UNITED STATES SECURITIES AND EXCHANGE …

1 20-F 1 FORM 20-F Table of ContentsUNITED STATES SECURITIES AND EXCHANGE commission WASHINGTON, 20549 FORM 20-FANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2015 commission File Number 0-99 PETR LEOS MEXICANOS (Exact name of registrant as specified in its charter) Avenida Marina Nacional No. 329 Colonia Ver nica Anzures 11300 Ciudad de M xico, M xico (Address of principal executive offices) Julio Alberto Valle Pere a (5255) 1944 9700 Avenida Marina Nacional No. 329 Torre Ejecutiva Piso 38 Colonia Ver nica Anzures 11300 Ciudad de M xico, M xico (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. NoneSecurities registered or to be registered pursuant to Section 12(g) of the Act.

2 NoneSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act. Title of Each Class Notes due 2018 Floating Rate Notes due 2018 91 4% Guaranteed Bonds due 2018 Guaranteed Notes due 2019 Notes due 2020 Notes due 2022 Notes due 2023 Notes due 2024 Notes due 2026 Guaranteed Bonds due 2027 Guaranteed Bonds due 2038 Bonds due 2044 Bonds due 2046 9 1 4% Global Guaranteed Bonds due 2018 Guaranteed Notes due 2018 Notes due 2019 Notes due 2020 Notes due 2021 Bonds due 2022 Guaranteed Bonds due 2023 Notes due 2025 Global Guaranteed Bonds due 2027 Guaranteed Bonds due 2035 Bonds due 2041 Bonds due 2045 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SECURITIES Act. Yes No 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.

3 Yes 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 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 No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be 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 the registrant was required to submit and post such files). N/AIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

4 See definition of accelerated filer and large Mexican PetroleumUnited Mexican STATES (Translation of registrant s name into English)(Jurisdiction of incorporation or organization)Page 1 of 383 Form 20-F16/05/2016 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 filing: 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 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). Yes No GAAP IFRS as issued by the IASB Other Page 2 of 383 Form 20-F16/05/2016 of ContentsTABLE OF CONTENTS i Item of Directors, Senior Management and Advisers5 Item Statistics and Expected Timetable5 Item Information5 Item on the Company15 Item Staff Comments136 Item and Financial Review and Prospects137 Item , Senior Management and Employees176 Item Shareholders and Related Party Transactions212 Item Information213 Item Offer and Listing218 Item Information218 Item and Qualitative Disclosures About Market Risk225 Item of SECURITIES Other than Equity Securities235 Item.

5 Dividend Arrearages and Delinquencies236 Item Modifications to the Rights of Security Holders and Use of Proceeds236 Item and Procedures236 Item Committee Financial Expert238 Item of Ethics238 Item Accountant Fees and Services238 Item from the Listing Standards for Audit Committees239 Item of Equity SECURITIES by the Issuer and Affiliated Purchasers 239 Item in Registrant s Certifying Accountant239 Item Governance240 Item Safety Disclosure240 Item Statements241 Item Statements241 Item 3 of 383 Form 20-F16/05/2016 of ContentsPetr leos Mexicanos and its seven subsidiary entities, which we refer to as the subsidiary entities, Pemex Exploraci n y Producci n (Pemex Exploration and Production), Pemex Transformaci n Industrial (Pemex Industrial Transformation), Pemex Perforaci n y Servicios(Pemex Drilling and Services), Pemex Log stica (Pemex Logistics), Pemex Cogeneraci n y Servicios(Pemex Cogeneration and Services), Pemex Fertilizantes (Pemex Fertilizers) and Pemex Etileno (Pemex Ethylene), comprise the state oil and gas company of the UNITED Mexican STATES , which we refer to as Mexico.

6 Petr leos Mexicanos is a productive state-owned company of the Federal Government of Mexico, which we refer to as the Mexican Government, and each of the subsidiary entities is a productive state-owned subsidiary of Mexico. Each of Petr leos Mexicanos and the subsidiary entities is a legal entity empowered to own property and carry on business in its own name. In addition, a number of subsidiary companies that are defined in Note 1 and listed in Note 4 to our consolidated financial statements incorporated in Item 18, which we refer to as our subsidiary companies, are incorporated into the consolidated financial statements; these subsidiary companies are also identified with their corresponding ownership percentages in Consolidated Structure of PEMEX on page 4. As further described under Item 4 Information on the Company History and Development Corporate Reorganization, the seven new subsidiary entities assumed, on or prior to, November 1, 2015, all of the rights and obligations of the prior subsidiary entities of Petr leos Mexicanos 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).

7 References to the subsidiary entities prior to this corporate reorganization refer to Pemex-Exploration and Production, Pemex-Refining, Pemex-Gas and Basic Petrochemicals and Pemex-Petrochemicals. Petr leos Mexicanos, the subsidiary entities and the subsidiary companies are collectively referred to as PEMEX or we. See Item 4 Information on the Company History and Development Recent Energy Reform for more details. References herein to $, $, dollars or dollars are to UNITED STATES dollars. References herein to pesos or Ps. are to the legal currency 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 Swiss Confederation.

8 References herein to Japanese yen or are to the legal currency of Japan. References herein to Australian dollars or AUD are to the legal currency of Australia. The term billion as used herein means one thousand million. Our consolidated financial statements included in this annual report were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. We refer in this report to International Financial Reporting Standards as issued by the International Accounting Standards Board as IFRS. In addition, these financial statements were audited in accordance with the International Standards on Auditing, as required by the Ley del Mercado de Valores ( SECURITIES Market Law) and the Disposiciones de car cter general aplicables a las emisoras de valores y a otros participantes del mercado de valores (General Provisions applicable to issuers of SECURITIES and other participants in the SECURITIES market) in each case, of Mexico, for purposes of filing with the Comisi n Nacional Bancaria y de Valores (National Banking and SECURITIES commission , or the CNBV) and the Bolsa Mexicana de Valores, de (Mexican Stock EXCHANGE , or the BMV), and in accordance with the standards of the Public Company Accounting Oversight Board ( UNITED STATES )

9 , or PCAOB, for purposes of filings with the SECURITIES and EXCHANGE commission , or the SEC. The regulations of the SEC do not require foreign private issuers that prepare their financial statements on the basis of IFRS to reconcile such financial statements to UNITED STATES Generally Accepted Accounting Principles, which we refer to as GAAP. Accordingly, while we have in the past reconciled our consolidated financial statements prepared in accordance with Normas de Informaci n Financiera Mexicanas (Mexican Financial Reporting Standards, or Mexican FRS) to GAAP, those reconciliations are no longer presented in our filings with the SEC. We do, however, continue to provide the disclosure required under the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 932 Extractive Activities Oil and 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 statements.

10 We maintain our consolidated financial statements and accounting records in pesos. Unless otherwise indicated, we have translated all peso amounts to dollars in this Form 20-F, including all convenience translations of our consolidated financial statements included herein, at an EXCHANGE rate of Ps. = $ , which is the EXCHANGE rate that the Secretar a de Hacienda y Cr dito P blico (Ministry of Finance and Public Credit) instructed us to use on December 31, 2015. Page 4 of 383 Form 20-F16/05/2016 of ContentsYou should not construe these translations from pesos into dollars as actually representing such dollar amounts or meaning that you could convert such amounts into dollars at the rates indicated. Mexico has a free market for foreign EXCHANGE , and the Mexican Government allows the peso to float freely against the dollar.