Financial Results 4 th Quarter, 2007

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1 February 29, 2008 Financial Results 4 th Quarter, /32

2 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 2/32

3 2007 Financial Highlights Billion pesos Billion dollars Change 2007 Total Sales 1, , % Income before taxes % 60.8 Net Income (Loss) 47.0 (16.1) (63.1) (1.5) EBITDA (1) % 77.1 During 2007, income before taxes and duties increased 1.3% to Ps billion. Net loss for 2007 totaled Ps billion. (1) Earnings before interests, taxes, depreciation and amortization. Excludes IEPS. Numbers may not total due to rounding. 3/32

4 2007 Operating Highlights Production Change Thousand barrels per day, except natural gas in million cubic feet per day Liquid Hydrocarbons -2.2% 3,692 3,486 (205) -5.6% Crude Oil 3,256 3,082 (174) -5.3% Natural Gas Liquids (31) -7.2% Natural Gas -2.2% 5,356 6, % Refined Products 1,546 1,511 (34) -2.2% The increase in production of natural gas was primarily due to greater volumes in Burgos, Veracruz, Crudo Ligero Marino and Lankahuasa, projects Numbers may not total due to rounding. 4/32

5 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 5/32

6 4Q07 Financial Highlights Oct Dec 2006 Billion pesos Oct Dec 2007 Change Billion dollars Oct Dec 2007 Total Sales Income before taxes % % 16.7 Net Income (Loss) (4.3) (30.3) (26.0) (2.8) EBITDA (1) % 21.0 Income before taxes and duties increased 51.3%, as compared to the fourth quarter of 2006, to Ps billion Net loss for the fourth quarter of 2007 totaled Ps billion (1) Earnings before interests, taxes, depreciation and amortization. Excludes IEPS. Numbers may not total due to rounding. 6/32

7 4Q07 Operating Highlights Production Oct - Dic Oct - Dic Change Thousand barrels per day, except natural gas in million cubic feet per day Liquid Hydrocarbons 3,508 3,327 (181) -5.2% Crude Oil 3,104 2,951 (154) -4.9% Natural Gas Liquids Natural Gas (27) -6.8% 5,565 6, % Refined Products 1,526 1,455 (71) -4.7% On December 22, 2007, a national record of natural gas production of 6,558 MMcfd was registered Numbers may not total due to rounding. 7/32

8 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 8/32

9 Upstream: Crude Oil Production Thousand barrels per day -4.9% 3,104 2,951 1,042 1,033 2,062 1,918 Oct - Dec 2006 Oct - Dec % 35% 66% 65% Light and Extra-light Heavy Numbers may not total due to rounding. Total crude oil production decreased, on average, by 154 Mbd: Light and heavy crude oil production decreased 1.2 and 7.0% respectively, primarily due to the shutdown wells in the Northeast Marine and Southern regions due to adverse weather conditions Extra-light crude oil production increased 0.5%, due to the Crudo Ligero Marino project 9/32

10 Upstream: Natural Gas Production Million cubic feet per day 12.9% XX% 5,565 6,285 2,433 2,662 3,132 3,623 Oct - Dec 2006 Oct - Dec % 42% 56% 58% Natural gas production increased by 720 MMcfd: - An increase of 491 MMcfd in associated gas, as a result of higher volumes in Samaria-Luna and Crudo Ligero Marino projects - A 9.4% increase in nonassociated gas, due to greater production in Burgos and Veracruz projects Non associated Associated Numbers may not total due to rounding. 10/32

11 Upstream: Drilling Number of wells completed 12.4% Oct - Dec Dic 2006 Oct Oct - Dec - Dic % 7% 92% 93% The number of exploratory wells was 12, a reduction of 1 well compared to 4Q06, due to lower activity in the Campeche Oriente project Development wells totaled 149, representing an increase of 21 wells, due to higher activity in the Aceite Terciario del Golfo project Exploration Development Numbers may not total due to rounding. 11/32

12 Upstream: Developments Cantarell Main developments during the fourth quarter of 2007 Completion of 5 development wells, 9 major and 10 minor workovers, completion of the gas lift pipeline to Akal-BN, and construction of the oil-gas pipeline to Akal-BN with subsea completion. Program for the first quarter of 2008 Installation of the nitrogen recovery unit (NRU) in Ciudad Pemex; at December 31, 2007 this project was 94 per cent complete. Ku-Maloob- Zaap Main developments during the fourth quarter of 2007 Completion of 7 development wells, 1 major and 13 minor workovers, installation of production and housing platform Zaap C installation of telecommunications platform KH, and completion of oil pipelines from PB-KU_A2 to E-KU-A2. Program for the first quarter of 2008 Startup of construction of the drilling platform Maloob C. External factors, not controlled by PEMEX, could affect the execution of the programmed activities. 12/32

13 Upstream: Developments During 2007, the main technological developments were: Projects 2008 implementation of pressure maintenance systems in the Ku- Maloob-Zaap and Jujo-Tecominoacán projects using nitrogen injection, completion of 21 horizontal wells in the Burgos, Arenque, Tres Hermanos, Tamaulipas- Constituciones, Poza Rica, Cantarell and Ku-Maloob-Zaap projects, drilling of 2 multilateral wells in the Tamaulipas- Constituciones and Ogarrio Magallanes projects, and conclusion of 3 wells with subsea completion in the Cantarell project. Collaboration Agreements On February, 2008 PEMEX subscribed collaboration agreements with Exxon Mobil and Maersk Olie Og Gas. These agreements are aligned with PEMEX s Training Program and will promote cooperation, sharing of technological expertise and in exploration and production areas. 13/32

14 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 14/32

15 Downstream: Natural Gas Processing On-shore natural gas processing Million cubic feet per day Dry gas production Million cubic feet per day 1.6% -0.3% 4,134 4,201 1,045 1,088 3,482 3,472 3,089 3,113 Oct - Dec 2006 Oct - Dec 2007 Oct - Dec 2006 Oct - Dec % 26% Natural gas liquids production Thousand barrels per day -6.8% 75% 74% Sweet Sour Numbers may not total due to rounding. Oct - Dec 2006 Oct - Dec /32

16 Downstream: Oil Refining Crude oil process Thousand barrels per day -2.3% 1,283 1, Oct - Dec 2006 Oct - Dec % 41% 62% 59% Total crude oil processing decreased by 2.3%, primarily due to scheduled maintenance in primary plants. During 4Q07 primary distillation capacity utilization rate decreased from 84 to 82%. Heavy Currents Light Currents Numbers may not total due to rounding. 16/32

17 Downstream: Petroleum Products Production of petroleum products Thousand barrels per day 1,526 1, Oct - Dec 2006 Oct - Dec 2007 Change -4.7% -2.6% -0.1% -15.0% -2.9% During 4Q07 production of petroleum products decreased by 71 Mbd Gasoline (1) Diesel Fuel Oil Others (2) 30% 31% 22% 23% 20% 18% 27% 28% Production of LPG and fuel oil decreased by 6.3 and 7.3%, respectively (1) Includes transfers from La Cangrejera. (2) Includes liquefied petroleum gas from Pemex-Gas and Basic Petrochemical and Pemex-Refining, jet fuel, furfural extract, among others. Numbers may not total due to rounding. 17/32

18 Downstream: Variable Refining Margin and Service Stations Variable refining margin Dollars per barrel Number of franchised gas stations As of December of -22.1% 5.1% ,554 7,940 Oct - Dec 2006 Oct - Dec The decrease in the margin was primarily a result of higher prices of crude oil. As of December 31, 2007, the number of franchised gas stations was 7, /32

19 Downstream: Petrochemicals Production Petrochemicals production Thousand tons Change 2, , % % % % Oct - Dec 2006 Oct - Dec % 9% 10% 7% 85% 84% During 4Q07, the decrease in petrochemicals production was primarily driven by: - A decrease in ethane derivatives, and - a reduction in the manufacturing of aromatics and byproducts. Ammonia Ethylene Others Numbers may not total due to rounding 19/32

20 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 20/32

21 International Trade Volume of Crude Oil Exports (1) Thousand barrels per day -2.5% Exports distribution 100% = 1,621 Mbd 1,663 1, United States of America 1,373 1,420 80% Light Heavy Oct - Dec Dic 2006 Oct - Dic Dec % 12% 83% 88% 8% Rest of America 9% 3% Europe Far East Mexican crude mix average price Dollars per barrel: (1) At 60º F, does not include processing agreements. Numbers may not total due to rounding /32

22 International Trade: Other Products Exports Imports -25.7% 25.4% Refined Products Thousand barrels per day % 10.0% Petrochemicals Thousand barrels % 39.0% Natural Gas Million cubic feet per day Source: P.M.I. except natural gas Oct - Dec 2006 Oct - Dec 2007 Oct - Dec 2006 Oct - Dec /32

23 Content 2007 Operating and Financial Highlights 4Q07 Main Financial Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 23/32

24 Income Statement: Sales Billion pesos Sales in Mexico Exports Oct - Dec % 13.5% 40.1% 13.6% 18.8% -6.9% 42.2% 28.1% -50.9% Oct - Dec Sales In Exports México (1) (1) Includes revenue from services. Numbers may not total due to rounding Crude, gas & conden sates Petroleum products Nat. Gas Petrochem. Petroleuchem. Petro- products 24/32

25 Income Statement: Costs and Operating Expenses Billion pesos = Oct - Dec % 20.8% 26.5% -17.1% 1.0% 12.3% = Oct - Dec 2007 Sales Costs and Op. Expenses Cost of Sales Distribution Admin. Cost of the Reserve for Retirement Operating Expenses Payments Numbers may not total due to rounding. 25/32

26 Income Statement: Net Income Billion pesos (3.8) 2.9 Oct - Dec (4.0) 30.8% -56.0% 51.3% 70.4% Oct - Dec (33.7) = - = Operating income (1) Includes subsidiaries and associates. (2) Comprehensive Financing Result. Numbers may not total due to rounding. Other Net Expenses (Revenues) (1) CFR (2) Income before Taxes & Duties Taxes & Duties (30.3) Net Income (Loss) 26/32

27 Balance Sheet Billion pesos Assets Liabilities & Equity Change Change Total Assets: 1, , % Total Liabilities + Equity: 1, , % Current % Debt % Fixed % Reserve for Retirement Payments % Other % Others Equity: % 25% Dec 06 Dec 07 Dec 06 Dec 07 Numbers may not total due to rounding. 27/32

28 Total and Net Debt Billion pesos Total Debt -15.2% Change Net Debt % Long Term Short Term Dec 06 Dec 07 11% 14% 89% 86% Dec 06 Dec 07 Dec 06 Dec 07 Total debt decreased Ps billion pesos. Net debt decreased Ps billion pesos. Numbers may not total due to rounding. 28/32

29 Investment Allocation 2007 and 2008 Billion pesos 2007E 2008E Distribución % = Ps. 218 MMM 28% Total % 3% 2% 0.5% Exploration and Production (1) Refining Gas and basic Petrochemical Petrochemical Corporative % (1) Includes not capitalizable investment in overhauling of Pemex-Exploración y Producción Note: Preliminary estimations. Numbers may not total due to rounding. 29/32

30 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 30/32

31 Other Relevant Topics (1/2) During 2007 PEMEX provided 1.7 billion pesos to support social programs and projects that promote the development in the communities where PEMEX has activities. Social Development Among the principal programs and projects, are worth mentioning: Construction of the Shichul-Carmen aqueduct, support to citizens affected by rains and flows, support to fishing programs, and construction of the bypass Matamoros-Monterrey. Sustainable Development The overhauling of the first 22 hectares of the ex-refinery 18 de Marzo, finished on December, The second phase, which includes 33 hectares began in January 2008 and its is expected to be concluded by September During 2007, PEMEX signed collaboration agreements with Credit Suisse Securities USA LLC and Mitsui for the execution of 18 projects that will allow the reduction of 1.8 annual MMt of green house emissions. 31/32

32 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant Topics Questions and Answers 32/32

PETROBRAS ARGENTINA S.A.

PETROBRAS ARGENTINA S.A. Fiscal Year 2014 Results Buenos Aires, February 4, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for fiscal year ended December 31, 2014. Petrobras