexican pesos.

With regards to PEMEX’s foreign currency (export sales, borrowings, etc.), Mexico’s monetary policy regulator, the Banco de México (“Mexican Central Bank”), requires that Mexican Government entities other than financial entities sell their foreign currency to the Mexican Central Bank in accordance with its terms, receiving Mexican pesos in exchange, which is the currency of legal tender in Mexico.

Terms definition

References in these consolidated financial statements and the related notes to “pesos” or “Ps.” refers to Mexican pesos, “U.S. dollars” or “U.S.$” refers to dollars of the United States of America, “yen” or “¥” refers to Japanese yen, “euro” or “€” refers to the legal currency of the European Economic and Monetary Union, “pounds sterling” or “£” refers to the legal currency of the United Kingdom and “Swiss francs” or “CHF” refers to the legal currency of the Swiss Confederation. Figures in all currencies are presented in thousands of the relevant currency unit, except exchange rates and product and share prices.

E. Use of judgments and estimates

The preparation of the consolidated financial statements in accordance with IFRS requires the use of estimates and assumptions made by PEMEX’s management that affect the recorded amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of these consolidated financial statements, as well as the recorded amounts of income, costs and expenses during the year. Actual results may differ from these estimates.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Significant estimates and underlying assumptions are reviewed, and the effects of such revisions are recognized in the years in which any estimates are revised and in any future periods affected by such revision.

Information about estimates, assumptions and accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements are described in the following notes:

i. Judgments, assumptions and estimation uncertainties

•Note 3-A-i Basis of consolidation – Business combination

•Note 3-C Financial instruments – Fair Value and expected credit losses.

•Note 3-E Wells, pipelines, properties, plant and equipment – Useful lives.

•Note 3-F Intangible assets, wells not assigned to a reserve and oil and natural gas exploration and license, appraisal and development expenditure – successful efforts method.

•Note 3-H Impairment of non-financial assets – fair values, cash flow estimates and discount rates determination.

•Note 3-I Leases – Early cancellation or renewal options.

•Note 3-J Provisions – Environmental liabilities and retirement of assets.

•Note 3-K Employee benefits – Actuarial assumptions.

•Note 3-L Income taxes, duties and royalties – Recoverability assessment of deferred tax assets.

•Note 3-M Contingencies – Probability assessment.

•Note 3-P – Revenue from contracts with customers

ii. Measurement of fair values

Some of PEMEX’s accounting policies and disclosures require the measurement of the fair values of financial assets and liabilities, as well as non-financial assets and liabilities.

PEMEX has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which the valuations should be classified.

When measuring the fair value of an asset or a liability, PEMEX uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

PEMEX recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

F. Convenience translations

These consolidated financial statements are presented in Mexican pesos (reporting currency), which is the same as the recording currency and the functional currency of PEMEX. The U.S. dollar amounts shown in the consolidated statements of financial position, the consolidated statements of comprehensive income, the consolidated statements of changes in equity (deficit) and the consolidated statements of cash flows have been included solely for the convenience of the reader and are unaudited. Such amounts have been translated from amounts in pesos, as a matter of arithmetic computation only, at the exchange rate for the settlement of obligations in foreign currencies provided by the Mexican Central Bank and the Secretaría de Hacienda y Crédito Público (“Ministry of Finance and Public Credit” or “SHCP”) at December 31, 2025 of Ps.17.9667 per U.S. dollar. Translations herein should not be construed as a representation that the peso amounts have been or could be converted into U.S. dollars at the foregoing or any other rate.

NOTE 3. MATERIAL ACCOUNTING POLICIES

PEMEX has consistently applied the following accounting policies to each of the periods presented in the preparation of its consolidated financial statements.

Below is a summary of the material accounting policies:

A. Basis of consolidation

The consolidated financial statements include the financial statements of Petróleos Mexicanos and those of its subsidiaries over which it has control.

i. Business combinations

PEMEX accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to PEMEX. In determining whether a particular set of activities and assets is a business, PEMEX assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set could produce outputs.

PEMEX has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

ii. Subsidiaries

Subsidiaries are entities controlled by PEMEX. PEMEX “controls” an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and could affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

For more information about the Subsidiary Companies, see Note 5.

iii. Non-controlling interests

Non-controlling interests are measured initially at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

iv. Loss of control

When PEMEX loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

v. Interests in equity-accounted investees

PEMEX’s interests in equity-accounted investees comprise interests in associates and a joint venture.

Associates are those entities in which PEMEX has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which PEMEX has joint control, whereby PEMEX has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities (joint operation).

Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include PEMEX’s share of the profit or loss and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases. Upon loss of significant influence over the associate or joint control over the joint venture, PEMEX measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.

When the value of the share of losses exceeds the value of PEMEX’s investment in an associate or joint venture, the carrying value of the investment, including any long-term investment, is reduced to zero and PEMEX ceases to recognize additional losses, except in cases where PEMEX is liable for obligations incurred by those associates and joint ventures.

vi. Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the PEMEX interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

B. Foreign currency

i. Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of PEMEX companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Foreign currency differences are generally recognized in consolidated statements of comprehensive income and presented within foreign exchange.

ii. Foreign operation

The financial statements of foreign subsidiaries and associates are translated into the reporting currency by first identifying if the functional currency is different from the currency for recording the foreign operations, and, if so, the recording currency is translated into the functional currency and then into the reporting currency using the year-end exchange rate of each period for assets and liabilities reported in the consolidated statements of financial position; the historical exchange rate at the date of the transaction for equity items; and the exchange rate at the date of the transaction for income and expenses reported in the consolidated statement of comprehensive income.

Foreign currency differences are recognized in OCI and accumulated in the currency translation effect, except to the extent that the translation difference is allocated to NCI.

When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to the consolidated statement of comprehensive income as part of the gain or loss on disposal. If PEMEX disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When PEMEX disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

C. Financial instruments

i. Recognition and initial measurement

Financial assets and liabilities are initially recognized when these assets are contractually originated or acquired, or when these liabilities are contractually issued or assumed.

Financial assets and financial liabilities (unless it is an account receivable or account payable without a significant financing component) are measured and initially recognized at fair value, in the case of financial assets or liabilities not measured at fair value with changes through OCI, plus the transaction costs directly attributable to acquisition or issuance, when subsequently measured at amortized cost. An account receivable or account payable without a significant financing component is initially measured at the transaction price. If PEMEX determines that the fair value at the initial recognition differs from the transaction price, PEMEX shall recognize the difference between the fair value at initial the recognition and the transaction price in the consolidated statements of comprehensive income.

ii. Classification and subsequent measurement

Financial Assets

On initial recognition, a financial asset is classified as measured at: Amortized Cost; Fair Value Through Other Comprehensive Income (“FVTOCI”)–debt investment; FVTOCI–equity investment; or Fair Value Through Profit or Loss (“FVTPL”).

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Financial assets are not reclassified subsequent to their initial recognition unless PEMEX changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.


FINANCIAL ASSETS						MEASUREMENT
Amortized cost						A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model that has the objective of holding assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt investment						A debt instrument is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model that has the objective of both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Equity investment						On initial recognition of an equity investment that is not held for trading, PEMEX may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVTOCI (as described above) are measured at FVTPL. This includes all derivative financial assets (see Note 18). On initial recognition, PEMEX may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets: Business model assessment

PEMEX assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes:

•the stated policies and objectives for the portfolio and the operation of those policies in practice, which include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;

•how the performance of the portfolio is evaluated and reported to PEMEX management;

•the risk that affects the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

•how managers of the business are compensated (e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and

•the frequency, volume and timing of sales in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with PEMEX’s continuing recognition of the assets.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Financial assets that are held for trading or managed and the performance of which is evaluated on a fair value basis are measured at FVTPL.

Financial Asset: Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, principal is defined as the fair value of the financial assets on initial recognition. Interest is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during the relevant period of time and for the basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, PEMEX considers the contractual terms of the instrument, which includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, PEMEX considers:

•contingent events that would change the amount or timing of cash flows;

•terms that may adjust the contractual coupon rate, including variable rate features;

•prepayment and extension features; and

•terms that limit PEMEX’s claim to cash flows from specified assets (for example, non-recourse features).

A prepayment feature is consistent solely with the payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

Financial assets: Subsequent measurement and gain and losses


Financial assets at FVTPL						Financial assets at FVTPL are measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss.

Financial assets at amortized cost						These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

Debt investments at FVOCI						These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

Equity investments at FVOCI						These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

Financial liabilities: Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

iii. Derecognition

Financial assets

PEMEX derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which PEMEX neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

PEMEX enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

Financial liabilities

PEMEX derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. PEMEX also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

iv. Offsetting

Financial assets and financial liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, PEMEX has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

v. Derivative financial instruments and hedge accounting

PEMEX uses DFIs to hedge the risk exposure in foreign currency, interest rate and the price of commodities related to its products. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

These contracts are not accounted as designated hedging instruments. DFIs are accounted for as financial assets when the fair value is positive and as a financial liability when the fair value is negative.

vi. Impairment

Financial instruments and contract assets

PEMEX recognizes loss allowances for Estimated Credit Losses (“ECLs”) on:

•financial assets measured at amortized cost;

•debt investments measured at FVOCI; and

•contract assets.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

PEMEX measures loss allowances at an amount equal to lifetime ECL, except for the following, which are measured as 12-month ECLs:

•debt securities that are determined to have low credit risk at the reporting date; and

•other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

PEMEX considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to PEMEX in full, without recourse by PEMEX to actions such as guarantee redemption (if any is held). PEMEX considers that a debt instrument has a low credit risk when its credit rating is classified as “investment grade.”

The investment grade classification is based on minimum credit ratings of Baa3 (Moody’s) and BBB- (S&P and Fitch), as well as its equivalent in other rating agencies.

Lifetime ECLs are the credit losses that result from all possible default events over the expected life of a financial instrument.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).

The maximum period considered when estimating ECLs is the maximum contractual period over which PEMEX is exposed to credit risk.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (for example, the difference between the cash flows due to the entity in accordance with the contract and the cash flows that PEMEX expects to receive).

ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, PEMEX assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

•significant financial difficulty of the borrower or issuer;

•a breach of contract such as a default or being more than 90 days past due;

•the restructuring of a loan or advance by PEMEX on terms that it would not consider otherwise;

•it is probable that the borrower will enter bankruptcy or other financial reorganization; or

•the disappearance of an active market for a security because of financial difficulties.

Presentation of allowance for ECL in the statement of financial position

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Write-off

The gross carrying amount of a financial asset is written off when PEMEX has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. In the case of individual customers, PEMEX’s policy is to cancel the gross carrying amount when the financial asset has met the uncollectibility report as established in the Políticas Generales y Procedimientos para Cancelar Adeudos (Procedure to Write-Off Financial Assets). For corporate customers, PEMEX individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the PEMEX’s procedures for recovery of amounts due.

D. Inventories and cost of sales

Inventories are valued at the lower of cost or net realizable value. Cost is determined based on the cost of production or acquisition of inventory and other costs incurred in transporting such inventory to its present location and in its present condition, using the average cost method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated selling costs. The estimate takes into consideration, among other things, the decrease in the value of inventories due to obsolescence.

Cost of sales represents the cost of production or acquisition of inventories at the time of sale, increased, where appropriate, by declines in net realizable value of inventories during the year.

Advance payment to suppliers for inventory purchases are recognized as part of inventory when the risks and benefits of the ownership of the inventory have been transferred to PEMEX.

E. Wells, pipelines, properties, plant and equipment

i. Recognition and measurement

Items of wells, pipelines, properties, plant and equipment are recorded at acquisition or construction cost, which includes capitalized borrowing cost, less accumulated depreciation and accumulated impairment losses.

Initial costs of wells, pipelines, properties, plant and equipment are initially recorded at cost, which includes their original purchase price or construction cost, any costs attributable to bringing the assets to a working condition for their intended use and the costs of dismantling and removing the items and restoring the site on which they are located, including the estimated cost of plugging and abandoning wells.

The cost of financing projects that require large investments and financing incurred for projects, net of interest revenues from the temporary investment of these funds, is recognized as part of wells, pipelines, properties, plant and equipment when the cost is directly attributable to the construction or acquisition of a qualifying asset. The capitalization of these costs is suspended during periods in which the development of construction is interrupted, and its capitalization ends when the activities necessary for the use of the qualifying asset are substantially completed. All other financing costs are recognized in the consolidated statements of comprehensive income in the period in which they are incurred.

The cost of self-constructed assets includes the cost of materials and direct labor, interest on financing and any other costs directly attributable to start up. In some cases, the cost also includes costs of plugging of wells and removal at present value.

Expenditures related to the construction of wells, pipelines, properties, plant and equipment during the stage prior to commissioning are stated at cost as intangible assets or construction in progress, in accordance with the characteristics of the asset. Once the assets are ready for use, they are transferred to the respective component of wells, pipelines, properties, plant and equipment and depreciation or amortization begins.

If significant parts of an item of wells, pipelines, properties, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Any gain or loss on disposal of an item of wells, pipelines, properties, plant and equipment is recognized in profit or loss.

Advance payments for the acquisition of pipelines, properties, plant and equipment are also recognized in the line item of wells, pipelines, properties, plant and equipment when the risks and benefits of the ownership have been transferred to PEMEX.

ii. Subsequent expenditure

The costs of major maintenance or replacement of a significant component of an item of wells, pipelines, properties, plant and equipment are recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to PEMEX and its cost can be measured reliably. The costs of recurring maintenance, repairs and renovations of wells, pipelines, properties, plant and equipment carried out to maintain the facilities in normal operation conditions are recognized in profit or loss as incurred.

iii. Depreciation

Depreciation and amortization of capitalized costs in wells are determined based on the estimated economic life of the field to which the wells belong, considering the relationship between the production of barrels of oil equivalent for the period and proved developed reserves of the field, as of the beginning of the period, with quarterly updates for new development investments.

Depreciation of other elements of pipelines, properties, plant and equipment is recognized in profit or loss on a straight-line basis over the estimated useful life of the asset, beginning as of the date that the asset is available for use, or in the case of construction, from the date that the asset is completed and ready for use.

The estimated useful lives of wells, pipelines, properties, plant and equipment for current and comparative periods are described in Note 12. Estimated useful lives of items of properties, plant and equipment are reviewed and updated prospectively if expectations differ from previous estimates.

F. Intangible assets and oil and natural gas exploration and license, appraisal and development expenditure

i. Intangible assets

Intangible assets acquired separately are measured at initial recognition at their acquisition cost. After the initial recognition, intangible assets are valued at their acquisition cost, less: (i) accumulated amortization, under the straight-line method during the estimated useful life of the intangible asset and (ii) accumulated impairment losses.

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognized in profit or loss as incurred.

Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss.

Software licenses are amortized over the lesser of their contract period or the remaining life of the asset to which they are associated.

The estimated useful lives of elements of intangible assets for current and comparative periods are described in Note 13.

The estimated useful lives and residual values of intangible assets are reviewed at each reporting date and adjusted if appropriate.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

ii. Wells not assigned to a reserve, oil and natural gas exploration, appraisal and development expenditure

a.Wells not assigned to a reserve

Wells not assigned to a reserve mainly include drilling, evaluation and development costs for oil and natural gas, and rights-of-way.

b.Oil and natural gas exploration, appraisal and development expenditures

Oil and natural gas exploration, evaluation and development expenses are accounted for using the principles of the successful efforts method of accounting, as described below:

Successful Efforts Method

Exploration and Extraction segment applies IFRS 6 - Exploration and Evaluation of Mineral Resources, which allows an entity to develop an accounting policy for exploration and evaluation assets. Therefore, the Exploration and Extraction segment uses the method of successful efforts, which requires a cause-and-effect relationship between the costs incurred and the recognition of specific reserves. Generally, if a cost is incurred without an identifiable future benefit, it is charged to expenses.

Before PEMEX is able to determine the accounting treatment of a cost, it must be classified as a property acquisition, exploration, development or production cost.

Exploration and appraisal expenditure

Geological and geophysical exploration costs including topographic costs, geological studies, property access rights, remuneration and expenses of geologists and geophysicists are charged to expenses as incurred.

Costs directly associated with an exploration well, other than the costs mentioned in the preceding paragraph, are initially capitalized as an intangible asset (wells not assigned to a reserve) until the drilling of the well is complete and the results have been evaluated. These costs include employee compensation, materials and fuel used, platform costs and payments made to contractors.

If potentially commercial quantities of hydrocarbons are not found, the exploration well costs are written off against profit or loss. If hydrocarbons are found and, subject to additional assessment activity, are likely to be capable of commercial development, the costs continue to be carried as an asset. If it is determined that development will not occur, then the costs are expensed against profit or loss.

Costs directly associated with the evaluation activity performed to determine the size, characteristics and commercial potential of a reserve after the initial hydrocarbon discovery, including the costs of evaluation of wells where no hydrocarbons were found, are initially capitalized as an intangible asset (wells not assigned to a reserve). When proved reserves of oil and natural gas are determined and development is approved by management, the relevant expenditure is transferred to wells, pipelines, properties, plant and equipment.

Exploration wells more than 12 months old are recognized as an expense unless: (a)(i) they are in an area requiring major capital expenditure before production can begin, (ii) commercially productive quantities of reserves have been found, and (iii) they are subject to further exploration or appraisal activity, in that, either drilling or additional exploration wells are underway or firmly planned for the near future or (b) proved reserves are viable within 12 months of completion of the exploratory drilling.

Development expenditure

Expenditure on the construction, installation and completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells, including service and unsuccessful development or delineation wells, is capitalized within

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

wells, pipelines, properties, plant and equipment and is depreciated from the commencement of production as described in the accounting policy for wells, pipelines, properties, plant and equipment.

Exploration

Exploration includes all expenses related to the search for oil and / or gas reserves, including depreciation and applicable costs of supporting equipment and facilities, and the costs of drilling exploratory wells and exploratory stratigraphic wells. Some exploration costs are charged directly to expenses when they occur, such as the costs of maintaining unexploited properties, since such costs do not increase the possibilities that said lands contain proven reserves. The costs of geologists, topographers and geophysicists, including wages and other related expenses, are also charged directly to expenses when they occur because they do not represent the acquisition of an identifiable asset since these studies represent research expenses.

All costs for drilling exploratory wells are capitalized and classified as wells, pipelines, property, plant and equipment, not associated with a reserve, until it is determined whether or not a well has proven reserves. Once the exploratory wells are completed, the future treatment of these costs is determined.

Development

Development costs are associated with previously discovered proven reserves, with previously known future benefits. Therefore, all costs incurred in development activities must be capitalized.

Development includes all costs incurred in creating a system of productive wells, related equipment, and facilities in proven reserves so that oil and / or gas can be extracted. Developmental costs are related to specific proven reserves. The cost of building roads to gain access to proven reserves is a development cost, as is the cost of providing facilities for the extraction, treatment, collection and storage of oil and / or gas. Developmental costs also include depreciation and operating costs of equipment and facilities used in developmental activities. Likewise, non-productive development wells are capitalized, since they are considered as a cost of creating the total production system for proven reserves.

Production

Production includes the costs incurred to raise oil and / or gas to the surface, its collection, treatment, processing and field storage.

The production function ends in the storage tank of the production field or, in exceptional circumstances, at the first point of delivery of the oil and / or gas to the main line, refinery, marine terminal or common transport.

G. Crude oil and natural gas reserves

Under Mexican law, all crude oil and other hydrocarbon reserves located in the subsoil of Mexico are owned by the Mexican nation and not by PEMEX. In accordance with the aforementioned and based on the applicable regulation as of the date of these consolidated financial statements, the reserves assigned to PEMEX by the Mexican Government are not registered for accounting purposes because they are not PEMEX’s property. PEMEX estimates total proved oil and natural gas reserve volumes in accordance with the definitions, methods and procedures established in Rule 4-10(a) of Regulation S-X (“Rule 4-10(a)”) of the U.S. Securities and Exchange Commission (“SEC”), as amended, and where necessary, in accordance with the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers (the “SPE”) as of February 19, 2007. These procedures are consistent with international reserves reporting practice.

The estimation of these reserves depends on assumptions made and the interpretation of the data available and may vary among analysts. The results of drilling activities, test wells and production after the date of estimation are utilized in future revisions of reserves estimates.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Although PEMEX does not own the oil and other hydrocarbon reserves within Mexico, these procedures allow PEMEX to record the effects that such oil and other hydrocarbon reserves have on its consolidated financial statements, including, for example, in the depreciation and amortization line item.

H. Impairment of non-financial assets

The carrying amounts of PEMEX’s non-financial assets, other than inventories and deferred taxes, are assessed for indicators of impairment at the end of each reporting period. If the net carrying value of the asset or its cash-generating unit exceeds the recoverable amount, PEMEX records an impairment charge in profit or loss.

A cash-generating unit is the smallest identifiable group of assets which can generate cash flows independently from other assets or groups of assets.

The recoverable amount of an asset or a Cash-Generating Unit (“CGU”) is defined as the higher of its fair value minus the costs of disposal and its value in use. The value in use is the discounted present value of the net future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. In measuring value in use, the discount rate applied is the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value is calculated using discounted cash flows determined by the assumptions that market participants would apply in order to estimate the price of an asset or CGU, assuming that such participants were acting in their best economic interest.

In the case of cash-generating assets or items dedicated to the exploration and evaluation of hydrocarbons reserves, the recoverable amount is determined using the value in use based on the proved reserves and probable reserves, in some cases, for the risk factor associated with such reserves.

Both impairment losses and reversals are recognized in the statement of comprehensive income in the costs and expenses line items in which the depreciation and amortization are recognized. Impairment losses may not be presented as part of the costs that have been capitalized in the value of any asset. Impairment losses related to inventories are recognized as part of cost of sales. Impairment losses on investments in associates, joint ventures and other investments are recognized as profit (loss) sharing in associates.

An impairment loss shall be reversed if there has been a change in the estimates used since the date when the impairment loss was recognized. These reversals will not exceed the carrying value of the asset as though no impairment had been recognized. Impairment losses and reversals are presented in a separate line item in the consolidated statement of comprehensive income.

I. Leases

At the inception of a contract, PEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

i. As a lessee

At commencement or on modification of a contract that contains a lease component, PEMEX allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, PEMEX has elected for some leases not to separate non-lease components and to account for the lease and non-lease components as a single lease component.

PEMEX recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The right-of-use asset is subsequently depreciated using the lesser of the straight-line method and the hours of use method, from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to PEMEX by the end of the lease term or the cost of the right-of-use asset reflects that PEMEX will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Useful lives are shown in Note 16.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, PEMEX’s incremental borrowing rate. Generally, PEMEX uses its incremental borrowing rate as the discount rate.

PEMEX determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprise the following:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that PEMEX is reasonably certain to exercise, lease payments in an optional renewal period if PEMEX is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless PEMEX is reasonably certain not to terminate early.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in PEMEX’s estimate of the amount expected to be payable under a residual value guarantee, if PEMEX changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

PEMEX presents separately the right-of-use assets and lease liabilities in the statement of financial position.

Short-term leases and leases of low-value assets

PEMEX has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. PEMEX recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

ii. As a lessor

At inception or upon modification of a contract that contains a lease component, PEMEX allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

When PEMEX acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

To classify each lease, PEMEX makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, PEMEX considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

If an arrangement contains lease and non-lease components, then PEMEX applies IFRS 15 to allocate the consideration in the contract.

PEMEX applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. Further, PEMEX regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.

PEMEX recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of “other revenue.”

J. Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

PEMEX recognizes provisions when, as a result of a past event, PEMEX has incurred a legal or assumed present obligation for which a future disbursement is probable and the value of such disbursement is reasonably estimable. In certain cases, such amounts are recorded at their present value.

Increases in ongoing legal expense liabilities are recognized in the Consolidated Statement of Comprehensive Income in the “Other expenses” line item.

Environmental liabilities

In accordance with applicable legal requirements and accounting practices, an environmental liability is recognized when the cash outflows are probable and the amount is reasonably estimable. Disbursements related to the conservation of the environment that are linked to revenue from current or future operations are accounted as expenses or assets, depending on the circumstances of each disbursement. Disbursements related to past operations, which no longer contribute to current or future revenues, are accounted for as current period expenses.

The accrual of a liability for a future disbursement occurs when an obligation related to environmental remediation, for which PEMEX has the information necessary to determine a reasonable estimated cost, is identified. Increases in environmental liabilities are recognized in the Consolidated Statement of Comprehensive Income in the “Cost of sales” line item.

Retirement of assets

The obligations associated with the future retirement of assets, including those related to the retirement of wells, pipelines, properties, plant and equipment and their components are recognized at the date that the retirement obligation is incurred, based on the discounted cash flow method. The determination of the fair value is based on existing technology and regulations. If a reliable estimation of fair value cannot be made at the time the obligation is incurred, the accrual will be recognized when there is sufficient information to estimate the fair value.

The obligations related to the costs of future retirement of assets associated with the principal refining processes for gas and petrochemicals are not recognized. These assets are considered to have an indefinite useful life due to the potential for maintenance and repairs.

The abandonment costs related to wells currently in production and wells temporarily closed are recorded in the statement of comprehensive income based on the units of production method. Total cost of abandonment and plugging for non-producing wells is recognized in the statement of comprehensive income at the end of each period. All estimations are based on the useful lives of the wells, considering their discounted present value. Salvage values are not considered, as these values commonly have not traditionally existed. Increases in retirement of assets liabilities are recognized as part of the cost of completed wells in fixed assets.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

K. Employee benefits

i. Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if PEMEX has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

ii. Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.

iii. Defined benefit plan

PEMEX’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for PEMEX, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

New remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. PEMEX determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset) at such time, considering any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. PEMEX recognizes gains and losses from the settlement of a defined benefit plan when the settlement occurs.

iv. Other long-term employee benefits

PEMEX’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. New remeasurements are recognized in profit or loss in the period in which they arise.

v. Termination benefits

Termination benefits are expensed at the earlier of when PEMEX can no longer withdraw its offer of those benefits and when PEMEX recognizes costs for a restructuring. If benefits are not expected to be settled in full within 12 months of the reporting date, then they are discounted.

L. Income taxes, duties and royalties

Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

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Notes to the consolidated financial statements

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The interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and are therefore accounted for under IAS 37 “Provisions, Contingent Liabilities and Contingent Assets.”

i. Current income tax

Current income tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.

Current tax assets and liabilities are offset only if certain criteria are met.

ii. Deferred income tax

Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for:

•temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;

•temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that PEMEX is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

•taxable temporary differences arising from the initial recognition of goodwill.

Temporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for the purpose of recognizing deferred tax.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans of PEMEX. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Such reductions are reversed when the probability of future taxable profits improves.

Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which PEMEX expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if certain criteria are met.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

iii. Duties, royalties and considerations

Duties

Until December 31, 2024, PEMEX was subject to taxes and special duties, which were based on the value of hydrocarbons extracted, with certain deductions. Such taxes and duties were recognized in accordance with IAS 12, Income Taxes (IAS 12), when they met the definition of income taxes. This occurs when such taxes and duties are set by a governmental authority and are determined based on a formula that considers net income (or hydrocarbon extraction measured at a sales price) after deducting allowable expenses. Accordingly, current income tax and deferred income tax were recognized in accordance with IAS 12.

Taxes and duties that do not meet the definition of income taxes under IAS 12 are recognized as costs or expenses, according to their nature. This includes the Derecho Petrolero para el Bienestar (Welfare Oil Duty), which became effective as of January 1, 2025 (see Note 21).

Royalties and considerations

Royalties and considerations are payable pursuant to license agreements. These royalties are recognized as liabilities and affect the items of costs and expenses related to the operations that gave rise to them.

M. Contingencies

Contingency losses are recorded when it is probable that a liability has been incurred and the amount thereof can be reasonably estimated. When a reasonable estimation cannot be made, qualitative disclosure is provided in the notes to the consolidated financial statements. Contingent assets are not recognized until realization is assured.

N. Government grants (Revenues from FONADIN)

Government grants related to assets are initially recognized as deferred income at fair value if there is reasonable assurance that they will be received and PEMEX will comply with the conditions associated with the grant. Grants related to the acquisition of assets are recognized in profit or loss as other income on a systematic basis over the useful life of the asset.

Grants that compensate expenses incurred are recognized in profit or loss as other income on a systematic basis in the periods in which the expenses are recognized, unless the conditions for receiving the grant are met after the related expenses have been recognized. In this case, the grant is recognized when it becomes receivable.

O. Fair value

‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which PEMEX has access at that date. The fair value of a liability reflects its non-performance risk.

A number of PEMEX accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities (see Note 8).

When one is available, PEMEX measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

If there is no quoted price in an active market, then PEMEX uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

If an asset or a liability measured at fair value has a bid price and an ask price, then PEMEX measures assets and long positions at the bid price and liabilities and short positions at the ask price.

The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price (i.e., the fair value of the consideration given or received in a third-party transaction). If PEMEX determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is fully supported by observable market data or the transaction is closed out.

P. Revenue from contracts with customers

Revenue is measured based on the consideration specified in a contract with a customer. PEMEX recognizes revenue when it transfers control over a good or service to a customer. The transaction price is established at the time of sale, including the estimate of the variable consideration (see Note 7).

Q. Operating segments

Operating segments are identifiable components of PEMEX that pursue business activities from which PEMEX earns revenues and incurs expenses and for which information is available to management on a segmented basis and is assessed by the Board of Directors in order to allocate resources and assess the profitability of the segments.

R. Presentation of consolidated statements of comprehensive income

Revenues, costs and expenses shown in PEMEX’s consolidated statements of income are presented based on their function, which allows for a better understanding of the components of PEMEX’s operating income. This classification allows for a comparison to the industry to which PEMEX belongs.

i. Operating (loss) income

Operating (loss) income is the result generated from the continuing principal revenue-producing activities of PEMEX as well as other income and expenses related to operating activities. Operating (loss) income excludes net finance costs, profit sharing in associates and income taxes and duties.

Revenues

Represents revenues from the sale of products or services.

Cost of sales

Cost of sales represents the acquisition and production costs of inventories, (depreciation, amortization, salaries, wages and benefits, including a portion of the cost of the reserve for employee benefits and operating expenses related to the production process), production taxes and duties, impairment, exploration costs, non-operating costs, among others.

Other revenues and other expenses

Other revenues and other expenses consist primarily of income and expenses that are not related directly to the operation of PEMEX.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Distribution, transportation and sale expenses

Transportation, distribution and sale expenses are costs in connection with the storage, sale and delivery of products, such as the depreciation and operating expenses associated with these activities.

Administrative expenses

Administrative expenses are costs related to PEMEX’s areas that provide administrative support.

ii. Financing income and financing cost and derivative financial instruments income (cost), net

Financing income

Financing income is comprised of interest income, financial income and other income from financial operations.

Financing cost

Financing cost is comprised of interest expenses, commissions and other expenses related to PEMEX’s financing operations less any portion of the financing cost that is capitalized.

When calculating interest income and expenses, the effective interest rate is applied to the gross carrying amount of the asset (when the asset has no credit impairment), to the amortized cost of the liability or to the present value lease liabilities. However, for financial assets with credit impairment after initial recognition, interest income is calculated by applying the effective interest rate at the amortized cost of the financial asset. If the asset ceases to be impaired, the interest income calculation returns to the gross base.

Derivative financial instruments (cost) income, net

Includes the result of changes in the fair value of derivative financial instruments (see Note 18).

S. Incentive for automotive fuels

On March 4, 2022, the federal government issued a decree that established a tax incentive applicable to entities subject to the Impuesto Especial sobre Producción y Servicios (Special Tax on Production and Services). Pursuant to this stimulus, PEMEX can recover the difference between the international reference price of gasoline and the price at which the gasoline is traded in the domestic market. This stimulus is known as the “automotive incentive.”

The decree quantifies the automotive incentive based on the volume of fuel sold by applying a rate issued by the SHCP on a weekly basis. The decree also refers to the general rules issued by the SHCP that dictate the procedures to request the amount of the automotive incentive. The automotive incentive is measured based on the volume sold and the rates authorized in accordance with the decree and is recognized as income when the customer obtains control of the fuel when it is delivered to its facilities. At the same time, a revenue and an account receivable from the SHCP are recognized. The application for the automotive incentive is generally submitted during the first 17 days of the month following the month in which the automotive incentive was generated and is recovered during the 30 days following the application. The Industrial Processes segment (formerly Pemex Industrial Transformation, see Note 1) does not have any performance obligations to comply with in order to qualify for the automotive incentive, except for the sale of fuel to third parties, which is what gives rise to the incentive under the decree. Since fuel returns are not accepted, the automotive incentive does not require these considerations in its quantification.

Pursuant to the decree, the automotive incentive is not subject to the Impuesto sobre la Renta (Income Tax Law), and therefore it is considered non-cumulative income for the purposes of the Income Tax Law.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

T. Renewable fuels obligation

PEMEX is required to comply with the Renewable Fuel Standard implemented by the U.S. Environmental Protection Agency (“EPA”), which establishes annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into motor fuels consumed in the United States. PEMEX’s renewable fuels obligations are based on a percentage of domestic product shipments as established by the EPA. To comply with such requirements PEMEX is required to purchase Renewable Identification Numbers (“RINs”). To the extent PEMEX is unable to blend the required amount of biofuels to satisfy its RINs obligations, PEMEX must purchase RINs on the open market to avoid penalties and fines.

PEMEX recognizes RINs as intangible assets and are initially measured at their fair value, which is determined based on the market price of RINs traded on the platform at that date. Issuance of RINs purchased on the trading platform are measured at cost. After initial recognition, RINs are measured based at first-entry first-output method.

PEMEX recognizes an obligation to deliver RINs to the extent that it emits pollutants. PEMEX measures the liability based on the carrying value of the available RINs to the extent that the emissions are within the annual limit, and the present market value of the certificates to the extent that additional certificates are required to settle the obligation. The liability is presented as a provision and is terminated when RINs are delivered to the U.S. Government.

NOTE 4. NEW ACCOUNTING STANDARD AND RECENTLY ISSUED ACCOUNTING STANDARDS

New Accounting Standard

•Lack of Exchangeability (Amendments to IAS 21)

For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. The amendments did not have a material impact on PEMEX’s financial statements.

Recently Issued Accounting Standards

A number of new standards are effective for annual periods beginning on or after January 1, 2026 and earlier application is permitted; however, PEMEX has not early adopted the new or amended standards in preparing these consolidated financial statements.

i. Presentation and Disclosure in Financial Statements (IFRS 18). PEMEX is in the process of assessing the impact of IFRS 18 to meet the new presentation and disclosure requirements.

ii. Other accounting standards

The following new and amended accounting standards are not expected to have a significant impact on PEMEX’s consolidated financial statements.

•Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

•Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).

•Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7).

NOTE 5. SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES

The subsidiary entities Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics were dissolved in accordance with the New Organic Statute that came into effect on June 1, 2025.

As of December 31, 2024, the Subsidiary Entities consolidated in these financial statements include Pemex

Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

As of December 31, 2025 and 2024, the consolidated Subsidiary Companies are as follows:

•P.M.I. Trading, DAC. (“PMI Trading”) (i)(iii)(vii)

•P.M.I. Holdings Petróleos España, S.L.U. (“HPE”) (i)(iii)(v)

•P.M.I. Services North America, Inc. (“PMI SUS”) (i)(iii)(vi)

•P.M.I. Norteamérica, S.A. de C.V. (“PMI NASA”) (i)(iii)(iv)

•P.M.I. Comercio Internacional, S.A. de C.V. (“PMI CIM”) (i)(ii)(iv)

•PMI Campos Maduros SANMA, S. de R.L. de C.V. (“SANMA”) (iii)(iv)(xiii)

•Pro-Agroindustria, S.A. de C.V. (“AGRO”) (iii)(iv)

•PTI Infraestructura de Desarrollo, S.A. de C.V. (“PTI ID”) (iii)(iv)

•P.M.I. Servicios Portuarios Transoceánico, S.A. de C.V. (“PMI SP”) (iii)(iv)

•Pemex Procurement International, Inc. (“PPI”) (iii)(vi)

•Pemex Finance Limited (“FIN”) (iii)(ix)(xii)

•Mex Gas Internacional, S.L. (“MGAS”) (iii)(iv)

•Pemex Desarrollo e Inversión de Proyectos, S.A. de C.V. (“PDII”) (iii)(iv)

•IKAL Insurance Company, AG. (“KOT”) (iii)(viii)(xiv)

•PPQ Cadena Productiva, S.L.U. (“PPQCP”) (iii)(v)(xi)

•I.I.I. Servicios, S.A. de C.V. (“III Servicios”) (iii)(iv)

•PMI Ducto de Juárez, S. de R.L. de C.V. (“PMI DJ”) (i)(iii)(iv)

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•PMX Fertilizantes Holding, S.A. de C.V. (“PMX FH”) (iii)(iv)

•PMX Fertilizantes Pacífico, S.A. de C.V. (“PMX FP”) (iii)(iv)

•Grupo Fertinal, S.A. de C.V. (“GP FER”) (iii)(iv)

•Compañía Mexicana de Exploraciones, S.A. de C.V. (“COMESA”) (ii)(iv)(xi)

•P.M.I. Trading México, S.A. de C.V. (“TRDMX”) (i)(iii)(iv)

•Holdings Holanda Services, B.V. (“HHS”) (iii)(x)

•Deer Park Refining Limited Partnership (“Deer Park” or “DPRLP”) (i)(iii)(vi)

•Gasolinas Bienestar, S.A. de C.V. (“GASOB”) (iii)(iv)

(i)Member Company of the “PMI Subsidiaries”.

(ii)Non-controlling interest company (98.33% in PMI CIM and 60.00% in COMESA).

(iii)Petróleos Mexicanos owns 100.00% of the interests in this Subsidiary Company.

(iv)Operates in Mexico.

(v)Operates in Spain.

(vi)Operates in the United States of America.

(vii)Operates in Ireland.

(viii)Operates in Switzerland.

(ix)Operates in the Cayman Islands.

(x)Operates in the Netherlands.

(xi)This company is in process of liquidation.

(xii)This company was liquidated on September 2, 2024.

(xiii)This company was liquidated on December 3, 2024.

(xiv)Formerly KOT Insurance Company, AG. until August 31, 2025.

NOTE 6. SEGMENT FINANCIAL INFORMATION

PEMEX’s primary business is the exploration and extraction of crude oil and natural gas, as well as the production, processing, marketing and distribution of petroleum and petrochemical products. As of December 31, 2024 PEMEX’s operations were conducted through seven business segments:

•Exploration and Production;

•Industrial Transformation;

•Logistics;

•Deer Park;

•the Trading Companies;

•Corporate; and

•Other Operating Subsidiary Companies.

Following the dissolution of the subsidiary entities on March 19, 2025 and pursuant to the New Organic Statute, as of June 1,

2025, PEMEX’s operations are now conducted through six segments:

•Exploration and Extraction;

•Industrial Processes;

•Energy Transformation;

•Deer Park;

•the Trading Companies; and

•Other Operating Subsidiary Companies.

The primary sources of revenue for PEMEX’s business segments are as described below:

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•The Exploration and Extraction segment (formerly Exploration and Production) earns revenues from domestic sales of crude oil and natural gas, and from exporting crude oil through certain of the Trading Companies. Crude oil export sales are made through the agent subsidiary company PMI CIM, to 14 major customers in various foreign markets. Approximately half of PEMEX’s crude oil is transferred to the Industrial Processes segment. Additionally, it receives income from drilling services, and servicing and repairing wells.

•The Industrial Processes segment (formerly Industrial Transformation) earns revenues from sales of refined petroleum products and derivatives, mainly to third parties within the domestic market. This segment also sells a significant portion of the fuel oil it produces to the Comisión Federal de Electricidad (Federal Electricity Commission, or “CFE”) and a significant portion of jet fuel produced to the Aeropuertos y Servicios Auxiliares (Airports and Auxiliary Services Agency or " ASA "). The refining segment’s most important products are different types of gasoline and diesel.

•The Energy Transformation segment (previously included in the Industrial Transformation segment) earns revenues from domestic sources generated by sales of natural gas, liquefied petroleum gas, naphtha, butane and ethane and certain other petrochemicals such as methane derivatives, ethane derivatives, aromatics, ammonia, fertilizers and its derivatives.

•The Deer Park segment includes DPRLP’s operations, generates revenues from sales of distillates and gasoline in the U.S. market.

•The Trading Companies segment, which consists of PMI CIM, PMI NASA, PMI Trading, MGAS and GASOB (the “Trading Companies”), earns revenues from trading crude oil, gas and petroleum and petrochemical products in international markets.

•The segment related to the Other Operating Subsidiary Companies provides transportation and storage of crude oil, petroleum products and petrochemicals, administrative, financing, consulting and logistical services, as well as economic, tax and legal advice and re-insurance services to PEMEX’s subsidiary companies with industrial activities. As of March 19, 2025 this segment includes the Logistics and Corporate activities, previously reported as separate segments.

•The Logistics segment (until March 18, 2025) earned income from transportation and storage of crude oil, petroleum products and petrochemicals, as well as related services, which it provides by employing pipelines and offshore and onshore resources, and from providing services related to the maintenance, handling, guarding and management of these products. As of March 19, 2025, this activity is included in the Other Operating Subsidiary Companies segment.

•The Corporate segment (until March 18, 2025) provided administrative, financing and consulting services to PEMEX’s subsidiary entities and companies. As of March 19, 2025, this activity is included in the Other Operating Subsidiary Companies segment.

The following tables present the condensed financial information of these segments, after elimination of unrealized intersegment gain (loss), and include only select line items. The columns before intersegment eliminations include unconsolidated figures. As a result, the line items presented below may not total. These reporting segments are those which PEMEX’s management evaluates in its analysis and on which it bases its decision-making. These reporting segments are presented in PEMEX’s reporting currency.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

For the year ended December 31, 2024, PEMEX presents the operating segments as they existed prior to the enactment of the 2025 Petróleos Mexicanos Law and the New Organic Statute, this information is not comparable to the 2025 amounts due to the unavailability to obtain these figures. For the year ended December 31, 2025, PEMEX presents the operating segments in accordance with PEMEX's new organizational structure under the New Organic Statute (see Note 1).


As of/for the twelve-month period ended December 31, 2025	Exploration and Extraction		Industrial Processes	Energy Transformation	DPRLP	Trading Companies	Other Operating Subsidiary Companies	Intersegment eliminations	Total
Sales:
Trade	Ps.	222,212,029	523,252,345	74,651,572	149,654,155	532,377,490	23,667,162	—	Ps.	1,525,814,753
Intersegment	112,646,990		303,932,801	14,743,972	18,374,148	411,951,040	92,821,864	(954,470,815)	—
Services income	17,886		115,007	—	—	1,548,383	1,019,697	—	2,700,973
(Impairment) reversal of impairment of wells, pipelines, properties, plant and equipment, net	12,597,956		(1,115,093)	3,467,927	—	163,986	(23,192,225)	—	(8,077,449)
Cost of sales	428,791,210		480,144,896	78,983,573	166,998,842	926,482,171	117,567,284	(938,447,010)	1,260,520,966
Transfer of good and services	(189,572,824)		171,820,585	46,734,997	—	—	(42,146,271)	13,163,513	—
Gross income (loss)	108,256,475		174,219,579	(32,855,099)	1,029,461	19,558,728	18,895,485	(29,187,318)	259,917,311
Distribution, transportation and sale expenses	5,013,653		5,125,468	8,789,931	—	114,103	180,092	(3,425,034)	15,798,213
Administrative expenses	40,048,635		38,904,212	11,344,256	1,999,755	3,872,651	108,518,840	(9,726,730)	194,961,619
Impairment losses on trade receivables from customers	—		(2,703,151)	(324,139)	—	(9,458,947)	(445,746)	—	(12,931,983)
Transfer of services	42,359,579		41,625,981	1,936,019	—	—	(69,946,315)	(15,975,264)	—
Other revenue	20,621,700		2,102,138	1,858,461	(136,560)	1,027,730	4,806,055	—	30,279,524
Other expenses	26,294,475		3,831,666	871,690	11,689	859,056	529,294	(87,630)	32,310,240
Operating income	15,161,833		84,131,239	(54,262,673)	(1,118,543)	6,281,701	(16,026,117)	27,340	34,194,780
Welfare oil duty	194,573,038		—	—	—	—	—	—	194,573,038
Operating (loss) income after Welfare oil duty	(179,411,205)		84,131,239	(54,262,673)	(1,118,543)	6,281,701	(16,026,117)	27,340	(160,378,258)
Financing income	27,049,980		359,102	26,946	867,248	1,279,687	172,320,133	(189,984,479)	11,918,617
Financing (cost)	146,118,971		23,355,651	1,795,732	125,753	5,982,349	162,559,310	(189,957,140)	149,980,626
Derivative financial instruments income (cost) , net	12,404,584		(4,255)	(319)	—	(239,159)	9,427,052	—	21,587,903
Foreign exchange income (loss), net	240,443,924		28,084,899	2,111,835	—	(447,612)	(75,010,648)	—	195,182,398
Profit (loss) sharing in associates	496,825		(1,106,997)	1,106,997	—	8,583,019	(10,102,351)	1,742,797	720,290
Total taxes and other	—		—	—	26,635	85,384	603,737	—	715,756
Net (loss) income	Ps.	(45,134,863)	88,108,337	(52,812,946)	(403,683)	9,389,903	(82,554,978)	1,742,798	Ps.	(81,665,432)
Total current assets	358,461,569		390,453,024	(2,875,722)	25,532,702	207,960,075	1,734,731,765	(2,212,027,373)	502,236,040
Total non-current assets	937,978,665		223,288,730	11,621,051	36,183,453	130,083,074	(46,660,527)	424,736,525	1,717,230,971
Total current liabilities	1,170,640,890		319,308,368	102,346,767	7,500,117	184,622,246	1,460,294,877	(2,211,936,205)	1,032,777,060
Total long-term liabilities	1,690,119,743		629,488,968	65,770,049	4,519,381	1,107,814	1,646,039,669	(944,549,503)	3,092,496,121
Total equity (deficit)	(1,564,320,399)		(335,055,582)	(159,371,487)	49,696,657	152,313,089	(1,418,263,308)	1,369,194,860	(1,905,806,170)
Depreciation and amortization of wells, pipelines, properties, plant and equipment	130,244,785		7,375,020	655,064	3,431,055	268,341	11,544,399	—	153,518,664
Depreciation of rights of use	294,582		3,022,437	708,023	643,904	892,053	651,173	—	6,212,172
Net periodic cost of employee benefits	45,232,212		49,552,069	11,794,206	—	40,117	51,322,824	—	157,941,428
Interest income (1)	131,938		367,611	—	330,426	737,941	8,251,895	—	9,819,811
Interest cost (2)	(3,159,156)		3,676,028	—	125,753	4,218,611	132,080,447	—	136,941,683

(1)Included in financing income.

(2)Included in financing cost.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


As of/for the twelve-month period ended December 31, 2024	Exploration and Production		Industrial Transformation	Logistics	DPRLP	Trading Companies	Corporate	Other Operating Subsidiary Companies	Intersegment eliminations	Total
Sales:
Trade	Ps.	347,550,312	628,918,718	—	165,980,709	506,782,844	—	20,284,544	—	Ps.	1,669,517,127
Intersegment	517,221,080		355,276,301	90,057,618	15,758,565	509,246,055	48,982,014	51,691,573	(1,588,233,206)	—
Services income	27,348		731,624	414,098	485	1,950,251	1,045	30,928	—	3,155,779
(Impairment) reversal of impairment of wells, pipelines, properties, plant and equipment, net	24,027,347		(78,049,865)	582,923	—	(37,985)	—	—	—	(53,477,580)
Cost of sales	533,614,774		1,119,899,412	76,270,963	181,283,153	1,007,097,423	1,249,656	61,132,730	(1,545,084,824)	1,435,463,287
Gross income (loss)	355,211,313		(213,022,634)	14,783,676	456,606	10,843,742	47,733,403	10,874,315	(43,148,382)	183,732,039
Distribution, transportation and sale expenses	641,499		9,130,174	—	—	31,101	7,859	41,210	(1,772,009)	8,079,834
Administrative expenses	47,302,354		54,975,089	17,799,642	1,841,704	3,528,532	86,635,110	8,532,279	(41,408,534)	179,206,176
Impairment losses on trade receivables from customers	—		866,405	(158,008)	—	(16,155,808)	—	8,853	—	(15,438,558)
Other revenue	8,599,117		5,427,426	828,787	18,921	679,985	983,270	2,010,503	—	18,548,009
Other expenses	4,794,173		9,283,729	483,210	498,188	65,887	77,670	337,412	5,083	15,545,352
Operating (loss) income	311,072,404		(280,117,795)	(2,828,397)	(1,864,365)	(8,257,601)	(38,003,966)	3,982,770	27,078	(15,989,872)
Financing income	81,442,953		915,653	19,927,846	1,177,512	1,296,321	226,654,666	2,087,505	(317,832,573)	15,669,883
Financing cost	171,319,838		57,706,799	378,866	245,442	7,868,834	236,220,806	2,966,859	(317,805,494)	158,901,950
Derivative financial instruments (cost) income, net	(25,445,169)		215,388	—	99,580	(664,381)	(1,799,648)	—	—	(27,594,230)
Foreign exchange (loss) income, net	(95,489,278)		(242,811,794)	(425,181)	—	(800,834)	39,427,764	(4,352,913)	—	(304,452,236)
Profit (loss) sharing in associates	360,996		(4,688,971)	943	—	(3,151,006)	(716,122,380)	(10,061,543)	734,623,610	961,649
Total duties, taxes and other	189,239,536		—	42,551,529	(1,827)	2,702,256	54,351,481	1,438,223	—	290,281,198
Net (loss) income	Ps.	(88,617,468)	(584,194,318)	(26,255,184)	(830,888)	(22,148,591)	(780,415,851)	(12,749,263)	734,623,609	Ps.	(780,587,954)
Total current assets	1,122,872,816		225,147,273	294,804,303	32,870,141	287,375,832	2,040,342,693	111,987,963	(3,675,846,301)	439,554,720
Total non-current assets	938,768,113		590,508,074	127,928,147	34,744,185	130,862,284	(171,049,739)	567,969,098	(450,532,299)	1,769,197,863
Total current liabilities	696,209,532		1,728,102,735	86,307,404	7,891,750	255,198,459	2,051,344,378	58,229,460	(3,675,760,337)	1,207,523,381
Total long-term liabilities	1,934,280,036		575,378,552	71,857,552	1,950,666	1,814,052	1,801,449,926	56,777,221	(1,458,503,067)	2,985,004,938
Total equity (deficit)	(568,848,639)		(1,487,825,940)	264,567,494	57,771,910	161,225,605	(1,983,501,350)	564,950,380	1,007,884,804	(1,983,775,736)
Depreciation and amortization of wells, pipelines, properties, plant and equipment	124,473,818		10,011,687	6,144,377	2,959,516	272,350	583,189	2,405,271	—	146,850,208
Depreciation of rights of use	313,825		3,224,322	374,922	604,758	720,984	573,733	217,650	—	6,030,194
Net periodic cost of employee benefits	41,263,714		57,475,722	10,682,640	—	25,675	36,622,124	64,180	48,557	146,182,612
Interest income (1)	174,334		561,859	22,641	313,481	497,110	8,786,413	1,609,679	—	11,965,517
Interest cost (2)	(3,921,496)		3,310,989	378,805	245,442	5,707,946	136,377,980	2,217,568	—	144,317,234

(1)Included in financing income.

(2)Included in financing cost.

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


For the year December 31, 2023	Exploration and Production		Industrial Transformation	Logistics	DPRLP	Trading Companies	Corporate	Other Operating Subsidiary Companies	Intersegment eliminations	Total
Sales:
Trade	Ps.	439,640,623	751,060,122	—	173,219,485	333,396,095	—	18,925,352	—	Ps.	1,716,241,677
Intersegment	460,698,652		283,789,335	96,564,079	12,949,407	604,815,421	96,619,612	55,447,803	(1,610,884,309)	—
Services income	30,725		321,260	1,380,704	251	1,908,488	856	53,657	—	3,695,941
(Impairment) of wells, pipelines, properties, plant and equipment, net	(2,353,077)		(25,568,713)	(612,906)	—	(191,786)	—	(71,036)	—	(28,797,518)
Cost of sales	492,999,594		1,148,635,601	84,973,463	173,140,717	922,943,882	1,269,012	66,504,967	(1,509,793,447)	1,380,673,789
Gross income (loss)	405,017,329		(139,033,597)	12,358,414	13,028,426	16,984,336	95,351,456	7,850,809	(101,090,862)	310,466,311
Distribution, transportation and sale expenses	705,144		22,473,849	45	—	141,909	59,298	56,008	(10,757,344)	12,678,909
Administrative expenses	78,844,955		62,852,084	22,085,461	1,650,684	3,435,669	83,534,109	7,995,431	(90,281,862)	170,116,531
Impairment losses on trade receivables from customers	—		(2,762,874)	(329,534)	—	(2,876)	(6)	(18,034)	—	(3,113,324)
Other revenue	2,953,135		9,149,545	932,509	44,657	698,967	758,097	1,099,045	—	15,635,955
Other expenses	10,101,486		5,666,808	590,957	24,893	145,621	987	766,407	(55,023)	17,242,136
Operating income (loss)	318,318,879		(223,639,667)	(9,715,074)	11,397,506	13,957,228	12,515,153	113,974	3,367	122,951,366
Financing income	61,784,027		1,835,968	18,720,533	853,723	640,628	152,838,231	1,727,347	(220,190,080)	18,210,377
Financing cost	126,967,447		25,908,568	387,557	161,067	5,561,753	210,105,849	3,265,856	(220,186,716)	152,171,381
Derivative financial instruments income (cost), net	7,314,615		570,701	—	—	(116,640)	(7,096,450)	—	—	672,226
Foreign exchange income (loss), net	111,796,250		132,739,126	221,212	—	105,319	(11,196,911)	4,414,046	—	238,079,042
Profit (loss) sharing in associates	35,221		37,688	28	—	18,149,561	68,641,910	17,074,729	(103,529,822)	409,315
Taxes, duties and other	218,982,795		—	1,539,042	122,806	1,914,357	(2,510,630)	(49,089)	—	219,999,281
Net income (loss)	Ps.	153,298,750	(114,364,752)	7,300,100	11,967,356	25,259,986	8,106,714	20,113,329	(103,529,819)	Ps.	8,151,664
Depreciation and amortization	115,208,527		11,087,095	5,999,033	2,259,734	285,737	565,065	2,150,085	—	137,555,276
Depreciation of rights of use	313,017		3,140,172	392,810	548,953	772,779	602,527	116,582	—	5,886,840
Net periodic cost of employee benefits	39,404,972		56,498,324	9,755,635	—	20,491	35,701,990	34,293	—	141,415,705
Interest income (1)	183,459		832,721	40,720	423,942	172,028	11,109,036	1,269,666	—	14,031,572
Interest cost (2)	(721,838)		3,351,937	387,052	161,067	4,509,516	130,686,827	2,606,129	—	140,980,690

(1)Included in financing income.

(2)Included in financing cost.

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Supplemental geographic information


	For the years ended December 31,
	2025		2024		2023
Revenues:
Domestic sales	Ps.	987,969,227	Ps.	977,651,655	Ps.	948,666,739
Incentive for automotive fuels (see Notes 3-S and 7-E)	—		—		23,421
Total domestic sales	987,969,227		977,651,655		948,690,160
Export sales:
United States	397,488,745		483,646,454		607,923,932
Canada, Central and South America	2,166,858		4,505,057		1,093,586
Europe	88,515,622		100,089,455		67,857,986
Other countries	49,674,301		103,624,506		90,676,013
Total export sales	537,845,526		691,865,472		767,551,517
Services income (1)	2,700,973		3,155,779		3,695,941
Total revenues	Ps.	1,528,515,726	Ps.	1,672,672,906	Ps.	1,719,937,618

(1)Services income for the years ended December 31, 2025, 2024 and 2023 represent approximately 99%, 99% and 99%, from domestic sales, respectively.

As of December 31, 2025 and 2024, PEMEX had Ps.31,825,023 and Ps.32,880,347, respectively, of significant long-lived assets outside of Mexico, related to the DPRLP segment.

Revenue by product


	For the years ended December 31,
	2025		2024		2023
Domestic sales:
Refined petroleum products and derivatives (primarily gasolines)	Ps.	892,419,183	Ps.	757,660,095	Ps.	855,627,607
Gas	75,413,138		58,885,596		67,445,129
Petrochemical products	20,136,906		161,105,964		25,617,424
Total domestic sales	Ps.	987,969,227	Ps.	977,651,655	Ps.	948,690,160
Export sales:
Crude oil	Ps.	228,901,894	Ps.	362,554,781	Ps.	449,141,116
Refined petroleum products and derivatives (primarily gasolines)	162,303,478		182,738,696		116,419,672
Gas	30,038,496		17,551,893		31,786,691
Petrochemical products	116,601,658		129,020,102		170,204,038
Total export sales	Ps.	537,845,526	Ps.	691,865,472	Ps.	767,551,517

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

NOTE 7. REVENUE

For the year ended December 31, 2025 revenue disaggregation is presented in accordance with the operating segments presentation in accordance with PEMEX's new organizational structure under the New Organic Statute (see Note 6):

A. Revenue disaggregation


For the year ended December 31,	Exploration and Extraction		Industrial Processes	Energy Transformation	DPRLP	Trading Companies	Other Operating Subsidiary Companies	Total
Geographical market
2025
United States	Ps.	118,323,954	—	—	149,654,155	126,306,523	3,204,112	Ps.	397,488,744
Other	35,171,421		—	—	—	16,343,594	326,144	51,841,159
Europe	68,629,087		—	—	—	19,886,536	—	88,515,623
Local	105,453		523,367,352	74,651,572	—	371,389,220	21,156,603	990,670,200
Total	Ps.	222,229,915	523,367,352	74,651,572	149,654,155	533,925,873	24,686,859	Ps.	1,528,515,726
Major products and services
2025
Crude oil	Ps.	222,124,461	—	—	—	6,777,433	—	Ps.	228,901,894
Gas	87,568		—	68,308,015	4,491,570	32,564,481	—	105,451,634
Refined petroleum products	—		523,252,345	6,343,557	32,973,805	492,134,809	18,145	1,054,722,661
Other	—		—	—	112,188,780	900,767	23,649,017	136,738,564
Services	17,886		115,007	—	—	1,548,383	1,019,697	2,700,973
Total	Ps.	222,229,915	523,367,352	74,651,572	149,654,155	533,925,873	24,686,859	Ps.	1,528,515,726
Timing of revenue recognition
2025
Products transferred at a point in time	Ps.	222,212,029	523,252,345	47,709,611	149,654,155	532,377,490	23,667,162	Ps.	1,498,872,792

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


Products and services transferred over the time	17,886		115,007	26,941,961	—	1,548,383	1,019,697	29,642,934
Total	Ps.	222,229,915	523,367,352	74,651,572	149,654,155	533,925,873	24,686,859	Ps.	1,528,515,726

For the years ended December 31, 2024 and 2023, revenue disaggregation is presented in accordance with the operating segments presentation as they existed prior to the enactment of the Petróleos Mexicanos Law and the New Organic Statute (see Note 6).


For the year ended December 31,	Exploration and Production		Industrial Transformation	Logistics	DPRLP	Trading Companies	Corporate	Other Operating Subsidiary Companies	Total
Geographical market
2024
United States	Ps.	183,779,007	—	—	165,981,194	130,733,248	—	3,153,491	Ps.	483,646,940
Other	79,624,344		—	—	—	27,891,306	—	613,913	108,129,563
Europe	84,022,478		—	—	—	16,066,976	—	—	100,089,454
Local	151,831		629,650,342	414,098	—	334,041,565	1,045	16,548,068	980,806,949
Total	Ps.	347,577,660	629,650,342	414,098	165,981,194	508,733,095	1,045	20,315,472	Ps.	1,672,672,906
2023
United States	Ps.	296,391,618	—	—	173,219,736	134,750,470	—	2,266,722	Ps.	606,628,546
Other	79,526,182		—	—	—	12,068,575	—	174,843	91,769,600
Europe	63,582,520		—	—	—	5,571,102	—	—	69,153,622
Local	171,028		751,357,961	1,380,704	—	182,914,436	856	16,537,444	952,362,429
Incentive for automotive fuels	—		23,421	—	—	—	—	—	23,421
Total	Ps.	439,671,348	751,381,382	1,380,704	173,219,736	335,304,583	856	18,979,009	Ps.	1,719,937,618
Major products and services
2024
Crude oil	Ps.	347,425,829	—	—	—	15,128,953	—	—	Ps.	362,554,782
Gas	124,483		61,672,499	—	—	18,016,287	—	—	79,813,269
Refined petroleum products	—		551,608,555	—	41,058,106	349,553,104	—	—	942,219,765
Other	—		15,637,664	—	124,922,603	124,084,500	—	20,284,544	284,929,311
Services	27,348		731,624	414,098	485	1,950,251	1,045	30,928	3,155,779
Total	Ps.	347,577,660	629,650,342	414,098	165,981,194	508,733,095	1,045	20,315,472	Ps.	1,672,672,906
2023
Crude oil	Ps.	439,500,320	—	—	—	9,640,797	—	—	Ps.	449,141,117
Gas	140,303		63,518,907	—	4,170,270	31,402,341	—	—	99,231,821
Refined petroleum products	—		678,384,156	—	1,350,729	292,288,972	—	—	972,023,857
Incentive for automotive fuels(1)	—		23,421	—	—	—	—	—	23,421
Other	—		9,133,638	—	167,698,486	63,985	—	18,925,352	195,821,461
Services	30,725		321,260	1,380,704	251	1,908,488	856	53,657	3,695,941
Total	Ps.	439,671,348	751,381,382	1,380,704	173,219,736	335,304,583	856	18,979,009	Ps.	1,719,937,618
Timing of revenue recognition
2024
Products transferred at a point in time	Ps.	347,550,312	613,694,202	414,098	165,980,709	506,782,844	—	20,284,543	Ps.	1,654,706,708
Products and services transferred over the time	27,348		15,956,140	—	485	1,950,251	1,045	30,929	17,966,198
Total	Ps.	347,577,660	629,650,342	414,098	165,981,194	508,733,095	1,045	20,315,472	Ps.	1,672,672,906
2023
Products transferred at a point in time	Ps.	439,640,623	727,928,413	1,380,704	173,219,486	333,396,095	—	18,925,352	Ps.	1,694,490,673
Products and services transferred over the time	30,725		23,452,969	—	250	1,908,488	856	53,657	25,446,945
Total	Ps.	439,671,348	751,381,382	1,380,704	173,219,736	335,304,583	856	18,979,009	Ps.	1,719,937,618

(1)For more information on the incentive for automotive fuels, see Note 3-S and Note 7-E below.

Nature, performance obligations and timing of revenue recognition-

Revenue is measured based on the consideration specified in a contract with a customer. PEMEX recognizes revenue when it transfers control over a good or service to a customer.

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue.

Products / services

Nature, performance obligations

Timing of revenue recognition

Crude oil sales

Export sales of crude oil are based on delivery terms established in contracts or orders. All sales are performed by the Free on Board International commercial term (“FOB” Incoterm).

Crude oil sale contracts consider possible customers’ claims due to product quality, volume or delays in boarding, which are estimated in the price of the transaction. For orders that have variations in price, revenue is adjusted on the closing date of each period. The subsequent variations in the fair value at the different reporting dates are recognized according to IFRS 9.

The price of the product is determined based on a market components formula and the sale of crude oil.

Revenue is recognized at a point in time when control of the crude oil has transferred to the customer, which occurs when the product is delivered at the point of shipping. Invoices are generated at that time and are mostly payable within the deadlines established in contracts or orders. Payments in respect of crude oil sold and delivered shall be made within 30 days after the date of the bill of lading therefor.

For international market crude oil sales, revenue is recognized with a provisional price, which undergoes subsequent adjustments until the product has arrived at the port of destination. There may be a period of up to two months in determining the final sale price, such as in the case of sales to some regions.

Revenue is measured initially estimating variables such as quality and volume claims, delays in boarding, etc.

Sale of petroleum products

For all petroleum products, there is only one performance obligation that includes transport and handling services to the point of delivery.

The price is determined based on the price at the point of delivery, adding the price of the services rendered (freight, handling of jet fuel, etc.) with the provisions and terms established by the Comisión Reguladora de Energía (Energy Regulatory Commission or “CRE”).

Revenue is recognized at a point in time when control is transferred to the customer, which occurs either at the point of shipping or when it is delivered at the customer’s facilities. Therefore, transportation fees can be included in the price of sale of the product and are considered part of a single performance obligation since transportation is rendered before control is transferred.

Revenue is initially measured by estimating variables such as quality and volume claims, etc. Invoices are usually payable within 30 days.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Products / services

Nature, performance obligations

Timing of revenue recognition

Sales of natural gas

There is only one performance obligation that includes transport and handling services to the point of delivery.

The transaction price is established at the time of sale, including the estimation of variable considerations such as capacity, penalties, extraordinary sales not included in contracts, adjustments for quality or volume claims, and incentives for the purchase of products; which are known days after the transaction. Such variable consideration is recognized to the extent that it is probable that it will not be reversed in a future period.

Revenue is recognized at a point in time when control is transferred to the customer, which occurs when it is delivered at the customer’s facilities. Therefore, transportation fees can be included in the price of sale of the product and are considered part of a single performance obligation since transportation is rendered before control is transferred.

Revenue initially is measured estimating variables as quality and volume claims, etc. Invoices are usually payable within 30 days.

Services

In cases where within the same service order there are transportation and storage services, there could exist more than one performance obligation, depending on the term of the service.

When there is a performance obligation, the price is not distributed, but if it is considered that there is more than one performance obligation, the price of the transaction is considered based on the prices established in the service orders and which also include penalties such as quality and volume claims.

Income is recognized over time as the service is rendered.

Invoices are usually payable within 22 days.

Other products

There is only one performance obligation that includes transportation for delivery to destination.

The sale and delivery of the product are made at the same time and because they are FOB, transportation fees are included in the price of sale of the product.

The price of the product is estimated on the date of sale and considers variables such as quality and volume claims, etc.

Invoices are usually payable within 30 days.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

B. Accounts receivable in the statement of financial position

As of December 31, 2025 and 2024, PEMEX had accounts receivable derived from customer contracts in the amounts of Ps. 111,994,478 and Ps. 126,733,175, respectively (see Note 10). As of December 31, 2025 and 2024, customer advances of Ps. 16,048,150 and Ps. 26,494,706, respectively, are recognized under the item accounts and accrued expenses payable. Customer advances recognized in revenue for the years ended December 31, 2025 and 2024 were Ps. 5,351,248 and Ps. 6,199,067, respectively.

C. Practical expedients

i. Significant financial component, less than one year

PEMEX does not need to adjust the amount committed in consideration for goods and services to account for the effects of a significant financing component, since the transfer and the time of payment of a good or service committed to the customer is less than one year.

ii. Practical expedient

PEMEX applied the practical expedient, so disclosure about remaining performance obligations that conclude in less than one year is not needed.

When PEMEX is entitled to consideration for an amount that directly corresponds to the value of the performance that PEMEX has completed, it may recognize an income from ordinary activities for the amount to which it has the right to invoice.

D. Notable External Events

Armed conflict and related destabilization of world energy markets

The prices of oil and natural gas remain extremely volatile as a result of ongoing armed conflicts, including the military conflict involving Russia and Ukraine, the conflicts in Gaza and Lebanon and the war involving Iran, Israel, the United States of America and several other countries in the Middle East— as well as disruptions in strategic maritime transport routes, including the Red Sea and the Strait of Hormuz, which are critical corridors for global energy trade. PEMEX’s revenues and profitability are heavily dependent on the prices it receives from sales of oil, natural gas and refined products. Oil prices are particularly sensitive to actual and perceived threats to global political stability and to changes in production from OPEC and OPEC+ member states and other oil-producing nations. Destabilization of global oil and gas prices could reduce PEMEX’s sales and adversely affect its results and profitability. Oil and gas prices have, on average, decreased and may continue to decrease based on factors beyond PEMEX’s control, including geopolitical events.

During 2025, the price of the Mexican crude oil export mix decreased by U.S.$13.08 or 19.6%, from U.S.$66.7 per barrel in 2024 to U.S.$53.62 per barrel in 2025, which was reflected in the decrease in the value of our revenues.

During 2024, the price of the Mexican crude oil export mix decreased by U.S.$0.95 or 1.4%, from U.S.$67.65 per barrel in 2023 to U.S.$66.70 per barrel in 2024, which was reflected in the decrease in the value of PEMEX’s revenues.

E. The Automotive Incentive

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

On March 4, 2022, the Mexican Government published a decree in the Official Gazette of the Federation establishing a tax incentive pursuant to which PEMEX can recover the difference between the international reference price of gasoline and the price at which gasoline is traded in the domestic market, effective as of December 31, 2025. For the years ended December 31, 2025, 2024 and 2023, this complementary incentive amounted to Ps.0, Ps.0 and Ps.23,421, respectively, which is included as a separate line item in total sales in the Statement of Comprehensive Income (see Note 3-S).

NOTE 8. FINANCIAL INSTRUMENTS

A. Accounting classifications and fair values of financial instruments-

The following tables present information about PEMEX’s carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, as of December 31, 2025 and 2024. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Additionally, as of December 31, 2025 and 2024, the disclosure of the fair value for the lease obligations is not required.


	Carrying amount						Fair value hierarchy
As of December 31, 2025	FVTPL	FVOCI – debt instruments	FVOCI – equity instruments	Financial assets at amortized cost	Other financial liabilities	Total carrying amount	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value
Derivative financial instruments	14,534,464	—	—	—	—	14,534,464	—	14,534,464	—	14,534,464

Total	14,534,464	—	—	—	—	14,534,464
Financial assets not measured at fair value
Cash and cash equivalents	—	—	—	162,651,289	—	162,651,289	—	—	—	—
Customers	—	—	—	111,994,478	—	111,994,478	—	—	—	—
Officials and employees	—	—	—	5,342,168	—	5,342,168	—	—	—	—
Sundry debtors	—	—	—	18,378,494	—	18,378,494	—	—	—	—
Investments in associates	—	—	—	2,794,404	—	2,794,404	—	—	—	—
Notes receivable	—	—	—	893,152	—	893,152	—	—	—	—
Mexican Government Bonds	—	—	—	21,435,936	—	21,435,936	21,765,389	—	—	21,765,389
Other assets	—	—	—	11,281,010	—	11,281,010	—	—	—	—
Total	—	—	—	334,770,931	—	334,770,931
Financial liabilities measured at fair value
Derivative financial instruments	(78,106,329)	—	—	—	—	(78,106,329)	—	(78,106,329)	—	(78,106,329)
Total	(78,106,329)	—	—	—	—	(78,106,329)
Financial liabilities not measured at fair value
Suppliers	—	—	—	—	(436,704,206)	(436,704,206)	—	—	—	—
Accounts and accrued expenses payable	—	—	—	—	(67,884,889)	(67,884,889)	—	—	—	—
Leases	—	—	—	—	(41,184,280)	(41,184,280)	—	—	—	—
Long-term contractual liabilities	—	—	—	—	(193,033,065)	(193,033,065)	—	(182,718,845)	—	(182,718,845)
Debt	—	—	—	—	(1,531,298,090)	(1,531,298,090)	—	(1,432,095,661)	—	(1,432,095,661)
Total	—	—	—	—	(2,270,104,530)	(2,270,104,530)

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	Carrying amount						Fair value hierarchy
As of December 31, 2024	FVTPL	FVOCI – debt instruments	FVOCI – equity instruments	Financial assets at amortized cost	Other financial liabilities	Total carrying amount	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value
Derivative financial instruments	9,203,958	—	—	—	—	9,203,958	—	9,203,958	—	9,203,958
Equity instruments (1)	—	—	962,783	—	—	962,783	—	962,783	—	962,783
Total	9,203,958	—	962,783	—	—	10,166,741
Financial assets not measured at fair value
Cash and cash equivalents	—	—	—	88,841,826	—	88,841,826	—	—	—	—
Customers	—	—	—	126,733,175	—	126,733,175	—	—	—	—
Officials and employees	—	—	—	5,541,324	—	5,541,324	—	—	—	—
Sundry debtors	—	—	—	26,789,620	—	26,789,620	—	—	—	—
Investments in associates	—	—	—	2,692,938	—	2,692,938	—	—	—	—
Notes receivable	—	—	—	1,021,778	—	1,021,778	—	—	—	—
Mexican Government Bonds	—	—	—	35,875,353	—	35,875,353	35,279,002	—	—	35,279,002
Other assets	—	—	—	7,927,877	—	7,927,877	—	—	—	—
Total	—	—	—	295,423,891	—	295,423,891
Financial liabilities measured at fair value
Derivative financial instruments	(108,972,467)	—	—	—	—	(108,972,467)	—	(108,972,467)	—	(108,972,467)
Total	(108,972,467)	—	—	—	—	(108,972,467)
Financial liabilities not measured at fair value
Suppliers	—	—	—	—	(505,989,382)	(505,989,382)	—	—	—	—
Accounts and accrued expenses payable	—	—	—	—	(72,773,222)	(72,773,222)	—	—	—	—
Leases	—	—	—	—	(46,825,266)	(46,825,266)	—	—	—	—
Debt	—	—	—	—	(1,978,772,255)	(1,978,772,255)	—	(1,745,481,072)	—	(1,745,481,072)
Total	—	—	—	—	(2,604,360,125)	(2,604,360,125)

(1)Refers to the participation in TAG Pipelines Sur, S. de R.L. de C.V.

As of December 31, 2025 and 2024, PEMEX has monetary assets and liabilities denominated in foreign currency as indicated below:


	As of December 31, 2025
	Foreign currency
	Assets	Liabilities	Net position Asset/(Liability)	Exchange rate	Equivalent to Mexican peso
U.S. dollar	4,631,591	57,235,299	(52,603,708)	17.9667	(945,115,041)
Euro	600,546	5,107,518	(4,506,972)	21.0974	(95,085,391)
Pounds sterling	345	2,688	(2,343)	24.1607	(56,609)
Japanese yen	—	80,142,852	(80,142,852)	0.1146	(9,184,371)
Swiss francs	—	217	(217)	22.6758	(4,921)
Total					Ps.	(1,049,446,333)

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	As of December 31, 2024
	Foreign currency
	Assets	Liabilities	Net position Asset/(Liability)	Exchange rate	Equivalent to Mexican peso
U.S. dollar	16,359,113	105,786,263	(89,427,150)	20.2683	(1,812,536,304)
Euro	1,382	6,748,800	(6,747,418)	20.9868	(141,606,712)
Pounds sterling	904,818	454,525	450,293	25.3860	11,431,138
Japanese yen	—	80,127,438	(80,127,438)	0.1289	(10,328,427)
Swiss francs	—	220	(220)	22.3721	(4,922)
Total					Ps.	(1,953,045,227)

Debt is valued and registered at amortized cost and the fair value of debt is estimated using quotes from major market sources which are then adjusted internally using standard market pricing models. As a result of relevant assumptions, the estimated fair value does not necessarily represent the actual terms at which existing transactions could be liquidated or unwound.

The information related to “Cash and cash equivalents”, “Customers and other accounts receivable”, “Government bonds and other assets”, “Debt”, “Leases”, “Long-term contractual liabilities” and “Derivative financial instruments” is described in the following notes, respectively:

•Note 9, Cash and cash equivalents.

•Note 10, Customers and other financing and non-financing accounts receivable.

•Note 14, Government bonds, long-term notes receivable and other assets.

•Note 15, Debt.

•Note 16, Leases.

•Note 17, Long-term contractual liabilities.

•Note 18, Derivative financial instruments.

B. Fair value hierarchy

PEMEX values the fair value of its financial instruments under standard methodologies commonly applied in the financial markets. PEMEX’s related assumptions and inputs therefore fall under the three Levels of the fair value hierarchy for market participant assumptions, as described below.

The fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observed for assets or liabilities. Level 3 inputs are unobservable inputs for the assets or liabilities, and include situations where there is little, if any, market activity for the assets or liabilities.

Management uses appropriate valuation techniques based on the available inputs to measure the fair values of PEMEX’s applicable financial assets and financial liabilities.

When available, PEMEX measures fair value using Level 1 inputs, because they generally provide the most reliable evidence of fair value.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

NOTE 9. CASH AND CASH EQUIVALENTS

As of December 31, 2025 and 2024, cash and cash equivalents were as follows:


	2025		2024
Cash on hand and in banks (1)	Ps.	66,454,221	Ps.	52,284,721
Highly liquid investments (2)	96,197,068		36,557,105
Total of cash and cash equivalents	Ps.	162,651,289	Ps.	88,841,826

(1)Cash on hand and in banks is primarily composed of cash in banks.

(2)Mainly composed of short-term Mexican Government investments.

NOTE 10. CUSTOMERS AND OTHER FINANCING AND NON-FINANCING ACCOUNTS RECEIVABLE

As of December 31, 2025 and 2024, accounts receivable and other receivables were as follows:

A. Customers


	2025		2024
Domestic customers	Ps.	90,666,378	Ps.	86,225,287
Export customers	21,328,100		40,507,888
Total customers, net	Ps.	111,994,478	Ps.	126,733,175

Customers and other accounts receivable, net are presented separately in the statement of financial position to conform the financial position more clearly.

The following table shows a breakdown of accounts receivable based on their credit history at December 31, 2025 and 2024, as well as the relation between the breakdown and the impaired amount:


	Domestic customers
	2025		2024
Current	Ps.	89,172,793	Ps.	84,445,056
1 to 30 days	548,374		437,409
31 to 60 days	114,307		219,618
61 to 90 days	9,679		164,720
More than 90 days	12,428,293		9,117,181
Total	102,273,446		94,383,984
Impaired (reserved)	(11,607,068)		(8,158,697)
Total domestic customers, net	Ps.	90,666,378	Ps.	86,225,287

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	Export customers
	2025		2024
Current	Ps.	21,088,823	Ps.	33,799,362
1 to 30 days	8,237		5,673,672
31 to 60 days	130		259,797
61 to 90 days	118		56,352
More than 90 days	25,952,371		16,956,672
Total	47,049,679		56,745,855
Impaired (reserved)	(25,721,579)		(16,237,967)
Total export customers, net	Ps.	21,328,100	Ps.	40,507,888

As of December 31, 2025 and 2024, PEMEX has exposure to credit risk related to accounts receivable, see contractual payment terms in Note 7.

Additionally, the reconciliation for impaired accounts receivable is as follows:


	Domestic customers
	2025		2024		2023
Balance at the beginning of the year	Ps.	(8,158,697)	Ps.	(8,752,400)	Ps.	(5,637,756)
Impairment of accounts receivable	(3,448,371)		593,703		(3,114,644)
Balance at the end of the year	Ps.	(11,607,068)	Ps.	(8,158,697)	Ps.	(8,752,400)


	Export customers
	2025		2024		2023
Balance at the beginning of the year	Ps.	(16,237,967)	Ps.	(167,546)	Ps.	(190,779)
(Increase) cancellation (1)	(9,504,395)		(16,032,261)		1,320
Translation effects	20,783		(38,160)		21,913
Balance at the end of the year	Ps.	(25,721,579)	Ps.	(16,237,967)	Ps.	(167,546)

(1) The impairment of export customers recognized in 2025 and 2024 was mainly in uncollectible export accounts due to the lack of a reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the fact that the debtor does not suggest a payment plan.

Methodology to determine the estimation of the impairment of the accounts receivable

PEMEX uses a simplified approach in determining the impairment of accounts receivable. Under this approach, a risk analysis is assigned to each customer level, based on historical data used to predict the loss risk, applying a experienced credit judgment. Credit risk rating is defined using qualitative and quantitative factors that are indicative of the risk of default. Exposures within each credit risk rate are segmented by commercial business lines, so the expected credit loss rate is calculated for each segment based on actual credit loss experienced over the past three years. Additionally, PEMEX considers qualitative factors in determining the expected credit loss.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

As of December 31, 2025, the expected percentage of credit loss for accounts receivable was: 7.40% for Industrial Processes and Energy Transformation activities, 8.18% for Corporate activities, 27.50% for Logistics activities, 0.15% for PMI CIM and 0.07% for PMI TRD. Following the dissolution of the subsidiary entities on March 19, 2025, the Logistics

and Corporate activities are included within the Other Operating Subsidiary Companies segment (see Note 6); however,

expected credit loss rates continue to be determined separately for these business lines. As of December 31, 2024, the expected percentage of credit loss for accounts receivable for each Subsidiary Entity and Subsidiary Company was: 4.69% for Pemex Industrial Transformation, 4.94% for Pemex Corporate, 1.64% for Pemex Logistics, 0.13% for PMI CIM and 0.47% for PMI TRD.

The amount of (impairment) of domestic and export customers recognized in the statement of comprehensive income for 2025, 2024 and 2023 was Ps. (12,931,983), Ps. (15,438,558) and Ps. (3,113,324), respectively.

B. Other financing and non-financing receivables


	2025		2024
Other financing receivables:
Sundry debtors (1)	Ps.	18,378,494	Ps.	26,789,620
Employees and officers	5,342,168		5,541,324
Total other financing receivables	Ps.	23,720,662	Ps.	32,330,944
Other non-financing receivables:
Taxes to be recovered and prepaid taxes	Ps.	46,811,990	Ps.	63,432,179
Special Tax on Production and Services	12,951,835		6,135,511
Other accounts receivable	4,706,004		4,965,223
Total other non-financing receivables	Ps.	64,469,829	Ps.	74,532,913

(1)Includes Ps. (5,466,747) and Ps. (788,453) of impairment, as of December 31, 2025 and 2024, respectively.

NOTE 11. INVENTORIES

As of December 31, 2025 and 2024, inventories were as follows:


	2025		2024
Refined and petrochemicals products	Ps.	52,481,991	Ps.	43,950,469
Crude oil	24,655,124		18,645,592
Products in transit	12,326,412		18,984,729
Materials and products in stock	6,558,991		6,320,011
Materials in transit	2,753,785		555,522
Gas and condensate products	124,657		113,666
	Ps.	98,900,960	Ps.	88,569,989

Ps. 569,575,553, Ps. 678,994,139 and Ps. 765,038,494 of PEMEX’s inventories were recognized as cost of sales as of December 31, 2025, 2024 and 2023, respectively.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

NOTE 12. WELLS, PIPELINES, PROPERTIES, PLANT AND EQUIPMENT, NET

As of December 31, 2025 and 2024, wells, pipelines, properties, plant and equipment, net, is presented as follows:


	Plants		Drilling equipment	Pipelines	Wells	Buildings	Offshore platforms	Furniture and equipment	Transportation equipment	Construction in progress (1)	Land	Total fixed assets
Investment
Balances as of January 1, 2024	1,070,987,449		18,913,795	491,444,562	1,695,212,594	73,956,002	425,259,020	53,545,137	32,988,437	480,504,766	52,888,295	4,395,700,057
Acquisitions	11,194,280		5,432,300	7,180,410	94,119,630	57,660	2,573,440	2,922,890	817,850	189,951,070	—	314,249,530
Reclassifications	1,357,250		—	397,460	—	252,930	(1,280,890)	309,960	130,500	(6,260)	27,740	1,188,690
Capitalization	44,796,840		—	9,245,250	60,274,710	1,864,030	2,135,690	565,340	55,790	(118,965,090)	27,440	—
Disposals	(5,171,200)		(38,620)	(994,620)	—	(242,880)	(7,940)	(2,036,150)	(545,530)	(5,117,236)	(62,990)	(14,217,166)
Translation effect	23,924,080		—	(22,690)	—	1,962,770	—	151,040	746,120	49,166,860	451,890	76,380,070
Balances as of December 31, 2024	Ps.	1,147,088,699	24,307,475	507,250,372	1,849,606,934	77,850,512	428,679,320	55,458,217	34,193,167	595,534,110	53,332,375	4,773,301,181
Acquisitions	14,065,870		1,720,400	9,362,710	67,196,720	(10,680)	2,731,950	3,285,650	1,722,480	94,020,980	—	194,096,080
Reclassifications	5,228,300		(25,430)	532,090	—	1,620,720	(6,927,180)	24,210	92,620	77,520	—	622,850
Capitalization	168,334,100		—	6,574,820	47,890,360	7,835,170	604,370	1,040,030	256,850	(232,536,280)	580	—
Disposals	(7,437,570)		(3,000,030)	(12,463,280)	(29,665,120)	(9,320)	(10,782,430)	(473,760)	(146,460)	(713,060)	(228,880)	(64,919,910)
Translation effect	(24,060,380)		—	(23,670)	—	(1,849,780)	—	(145,780)	(469,180)	(32,298,830)	(324,160)	(59,171,780)
Balances as of December 31, 2025	Ps.	1,303,219,019	23,002,415	511,233,042	1,935,028,894	85,436,622	414,306,030	59,188,567	35,649,477	424,084,440	52,779,915	4,843,928,421
Accumulated depreciation and amortization
Balances as of January 1, 2024	(785,552,629)		(6,896,584)	(308,862,775)	(1,341,888,963)	(48,568,206)	(300,832,110)	(46,934,913)	(16,908,292)	(56,933,419)	—	(2,913,377,891)
Depreciation and amortization	(32,590,580)		(765,490)	(12,534,800)	(82,997,750)	(1,786,750)	(12,839,730)	(1,628,720)	(1,706,388)	—	—	(146,850,208)
Reclassifications	(330,550)		53,880	(410,050)	(53,980)	(34,000)	53,950	(309,710)	(158,330)	100	—	(1,188,690)
(Impairment)	(119,691,380)		—	(16,588,490)	(27,386,630)	(218,120)	(9,356,010)	—	—	(5,027,050)	—	(178,267,680)
Reversal of impairment	46,899,260		—	10,442,300	39,134,890	—	19,784,040	62,440	—	8,467,170	—	124,790,100
Disposals	4,712,390		33,950	994,600	—	59,210	5,070	2,030,670	487,820	—	—	8,323,710
Translation effect	(15,029,580)		—	23,010	—	(939,730)	—	(65,130)	(186,380)	—	—	(16,197,810)
Balances as of December 31, 2024	Ps.	(901,583,069)	(7,574,244)	(326,936,205)	(1,413,192,433)	(51,487,596)	(303,184,790)	(46,845,363)	(18,471,570)	(53,493,199)	—	(3,122,768,469)
Depreciation and amortization	(34,323,900)		(415,240)	(13,635,710)	(86,448,950)	(1,863,600)	(13,364,700)	(1,724,030)	(1,742,534)	—	—	(153,518,664)
Reclassifications	(1,290,060)		1,220	(532,090)	—	(96,200)	1,385,140	(1,750)	(89,110)	—	—	(622,850)
(Impairment)	(39,761,990)		—	(34,492,290)	(23,760,170)	(42,890)	(12,365,330)	—	—	(16,023,009)	—	(126,445,679)
Reversal of impairment	39,467,710		—	29,701,920	30,497,120	—	14,903,160	—	—	3,798,320	—	118,368,230
Disposals	6,591,240		2,107,790	6,848,320	25,124,790	8,290	6,898,330	470,340	135,570	—	—	48,184,670
Translation effect	10,858,320		—	26,400	—	714,760	—	64,860	126,045	—	—	11,790,385
Balances as of December 31, 2025	Ps.	(920,041,749)	(5,880,474)	(339,019,655)	(1,467,779,643)	(52,767,236)	(305,728,190)	(48,035,943)	(20,041,599)	(65,717,888)	—	(3,225,012,377)
Wells, pipelines, properties, plant and equipment—net as of December 31, 2024	Ps.	245,505,630	16,733,231	180,314,167	436,414,501	26,362,916	125,494,530	8,612,854	15,721,597	542,040,911	53,332,375	1,650,532,712
Wells, pipelines, properties, plant and equipment—net as of December 31, 2025	Ps.	383,177,270	17,121,941	172,213,387	467,249,251	32,669,386	108,577,840	11,152,624	15,607,878	358,366,552	52,779,915	1,618,916,044
Depreciation rates	3 to 5%		5%	2 to 7%	—	3 to 7%	4%	3 to 10%	4 to 20%	—	—
Estimated useful lives	20 to 35		20	15 to 45	—	14 to 33	25	10 to 33	5 to 25	—	—

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

(1)Mainly wells, pipelines and plants.

A.As of December 31, 2025, 2024 and 2023, the financing cost identified with fixed assets in the construction or installation stage, capitalized as part of the value of such fixed assets, was Ps.5,708,131, Ps. 7,937,219, and Ps. 4,676,577, respectively. Financing cost rates during 2025, 2024 and 2023 were 8.35% to 14.11%, 7.82% to 18.68% and 6.47% to 7.62%, respectively.

B.The combined depreciation of fixed assets and amortization of wells for the fiscal years ended December 31, 2025, 2024 and 2023, recognized in operating costs and expenses, was Ps. 153,518,664, Ps. 146,850,208 and Ps. 137,555,276, respectively. These figures include Ps. 130,244,785, Ps. 124,473,818 and Ps.115,208,527 for oil and gas production assets and costs related to plugging and abandonment of wells for the years ended December 31, 2025, 2024 and 2023 of Ps. 6,704,138, Ps. 789,805 and Ps. 137,685, respectively.

C.As of December 31, 2025 and 2024, provisions relating to future plugging of wells costs amounted to Ps. 126,608,358 and Ps. 115,514,750, respectively, and are presented in the “Provisions for plugging of wells” (see Note 20).

D.As of December 31, 2025, 2024 and 2023, acquisitions of property, plant and equipment include transfers from wells unassigned to a reserve for Ps. 7,773,944, Ps. 9,696,153 and Ps. 14,306,298, respectively (see Note 13).

E.As of December 31, 2025, 2024 and 2023, the translation effect of property, plant and equipment items from a different currency than the presentation currency was Ps. (47,381,395), Ps. 60,182,260 and Ps. (40,731,370), respectively, which was mainly plant.

F.As of December 31, 2025, 2024 and 2023, PEMEX recognized a net impairment of Ps. (8,077,449), Ps. (53,477,580) and Ps. (28,797,518), respectively, which is presented as a separate line item in the consolidated statement of comprehensive income as follows:


	2025		2024		2023
	(Impairment) / Reversal of impairment, net
Logistics as a part of Other Operating Subsidiary Companies (formerly Pemex Logistics)	Ps.	(23,192,225)	Ps.	582,923	Ps.	(612,906)
Industrial Processes (formerly part of Pemex Industrial Transformation)	(1,115,093)		—		—
Pemex Industrial Transformation	—		(78,049,865)		(25,568,713)
SUS	—		—		(71,036)
MGAS	163,986		(37,985)		(191,786)
Energy Transformation (formerly part of Pemex Industrial Transformation)	3,467,927		—		—
Exploration and Extraction (formerly Pemex Exploration and Production)	12,597,956		24,027,347		(2,353,077)
(Impairment), net	Ps.	(8,077,449)	Ps.	(53,477,580)	Ps.	(28,797,518)

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Cash-Generating Unit of Exploration and Exploration

As of December 31, 2025, 2024 and 2023, Exploration and Extraction recognized net reversals of impairment and net impairment of Ps. 12,597,956, Ps. 24,027,347 and Ps. (2,353,077), respectively, shown by CGUs as follows:

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	2025		2024		2023
Cantarell	Ps.	37,238,709	Ps.	(904,083)	Ps.	15,174,961
Tsimin Xux	2,732,718		3,211,743		(9,532,221)
Ayin-Alux	1,030,368		486,415		—
Aceite Terciario del Golfo	—		18,799,827		(16,192,262)
Tamaulipas Constituciones	—		2,578,602		1,710,627
Poza Rica	—		385,159		(397,084)
Cárdenas-Mora	—		—		1,150,448
Crudo Ligero Marino	—		—		1,420,120
Santuario El Golpe	—		—		1,454,789
Ixtal - Manik	—		—		6,042,806
Chuc	—		—		6,445,006
Misión (CEE)	(62,104)		5,902		(458,354)
Antonio J. Bermúdez	(184,690)		3,903,165		9,724,991
Lakach	(287,187)		3,546,439		(423,347)
Santuario CEE	(832,888)		—		—
Arenque	(1,560,264)		1,702,529		(1,705,447)
Cuenca de Macuspana	(1,576,853)		83,560		837,460
Burgos	(3,442,880)		(6,772,427)		(10,631,921)
Ku Maloob Zaap	(8,425,068)		—		—
Ogarrio Magallanes	(12,031,905)		(2,999,484)		(6,973,649)
Total	Ps.	12,597,956	Ps.	24,027,347	Ps.	(2,353,077)

As of December 31, 2025, the Exploration and Extraction segment recognized a net reversal of impairment of Ps. 12,597,956 mainly due to: (i) the positive effect of Ps. 41,071,395, due to lower productive costs mainly in the Cantarell, Tsimin Xux and Ayin-Alux CGUs; (ii) a decrease in the discount rate of Ps. 29,807,328, from 10.86% as of December 31, 2024 to 6.28% as of December 31, 2025; and (iii) a positive tax effect of Ps. 3,640,303 driven by a lower tax base due to the decrease in prices, exchange rate and volume. These effects were partially offset by (i) a decrease in production profiles volume in the barrel of crude oil equivalent generating a negative effect of Ps. 35,165,415, mainly in the Ogarrio Sanchez Magallanes, Antonio J. Bermudez and Burgos CGUs; (ii) a decrease in crude oil prices, generating a

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

negative effect of Ps. 4,360,188, mainly in the Lakach, Ogarrio, Sánchez Magallanes and Arenque CGUs, and (iii) a negative effect due to an exchange rate of Ps. 22,395,467, from Ps. 20.2683 = U.S.$1.00 as of December 31, 2024 to Ps. 17.9667 = U.S.$1.00 as of December 31, 2025.

As of December 31, 2024 Pemex Exploration and Production recognized a net reversal of impairment of Ps.24,027,347 mainly due to: (i) the positive effect of Ps.246,736,694, due to lower productive costs mainly in the Aceite Terciario del Golfo, Antonio J. Bermúdez, Poza Rica and Arenque CGUs (ii) the positive effect due to an exchange rate of Ps.51,936,270 from Ps.16.9220 = U.S$1.00 as of December 31, 2023 to Ps.20.2683 = U.S$1.00 as of December 31, 2024; and (iii) an increase in crude oil prices and condensate products, generating a positive effect of Ps. 24,921,879 mainly in the Aceite Terciario del Golfo, Lakach, Tamaulipas Constituciones and Tsimin Xux CGUs. These effects were partially offset by (i) an increase in the discount rate of Ps.133,289,611 from de 9.93% in December 31, 2023 to 10.86% in December 31, 2024; (ii) a decrease in production profiles volume in the barrel of crude oil equivalent generating a negative effect of Ps.128,567,201 mainly in the Cantarell, Burgos and Ogarrio Sanchez Magallanes CGUs, and (iii) a negative tax effect of Ps.37,710,685 due to a higher tax base motivated by benefits in production costs, exchange rate and hydrocarbon prices, mainly in the Cantarell, Burgos and Ogarrio Sanchez Magallanes CGUs.

As of December 31, 2023, Pemex Exploration and Production recognized a net impairment of Ps. (2,353,077) mainly due to:(i) the negative effect of Ps.64,145,752 due to increase in cost and expenses mainly in the Aceite Terciario del Golfo, Burgos, Tsimin Xux and Ogarrio Sánchez CGUs, (ii) the negative effect due to an exchange rate of Ps. 47,149,878, from Ps. 19.4143 = U.S.$1.00 as of December 31, 2022, to Ps. 16.9220 = U.S.$1.00 as of December 31, 2023; and (iii) an increase in the discount rate of Ps. 23,731,588, from 9.31% in December 31, 2022 to 9.93% in December 31, 2023. These effects were partially offset by (i) an increase in crude oil prices and condensate products, generating a positive effect of Ps. 73,989,335 mainly in the Cantarell, Tamaulipas Constituciones and Crudo Ligero Marino CGUs; (ii) an increase in production profiles volume in the barrel of crude oil equivalent generating a positive effect of Ps. 45,517,214, mainly in the Antonio J. Bermúdez, Crudo Ligero Marino, Chuc, Ogarrio Sánchez, Ixtal Manik and Tamaulipas Constituciones CGUs; and (iii) a positive tax effect of Ps. 13,167,592, due to a lower tax base motivated by increases in cost and expenses at the Aceite Terciario del Golfo, Burgos and Tsimin Xux CGUs.

The CGUs of Exploration and Extraction are investment projects in productive fields with hydrocarbon reserves associated with proved reserves. These productive hydrocarbon fields contain varying degrees of heating power consisting of a set of wells and are supported by fixed assets associated directly with production, such as pipelines, production facilities, offshore platforms, specialized equipment and machinery.

Each project represents the smallest unit which can concentrate the core revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.

Exploration and Extraction determines the recoverable amount of fixed assets based on the long-term estimated prices for Exploration and Extraction proved reserves. The recoverable amount on each asset is the value in use.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

To determine the value in use of long-lived assets associated to hydrocarbon extraction, the net present value of reserves is determined based on the following assumptions:


	2025	2024	2023
Average crude oil price	61.16 U.S.$/bl	63.02 U.S.$/bl	64.08 U.S.$/bl
Average gas price	4.84 U.S.$/mpc	4.89 U.S.$/mpc	4.79 U.S.$/mpc
Average condensates price	64.24 U.S.$/bl	70.21 U.S.$/bl	73.00 U.S.$/bl
After-tax discount rate	6.28% annual	10.86% annual	9.93% annual
Pre-tax discount rate	9.88% annual	16.44% annual	15.10% annual

For 2025, 2024 and 2023 the total forecast production, calculated with a horizon of 25 years, was 6,915 Million barrels of oil equivalent (Mboe), 6,965 Mboe and 7,082 Mboe per day of crude oil equivalent, respectively.

Exploration and Extraction, in compliance with practices observed in the industry, estimates the recovery value of an asset by determining its value in use, based on cash flows associated with proved reserves after taxes and using a discount rate, also after taxes. Cash flows related to plugging wells provision costs are excluded in this computation of discounted cash flows.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

As of December 31, 2025, 2024 and 2023, values in use for CGU are:


	2025		2024		2023
Ku Maloob Zaap	425,844,565		—		—
Aceite Terciario del Golfo	101,518,822		62,598,697		27,318,209
Cantarell	44,789,042		18,829,360		19,852,385
Tsimin Xux	42,775,429		39,802,960		26,234,797
Crudo Ligero Marino	38,895,336		42,175,410		34,288,720
Antonio J. Bermúdez	29,914,562		32,097,908		23,434,323
Ogarrio Magallanes	25,427,921		32,727,984		27,794,137
Tamaulipas Constituciones	14,718,626		14,610,722		4,799,796
Poza Rica	9,788,364		10,324,802		6,089,496
Lakach	3,552,966		4,874,349		—
Arenque	1,741,253		7,804,677		2,629,121
Ayín - Alux	1,694,722		750,222		—
Santuario (CEE)	1,499,210		—		—
Chuc	—		82,745,798		58,954,530
Ixtal - Manik	—		23,891,174		14,311,152
Cuenca de Macuspana	—		1,996,655		612,773
Burgos	—		1,259,454		2,611,157
Ébano (CEE)	—		—		4,690,690
Santuario El Golpe	—		—		3,640,552
Cárdenas-Mora	—		—		3,105,129
Total	Ps.	742,160,818	Ps.	376,490,172	Ps.	260,366,967

Cash-Generating Units of Industrial Processes

As of December 31, 2025, the Industrial Processes segment recognized a net impairment of Ps. (1,115,093), shown by CGUs as follows:

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	2025
Tula Refinery	Ps.	11,780,665
Cosoleacaque Petrochemical Complex	1,647,455
Coatzacoalcos Gas Processor Complex	563,041
Pajaritos Ethylene Complex	46,777
Cangrejera Ethylene Complex	(104,726)
Minatitlán Refinery	(315,583)
Morelos Petrochemical Complex	(422,534)
Madero Refinery	(624,390)
Cadereyta Refinery	(4,339,830)
Salina Cruz Refinery	(9,345,968)
Net Impairment	Ps.	(1,115,093)

As of December 31, 2025, the Industrial Processes segment recognized net impairment of Ps.(1,115,093) due mainly to a (i) a decrease in the variable margin for certain operating centers of National Refining System although in terms of volume, stabilization in production has been achieved as a result of the Rehabilitation Program applied to processing plants, auxiliary services, and tanks, which was initiated in 2019. The main goal of this program is to guarantee the reliability of operations and maintain the stable and optimal processing level at the refineries, (ii) by the fluctuations of the exchange rate from Ps. 20.2683 = U.S.$1.00 as of December 31, 2024 to Ps. 17.9667 = U.S.$1.00 as of December 31, 2025. These effects were partially offset by the partial start-up of the Coking Plant facilities at the Tula Refinery which will allow for an increase in the higher value production; and (iii) a decrease in the discount rate of CGUs of refined products from 14.75% as of December 31, 2024 to 10.95% as of December 31, 2025.

To determine the value in use of long-lived assets associated with the CGUs of Industrial Processes, the net present value of cash flows was determined based on the following assumptions:


	December 31, 2025
	Refining	Petrochemicals	Ethylene	Fertilizers
Average crude oil Price (U.S.$) (1)	97.48	N.A.
Processed volume (1)	924 mbd	Variable because the load inputs are diverse
Rate of U.S.$	17.9667	17.9667	17.9667	17.9667
Useful lives of the cash-generating units (year average)	12	8	10	15
Pre-tax discount rate	10.95%	8.46%	8.46%	10.26%
Period	2026-2037	2026-2033	2026-2035	2026-2040

(1)Average of the first 5 years.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

CGUs in the Industrial Processes segment are processing centers grouped according to their types of processes as refineries, petrochemical centers and ethylene and fertilizers complex processes. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center of the Industrial Processes segment represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.

Cash flow determinations are made based on PEMEX’s business plans, operating financial programs, forecasts of future prices of products related to the processes of the CGUs, budget programs and various statistical models that consider historical information of processes and the capacity of various processing centers.

As of December 31, 2025, the value in use for CGUs are as follows:


	2025
Tula Refinery	Ps.	43,042,423
Salamanca Refinery	28,082,765
Cadereyta Refinery	24,735,313
Cangrejera Petrochemical Complex	20,691,534
Salina Cruz Refinery	10,680,107
Independencia Petrochemical Complex	1,963,400
Morelos Petrochemical Complex	211,498
Pajaritos Ethylene Complex	184,970
Coatzacoalcos Gas Processor Complex	48,739
Total	Ps.	129,640,749

Cash-Generating Units of Energy Transformation

As of December 31, 2025, the Energy Transformation segment recognized a net reversal of impairment of Ps.3,467,927, shown by CGUs as follows:

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	2025
Nuevo Pemex Gas Processor Complex	Ps.	1,807,491
Cactus Gas Processor Complex	754,045
Ciudad Pemex Gas Processor Complex	592,674
La Venta Gas Processor Complex	305,296
Gas Poza Rica Processor Complex	19,256
Gas Arenque Processor Complex	2,048
Matapionche Gas Processor Complex	(12,883)
Reversal of impairment	Ps.	3,467,927

As of December 31, 2025, the Energy Transformation segment recognized a net reversal of impairment of Ps. 3,467,927 due to: the increase in gross margin due higher sale prices; and a decrease in the discount rate of CGUs of gas products from 15.93% as of December 31, 2024 to 10.72% as of December 31, 2025. These effects were offset by the fluctuations of the exchange rate from Ps. 20.2683 = U.S.$1.00 as of December 31, 2024 to Ps. 17.9667 = U.S.$1.00 as of December 31, 2025.

To determine the value in use of long-lived assets associated with the CGUs of Energy Transformation, the net present value of cash flows was determined based on the following assumptions:


			December 31, 2025
			Gas

Processed volume (1)			2,555 mmpcd of humid gas
Rate of U.S.$			17.9667
Useful lives of the cash-generating units (year average)			8
Pre-tax discount rate			10.72%
Period			2026-2033

(1) Average of the first 5 years.

CGUs in the Energy Transformation segment are processing centers grouped according to their types of processes in the gas complex processors. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center

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Notes to the consolidated financial statements

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of the Energy Transformation segment represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.

As of December 31, 2025, the value in use for the CGUs is as follows:


	2025
Nuevo Pemex Gas Processor Complex	Ps.	8,736,369
Cactus Gas Processor Complex	7,590,104
Ciudad Pemex Gas Processor Complex	5,256,806
La Venta Gas Processor Complex	1,946,196
Burgos Gas Processor Complex	1,770,051
Total	Ps.	25,299,526

Cash-Generating Units of Pemex Industrial Transformation (until June 1, 2025, see Note 1)

As of December 31, 2024 and 2023, Pemex Industrial Transformation recognized a net impairment of Ps. (78,049,865) and Ps. (25,568,713), respectively, shown by CGUs as follows:

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)


	2024		2023
Tula Refinery	(33,661,647)		(13,816)
Minatitlán Refinery	(16,652,058)		4,615,400
Salina Cruz Refinery	(7,270,800)		—
Madero Refinery	(6,369,734)		(10,125,589)
Cosoleacaque Petrochemical Complex	(5,716,817)		(5,096,027)
Ciudad Pemex Gas Processor Complex	(5,389,475)		—
Cactus Gas Processor Complex	(1,670,960)		(4,592,823)
Morelos Petrochemical Complex	(643,817)		(3,093,360)
Coatzacoalcos Gas Processor Complex	(576,742)		(2,051,842)
Ethylene Processor Complex	(424,382)		—
La Venta Gas Processor Complex	(396,654)		(541,766)
Matapionche Gas Processor Complex	(163,389)		(498,212)
Pajaritos Petrochemical Complex	(40,901)		—
Cangrejera Petrochemical Complex	—		(61,296)
Salamanca Refinery	393		5,750,279
Arenque Gas Processor Complex	1,774		(159,571)
Poza Rica Gas Processor Complex	137,833		(646,813)
Cangrejera Ethylene Complex	312,331		(771,161)
Nuevo Pemex Gas Processor Complex	475,180		(8,282,116)
Impairment, net	Ps.	(78,049,865)	Ps.	(25,568,713)

As of December 31, 2024, Pemex Industrial Transformation recognized the net impairment of Ps. (78,049,865) mainly due to an impact on the estimate gross result as a consequence of the decrease in sale prices and an increase in the discount rate of CGUs as refined products from 13.68% as of December 31, 2023 to 14.75% as of December 31, 2024. These effects were partially offset by a stabilization in production levels during 2024 due to the implementation of the Rehabilitation program in process plants, auxiliary services, and tanks.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

As of December 31, 2023, the net impairment of Ps. (25,568,713) was due to a decrease in the exchange rate used in the projected cash-flows from Ps. 19.4143 = U.S.$1.00 as of December 31, 2022 to Ps. 16.9220 = U.S. $1.00 as of December 31, 2023. These effects were partially offset by a slight decrease in the discount rate of CGUs of refined products from 14.16% as of December 31, 2022 to 13.68% as of December 31, 2023.

To determine the value in use of long-lived assets associated with the CGUs of Pemex Industrial Transformation, the net present value of cash flows was determined based on the following assumptions:


	As of December 31,
	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
	Refining		Gas		Petrochemicals		Ethylene		Fertilizers
Average crude oil Price (U.S.$)	101.82	105.5	N.A.		N.A.		N.A.		N.A
Processed volume (1)	866 mbd	993 mbd	2,746 mmpcd of humid gas	3,201 mmpcd of humid gas	Variable because the load inputs are diverse
Rate of U.S.$	$20.2683	$16.9220	$20.2683	$16.9220	$20.2683	$16.9220	$20.2683	$16.9220	$20.2683	$16.9220
Useful lives of the cash-generating units (year average)	12	12	7	6	4	5	7	5	6	5
Pre-tax discount rate	14.75%	13.68%	15.93%	12.25%	11.35%	10.31%	11.35%	10.31%	12.35%	13.25%
Period (2)	2025-2036	2024-2035	2025-2031	2024 - 2029	2025-2028	2024-2027	2025-2031	2024-2028	2025-2030	2024-2028

(1)Average of the first four years.

(2)The first five years are projected and stabilize at year six.

N.A. = Not applicable

CGUs in Pemex Industrial Transformation are processing centers grouped according to their types of processes as refineries, gas complex processors, and petrochemical centers. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center of Pemex Industrial Transformation represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The recoverable amount of assets is based on each asset’s value in use. The value in use for each asset is calculated based on discounted cash flows, taking into consideration the volumes to be produced and sales to be carried out. As of December 31, 2024 and 2023, the value in use for the impairment of fixed assets was as follows:


	2024		2023
Salamanca Refinery	38,826,331		52,973,936
Cadereyta Refinery	38,491,000		49,608,678
Salina Cruz Refinery	20,203,733		51,877,280
Tula Refinery	18,074,762		46,202,340
Cangrejera Ethylene Processor Complex	11,278,426		8,758,887
Nuevo Pemex Gas Processor Complex	8,136,516		8,412,828
Ciudad Pemex Gas Processor Complex	6,358,136		13,566,516
Cactus Gas Processor Complex	5,301,464		7,412,437
Burgos Gas Processor Complex	3,457,364		1,972,249
Independencia Petrochemical Complex	1,899,481		4,382,873
La Venta Gas Processor Complex	977,988		1,471,999
Coatzacoalcos Gas Processor Complex	921,077		1,764,690
Morelos Ethylene Processor Complex	538,152		923,623
Pajaritos Ethylene Processor Complex	184,970		—
Madero Refinery	—		14,453,809
Minatitlán Refinery	—		4,184,019
Cosoleacaque Petrochemical Complex	—		1,502,395
Total	Ps.	154,649,400	Ps.	269,468,559

Cash-Generating Units of Logistics as a part of Other Operating Subsidiary Companies segment (formerly Pemex Logistics)

During the year ended December 31, 2025, Logistics as part of the Other Operating Subsidiary Companies segment, recognized a net impairment of Ps. (23,192,225) mainly due to a decrease in the estimated pipelines CGUs cash flows due to the percentage of the allocable cost of petroleum products losses is no longer included. These effects were partially offset by a decrease in the discount rate of CGUs of pipelines from 16.57% as of December 31, 2024 to 13.18% as of December 31, 2025.

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(Figures stated in thousands, except as noted)

The CGUs of Logistics as part of the Other Operating Subsidiary Companies segment are pipelines and transportation equipment. The recoverable amount of assets as of December 31, 2025 was Ps. 63,289,804, based on discounted cash flows and discount rate of 13.18% and useful life of 17 years.

Cash-Generating Units of Pemex Logistics (until June 1, 2025, see Note 1)

As of December 31, 2024 and 2023, Pemex Logistics recognized a net reversal of impairment and a net (impairment) of Ps.582,923 and Ps. (612,906), respectively, shown by CGU as follows:

The net reversal of impairment and (impairment), was in the following CGUs:


	2024		2023
Storage terminals	Ps.	582,923	Ps.	(582,923)
Construction in progress	—		(58,816)
Land and transport (white pipelines)	—		28,833
Reversal of impairment (impairment), net	Ps.	582,923	Ps.	(612,906)


	As of December 31,
	2024	2023	2024	2023	2024	2023
	Pipelines		Landing transport		Vessel
Discount rate	16.57%	14.80%	16.57%	14.80%	16.57%	14.80%
Useful life	17	19	14	0	14	15

As of December 31, 2024, Pemex Logistics recognized a reversal of impairment of Ps.582,923 due to a decrease in value of the CGU due to the depreciation of the assets that are part of the calculation.

As of December 31, 2023, Pemex Logistics recognized an impairment of Ps. (612,906) due to: (i) a decrease in the projected revenue in the cash flows of the storage terminals CGU, resulting from an expected increase in expenses and (ii) an increase in the discount rate to project future cash flows from 12.73% in 2022 to 14.80% in 2023.

CGU in Pemex Logistics are pipelines and transport equipment.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The recoverable amounts of the assets as of December 31, 2024 and 2023, corresponding to the discounted cash flows at the rate of 16.57% and 14.80%, respectively, as follows:


	2024		2023
TAD, TDGL, TOMS (Storage terminals)	Ps.	66,363,740	Ps.	69,078,019

Primary logistics	—		111,366,873
Total	Ps.	66,363,740	Ps.	180,444,892

G.PEMEX can conduct exploration and extraction activities through Exploration and Extraction Contracts (“EECs”). The EECs are awarded individually, through associations or joint ventures based on guidelines approved by the Comisión Nacional de Hidrocarburos (“National Hydrocarbons Commission” or “CNH”) and are classified into:

a.Production-sharing contracts;

b.Profit-sharing contracts;

c.License agreements; and

d.Service contracts.

Certain of the EECs are operated though joint arrangements, for which PEMEX recognizes in its financial statements both the rights to the assets and the obligations for the liabilities, as well as profits and losses relating to the arrangements.

EECs as of December 31, 2025 are:

a.Production-sharing contracts:

The object of the production-sharing contracts is the execution of oil activities under shared production contracts among Mexico through the Mexican Government via the CNH and Pemex Exploration and Production (as contractor), for the contractual area and the sharing of costs, risks, and terms and conditions involved in the contract and in accordance with the applicable regulations and best practices of the industry receiving, in exchange, benefits in favor of the contractor.

I.Production contracts without a partner

•Hydrocarbons Exploration and Extraction Contract for Block 29, Cuenca del Sureste, in which PEMEX owns 100% of the project.

•Hydrocarbon Extraction Contract for the Ek-Balam (shallow water) Block. PEMEX owns 100% of this contractual area.

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•Exploration and Extraction Contract, related to Block 8 Cuencas del Sureste, PEMEX owns 100% of this contractual area.

•Exploration and Extraction Contract, related to Block 18, Tampico Misantla, in which PEMEX owns 100% of this contractual area.

II.Production contracts in consortium

•Exploration and Extraction Contract related to Block 2 Tampico Misantla, pursuant to a consortium formed by PEMEX and Wintershall Dea México, S. de R. L. de C. V. The object of the contract is the realization of oil activities, under shared production contracts, by the contractor for the contractual area and the sharing of costs, risks, terms and conditions involved in the contract and in accordance with the applicable regulations and best practices of the industry, receiving in exchange, benefits in favor of the contractor. PEMEX and Wintershall Dea México have a 70% and 30% interest, respectively, in this contractual area. PEMEX is the operator under this contract.

•Exploration and Extraction Contract, related to Block 16, Tampico Misantla, pursuant to a consortium by PEMEX and Wintershall Dea México, S. de R. L. de C. V. PEMEX owns 50% of this contractual area and Wintershall Dea México owns 50%.

•Exploration and Extraction Contract, related to Block 17, Tampico Misantla, pursuant to a consortium by PEMEX, and Wintershall Dea México, S. de R. L. de C. V. PEMEX owns 50% of this contractual area and Wintershall Dea México owns 50%.

•Hydrocarbons Exploration and Extraction Contract for Block 32, Cuenca del Sureste, by PEMEX (as operator) and Total E&P México, S.A. de C.V. (as partner). PEMEX owns 50% of this contractual area and Wintershall Dea México owns 50%.

•Hydrocarbons Exploration and Extraction Contract for Block 33, Cuenca del Sureste, by PEMEX and QPI México, S.A. de C.V. (as partner) and Total E&P México, S.A. de C.V. (as operator). PEMEX, Total E&P México, S.A. de C.V. and QPI México, S.A. de C.V. have a 50%, 35% and 15% interest, respectively, in this contractual area.

•Hydrocarbons Exploration and Extraction Contract for Block 35, Cuenca del Sureste, by Shell Exploración y Extracción de México, S.A. de C.V. (as operator) and PEMEX. Shell Exploración y Extracción de México, S.A. de C.V.owns 50% of this contractual area and PEMEX owns 50%.

•Exploration and Extraction Contract, related to the Santuario El Golpe Block, pursuant to a consortium formed by PEMEX (as partner) and Petrofac México, S.A. de C.V. (PETROFAC), as operator. PEMEX owns 64% of this contractual area and PETROFAC owns 36%.

•Exploration and Extraction Contract, related to the Misión Block, pursuant to a consortium formed by PEMEX (as partner) and Servicios Múltiples de Burgos, S.A. de C.V. (as operator). PEMEX owns 51% of this contractual area and Servicios Múltiples de Burgos, S.A. de C.V. owns 49%.

•Exploration and Extraction Contract, related to Ébano Block, pursuant to a consortium formed by PEMEX (as partner), DS Servicios Petroleros, S.A. de C.V. (as operator) and D&S Petroleum S.A. de C.V. (as partner). PEMEX, DS Servicios Petroleros S.A. de C.V and D&S Petroleum S.A. de C.V. have a 45%, 54.99% and 0.01% interest, respectively in this contractual area.

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b.License contracts

The nature of the contract relationship is the execution of oil activities, under the license contracting modality, under which the contractor is granted the right to explore and extract at its exclusive cost and risk hydrocarbons owned by the Mexican nation, who must comply with the obligations arising from the contract in the name and representation of each of the signatory companies in the contractual area in accordance with the applicable regulations, industry best practices and the terms and conditions of the contract. The contractor shall be entitled to payment for hydrocarbons produced, in accordance with the terms of the contracts, and after payments to the Mexican Government are made.

I.License contracts without association

•Hydrocarbons Exploration and Extraction Contract for Block 2, Plegado Perdido, in which PEMEX owns 100% of the project.

•Hydrocarbons Exploration and Extraction Contract for Block 5, Plegado Perdido, in which PEMEX owns 100% of the project.

•Hydrocarbons Exploration and Extraction Contract for Block 18, Cordilleras Mexicanas owns 100% of the project.

II.License contracts in association

•Hydrocarbons Exploration and Extraction Contract for Block 3 “Plegado Perdido”, in deep waters, formed by INPEX Corporation (“INPEX”) (as partner), Chevron Energía de Mexico, S. de R.L. de C.V. (“Chevron”) (as operator) and PEMEX, (as partner). Chevron, PEMEX and INPEX have a 33.3334%, 33.333% and 33.333% interest in this project, respectively, and will be jointly liable for all obligations of the contractors according to this contract regardless of their participation interest.

•Hydrocarbons Exploration and Extraction Contract for Block 22, Cuenca Salina, formed by PEMEX, Inpex E&P México, S.A. de C.V., (as partners), and Chevron (as operator). Chevron, PEMEX and Inpex E&P México, S.A. de C.V., have a 37.5%, 27.5% and 35.0% interest in this project, respectively.

•A licensing contract with BHP Billiton Petróleo Operaciones de México, S. de R.L. (“BHP Billiton”) for the Trión Block. BHP Billiton owns 60% of the contractual area, while PEMEX owns 40%, and each of the signatory companies are jointly liable for all obligations of the contractors.

•Hydrocarbons Exploration and Extraction Contract for the Cárdenas Mora Block, for onshore fields, formed by PEMEX (as partner), Petrolera Cárdenas Mora, S. A. P. I. de C. V. (as operator) and Cheiron Holding Limited (jointly liable). PEMEX owns 50% of this contractual area and Petrolera Cárdenas Mora, S. A. P. I. de C. V owns 50%.

•Hydrocarbons Exploration and Extraction Contract for the Ogarrio Block, for onshore fields, formed by PEMEX (as partner), Wintershall Dea México, S. de R. L. de C. V. (as operator) and Wintershall Dea International (jointly liable). PEMEX owns 50% of this contractual area and Wintershall Dea México, S. de R. L. de C. V. owns 50%.

•Hydrocarbons Exploration and Extraction Contract for the Miquetla Block, for onshore fields, formed by PEMEX (as partner) and Operadora de Campos DWF, S.A. de C.V. (as operator). PEMEX has a 49% interest in this project while Operadora de Campos DWF, S.A. de C.V. has a 51% interest.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

See below for a condensed statement of comprehensive income and condensed statement of financial position, summarizing the exploration and extraction contracts listed above (presentation non-audited):


	Production-sharing contracts
As of /For the year ended December 31, 2025	EK-Balam	Block 2	Block 8	Block 16	Block 17	Block 18	Block 29	Block 32	Block 33	Block 35	Santuario El Golpe	Misión	Ébano
Sales:
Net sales	6,902,738	—	—	—	—	—	—	—	—	—	1,322,715	163,310	301,556
Cost of sales	10,626,151	1,960,397	51,374	—	1,297	66,356	40,565	—	739,888	8,976	1,832,043	298,873	267,389
Gross income (loss)	(3,723,413)	(1,960,397)	(51,374)	—	(1,297)	(66,356)	(40,565)	—	(739,888)	(8,976)	(509,328)	(135,563)	34,167
Other income (loss), net	31,820	(39,440)	(199)	—	—	4,072	1,624,444	8,600	9,267	135	11,579	40,116	694
Administrative expenses	—	—	—	—	—	—	—	—	—	—	11,362	—	59,915
Operating income (loss)	(3,691,593)	(1,999,837)	(51,573)	—	(1,297)	(62,284)	1,583,879	8,600	(730,621)	(8,841)	(509,111)	(95,447)	(25,054)
Taxes, duties and other	—	—	—	—	—	—	—	—	—	—	—	—	—
Net income (loss)	(3,691,593)	(1,999,837)	(51,573)	—	(1,297)	(62,284)	1,583,879	8,600	(730,621)	(8,841)	(509,111)	(95,447)	(25,054)
Cash and cash equivalents	15	316,966	2,060	—	—	132,059	67,989	233,010	—	—	—	—	—
Accounts receivable	947,826	216,235	158,934	82,503	80,827	39,717	7,242	91,894	411,118	430,051	4,406,596	2,496,425	770,978
Total current assets	947,841	533,201	160,994	82,503	80,827	171,776	75,231	324,904	411,118	430,051	4,406,596	2,496,425	770,978
Wells, pipelines, properties, plant and equipment, net	38,921,022	—	—	—	—	—	—	—	—	—	1,360,531	1,489,379	491,673
Other assets	—	12,111	239	—	—	—	—	—	—	—	—	—	—
Total assets	39,868,863	545,312	161,233	82,503	80,827	171,776	75,231	324,904	411,118	430,051	5,767,127	3,985,804	1,262,651
Suppliers	29,467,794	21,988	5,732	185,767	209,357	738	14,423	1,007	2,086,425	820,339	9,825,462	4,866,394	2,265,053
Taxes and duties payable	(19,642)	1,303	1,392	—	—	1,931	1,118	—	—	—	—	474	—
Other current liabilities	3,569,254	3,432,817	685,589	53,145	42,816	640,900	64,609	499,376	300,115	47,795	1,238,160	1,816,053	317,174
Total liabilities	33,017,406	3,456,108	692,713	238,912	252,173	643,569	80,150	500,383	2,386,540	868,134	11,063,622	6,682,921	2,582,227
Equity (deficit), net	6,851,457	(2,910,796)	(531,480)	(156,409)	(171,346)	(471,793)	(4,919)	(175,479)	(1,975,422)	(438,083)	(5,296,495)	(2,697,117)	(1,319,576)

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		License contracts
As of /For the year ended December 31, 2025	Trión	Block 3	Block 2	Block 5	Block 18	Block 22	Cárdenas Mora	Ogarrio	Miquetla
Sales:
Net sales	—	—	—	—	—	—	893,766	849,310	165,325
Cost of sales	859,597	753	6,491	221,061	238,545	4,896	429,711	467,395	79,863
Gross income (loss)	(859,597)	(753)	(6,491)	(221,061)	(238,545)	(4,896)	464,055	381,915	85,462
Other income (loss), net	(69,368)	5	—	816,333	753,132	57	15,622	(14,079)	(1,145)
Administrative expenses	—	—	—	—	—	—	—	37,084	27,582
Operating income (loss)	(928,965)	(748)	(6,491)	595,272	514,587	(4,839)	479,677	330,752	56,735
Taxes, duties and other	—	—	—	—	—	—	—	—	—
Net income (loss)	(928,965)	(748)	(6,491)	595,272	514,587	(4,839)	479,677	330,752	56,735
Cash and cash equivalents	—	—	—	—	—	—	2,398	—	—
Accounts receivable	190,070	109,361	742,289	23,960	25,519	616,217	3,091,751	6,806,758	650,046
Total current assets	190,070	109,361	742,289	23,960	25,519	616,217	3,094,149	6,806,758	650,046
Wells, pipelines, properties, plant and equipment, net	6,116,609	—	—	—	—	—	1,731,779	1,494,352	259,076
Total assets	6,306,679	109,361	742,289	23,960	25,519	616,217	4,825,928	8,301,110	909,122
Suppliers	7,235,644	288,962	1,118,014	89,438	99,996	1,104,226	8,586,315	8,426,002	838,295
Taxes and duties payable	—	—	—	6,490	6,928	—	7	—	—
Other current liabilities	—	50,949	181,398	317,893	342,319	105,166	161,889	4,238,147	64,007
Total liabilities	7,235,644	339,911	1,299,412	413,821	449,243	1,209,392	8,748,211	12,664,149	902,302
Equity (deficit), net	(928,965)	(230,550)	(557,123)	(389,861)	(423,724)	(593,175)	(3,922,283)	(4,363,039)	6,820

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NOTE 13. INTANGIBLE ASSETS, NET

As of December 31, 2025 and 2024, intangible assets, net were mainly wells unassigned to a reserve and other components of intangible assets, which amounted to Ps. 10,998,869 and Ps. 17,088,277, respectively as follows:

A. Wells unassigned to a reserve


	2025		2024
Wells unassigned to a reserve:
Balance at the beginning of the year	Ps.	15,573,570	Ps.	18,940,360
Additions to construction in progress	13,057,519		32,273,388
Transfers against expenses	(14,556,138)		(25,944,025)
Transfers against fixed assets	(7,773,944)		(9,696,153)
Balance at the end of the year	Ps.	6,301,007	Ps.	15,573,570

As of December 31, 2025, 2024 and 2023, PEMEX recognized expenses related to unsuccessful wells of Ps. 22,303,028, Ps. 38,990,149 and Ps. 33,966,315, respectively, directly in its statement of comprehensive income.

B. Other intangible assets


	Licenses		Exploration expenses, evaluation of assets and concessions	Total
Cost
Balance as of January 1, 2025	Ps.	7,183,553	1,949,820	Ps.	9,133,373
Additions	3,559,658		101,626	3,661,284
Effects of foreign exchange	(75,027)		(222,625)	(297,652)
	10,668,184		1,828,821	12,497,005
Amortization accumulated
Balance as of January 1, 2025	(6,779,294)		(839,372)	(7,618,666)

Amortization	(331,402)		(28,630)	(360,032)
Effects of foreign exchange	85,895		93,660	179,555
	(7,024,801)		(774,342)	(7,799,143)
Balance as of December 31, 2025	Ps.	3,643,383	1,054,479	Ps.	4,697,862
Useful lives	1 to 3 years		Up to 36 years

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	Licenses		Exploration expenses, evaluation of assets and concessions	Total
Cost
Balance as of January 1, 2024	Ps.	6,562,014	1,587,720	Ps.	8,149,734
Additions	482,932		42,440	525,372
Effects of foreign exchange	138,607		319,660	458,267
	7,183,553		1,949,820	9,133,373
Amortization accumulated
Balance as of January 1, 2024	Ps.	(6,060,212)	(679,063)	(6,739,275)
Amortization	(603,091)		(23,709)	(626,800)
Effects of foreign exchange	(115,991)		(136,600)	(252,591)
	(6,779,294)		(839,372)	(7,618,666)
Balance as of December 31, 2024	Ps.	404,259	1,110,448	Ps.	1,514,707
Useful lives	1 to 3 years		Up to 36 years

NOTE 14. GOVERNMENT BONDS AND OTHER ASSETS

A. Government bonds

The following table sets forth the balance of Mexican Government local bonds (the “Government Bonds”) held by Petróleos Mexicanos valued at amortized cost as of December 31, 2025 and 2024:


	2025		2024
Government bonds (1)	Ps.	21,435,936	Ps.	35,875,353
Less: current portion of Government Bonds, net of expected credit losses	21,435,936		14,740,032
Total long-term notes receivable	Ps.	—	Ps.	21,135,321

(1)As of December 31, 2025 and 2024, includes an expected credit loss of Ps. 1,573 and Ps. 2,869, respectively.

As of November 19, 2020, the value of the Government Bonds was Ps. 128,786,611, and the liability was Ps. 95,597,610.

On November 20, 2020, Petróleos Mexicanos monetized the whole of the Government Bonds by entering into a three-year financial arrangement to partially raise an equivalent of Ps. 95,597,610 at an annual rate of 8.56275%, maturing November 24, 2023. Petróleos Mexicanos retains the risks, benefits and economic rights of the Government Bonds, which were delivered to a financial institution. Petróleos Mexicanos will continue to collect coupon and principal payments from the securities throughout the term of the transaction. Therefore, Petróleos Mexicanos recognizes these Government Bonds as restricted assets and recognizes short-term debt for the monetization. The resources from the Government Bonds were transferred to the Fondo Laboral Pemex (Pemex Labor Fund, or “FOLAPE”) for payments related to its pension and retirement plan obligations.

During the period from January 1 to December 31, 2025, interest income generated by the Government Bonds amounted to Ps. 1,759,219, of which Petróleos Mexicanos received payments in the amount of Ps. 1,819,299. During the period from January 1 to December 31, 2024, interest income generated by the Government Bonds amounted to Ps. 4,612,403, of which Petróleos Mexicanos received payments in the amount of Ps. 4,854,744.

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As of December 31, 2025 and 2024, the Government Bonds consist of 1 and 5 series of development bonds (D Bonds and M Bonds) issued by the SHCP with maturities between 2025 and 2026, at nominal value of Ps. 21,419,618 and 35,778,918, respectively.

As of December 31, 2025 and 2024, the fair value of the transferred assets was Ps. 21,765,389 and Ps. 35,279,002, respectively and the fair value of the associated liabilities was Ps. 20,119,075 and Ps. 33,941,600, respectively, resulting in a net position of Ps. 1,646,314 and Ps. 1,337,402, respectively.

As of December 31, 2025 and 2024, the recorded liability was Ps. 20,095,070 (Ps. 19,942,808 of principal and Ps. 152,262 of interest) and Ps. 34,357,836 (Ps. 34,006,893 of principal and Ps. 350,943 of interest), respectively (see Note 15).

The roll-forward of the Mexican Bonds is as follows:


	December 31,
	2025		2024
Balance as of the beginning of the year	Ps.	35,875,353	Ps.	64,132,418
Government Bonds collected (1)	(14,359,299)		(28,096,861)
Accrued interest	1,759,219		4,612,403
Interests received from bonds	(1,819,299)		(4,854,744)
Amortized cost	(21,335)		79,410
Reversal of impairment of bonds	1,297		2,727
Balance at the end of the year	Ps.	21,435,936	Ps.	35,875,353

(1)During 2025, some series of Mexican Government Bonds were collected in February, April, June and August.

B. Other assets

At December 31, 2025 and 2024, the balance of other assets was as follows:


	December 31,
	2025		2024
Restricted cash (1)	Ps.	19,834,399	Ps.	17,119,599
Guarantees (2)	11,281,010		4,288,778
Payments in advance	3,846,363		4,029,445
Insurance	1,932,648		1,922,587
Other	1,428,371		368,366
Total other assets	Ps.	38,322,791	Ps.	27,728,775

(1)As of December 31, 2025 and 2024, restricted cash mainly consists of collateral for a financing transaction maturing in November 2028, amounting to Ps. 16,637,164 and Ps. 14,972,193, respectively, as well as cash related to court-ordered seizures, amounting to Ps. 3,197,220 and Ps.2,417,406, respectively.

(2) As of December 31, 2025, includes Ps. 6,375,020 of collateral for financing transaction on August 18, 2025 (see Note 15).

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

NOTE 15. DEBT

The Federal Revenue Law applicable to PEMEX as of January 1, 2025, published in the Official Gazette of the Federation on December 19, 2024, authorized Petróleos Mexicanos and its subsidiary entities (which were subsequently dissolved on March 19, 2025) to incur an internal net debt up to Ps.143,403,700 and an external net debt up to U.S.$5,512,700. Following the dissolution, this authorization is exercised solely by Petróleos Mexicanos as successor (see Note 1).

Petróleos Mexicanos can incur additional domestic or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law.

During the period from January 1 to December 31, 2025, PEMEX participated in the following financing activities:

•On January 22, 2025, Petróleos Mexicanos issued U.S.$400,000, bearing interest at a floating rate linked to 30-day SOFR plus a margin of 350 basis points due March 2026.

•On February 7, 2025, Petróleos Mexicanos issued U.S.$1,487,457, bearing interest at a floating rate linked to 30-day SOFR plus a margin of 350 basis points due May 2026.

•On February 10, 2025, Petróleos Mexicanos entered into a Ps.5,000,000 revolving credit facility bearing interest at a floating rate linked for up to 182-day Interbank Equilibrium Interest Rate (TIIE) plus a margin of 500 basis points, maturing in February 2027. The credit agreement is fully available.

•On February 21, 2025, Petróleos Mexicanos issued U.S.$1,000,000, from a credit facility bearing interest at a floating rate linked to 90-day compounded SOFR plus a margin of 350 basis points, maturing in June 2026.

•On March 14, 2025, Petróleos Mexicanos entered into a Ps.5,000,000, revolving credit facility bearing interest at a floating rate linked to 182-day TIIE plus a margin of 500 basis points, maturing in March 2027. The credit agreement is fully available.

•On March 26, 2025, Petróleos Mexicanos entered into a Ps.5,972,676, credit facility in two tranches: the first one of Ps.2,986,338 bearing interest at a floating rate linked to 182-day TIIE plus a margin of 375 basis points, maturing in March 2026, and the second of Ps.2,986,338 bearing interest at a floating rate linked to 182-day TIIE plus a margin of 200 basis points, maturing in March 2026.

•On August 18, 2025, Petróleos Mexicanos entered into a securities lending transaction with a Luxembourg special purpose vehicle, Eagle Funding LuxCo S.à r.l., acting in respect of its compartment “EFL Compartment I” (“EFL I”). Petróleos Mexicanos received U.S. Treasury Securities (the “Eligible Assets”) in exchange for a fee payable to EFL I. Petróleos Mexicanos then entered into a 5-year repurchase transaction with three international banks pursuant to which it sold the Eligible Assets for approximately U.S.$11,354,374 (Ps.213,617,793). Pursuant to the repurchase transaction, Petróleos Mexicanos is required to repurchase the Eligible Assets in 10 semi-annual installments starting in 2026 and ending in 2030, and will receive a corresponding amount of Eligible Assets upon each installment payment, which Petróleos Mexicanos will in turn deliver (or cause the international banks to deliver) to EFL I pursuant to the terms of the securities lending transaction. In addition, Petróleos Mexicanos will pay a price differential to the participating banks semi-annually (until maturity of the repurchase transaction), net of any income such banks receive pursuant to the Eligible Assets. Petróleos Mexicanos does not have control and does not retain substantially all the risks and rewards of the Eligible Assets, accordingly Petróleos Mexicanos will not recognize assets or liabilities from the lending transaction, and will recognize cash received from the repurchase transaction as debt.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

As of December 31, 2025, PEMEX had U.S.$5,508,000 in credit lines in order to provide liquidity of which U.S.$4,108,000 was available.

As of December 31, 2024, the outstanding amount under PMI Trading's revolving credit line was U.S.$206,314. From January 1 to December 31, 2025, PMI Trading obtained and repaid U.S.$740,000 from its revolving credit line. As of December 31, 2025, the outstanding amount under this revolving credit line was U.S.$206,314 and the available amount was U.S.$23,686.

The Federal Revenue Law applicable to PEMEX as of January 1, 2024 published in the Official Gazette of the Federation on November 13, 2023, authorized Petróleos Mexicanos and its Subsidiary Entities to incur an internal net debt up to Ps. 138,119,100 and an external net debt up to U.S.$3,726,500. PEMEX can incur additional internal or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law.

The Board of Directors approves the terms and conditions for the incurrence of obligations that constitute public debt of Petróleos Mexicanos for each fiscal year, in accordance with the Petróleos Mexicanos Law and the Regulations to the Petróleos Mexicanos Law. The terms and conditions are promulgated in accordance with the guidelines approved by the SHCP for Petróleos Mexicanos for the fiscal year of 2024.

During the period from January 1 to December 31, 2024, PEMEX participated in the following financing activities:

•On April 12, 2024, Petróleos Mexicanos entered into a Ps.5,000,000, credit facility bearing interest at a floating rate linked to 91-day TIIE plus a margin of 400 basis points, maturing in April 2025. As of December 31, 2024 the available amount was Ps.250,000.

•On April 18, 2024, Petróleos Mexicanos issued U.S.$500,000 of its Senior Guaranteed Floating Rate Notes due March 2025 bearing interest at a floating rate linked to 90-day SOFR plus a margin of 300 basis points and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

•On April 26, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.850,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin of 400 basis points, maturing in April 2025.

•On May 24, 2024, Petróleos Mexicanos entered into an amended revolving credit facility of Ps.19,000,000, to a credit facility bearing interest at a floating rate linked to 28-days TIIE plus a margin of 350 basis points, maturing in May 2028.

•On June 12, 2024, Petróleos Mexicanos entered into a Ps.5,000,000, credit facility bearing interest at a floating rate linked to 91-day TIIE plus a margin of 400 basis points, maturing in June 2025. The credit facility is fully drawn.

•On June 18, 2024, Petróleos Mexicanos drew Ps.1,700,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in January 2025.

•On June 25, 2024, Petróleos Mexicanos drew Ps.23,400,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 270 basis points, maturing in July 2026.

•On July 2, 2024, Petróleos Mexicanos entered into a U.S.$2,501,549 credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 215 basis points, maturing in July 2026. That amount was modified to U.S.$5,301,550 on December 6, 2024. As of December 31, 2024 the available amount was Ps.2,300,000.

•On July 10, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of U.S.$341,667, from a credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 425 basis points, maturing in March 2025.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

•On July 17, 2024, Petróleos Mexicanos entered into a U.S.$750,000 amended revoling credit facility bearing interest at a floating rate linked to 90-day SOFR plus a margin of 454 basis points, maturing in January 2026.

•On August 30, 2024, Petróleos Mexicanos entered into a Ps.1,000,000 a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in February 2025.

•On September 13, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 365 basis points, maturing in January 2025.

•On September 19, 2024, Petróleos Mexicanos entered into a Ps.5,000,000 credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 400 basis points, maturing in September 2025, which as of December 31, 2024 the available amount is Ps.1,200,000.

•On October 28, 2024, Petróleos Mexicanos entered into a Ps.5,000,000, credit facility bearing interest at a floating rate linked to 182-day TIIE plus a margin of 370 basis points, maturing in October 2026.

•On October 31, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE, maturing in April 2025.

•On November 11, 2024, Petróleos Mexicanos entered into a Ps.2,000,000, credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in May 2025.

•On November 12, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of U.S.$40,000, from a credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 415 basis points, maturing in May 2025.

•On November 14, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.1,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in May 2025.

•On November 19, 2024 Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,500,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in February 2025.

•On November 19, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,500,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in February 2025.

•On November 19, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.3,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in March 2025.

•On November 22, 2024, Petróleos Mexicanos entered into a Ps.3,000,000, credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in May 2025.

•On November 29, 2024, Petróleos Mexicanos entered into a Ps.2,553,750, amended credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 315 basis points, maturing in May 2025.

•On December 6, 2024, Petróleos Mexicanos entered into a Ps.5,301,549, amended credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 215 basis points, maturing in July 2026.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

•On December 13, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in March 2025.

•On December 18, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,725,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in June 2025.

•On December 19, 2024, Petróleos Mexicanos drew Ps.5,841,180, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 225 basis points, maturing in December 2026.

•On December 20, 2024, Petróleos Mexicanos drew U.S.$500,000 from a credit facility bearing interest at a fixed rate plus a margin of 750 basis points due March 2026.

•On December 23, 2024, Petróleos Mexicanos issued U.S.$225,000 of its Senior Guaranteed Floating Rate Notes due March 2026 bearing interest at a floating rate linked to 90-day, compounded SOFR plus a margin of 375 basis points and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

•On December 23, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,000,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in June 2025.

•On December 24, 2024, Petróleos Mexicanos issued U.S.$400,000 of its Senior Guaranteed Floating Rate Notes due December 2025, bearing interest at a floating rate linked to 30-day SOFR plus a margin of 350 basis points and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

•On December 27, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in April 2025.

•On December 30, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.3,000,000, bearing interest at a floating rate linked to 28-day TIIE, maturing in March 2025.

All the financing activities mentioned above were guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics and their respective successors and assignees.

As of December 31, 2024, PEMEX had U.S.$5,902,000 and Ps.20,500,000 in credit lines in order to provide liquidity. As of December 31, 2024 the peso-denominated credit lines were fully drawn and U.S.$230,000 was available under U.S. dollar-denominated credit lines.

As of December 31, 2023, the outstanding amount under PMI Trading’s revolving credit line was U.S.$661,213. From January 1 to December 31, 2024, PMI Trading obtained U.S.$1,605,394 from its revolving credit line and repaid U.S.$2,060,292. As of December 31, 2024, the outstanding amount under this revolving credit line was U.S.$206,314 and the available amount was U.S.$23,685.

Various financial transactions (including credit facilities and bond issuances) require compliance with various covenants that, among other things, place restrictions on the following types of transactions by PEMEX, subject to certain exceptions:

•The sale of substantial assets essential for the continued operations of its business.

•The incurrence of liens against its assets.

•Transfers, sales or assignments of rights to payment not yet earned under contracts for the sale of crude oil or natural gas, accounts receivable or other negotiable instruments.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

As of December 31, 2025 and 2024 and as of the date of the issuance of these consolidated financial statements, PEMEX was in compliance with the covenants described above.

As of December 31, 2025 and 2024, debt was as follows:

2025 (B)

Rate of interest (A)

Maturity

Pesos

Foreign currency

U.S. dollars

Bonds

Fixed from 5.35% to 10.00%, SOFR plus 3.500% to 3.750%

Various to 2060

Ps.

915,387,717

US$

50,949,129

Project financing

SOFR plus 1.23% to 1.81%

Various to 2031

4,221,385

234,956

Direct loans

Fixed of 4.59% to 10.380% and SOFR plus 2.15% to 4.54%

Various to 2031

269,813,134

15,017,401

Syndicated loans

SOFR plus 4.85%

During 2026

26,950,050

1,500,000

Revolving credit lines

SOFR

2026

28,565,695

1,589,924

Financing of Infrastructure asset

Fixed from 8.38% and 8.89%

Various to 2036

16,491,503

917,893

Total financing in U.S. dollars

1,261,429,484

US$

70,209,303

Euros

Bonds

Fixed from 2.75% to 4.88%

Various to 2030

51,922,592

€

2,461,090

Japanese yen

Bonds

Fixed from 0.54%

Various to 2026

9,165,982

79,982,394

Pesos

Certificados bursátiles

Fixed of 7.47%

Various to 2026

31,361,411

Direct loans

TIIE plus 1.90% to 4.50%

Various to 2029

84,526,117

Others

TIIE plus 2.65%

During 2026

19,942,808

Total financing in pesos

135,830,336

UDIs

Certificados bursátiles

Fixed from 3.02% to 5.23%

Various to 2035

43,138,222

Total principal in pesos (C)

1,501,486,616

Plus:

Accrued interest

29,811,474

Total principal and interest

1,531,298,090

Less:

Short-term maturities

315,416,497

Accrued interest

29,811,474

Total short-term debt and current portion of long-term debt

345,227,971

Long-term debt

Ps.

1,186,070,119

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

2024 (B)

Rate of interest (A)

Maturity

Pesos

Foreign currency

U.S. dollars

Bonds

Fixed from 2.38% to 10.00%, SOFR plus 0.612% to 3.75%

Various to 2060

1,218,029,594

U.S.$

60,095,301

Project financing

SOFR plus 0.87% to 1.81%

Various to 2031

8,380,867

413,496

Direct loans

Fixed of 10.38% and SOFR plus 2.15% to 4.54%

Various to 2031

101,351,485

5,000,493

Syndicated loans

SOFR plus 4.85%

Various to 2026

30,402,450

1,500,000

Revolving credit lines

SOFR plus 3.00% to 4.85%

2025

131,369,868

6,481,543

Financing of Infrastructure asset

Fixed from 8.38% and 8.89%

Various to 2036

20,846,608

1,028,533

Total financing in U.S. dollars

1,510,380,872

U.S.$

74,519,366

Euros

Bonds

Fixed from 2.75% to 5.50%

Various to 2030

136,091,806

€

6,484,638

Japanese yen

Bonds

Fixed from 0.54%

Various to 2026

10,306,353

79,956,191

Pesos

Certificados bursátiles

Fixed of 7.47% to

Various to 2026

31,318,419

Direct loans

TIIE plus 0.85% to 4.50%

Various to 2029

143,086,612

Syndicated loans

TIIE plus 0.95%

Various to 2025

1,350,000

Revolving credit lines

TIIE plus 4.25%

2025

20,500,000

Others

TIIE plus 2.65%

Various to 2026

34,006,893

Total financing in pesos

230,261,924

UDIs

Certificados bursátiles

Fixed from 3.02% to 5.23%

Various to 2035

41,592,362

Other currencies

Bonds

Fixed from 3.75%

Various to 2025

11,412,443

Total principal in pesos (C)

1,940,045,760

Plus:

Accrued interest

38,726,495

Total principal and interest

1,978,772,255

Less:

Short-term maturities

386,492,022

Accrued interest

38,726,495

Total short-term debt and current portion of long-term debt

425,218,517

Long-term debt

Ps.

1,553,553,738

A.As of December 31, 2025 and 2024, interest rates were as follows: one week SOFR of 3.870% and 4.490%, one month SOFR of 3.688% and 4.332%, three month SOFR of 3.6517% and 4.3051%, six month SOFR of 3.574% and 4.250%, TIIE rate of 7.3489% and 10.2440%, respectively, for 28 days; TIIE rate of 7.393% and 10.633%, respectively, for 91 days; and TIIE rate of 7.458% and 10.769%, respectively, for 182 days.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

B.As of December 31, 2025 and 2024, PEMEX used the following exchange rates to translate the outstanding balances in foreign currencies to pesos in the statement of financial position:


	2025	2024
U.S. dollar	17.9667	20.2683
Japanese yen	0.1146	0.1289
Pounds sterling	24.1607	25.3860
Euro	21.0974	20.9868
Swiss francs	22.6728	22.3721
UDI	8.665387	8.340909

C.Includes financing from foreign banks of Ps. 1,286,788,747 and Ps. 1,612,427,515, as of December 31, 2025 and 2024, respectively.

D. The following table presents the roll-forward of total debt of PEMEX for each of the year ended December 31, 2025 and 2024, which includes short and long-term debt:


	2025		2024
Changes in total debt:
At the beginning of the year	Ps.	1,978,772,255	Ps.	1,794,470,357
Loans obtained - financing institutions	897,917,722		1,056,523,887
Debt payments	(1,169,025,539)		(1,148,872,172)
Accrued interest (1)(2)	152,373,946		163,614,450
Interest (paid)	(149,914,573)		(148,380,958)
Foreign exchange	(178,825,721)		261,416,691
At the end of the year	Ps.	1,531,298,090	Ps.	1,978,772,255

(1)During 2025, includes Ps. 5,068,080 of premiums and awards amortizations; Ps. (4,277,084) of fees and expenses related to the issuance of debt and amortized cost of Ps. 163,629.

(2)During 2024, includes Ps. 622,591 of premiums and awards amortizations; Ps. (1,900,454) of fees and expenses related to the issuance of debt and amortized cost of Ps. 2,127,973.

E. Maturity of the total principal outstanding:


	2026		2027	2028	2029	2030	2031 and thereafter	Total
Maturity of the total principal outstanding and accrued interest as of December 31, 2025, for each of the years ending December 31.	Ps.	345,227,971	84,555,621	158,916,761	99,401,877	141,672,702	701,523,158	Ps.	1,531,298,090

NOTE 16. LEASES

PEMEX leases plants, transportation and storage equipment, port facilities, buildings, land, catalysts, machinery and equipment. Leases generally run for a period of one to twenty years, in some cases with an option to renew the lease after that date. Some lease payments are renegotiated every five years to reflect that the rent payments are market compliant. Some of the leases provide for additional rental payments that are based on changes in local price indexes. For certain leases, PEMEX has restrictions to enter into a sublease agreement.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Plants, transport and storage equipment, port facilities, buildings and land leases were entered into in previous years as service, transportation and building leases.

PEMEX has rights of use assets for equipment whose contractual terms are from one to three years. These leases are short-term and / or low-value item leases. PEMEX has decided not to recognize the right-of-use assets and lease liabilities for these leases.

Lease information where PEMEX is a lessee is presented as follows:

i.Rights of use assets are as follows:


	Rights of use assets
	Transportation and storage equipment		Plants	Drilling equipment	Rights of use	Port facilities	Buildings	Lands	Catalyst	Machinery and Equipment	Total
Balance as of January 1, 2024	Ps.	17,568,803	15,639,974	5,418,743	1,496,655	2,620,491	67,246	20,147	233,131	137,990	Ps.	43,203,180
Depreciation of the year	(3,724,213)		(1,691,204)	(123,692)	(79,744)	(181,234)	(31,637)	(1,586)	(85,242)	(111,642)	(6,030,194)
Additions	4,058,802		—	—	—	119,709	18,430	—	—	328,424	4,525,365
Cancellations	(257,031)		—	—	—	—	(3,401)	—	—	(77,421)	(337,853)
Currency translation effect	489,269		—	—	—	64,525	7,657	5,346	36,933	305	604,035
Balance as of December 31, 2024	Ps.	18,135,630	13,948,770	5,295,051	1,416,911	2,623,491	58,295	23,907	184,822	277,656	Ps.	41,964,533
Depreciation of the year	(3,919,059)		(1,691,204)	(104,448)	(79,740)	(195,375)	(43,793)	(1,405)	(89,586)	(87,562)	(6,212,172)
Additions	2,605,626		—	1,436,560	—	123,506	146,958	—	—	65,294	4,377,944
Impairment	(1,939,194)		—	—	—	—	—	—	—	—	(1,939,194)
Currency translation effect	(272,833)		—	—	—	(52,917)	(5,440)	(3,530)	(15,092)	—	(349,812)
Balance as of December 31, 2025	Ps.	14,610,170	12,257,566	6,627,163	1,337,171	2,498,705	156,020	18,972	80,144	255,388	Ps.	37,841,299
Estimated useful life	1 to 10 years		14 years	10 years	23 years	20 years	1 to 5 years	5 years	5 years	1 to 5 years

ii.Leases liabilities are as follows:


	2025		2024
Lease liabilities recognized at January 1	Ps.	46,825,266	41,848,333
Additions	4,377,944		4,525,365
Cancellations	(257,531)		(337,853)
Payments of principal	(6,851,282)		(6,335,772)
Accrued interest	3,314,811		3,224,719
Interests paid	(2,481,974)		(2,128,875)
Foreign Exchange	(3,742,954)		6,029,349
Lease liabilities at December 31,	Ps.	41,184,280	46,825,266

The obligation recognized as of December 31, 2025 and 2024, amounted to Ps. 41,184,280 and Ps. 46,825,266, of which Ps. 9,428,699 and Ps. 8,628,404 were recognized in current liabilities and Ps. 31,755,581 and Ps. 38,196,862 in non-current liabilities, respectively.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

iii.Amounts recognized in the statement of comprehensive Income


	2025		2024
Depreciation of rights of use	Ps.	6,212,172	Ps.	6,030,194
Interests from lease liabilities	3,373,102		3,422,669
Impairment of rights of use	1,939,194		—
Expenses related to short-term leases	1,625,434		671,277

iv.Amounts recognized in the statement of cash flows


	2025		2024
Lease payments (principal and interest)	Ps.	(9,333,256)	Ps.	(8,464,647)

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NOTE 17. LONG-TERM CONTRACTUAL LIABILITIES

During 2025, Petróleos Mexicanos entered into amendment agreements with suppliers and contractors with the purpose of extending the payment terms of certain accrued and accepted commercial obligations during the period, in accordance with the financial scheme authorized by the Board of Directors. As a result of these agreements, the original balances recorded as short-term accounts payable to suppliers generated in 2025, were replaced by new obligations with maturities to eight years, subject to a schedule of quarterly payments of principal and interest. As a result, the nature of the obligation changed from a commercial account payable to a financial liability with terms that differ from those originally agreed with the suppliers.

Additionally, certain suppliers chose to present their accounts receivable to a Fideicomiso Privado Irrevocable de Administración y Fuente de Pago (Irrevocable Private Trust for Administration and Source of Payment), resulting in a legal subrogation from the original creditor, without modifying the agreed economic terms in the amendment agreements. In these cases, Petróleos Mexicanos maintains a direct financial obligation to the trust.

Petróleos Mexicanos assessed whether the modifications to the contractual terms resulted in the derecognition of the original liability, considering the extended maturity, the addition of interest on outstanding balances and the scheduled quarterly payments. Based on this assessment, Petróleos Mexicanos concluded that the amendment agreements together with the legal subrogation in applicable cases, resulted in the extinction of the original obligation and the recognition of a new financial liability.

Consequently, Petróleos Mexicanos derecognized the original liabilities and recognized a new financial liability classified as “Long-term contractual liabilities”, which was initially measured at fair value. The contractual interest rates of the amendment agreements approximate market rates for instruments with similar terms and credit risk; accordingly, no material gain or loss arose upon initial recognition of the new financial liabilities. The book value of each of the new contractual long-term liabilities is presented below:


Contractual liability	Date of Agreement	Interest rate spread	Balances as of December 31, 2025
1st. Group	September 8, 2025	1.85%	Ps.	2,997,823
2nd. Group	October 17, 2025	1.85%	26,772,747
3rd. Group	November 14, 2025	1.85%	2,498,884
4th. Group	November 21, 2025	1.85%	37,550,018
5th. Group	December 16, 2025	1.80%	29,591,436
6th. Group	December 30, 2025	1.80%	93,622,157
			Ps.	193,033,065

Accrued interest is determined based on a variable rate equivalent to TIIE plus a margin of 1.80% or 1.85%, as applicable. Accrued interest is recognized as a financial cost in the statement of comprehensive income. During 2025, there were no payments of principal and interest.

Liabilities arising from the amendment agreements are presented separately in the statement of financial position in the “Long-term contractual liabilities” line item as they represent financial obligations distinct from ordinary accounts payable. Cash flows related to the payment of principal and interest of long-term contractual liabilities are presented in the statement of cash flows as financing activities.

Information regarding the liquidity risk associated with these liabilities is disclosed in Note 18; fair value measurement is disclosed in Note 8.

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The following table sets out the amortization of long-term contractual liabilities as of December 31, 2025:


	2026		2027	2028	2029	2030	2031 and thereafter	Total
Amortization of long-term Contractual Liabilities as of December 31, 2025	Ps.	—	15,182,652	24,340,699	26,751,439	29,395,477	97,362,798	Ps.	193,033,065

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NOTE 18. DERIVATIVE FINANCIAL INSTRUMENTS

PEMEX faces market risk caused by the volatility of hydrocarbon prices, exchange rates and interest rates, credit risk associated with investments and financial derivatives, as well as liquidity risk. In order to monitor and manage these risks, PEMEX has approved general provisions relating to financial risk management, which are comprised of policies and guidelines that promote an integrated framework for risk management, regulate the use of Derivative Financial Instruments (DFIs), and guide the development of risk mitigation strategies.

This regulatory framework establishes that DFIs should be used only for the purpose of mitigating financial risk. The use of DFIs for any other purpose must be approved in accordance with PEMEX’s current internal regulation. PEMEX has a Financial Risk Working Group (FRWG) which is a specialized working group with decision-making authority on financial risk exposure, financial risk mitigation schemes, and DFIs trading of PEMEX.

Approved DFIs are mainly traded on the Over-the-Counter (OTC) market; however, exchange traded instruments may also be used. In the case of PMI Trading, DFIs are traded on CME-Clearport.

The different types of DFIs that PEMEX trades are described below in the subsections corresponding to each risk type and as related to the applicable trading markets.

One of PEMEX’s policies is to contribute to minimizing the impact that unfavorable changes in financial risk factors have on its financial results by promoting an adequate balance between incoming cash flows from operations and outgoing cash flows related to its liabilities.

As part of the regulatory framework for financial risk management, PEMEX has established the eligible counterparties with which it may trade DFIs and other financial instruments.

In addition, certain PMI Subsidiaries have implemented a regulatory framework for risk management with respect to its activities, which consists of policies, guidelines and procedures to manage the market risk associated with its commodity trading activities in accordance with industry best practices, such as: 1) the use of DFIs for financial risk mitigation purposes; 2) the segregation of duties; 3) valuation and monitoring mechanisms, such as the generation of a daily portfolio risk report, value at risk (“VaR”) computation; and 4) VaR limits at business unit level and the implementation of stop loss mechanisms.

Given that PEMEX’s outstanding DFIs have been entered into for risk mitigation purposes, particularly with economic hedging purposes, there is no need to establish and monitor market risk limits.

For those portfolios with an open market risk exposure, PEMEX’s financial risk management regulatory framework establishes the implementation and monitoring of market risk metrics and limits (such as VaR, among others).

PEMEX has also established credit guidelines for DFIs that PEMEX offers to its domestic customers, which include the use of guarantees and credit lines. For exchange traded DFIs PEMEX trades under the margin requirements of the corresponding exchange market, and therefore, does not have internal policies for these DFIs.

Most DFIs held with financial counterparties do not require collateral exchange clauses. Notwithstanding, PEMEX’s regulatory framework promotes credit risk mitigation strategies such as collateral exchange.

PEMEX does not have an independent third party to verify compliance with these internal standards; however, PEMEX has internal control procedures that certify compliance with existing policies and guidelines.

A. Risk Management

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I. Market Risk

i. Interest rate risk

PEMEX is exposed to fluctuations in floating interest rate liabilities. PEMEX is exposed to U.S. dollar Secured Overnight Financing Rate (SOFR), to TIIE Mexican peso and TIIE funding rate. As of December 31, 2025, approximately 20.8% of PEMEX’s total net debt outstanding (including DFIs) consisted of floating rate debt.

Occasionally, for strategic reasons or in order to offset the expected inflows and outflows, PEMEX has entered into interest rate swaps and options. Through the swap agreements, PEMEX acquires the obligation to make payments based on a fixed or floating interest rate in exchange for receiving payments referenced to a floating or fixed interest rate according to what is assessed as convenient. On the other hand, under the option agreements, PEMEX acquires protection against potential increases in the floating interest rates of some of its liabilities.

During 2024, PEMEX entered into nine interest rate swaps for an accumulated notional amount of U.S.$ 900 million, through which the fixed coupons associated with a U.S.$ 1,988 million debt issue maturing in 2028 were converted into floating coupons referenced to SOFR floating interest rates, in order to reduce the financial cost.

During 2025, as a result of Pemex's liability management, an unwind of an interest rate hedging DFI associated with the repurchased bonds was executed, for a notional amount of U.S.$ 100 million.

As of December 31, 2025, Petróleos Mexicanos was a party to eight interest rate swap agreements denominated in U.S. dollars for an aggregate notional amount of U.S.$ 800,000 at a weighted average fixed interest rate of 5.35% and a weighted average term of 2.1 years.

Similarly, in order to eliminate the volatility associated with variable interest rates of long-term financing operations, PMI NASA could also execute interest rate swap agreements denominated in U.S. dollars.

As of December 31, 2025, there was no ongoing interest rate DFI of PMI NASA.

Moreover, PEMEX invests in pesos and U.S. dollars in compliance with applicable internal regulations, through portfolios that have different purposes that seek an adequate return subject to risk parameters that reduce the probability of capital losses. The objective of the investments made through these portfolios is to meet PEMEX’s obligations payable in pesos and U.S. dollars.

The investments made through PEMEX’s portfolios are exposed to domestic and international interest rate risk and credit spread risk derived from government and corporate securities, and inflation risk arising from the relationship between UDIs and pesos. However, these risks are mitigated by established limits on exposure to market risk.

Reference rates transition

As a result of the decision made by the Financial Stability Board (FSB), the Interbank Offered Rates (IBORs) were replaced by alternative reference rates, based on risk-free rates obtained from market operations. Therefore, PEMEX has carried out the necessary actions to amend the contracts that were referenced to IBOR benchmark rates in accordance with the applicable regulations.

In line with market practice, PMI Trading’s credit agreements include the new language to use the Secured Overnight Funding Rate (SOFR) as their reference rate.

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Banco de Mexico (the Mexican Central Bank) announced that the 28-day TIIE ceased to be a reference for new contracts as of January 1st, 2025. Similarly, the 91-day and 182-day TIIE ceased to be reference rates for new contracts as of January 1st, 2024.

In response, Petróleos Mexicanos carried out the actions it deemed pertinent and necessary to modify contracts referenced to TIIE rates in line with the modifications announced by Banco de Mexico.

In the event that TIIE ceases to be published, the financial instruments portfolio referenced to these floating rates is composed of debt instruments and DFIs as shown below:


	Reference Rate	Notional Amount As of December 31, 2025 (in thousands of pesos)(1)
Debt	TIIE 28D MXN	94,241,073

DFI	TIIE 28D MXN	28,670,492

(1)Note: Notional amounts with maturity after December 31, 2025.

PEMEX’s portfolio also consists of additional debt instruments and DFIs referenced at fixed and float rates, which are not listed in the table above since these instruments will not be impacted by this change.

ii. Exchange rate risk

Most of PEMEX’s revenues are denominated in U.S. dollars, a significant amount of which is derived from exports of crude oil and petroleum products, which are priced and payable in U.S. dollars. Additionally, PEMEX’s revenues from domestic sales of gasoline and diesel net of IEPS Tax, tax duties, incentives, and other related taxes, as well as domestic sales of natural gas and its byproducts, LPG and petrochemicals, are referenced to international U.S. dollar-denominated prices.

PEMEX’s expenses related to hydrocarbon duties are calculated based on international U.S. dollar-denominated prices and the cost of hydrocarbon imports that PEMEX acquires for resale in Mexico or use in its facilities are indexed to international U.S. dollar-denominated prices. On the other hand, PEMEX determines the annual amount to be allocated to its capital expenditure and operating expenses as a fixed amount in pesos.

As a result of this cash flow structure, the depreciation of the peso against the U.S. dollar increases PEMEX’s financial balance. The appreciation of the peso relative to the U.S. dollar has the opposite effect. PEMEX manages this risk without hedging instruments because the impact of exchange rate fluctuations between the U.S. dollar and the peso on PEMEX’s revenues is partially offset by its impact on its obligations.

PEMEX prioritizes debt issuances denominated in U.S. dollars; nonetheless, this is not always achievable, hence non-U.S. dollar denominated debt issued in international currencies is hedged through DFIs to mitigate their exchange rate exposure, either by swapping it into U.S. dollars or through other derivative structures. The rest of the debt is denominated in pesos or in UDIs, and for the debt denominated in UDIs, it has been converted into pesos through DFIs in order to eliminate the inflationary risk exposure.

As a consequence of the above, PEMEX's debt issued in international currencies other than U.S. dollars has exchange rate risk mitigation strategies. PEMEX has selected strategies that further seek to reduce its cost of funding by leaving, in some cases, part of this exchange rate exposure unhedged when assessed as appropriate.

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The underlying currencies of PEMEX’s DFIs that mitigate the exchange rate risk are the euro and the Japanese yen against the U.S. dollar and UDIs against the peso.

As of December 31, 2025, and 2024, PEMEX did not enter into any DFIs to mitigate the exchange rate risk, since no debt in currencies other than U.S. dollars or pesos was issued.

Nevertheless, during 2025, as a result of Pemex's liability management, eighteen total unwinds and three partial unwinds of exchange rate risk hedging DFIs associated with the repurchased bonds were carried out for a cumulative notional amount of €3,211.8 million.

During 2023, PEMEX carried out the partial restructure of one and the whole restructure of another cross-currency swap, entering into three similar DFIs, with better financial conditions for PEMEX, having the main objective of reducing the financing cost of its debt. These restructured swaps have the purpose of hedging the exchange rate risk of debt issued by €650,000, with maturity in 2025.

Additionally, during 2023, PEMEX restructured ten cross currency capped swaps that had the purpose of hedging the exchange rate risk of debt issued by €1,250,000, with maturity in 2027. The restructure consisted in entering into ten similar DFIs, with better conditions for PEMEX, having the main objective of reducing the financing cost of its debt.

PEMEX recorded a total foreign exchange gain (loss) of Ps. 195,182,398, Ps. (304,452,236) and Ps. 238,079,042, for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts include the unrealized foreign exchange gain (loss) associated with debt of Ps. 178,825,721, Ps. (261,416,691) and Ps. 208,865,338, for the years ended December 31, 2025, 2024 and 2023, respectively. Unrealized foreign exchange gains and losses do not impact PEMEX’s cash flows. The appreciation of the peso during 2025 caused a total net foreign exchange gain because a significant portion of PEMEX’s debt, 90.95% (principal only) as of December 31, 2025, is denominated in a currency other than the Mexican peso. Due to the cash flow structure described above, the depreciation of the peso relative to the U.S. dollar does not affect PEMEX’s ability to meet U.S. dollar-denominated financial obligations and it improves PEMEX’s ability to meet peso-denominated financial obligations. On the other hand, the appreciation of the peso relative to the U.S. dollar may increase PEMEX’s peso-denominated debt service costs on a U.S. dollar basis.

Certain of the PMI Subsidiaries face market risks generated by fluctuations in foreign exchange rates. In order to mitigate these risks, the boards of directors of several of these companies have authorized a policy which stipulates that financial assets must be denominated in its functional currency, unless the company owes a duty or expected payment in a currency other than its functional one.

Finally, a significant amount of PMI Trading’s income and expenses, including the cost of sales and related sales costs, is derived from the trade of refined products, petrochemicals and gas liquids to PEMEX subsidiaries and third parties, whose prices are determined and are payable in U.S. dollars. PMI Trading’s exposure to foreign currency risk results primarily from the need to fund tax payments denominated in domestic currency, as well as from certain related sales costs denominated in domestic currency.

PMI Trading believes it can adequately manage the risk created by the payment of taxes in domestic currency without the need to enter into hedging instruments because the exposure to this risk is marginal relative to the total flows of U.S. dollar. In addition, in the event that a potential foreign exchange risk arises in connection with a commercial transaction, PMI Trading may implement risk mitigation measures by entering into DFIs.

iii. Hydrocarbon Price Risk

PEMEX periodically assesses its revenues and expenditures structure in order to identify the main market risk factors that PEMEX’s cash flows are exposed to in connection with international hydrocarbon prices. Based

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on this assessment, PEMEX monitors its exposure to the most significant risk factors and quantifies their impact on PEMEX’s financial balance.

PEMEX’s exports and domestic sales are directly or indirectly related to international hydrocarbon prices. Therefore, PEMEX is exposed to fluctuations in these prices. In terms of crude oil and natural gas, part of this risk is transferred to the Mexican Government under PEMEX’s current fiscal regime.

PEMEX’s exposure to hydrocarbon prices is partly mitigated by natural hedges between its inflows and outflows.

Additionally, PEMEX continuously evaluates the implementation of risk mitigation strategies, including those involving the use of DFIs, taking into consideration their operative and budgetary feasibility.

In 2017, the Board of Directors of Petróleos Mexicanos approved the establishment of an Annual Oil Hedging Program. Since then, PEMEX has implemented hedging strategies to protect its cash flows from falls in the Mexican crude oil basket price from the level that PEMEX asses as adequate, considering the cost-protection ratio.

During the second half of 2022, and the first quarter of 2023, PEMEX entered into a crude oil hedge for the fiscal year 2023 pursuant to which PEMEX hedged 320 thousand barrels per day on average for the period between January 2023 and December 2023, for U.S.$ 199,943.

During the second half of 2023, and the first semester of 2024, PEMEX entered into a crude oil hedge for the fiscal year 2024, pursuant to which PEMEX hedged 168 thousand barrels per day on average, for the period between December 2023 and December 2024, for U.S.$ 118,540.

During the fourth quarter of 2024 and the first quarter of 2025, PEMEX entered into a crude oil hedge for the fiscal year 2025, pursuant to which PEMEX hedged 455 thousand barrels per day on average for the period between January 2025 and December 2025, for U.S.$ 195,404.

As of December 31, 2025, PEMEX does not have any active hydrocarbon price risk hedging DFIs related to the oil hedge.

Additionally, PEMEX cash flows are exposed to crack spread movements as these determine the refining margin.

During 2025, PEMEX implemented its hedging strategy to partially protect its cash flows exposed to diesel crack spread against drops below a level higher than the one established in the Federal Revenue Law for the fiscal year 2025. This is a zero-cost hedging strategy, carried out through swaps which hedged 4,110,000 barrels for the period between July and November 2025.

During the first half of 2025, PEMEX implemented a hedging strategy to partially protect its cash flows exposed to gasoline crack spread against drops below a level higher than the one established in the Federal Revenue Law for the fiscal year 2025. This is a zero-cost hedging strategy, carried out through swaps which hedged 5,310,000 barrels for the period between March and August 2025.

As of December 31, 2025, PEMEX does not have any active hydrocarbon commodity price risk hedging DFIs related to the diesel or gasoline crack spread.

In addition to supplying natural gas, PEMEX can offer DFIs to its domestic customers in order to provide them with support to mitigate the risk associated with the volatility of natural gas prices.

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Notes to the consolidated financial statements

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PMI Trading faces market risk generated by the terms of the purchase and sale of refined products and natural gas liquids, as well as the volatility of oil prices. Accordingly, it frequently enters into DFIs in order to mitigate this risk, thereby reducing the volatility of its financial results.

In accordance with the risk management regulatory framework that PMI Trading has implemented, VaR and the change in profit and loss by portfolio are calculated daily and compared to the maximum applicable limits in order to implement risk mitigation mechanisms as necessary.

iv. Market risk quantification

The quantification of market risk exposure in PEMEX’s financial instruments is presented below, in accordance with the applicable international risk management practices.

Interest rate risk quantification

The quantification of interest rate risk of investment portfolios is carried out by using the one-day horizon historical VaR, with a confidence level of 95%, over a period of one year. The VaR incorporates interest rate and spread risks. In addition, for portfolios in domestic currency, the VaR includes the inflation risk embedded in securities denominated in UDI. For portfolio management purposes, interest rate risk is mitigated by VaR limits.

As of December 31, 2025, the VaRs of PEMEX’s investment portfolios were Ps. 0.00 for the Peso Treasury Portfolio, Ps. 0.00 for FOLAPE, and U.S.$ 0.00 for the U.S. Dollar Treasury Portfolio, since these investment portfolios have no risk position.

Additionally, PEMEX has a portfolio of Mexican Government bonds. It is considered that these securities are not exposed to market risk, unlike the investment portfolios’ securities. Therefore, there is no need to calculate a VaR.

In addition to the exposure to interest rate fluctuations of the DFIs in which PEMEX is obligated to make payments referenced to floating rates, PEMEX’s DFIs are exposed to Mark-to-Market (“MtM”) volatility as a result of changes in the interest rate curves used in their valuation.

Interest rate risk quantification was calculated for DFIs in conjunction with the interest rate risk quantification for the debt portfolio. The following table shows the sensitivity of PEMEX’s DFIs and debt portfolio to a parallel shift of 10 basis points (bp) over the zero coupon rate curves. The 10bp parallel shift may be used to estimate in a simple manner the impact for proportional values to this shift and was selected in accordance with market practices for financial risk management.

For the debt portfolio, interest rate risk sensitivity was calculated taking into account both the DFI interbank market yield curves and the PEMEX curves (which were also used to estimate the debt portfolios’ fair value). These metrics were calculated solely for informational purposes and are not used for portfolio management purposes because PEMEX does not intend to prepay its debt or terminate its DFIs early. Therefore, there is no interest rate risk arising from fixed rate obligations.

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INTEREST RATE and CURRENCY DFIs

Interest rate sensitivity to + 10 bp


	Interbank Yield Curves						PEMEX Curves
Currency	Sensitivity debt		Sensitivity DFIs		Sensitivity net		Sensitivity debt
Euro	U.S.$	7,467	U.S.$	(6,688)	U.S.$	779	U.S.$	6,983
Pound Sterling	—		—		—		—
Yen	287		(286)		1		284
Peso	3,378		5,962		9,340		3,214
UDI	5,707		(5,707)		—		3,958
U.S. dollar	607,532		(2,268)		605,264		318,228
			In thousands of U.S. dollars Figures not audited

In addition, PEMEX performed a retrospective sensitivity analysis of the impact on its financial statements for the years ended December 31, 2025, 2024 and 2023, in which PEMEX assumed either an increase or decrease of 25 basis points in the floating interest rates of its debt and corresponding hedges.

At December 31, 2025, 2024 and 2023, had market interest rates been 25 basis points higher, with all other variables remaining constant, the net loss for the year ended December 31, 2025, would have been Ps. 488,515 higher, the net loss for the year ended December 31, 2024, would have been Ps. 708,985 higher and the net gain for the year ended December 31, 2023, would have been Ps. 616,468 lower, primarily as a result of an increase in interest expense. Conversely, had market interest rates been 25 basis points lower, the net loss for the year ended December 31, 2025, would have been Ps. 488,515 lower, the net loss for the year ended December 31, 2024, would have been Ps. 708,985 lower and the net gain for the year ended December 31, 2023, would have been Ps. 616,468 higher, primarily as a result of a decrease in interest expense.

Exchange rate risk quantification

The investments of PEMEX’s portfolios do not face foreign exchange rate risk because the funds of such portfolios are used to meet obligations in pesos and U.S. dollars.

Currency DFIs are entered into in order to hedge exchange rate risk arising from debt flows in currencies other than pesos and U.S. dollars or inflation risk arising from debt flows in UDIs. However, due to the accounting treatment, net income is exposed to MtM volatility, mainly as a result of changes in the exchange rates used in their valuation.

Exchange rate risk quantification was calculated for DFIs in conjunction with the exchange rate risk quantification for the debt portfolio. The following table shows the sensitivity of PEMEX’s DFIs and debt portfolio to an increase of 1% to the exchange rates of currencies against the U.S. dollar. The 1% may be used to estimate in a simple manner the impact for proportional values to this increase and was selected in accordance with market practices for financial risk management.

For the debt portfolio, exchange rate risk sensitivity was calculated taking into account both, interbank market yield curves and the PEMEX curves. In addition, the table shows the one-day horizon historical VaR of the remaining open position, with a confidence level of 95%, over a period of one year. These metrics were calculated solely for informational purposes. Nevertheless, in order to carry out management activities related to its debt portfolio, PEMEX periodically conducts quantitative analyses in order to estimate the exchange rate risk exposure generated by its debt issuances. Based on these analyses, PEMEX has elected to enter into

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DFIs as an exchange rate risk mitigation strategy. These DFIs along with the debt are shown in the following table:

INTEREST RATE and CURRENCY DFIs

Exchange rate sensitivity +1% and VaR 95%


	Interbank Yield Curves				Sensitivity Net		VaR 95% Net		PEMEX Curves
Currency	Sensitivity Debt		Sensitivity DFIs						Sensitivity Debt
Euro	U.S.$	(31,161)	U.S.$	26,386	U.S.$	(4,775)	U.S.$	(4,042)	U.S.$	(29,752)
Pound Sterling	—		—		—		—		—
Yen	(5,106)		(1,592)		(6,698)		(6,382)		(5,073)
Peso	(78,145)		(44,393)		(122,538)		(106,369)		(77,004)
UDI	(25,103)		25,103		—		—		(23,118)
In thousands of U.S. dollars Figures not audited

As shown in the table above, exchange rate risk derived from debt denominated in currencies other than U.S. dollars is almost fully hedged by DFIs. The exchange rate risk exposure to the euro and Japanese yen is a result of the delta of the structures described above (Seagull Options and Calls), and considering the current exchange rate levels, represents a lower funding cost than the hedging strategies carried out through swaps.

In addition, PEMEX performed a retrospective sensitivity analysis of the impact on its financial statements of the years ended December 31, 2025, 2024 and 2023, in which PEMEX assumed either an increase or decrease of 10% in the exchange rate between the U.S. dollar and peso in order to determine the impact on net income and equity as a result of applying these new rates to the monthly balances of assets and liabilities denominated in U.S. dollars.

At December 31, 2025, 2024 and 2023, had the peso depreciated against the U.S. dollar by 10% with other variables remaining constant, the net loss for the year ended December 31, 2025, would have been Ps. 94,511,504 higher, the net loss for the year ended December 31, 2024, would have been Ps. 181,253,630 higher and the net gain for the year ended December 31, 2023, would have been Ps.226,165,912 lower, primarily as a result of an increase in the exchange rate. However, had the peso appreciated against the U.S. dollar by 10%, the net loss for the year ended December 31, 2025, would have been Ps. 94,511,504 lower, the net loss for the year ended December 31, 2024, would have been Ps. 181,253,630 lower and the net gain for the year ended December 31, 2023, would have been Ps.226,165,912 higher, primarily as a result of the decrease in exchange rate.

Hydrocarbon price risk quantification

PEMEX occasionally faces market risk due to open positions arising from the mismatch between the DFI portfolio offered to domestic customers and hedges with international counterparties. As of December 31, 2025, PEMEX’s natural gas DFI portfolios had no market risk exposure since all the DFIs in its portfolios expired in 2019.

It should be noted that sensitivity analyses were not carried out for other financial instruments, such as accounts receivable and payable (as defined in the financial reporting standards). Such accounts are cleared in short-term, and therefore market risk is considered to be nonexistent. Most of these accounts are related to hydrocarbon prices.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

PMI Trading’s global VaR associated with commodities market risk was U.S.$ (4,213) as of December 31, 2025. This VaR was calculated using the historical method with a 95% confidence level, two-year history and a one-day horizon, adjusted by liquidity. The minimum VaR recorded during the year was U.S.$ (2,932) (registered on January 1st., 2025) and the maximum VaR recorded during the year was U.S.$ (10,218) (registered on March 31st., 2025). As of December 31st., 2024, the global VaR 95% was U.S.$ (2,932).

The quantification of crude oil price risk is carried out by using the one-day horizon historical VaR, with a confidence level of 95%, over a period of one year. As of December 31, 2025, this was U.S.$ 0, since there were no active hydrocarbon price risk hedging DFIs related to the oil hedge in place.

II. Credit Risk

When the fair value of a DFI is favorable to PEMEX, PEMEX faces the risk that the counterparty will not be able to meet its obligations. PEMEX monitors its counterparties’ creditworthiness and calculates the credit risk exposure for its DFIs. As a risk mitigation strategy, PEMEX only enters into DFIs with major financial institutions with a minimum credit rating of BBB-. These ratings are issued and revised periodically by risk rating agencies. Furthermore, PEMEX seeks to maintain a diversified portfolio of counterparties.

In order to estimate PEMEX’s credit risk exposure to each financial counterparty, the potential future exposure is calculated by projecting the risk factors used in the valuation of each DFI in order to estimate the MtM value for different periods, taking into account any credit risk mitigation provisions.

Moreover, PEMEX has entered into various long-term cross-currency swaps agreements, using the following as credit risk mitigants: 1) recouponing clauses (pursuant to which when the MtM exceeds the threshold specified in the confirmation, the MtM is adjusted to zero and notional amount is also adjusted), thereby limiting the PEMEX's exposure to its counterparties referenced to a specific threshold amount, as well as the counterparties’ exposure to PEMEX; 2) set-off clauses (under which, in the event of a default by either party, the other party has the option to settle the MtM owed to it through the delivery of bonds issued by the defaulting party).

During 2025, three DFIs structures were entered into with the set-off clause. In addition, recouponing clauses were not triggered in any DFI, and no new DFIs with this feature were entered into.

In addition, during 2024 these recouponing clauses were not triggered in any DFI, and no new DFIs with this feature were entered into. Nonetheless, during 2023, the recouponing clause was triggered in a swap contracted to hedge exposure to foreign exchange risk in euros, which resulted in the prepayment of the fair value and the reset of the swap terms so that its fair value is zero. In addition, as part of the synthetic recouponing carried out that year, two cross currency capped swaps incorporated a recouponing clause as part of their features.

According to IFRS 13 “Fair Value Measurement,” the fair value or MtM value of DFIs must reflect the creditworthiness of the parties. Consequently, the fair value of a DFI takes into account the risk that either party may default on its obligation. Due to the above, PEMEX applies the credit value adjustment (“CVA”) method to calculate the fair value of its DFIs.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

each payment date based on forward yield curves; b) the implied default probability obtained from both, PEMEX and the counterparty’s credit default swaps, at each payment date; and c) the default recovery rates of each counterparty.

The current and potential exposures, aggregated by credit rating, are as follows:

Maximum Credit Exposure by term in Petróleos Mexicanos


Rating	Current		Less than 1 year		1-3 years		3-5 years		5-7 years		7-10 years		More than 10 years
A+	U.S.$	(93,536)	U.S.$	68,647	U.S.$	87,542	U.S.$	—	U.S.$	—	U.S.$	—	U.S.$	—
A	—		—		—		—		—		—		—
A-	(967,507)		351,810		676,714		728,216		782,010		694,686		—
BBB+	(2,300,662)		338,917		2,780,959		491,732		380,076		438,843		—
BBB	(46,867)		80,756		684,915		204,943		227,186		335,039		—
BBB-	—		—		—		—		—		—		—
							in thousands of U.S. dollars Figures not audited

Maximum Credit Exposure by term in Petróleos Mexicanos including debt


Rating	Current		Less than 1 year		1-3 years		3-5 years		5-7 years		7-10 years		More than 10 years
A+	U.S.$	—	U.S.$	46,385	U.S.$	87,542	U.S.$	—	U.S.$	—	U.S.$	—	U.S.$	—
A	—		—		—		—		—		—		—
A-	—		—		676,714		728,216		782,010		694,686		—
BBB+	48,962		92,883		2,780,959		491,732		380,076		438,843		—
BBB	2,301		1,043		684,915		204,943		227,186		335,039		—
BBB-	—		—		—		—		—		—		—
							in thousands of U.S. dollars Figures not audited

PEMEX also faces credit risk derived from its investments. As of December 31, 2025, the position in domestic currency was in Mexican Government bonds in pesos. Given the current credit rating, the default probability in this currency is zero according to the default’s frequency matrices from rating agencies, therefore no quantification or disclosure of this exposure is made.

Furthermore, by means of its credit guidelines for DFI operations, PEMEX significantly reduces its credit risk exposure related to the DFIs.

In order to qualify for these DFIs, the PEMEX’s customers must be party to a current natural gas supply contract and sign a domestic master derivative agreement.

Additionally, according to the credit guidelines, DFIs with these customers must be initially secured by cash deposits, letters of credit or other collateral provisions, as required. The credit guidelines indicate that PEMEX may offer DFIs with an exemption from collateral requirements up to a certain amount, through a credit line approved by the credit committee, based on an internal financial and credit assessment. Moreover, if the credit line is insufficient to cover each client’s exposure, the client is obligated to deposit collateral.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

In accordance with these guidelines, in the event that a client does not meet its payment obligations, DFIs related to this client would be terminated, rights to any available collateral would be exercised and, if the collateral were insufficient to cover the fair value, or in the absence of collateral, natural gas supply would be suspended until the payment is made.

As of December 31, 2025, PEMEX had no DFIs of this type.

PMI Trading’s credit risk associated with DFI transactions is mitigated through the use of futures and standardized instruments that are cleared through CME-Clearport.

III. Liquidity Risk

PEMEX’s main internal source of liquidity comes from its operations. Additionally, through its debt planning and the purchase and sale of U.S. dollars, PEMEX currently preserves a cash balance at a level of liquidity in domestic currency and U.S. dollars that is considered adequate to cover its investment and operating expenses, as well as other payment obligations, such as those related to DFIs.

In addition, as of December 31, 2025, Petróleos Mexicanos has acquired a committed U.S. dollar revolving credit line in order to mitigate liquidity risk. The credit line provides access to U.S.$ 3,508,000 with an expiration date in November 2026. As of December 31, 2025, this credit line is fully available (see Note 15).

During 2025, PEMEX entered into FX Forwards MXN/U.S.$ in order to preserve an adequate level of liquidity in U.S. dollars. As of December 31, 2025, none of these DFIs were outstanding.

In order to mitigate liquidity risk, during 2025, PEMEX conducted two voluntary synthetic recouponings, which involved the restructuring of five UDI/MXN DFIs. Additionally, in the fourth quarter of 2025, PEMEX entered into four DFI structures, three of which consist of two USD/MXN cross currency swaps and five MXN/USD prepaid forwards each, while the other structure comprises a USD/MXN cross currency swap and two MXN/USD exchange rate options. Furthermore, the restructuring of two MXN/USD prepaid swaps was carried out.

For the same purpose, during 2024 PEMEX entered into one MXN/USD prepaid swap and carried out two voluntary synthetic recouponings which involved the restructuring of five UDI/MXN DFIs. Additionally, during 2023 PEMEX entered into two MXN/USD prepaid swaps, one of which matured during the second quarter of 2025 and also carried out a voluntary synthetic recouponing which involved the restructuring of five UDI/MXN DFIs and six EUR/USD cross currency capped swaps.

Finally, the investment strategies of PEMEX’s portfolios are structured by selecting time horizons that consider each currency’s cash flow requirements in order to preserve liquidity.

PMI Subsidiaries mitigate their liquidity risk through several mechanisms, the most important of which is its centralized treasury, which provides access to two syndicated credit facilities for up to U.S.$ 500,000 and U.S.$ 1,500,000, respectively, and cash surplus capacity in the custody of the centralized structure. In addition, certain PMI Subsidiaries have access to bilateral credit lines from financial institutions for up to U.S.$ 200,000.

These companies monitor their cash flow on a daily basis and protect their creditworthiness in the financial markets. Liquidity risk is mitigated by monitoring certain financial ratios as set forth in the policies approved by each company’s board of directors.

The following tables show the cash flow maturities as well as the fair value of PEMEX’s debt and DFI portfolios as of December 31, 2025, and 2024. It should be noted that:

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

•For debt obligations, these tables present principal cash flow and the weighted average interest rates for fixed rate debt.

•For interest rate swaps, interest rate options, cross-currency swaps and currency options, these tables present notional amounts and weighted average interest rates by expected (contractual) maturity dates.

•Weighted average variable rates are based on implied forward rates obtained from the interbank market yield curve at the reporting date.

•For crude oil and crack spread, volumes are presented in millions of barrels, and fixed average and strike prices are presented in U.S. dollars per barrel.

•DFIs’ fair value includes CVA and is calculated based on market quotes obtained from market sources such as Bloomberg, Proveedor Integral de Precios, S.A. de C.V. (“PIP”), among others.

•For PMI Trading, the prices used in commercial transactions and DFIs are published by reputable sources that are widely used in international markets, such as CME-NYMEX, Platts and Argus, among others.

•Fair value is calculated internally, either by discounting cash flows with the corresponding zero-coupon yield curve in the original currency, or through other standard methodologies commonly used in financial markets for specific instruments.

•For all instruments, the tables are based on the contract terms in order to determine the future cash flows that are categorized by expected maturity dates.

Quantitative Disclosure of Debt Cash Flow Maturities as of December 31, 2025(1)(2)


	Year of expected maturity date
	2026		2027		2028		2029		2030		2031 Thereafter		Total Carrying Value			Fair Value
Liabilities
Outstanding debt
Fixed rate (U.S. dollars)	Ps.	12,519,293	Ps.	64,366,606	Ps.	126,151,662	Ps.	70,651,043	Ps.	137,936,993	Ps.	691,398,201	Ps.	1,103,023,798		Ps.	1,057,574,064
Average interest rate (%)													6.61		%
Fixed rate (Japanese yen)	9,165,982		—		—		—		—		—		9,165,982			9,114,175
Average interest rate (%)													0.54		%
Fixed rate (pound sterling)	—		—		—		—		—		—		—			—
Average interest rate (%)													—		%
Fixed rate (pesos)	31,361,411		—		—		—		—		—		31,361,411			31,278,825
Average interest rate (%)													7.47		%
Fixed rate (UDIs)	27,031,196		—		6,251,057		—		—		9,855,969		43,138,222			41,535,025
Average interest rate (%)													4.10		%
Fixed rate (euros)	—		14,749,936		8,814,744		26,297,526		2,060,386		—		51,922,592			53,455,349
Average interest rate (%)													4.20		%


Total fixed rate debt	Ps.	80,077,882	Ps.	79,116,542	Ps.	141,217,463	Ps.	96,948,569	Ps.	139,997,379	Ps.	701,254,170	Ps.	1,238,612,005		Ps.	1,192,957,438
Variable rate (U.S. dollars)	Ps.	150,419,184	Ps.	2,304,392	Ps.	2,167,894	Ps.	1,569,906	Ps.	1,675,324	Ps.	268,988	Ps.	158,405,688		Ps.	132,067,127
Variable rate (euros)	—		—		—		—		—		—		—			—
Variable rate (pesos)	84,919,432		3,134,687		15,531,403		883,402		—		—		104,468,924			107,071,096
Total variable rate debt	Ps.	235,338,616	Ps.	5,439,079	Ps.	17,699,297	Ps.	2,453,308	Ps.	1,675,324	Ps.	268,988	Ps.	262,874,612		Ps.	239,138,223
Total debt	Ps.	315,416,498	Ps.	84,555,621	Ps.	158,916,760	Ps.	99,401,877	Ps.	141,672,703	Ps.	701,523,158	Ps.	1,501,486,617		Ps.	1,432,095,661

Note: Numbers may not total due to rounding.

(1)The information in this table has been calculated using exchange rates at December 31, 2025, of Ps. 17.9667 = U.S.$ 1.00; Ps. 0.1146 = 1.00 Japanese yen; Ps. 24.1607 = 1.00 pound sterling; Ps. 8.665387 = 1.00 UDI; Ps. 21.0974 = 1.00 euro; and Ps. 22.6728 = 1.00 Swiss franc.

(2)Does not include accrued interest.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Quantitative Disclosure of Debt Cash Flow Maturities as of December 31, 2024(1)(2)


	Year of expected maturity date
	2025		2026		2027		2028		2029		2030 Thereafter		Total Carrying Value			Fair Value
Liabilities
Outstanding debt
Fixed rate (U.S. dollars)	Ps.	35,260,336	Ps.	86,518,874	Ps.	121,204,555	Ps.	63,114,264	Ps.	47,437,960	Ps.	876,979,622	Ps.	1,230,515,611		Ps.	1,101,026,216
Average interest rate (%)													6.90		%
Fixed rate (Japanese yen)	—		10,306,353		—		—		—		—		10,306,353			9,770,917
Average interest rate (%)													0.54		%
Fixed rate (pounds sterling)	11,412,443		—		—		—		—		—		11,412,443			11,040,295
Average interest rate (%)													3.75		%
Fixed rate (pesos)	—		31,318,419		—		—		—		—		31,318,419			28,727,389
Average interest rate (%)													7.47		%
Fixed rate (UDIs)	—		26,089,817		—		6,016,293		—		9,486,252		41,592,362			35,817,620
Average interest rate (%)													4.10		%
Fixed rate (euros)	34,619,628		20,976,799		26,180,338		26,136,531		26,137,924		2,040,586		136,091,806			134,270,515
Average interest rate (%)													4.24		%


Total fixed rate debt	Ps.	81,292,407	Ps.	175,210,262	Ps.	147,384,893	Ps.	95,267,088	Ps.	73,575,884	Ps.	888,506,460	Ps.	1,461,236,994		Ps.	1,320,652,952
Variable rate (U.S. dollars)	200,188,707		70,666,768		2,599,593		2,445,609		1,771,017		2,193,567		279,865,261			222,992,037
Variable rate (euros)	—		—		—		—		—		—		—			—
Variable rate (pesos)	105,010,909		74,273,092		3,149,795		15,531,404		978,306		—		198,943,506			201,836,083
Total variable rate debt	Ps.	305,199,616	Ps.	144,939,860	Ps.	5,749,388	Ps.	17,977,013	Ps.	2,749,323	Ps.	2,193,567	Ps.	478,808,767		Ps.	424,828,120
Total debt	Ps.	386,492,023	Ps.	320,150,122	Ps.	153,134,281	Ps.	113,244,101	Ps.	76,325,207	Ps.	890,700,027	Ps.	1,940,045,761		Ps.	1,745,481,072

Note: Numbers may not total due to rounding.

(1)The information in this table has been calculated using exchange rates at December 31, 2024, of Ps. 20.2683 = U.S.$ 1.00; Ps. 0.1289 = 1.00 Japanese yen; Ps. 25.3860 = 1.00 pound sterling; Ps. 8.340909 = 1.00 UDI; Ps. 20.9868 = 1.00 euro; and Ps. 22.3721 = 1.00 Swiss franc.

(2)Does not include accrued interest.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Quantitative Disclosure of Cash Flow Maturities from Derivative Financial Instruments Held or Issued for Purposes Other than Trading as of December 31, 2025(1) (2)


	Year of expected maturity date
	2026			2027			2028			2029			2030			2031 Thereafter			Total Carrying Value		Fair Value (3)
Hedging Instruments
Interest Rate DFI (2)(4)
Interest Rate Swaps (U.S. dollars)
Variable to fixed	Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—	Ps.	—
Average pay rate	—		%	—		%	—		%	—		%	—		%	—		%	n.a.		n.a.
Average receive rate	—		%	—		%	—		%	—		%	—		%	—		%	n.a.		n.a.
Fixed to variable	—			—			14,373,360			—			—			—			14,373,360		195,655
Average pay rate	5.13		%	4.50		%	4.60		%	0.00		%	—		%	—		%	n.a.		n.a.
Average receive rate	5.35		%	5.35		%	5.35		%	0.00		%	—		%	—		%	n.a.		n.a.
Interest Rate Options
Buy Cap, Sell Floor on floating in U.S. dollar SOFR 1M	Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—	Ps.	—
Currency DFI
Cross-currency swaps
Receive euros/Pay U.S. dollars	Ps.	—		Ps.	13,551,813		Ps.	8,040,679		Ps.	26,436,838		Ps.	1,988,734		Ps.	—		Ps.	50,018,064	Ps.	5,585
Receive Japanese yen/Pay U.S. dollars	—			—			—			—			—			—			—		—
Receive pounds sterling/Pay U.S. dollars	—			—			—			—			—			—			—		—
Receive UDI/Pay pesos	17,076,001			—			4,749,625			—			—			6,844,866			28,670,492		9,058,137
Receive Swiss francs/Pay U.S. dollars	—			—			—			—			—			—			—		—
Receive pesos/Pay U.S. dollars	—			—			—			—			—			36,091,100			36,091,100		(839,306)
Currency Options
Buy Put, Sell Put and Sell Call on Japanese yen	9,171,948			—			—			—			—			—			9,171,948		(2,841,492)
Buy Call, Sell Call and Sell Put on euros	—			—			8,844,069			—			—			—			8,844,069		(311,664)
Sell Call on pounds sterling	—			—			—			—			—			—			—		—
Sell Call on Swiss francs	—			14,772,559			—			26,379,607			2,110,369			—			43,262,535		(223,737)
Sell Call on Euros	—			—			—			—			—			17,966,700			17,966,700		(444,490)
FX Forward
Receive pesos/Pay U.S. dollars	—			—			9,544,149			3,844,287			3,486,667			—			16,875,103		(13,717,311)
Prepaid swaps
Receive U.S. dollars and pesos / Pay U.S. dollars and pesos	Ps.—			Ps.21,674,655			Ps.21,674,655			Ps.—			Ps.—			Ps.—			Ps.43,349,310		Ps.(54,453,243)

N.A. = not applicable.

Numbers may not total due to rounding.

(1)The information in this table has been calculated using exchange rates at December 31, 2025, of Ps. 17.9667 = U.S.$ 1.00 and Ps. 21.0974 = 1.00 euro.

(2)PEMEX’s management uses these DFIs to hedge market risk; however, these DFIs do not qualify for accounting purposes as hedges and are recorded in the financial statements as entered into for trading purposes.

(3)Positive numbers represent a favorable fair value to PEMEX.

(4)PMI’s risk management policies and procedures establish that DFIs should be used only for hedging purposes; however, DFIs are not recorded as hedges for accounting purposes.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Quantitative Disclosure of Cash Flow Maturities from Derivative Financial Instruments Held or Issued for Purposes Other than Trading as of December 31, 2024(1)(2)


	Year of expected maturity date
	2025		2026		2027		2028		2029		2030 Thereafter		Total Carrying Value		Fair Value (3)
Hedging Instruments
Interest Rate DFI (2)(4)
Interest Rate Swaps (U.S. dollars)
Variable to fixed	Ps.	2,482,867	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	2,482,867	Ps.	46,223
Average pay rate	2.31%		—%		—%		—%		—%		—%		n.a.		n.a.
Average receive rate	5.23%		—%		—%		—%		—%		—%		n.a.		n.a.
Fixed to variable	—		—		—		18,241,470		—		—		18,241,470		(77,608)
Average pay rate	—%		—%		—%		5.36%		—%		—%		n.a.		n.a.
Average receive rate	—%		—%		—%		5.35%		—%		—%		n.a.		n.a.
Interest Rate Options
Buy Cap, Sell Floor on floating in U.S. dollar SOFR 1M	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—
Currency DFI
Cross-currency swaps
Receive euros/Pay U.S. dollars	Ps.	39,365,746	Ps.	22,194,423	Ps.	27,221,847	Ps.	27,055,647	Ps.	29,823,494	Ps.	2,243,498	Ps.	147,904,655	Ps.	(9,396,306)
Receive Japanese yen/Pay U.S. dollars	—		—		—		—		—		—		—		—
Receive pounds sterling/Pay U.S. dollars	11,991,942		—		—		—		—		—		11,991,942		(708,227)
Receive UDI/Pay pesos	3,063,181		17,076,001		—		4,749,625		—		6,844,866		31,733,673		5,491,946
Receive Swiss francs/Pay U.S. dollars	—		—		—		—		—		—		—		—
Currency Options
Buy Put, Sell Put and Sell Call on Japanese yen	Ps.	—	Ps.	10,314,656	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	10,314,656	Ps.	(2,612,530)
Buy Call, Sell Call and Sell Put on euros	15,214,703		—		—		26,232,247		—		—		41,446,950		(4,953,719)
Sell Call on pounds sterling	11,415,512		—		—		—		—		—		11,415,512		—
Sell Call on Swiss francs	—		—		—		—		—		—		—		—
Sell Call on Euros	13,640,769		15,739,348		26,232,247		—		26,232,247		2,098,580		83,943,191		(142,993)
FX Forwards
Receive U.S. dollars and pesos / Pay U.S. dollars and pesos	Ps.	61,490,994	Ps.	48,902,516	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	110,393,510	Ps.	(87,155,413)

N.A. = not applicable.

Numbers may not total due to rounding.

(1)The information in this table has been calculated using exchange rates at December 31, 2024, of Ps. 20.2683 = U.S.$ 1.00 and Ps. 20.9868 = 1.00 euro.

(3)Positive numbers represent a favorable fair value to PEMEX.

(4)PMI’s risk management policies and procedures establish that DFIs should be used only for hedging purposes; however, DFIs are not recorded as hedges for accounting purposes.

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Petróleos Mexicanos, State-Owned Public Company and Subsidiary Companies

Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The following tables show the estimated amount of principal and interest cash flow maturities of PEMEX’s financial liabilities as of December 31, 2025 and 2024 (DFIs are not included):

Financial Liabilities Interest and Principal Cash Flow Maturities as of December 31, 2025(1)


			Year of expected maturity date
	Total Carrying Value		2026		2027		2028		2029		2030		2031 Thereafter		Total
Financial Liabilities
Suppliers	Ps.	436,704,206	Ps.	436,704,206	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	436,704,206
Accounts and accrued expenses Payable	67,884,889		67,884,889		—		—		—		—		—		67,884,889
Leases	41,184,280		10,499,653		7,298,141		6,180,826		4,896,937		4,911,355		23,258,467		57,045,379
Long-term contractual liabilities	193,033,065		13,375,413		34,456,245		40,808,156		41,215,651		41,208,907		113,361,982		284,426,354
Debt	1,531,298,090		376,406,859		160,117,968		229,655,397		161,646,801		196,629,746		1,343,049,204		2,467,505,975
Total	Ps.	2,270,104,530	Ps.	904,871,020	Ps.	201,872,354	Ps.	276,644,379	Ps.	207,759,389	Ps.	242,750,008	Ps.	1,479,669,653	Ps.	3,313,566,803

Note: Numbers may not total due to rounding.

Financial Liabilities Interest and Principal Cash Flow Maturities as of December 31, 2024(1)


			Year of expected maturity date
	Total Carrying Value		2025		2026		2027		2028		2029		2030 Thereafter		Total
Financial Liabilities
Suppliers	Ps.	505,989,382	Ps.	505,989,382	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	—	Ps.	505,989,382
Accounts and accrued expenses Payable	72,773,222		72,773,222		—		—		—		—		—		72,773,222
Leases	46,825,266		11,092,958		7,288,901		7,182,819		6,327,785		5,000,783		29,697,210		66,590,456
Debt	1,978,772,255		514,395,729		426,064,511		231,981,151		185,726,755		142,388,201		1,675,074,455		3,175,630,802
Total	Ps.	2,604,360,125	Ps.	1,104,251,291	Ps.	433,353,412	Ps.	239,163,970	Ps.	192,054,540	Ps.	147,388,984	Ps.	1,704,771,665	Ps.	3,820,983,862

Note: Numbers may not total due to rounding.

(1)The information in this table has been calculated using exchange rates on December 31, 2024, of Ps. 20.2683 = U.S.$ 1.00; Ps. 0.1289 = 1.00 Japanese yen; Ps. 25.3860 = 1.00 Pound sterling; Ps. 8.340909 = 1.00 UDI; Ps. 20.9868 = 1.00 euro; and Ps. 22.3721 = 1.00 Swiss franc.

B. Fair value of derivative financial instruments

PEMEX periodically evaluates its exposure to international hydrocarbon prices, interest rates and foreign currencies and uses derivative instruments as a mitigation mechanism when potential sources of market risk are identified.

PEMEX monitors the fair value of its DFI portfolio on a periodic basis. The fair value represents the price at which one party would assume the rights and obligations of the other and is calculated for DFIs through models commonly used in the international financial markets, based on inputs obtained from major market information systems and price providers. Therefore, PEMEX does not have an independent third party to value its DFIs.

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PEMEX calculates the fair value of its DFIs through the tools developed by its market information providers, and through valuation models implemented in software packages used to integrate all of PEMEX´s business areas and accounting, such as SAP (System Applications Products).

PEMEX’s DFI portfolio is composed primarily of swaps, for which fair value is estimated by projecting future cash flows and discounting them with the corresponding market discount factor; for the projection of variable flows, the prices of future contracts of each of the references corresponding to these trades are used.

For currency and interest rate options this is done through the Black and Scholes model, which uses as inputs the prices of the underlying futures, the reference prices agreed in the contracted instruments, the market risk-free rates and the implied volatilities of the instruments traded in the markets. In the case of crude oil options, the Levy Model for Asian options is used, which is based on the Black and Scholes Model, with the difference that this model weights the prices of the futures involved during the hedging period and contemplates a volatility adjustment, based on the terms of the corresponding futures.

According to IFRS 13 “Fair Value Measurement”, the MtM value of DFIs must reflect the creditworthiness of the parties. Consequently, the fair value of a DFI takes into account the risk that either party may default on its obligation, considering the counterparties’ probability of default. Due to the above, PEMEX applies the credit value adjustment (“CVA”) method to calculate the fair value of its DFIs.

For each DFI, the CVA is calculated by determining the difference between the MtM and the estimated MtM adjusted for credit risk. In determining the credit risk, the CVA method takes into account the current market perception about the credit risk of both counterparties, using the following inputs: a) the MtM projection for each payment date based on forward yield curves; b) the implied default probability obtained from both, PEMEX and the counterparty’s credit default swaps, at each payment date; and c) the default recovery rates of each counterparty.

Given that PEMEX’s hedges are cash flow hedges, their effectiveness is preserved regardless of variations in the underlying assets or reference variables since, over time, asset flows are offset by liabilities flows. Therefore, and in addition to the fact that these hedges are established for accounting purposes as trading instruments, it is not considered necessary to measure the hedge’s effectiveness or to monitor them.

PEMEX’s assumptions and inputs considered in the calculation of the fair value of its DFIs fall under Level 2 of the fair value hierarchy for market participant assumptions.

Embedded derivatives

In accordance with established accounting policies, PEMEX has analyzed the different contracts (financial and non-financial) that PEMEX has entered into and has determined that according to the terms thereof none of these agreements meet the criteria to be classified as embedded derivatives. Accordingly, as of December 31, 2025 and 2024, PEMEX did not recognize any embedded derivatives (foreign currency or index) in the financial and non-financial contracts.

As of December 31, 2023, PEMEX had recognized a favorable implicit forward for Ps. 194,194, contained in an FX Single Cross Currency Swap contract, which expired in February 2024.

Accounting treatment

PEMEX enters into derivatives transactions with the sole purpose of hedging financial risks related to its operations, firm commitments, planned transactions and assets and liabilities recorded on its statement of financial position. Nonetheless, some of these transactions do not qualify for hedge accounting treatment because they do not meet the requirements of the accounting standards for designation as hedges. They are therefore recorded in the financial statements as instruments entered into for trading purposes, despite the fact that their cash flows are offset by the

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cash flows of the positions (assets or liabilities) to which they relate. As a result, the changes in their fair value are recognized in the “Derivative financial instruments income (cost), net” line item in the consolidated statement of comprehensive income.

As of December 31, 2025, and 2024, the net fair value of PEMEX’s DFIs, including both DFIs that have not reached maturity and those that have reached maturity but have not been settled, recognized in the consolidated statement of financial position, was Ps. (63,571,865) and Ps. (99,768,509), respectively. As of December 31, 2025, and 2024, PEMEX did not have any DFIs designated as hedges for accounting purposes.

All of PEMEX’s DFIs are treated, for accounting purposes, as instruments entered into for trading purposes, therefore any change in their fair value, caused by any act or event, impacts directly in the “Derivative financial instruments income (cost), net” line item in the consolidated statement of comprehensive income.

The following table shows the fair values and notional amounts of PEMEX’s DFIs, including those with an open position and those that have matured but that have not been settled, which were designated as non-hedges for accounting purposes and entered into for trading purposes as of December 31, 2025 and 2024. It should be noted that:

•DFIs’ fair value includes CVA and is calculated based on market quotes obtained from market sources such as Bloomberg, Proveedor Integral de Precios, S.A. de C.V., among others.

•Fair value is calculated internally, either by discounting cash flows with the corresponding zero-coupon yield curve, in the original currency, or through other standard methodologies commonly used in the financial markets for certain specific instruments.


		December 31,
		2025				2024
DFI	POSITION	Notional Amount		Fair Value		Notional Amount		Fair Value
Interest rate swaps	Petróleos Mexicanos pays fixed in U.S. dollar and receives floating in 3-month U.S. dollar SOFR + spread.	Ps.	—	Ps.	—	Ps.	506,708	Ps.	5,090
Interest rate swaps	Petróleos Mexicanos pays fixed in U.S. dollar and receives floating in 6-month U.S. dollar SOFR + spread.	—		—		1,976,159		41,133
Interest rate swaps	Petróleos Mexicanos pays floating in 6-month U.S. dollar SOFR + spread and receives fixed in U.S. dollar	14,373,360		195,655		18,241,470		(77,608)
Cross-currency swaps	Petróleos Mexicanos pays the 28-day TIIE + spread in pesos and receives fixed in UDI.	28,670,492		9,058,137		31,733,673		5,491,946
Cross-currency swaps	Petróleos Mexicanos pays TIIEF + spread in pesos and receives fixed in U.S. dollar	36,091,100		(839,306)		—		—
Cross-currency swaps	Petróleos Mexicanos pays fixed in U.S. dollar and receives fixed in euro.	50,018,064		5,585		147,904,655		(9,396,306)
Cross-currency swaps	Petróleos Mexicanos pays fixed in U.S. dollar and receives fixed in Pound sterling.	—		—		11,991,942		(708,227)
Currency Options	Petróleos Mexicanos Buy Put, Sell Put and Sell Call on Japanese yen	9,171,948		(2,841,492)		10,314,656		(2,612,530)
Currency Options	Petróleos Mexicanos Buy call, Sell Call and Sell Put on euro	8,844,069		(311,664)		41,446,951		(4,953,719)
Currency Options	Petróleos Mexicanos Sell Call on Pound sterling	—		—		11,415,512		—
Currency Options	Petróleos Mexicanos Sell Call on euro	43,262,535		(223,737)		83,943,191		(142,993)
Currency Options	Petróleos Mexicanos Buy Put and Sell Call on pesos	17,966,700		(444,490)		—		—
Currency Forward	Petróleos Mexicanos pays Pesos and receives U.S. dollar.	16,875,103		(13,717,311)		—		—
Cross-currency swaps (Prepaid Swaps)	Petróleos Mexicanos pays U.S. dollar and Pesos and receives U.S. dollar and Pesos	43,349,310		(54,453,243)		110,393,509		(87,155,413)
	Subtotal			Ps.	(63,571,866)			Ps.	(99,508,627)

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(Figures stated in thousands, except as noted)

December 31,

2025

2024

DFI

Position

Volume
(MMb)

Fair Value

Volume
(MMb)

Fair Value

Crude oil Options

PEMEX buys Put and sells Put

0.00

Ps.

—

64.57

Ps.

(259,882)

Subtotal

Ps.

—

Ps.

(259,882)

Total

Ps.

(63,571,866)

Ps.

(99,768,509)


		December 31,
		2025			2024
DFI	Market	Volume (MMb)	Fair value		Volume (MMb)	Fair value
Futures	Exchange traded	(0.67)	Ps.	23,052	(0.03)	Ps.	(6,128)
Petroleum Products Swaps	Exchange traded	(1.43)	38,942		(0.89)	(15,006)

Notes: Amounts may not total due to rounding.

The fair value of the Futures and the Petroleum Products Swaps was recognized as “Cash and cash equivalents” in the statement of financial position because PEMEX considered these financial assets to be fully liquid.

The exchange rate for U.S. dollars as of December 31, 2025, and 2024, was Ps. 17.9667 and Ps. 20.2683 per U.S. dollar, respectively. The exchange rate for euros as of December 31, 2025, and 2024, was Ps. 21.0974 and Ps. 20.9868 per euro, respectively.

For the years ended December 31, 2025, 2024 and 2023, PEMEX recognized a net (loss) gain of Ps. 21,587,903, Ps. (27,594,230), and Ps. 672,226 respectively, in the “Derivative financial instruments income (cost), net” line item with respect to DFIs treated as instruments entered into for trading purposes (the gain as of December 31, 2023, includes the gain generated by the embedded derivative and the loss as of December 31, 2024, includes the loss from the cancellation of the embedded derivative).

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The following tables present the fair value of PEMEX’s DFIs that are included in the consolidated statement of financial position in Derivative financial instruments (including both DFIs that have not reached maturity and those that have reached maturity but have not been settled), as of December 31, 2025, and 2024:


	Derivatives assets Fair value
	December 31,
	2025		2024
Derivatives not designated as hedging instruments
Currency options	Ps.	162,557	Ps.	—
Cross-currency swaps	14,176,252		9,103,992
Interest rate swaps	195,655		99,966
Total derivatives not designated as hedging instruments	Ps.	14,534,464	Ps.	9,203,958
Total assets	Ps.	14,534,464	Ps.	9,203,958


	Derivatives liabilities Fair value
	December 31,
	2025		2024
Derivatives not designated as hedging instruments
Forwards	Ps.	(13,717,311)	Ps.	—
Crude oil options	—		(259,882)
Currency options	(3,760,202)		(7,566,249)

Cross-currency swaps	(60,628,816)		(101,014,985)
Interest rate swaps	—		(131,351)
Total derivatives not designated as hedging instruments	Ps.	(78,106,329)	Ps.	(108,972,467)
Total liabilities	Ps.	(78,106,329)	Ps.	(108,972,467)
Net total	Ps.	(63,571,865)	Ps.	(99,768,509)

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The following table presents the net (loss) gain recognized in income on PEMEX’s DFIs for the years ended December 31, 2025, 2024 and 2023, in the consolidated statement of comprehensive income which is presented in the “Derivative financial instruments income (cost), net” line item:


Derivatives not designated as hedging instruments	Amount of gain (loss) recognized in the Statement of operations on derivatives
	December 31,
	2025		2024		2023
Embedded derivatives	Ps.	—	Ps.	(194,194)	Ps.	194,194
Forwards	(13,728,281)		(408,079)		(325,605)
Futures	(239,159)		(664,381)		(116,638)
Crude oil options	2,288,069		(898,527)		(1,472,311)
Currency options	5,655,419		(5,253,517)		1,121,329
Interest rate options	—		76,882		100,615
Crack spread swaps	123,064		343,202		575,932
Cross-currency swaps	27,301,296		(20,572,489)		600,937

Interest rate swaps	187,495		(23,127)		11,987
DFIs not identified	—		—		(18,214)
Total	Ps.	21,587,903	Ps.	(27,594,230)	Ps.	672,226

NOTE 19. EMPLOYEE BENEFITS

Until December 31, 2015, PEMEX only had defined benefit pension plans for the retirement of its employees, to which only PEMEX contribute. Benefits under these plans are based on an employee’s salary and years of service completed at retirement. As of January 1, 2016, PEMEX also has a defined contribution pension plan, in which both PEMEX and the employee contribute to an employee’s individual account.

Benefits under the defined benefit plan are mainly based on the years of service completed by the employee, and their remuneration at the date of retirement. The obligations and costs of these plans are recognized based on an actuarial valuation prepared by independent experts. Within the regulatory framework of plan assets, there are no minimum funding requirements. PEMEX has established additional plans to cover post-employment benefits, which are based on actuarial studies prepared by independent experts and which include disability, post-mortem pension and the death of retired employees, as well as medical services for retired employees and beneficiaries.

For the defined benefit plan, PEMEX funded its employees benefits through Mexican trusts, the resources of which come from the retirement line item of PEMEX’s annual budget (an operating expense), or any other line item that substitutes or relates to this line item, or that is associated with the same line item and the interests, dividends or capital gains obtained from the investments of the trusts.

On March 19, 2025, pursuant to the 2025 Petróleos Mexicanos Law, the dissolution of Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics took effect. All of the assets, liabilities, rights and obligations of the subsidiary entities, including all labor liabilities, were assumed by, and transferred to Petróleos Mexicanos, which became the successor of the subsidiary entities as a matter of Mexican Law (Note 1). Accordingly, the figures reported in this note include the labor liabilities of the business segments (see Note 6).

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The following table shows the amounts associated with PEMEX’s labor obligations:


	December 31,
	2025		2024
Liability for defined benefits at retirement and post-employment at the end of the year	Ps.	1,457,536,764	Ps.	1,220,486,347
Liability for other long-term benefits	12,522,799		12,103,548
Total liability for defined benefits recognized in the consolidated statement of financial position at the end of the year	Ps.	1,470,059,563	Ps.	1,232,589,895

The amount reflected in Employee Benefit at the end of the year includes both the defined benefit plan (DB) and the defined contribution plan (DC). As for the defined contribution scheme, the Assets (liabilities) recognized in the balance sheet (DC-guarantee) went from Ps. 6,646,477 in 2024 to Ps. 6,697,432 in 2025. The expense in the statement of comprehensive income (net cost for the period, DC-guarantee) was Ps.1,310,945 and Ps. 1,188,784 as of December 2024 and 2025, respectively.

The following tables contain detailed information regarding PEMEX’s retirement and post-employment benefits:


	December 31,
Changes in the liability for defined benefits	2025		2024
Liability for defined benefits at the beginning of the year	Ps.	1,220,486,347	Ps.	1,360,042,062
Current Service cost	25,203,473		23,112,133

Net interest	132,307,251		123,384,081
Liquidation event loss	(34,854)		—
Defined benefits paid by the fund	(7,414,866)		(7,910,227)
Actuarial losses (gains) in other comprehensive results due to:
Change in financial assumptions (1)	184,295,367		(253,363,361)
Change in demographic assumptions (1)	3,949,508		15,407,718
For experience during the year (1)	(13,045,339)		42,539,216
Assets of the plan during the year (1)	(361,843)		451,875

Contributions paid to the fund	(87,848,280)		(83,177,150)
Defined benefit liabilities at end of year	Ps.	1,457,536,764	Ps.	1,220,486,347

(1)The amount of actuarial losses corresponding to retirement and post-employment benefits recognized in other comprehensive income net for Ps.(173,640,083) generated in the period from January to December 2025 correspond to the decrease in the discount rate from 11.28% in 2024 to 9.95% in 2025 as well as the changes in obligations for movements in the population, age, seniority, salary, pensions and benefits. In 2024, as a result of the review of actuarial assumptions, the assumptions related to family composition and the type of pension arising from the death of retirees, salary increases and promotions, as well as the probability of retirement of active personnel, were updated. The impact of these changes was considered in the final figures.

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	December 31,
Changes in pension plan assets	2025		2024
Plan assets at the beginning of year	Ps.	2,193,747	Ps.	2,176,432
Return on plan assets	58,009		194,602
Payments by the pension fund	(85,713,034)		(82,848,765)
Company contributions to the fund	87,848,280		83,177,150
Actuarial (gains) losses in plan assets	361,843		(451,875)
Adjustment to the Defined Contribution Plan (1)	1,508		(53,797)
Pension plan assets at the end of year	Ps.	4,750,353	Ps.	2,193,747

(1) The concepts come from the valuation of PMI´s liabilities.

The Labor Fund reduction was due to budgetary requirements derived from the need to meet a financial balance goal in cash flow. In this sense, during 2020 PEMEX’s administration implemented a strategy and the contributions to the Fund are scheduled and executed taking into account the initial balance plus the cost of payrolls and retirements for the year, maintaining a minimum operating balance without the operational continuity risk or payment to personnel.

Derived from the Federal Government Contribution due to the Modification of the Pension Plan of PEMEX, from January to December, 2025, PEMEX contributed Ps. 17,398,280 in interest.

From January 1 to December 31, 2025, interest generated by the total of Government Bonds amounted Ps. 1,759,219 of which Petróleos Mexicanos received the payment of Ps. 1,819,299 (see Note 14).

Expected payments for fiscal year 2025 are Ps. 98,510,148.

As of December 31, 2025 and 2024, the amounts and types of plan assets are as follows:


	December 31,
Plan Assets	2025		2024
Cash and cash equivalents	Ps.	2,506,395	Ps.	113,020
Debt instruments	2,243,958		2,080,727
Total plan assets	Ps.	4,750,353	Ps.	2,193,747

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(Figures stated in thousands, except as noted)


	December 31,
Changes in Defined Benefit Obligations (DBO)	2025		2024
Defined benefit obligations at the beginning of the year	Ps.	1,222,680,092	Ps.	1,362,164,696
Service costs	12,244,394		15,122,465
Financing costs	132,434,039		123,578,683
Past service costs	12,890,300		7,989,668
Payments by the fund	(93,127,900)		(90,758,993)
Amount of actuarial (losses) gains recognized in other comprehensive results due to:
Change in financial assumptions (1)	184,295,367		(253,363,361)
Change in demographic assumptions (2)	3,949,508		15,407,718
For experience during the year (3)	(13,045,339)		42,539,216
Reductions	(33,344)		—

Defined benefit obligations at the end of year	Ps.	1,462,287,117	Ps.	1,222,680,092

(1)The variations in financial assumptions are due to the decrease in the discount rate from 11.28% in 2024 to 9.95% in 2025.

(2)The main factor that influenced the actuarial loss due to changes in demographic assumptions in 2025 was primarily the update of the mortality table for retirees. In 2024, derived from the review of the actuarial assumptions, the assumptions of family composition and type of pension derived from the death of retirees, the salary increase and promotions, as well as the probability of retirement of active personnel were updated, the impact of which was considered in the final figures.

(3)Changes in assumptions for experience depend on factors that may not remain constant year to year, including changes in population that differ from expectations. The factors that influenced results for 2025 were an increase in salaries, departures and inflows of personnel.

The effects on the Defined Benefits Liability upon retirement and post-employment at the end of the period are:

•The effect of an increase or decrease of one percentage point in the discount rate is (9.74)% and 11.78%, respectively, in defined benefit obligations.

•The effect of an increase or decrease of one percentage point in the inflation rate is 7.49% and (6.51)%, respectively, in defined benefit obligations.

•The effect of an increase or decrease of one percentage point in the wage is 1.01% and (0.91)%, respectively, in defined benefit obligations.

•The effect of an increase or decrease of one percentage point in medical services is 2.17% and (1.75)%, respectively, in defined benefit obligations.

The effects previously mentioned were determined using the projected unit credit method which was the same method used in the prior valuation.

Assumptions regarding future mortality are based on EMSSA2009 to Unique Circular of the Comisión Nacional de Seguros y Fianzas (National Commission of Insurance and Bonds) and include improvements. For the December valuation, the mortality table for retired personnel was updated using an actuarial proposal based PEMEX’s experience . The mortality table for the incapacitated personnel is the EMSSInc-IMSS2012 and for the disabled personnel the EMSSInv-IMSS2012.

PEMEX’s plan assets is held in the FOLAPE trusts, which are managed by BBVA México, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México and a technical committee for each trust that is comprised of personnel from Petróleos Mexicanos and the trusts. As of December 31, 2025, FOLAPE has a balance of Ps. 2,450,419, while the remaining Ps. 2,299,934 belong to affiliate companies that are in charge of managing their own funds.

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(Figures stated in thousands, except as noted)

The following tables present additional fair value disclosure about plan assets and indicate their rank, in accordance with IFRS 13, as of December 31, 2025 and 2024:


	Fair value measurements as of December 31, 2025
Plan assets	Quoted prices in active markets for identical assets (level 1)		Significant observable inputs (level 2)		Significant unobservable inputs (level 3)		Total
Cash and cash equivalents	Ps.	2,506,395	Ps.	—	Ps.	—	Ps.	2,506,395
Debt instruments	2,243,958		—		—		2,243,958
Total	Ps.	4,750,353	Ps.	—	Ps.	—	Ps.	4,750,353


	Fair value measurements as of December 31, 2024
Plan assets	Quoted prices in active markets for identical assets (level 1)		Significant observable inputs (level 2)		Significant unobservable inputs (level 3)		Total
Cash and cash equivalents	Ps.	113,020	Ps.	—	Ps.	—	Ps.	113,020
Debt instruments	2,080,727		—		—		2,080,727
Total	Ps.	2,193,747	Ps.	—	Ps.	—	Ps.	2,193,747

As of December 31, 2025 and 2024, the principal actuarial assumptions used in determining the defined benefit obligation for the plans are as follows:


	December 31,
	2025		2024
Rate of increase in salaries	5.20	%	5.20	%
Rate of increase in pensions	4.00	%	4.00	%
Rate of increase in post-mortem pensions	0.00	%	0.00	%
Rate of increase in medical services	7.65	%	7.65	%
Inflation assumption	4.00	%	4.00	%
Rate of increase in basic basket for active personnel	5.00	%	5.00	%
Rate of increase in basic basket for retired personnel	4.00	%	4.00	%
Rate of increase in gas and gasoline	4.00	%	4.00	%
Discount and return on plan assets rate (1)	9.95	%	11.28	%
Average length of obligation (years)	11.40		10.91

(1)In accordance with IAS 19, the discount rate was determined using as a reference the interest rates observed in Mexican Government bonds, based on the Fixed Rate bonds of the Federal Government (“Bonos M”) and the “Cetes”, as well as the flow of expected payments to cover the contingent obligations. As a consequence of the change in the yields of the financial instruments mentioned above at the end of the year, the discount rate decreased compared to the end of 2024.

Other long-term benefits

PEMEX has established other long-term benefit plans for their employees, to which employees do not contribute, which correspond to the seniority premiums payable for disability, death and survivor benefits (payable to the widow and beneficiaries of worker), medical service, gas and basic basket for beneficiaries. Benefits under these plans are based on an employee’s salary and years of service completed at separation date. Obligations and costs of such plans are recorded in accordance with actuarial valuations performed by independent actuaries.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The amounts recognized for other long-term obligations are as follows:


	December 31,
Change in the liability for defined benefits	2025		2024
Liabilities for defined benefits at the beginning of year	Ps.	12,103,548	Ps.	12,417,151
Charge to income for the year	2,605,582		2,853,364
Actuarial losses (gains) recognized in income due to:
Change in financial assumptions	1,670,146		(3,008,011)
Change in demographic assumptions	(83,489)		1,536,223
For experience during the year	(3,772,988)		(1,695,179)

Liabilities for defined benefits at the end of year	Ps.	12,522,799	Ps.	12,103,548

The expected long-term benefit payments for 2025 amount to Ps. 484,258.

The principal actuarial assumptions used in determining the defined benefit obligation for the plans are:

•The effect of an increase or decrease of one percentage point in the discount rate is (11.38)% and 14.37%, respectively, in defined benefit obligations.

•The effect of an increase or decrease of one percentage point in the inflation is 0.00% and 0.00%, respectively, in defined benefit obligations.

•The effect of an increase or decrease of one percentage point in the wage is 3.38% and (3.08)%, respectively in defined benefit obligations.

•The effect of an increase or decrease of one percentage point in medical services is 6.34% and (4.66)%, respectively, in defined benefit obligations.

The principal actuarial assumptions used in determining the defined benefit obligation for the plans are as follows:


	December 31,
	2025		2024
Rate of increase in salaries	5.20	%	5.20	%
Inflation assumption	4.00	%	4.00	%
Rate of increase in basic basket for active personnel	5.00	%	5.00	%
Rate of increase in basic basket for retired personnel	4.00	%	4.00	%
Rate of increase in gas and gasoline	4.00	%	4.00	%
Discount and return on plan assets rate (1)	9.95	%	11.28	%
Average length of obligation (years)	11.40		10.91

(1)In accordance with IAS 19, the discount rate was determined using as a reference the interest rates observed in Mexican Government bonds denominated in pesos (Cetes and M bonds), as well as the flow of payments expected to cover contingent obligations. As a result of the profits in financial instruments at the end of 2025, the discount rate decreased as compared to 2024.

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NOTE 20. PROVISIONS FOR SUNDRY CREDITORS

At December 31, 2025, 2024 and 2023, the provisions for sundry creditors and others are as follows:


	2025		2024	2023
Provision for plugging of wells (Note 12)	Ps.	126,608,358	115,514,750	61,117,106
Provision for trails in process (Note 27)	13,424,603		13,186,811	12,436,092
Provision for environmental costs	12,783,721		9,134,000	9,757,356
	Ps.	152,816,682	137,835,561	83,310,554

The following tables show the allowance account for plugging of wells, trials in progress and environmental costs:


	Plugging of wells
	2025		2024	2023
Balance at the beginning of the year	Ps.	115,514,750	61,117,106	66,699,388
Increase (decrease) capitalized in fixed assets	17,374,573		34,738,841	(920,616)
Unwinding of discount against income	7,816,800		9,126,600	4,638,600
Unrealized foreign exchange loss (gains)	(13,109,300)		12,013,300	(8,475,320)
Amount used	(988,465)		(1,481,097)	(824,946)
Balance at the end of the year	Ps.	126,608,358	115,514,750	61,117,106


	Trials in progress
	2025		2024	2023
Balance at the beginning of the year	Ps.	13,186,811	12,436,092	10,533,137
Additions against expenses	18,482,359		6,680,867	6,684,626
Provision cancellation	(17,939,697)		(6,115,426)	(4,901,474)
Amount used	(304,870)		185,278	119,803
Balance at the end of the year	Ps.	13,424,603	13,186,811	12,436,092


	Environmental costs
	2025		2024	2023
Balance at the beginning of the year	Ps.	9,134,000	9,757,356	11,914,160
Additions against expenses	4,592,195		1,654,921	487,036
Cancellation against expenses	(804,115)		(2,128,943)	(2,613,047)
Amount used	(138,359)		(149,334)	(30,793)
Balance at the end of the year	Ps.	12,783,721	9,134,000	9,757,356

Provision for plugging of wells

PEMEX records a provision at present value for the future plugging cost of an oil production facility or pipeline at the time that it is built.

The plugging provision represents the present value of plugging costs related to oil and gas properties. These provisions have been created based on internal estimates of PEMEX. PEMEX has made certain assumptions based on the current economic environment that PEMEX believes provide a reasonable basis on which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes in the assumptions. However, actual plugging

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costs in the long run will depend on future market prices for the necessary plugging work, which reflect market conditions at the time the work is being performed.

The calculation of this provision considers the year-end exchange rate, the projected inflation rate for the United States, interpolated discount rates based on the maturity date of long-term debt instruments in U.S. markets, as well as unit costs obtained from current contracts as of the valuation date, the current status of PEMEX’s wells and the limit of proved and developed reserves as of January 1, 2024.

As of December 31, 2025, 2024 and 2023, the provision increased due to effects from updates in the reserve limits, adjustments to the discount rate and applications to the reserve. This includes the effect of the discount rate over time of Ps. 7,816,800, Ps. 9,126,600 and Ps. 4,638,600 for 2025, 2024 and 2023, respectively. The discount rate ranges used during 2025, 2024 and 2023 were from 6.720% to 8.210%, 9.090% to 10.390% and 9.510% to 10.050% for U.S. dollar denominated assets, respectively.

Moreover, the time of plugging depends on when the fields cease to have economically viable production rates, which, in turn, depends on the inherently uncertain future prices of oil and gas. Well plugging of works will be carried out as follows:


Year	Amount
2026	Ps.	613,082
2027	232,915
2028	2,697,143
2029	1,459,736
2030	4,102,872
More than five years	117,502,610
Total	Ps.	126,608,358

Provision for environmental costs

PEMEX is subject to the provisions of the Ley General del Equilibrio Ecológico y la Protección al Ambiente (General Law on Ecological Equilibrium and Environmental Protection). To comply with this law, environmental audits of PEMEX’s larger operating, storage and transportation facilities have been or are being conducted. Following the completion of such audits, PEMEX has signed various agreements to implement environmental remediation and improve environmental plans. Such plans will be sent to the Agencia Nacional de Seguridad Industrial y de Protección al Medio Ambiente del Sector Hidrocarburos (National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector or “ASEA”). The period of execution of these works is not defined, as they are subject to the budgets that may be granted to PEMEX.

NOTE 21. INCOME TAXES AND DUTIES

As of December 31, 2025 and 2024, income taxes and duties payable are as follows:

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	2025		2024
Income taxes and duties:
Profit-sharing Duty	Ps.	—	15,509,745
Income tax	11,589,464		9,510,254
Total income taxes and duties	11,589,464		25,019,999
Other taxes and duties:
Special Tax on Production and Services	59,541,921		46,259,130
Hydrocarbons Extraction Duty	—		4,668,734
Exploration Hydrocarbons Duty	—		301,850
Exploration and Extraction Hydrocarbons Duty	536,990		492,371
Welfare Oil Duty	14,859,195		—
Withheld taxes	8,088,150		8,115,002
Import taxes and duties	5,827		5,827
Other contributions payable	803,419		1,078,476
Total other taxes and duties	83,835,502		60,921,390
Total	Ps.	95,424,966	85,941,389

The Ley de Ingresos sobre Hidrocarburos (“Hydrocarbons Revenue Law”) was published in the Official Gazette of the Federation on August 11, 2014, and came into effect, on January 1, 2015. The Hydrocarbons Revenue Law sets forth the fiscal regime for Petróleos Mexicanos applicable to the assignments and the contracts that were established on such date. Likewise, every year the Federal Revenue Law is published in the Official Gazette of the Federation and includes specific regulations for Petróleos Mexicanos and the former Subsidiary Entities.

On November 1, 2024, the Energy Reform Decree took effect and transformed the legal regime of Petróleos Mexicanos from an empresa productiva del Estado (productive state-owned company) to an empresa pública del Estado (state-owned public company).

The Energy Reform Decree included artículos transitorios (transitional provisions) requiring the Mexican Congress to

adjust, amend or otherwise modify any relevant legislation required to give effect to the Energy Reform Decree within 180

calendar days. On March 18, 2025, the Secondary Legislation was published in the Official Gazette of the Federation, following its approval by Congress and enactment by President Claudia Sheinbaum Pardo.

Pursuant to the Energy Reform Decree, Petróleos Mexicanos is no longer subject to income tax as of November 1, 2024 (and, prior to their dissolution, the former subsidiary entities were also exempt)..

Separately, on December 19, 2024, the Ley de Ingresos de la Federación para el Ejercicio Fiscal de 2025 (2025 Federal Revenue Law) was published in the Official Gazette of the Federation. The 2025 Federal Revenue Law introduces changes to the fiscal regime applicable to Petróleos Mexicanos aimed at simplifying its fiscal framework and reducing the number of taxes and duties to which it is subject. As of January 1, 2025, the Mexican Government has consolidated the Derecho de Utilidad Compartida (Profit-Sharing Duty), the Derecho de Extracción de Hidrocarburos (Hydrocarbon Extraction Duty) and the Derecho de Exploración de Hidrocarburos (Hydrocarbon Exploration Hydrocarbons Duty), into a single obligation requiring only provisional and annual payments by Petróleos Mexicanos under a newly created Derecho Petrolero para el Bienestar (Welfare Oil Duty), which is set at a general rate of 30% on oil and fuel production and 11.63% for non-associated gas. Additionally, Petróleos Mexicanos is no longer subject to income taxes. As a result, on March 18, 2025, the Hydrocarbons Revenue Law was amended to incorporate the Welfare Oil Duty.

Tax regime applicable to Assignments

A. Derecho Petrolero para el Bienestar (Welfare Oil Duty) (Effective as of January 1, 2025).

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This duty is determined by applying, to the value of the hydrocarbons extracted during the relevant fiscal year including self-consumption, as well as losses resulting from spills or flaring of such products without any deductions, a general rate of 30.00% for crude oil and fuel production, and 11.63% for non-associated gas and condensates.

For fiscal year 2025, a total Welfare Oil Duty liability of Ps. 194,573,038 was incurred, which was fully credited against monthly provisional payments in the amount of Ps. 194,574,269.

B. Impuesto por la actividad de Exploración y Extracción de Hidrocarburos (Exploration and Extraction Hydrocarbons Duty).

The assignments granted by the Mexican Government create a tax on the exploration and extraction activities carried out in the corresponding area. The monthly tax paid during the exploration phase and until the extraction phase begins is Ps.2,374.84 pesos per square kilometer. During the extraction phase of a project, a monthly tax of Ps.9,499.53 pesos per square kilometer is payable until the relevant contract for exploration and extraction or assignment is terminated.

During 2025 and 2024, the incurred tax was Ps. 6,101,878 and Ps. 5,660,511 respectively, which are included in the cost of sales line item.

Tax Regime applicable to contracts:

The fiscal regime applicable to exploration and extraction contracts (contratos) under Title III of the Hydrocarbons Revenue Law, as amended on March 18, 2025, was not affected by this consolidation and remains in effect. Accordingly, the duties and payments described below continue to apply to contracts held by Petróleos Mexicanos.

As of January 1, 2015, the tax regime applicable to Petróleos Mexicanos for contracts is set forth in the Hydrocarbons Revenue Law which regulates, among other things, the fiscal terms applicable to the exploration and extraction contracts (license, profit sharing contracts, production sharing and services) and sets duties and other taxes paid to the Mexican Government.

The Hydrocarbons Revenue Law also establishes the following duties applicable to PEMEX in connection with assignments granted to it by the Mexican Government:

•Cuota Contractual para la Fase Exploratoria (Exploration Phase Contractual Fee)

During the exploration phase of an exploration and extraction contract, the Mexican Government is entitled to collect a monthly payment of 1,820.72 pesos per square kilometer of non-producing areas. After 60 months, this fee increases to 4,353.94 pesos per square kilometer for each additional month that the area is not producing. The fee amount will be updated on an annual basis in accordance with the national consumer price index.

•Regalías (Royalties)

Royalty payments to the Mexican Government are determined based on the “contractual value” of the relevant hydrocarbons, which is based on a variety of factors, including the type of underlying hydrocarbons (e.g., crude oil, associated natural gas, non-associated natural gas or condensates), the volume of production and the market price. Royalties are payable in connection with licensing contracts, production-sharing contracts and profit-sharing contracts.

•Pago del Valor Contractual (Contractual Value Payment)

Licensing contracts require a payment to the Mexican Government calculated as a percentage of the “contractual value” of the hydrocarbons produced, as determined by the SHCP on a contract-by-contract basis.

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•Porcentaje a la Utilidad Operativa (Operating Profit Payment)

Production-sharing contracts and profit-sharing contracts require a payment equivalent to a specified percentage of operating profits. In the case of production-sharing contracts, this payment shall be made in-kind through delivery of the hydrocarbons produced. In the case of profit-sharing contracts, this payment shall be made in cash.

•Bono a la Firma (Signing Bonus)

Upon execution of a licensing contract, a signing bonus is to be paid to the Mexican Government in an amount specified by the SHCP in the relevant bidding terms and conditions or in the contracts resulting from a migration.

•Impuesto por la actividad de Exploración y Extracción de Hidrocarburos (Hydrocarbons Exploration and Extraction Activities Tax)

Contracts for exploration and extraction granted by the Mexican Government will include a specified tax on the exploration and extraction activities carried out in the relevant area. The monthly tax paid during the exploration phase and until the extraction phase begins is 2,374.84 pesos per square kilometer. During the extraction phase of a project, a monthly tax of 9,499.53 pesos per square kilometer is payable until the relevant contract for exploration and extraction or assignment is terminated. During 2025 and 2024 the incurred tax amounted to Ps. 237,153 and Ps. 226,854, respectively.

Tax regime applicable to Assignments (Effective until December 31, 2024)

The tax regime applicable to the exploration and production for the assignments granted to PEMEX by the Mexican Government includes the following taxes and duties:

A. Derecho por la Utilidad Compartida “DUC” (Profit-sharing Duty).

As of January 1, 2015, Pemex Exploration and Production was obligated to pay a Profit-sharing Duty.

During 2024, the applicable rate of this duty was 30%. The computation of this duty is based on the excess of the value of hydrocarbons produced during the fiscal year (including self-consumption, shrinkage and burning), minus certain permitted deductions by the Hydrocarbons Revenue Law, including part of the investments and some costs, expenses and duties.

During 2024, this duty was Ps. 188,032,962 from annual payments presented on March 31, 2025 paid as follows: Ps. 124,178,852, of the corresponding Profit-sharing duty for the months of January, May, June and July 2024 in the amount of Ps. 63,122,712 resulting in a balance of Ps. 731,398 as of December 31, 2024.

Of the aforementioned decrees issued by the Federal Government, the first was published on February 13, 2024, in the Official Gazette of the Federation. It granted a tax benefit to PEMEX consisting of a tax credit equivalent to 100% of the Profit-Sharing Duty corresponding to the months of October, November, and December 2023, as well as January 2024.

The second decree was published on August 23, 2024, in the Official Gazette of the Federation. It granted a tax benefit to PEMEX consisting of a tax credit equivalent to 100% of the Profit-Sharing Duty corresponding to the months of May, June, and July 2024.

During fiscal year 2024, DUC payments for the months of May and June were deferred in accordance with the decrees granting tax benefits, published in the Official Gazette of the Federation on June 25, and On July 25, 2024, the August payment was also deferred in accordance with the decrees granting tax benefits, published in the Official Gazette of the Federation on September 25 and October 30, 2024. Finally, the month of October was deferred in accordance with the decree granting tax benefits, published in the Official Gazette of the Federation on November 22, 2024.

Duties and income tax paid as of 2024 and 2023 were Ps.109,402,970 and Ps.234,982,338, respectively.

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The accounting result differs from the tax result mainly due to differences in depreciation, non-deductible expenses and others. Such differences generate a deferred DUC.

Total DUC and other as of 2024 and 2023 are integrated as follows:


	2024		2023
DUC	Ps.	124,910,249	Ps.	207,212,856
Deferred DUC expense	2,588,760		6,863,068
Total DUC	Ps.	127,499,009	Ps.	214,075,924

The principal factors generating the deferred DUC are the following:


	2024		2023
Deferred DUC asset:
Tax credits	Ps.	—	512,640,627
Deferred Profit-sharing duty liability:
Wells, pipelines, properties, plant and equipment	—		(195,705,735)
Deferred DUC asset net	—		316,934,892
Unrecognized Deferred DUC	—		(314,346,132)
Net, deferred DUC asset	Ps.	—	2,588,760

Deferred DUC not recognized in 2023 amount to Ps. 314,346,132, and resulted from costs, expenses and capital expenditures that will not be recoverable, mainly for on-shore and in Chicontepec deep and shallow waters.

As a result of the changes to Petróleos Mexicanos implemented through the Energy Reform Decree on October 31, 2024 and the amendments introduced by the 2025 Federal Revenue Law, the calculation, recording, recognition and disclosure of the deferred DUC was suspended for balances of assets (liabilities) presentation for deferred profit-sharing duty by Assignments.

The remaining costs, expenses and capital expenditures beginning January 1, 2015 can be balanced to the immediate following years, without them expiring.

The expected expense for DUC in 2024 and 2023 was different from that which would result from applying the 40% rate to the tax base, respectively, as a result of the line items mentioned in the tables below.

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	2024		2023
Expected expense:	Ps.	4,871,813	Ps.	98,990,391
Increase (decrease) resulting from:
Expected benefit contract	(1,811,137)		(2,578,264)
Non-cumulative profit (1)	(464,460,841)		(627,269,522)
Non-deductible expenses (1)	461,400,165		530,857,395
Production value	245,764,971		360,388,580
Deductible duties	(18,318,819)		(26,159,947)
DUC tax credit (2)	(63,122,712)		(73,507,538)
Deferred DUC expense (benefit)	2,588,760		6,863,068
Deductions cap	(39,413,191)		(53,508,239)
DUC-Profit-sharing duty expense	Ps.	127,499,009	Ps.	214,075,924

(1)Fluctuations changes are included which have no effect on the determination of the DUC.

(2)Corresponds to the tax credit granted by the Mexican Government on February 13, 2024.

B. Derecho de Extracción de Hidrocarburos (Hydrocarbons Extraction Duty).

For the determination of the rates applicable to the calculation of this duty, SHCP considered the effects of variations in the U.S. producer price index, or another alternative index, when it determines the rate to be published in the Official Gazette of the Federation. This duty was calculated using a rate based on a formula applicable to each type of hydrocarbon (crude oil, associated natural gas, non-associated natural gas and condensates), the volume of production and utilizing the relevant market price for hydrocarbons in U.S. Dollars.

During 2024, Pemex Exploration and Production incurred a Ps.61,062,729 balance with the corresponding hydrocarbon extraction duty for the months of January, June and July 2024 in the amount of Ps.15,782,932 and the difference of Ps.45,279,797 was included in the cost of sales line item.

The before mentioned decrees were issued on February 13, 2024 and August 24, 2024, respectively by the Mexican Government and issued the Official Gazette of the Federation, suspending the collection of the Hydrocarbons Extraction Duty for the months of October, November, December 2023, January 2024 and May, June and July 2024, respectively.

On July 25, 2024 and September 25, 2024, extraction duty payments for the months from June and August, respectively, were deferred published in the Official Gazette of the Federation.

C. Derecho de Exploración de Hidrocarburos (Exploration Hydrocarbons Duty).

Pemex Exploration and Production as “assignee” must make monthly payments for this duty. The rates for 2024 were 1,741.65 pesos per square kilometer of non-producing areas. After 60 months, this tax increases to 4,164.86 pesos per square kilometer for each additional month that the area is not producing. These amounts will be updated on an annual basis in accordance with the national consumer price index.

During 2024, Pemex Exploration and Production incurred Ps. 2,437,425 and which are included in the cost of sales line item.

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Other applicable taxes

The Subsidiary Companies are subject to the Income Tax Law and the Value Added Tax Law. Petróleos Mexicanos is also subject to the Special Tax on Production and Services (IEPS Tax).

Indirect taxes are as listed below:

A. IEPS Tax

IEPS Sobre la Venta de los Combustibles Automotrices (IEPS Tax on the Sale of Automotive Fuels): This tax is a fee on domestic sales of automotive fuels, gasoline and diesel. Petróleos Mexicanos collects the fee on behalf of the Mexican Government. The applicable fees for 2025 are Ps.6.46 per liter of gasoline with an octane rating lower than 91; Ps. 5.45 per liter of gasoline with an octane rating greater than or equal to 91 and Ps.7.09 per liter of diesel. The amount of the fee will depend on the class of fuel. The fee is fixed yearly and adjusted on a weekly basis by the SHCP. The fees apply to sales in Mexico and imports.

IEPS Beneficio de Entidades Federativas, Municipios y Demarcaciones Territoriales (IEPS Tax in Favor of States, Municipalities and Territories): This tax is a fee on domestic sales of automotive fuels, gasoline and diesel. PEMEX collects the fee on behalf of the Mexican Government. The applicable fees for 2025 are 56.98 cents per liter of gasoline with an octane rating of less than 91, 69.53 cents per liter of gasoline with an octane rating greater than or equal to 91 and 47.29 cents per liter of diesel. These fees change yearly in accordance with inflation. Funds gathered by this fee are allocated to Mexican states and municipalities as provided for in the Ley de Coordinación Fiscal (Tax Coordination Law). The fees only apply to sales in Mexico and are not subject to VAT.

IEPS a los Combustibles Fósiles (IEPS Tax on Fossil Fuels): This tax is a fee on domestic sales of fossil fuels. PEMEX collects the fee on behalf of the Mexican Government. The applicable fees for 2025 are 9.76 cents per liter of propane, 12.62 cents per liter of butane, 17.11 cents per liter of gasoline and aviation fuel, 20.44 cents per liter of jet fuel and other kerosene, 20.76 cents per liter of diesel, 22.16 cents per liter of fuel oil, Ps. 25.72 per ton of petroleum coke, Ps. 60.29 per ton of coal coke, Ps. 45.4 per ton of mineral carbon and Ps. 65.63 per ton of carbon from other fossil fuels. These fees change yearly in accordance with inflation and apply to imports to Mexico.

During 2024, the collection of the IEPS for the month of August 2024 was deferred to October the 20%, and November and December 2024, the 40% in each month, in accordance with the decree of tax benefits published on September 17, 2024 in the Official Gazette of the Federation.

B. Value-Added Tax (“VAT”)

For VAT purposes, final monthly payments are determined based on PEMEX’s cash flow, in accordance with the provisions of the Value Added Tax Law, applicable to payers of this tax. The general rate to be applied is 16%. Certain activities with incentives will have the rate of 0%.

Beginning on January 1, 2019, a new Decree of fiscal incentives began to apply to the northern border region, which consisted of a credit equivalent to 50% of the general rate, applicable directly at the time of the sale or service. This incentive is applicable in six states in the northern border region and includes 43 municipalities in those states.

Petróleos Mexicanos and its former Subsidiary Entities apply this tax benefit to the operations they carry out within the municipalities of the States included in the Decree.

VAT is applied to the sale of goods, the rendering of services, the granting of the temporary use of goods in the national territory and the importation of goods and services to the national territory. VAT taxpayers transfer VAT to their customers and are entitled to credit the VAT paid to their suppliers and on their imports. The net balance between VAT transferred to customers and paid to suppliers and on imports results each month in the VAT to be paid to the tax authorities or in an

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amount in favor of the taxpayer. The taxpayer has the right to credit VAT in favor against VAT payable in future months, to request a refund or to offset it against other payable federal taxes.

During 2024, the collection of the VAT for the month of August 2024 was deferred to October the 20%, and November and December 2024, the 40% in each month, in accordance with the decree of tax benefits published on September 17, 2024 in the Official Gazette of the Federation.

Income tax is described below:

C. Income Tax

Pursuant to the Energy Reform Decree, approved by Congress on October 17, 2024 and published on October 31, 2024,

and as further reflected in the 2025 Federal Revenue Law, Petróleos Mexicanos is no longer subject to income tax as of November 1, 2024 (and, prior to their dissolution, the former subsidiary entities were also exempt).

The Energy Reform Decree, which took effect on November 1, 2024, transformed the legal regime, of Petróleos Mexicanos and required the Mexican Congress to adopt implementing legislation within 180 calendar days. The Secondary Legislation was approved by Congress on March 12, 2025, signed into law by the President, and published in the Official Gazette of the Federation on March 18, 2025.

All of our subsidiary companies are subject to the Income Tax Law, which is calculated by applying a rate of 30% to the tax result. The tax result is determined as follows: taxable income is obtained by reducing the total accrued income earned during the fiscal year by the authorized deductions provided in Title II. The tax losses from prior years pending application shall, where applicable, be applied against the taxable income for the year.

Accounting result differs from taxable income primarily due to the effects of inflation and differences between depreciation and other non-deductible expenses.

For the years ended 2025 and 2024, Petróleos Mexicanos and its Subsidiary Companies incurred the following income tax expense (benefit):


	2025		2024
Current income tax	Ps.	2,199,983	Ps.	1,944,247
Deferred income tax	(1,484,227)		160,837,942
Total expense income tax, net	Ps.	715,756	Ps.	162,782,189

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The principal factors generating the deferred income tax are the following:


	2024		Recognized in profit and loss	Recognized in OCI	2025
Deferred income tax asset:
Provisions	Ps.	2,133,077	392,727	—	2,525,804
Employee benefits provision	27,006		6,884	—	33,890
Advance payments from clients	98,856		(8,842)	—	90,014
Accrued liabilities	3,959,203		(506,996)	—	3,452,207
Non-recoverable accounts receivable	43,159		23,996	—	67,155
Wells, pipelines, properties and equipment	204,696		(39,525)	—	165,171
Tax loss carry-forwards (1)	567,532		562,639	—	1,130,171
Total deferred income tax asset	7,033,529		430,883	—	7,464,412
Deferred income tax liability:
Wells, pipelines, properties, plant and equipment	(2,010,594)		107,176	—	(1,903,418)
Other	(3,125,830)		946,168	—	(2,179,662)
Total deferred income tax liability	(5,136,424)		1,053,344	—	(4,083,080)
Net long-term deferred income tax asset	Ps.	1,897,105	1,484,227	—	3,381,332


	2023		Recognized in profit and loss	Recognized in OCI	2024
Deferred income tax asset:
Provisions	Ps.	12,012,740	(9,879,663)	—	2,133,077
Employee benefits provision	61,608,363		(69,788,631)	8,207,274	27,006
Advance payments from clients	198,678		(99,822)	—	98,856
Accrued liabilities	10,269,810		(6,310,607)	—	3,959,203
Non-recoverable accounts receivable	45,513		(2,354)	—	43,159
Wells, pipelines, properties and equipment	7,818,360		(7,613,664)	—	204,696
Tax loss carry-forwards (1)	75,372,496		(74,804,964)	—	567,532
Total deferred income tax asset	167,325,960		(168,499,705)	8,207,274	7,033,529
Deferred income tax liability:
Wells, pipelines, properties, plant and equipment	(10,194,689)		8,184,095	—	(2,010,594)
Other	(2,603,498)		(522,332)	—	(3,125,830)
Total deferred income tax liability	(12,798,187)		7,661,763	—	(5,136,424)
Net long-term deferred income tax asset	Ps.	154,527,773	(160,837,942)	8,207,274	1,897,105

(1)Tax loss carryforwards expire in 2035.

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The deductible expense attributable to the profit from continuing operations before income taxes was different from that which would result from applying the 30% rate to profit, as a result of the items listed below:


	For the years ended December 31,
	2025		2024		2023
Expected income tax expense	Ps.	2,320,577	Ps.	18,265,470	Ps.	102,495,110
(Decrease) increase resulting from:
Tax effect of inflation-net	(805,362)		1,012,782		(27,144,892)
Fiscal updating of pipelines, properties and equipment	(16,719)		(208,767)		600,688
Deductible Duty	—		(37,473,075)		(62,163,857)
Unrecognized deferred tax change	—		(20,730,125)		(29,256,451)
Reversal of deferred income tax due to changes in tax legislation	—		158,307,139		—
Retirement benefits	—		—		8,727,606
Non-deductible expenses	1,439,196		13,930,645		12,284,337
Others-net	(2,221,936)		29,678,120		380,816
Income tax expense, net	Ps.	715,756	Ps.	162,782,189	Ps.	5,923,357

(1) Includes mainly impairment effect for 2022.

As of December 31, 2024, the deferred tax effect of actuarial gains and losses was presented in comprehensive loss in the amounts of Ps. 8,207,274.

NOTE 22. EQUITY (DEFICIT)

A. Certificates of Contribution “A”

The capitalization agreement between Petróleos Mexicanos and the Mexican Government states that the Certificates of Contribution “A” constitute permanent capital.

For the year ended December 31, 2025, Petróleos Mexicanos received Ps. 395,313,191 in Certificates of Contribution “A” from the Mexican Government.

For the year ended December 31, 2024, Petróleos Mexicanos received Ps. 156,509,050 in Certificates of Contribution “A” from the Mexican Government.

PEMEX’s Certificates of Contribution “A” are as follows:


	Amount
Certificates of Contribution “A” as of December 31, 2023	Ps.	1,196,207,416
Increase in Certificates of Contribution “A” during 2024	156,509,050
Certificates of Contribution “A” as of December 31, 2024	Ps.	1,352,716,466
Increase in Certificates of Contribution “A” during 2025	395,313,191
Certificates of Contribution “A” as of December 31, 2025	Ps.	1,748,029,657

Mexican Government contributions made in the form of Certificates of Contribution “A” during 2025 totaled Ps.395,313,191 and were designated for the strengthening of Petróleos Mexicanos’ financial position and for the

“Proyecto Aprovechamiento de Residuales” (Waste Utilization Project) in the Salina Cruz Refinery, as follows:

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Date	Strengthening of financial position
January 10,	Ps.	20,382,300
January 10,	1,803,442
February 7,	15,000,000
February 19,	23,532,337
March 19,	19,284,494
April 21,	7,930,143
May 2,	2,905,392
June 2,	3,700,830
July 1,	5,256,579
July 22,	10,511,768
August 11,	3,548,535
August 25 (1),	3,422,870
August 25 (1),	1,130,818
August 25 (1),	1,084,248
September 25,	145,783,855
September 25,	107,984,484
September 26(1),	1,862,240
September 26(1),	1,616,119
September 26(1),	3,360,425
October 27(1),	5,302,977
October 27(1),	121,037
November 27(1),	1,023,555
November 27(1),	2,220,543
November 27(2),	2,342,950
December 24,	2,995,311
December 24,	821,577
December 24,	384,362
Total	Ps.	395,313,191

(1) Includes financing to the Waste Utilization Project at the Miguel Hidalgo and Salina Cruz refineries.

(2) Includes capital contributions for PTI ID.

B. Mexican Government contributions

During 2025 and 2024, there were no Mexican Government contributions apart from Certificates of Contribution “A”.

C. Legal reserve

Under Mexican law, each of the Subsidiary Companies is required to allocate a certain percentage of its net income to a legal reserve fund until the fund reaches an amount equal to a certain percentage of each Subsidiary Company’s capital stock.

During 2025 and 2024, there were no changes to the legal reserve.

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D. Accumulated other comprehensive income (loss)

As a result of the discount rate analysis related to employee benefits liability, for the periods ended December 31, 2025 and 2024 PEMEX recognized net actuarial (loss) and gains and in other comprehensive results, net of deferred income tax for Ps. (173,642,194) and Ps.203,171,826, respectively, which included net of deferred income tax for 2024 of Ps.8,207,274, related to retirement and post-employment benefits. The variation related to retirement and post-employment benefits was the result of a decrease in the discount and return on plan assets rates from 11.28% as of December 31, 2024 to 9.95% as of December 31, 2025.

E. Accumulated deficit from prior years

PEMEX has recorded negative earnings in the past several years. However, the Ley de Concursos Mercantiles (“Commercial Bankruptcy Law of Mexico”) is not applicable to Petróleos Mexicanos. Furthermore, the financing agreements to which PEMEX is a party do not provide for financial covenants that would be breached or events of default that would be triggered as a consequence of negative equity.

F. Uncertainty related to going concern

The consolidated financial statements have been prepared assuming PEMEX will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, significant doubt about PEMEX’s ability to continue as a going concern exists due to (1) recurring net losses, (2) negative equity and (3) dependence on equity contributions from the Mexican Government, as described below.

Facts and conditions

(1) Recurring net losses

During 2025 and 2024, PEMEX recognized net losses of Ps. (81,665,432) and Ps. (780,587,954), respectively. The recurring net losses in recent years have directly impacted PEMEX’s consolidated financial position and constitute an indicator of uncertainty regarding its ability to generate sufficient resources to fund its operations and meet its financial obligations in the normal course of business. These losses are primarily attributable to PEMEX’s heavy fiscal burden resulting from hydrocarbon extraction duties, including the Welfare Oil Duty effective as of January 1, 2025 (see Note 21), and the insufficiency of operating cash flows to fully fund both operations and capital expenditure programs.

(2) Negative equity

As of December 31, 2025 and 2024, PEMEX has a negative equity of Ps. (1,905,806,170), and Ps. (1,983,775,736), respectively. The negative equity position is a cumulative result of the recurring net losses described above. As of December 31, 2025 and 2024, PEMEX also has negative working capital of Ps. 530,541,020 and Ps. 767,968,661, respectively, and short-term debt principal maturities (including interest payable) of Ps. 345,227,971 as of December 31, 2025. These conditions represent additional factors of uncertainty regarding PEMEX’s ability to continue as a going concern.

(3) Dependence on equity contributions from the Mexican Government

PEMEX’s operational continuity and timely compliance with its financial obligations depend on the recurrence of equity contributions from the Mexican Government. During 2025, PEMEX received equity contributions of Ps. 395,313,191 from the Mexican Government, exceeding the initial expected contributions of Ps. 136,120,300 due to additional support for PEMEX’s liability management strategy. PEMEX has substantial debt, incurred mainly to finance capital investment projects and operating expenses, and in the absence of continued Mexican Government support, PEMEX would be unable to meet its financial obligations as they become due.

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PEMEX has budget autonomy, and, in public finance terms, is subject to the cash flows financial balance goals approved in the Decreto de Presupuesto de Egresos de la Federación (“Federal Expenditure Budget Decree”). This represents the difference between its gross revenues (inflows) and its total budgeted expenditures (outflows) including the financial cost of its debt, which is proposed by the SHCP and approved by the Chamber of Deputies. The Federal Budget for 2026 authorized PEMEX to have a financial balance budget of Ps. 263,476,300, and conduct financing activities that do not represent a net debt in terms of public debt greater than Ps. 261,585,290 and other financing activities that do not represent net public debt. These targets are determined considering premises such as the exchange rate and the international price of the Mexican crude oil, and in case of significant fluctuations, the results could impact the goals determined in the budget. This financial balance does not consider the payment of principal during 2026, which PEMEX expects to cover with equity contributions from the Mexican Government.

Other relevant factors

In 2025, certain ratings agencies upgraded PEMEX’s credit rating, mainly driven by PEMEX’s operating performance, liquidity and the Mexican Government’s ability and willingness to provide PEMEX with additional liquidity, as well as fluctuations in crude oil prices and the Mexican Government’s sovereign debt rating. These factors may influence PEMEX’s access to the financial markets, the cost and terms of PEMEX’s new debt and contract renegotiations that PEMEX may carry out during 2026. These conditions have impacted PEMEX’s financial performance.

During 2025, certain credit agencies upgraded the credit ratings of PEMEX. On August 1, 2025, Fitch Ratings upgraded PEMEX’s long-term local and foreign currency issuer default to “BB” from “B+”, removed its Rating Watch Positive and upgraded the rating of its senior unsecured notes outstanding to “BB” from “B+”/”RR4” with a stable outlook. Notwithstanding credit rating upgrades, the rating agencies continue to express certain concerns regarding PEMEX’s operating performance and liquidity position.

Beginning in the second half of 2025, PEMEX implemented a comprehensive liability management strategy which resulted in an approximately 23% reduction in the consolidated financial debt compared to the levels reported as of December 31, 2024. This decrease was primarily attributable to equity contributions from the Mexican Government, other liability management transactions, and prepayments of outstanding indebtedness. Despite these efforts, PEMEX still retains a significant level of financial debt.

As part of its liquidity management strategy, PEMEX implemented a supplier payment program through amended agreements designed to extend payment terms with suppliers and contractors, with the objective of settling balances incurred in 2025 over a period of up to eight years, through quarterly payments of principal and interest. As of December 31, 2025, the restructured amount under this program totaled Ps. 193,033,065.

The combined effect of the above-mentioned events and conditions, in particular the recurring net losses, the negative

equity and the dependence on equity contributions from the Mexican Government, indicates significant doubt about PEMEX’s ability to continue as a going concern.

Actions

PEMEX and the Mexican Government are carrying out the following actions, among others, to preserve liquidity and let PEMEX pay its commitments:

The application of the tax credit decree to automotive fuels published in the Official Gazette of the Federation of March 4, 2022, was in effect for 2024 and 2025 and remains in effect through 2026. This decree allows PEMEX to substantially recover from the Mexican Government the difference between the international reference price of gasoline and diesel and the price at which they trade in the domestic market, accounting for inflation.

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Effective January 1, 2025, the Welfare Oil Duty came into effect, consolidating the Profit-Sharing Duty, the Hydrocarbon Extraction Duty and the Hydrocarbon Exploration Duty payable into a single obligation, requiring only provisional and annual tax returns, which is set at a general rate of 30% on oil and fuel production and 11.63% for non-associated gas.

As of December 31, 2025, PEMEX received equity contributions of Ps. 395,313,191 from the Mexican Government, exceeding the initial expected contributions of Ps.136,120,300 due to the additional support granted by the Mexican Government in connection with PEMEX’s liability management strategy. These contributions were used to strengthen PEMEX’s financial position. The Mexican Government’s Federal Budget for 2026 includes Ps.263,476,317, which will be received during 2026. As of April 15, 2026, PEMEX has received Ps.58,346,391 in capital contributions.

Additionally, during 2025, PEMEX executed liability management transactions aimed at extending debt maturities and reducing financing costs, in line with its financing strategy. PEMEX’s capacity to refinance its short-term debt depends on factors beyond its control.

In February 2026, PEMEX carried out a refinancing transaction and optimization of its debt maturity profile aimed to address short-term maturities, extending repayment terms, and improving financial conditions, as part of the initiatives implemented to strengthen its liquidity and capital structure.

The Revenue Law for 2026 also authorized PEMEX to incur a net additional indebtedness up to Ps.261,585,290 (Ps.160,619,600 and U.S.$5,342,100), which is considered as public debt by the Mexican Government and may be used to partially cover its financial balance in 2026.

PEMEX reviews and aligns its capital expenditures portfolio in accordance with updated economic assumptions on a periodic basis and giving priority to those projects which increase production in an efficient manner and at the lowest cost.

On August 5, 2025, PEMEX presented its Plan Estratégico 2025–2035 (the “Strategic Plan”), grounded in the principles of energy sovereignty, security and sustainable development, that aims to restore and enhance its operational, financial and institutional conditions in line with Mexico’s national energy policy. The Strategic Plan is structured around an operational strategy, aimed at boosting production across hydrocarbons, petrochemicals and fertilizers while reducing greenhouse gas (GHG) emissions and reinforcing social responsibility; and a capitalization and financing strategy, aimed at strengthening PEMEX’s financial stability through capital structure optimization, debt reduction and restructuring, cost reduction and sustainable financing.

Petróleos Mexicanos is not subject to the Commercial Bankruptcy Law of Mexico and none of PEMEX’s existing financing agreements include any financial covenants that could lead to the demand for immediate payment of its debt due to having negative equity or non-compliance with financial ratios.

PEMEX prepared its consolidated financial statements as of December 31, 2025 and 2024 on a going concern basis. There are conditions that have generated material uncertainty and significant doubt concerning PEMEX’s ability to continue as a going concern, in particular the recurring net losses, the negative working capital and negative equity, and the dependence on equity contributions from the Mexican Government to meet its financial obligations. Those financial statements do not contain any adjustments that would be required if they were not prepared on a going concern basis.

G. Non-controlling interest

PEMEX does not currently own all of the shares of PMI CIM and COMESA; therefore, variations in income and equity from these entities are also presented in the consolidated statements of changes in equity (deficit) as “non-controlling interest.”

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As of December 31, 2025, 2024 and 2023 non-controlling interest represented (losses) of Ps. (274,206), Ps. (274,387), and Ps. (116,639), respectively, in PEMEX’s equity (deficit).

NOTE 23. COST AND EXPENSES BY NATURE

Cost and expenses by nature for each of the years ended December 31, 2025, 2024 and 2023, were as follows:


	2025		2024		2023
Purchases	Ps.	573,735,418	Ps.	688,570,471	Ps.	778,100,997
Depreciation of wells, pipelines, properties, plant and equipment, depreciation and impairment of rights of use and amortization of intangible assets	162,030,062		153,507,202		144,041,743
Net periodic cost of employee benefits	157,941,428		146,182,612		141,415,705
Other operation taxes and duties	150,746,351		132,291,723		64,825,368
Personnel services	137,674,241		130,603,791		121,408,213
Conservation and maintenance	104,170,295		104,695,080		79,917,049
Exploration and Extraction Hydrocarbons Duty and taxes	6,358,408		53,848,916		54,779,330
Unsuccessful wells	33,341,028		45,867,902		38,638,889
Raw materials and spare parts	37,664,885		36,997,308		28,019,686
Other operation costs and expenses	9,063,575		31,261,053		17,148,781
Auxiliary services with third-parties	34,864,785		25,250,935		25,991,393
Losses from fuels subtraction (1)	23,491,351		20,529,125		20,168,804
Impairment losses on trade receivables from customers	12,931,983		15,438,558		3,113,324
Delay expenses	7,319,467		13,971,561		11,633,803
General expenses with third-parties	6,946,007		10,057,702		8,146,640
Exploration expenses	15,010,504		9,725,954		12,284,957
Insurance	9,060,705		8,250,146		9,005,239
Freight	27,834,022		5,505,555		7,893,791
Integrated Contracts	3,663,600		3,442,939		2,925,163
Expenses for environmental provision	3,595,018		2,486,088		3,840,186
Fees	959,400		1,417,424		1,927,051
Inventory variations (2)	(34,189,752)		(1,714,190)		(8,643,559)
Total cost of sales and general expenses	Ps.	1,484,212,781	Ps.	1,638,187,855	Ps.	1,566,582,553

(1)In accordance with Resolution RES / 179/2017, issued by the CRE, losses from fuels subtraction are losses outside the scope of the contemplated operating costs as a result of various illicit actions, including the theft of and illicit market in fuels.

Until its dissolution on March 19, 2025, Pemex Logistics was responsible for distributing hydrocarbons through pipelines and for the received products, preserving their quality and delivering them from the point of reception to the user at the point of destination. As of March 19, 2025, these activities are carried out by Petróleos Mexicanos and reported within the Other Operating Subsidiary Companies segment (see Notes 1 and 6). The volume of missing hydrocarbons is determined through monthly calculations.

(2)The variation in inventories represents the difference between the balances as of the beginning and the end of the year, as well as variations in standard and real costs. During 2025, the variation was mainly due to variations in standard and real costs and the difference between the balances as of the beginning and the year.

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NOTE 24. OTHER REVENUES AND OTHER EXPENSES

Other revenues and expenses-net for each of the years ended December 31, 2025, 2024 and 2023, were as follows:

A.Other revenues


	2025		2024		2023
Claims recovery	Ps.	10,984,347	Ps.	5,063,709	Ps.	858,161
Other income (1)	8,622,720		5,634,718		4,313,625
Account debugging	4,758,690		—		51,693
Other income for services	1,957,812		1,893,345		2,574,801
Revenues from reinsurance premiums	1,744,664		516,993		153,497
Bidding terms, sanctions, penalties and other	1,227,633		1,837,819		1,915,375
Gain on sale of fixed assets	393,524		1,392,345		577,990
Franchise fees	306,434		483,081		430,633
Tax updates	270,036		1,716,589		4,744,762
Insurance and deposits	13,664		9,410		15,418
Total other revenues	Ps.	30,279,524	Ps.	18,548,009	Ps.	15,635,955

(1)As of December 31, 2025 includes mainly cancellation of trials in process provision.

B. Other expenses


	2025		2024		2023
Loss from derecognition of disposal of assets (1)	Ps.	(16,996,911)	Ps.	(1,129,350)	Ps.	(7,656,437)
Other expenses	(9,421,635)		(4,164,216)		(4,084,664)
Claims	(3,042,805)		(1,979,309)		(1,870,308)
Fines	(2,848,889)		(8,272,477)		(3,630,727)

Total other expenses	Ps.	(32,310,240)	Ps.	(15,545,352)	Ps.	(17,242,136)

(1)Includes mainly fixed assets from Exploration and Extraction without future development plans.

NOTE 25. RELATED PARTIES

The balances and transactions with related parties are mainly due to: (i) the sale and purchase of products, (ii) the billing of administrative services, and (iii) financial loans between related parties.

Directors and employees of Petróleos Mexicanos are subject to regulations related to conflict of interest such as the Petróleos Mexicanos Law, Ley Federal de Responsabilidades Administrativas de los Servidores Públicos (Federal Law of Administrative Responsibilities of Public Officials) and the Políticas y Lineamientos Anticorrupción para Petróleos Mexicanos, sus Empresas Productivas Subsidiarias y, en su caso, Empresas Filiales (Anticorruption Policies and Guidelines for Petróleos Mexicanos, its Subsidiary Productive Companies and, where applicable, Subsidiary Companies). Under these provisions, PEMEX’s directors and employees are obligated to “recuse themselves from intervening in any way in the attention to, processing or resolution of matters in which they might have personal, family or business interest, including those where some benefit can result for themselves, their spouse, blood or affinity relatives up to the fourth degree, or civil relatives, or for third parties with which they have professional, labor or business relations, or for partners or partnerships where the public officials or the persons referred above are or have been members thereof.”

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Related parties include individuals and companies that do not form part of PEMEX, but that could take advantage of being in a privileged position as a result of their relationship with PEMEX. Also included are situations in which PEMEX could take advantage of a special relationship in order to benefit its financial position or results of operations.

Main operations identified by PEMEX with this kind of directors and officers are as follows:

Ms. Emilia Esther Calleja Alor, Chief Executive Officer of CFE, was appointed member of the Board of Directors of Petróleos Mexicanos in accordance with the Article 18 Fraction V of the Ley de la Empresa Pública del Estado, Petróleos Mexicanos. CFE has executed several purchase agreements with PEMEX (in the Industrial Processes and Energy Transformation segments, which formerly constituted our Subsidiary Productive Company, Pemex Industrial Transformation). During 2025, CFE acquired the following products:


Product	2025
Heavy fuel oil	Ps.	16,543,048
Industrial diesel	12,602,898
Other	995,677
Fuel oil	315,340
Natural Gas	693,493
Freights	630
Total	Ps.	31,151,086

As of December 31, 2025, CFE owed PEMEX a total amount of Ps. 8,024,360. Invoices are payable between 16 and 60 days.

A. Compensation of Directors and Officers

For the years ended December 31, 2025, 2024 and 2023, short-term benefits of executive officers of Petróleos Mexicanos paid or accrued in that year for services in all capacities was approximately Ps. 39,583, Ps. 39,583 and Ps. 38,060, respectively. Retirement post-employment and long-term employee benefits are granted as follows:


	As of December 31,
	2025		2024	2023
Retirement	Ps.	6,042	7,423	6,493
Post-employment	121		325	329
Long-term	1,832		1,711	1,594
	Ps.	7,995	9,459	8,416

Except in the case of the independent members, members of the Boards of Directors of Petróleos Mexicanos do not receive compensation for their services.

The compensation paid or accrued during 2025, 2024 and 2023, to the independent members of the Board of Directors of Petróleos Mexicanos was approximately Ps. 4,405, Ps. 8,213 and Ps. 8,213, respectively.

B. Compensation and benefits

As an employee benefit, PEMEX offers salary advances to all of its eligible Petroleum Workers’ Union and non-union workers, including executive officers, pursuant to the programs set forth in the collective bargaining agreement and in the

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Reglamento de Trabajo del Personal de Confianza de Petróleos Mexicanos y Empresas Productivas Subsidiarias (Employment Regulation of White-Collar Employees of Petróleos Mexicanos and Subsidiary Entities), respectively.

The salary advances, which are non-interest bearing, are offered to each eligible employee in an amount up to a maximum of four months’ salary and are repaid through salary deductions in equal installments over a period of either one or two years, as elected by the employee. Most employees take advantage of this benefit. The amount of salary advances outstanding to executive officers at December 31, 2025 and 2024 was Ps. 930 and Ps. 1,056, respectively. The amount of salary advances outstanding to executive officers at March 31, 2026 was Ps. 139.

NOTE 26. COMMITMENTS

A.PMI CIM has entered into several contracts for the sale of crude oil on the international market to foreign companies. The terms and conditions of these contracts are specific to each client, and their durations may be indefinite (evergreen contracts) or they may contain a minimum obligatory period (long-term contracts).

B.PEMEX has entered into a nitrogen supply contract for the pressure maintenance program at the Cantarell complex. During 2007, an additional contract was entered into with the purpose of supplying nitrogen to the Ku-Maloob-Zap complex and extending the original contract until 2030. As of December 31, 2025 and 2024, the value of the nitrogen to be supplied during the term of the contract was approximately U.S.$530,968 and U.S.$657,891, respectively. In the event of the annulment of the contract and depending on the circumstances, PEMEX has the right or the obligation to acquire the vendor’s nitrogen plant under the terms of the contract.

Estimated future payments under this contract for upcoming fiscal years are as follows:


Year	Payment
2026	268,808
2027	157,314
2028	45,999
2029	39,715
2030	19,132
Total	U.S.$	530,968

C.As of December 31, 2025 and 2024, the estimated value of the commitments that PEMEX has entered into with several contractors for the development of various infrastructure and services works was as follows:


Maturity	2025		2024
Up to 1 year	Ps.	11,081,914	Ps.	26,894,474
1 to 3 years	25,038,616		28,447,421
4 to 5 years	13,049,526		17,469,459
More than 5 years	—		576,348
Total	Ps.	49,170,056	Ps.	73,387,702

NOTE 27. CONTINGENCIES

In the ordinary course of business, PEMEX is named in a number of lawsuits of various types. PEMEX evaluates the merit of each claim and assesses the likely outcome. PEMEX has not recorded provisions related to ongoing legal proceedings

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since an unfavorable resolution is not expected in such proceedings, with the exception of the proceeding described in further detail in this Note.

PEMEX is involved in various civil, tax, criminal, administrative, labor and commercial lawsuits and arbitration proceedings. The results of these proceedings are uncertain as of the date of these consolidated financial statements. As of December 31, 2025 and 2024, PEMEX had accrued a reserve of Ps. 13,424,603 and Ps. 13,186,811, respectively, for these contingent liabilities.

Following the dissolution of the subsidiary entities on March 19, 2025 (see Note 1), Petróleos Mexicanos assumed, as successor, the position of party in all legal proceedings in which the subsidiary entities were named as plaintiff or defendant. References to Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics in the descriptions below reflect the original parties to the relevant proceedings.

As of December 31, 2025, the current status of the principal lawsuits in which PEMEX is involved is as follows:

•On April 4, 2011, Pemex Exploration and Production was summoned before the Séptima Sala Regional Metropolitana (“Seventh Regional Metropolitan Court”) of the Tribunal Federal de Justicia Fiscal y Administrativa (“Tax and Administrative Federal Court”) in connection with an administrative claim (No. 4957/11-17-07-1) filed by EMS Energy Services de México, S. de R.L. de C.V. and Energy Maintenance Services Group I. LLC requesting that Pemex Exploration and Production’s termination of the public works contract be declared null and void. In a concurrent proceeding, the plaintiffs also filed an administrative claim (No. 13620/15-17-06) against Pemex Exploration and Production before the Sexta Sala Regional Metropolitana (“Sixth Regional Metropolitan Court”) of the Tax and Administrative Federal Court in Mexico City seeking damages totaling U.S.$193,713 related to the above-mentioned contract. Pemex Exploration and Production filed a response requesting the two administrative claims be joined in a single proceeding, which was granted. On April 30, 2019, a judgment was issued by the Segunda Sección de la Sala Superior (“Second Section of the Superior Court”) in favor of Pemex Exploration and Production. On June 25, 2019, the plaintiffs filed an amparo (D.A. 397/2019) before the Tercer Tribunal Colegiado en Materia Administrativa del Primer Circuito (“Third Administrative Joint Court of the First Circuit”), which was granted. On March 12, 2020, Pemex Exploration and Production filed a motion to review against the resolution granting this amparo before the Third Administrative Joint Court of the First Circuit. On October 1, 2020, in compliance with the amparo ruling, the Third Administrative Joint Court declared the challenged resolution null and void, determined that termination of the contract due to causes attributable to the defendant authority was not warranted, denied the economic relief requested by the plaintiffs, and upheld the validity of the resolution challenged in the related proceeding. On February 24, 2022, an amparo (350/2020) was granted in favor of EMS Energy Services de México, S. de R.L. On March 17, 2022, a motion was filed to draw the resolution by the Suprema Corte de Justicia de la Nación (Supreme Court of Justice of the Nation). On June 16, 2022, a resolution was issued in connection with the amparo 350/2020 stating that the plaintiffs partially proved their requests, and the resolution was declared null and void, among others. On August 1, 2022, a motion to review this resolution was filed and admitted (RF 574/2022) by the Third Administrative Joint Court of the First Circuit. On September 13, 2022, representations were made under the amparo (D.A. 539/2022) filed by the plaintiffs before such Court. On April 18, 2024, a resolution was issued by the Third Administrative Joint Court of the First Circuit modifying the appealed judgment, granting the Amparo to EMS Energy Services de México, S. de R.L. de C.V. On July 10, 2024, the Superior Court ordered Pemex Exploration and Production to (i) pay U.S.$27,244 plus Value Tax Added (VTA); (ii) pay damages; (iii) refund the penalties applied for an amount of U.S.$4,143 plus VTA; (iv) refund the standby letter of credit for U.S.$13,975 and (v) payment of financial expenses. On August 27, 2024, the tax review was filed. An Amparo was filed directly against the compliance with the judgment issued on July 10, 2024, and was admitted under the case D.A. 497/2024, by the Third Administrative Joint Court of the First Circuit. As of the date of these consolidated financial statements, a final resolution is still pending.

•Micro Smart Systems de México, S. de R.L. de C.V. (MSSM) filed before the Sala Regional del Golfo Norte (Regional Court of the North Gulf) of the Tax and Administrative Federal Court (574/22-18-01-8) challenging a settlement statement dated February 17, 2022 related to a works contract number No. 424049831 issued by Pemex Exploration and Production and seeking U.S.$240,488. On April 5, 2022, the claim was admitted which was notified on May 17, 2022. On July 1, 2022, Pemex Exploration and Production filed a response to this claim,

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requesting Pemex Exploration and Production evidence, which was filed on August 8, 2022, and admitted by the Regional Court of the North Gulf on August 17, 2022. On September 2, 2022, this Regional Court confirmed the rejection of the evidence filed by the plaintiffs. On September 29, 2022, the First Section of the Superior Court denied a compliant motion filed by MSSM against the settlement statement dated February 17, 2022. On October 3, 2022, it was agreed that the plaintiff would be heard, making various statements in relation to the defense of the claim. On October 7, 2022 a resolution was issued regarding the complaint filed by the plaintiff confirming the resolution issued on August 28, 2018 (through which the prior resolution dated April 3, 2018, was partially revoked, leaving without effect the warning contained therein regarding the submission of the administrative file) and such resolution was upheld.. On November 14, 2022, the First Section of the Superior Court agreed to an amparo proceeding (1833/2022) against acts issued by the Juzgado Octavo de Distrito en Materia Administrativa (Eighth Administrative District Court), in Mexico City and required such authority to render the justified report. On May 17, 2023, the Regional Court of the North Gulf, summoned the parties to file its rejoinders, which were filed by Pemex Exploration and Production on June 14, 2023. On June 22, 2023, the Regional Court ordered the file to be sent to the First Section of the Superior Court acknowledged that both parties had exercised their right to submit closing arguments, declared the close of the evidentiary stage of the proceeding, and ordered the file to be sent to the First Section of the Superior Court. On September 19, 2023, the Northern Gulf Regional Court sent by certified mail the file to the First Section of the Superior Court for a final resolution. On November 14, 2023, the Superior Court published a resolution requiring the Northern Gulf Regional Court to send all the documents that integrate the evidentiary file offered in the trial. On December 12, 2023, an extract of a clarification agreement concerning the referral of evidence to the Superior Court was notified in the jurisdictional gazette. On June 14, 2024, the Superior Court issued a resolution, (574/22-18-01-8/1549/23-PL-09-04), designating the delegates by Micro Smart Systems de México S. de R.L. de C.V. On September 9, 2024, the trial was suspended until a determination of compliance with the resolution of the First Section of the Superior Chamber issued within the trial 752/17-18-01-7/1625/19-S1-05-04 becomes final. On February 17, 2025, the Eighth District Court in Administrative Matters of the First Circuit denied the amparo filed by Micro Smart Systems de México S. de R.L. de C.V. (case 1560/2024-VIII) against a September 10, 2024 resolution of the First Section of the Superior Chamber of the Federal Court of Administrative Justice (Tribunal Federal de Justicia Administrativa). In that resolution, the TFJA had found that its prior judgment was complied with because the contested settlement was annulled and replaced with a new one reflecting the effects ordered in the nullity judgment. On March 11, 2025, within amparo proceeding 1560/2025-VIII before the Eighth District Court for Administrative Matters of the First Circuit, Micro Smart Systems filed a review appeal, which was acknowledged by court order. On April 3, 2025, the First Section of the Superior Chamber of the Federal Court of Administrative Justice decided to wait for the outcome of the amparo case, related to the September 10, 2024, judgment challenged in amparo proceeding 1560/2024-VIII, before lifting a suspension issued on September 4, 2024, and before issuing its final ruling. On April 21, 2025, the Twenty-Fourth Administrative Joint Court of the First Circuit admitted an ancillary appeal for review filed by Pemex Exploration and Production. On June 25, 2025, through a resolution issued within the amparo review proceeding R.A. 519/2025, the Third Joint Administrative Court of the First Circuit determined, due to court assignment and considering that it had previously taken cognizance of the amparo review R.A. 153/2023 — which derived from the nullity trial 752/17-18-01-7/1625/19-S1-05-04 — to assume jurisdiction over the matter. As of the date of these consolidated financial statements, the final resolution of this process is pending.

•Constructora Norberto Odebrecht, S.A de C.V. filed an administrative claim against Pemex Industrial Transformation (file No. 4742/19-17-01-7) seeking U.S.$113,582 and Ps.14,607 in connection with a termination resolution (no. 1,757) dated January 14, 2019, and issued by Pemex Industrial Transformation, which awarded U.S.$51,454 in favor of Pemex Industrial Transformation. The claim was admitted. On November 11, 2020, Pemex Industrial Transformation filed a response to this claim. The accounting expert filed his opinion. On June 2, 2022 an opinion by the accounting expert appointed by Pemex Industrial Transformation was filed. A third accounting expert was appointed, who did not ratify his position; therefore, a resolution dated October 2, 2023 was issued requesting the Expert Unit to appoint another expert. On February 2, 2024, the independent accounting expert accepted his assignment and was awarded 15 days to render his report. On March 19, 2024, the Superior Court decided to exercise its power of attraction. On May 2, 2024, the Superior Court issued a resolution requesting the Expert Unit to appoint another expert, since the previously appointed expert did not ratify the report. On August 2, 2024, a resolution was issued, granting the independent expert a term to render the report and ratify it. On February 28, 2025, the investigation was declared concluded, and the records were sent to the Pleno

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de la Sala Superior (Plenary of the Superior Chamber) for the issuance of the judgment. On May 15, 2025, through a resolution issued by the Superior Chamber, acknowledgment of receipt of the original case files was recorded, and the case remains under analysis by the Superior Chamber. As of the date of these consolidated financial statements, a final resolution is still pending.

•On November 24, 2021, Pemex Industrial Transformation filed a repeal request (no. RRL2021014568) seeking that the resolutions dated October 7, 2021, issued by the Hydrocarbons Verification Manager of the Tax Administration Service be declared null and void. These resolutions established charges for Special Taxes on Production and Services, Value Added Taxes, fines among other for an amount of Ps. 3,084,975. As of the date of these consolidated financial statements, a final resolution is still pending.

•On September 9, 2022, Pemex Industrial Transformation filed a repeal request against a tax credit for the 2016 fiscal year related to the Special Tax on Production and Services and Value Added Tax for an amount of Ps.5,852,222, seeking that this resolution is declared null and void. As of the date of these consolidated financial statements, a final resolution is still pending.

•On September 22, 2023, Pemex Industrial Transformation filed a repeal request against a tax credit for the 2017 fiscal year related to the Special Tax on Production and Services and Value Added Tax, updates, fines and surcharges for the months of January to December 2017 for an amount of Ps.8,349,608, seeking that this resolution be declared null and void. As of the date of these consolidated financial statements, a final resolution is still pending.

•On June 17, 2025, COMPAÑÍA MINERA SAN ALEJANDRO, S.A. de C.V. filed a civil lawsuit against Petróleos Mexicanos seeking indemnification related to the alleged breach of Preparatory Contract PM-2019-004. The ordinary civil action, docketed as case 2065/2025, was filed before the Fourteenth District Court for Civil Matters in Mexico City. The plaintiff also claimed damages in the amount of Ps.7,316,929 for equipment maintenance costs, as well as other resources and expenses incurred during the contractual period, and an additional Ps.2,353,719 for loss of fair profit. On June 20, 2025, PEMEX submitted its response to the claim, denying liability and raising exceptions and defenses. On June 24, 2025, the claim was deemed answered, notice was given to the opposing party, and the objection regarding the impropriety of the procedural route was considered filed, which remains pending resolution. By resolution dated November 4, 2025, the claim filed by the plaintiff’s former legal representative was dismissed; against such ruling, the petitioner filed an appeal, which remains pending resolution. As of the date of these consolidated financial statements, the final resolution of this action is pending.

The results of these proceedings are uncertain until their final resolutions are issued by the appropriate authorities. PEMEX has recorded liabilities for loss contingencies when it is probable that a liability has been incurred and the amount thereof can be reasonably estimated. When a reasonable estimation could not be made, qualitative disclosure was provided in the notes to these consolidated financial statements. PEMEX does not disclose amounts accrued for each individual claim because such disclosure could adversely affect PEMEX’s legal strategy, as well as the outcome of the related litigation.

PEMEX has granted the following corporate guarantees:

As of December 31, 2020, PEMEX granted the obligations under a lease contract for U.S.$102,984, equivalent to Ps. 1,850,283 at the closing exchange rate on December 31, 2025, of Ps. 17.9667 =U.S.$1.00, to J. Aron & Company LLC, a subsidiary of Goldman Sachs Group Inc.

PEMEX considers the probability it needs to make a disbursement of cash, for the guarantee granted and in effect as of December 31, 2025 remote.

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NOTE 28. SUBSEQUENT EVENTS

A. Indebtedness for 2026

The Federal Revenue Law applicable to PEMEX as of January 1, 2026, published in the Official Gazette of the Federation on November 7, 2025, authorized Petróleos Mexicanos to incur an internal net debt up to Ps. 160,619,600 and an external net debt up to U.S.$5,342,100. PEMEX can incur additional domestic or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law.

B. Recent financing activities

During the period from January 1 to April 15, 2026, PEMEX participated in the following financing activities:

•On February 13, 2026, Petróleos Mexicanos completed an issuance of Certificados Bursátiles for a total amount of Ps.31,500,000, in three tranches: (1) Ps.9,005,367 at a floating interest rate to TIIE plus 180 basis points, maturing in April 2031; (2) Ps.16,998,940 at a fixed rate of 10.80%, maturing in August 2034; and (3) 623,243 UDIs (equivalent to Ps.5,495,693) at a fixed rate of 5.84%, maturing in August 2036.

•On March 4, 2026, Petróleos Mexicanos entered into a Ps. 19,000,000 credit facility bearing interest at a floating rate linked to 28-day TIIE, plus a margin of 215 basis points, maturing in September 2029.

As of December 31, 2025, the outstanding amount under the PMI Trading revolving credit line was U.S.$206,314. Between January 1 to April 15, 2026, PMI Trading obtained and repaid U.S.$260,000 from its revolving credit line. As of April 15, 2026, the outstanding amount under this revolving credit line was U.S.$206,314.

As of April 15, 2026, PEMEX had U.S.$5,508,000 and Ps.19,000,000 in available credit lines in order to provide liquidity, of which U.S.$4,608,000 and Ps.19,000,000 are available.

C. Exchange rates and crude oil prices

As of April 15, 2026, the Mexican peso-U.S. dollar exchange rate was Ps. 17.3470 per U.S. dollar, which represents a 3.4% appreciation of the value of the peso in U.S. dollar terms as compared to the exchange rate as of December 31, 2025, which was Ps. 17.9667 per U.S. dollar. This decrease in U.S. dollar exchange rate, has led to an estimated gain of Ps.46,522,817 in PEMEX’s foreign exchange gains as of April 15, 2026.

As of April 15, 2026, the weighted average price of the crude oil exported by PEMEX was U.S.$88.81 per barrel. This represents a price increase of approximately 65.6% as compared to the average price as of December 31, 2025, which was U.S.$53.62 per barrel.

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D. Contributions from the Mexican Government

During the period from January 1 to April 15, 2026, the Mexican Government made certain contributions to Petróleos Mexicanos through the Ministry of Energy to strengthen its financial position. These amounts are reflected in the table below:


Date	Strengthening of financial position
January 16,	Ps.	12,471,690
January 23	12,216,400
February 23,	18,592,882
March 31,	15,065,419

Total	Ps.	58,346,391

E. Amending agreements with suppliers

Petróleos Mexicanos issued amending agreements to extend the payment term under various agreements with suppliers and contractors, to pay the balances generated in 2025 over the course to 8 years, through quarterly payments of principal and interest. As of March 31, 2026, the amount due to suppliers that is governed by these agreements amounted to Ps.250,498,559.

F. Oil spill in the Gulf of Mexico

Subsequent to December 31, 2025, scientific analyses pointed to evidence that a hydrocarbon spill occurred in February 2026 in the Abkatun-Cantarell area of the Gulf of Mexico and that the hydrocarbons were subsequently dispersed and weathered by marine dynamics. On April 16, 2026, President Claudia Sheinbaum instructed an interinstitutional group to investigate the origin of the event.

Following a review of satellite vessel-movement images, operating logs and related information, PEMEX identified several irregularities in the handling and reporting of the event, including a loss of mechanical integrity in, and repairs to, an oil pipeline that were not reported to PEMEX’s Chief Executive Officer or senior management, as well as a hydrocarbon leak in PEMEX facilities that had been systematically denied by local operational areas. Pemex’s Chief Executive Officer brought these matters to the attention of the Fiscalía General de la República and the Secretaría Anticorrupción y Buen Gobierno, and PEMEX removed from their positions the Subdirector of Safety, Occupational Health and Environmental Protection, the Coordinator of Marine Control, Spills and Waste, and the Head of Spills and Waste, pending completion of the investigation.

PEMEX also continues containment, cleanup, waste collection and treatment, environmental monitoring and related community-support actions, including collection of approximately 915 tons of waste containing hydrocarbons mixed with sand, driftwood and sargassum and transportation of those materials to ASEA-authorized treatment plants. PEMEX continues to cooperate with the interinstitutional group in those response efforts until the coastal and marine environment has been fully restored and the collected waste has been safely disposed of.

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G. Approval of Financial Statements

The accompanying consolidated financial statements were authorized for issuance in PEMEX’s annual report on Form 20-F by Mr. Víctor Rodríguez Padilla, Chief Executive Officer, Mr. Juan Carlos Carpio Fragoso, Chief Financial Officer, Mr. Óscar René Orozco Piliado, Deputy Director of Accounting and Tax, and Mr. Ernesto Balcázar Hernández, Associate Managing Director of Accounting on April 30, 2026, hereby updated subsequent events, to be filed with the United States Securities and Exchange Commission.

NOTE 29. SUBSIDIARY GUARANTOR INFORMATION

Background and effect of the dissolution of the Subsidiary Guarantors

Prior to March 19, 2025, Petróleos Mexicanos’ payment obligations under its debt securities registered with the United States Securities and Exchange Commission (“SEC”) were guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics (collectively, the “Former Subsidiary Guarantors”). These guarantees were full, unconditional, joint and several. The Subsidiary Companies (as defined in Note 1) were not guarantors of any of Petróleos Mexicanos’ indebtedness (the “Non-Guarantor Subsidiaries”).

On March 19, 2025, pursuant to the 2025 Petróleos Mexicanos Law, the Former Subsidiary Guarantors were dissolved and all of their assets, liabilities, rights and obligations, including their obligations under the guarantees described above, were assumed by, and transferred to Petróleos Mexicanos, which became the successor of the Former Subsidiary Guarantors as a matter of Mexican law (see Note 1). As a result, effective March 19, 2025, Petróleos Mexicanos is the sole obligor — both as primary obligor and as successor to the Former Subsidiary Guarantors — under all SEC-registered debt securities. There are no longer any separate legal entities acting as guarantors of Petróleos Mexicanos’ indebtedness.

The 2025 Petróleos Mexicanos Law provides that the dissolution of the subsidiary entities does not affect any payment obligations previously contracted, nor does it alter the guarantees provided by Petróleos Mexicanos or the dissolved entities, whether in Mexico or abroad. Notwithstanding this provision, because the Former Subsidiary Guarantors and Petróleos Mexicanos have merged into a single legal entity, the guarantees have been effectively extinguished by operation of law through the merger of the obligor and the guarantor. All payment obligations under the guaranteed debt securities continue in full force and effect as direct obligations of Petróleos Mexicanos.

SEC-registered debt securities outstanding

The following table sets forth, as of December 31, 2025, the principal amount outstanding of the SEC-registered debt securities originally issued by the Pemex Project Funding Master Trust (the “Master Trust”) and subsequently assumed by Petróleos Mexicanos as primary obligor. The Master Trust was dissolved effective December 20, 2011 and is no longer consolidated in the financial statements of PEMEX as of December 31, 2011 and thereafter.

Table 1: Registered Debt Securities originally issued by the Master Trust and Assumed by Petróleos Mexicanos


Security	Primary obligor	Principal amount outstanding (U.S.$)
6.625% Guaranteed Bonds due 2035	Petróleos Mexicanos	U.S.$	1,750,000
6.625% Guaranteed Bonds due 2038	Petróleos Mexicanos	491,175
9.500% Guaranteed Bonds due 2027	Petróleos Mexicanos	168,625

The following table sets forth, as of December 31, 2025, the principal amount outstanding of the registered debt securities issued by Petróleos Mexicanos.

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Table 2: Registered Debt Securities originally issued by Petróleos Mexicanos


Security	Primary obligor	Principal amount outstanding (U.S.$)
9.500% Global Guaranteed Bonds due 2027	Petróleos Mexicanos	U.S.$	96,718
6.625% Notes due 2035	Petróleos Mexicanos	999,000
6.500% Bonds due 2041	Petróleos Mexicanos	1,560,521
5.500% Bonds due 2044	Petróleos Mexicanos	640,357
6.375% Bonds due 2045	Petróleos Mexicanos	1,199,747
5.625% Bonds due 2046	Petróleos Mexicanos	626,143
6.750% Bonds due 2047	Petróleos Mexicanos	5,548,156
5.350% Notes due 2028	Petróleos Mexicanos	795,784
6.350% Bonds due 2048	Petróleos Mexicanos	1,574,041
6.500% Notes due 2027	Petróleos Mexicanos	1,198,109
5.950% Notes due 2031	Petróleos Mexicanos	3,777,381
6.490% Notes due 2027	Petróleos Mexicanos	281,222
6.840% Notes due 2030	Petróleos Mexicanos	2,345,538
6.950% Bonds due 2060	Petróleos Mexicanos	3,188
7.690% Bonds due 2050	Petróleos Mexicanos	8,047,831
6.500% Notes due 2029	Petróleos Mexicanos	1,204,708
8.750% Notes due 2029	Petróleos Mexicanos	1,908,685
6.700% Notes due 2032	Petróleos Mexicanos	6,787,240
10.000% Notes due 2033	Petróleos Mexicanos	1,972,663

As of December 31, 2025 and as of the date of these consolidated financial statements, Petróleos Mexicanos is the only PEMEX entity with debt securities registered with the SEC, and all such debt constitutes a direct obligation of Petróleos Mexicanos.

Historical supplemental condensed consolidating financial information

The following condensed consolidating financial information is presented for the years ended December 31, 2024 and 2023 to provide investors with the historical financial information of the Former Subsidiary Guarantors during the periods in which the guarantee structure was in effect.

As described above, the Former Subsidiary Guarantors were dissolved on March 19, 2025, and all of their assets, liabilities, rights and obligations were transferred to Petróleos Mexicanos at historical cost without gain or loss. Accordingly, no condensed consolidating financial information is presented for the year ended December 31, 2025 or as of December 31, 2025, as the Former Subsidiary Guarantors did not exist as separate legal entities as of that date.

These condensed consolidated statements for the years ended December 31, 2024 and 2023 were prepared in accordance with IFRS, with one exception: for the purposes of the presentation of the subsidiary guarantor information, the former subsidiary entities and the Subsidiary Companies were accounted for as investments under the equity method by Petróleos Mexicanos. Earnings of subsidiaries are therefore reflected in Petróleos Mexicanos’ investment account and earnings. The principal elimination entries eliminate Petróleos Mexicanos’ investment in subsidiaries and inter-company balances and transactions. The Former Subsidiary Guarantors were 100% owned subsidiaries of the Mexican Government. The Subsidiary Companies collectively comprise the Non-Guarantor Subsidiaries

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CONDENSED CONSOLIDATING FINANCIAL INFORMATION

STATEMENT OF FINANCIAL POSITION

As of December 31, 2024


	Petróleos Mexicanos		Subsidiary guarantors		Non-guarantor subsidiaries		Eliminations		PEMEX consolidated
Assets
Current assets
Cash and cash equivalents	Ps.	41,665,854	Ps.	5,143,459	Ps.	42,032,513	Ps.	—	Ps.	88,841,826
Trade and other accounts receivable, derivative financial instruments and other current assets	30,683,735		132,539,268		98,919,902		—		262,142,905
Accounts receivable—intercompany	1,965,995,495		1,434,224,881		256,358,639		(3,656,579,015)		—
Inventories	1,241,752		54,405,081		32,923,156		—		88,569,989
Total current assets	2,039,586,836		1,626,312,689		430,234,210		(3,656,579,015)		439,554,720
Long-term receivables—intercompany	1,457,697,966		—		719,134		(1,458,417,100)		—
Investments in associates	(1,659,731,734)		378,134,429		276,405,440		1,007,884,803		2,692,938
Wells, pipelines, properties, plant and equipment, net	7,156,628		1,221,547,573		421,828,511		—		1,650,532,712
Long-term notes receivable	—		691,787		329,991		—		1,021,778
Right of use	480,916		38,376,000		3,107,617		—		41,964,533
Deferred taxes	—		—		7,033,529		—		7,033,529
Intangible assets	63,772		15,767,890		1,256,615		—		17,088,277
Mexican Government Bonds	21,135,321		—		—		—		21,135,321
Other assets	2,147,391		2,686,655		22,894,729		—		27,728,775
Total assets	Ps.	1,868,537,096	Ps.	3,283,517,023	Ps.	1,163,809,776	Ps.	(4,107,111,312)	Ps.	2,208,752,583
Liabilities
Current liabilities
Current portion of long-term debt	Ps.	356,212,915	Ps.	2,417,693	Ps.	66,587,909	Ps.	—	Ps.	425,218,517
Accounts payable—intercompany	1,572,341,074		1,920,859,946		163,292,029		(3,656,493,049)		—
Other current liabilities	122,034,531		570,830,329		89,440,004		—		782,304,864
Total current liabilities	2,050,588,520		2,494,107,968		319,319,942		(3,656,493,049)		1,207,523,381
Long-term debt	1,494,800,312		18,785,937		39,967,489		—		1,553,553,738
Long-term payables—intercompany	—		1,457,697,966		805,100		(1,458,503,066)		—
Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes	306,649,614		1,105,032,236		19,769,350		—		1,431,451,200
Total liabilities	3,852,038,446		5,075,624,107		379,861,881		(5,114,996,115)		4,192,528,319
Equity (deficit), net	(1,983,501,350)		(1,792,107,084)		783,947,895		1,007,884,803		(1,983,775,736)
Total liabilities and equity	Ps.	1,868,537,096	Ps.	3,283,517,023	Ps.	1,163,809,776	Ps.	(4,107,111,312)	Ps.	2,208,752,583

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CONDENSED CONSOLIDATING FINANCIAL INFORMATION

STATEMENT OF COMPREHENSIVE INCOME

For the year ended December 31, 2024


	Petróleos Mexicanos		Subsidiary guarantors		Non-guarantor subsidiaries		Eliminations		PEMEX consolidated
Total revenues	Ps.	—	Ps.	1,843,991,945	Ps.	1,246,933,287	Ps.	(1,421,408,105)	Ps.	1,669,517,127
Services income	48,983,059		96,205,153		24,792,667		(166,825,100)		3,155,779
Total revenues	48,983,059		1,940,197,098		1,271,725,954		(1,588,233,205)		1,672,672,906
(Impairment) of wells, pipelines, properties, plant and equipment	—		(53,439,595)		(37,985)		—		(53,477,580)
Cost of sales	1,249,656		1,729,785,149		1,249,513,305		(1,545,084,823)		1,435,463,287
Gross income	47,733,403		156,972,354		22,174,664		(43,148,382)		183,732,039
Total general expenses	86,642,971		129,848,759		13,974,822		(43,180,542)		187,286,010
Impairment losses on trade receivables from customers	—		708,397		(16,146,955)		—		(15,438,558)
Other revenues (expenses), net	905,600		294,218		1,807,922		(5,083)		3,002,657
Operating (loss) income	(38,003,968)		28,126,210		(6,139,191)		27,077		(15,989,872)
Financing cost, net	(11,365,789)		(152,348,831)		(7,084,600)		(27,077)		(170,826,297)
Foreign exchange (loss) income , net	39,427,764		(338,726,253)		(5,153,747)		—		(304,452,236)
Profit (loss) sharing in associates	(716,122,380)		(4,327,032)		(13,212,549)		734,623,610		961,649
(Loss) income before duties, taxes and other	(726,064,373)		(467,275,906)		(31,590,087)		734,623,610		(490,306,756)
Total taxes, duties and other	54,351,481		231,791,066		4,138,651		—		290,281,198
Net (loss) income for the year	(780,415,854)		(699,066,972)		(35,728,738)		734,623,610		(780,587,954)
Total other comprehensive result	42,909,584		160,029,505		90,342,889		—		293,281,978
Total comprehensive (loss) income	Ps.	(737,506,270)	Ps.	(539,037,467)	Ps.	54,614,151	Ps.	734,623,610	Ps.	(487,305,976)

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CONDENSED CONSOLIDATING FINANCIAL INFORMATION

STATEMENT OF COMPREHENSIVE INCOME

For the year ended December 31, 2023


	Petróleos Mexicanos		Subsidiary guarantors		Non-guarantor subsidiaries		Eliminations		PEMEX consolidated
Total revenues	Ps.	—	Ps.	1,929,682,164	Ps.	1,177,322,779	Ps.	(1,390,763,266)	Ps.	1,716,241,677
Services income	96,620,468		103,803,336		23,393,179		(220,121,042)		3,695,941
Total revenues	96,620,468		2,033,485,500		1,200,715,958		(1,610,884,308)		1,719,937,618
(Impairment) of wells, pipelines, properties, plant and equipment	—		(28,534,696)		(262,822)		—		(28,797,518)
Cost of sales	1,269,012		1,726,608,659		1,162,589,565		(1,509,793,447)		1,380,673,789
Gross income	95,351,456		278,342,145		37,863,571		(101,090,861)		310,466,311
Total general expenses	83,593,406		186,961,537		13,279,701		(101,039,204)		182,795,440
Impairment losses on trade receivables from customers	(6)		(3,092,408)		(20,910)		—		(3,113,324)
Other (expenses) revenues, net	757,110		(3,324,062)		905,748		55,023		(1,606,181)
Operating income	12,515,154		84,964,138		25,468,708		3,366		122,951,366
Financing cost, net	(64,364,068)		(63,037,727)		(5,883,616)		(3,367)		(133,288,778)
Foreign exchange income (loss), net	(11,196,911)		244,756,587		4,519,366		—		238,079,042
Profit (loss) sharing in associates	68,641,910		72,937		35,224,291		(103,529,823)		409,315
Income (loss) before duties, taxes and other	5,596,085		266,755,935		59,328,749		(103,529,824)		228,150,945
Total taxes, duties and other	(2,510,630)		220,521,837		1,988,074		—		219,999,281
Net income (loss) for the year	8,106,715		46,234,098		57,340,675		(103,529,824)		8,151,664
Total other comprehensive result	(1,088,673)		(3,989,701)		(53,844,998)		—		(58,923,372)
Total comprehensive (loss) income	Ps.	7,018,042	Ps.	42,244,397	Ps.	3,495,677	Ps.	(103,529,824)	Ps.	(50,771,708)

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CONDENSED CONSOLIDATING FINANCIAL INFORMATION

STATEMENT OF CASH FLOWS

For the year ended December 31, 2024


	Petróleos Mexicanos		Subsidiary guarantors		Non-guarantor subsidiaries		Eliminations		PEMEX consolidated
Operating activities:
Net (loss) income	Ps.	(780,415,854)	Ps.	(699,066,972)	Ps.	(35,728,738)	Ps.	734,623,610	Ps.	(780,587,954)
Income taxes and duties	54,351,481		231,791,066		4,138,651		—		290,281,198
Depreciation and amortization of wells, pipelines, properties, plant and equipment	583,189		140,629,882		5,637,137		—		146,850,208
Amortization of intangible assets	368,048		162,285		96,467		—		626,800
Impairment of wells, pipelines, properties, plant and equipment	—		53,439,595		37,985		—		53,477,580
Unsuccessful wells from intangible assets	—		25,944,025		—		—		25,944,025
Capitalized unsuccessful wells	—		13,046,124		—		—		13,046,124
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment	93,070		3,303,841		1,166,293		—		4,563,204
Depreciation of rights of use	573,733		3,913,069		1,543,392		—		6,030,194
Unrealized foreign exchange loss in discount rate of reserve for well abandonment	—		9,126,600		—		—		9,126,600
(Profit) loss sharing in associates, net	716,122,380		4,327,032		13,212,549		(734,623,610)		(961,649)
Unrealized foreign exchange (income) loss	248,097,987		20,788,597		10,572,757		—		279,459,341
Financing cost	138,463,221		12,251,289		8,187,440		—		158,901,950
Financing income	(8,847,897)		(4,401,716)		(2,420,270)		—		(15,669,883)
Taxes and duties	8,010,859		(201,195,432)		2,266,715		—		(190,917,858)
Accounts receivable, inventories, accounts payable, DFIs and provisions	73,519,714		198,930,230		(4,810,162)		—		267,639,782
Employee benefits	6,447,500		48,203,352		448,048		—		55,098,900
Inter-company charges and deductions	63,918,703		(393,698,059)		(2,951,374)		332,730,730		—
Net cash flows from operating activities	521,286,134		(532,505,192)		1,396,890		332,730,730		322,908,562
Investing activities:
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets	(1,520,360)		(199,197,320)		(62,219,624)		—		(262,937,304)
Other assets and other receivables	1,835,746		(53,656)		(11,163,693)		—		(9,381,603)
(Increase) decrease due to Inter-company investing	(452,848,589)		—		228,782		452,619,807		—
Net cash flows (used in) investing activities	(452,533,203)		(199,250,976)		(73,154,535)		452,619,807		(272,318,907)
Financing activities:
Increase in equity due to Certificates of Contribution “A”	156,509,050		—		—		—		156,509,050
Collection and interest collected from the Mexican Government	32,951,605		—		—		—		32,951,605
Lease payments of principal and interest	(388,874)		(6,255,637)		(1,820,136)		—		(8,464,647)
Loans obtained from financial institutions	408,712,952		30,633,407		617,177,528		—		1,056,523,887
Debt payments, principal only	(468,379,316)		(52,280,001)		(628,212,855)		—		(1,148,872,172)
Interest paid	(138,298,684)		(13,302,896)		3,220,622		—		(148,380,958)
Inter-company (decrease) increase financing	(39,525,872)		769,982,956		54,893,453		(785,350,537)		—
Net cash flows from (used in) financing activities	(48,419,139)		728,777,829		45,258,612		(785,350,537)		(59,733,235)
Net increase (decrease) in cash and cash equivalents	20,333,792		(2,978,339)		(26,499,033)		—		(9,143,580)
Effects of foreign exchange on cash balances	—		—		29,238,030		—		29,238,030
Cash and cash equivalents at the beginning of the year	21,332,062		8,121,798		39,293,516		—		68,747,376
Cash and cash equivalents at the end of the year	Ps.	41,665,854	Ps.	5,143,459	Ps.	42,032,513	Ps.	—	Ps.	88,841,826

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CONDENSED CONSOLIDATING FINANCIAL INFORMATION

STATEMENT OF CASH FLOWS

For the year ended December 31, 2023

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(Figures stated in thousands, except as noted)


	Petróleos Mexicanos		Subsidiary guarantors		Non-guarantor subsidiaries		Eliminations		PEMEX consolidated
Operating activities:
Net income (loss)	Ps.	8,106,715	Ps.	46,234,098	Ps.	57,340,675	Ps.	(103,529,824)	Ps.	8,151,664
Income taxes and duties	(2,510,630)		220,521,837		1,988,074		—		219,999,281
Depreciation and amortization of wells, pipelines, properties, plant and equipment	565,065		132,294,655		4,695,556		—		137,555,276
Amortization of intangible assets	491,831		20,458		87,338		—		599,627
Impairment of wells, pipelines, properties, plant and equipment	—		28,534,696		262,822		—		28,797,518
Capitalized unsuccessful wells	—		29,529,330		—		—		29,529,330
Unsuccessful wells from intangible assets	—		4,436,985		—		—		4,436,985
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment	48		6,757,696		752,828		—		7,510,572
Depreciation of rights of use	602,527		3,845,999		1,438,314		—		5,886,840
Cancellation of leases	(98,421)		(19,643)		(10,634)		—		(128,698)
Unrealized foreign exchange loss (income) of reserve for well abandonment	—		4,638,600		—		—		4,638,600
(Profit) loss sharing in associates, net	(68,641,910)		(72,937)		(35,224,291)		103,529,823		(409,315)
Unrealized foreign exchange loss (income)	(198,352,926)		(15,838,600)		(7,580,344)		—		(221,771,870)
Financing cost	132,960,329		11,929,647		7,281,405		—		152,171,381
Financing income	(11,196,984)		(5,147,757)		(1,865,636)		—		(18,210,377)
Taxes and duties	673,056		(132,902,147)		(342,880)		—		(132,571,971)
Accounts receivable, inventories, accounts payable, DFIs and provisions	17,573,923		26,704,365		(18,574,069)		—		25,704,219
Employee benefits	15,355,953		44,440,075		260,456		—		60,056,484
Inter-company charges and deductions	(371,155,018)		32,322,800		9,737,603		329,094,615		—
Net cash flows from operating activities	(475,626,442)		438,230,157		20,247,217		329,094,614		311,945,546
Investing activities:
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets	(875,254)		(222,997,316)		(68,078,428)		—		(291,950,998)
Other assets and other receivables	2,493,369		1,387,079		21,098,893		—		24,979,341
(Increase) decrease due to Inter-company investing	315,439,003		—		413,722		(315,852,725)		—
Net cash flows (used in) investing activities	317,057,118		(221,610,237)		(46,565,813)		(315,852,725)		(266,971,657)
Financing activities:
Increase in equity due to Certificates of Contribution “A”	166,615,123		—		—		—		166,615,123
Collection and interest collected from the Mexican Government	53,902,357		—		—		—		53,902,357
Lease payments of principal and interest	(477,081)		(5,851,936)		(1,446,963)		—		(7,775,980)
Loans obtained from financial institutions	298,622,440		35,205,868		547,572,751		—		881,401,059
Debt payments, principal only	(406,226,899)		(43,573,854)		(529,053,874)		—		(978,854,627)
Interest paid	(135,584,431)		(9,352,797)		886,892		—		(144,050,336)
Inter-company increase (decrease) financing	188,240,825		(196,218,537)		21,219,601		(13,241,889)		—
Net cash flows from (used in) financing activities	165,092,334		(219,791,256)		39,178,407		(13,241,889)		(28,762,404)
Net increase (decrease) in cash and cash equivalents	6,523,010		(3,171,336)		12,859,811		—		16,211,485
Effects of foreign exchange on cash balances	—		—		(11,878,620)		—		(11,878,620)
Cash and cash equivalents at the beginning of the year	14,809,052		11,293,134		38,312,325		—		64,414,511
Cash and cash equivalents at the end of the year	Ps.	21,332,062	Ps.	8,121,798	Ps.	39,293,516	Ps.	—	Ps.	68,747,376

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(Figures stated in thousands, except as noted)

NOTE 30. SUPPLEMENTARY INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED)

Under the Mexican Constitution, all crude oil and other hydrocarbon reserves located in the subsoil of Mexico are owned by the Mexican nation and not by PEMEX. In August 2014, through the Round Zero process, the Mexican Government granted PEMEX the right to extract, but not own, certain petroleum and other hydrocarbon reserves in Mexico through assignment deeds.

This note provides supplementary information on the oil and gas exploration, development and production activities of PEMEX in compliance with the U.S. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 932 10-5 “Extractive Activities—Oil and Gas” (“ASC Topic 932”) and Accounting Standards Update 2010-03 (see Note 3-G).

As of the date of these consolidated financial statements, all exploration and production activities of PEMEX are conducted in Mexico. The supplemental data presented herein reflect information for all of PEMEX’s oil and gas producing activities.

A. Capitalized costs for oil and gas producing activities (unaudited):


	2025		2024	2023
Proved Properties	Ps.	3,273,348,015	3,182,017,349	2,992,418,072
Construction in progress	86,819,244		101,026,986	87,417,444
Accumulated depreciation and amortization	(2,421,521,619)		(2,346,799,094)	(2,246,990,816)
Net capitalized costs	Ps.	938,645,640	936,245,241	832,844,700

B. Costs incurred for oil and gas property exploration and development activities (unaudited):


	2025		2024	2023
Exploration	Ps.	41,209,135	52,693,932	67,956,743
Development	93,948,810		123,422,798	171,348,160
Total costs incurred	Ps.	135,157,945	176,116,730	239,304,903

PEMEX does not have property acquisition costs because the oil reserves it exploits are owned by the Mexican nation.

Exploration costs include costs of geological and geophysical studies of fields in the amount of Ps. 17,368,569, Ps.14,672,428 and Ps.16,589,953 for 2025, 2024 and 2023, respectively. These costs are accounted for as geological and geophysical exploration expenses, in accordance with the successful efforts method of accounting.

Development costs include those costs incurred in obtaining access to proved reserves and providing facilities for extracting, treating, gathering and storing oil and gas.

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C. Results of operations for oil and gas producing activities (unaudited):


	2025		2024	2023
Revenues from sale of oil and gas	Ps.	364,098,725	895,464,369	931,509,764
Hydrocarbon duties	194,573,038		198,488,864	338,881,974
Production costs (excluding taxes)	237,304,196		321,010,191	347,603,900
Other costs and expenses	41,583,205		59,261,551	56,536,914
Exploration expenses	50,709,597		60,148,763	16,589,853
Depreciation, depletion, amortization and accretion	116,757,857		99,491,976	116,710,477
	640,927,893		738,401,345	876,323,118
Results of operations for oil and gas producing activities	Ps.	(276,829,168)	157,063,024	55,186,646

D. Sales prices (unaudited)

The following table summarizes average sales prices in U.S. dollars for each of the years ended December 31 (excluding production taxes):


Description	2025	2024	2023
	U.S.$	U.S.$	U.S.$
Weighted average sales price per barrel of oil equivalent (boe) (1)	47.34	57.73	54.76
Crude oil, per barrel	57.31	70.44	65.89
Natural gas, per thousand cubic feet	3.47	3.63	3.87

(1)To convert dry gas to barrels of oil equivalent, a factor of 5.201 thousand cubic feet of dry gas per barrel of oil equivalent is used.

E. Crude oil and natural gas reserves (unaudited)

Under the Mexican Constitution, all oil and other hydrocarbon reserves located in the subsoil of Mexico are owned by the Mexican nation and not by PEMEX. Under the Petróleos Mexicanos Law, PEMEX has the right to extract, but not own, these reserves, and to sell the resulting production. The exploration and development activities of PEMEX are limited to reserves located in Mexico.

Proved oil and natural gas reserves are those estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate 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.

Proved reserves estimates as of December 31, 2025 were prepared by the Exploration and Extraction segment and were reviewed by the Independent Engineering Firms (as defined below), which audit its estimates of hydrocarbon reserves. According to the Lineamientos que Regulan los Procedimientos de Cuantificación y Certificación de Reservas de la Nación (Guidelines for Regulating the Nation’s Reserves Quantification and Certification Procedures), the Ministry of Energy should review and approve Hydrocarbon Reserves reports submitted by Mexico’s operators in the month of April or in some unforeseen circumstances in September. As of the date of these consolidated financial statements, the proved reserves estimates as of December 31, 2025 have not been approved by the Ministry of Energy.

PEMEX estimates proved reserves based on generally accepted petroleum engineering and evaluation methods and procedures, which are based primarily on applicable SEC regulations and, as necessary, the SPE’s publication entitled Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information, dated June 25, 2019 and other

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(Figures stated in thousands, except as noted)

SPE publications, including the SPE’s publication entitled Petroleum Resources Management System, as well as other technical sources, including Estimation and Classification of Reserves of Crude Oil, Natural Gas, and Condensate, by Chapman Cronquist, and Determination of Oil and Gas Reserves, Petroleum Society Monograph Number 1, published by the Canadian Institute of Mining and Metallurgy & Petroleum. The choice of method or combination of methods employed in the analysis of each reservoir is determined by:

•Experience in the area

•Stage of development

•Quality and completeness of basic data

•Production and pressure histories

Reserves data set forth herein represents only estimates. Reserves valuation is a subjective process of estimating underground accumulations of crude oil and natural gas that cannot be measured in an exact manner. The accuracy of any reserves estimate depends on the quality of available data, engineering and geological interpretation and professional judgment. As a result, estimates of different engineers may vary. In addition, the results of drilling, testing and producing subsequent to the date of an estimate may lead to the revision of an estimate.

During 2025, PEMEX did not record any material increase in PEMEX’s hydrocarbons reserves as a result of the use of new technologies.

In order to ensure the reliability of PEMEX’s reserves estimation efforts, it has undertaken the internal certification of its estimates of reserves since 1996. PEMEX has established certain internal controls in connection with the preparation of its proved reserves estimates. Initially, teams of geoscientists from PEMEX exploration and extraction business units (with each of these units covering several projects) prepare the reserves estimates, using different estimation processes for valuations relating to new discoveries and developed fields, respectively. Subsequently, the regional reserves offices collect these reserves estimates from the units and request that the Gerencia de Recursos y Reservas de Hidrocarburos, (Office of Hydrocarbon Resources and Reserves), the central hydrocarbon reserves management body of PEMEX, review and certify such valuations and the recording of the related reserves. This internal certification process is undertaken in accordance with internal guidelines for estimating and classifying hydrocarbon reserves, which are based on the SEC’s rules and definitions.

The Office of Hydrocarbon Resources and Reserves, which additionally oversees and conducts an internal audit of the above process, consists entirely of professionals with geological, geophysical, petrophysical and reservoir engineering backgrounds. The engineers who participate in PEMEX’s reserves estimation process are experienced in the following areas: reservoir numerical simulation; well drilling and completion; pressure, volume and temperature (PVT) analysis; analytical tools used in forecasting the performance of the various elements comprising the production system; and design strategies in petroleum field development. Furthermore, all of PEMEX’s personnel have been certified by the Secretaría de Educación Pública (Ministry of Public Education), most have earned master’s degrees in areas of study such as petroleum engineering, geology and geophysical engineering and they possess an average of over twenty years of professional experience.

In addition to this internal review process, PEMEX final reserves estimates are audited by independent engineering firms. Three independent engineering firms audited PEMEX estimates of proved reserves as of December 31, 2025 or January 1, 2026: DeGolyer and MacNaughton (“DeGolyer”), Ryder Scott Company L.P (“Ryder Scott”) and GLJ LTD. (“GLJ”), together, the “Independent Engineering Firms.” The reserves estimate reviewed by the Independent Engineering Firms totaled 76.1% of PEMEX’s estimated proved reserves. The remaining 23.9% of PEMEX’s estimated proved reserves consisted of reserves located, among others, in onshore fields in the northern region of Mexico, certain offshore fields and fields related to exploration and production contracts, in which a corresponding third party is responsible for assessing the volume of reserves.

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GLJ audited the reserves in the Cantarell, Ku Maloob Zaap, Reynosa, Veracruz, Cinco Presidentes and Macuspana-Muspac, business units; Ryder Scott audited the reserves in the Poza Rica-Altamira, Bellota-Jujo, Samaria-Luna, Abkatún-Pol-Chuc and Litoral de Tabasco business units, and DeGolyer and MacNaughton audited the reserves in the fields recently added to our inventory registry. The audits conducted by the Independent Engineering Firms consisted primarily of: (1) analysis of historical static and dynamic reservoir data provided by PEMEX; (2) construction or updating of the Independent Engineering Firms’ own static and dynamic reservoir characterization models of some of the fields; (3) economic analysis of the fields; and (4) review of PEMEX production forecasts and reserves estimates.

Since reserves estimates are, by definition, only estimates, they cannot be reviewed for the purpose of verifying exactness. Instead, the Independent Engineering Firms conducted a detailed review of PEMEX reserves estimates so that they could express an opinion as to whether, in the aggregate, the reserves estimates that PEMEX furnished were reasonable and had been estimated and presented in conformity with generally accepted petroleum engineering and evaluation methods and procedures.

All questions, including any suggested modifications to proved reserves estimates, that arose during the Independent Engineering Firms’ review process were resolved by PEMEX to the satisfaction of the Independent Engineering Firms. The Independent Engineering Firms have concluded that PEMEX’s estimated total proved oil and natural gas reserve volumes set forth in this report are, in the aggregate, reasonable and have been prepared in accordance with Rule 4-10(a) are consistent with international reserves reporting practice and are in accordance with the revised oil and gas reserves disclosure provisions of ASC Topic 932.

PEMEX´s total proved developed and undeveloped reserves of crude oil, condensates and liquefiable hydrocarbons recoverable from field processing plants decreased by 2.6% in 2025, from 5,494.5 million barrels at December 31, 2024 to 5,351.9 million barrels at December 31, 2025. PEMEX’s proved developed reserves of crude oil, condensates and liquefiable hydrocarbons recoverable from processing plants decreased by 8.7% in 2025, from 3,463.9 million barrels on December 31, 2024 to 3,162.1 million barrels at December 31, 2025. The proved reserves of crude oil, condensates and liquefiable hydrocarbons added by PEMEX in 2025 through revisions, extensions and discoveries totaled 507.4 million barrels, which was not sufficient to offset total production for the year of 650.0 million barrels of crude oil, condensates and liquefiable hydrocarbons.

PEMEX’s total proved developed and undeveloped dry gas reserves increased by 8.4% in 2025, from 10,173.6 billion cubic feet as of December 31, 2024 to 11,025.9 billion cubic feet as of December 31, 2025. PEMEX’s proved developed dry gas reserves increased by 22.2% in 2025, from 5,773.4 billion cubic feet as of December 31, 2024 to 7,054.0 billion cubic feet as of December 31, 2025. This increase was principally due to an upsurge in proved developed dry gas reserves of Ixachi field. The amount of proved developed and undeveloped dry gas reserves added in 2025 was sufficient to offset the level of production in 2025, which amounted to 901.0 billion cubic feet of dry gas. PEMEX’s proved undeveloped dry gas reserves decreased by 9.7% in 2025, from 4,400.2 billion cubic feet as of December 31, 2024 to 3,971.9 billion cubic feet as of December 31, 2025. This decrease in proved undeveloped reserves was due to the development of the Ixachi field, mainly due to the drilling of development wells and revisions, which allowed these reserves to be classified as proven developed reserves.

During 2025, our exploration activities in shallow waters of the Gulf of Mexico and onshore regions resulted in the discovery of two new hydrocarbon fields (Konen and Iklum) and confirmed the extension of an existing field (Bakte) due to an appraisal well that was determined to be viables. Together, these discoveries led to the incorporation of 12.2 million barrels of oil equivalent of proved reserves.

The following three tables of crude oil and dry gas reserves set forth PEMEX’s estimates of its proved reserves determined in accordance with Rule 4-10(a).

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Summary of oil and gas (1) proved reserves as of December 31, 2025

based on average fiscal year prices


	Crude oil and Condensates (2)	Dry Gas (3)
	(in millions of barrels)	(in billions of cubic feet)
Proved developed and undeveloped reserves:
Proved developed reserves	3,162.1	7,054.0
Proved undeveloped reserves	2,189.8	3,971.9
Total proved reserves	5,351.9	11,025.9

Note: Numbers may not total due to rounding.

(1)PEMEX does not currently produce synthetic oil or synthetic gas, or other natural resources from which synthetic oil or synthetic gas can be produced.

(2)Crude oil and condensate reserves include the fraction of liquefiable hydrocarbons recoverable in natural gas processing plants located at fields.

(3)Reserve volumes reported in this table are volumes of dry gas, although natural gas production reported in other tables refers to sour wet gas. There is a shrinkage in volume when natural gas liquids and impurities are extracted to obtain dry gas. Therefore, reported natural gas volumes are greater than dry gas volumes.

Source: PEMEX.

Crude oil and condensate reserves

(including natural gas liquids) (1)


	2025	2024	2023
	(in millions of barrels)
Proved developed and undeveloped reserves:
At January 1,	5,494	5,894	6,089
Revisions (2)	498	271	529
Extensions and discoveries	10	26	16
Production	(650)	(705)	(744)
Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process	—	8	4
At December 31,	5,352	5,494	5,894
Proved developed reserves at December 31,	3,162	3,464	3,500
Proved undeveloped reserves at December 31,	2,190	2,031	2,394

Note: Numbers may not total due to rounding.

(1)Crude oil and condensate reserves include the fraction of liquefiable hydrocarbons recoverable in natural gas processing plants located at fields.

(2)Revisions include positive and negative changes due to new data from well drilling, revisions made when actual reservoir performance differs from expected performance and changes in hydrocarbon prices.

Source: PEMEX.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Dry Gas Reserves


	2025	2024	2023
	(in billions of cubic feet)
Proved developed and undeveloped reserves:
At January 1,	10,175	8,251	7,080
Revisions (1)	1,738	2,752	2,069
Extensions and discoveries	14	56	12
Production (2)	(901)	(888)	(917)
Farm outs & transfer to exploration and production contracts (CEE) & transfer of fields due to NHC bidding process	—	4	7
At December 31,	11,026	10,175	8,251
Proved developed reserves at December 31,	7,054	5,773	4,314
Proved undeveloped reserves at December 31,	3,972	4,400	3,936

Note: Numbers may not total due to rounding.

(1)Revisions include positive and negative changes due to new data from well drilling, revisions made when actual reservoir performance differs from expected performance and changes in hydrocarbon prices.

(2)Production refers here to dry gas, although natural gas production reported in other tables refers to sour wet gas. There is a shrinkage in volume when natural gas liquids and impurities are extracted to obtain dry gas. Therefore, reported natural gas volumes are greater than dry gas volumes.

Source: PEMEX.

PEMEX reserve-replacement ratio, or RRR, for a given period is calculated by dividing the sum of proved reserves additions due to discoveries, developments, delineations and revisions by that period’s total production. During 2025, PEMEX obtained an increase of 844.5 million barrels of oil equivalent of proved reserves as aggregated from discoveries, revisions, delimitations and development and production, which represents a RRR of 102.6% in 2025, an increase as compared to a RRR of 96.6% in 2024.

PEMEX’s reserves production ratio, which is presented in terms of years, is calculated by dividing the estimated remaining reserves at the end of the relevant year by the total production of hydrocarbons for that year. As of December 31, 2025, this ratio is 9.1 years for proved reserves.

F. Standardized measure of discounted future net cash flows related to proved oil and gas reserves (unaudited)

The standardized measure tables presented below relate to proved oil and gas reserves excluding proved reserves scheduled to be produced beginning the year 2051. This measure is presented in accordance with ASC Topic 932.

Estimated future cash inflows from production are computed by applying average prices of oil and gas on the first day of each month of 2025. Future development and production costs are those estimated future expenditures needed to develop and produce the year-end estimated proved reserves after a net cash flows discount factor of 10%, assuming constant year-end economic conditions.

Future tax expenses are computed by applying the appropriate year-end statutory tax rates with consideration of the tax rates of the new fiscal regime for PEMEX already legislated for 2025 to the future pre-tax net cash flows related to PEMEX’s proved oil and gas reserves.

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

The estimated future payment of taxes was calculated based on the latest fiscal regime applicable by decree to PEMEX, published in the Official Gazette of the Federation on March 18, 2025.

The standardized measure provided below represents a comparative benchmark value rather than an estimate of expected future cash flows or fair market value of PEMEX’s production rights. There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting future rates of production and timing of development expenditures, including many factors beyond the control of the producer. Accordingly, reserve estimates may be materially different from the quantities of crude oil and natural gas that are ultimately recovered.

Standardized measure of discounted future net cash flows as of December 31


	2025	2024	2023
	(in millions of U.S. dollars)
Future cash inflows	292,248	325,024	362,836
Future production costs (excluding profit taxes)	(115,212)	(108,034)	(157,758)
Future development costs	(32,375)	(26,880)	(26,082)
Future cash flows before tax	144,661	190,110	178,996
Future production and excess gains taxes	(81,100)	(98,122)	(135,723)
Future net cash flows	63,561	91,988	43,273
Effect of discounting net cash flows by 10%	(26,789)	(37,864)	(15,421)
Standardized measure of discounted future net cash flows	36,772	54,124	27,852

Note: Table amounts may not total due to rounding.

To comply with ASC Topic 932, the following table presents the aggregate standardized measure changes for each of the last three years and significant sources of variance:

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Notes to the consolidated financial statements

(Figures stated in thousands, except as noted)

Changes in standardized measure of discounted future net cash flows


	2025	2024	2023
	(in millions of U.S. dollars)
Sales of oil and gas produced, net of production costs	(38,587)	(34,933)	(41,751)
Net changes in prices and production costs	(24,622)	37,159	(96,667)
Extensions and discoveries	279	921	540
Development cost incurred during the year	5,229	6,011	8,657
Changes in estimated development costs	(6,704)	(7,629)	(6,012)
Reserves revisions and timing changes	12,147	13,860	16,737
Accretion of discount of pre-tax net cash flows	10,622	7,192	18,679
Net changes in production and excess gains taxes	24,284	3,691	64,747
Aggregate change in standardized measure of discounted future net cash flows	(17,352)	26,272	(35,070)
Standardized measure:
As of January 1	54,124	27,852	62,922
As of December 31	36,772	54,124	27,852
Change	(17,352)	26,272	(35,070)

Note: Table amounts may not total due to rounding.

In computing the amounts under each factor of change, the effects of variances in prices and costs are computed before the effects of changes in quantities. Consequently, changes in reserves are calculated as of December 31 prices and costs.

The change in computed taxes includes taxes effectively incurred during the year and the change in future tax expense.

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ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-12.1

EX-12.2

EX-13.1

XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT