A New Starting PointSeptember 2009

2

Forward-Looking Statements

• This presentation contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the Mexican National Banking and Securities Commission (CNBV) and the U.S. Securities and Exchange Commission (SEC), in our annual report, in our proxy statements, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties.

• We may include forward-looking statements that address, among other things, our:

− drilling and exploration activities,

− import and export activities,

− projected and targeted capital expenditures and other costs, commitments and revenues; and liquidity, etc.

• Actual results could differ materially from those projected in such forward-looking statements as a result of various factors that may be beyond our control. These factors include, but are not limited to:

− changes in international crude oil and natural gas prices,

− effects on us from competition,

− limitations on our access to sources of financing on competitive terms,

− significant economic or political developments in Mexico,

− developments affecting the energy sector, and

− changes in our regulatory environment.

• Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of their dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

• These risks and uncertainties are more fully detailed in our most recent prospectus filed with the CNBV and available through the Mexican Stock Exchange (www.bmv.com.mx) and the Form 20-F filing, as amended, with the SEC (www.sec.gov). These factors could cause actual results to differ materially from those contained in any forward-looking statement.

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Cautionary Note

• The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document, such as total reserves, probable reserves and possible reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, “File No. 0-99” available from us at www.pemex.com or Marina Nacional 329 Floor 38 Col. Huasteca, Mexico City 11311 or at (52 55) 1944 9700. You can also obtain this Form from the SEC by calling 1-800-SEC-0330.

• EBITDA is a non-GAAP measure.

• Convenience translation into US dollars of amounts in pesos have been made at the following exchange rates, in Pesos per US$: 2003, 11.23; 2004, 11.26; 2005, 10.78; 2006, 10.88; 2007, 10.87; 2008, 13.54; 1H09, 13.86. Such translations should not be construed as a representation that the peso amounts have been of could be converted into US dollars at the foregoing or any other rate.

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Content

Energy Reform Update

Operation and Strategy

2009 Operating and Financial Highlights

Debt portfolio

5

Corporate Governance

Professional members(1) Term (Years)

- Fluvio César Ruiz Alarcón 3 - Rogelio Gasca Neri 4- Héctor Moreira 5- José Fortunato Álvarez 6

• Deep knowledge of the O&G industry

• Relevant experience as public servants

• Proved technical skills• Strong academic credentials

(1) On March 17, 2009, the Mexican Senate approved the designation of the professional members sent by President Felipe Calderón. For this single occasion, the term of three professional members will not be of 6 years.

5 union representatives

6 government representatives

4 professional members– preside key executive committees– power to defer decisions once with 3 votes– serve six year staggered terms – option of repeating one term

Board of Directors

6

Executive Committees

Audit & Performance Evaluation

CompensationTransparency & Accountability

Acquisitions, Lease, Works &

ServicesStrategy & Investment

Environment & Sustainability

Development & Tech. Research

• Clear defined roles and responsibilities will enhance the decision making process and increase autonomy.

• Committees will improve current transparency, oversight and control mechanisms.

7

Contracting Scheme for Core Businesses

• Core businesses contracting will have additional flexibility(1)

― In accordance with best practices in the oil industry;― Modifications will be allowed for improving results;― Prices can be negotiated and participants may be pre-qualified.

• The Committee of Acquisitions, Lease and Services will implement policies and oversee the process.

• PEMEX can offer incentives to contractors that provide benefits from new technologies, faster execution or greater profit.

• Payments must always be made in cash and in no case ownership rights over hydrocarbons will be granted.

• Companies are to be penalized for not meeting targets or for committing environmental infractions.

Contracts with performance incentives

Flexible procurement and contracting

(1) As compared to the current Acquisition, Leasing and Services of Public Sector Law and Public Works and Related Services Law.

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The greater of:Year % of EI MMMPs.

2010 50.0 12.52011 62.5 14.02012 75.0 15.02013 87.5 15.0

2015 & beyond 100.0

Financial balance target

Illustrative

Financial Flexibility

• PEMEX will have more flexibility to invest its excess income (EI), in infrastructure projects, on a gradual basis.

Excess revenue

Excess income

Revenue

Opex

CapexPpal. & int.(1)

Taxes(2)

Limit on EI use

(1) Includes payment of principal and interests.

(2) Includes payment of taxes and duties.

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Fiscal Regime

As of November 14, 2008, the Federal Duties Law was modified to distinguish among the geological characteristics of fields, through differentiated regimes applicable to projects at Chicontepec and deepwater. The limit on deductible expenses assigned to various projects (cost cap) are the following:

Cost-cap

Project Crude oil(US$/b)

Non-associated gas (US$/Mcf)

Chicontepec 11.0 2.7

Deepwater 16.5 4.0

Other fields (1) 6.5 2.7

(1) Remained unchanged.

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They will provide a market reference for decisions taken by the company, increasing transparency and accountability.

Mexicans will be involved in the evolution of PEMEX, aligning incentives of bondholders with PEMEX’s performance.

The bonds represent a financing alternative.

They will strengthen PEMEX’s balance sheet.

Citizen Bonds

• The Ministry of Finance and Public Credit will establish the characteristics, terms and conditions, issuance and distribution mechanisms.

• Only available to Mexican individuals and financial institutions.

• A holding limit for each issuance of 0.1%.

• Returns will be linked to PEMEX’s performance.

Main benefits

Characteristics

11

Content

Energy Reform Update

Operation and Strategy

2009 Operating and Financial Highlights

Debt portfolio

12

As of December 31, 2008

Billion barrels oil equivalent

• Reserves are certified by third parties since 1998.(4)

14.5

14.7

14.3

Proved Probable Possible 3P(2)

73%

27%

69%

31%

10 – 1P

20 – 2P

Crude oil

OffshoreOnshore

2P

Crude Oil & Natural Gas Reserves (1)

Years (3)

Reserve Life

(1) Figures may not total due to rounding.(2) In accordance with the definition of proved reserves under Rule 4.10 (a) of Regulation S-X under the U.S. Securities Act of 1933. (3) Reserves as of December 31, 2008, and average production 2008 (1.451 MMMboe).(4) Auditors include DeGolyer and MacNaughton, Netherland, Sewell International, and Ryder Scott Company.(5) Heavy crude oil < 27° API; Extra-light crude oil > 38° API.

43.630 – 3P

61%31%

8%

Light

Heavy

Extra-light (5)

By lo

cati

onBy

typ

e

13

1.5 1.91.4 1.2 1.3 1.7

72%

50%41%

26%26% 23%

02003 2004 2005 2006 2007 2008

Exploration investments (US$MMM) 1P Reserve replacement rate

Reserve Replacement Results

Replacement rate evolution for proved reserves (1P)

(1) Includes delineations, developments and revisions.

• Results of the exploration strategy start to crystallize. New discoveries, considering 3P reserves, surpassed production for the first time in 2008.

Target=100% by 2012

(1)

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1. Cantarell (N2)2. Ku-Maloob-Zaap (N2)3. A. J. Bermúdez (N2)4. Jujo-Tecominoacán (N2)

Enhanced recovery projects

Production2008 (Mbd)

1,04070611076

116 143

215225

2007 2008

Drilling rigsOffshore platforms

78

6

Upstream Strategy: Enhanced Recovery Strategy

12

3 2

27

4 5

8 6

15

PALEOCANALCHICONTEPEC

CUENCA DECHICONTEPEC

FAJA DE OROMARINA

FAJA DE OROTERRESTRE

VERACRUZ

HIDALGO

PUEBLA

TUXPAN

POZA RICA

GOLFO DEMEXICO

• Area : 3,731 km2

• Comprised by 29 fields

• Oil gravity: 18-45° API

• Reserves (MMMboe)(1)

Upstream Strategy: ATG (Chicontepec)

(1) As of Dec. 31, 2008.(2) As of 2Q09.

09-17 09-171,000-1,200 200-400

Oil prod. (Mbd)

Well completionExecution

program

• Operating wells: 933

• Drilling rigs: 47

Current structure

• Oil prod: 29 Mbd

Characteristics

- 1P: 0.7- 2P: 8.8- 3P: 17.4

(2)

16

Chuktah-201

Nab-1

Noxal-1

Lakach-1

Lalail-1

512

680

988

805

•Lakach is the 4th largest gas field with 1.4 Tcf of total reserves.

•Reserves are being evaluated in: Tamil-1, Leek-1 and Catamat-1.

Chelem-1810

Tamil-1778

Tamha-11,121

2003 2004 2005 2006 2007 2008

Wat

er d

epth

–(m

eter

s)Upstream Strategy: Deepwater (1)

935

Gas fields

(1) Water depth greater than 500 meters.

Crude oil fields

Unsuccessful

Leek-1

851

Catamat-11,230

2009

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Downstream Strategy

• Sulfur reduction in gasoline and diesel to meet international standards.

• Minatitlán refinery reconfiguration to increase deep conversion capacity.

• Construction of a new refinery (evaluation phase).

Refining

Petroche-micals

• Production capacity expansions in ethylene and styrene chains.

• Joint ventures to integrate the petrochemical value chain.

Natural Gas • Capacity expansion in Poza Rica to capture natural gas liquids from the Chicontepec area.

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113.7 122.9150.4

170.1201.9 219.5

127.0

31.7

03 04 05 06 07 08 09E

87%

Billion pesos

PPQ

PGBP

Refining

E&P

2.0%

1.0%

9.8%

Investments (1),(2),(3)

Corporate0.2%

251.2

10.1 10.9 11.8 13.8 15.6 14.9 18.1

(1) Figures may not total due to rounding.(2) Includes upstream maintenance expenditures(3) Nominal figures.(4) Exchange rate Ps. 13.86 per US dollar.

• 2009 estimated investments will be 70% higher than 2003-2008 average.

Billion US$ (4)

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Content

Energy Reform Update

Operation and Strategy

2009 Operating and Financial Highlights

Debt portfolio

20

• Crude oil production averaged 2.6 million barrels per day during 2H09, a 7.6% decrease compared to the 2H08.

Numbers may not total due to rounding.

Production Change

– Crude Oil

• Petroleum Products

• Natural Gas

• Liquid Hydrocarbons

Thousand barrels per day, except natural gas in million cubic feet per day

(94) -6.1%

1H09 Operating Highlights

1H 2008 1H 2009

2,843 2,628 (214) 7.6%

6,723 7,023 300

6.6%

4.5%

3,222 3,010 (212)

1,522 1,520

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EBITDA (1)

Total sales

Billion pesos

Net income (loss)

Change

• 1H 2009 net loss totaled 25.8 billion pesos, primarily due to lower income before taxes and duties as a result of a decrease in hydrocarbon prices and crude oil production.

(1) Earnings before interests, taxes, depreciation and amortization. Excludes IEPS.

Billion dollars

Income before taxes and duties

453.3

1H09 Financial Highlights

694.8 (208.9)485.9 16.7% 35.1

15.6

(1.8)

22.8

216.1 (237.2)

19.9 (25.8) (45.7)

575.7 316.9 (258.8)

1H 2008 1H 2009 1H 2009

30.1%

52.3%

45%

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Content

Energy Reform Update

Operation and Strategy

2009 Operating and Financial Highlights

Debt portfolio

23

As of June 30

Billion dollars

• In dollar terms, total debt decreased 3.9%

• As a result of the depreciation of the peso against other currencies, in peso terms total debt increased by 22.9%

Total Debt

8.17.7

40.7 39.2

2008 2009

48.846.9

-3.9%

Long term

Short term

Note: Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.17 = US$1.00 as of June 30, 2009. Numbers may not total due to rounding.

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Maturity Profile

As of June 30, 2009

7.76.6 4.7 5.7

22.2

1y 2y 3y 4y 5y andbeyond

S&P Moody´s Fitch

BBB+ Baa1 BBB

Petróleos Mexicanos

Credit Ratings

Billion dollars

Note: Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.17 = US$1.00 as of June 30, 2009. Numbers may not total due to rounding.

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45%

19%

16%3%

17%

Debt portfolio

(1) Includes COPF’s, FPSO, and Cadereyta project financing.

As of June 30, 2009

100% = 46.9 billion dollars

US$ MMM

21.0

7.9

9.1

7.5

1.4(1)

Certificados Bursátiles

Bank loans

Export credit agencies

International bonds

Other

Note: Convenience translations into US dollars of amounts in pesos have been made at the established exchange rate of Ps. 13.17 = US$1.00 as of June 30, 2009. Numbers may not total due to rounding.

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Debt exposure

0.4%20%

80%

US Dollars Mexican Pesos Yen

49%51%

Floating Rate Fixed Rate

As of June 30, 2009

By currency By rate

27

Debt Evolution (1)

31 36 39 35 30 35

4350

37 44

5246 0.5

0.40.5

0.7

1.1

0.872

55

28

45

7277

02003 2004 2005 2006 2007 2008

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Total Debt Net DebtNet Debt / EBITDA EBITDA

(2)

Billion dollars

(1) Nominal figures.(2) Total debt minus cash and cash equivalents.

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www.pemex.com

Investor Relations(+52 55) 1944 - 9700ri@dcf.pemex.com