MEXICAN ENERGY 101 BENPOSIUM JUNE 13-15, 2016 HOUSTON

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1 MEXICAN ENERGY 11 BENPOSIUM JUNE 13-15, 216 HOUSTON Javier Díaz Manager, Energy Analysis and Consulting Services

2 RESTRICTIONS ON USE: YOU MAY USE THE PRICES, INDEXES, ASSESSMENTS AND OTHER RELATED INFORMATION (COLLECTIVELY, DATA ) IN THIS PRESENTATION ONLY FOR YOUR PERSONAL USE. YOU MAY NOT PUBLISH, REPRODUCE, DISTRIBUTE, RETRANSMIT, RESELL, CREATE ANY DERIVATIVE WORK FROM AND/OR OTHERWISE PROVIDE ACCESS TO DATA OR ANY PORTION THEREOF TO ANY PERSON (EITHER WITHIN OR OUTSIDE YOUR COMPANY INCLUDING, BUT NOT LIMITED TO, VIA OR AS PART OF ANY INTERNAL ELECTRONIC SYSTEM OR INTERNET SITE), FIRM OR ENTITY. DISCLAIMER: PLATTS, ITS AFFILIATES AND ALL OF THEIR THIRD-PARTY LICENSORS DISCLAIM ANY AND ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AS TO THE DATA, OR THE RESULTS OBTAINED BY ITS USE OR AS TO THE PERFORMANCE THEREOF. LIMITATION OF LIABILITY: IN NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, TRADING LOSSES, OR LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. THE DATA IS PROVIDED ON AN AS IS BASIS AND YOUR USE OF THE DATA IS AT YOUR OWN RISK. COPYRIGHT 216 BY PLATTS, MCGRAW HILL FINANCIAL, INC. ALL RIGHTS RESERVED. NO PORTION OF THIS PUBLICATION MAY BE PHOTOCOPIED, REPRODUCED, RETRANSMITTED, PUT INTO A COMPUTER SYSTEM OR OTHERWISE REDISTRIBUTED WITHOUT PRIOR AUTHORIZATION FROM PLATTS. PLATTS IS A TRADEMARK OF MCGRAW HILL FINANCIAL.

3 KEY TAKEAWAYS Initial upstream private investment directed largely to offshore oil production; limited short term impact on gas Power generation will lead Mexico natural gas demand growth US will export to Mexico 5.3 Bcf/d in 221, displacing LNG imports A massive buildout in pipeline capacity will create redundancy Petchem industry: demand for polymers in Mexico will continue to surpass production capacity. Options are to increase imports from the US and developing domestic infrastructure in order to increase production Gasoline imports continue to grow, increasing Mexico s reliance on waterborne refined product imports Energy reform was accelerated to April Free imports, gasolines and diesel PEMEX in financial trouble, may give up majority stakes in refineries and monetize assets through FIBRA E, looking for farm-out opportunities in E&P BENPOSIUM 216 3

4 MEXICO ENERGY REFORM: WHY? DECLINING OIL AND GAS PRODUCTION Mexico hydrocarbons income: 32% of federal budget in 213 2% of federal budget in 215 BENPOSIUM 216

5 MEXICO ENERGY REFORM: WHY? DECLINING OIL AND GAS PRODUCTION Bcf/d Mexico Natural Gas Dry Production & Rigs Active Rigs Production Forecast Total Active Rigs BENPOSIUM 216 Source: SENER, Platts Analytics

6 UPSTREAM OPEN PARTICIPATION IN E&P BIDDING ROUNDS ORGANIZED BY CNH AWARDED ROUND 1 ROUND 1.1 ROUND 1.2 ROUND 1.3 Exploration - Shallow Waters Production Sharing contracts 14 Blocks Offered 4,222 km2 Awarded July Participants 2 Contracts Awarded 14% First production: 219 Peak production: 79 Mboe/d Estimated investment:$2.7billion Extraction -Shallow Waters Production Sharing contracts 5 Blocks Offered 28.9 km2 Awarded September Participants 3 Contracts Awarded 6% First production: 218 Peak production: 124 Mboe/d Estimated Investment: $3.1 billion Extraction-Terrestrial License Contracts 25 Areas offered 777 km2 Awarded Dec Participants 25 Contracts Awarded 1% First production: Peak production: 77 Mboe/d Estimated Investment: $1.1 billion 6 Source: SENER, Platts Analytics, CNH

7 UPSTREAM OPEN PARTICIPATION IN E&P BIDDING ROUNDS ORGANIZED BY CNH UPCOMING ROUND 1.4 ROUND Initially interested 23 Requested access to the data room 23 Authorized access to the data room 21 Paid access to the data room 23 Have begun prequalification process? Passed qualifications? Participants Source: SENER, Platts Analytics, CNH Pemex estimates for production costs in deep waters are between $35-$4/barrel. Contracts will be awarded for up to 5 years. Contractual mode will be a license contract. Financial requirements for participants are much higher than for previous round 1 phases, (US $2, million in capital, or US 7 $1, million in actives) in an effort to attract majors

8 ROUND 2 TO BE LAUNCHED IN JULY The Mexican Secretary of Energy, Pedro Joaquín Coldwell, announced on June 8 that the first Round 2 auction will be launched by the end of July. Round 2.1 auction will include 15 blocks in shallow waters located in the Gulf of Mexico. Round 2.2 auction will include 14 onshore blocks in the Burgos basin - non conventional extraction and production blocks BENPOSIUM 216 8

9 FALLING MEXICAN PRODUCTION INCREASING RELIANCE ON US IMPORTS 12 Bcf/d US Imports Now 4% of Total Supply Production Down 19% From 21 Dry Production LNG Imports US Pipeline Imports Demand Source: Platts, EIA BENPOSIUM 216 9

10 US EXPORTS TO MEXICO REACH ALL-TIME HIGHS Bcf/d US gas exports to Mexico US exports to Mexico have grown 44% year-on-year Two-thirds of that growth due on NET Mexico Texas Southwest NET Mexico Flows BENPOSIUM 216 Source: Platts Analytics, DOE

11 MEXICO DEMAND LED BY POWER GENERATION Gas-fired generation capacity set to expand 64% by 221 (13.9 GW; 42%) over the next three years Bcf/d Jan-13 May-13 Sep-13 Jan-14 Other demand May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 Power Demand GW Planned Mexico Power Plant Buildout GW Installed Northwest Northeast North-Central South-Central West Gulf Southwest Southeast Total Capacity Source: Bentek North America Power Plant Databank

12 MAJORITY OF THE NEW CAPACITY PLANNED FOR UNDERSERVED THE NORTHWEST REGION Share of Yearly Build Plant Buildout by Region 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Northwest Northeast North-Central South-Central West Gulf Southwest Southeast Source: Bentek North America Power Plant Databank BENPOSIUM 216 Northwest Northeast North-Central West Gulf South-Central Southwest Southeast

13 TOTAL POWER DEMAND EXPECTED TO GROW 29% BY 22 DISPLACING FUEL OIL BY 219 MMBtu Millions Fuel Consumption for Power Generation Fuel Oil Diesel Coal Natural Gas TWh/Month Fuel Oil Gas Wind Coal Geothermal Nuclear Wind Hydro Solar Fuel Oil/Diesel Other gen Gas Northwest Northeast North-Central West Gulf South-Central Southwest Southeast Source: Platts Analytics, Sener

14 TWO TEXAS TO-MEXICO CORRIDORS TO ADD ~8 BCF/D OF NEW EXPORT CAPACITY New Texas-to-Mexico Border Crossings Border Crossing Capacity City State In-Service MMcf/d Date West Texas Roadrunner Phase I 17 Clint Texas Mar-16 Comanche Trail 11 Clint Texas Jan-17 Trans-pecos Pipelnie 135 Ojinaga Texas Jan-17 Roadrunner Phase II 4 Clint Texas Mar-17 Roadrunner Phase III 7 Clint Texas Jun-19 Total 39 South Texas Los Ramones Phase II 11 Reynosa Texas Dec-16 Nueva Era Pipeline 112 Webb Texas Jun-17 KM Mier-Monterrey 2 Starr Texas Oct-17 Neuces-Brownsville 26 Brownsville Texas Jan-18 Total 52 BENPOSIUM 216

15 OVER $16 BILLION OF ADJOINING GAS PIPELINES PLANNED IN MEXICO, GAS PIPELINE EXPANSIONS TARGETING DEMAND BENPOSIUM 216 Source: Platts Analytics

16 MEXICO GAS PIPELINE EXPANSIONS CENAGAS FIVE-YEAR PLAN BENPOSIUM 216

17 MEXICAN LNG IMPORTS DOWN 35%, YEAR-TO-DATE, BUT NORTH-TO-SOUTH CONSTRAINTS SUPPORT MANZANILLO IMPORTS $/MMBtu US pipeline gas cannot yet displace LNG from Manzanillo $1. $8. $6. $4. $2. $- Peru LNG Netbacks Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Peru to Manzanillo Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Peru to JKM Although, Peru LNG netbacks to Mexico falling under $1/MMBtu Jun- 16 Bcf/d Bcf/d Mexico LNG Imports Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 Year Range Year Avg 215 Altamira LNG Imports Source: Eclipse Energy Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 Year Range Year Avg Manzanillo LNG Imports.6 Bcf/d.4.2. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3 Year Range Year Average 215 BENPOSIUM 216 Source: Platts Analytics

18 LNG CONTRACTS: RENEGOTIATION? MT Indonesia Exports to Mexico MT Qatar Exports to Mexico Contracted Delivered Contracted Delivered Source: Bentek, Eclipse BENPOSIUM

19 LNG IMPORTS DISPLACED PRODUCTION AT RISK US Imports Now 4% of Total Supply US Imports 58% of Total Supply in 221 Bcf/d Production Down 19% From 21 - Dry Production LNG Imports US Pipeline Imports Demand Source: Platts, EIA BENPOSIUM

20 A MASSIVE BUILDOUT IN PIPELINE CAPACITY WILL CREATE REDUNDANCY Bcf/d US Exports to Mexico Exports Forecast Pipeline Capacity Source: Platts Bentek BENPOSIUM 216

21 PROCESSING CAPACITY: OPPORTUNITY? Plant Name Capacity (MMcf/d) Nuevo Pemex 1,5 Cactus 1,275 Burgos 1,2 Ciudad Pemex 915 Poza Rica 49 Pajaritos 192 La Venta 182 Matapionche 125 Arenque 33 Total 5,912 Fuente: SENER 21

22 CERTAIN PROCESSING AT HIGH RUN RATES Bcf/d Burgos MMcf/d Arenque MMcf/d Poza Rica MMcf/d Matapionche MMcf/d La Venta Nuevo Pemex Cactus Ciudad Pemex Bcf/d 1..5 Bcf/d 1..5 Bcf/d BENPOSIUM Fuente: SENER

23 DRY GAS PRODUCTION Bcf/d Dry Gas Production Poza Rica Other Burgos/ Reynosa Nuevo Pemex Ciudad Pemex Cactus MMcf/d 1,2 1, Production by Plant Nuevo Pemex Cactus Ciudad Pemex Burgos Poza Rica Other BENPOSIUM Fuente: SENER

24 NATURAL GAS PRICES DON T REFLECT MEXICO SUPPLY-DEMAND IMPORTS NORTH ZONE $1.73/MMBtu IMPORTS REYNOSA $1.82/MMBtu North Zone Gulf production $2.41/MMBtu Gulf Zone Altamira LNG $2.59/MMBtu Manzanillo LNG $4.63/MMBtu Center Zone Istmus Zone South Zone Gulf production $2.59/MMBtu BENPOSIUM

25 Gas Zones and Hubs Firm and interruptible; capacity and energy charge 18. Prices to End-Users (Monterrey) North Zone La Laguna Zacatecas Camargo 1. Reynosa Los Ramones Gulf Zone $/MMBtu San Fernando Legacy rates approved in Res/262/24 and Res/46/27 Aguascalientes West Zone Valtierrilla Apaseo el Alto 4. Manzanillo Center Zone 2.. Ciudad de Pemex Mar-14 Istmus Zone Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 South Zone Residential Commercial Industrial Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16

26 MEXICO NATURAL GAS MARKET IMPLEMENTATION 216 SENER: Public policy CENAGAS/CRE: Define capacity reservation and Round for CFE/Pemex CENAGAS: Open season and contracts Pemex: Initiate contract transfers CRE, SENER: Publication of reference indexes 217 CRE: End VMP Reynosa CENAGAS: start capacity reservation operations USERS: Access to reference prices and electronic bulletins Market: new commercial players 218 CRE: End VPM rest Users: Market transactions PEMEX: End contract transfers Market liquidity - price formation BENPOSIUM

27 NGL PRODUCTION HAS SLOW DOWN Mb/d NGL Production Other Burgos Cactus Nuevo Pemex Morelos La Cangrejera Mb/d Production by fractionator Nuevo Pemex Morelos Cangrejer Cactus Burgos Other BENPOSIUM Source: SENER

28 SOME PLANTS HAVE NO CAPACITY FOR ETHANE RECOVERY Mb/d 215 production by 1 fractionator Ethane LPG Natural Gasoline BENPOSIUM Source: SENER

29 MEXICO PETCHEM PRODUCTION BASED ON ETHANE Mb/d Ethane Production Ethane Rejection Pajaritos Cactus Nuevo Pemex Morelos La Cangrejera Pethchem Complex kton/yr Mb/d La Cangrejera 6 34 Morelos 6 34 Pajaritos Capacity 1, Project: Braskem-Idessa 1,5 66 Total Capacity 2, BENPOSIUM

30 PETCHEM INDUSTRY CONCENTRATED IN COATZACOALCOS Morelos Mexichem El Salto - Jalisco Indelpro Coatzacoalcos Complex with cracking unit Complex without cracking unit Mexichem Cangrejera Pajaritos DAK Americas Etileno XXI BENPOSIUM 216 3

31 MEXICO PE PRODUCTION mtpa BENPOSIUM 216

32 MEXICO WILL CONTINUE TO HAVE A PE DEFICIT 2.5 PE Capacity vs. Demand Capacity - PE mtpa PetChem Complex kton/yr Morelos 5 La Cangrejera 315 Current Capacity 815 Project: Braskem-Idesa 1,5 Total Capacity 1,815. Morelos Etileno XXI La Cangrejera Demand Fuente: Platts Analytics 32

33 MEXICO OIL PRODUCTION SHIFTING TO A LIGHTER QUALITY MMb/d Mexican Oil Production by Quality 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Heavy crude - % of total Light Heavy Extra-Light % Heavy Production Source: Bentek, SENER BENPOSIUM

34 MOST CRUDE EXPORTS ARE HEAVY, DESTINED FOR THE US Mexican Crude Exports by Destination Average Export to Other Countries (216): 554 Mb/d MMb/d United States Other Countries BENPOSIUM Source: Bentek, SENER

35 MEXICO EXPORTS OUTSIDE NORTH AMERICA INCREASE Europe Coking Capacity ~273 Mb/d China Coking Capacity ~393 Mb/d Mb/d Mexican Oil Exports by Destination India Coking Capacity ~691 Mb/d Spain India Netherlands Canada China Italy Portugal Others Source: BENPOSIUM Bentek, Platts 216 Refinery Database 35

36 WEST COAST REFINERIES RUN MORE LIGHT CRUDE Mb/d Salamanca Refinery Consumption by Quality Mb/d Cadereyta Refinery Consumption by Quality Heavy Light Capacity Heavy Light Capacity Mb/d Tula Refinery Consumption by Quality Mb/d Madero Refinery Consumption by Quality Heavy Light Capacity Heavy Light Capacity Mb/d Salina Refinery Consumption by Quality Mb/d Minatitlan Refinery Consumption by Quality BENPOSIUM Heavy 216 Light Capacity Source: Bentek, SENER 36 Heavy Light Capacity

37 HEAVY BARRELS YIELD 3% RESID, REFINED IN COKERS INTO HIGHER VALUED PRODUCTS % Yield Refined Product Yields by Crude Grade Olmeca (39 ) Isthmus (32 ) Maya (2 ) Resid Kero/Diesel VGO Heavy Naptha % Yield Refined in cokers Fuel Oil Product Yields LPG Light Naptha Heavy Naptha Kero/Diesel VGO Resid BENPOSIUM Source: Haverly

38 MEXICO CAN INCREASE GASOLINE PRODUCTION BY RUNNING MORE LIGHT CRUDE Salamanca Refinery Gasoline Production Cadereyta Refinery Gasoline Production Mb/d % heavy crude slate Mb/d % heavy crude slate Mb/d Tula Refinery Gasoline Production 22% heavy crude slate Mb/d Madero Refinery Gasoline Production % heavy crude slate Mb/d Salina Refinery Gasoline Production 35% heavy crude slate Mb/d Minatitlan Refinery Gasoline Production 76% heavy crude slate BENPOSIUM 216 Source: Bentek, SENER 38

39 Mb/d MEXICO INCREASINGLY DEPENDENT ON GASOLINE IMPORTS 1, Mexico Refined Product Imports by Type LPG Gasoline Jet Fuel Diesel Fuel oil Naphtha Others Source: BENPOSIUM Bentek, SENER

40 REFINED PRODUCTS APRIL 216: FREE IMPORTS, GASOLINES AND DIESEL JANUARY 218: LIBERALIZED PRICES SENER Permits Free competition CRE Permits Free Competition Separation between supply and franchises Refinación Storage Distribution Sales Imp/Exp Transport CRE Permits Open access Regulated CRE Permits Deregulated Free entry CRE Permits Free entry CRE Permits Deregulated Free entry CRE Permit Free entry Comercialization + Aggregation of services Source: CRE + + BENPOSIUM 216 4

41 GASOLINE DEMAND FORECAST Mb/day Transportation Oil Source: Sener. BENPOSIUM

42 GASOLINE IMPORT PERMITS 54 Permits awarded by June 3 rd 216 Total authorized: 73,82,638,254 liters (1259 MB/D 12% of expected 217 demand 145 MB/d) Puma + Trafigura 24% IF VERTICAL 2 S A P I DE CV 22% COMBUSTIBLES DE ORIENTE 21% Top 1: Company Product Volume Unit IF VERTICAL 2 S A P I DE CV GASOLINA RON 95 GASOLINA MON Liters COMBUSTIBLES DE ORIENTE SA DE CV GASOLINA DE OCTANAJE MENOR A 92 Y MAYOR A Liters PUMA ENERGY SA DE CV Gasolina Liters GRUPO IDEH IMPORTADORES DE DISTRIBUIDORES DE HIDROCARBUROS SA DE CV LITROS DE GASOLINA Liters ENERGETICOS UNEGAS S A P I DE CV Gasolina 3 Liters TRAFIGURA MEXICO SA DE CV Gasolinas Liters KOCH SUPPLY & TRADING MEXICO S DE RL DE CV Gasolina Premium y Regular Liters ENERGETICOS FUSION SA DE CV GASOLINA 21 Liters JOSE GOMEZ CAMACHO SA Gasolina 21 Liters OPS GLOBAL TECHNOLOGIES S A P I DE CV Gasolina 1875 Liters Source: SENER BENPOSIUM

43 DIESEL DEMAND FORECAST Mb/day Industrial Oil Transportation Power Source: Sener. BENPOSIUM

44 DIESEL IMPORT PERMITS 8 Permits awarded by June Total of 57,482,774,936 liters (99 Mb/d compared to 496 Mb/d Sener demand for 217) COMBUSTIBLES DE ORIENTE 26% IF VERTICAL 2 S A P I DE CV 25% Puma + Trafigura 16% Top 1: Company Product Volume Unit COMBUSTIBLES DE ORIENTE SA DE CV DIESEL 15 liters IF VERTICAL 2 S A P I DE CV DIESEL INDICE CETANO 48 AZUFRE 5 DIESEL INDICE liters CETANO 45 AZUFRE 5 PUMA ENERGY SA DE CV Diésel 7464 liters ENERGETICOS UNEGAS S A P I DE CV Diésel 3 liters TRAFIGURA MEXICO SA DE CV Diésel liters GRUPO IDEH IMPORTADORES DE DISTRIBUIDORES DE HIDROCARBUROS SA DE CV Diésel liters KOCH SUPPLY & TRADING MEXICO S DE RL DE CV Diésel liters WINDSTAR ENERGY RESOURCES S DE RL DE CV GASOIL ( GASOLEO) O ACEITE DIESEL Y MEZCLAS, DIESEL, DIESEL UBA liters CARGILL DE MEXICO SA DE CV Diésel liters CASTLETON COMMODITIES MEXICO S DE RL DE CV Ultra Low Sulfur Diesel liters Source: SENER BENPOSIUM

45 AWARDED PERMITS ACTIVITY Final Temporar y TOTAL Transportation - pipeline Transportation - other 1, ,466 Transportation - ship Transportation - truck 5-5 Distribution - other Storage Storage - airports Storage (self consumption) Gas Stations 11, ,129 Airports Total 13, ,42 Source: CRE BENPOSIUM

46 MEXICAN REFINED PRODUCTS INFRASTRUCTURE Infrastructure Pemex (TBC) Refineries 6 TAR 77 Terminals 15 Oil pipelines 5,213 km Poliducts 8,958 km Gas Stations (Franchises) 11,431 Poliducts Jet Fuel Pipeline Cope ductos Railroad Onshore route Maritime route Airport 8% of storage capacity is saturated Pipeline capacity saturated Transportation by road increases logistics costs Maritime terminals saturated EXISTING INFRASTRUCTURE IS INSUFICIENT: INVESTMENT OPPORTUNITIES TAR Refinery TOMP BENPOSIUM ROMP 216 Onshore Imports Offshore Imports Source: Sener, Pemex.

47 PEMEX FUTURE? The Mexican government recently reduced Pemex budget for 216 by 1 billion pesos (~US$ 5.5 billion). Last year budget cut translated in a 9.5% workforce reduction, and more layoffs are expected during 216. Production declines and lower prices result in significant net losses, reducing and postponing Pemex investment programs. Liquidity needed. Pemex to dilute participation in refineries, focusing in E&P Farm outs: Partnering with other companies to access the capital and technologies required to develop advanced projects. First farm out approved by Pemex, Trión in the Perdido area, 2,5 m depth, will require about $11 billion worth of investment. Pemex estimates Trion field contained some 48 million barrels, and will announce the companies in December. BENPOSIUM

48 FIBRA E Pemex is looking into monetize some of its assets. Mexico prohibits the sale of state-owned assets, so Pemex, being a state-owned company, cannot directly sell assets like pipelines. Mexican Energy and Infrastructure Investment Trust (Fibra E, presented by the Mexico stock exchange in October 215) which is similar to a master limited partnership, modeled after real state investment trusts in order to raise equity capital from existing assets. Eligible activities for Fibra E include hydrocarbons, energy and infrastructure. Pemex estimates a total potential asset value of ~US $4 billion. Fibra E and subsidiaries are pass through entities for tax purposes, and there are tax shields that enables a substantial portion of distributions to investors to be tax exempt. Fibra E and its subsidiaries must distribute at least 95% of their fiscal results to investors. No more than 25% of assets at each asset holding subsidiary can correspond to greenfield projects. Pemex Logistica, a new Pemex spinoff, was launched last year, it is not a state-owned company in legal terms and can sell assets through Fibra E BENPOSIUM

49 PLATTS MEXICO ENERGY MONTHLY Covers: Natural Gas and LNG, Electric Power, Crude Oil and NGLs It is published on the second Monday of each month Data, analysis and market news, including regulatory developments and energy infrastructure Fully balanced region with fundamental forecasting An evolving product BENPOSIUM Source: Platts Analytics Mexico Energy Monthly

50 INCLUDED WITH THE PLATTS MEXICO ENERGY MONTHLY SUBSCRIPTION: MEXICO FACILITIES DATABANK BENPOSIUM Source: Platts Analytics Mexico Energy Monthly

51 THANK YOU! Javier Díaz Manager, Energy Analysis and Consulting Direct: +1 (72) BENPOSIUM