PETRÓLEOS MEXICANOS - PEMEX | Transformación …

1 30/4/2015 Form 20 F 1 FORM 20 FTable of Contents UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 20549 FORM 20 F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934for the fiscal year ended December 31, 2014 Commission File Number 0 99 PETR leos 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 Petr leos Mexicanos11311 M xico , M xico(Address of principal executive offices)Rolando Galindo G lvez(5255) 1944 Marina Nacional No.

2 329 Torre Ejecutiva Piso 38 Colonia Petr leos Mexicanos11311 M xico , M xico(Name, telephone, e mail and/or facsimile numberand address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act. NoneSecurities registered or to be registered pursuant to Section 12(g) of the Act. NoneSecurities for which there is a reporting obligation pursuant to Section 15(d) of the of Each Global Guaranteed Bonds due 20279 1 4% Global Guaranteed Bonds due Bonds due Guaranteed Notes due 20189 1 4% Guaranteed Bonds due Guaranteed Bonds due Guaranteed Bonds due Guaranteed Bonds due Guaranteed Bonds due Guaranteed Notes due Notes due Notes due Bonds due Notes due Bonds due Notes due 2018 Floating Rate Notes due Notes due Notes due Notes due Bonds due 2045 Indicate by check mark if the registrant is a well known seasoned issuer, as defined in Rule 405 of the Securities No If this report is an annual or transition report.

3 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of theSecurities Exchange Act of No 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 duringthe 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 forthe past 90 No 30/4/2015 Form 20 by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required tobe submitted and posted pursuant to Rule 405 of Regulation S T ( of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files).

4 N/AIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non accelerated filer. See definition of accelerated filer andlarge accelerated filer in Rule 12b 2 of the Exchange Act. (Check one):Large accelerated filer Accelerated filer Non accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this GAAP IFRS as issued by the IASB Other If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to 17 Item 18 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).

5 Yes No 30/4/2015 Form 20 of ContentsTABLE OF CONTENTS Item of Directors, Senior Management and Advisers 5 Item Statistics and Expected Timetable 5 Item Information 5 Item on the Company 14 Item Staff Comments 130 Item and Financial Review and Prospects 130 Item , Senior Management and Employees 160 Item Shareholders and Related Party Transactions 190 Item Information 191 Item Offer and Listing 196 Item Information 196 Item and Qualitative Disclosures About Market Risk 204 Item of Securities Other than Equity Securities 212 Item , Dividend Arrearages and Delinquencies 213 Item Modifications to the Rights of Security Holders and Use of Proceeds 213 Item and Procedures 213 Item Committee Financial Expert 214 Item of Ethics 214 Item Accountant Fees and Services 214 Item from the Listing Standards for Audit Committees 215 Item of Equity Securities by the Issuer and Affiliated Purchasers 216 Item in Registrant s Certifying Accountant 216 Item Governance 216 Item Safety Disclosure 216 Item Statements 217 Item Statements 217 Item 217 i30/4/2015 Form 20 of ContentsPetr leos MEXICANOS and its four subsidiary entities.

6 PEMEX Exploraci n y Producci n ( PEMEX Exploration and Production), PEMEX Refinaci n( PEMEX Refining), PEMEX Gas y Petroqu mica B sica ( PEMEX Gas and Basic Petrochemicals) and PEMEX Petroqu mica ( PEMEX Petrochemicals, and togetherwith PEMEX Exploration and Production, PEMEX Refining and PEMEX Gas and Basic Petrochemicals, collectively referred to as the existing subsidiaryentities), comprise the state oil and gas company of the United Mexican States, which we refer to as Mexico. Petr leos MEXICANOS is a productive state ownedcompany of the Federal Government of Mexico, which we refer to as the Mexican Government, and each of the subsidiary entities is a decentralized publicentity of the Mexican Government.

7 Each of Petr leos MEXICANOS and the existing subsidiary entities is a legal entity empowered to own property and carry onbusiness in its own name. In addition, a number of subsidiary companies that are defined in Note 1 and listed in Note 3(a) to our consolidated financialstatements incorporated in Item 18 are incorporated into the consolidated financial statements these subsidiary companies are also identified with theircorresponding ownership percentages in Consolidated Structure of PEMEX on page 4. Petr leos MEXICANOS , the subsidiary entities and the subsidiarycompanies are collectively referred to as PEMEX or we. As of the date of this report, we are in the process of reorganizing our corporate structure.

8 See Item 4 Information on the Company History and Development Energy Reform for more herein to $, $, dollars or dollars are to United States dollars. References herein to pesos or Ps. are to the legalcurrency of Mexico. References herein to euros or are to the legal currency of the European Economic and Monetary Union. References herein to pounds or are to the legal currency of the United Kingdom. References herein to Swiss francs or CHF are to the legal currency of the SwissConfederation. References herein to Japanese yen or are to the legal currency of Japan. References herein to Australian dollars or AUD are to thelegal currency of Australia.

9 The term billion as used herein means one thousand consolidated financial statements included in this report were prepared in accordance with International Financial Reporting Standards asissued by the International Accounting Standards Board. We refer in this report to International Financial Reporting Standards as issued by the InternationalAccounting Standards Board as IFRS. In addition, these financial statements were audited in accordance with the International Standards on Auditing, asrequired by the Comisi n Nacional Bancaria y de Valores (National Banking and Securities Commission, or the CNBV) for purposes of filing with the BolsaMexicana de Valores, de (Mexican Stock Exchange, or the BMV) and with the CNBV, and in accordance with the standards of the PublicCompany Accounting Oversight Board (United States)

10 , or PCAOB, for purposes of filings with the Securities and Exchange Commission, or regulations of the SEC do not require foreign private issuers that prepare their financial statements on the basis of IFRS to reconcile suchfinancial statements to United States Generally Accepted Accounting Principles, which we refer to as GAAP. Accordingly, while we have in the pastreconciled our consolidated financial statements prepared in accordance with Normas de Informaci n Financiera Mexicanas (Mexican Financial ReportingStandards, or Mexican FRS) to GAAP, those reconciliations are no longer presented in our filings with the SEC. We do, however, continue to provide thedisclosure required under the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 932 Extractive Activities Oiland Gas (which we refer to as ASC Topic 932), as this is required regardless of the basis of accounting on which we prepare our financial maintain our consolidated financial statements and accounting records in pesos.