NOTE 5. Segment financial information
PEMEX’s primary business is the exploration and production of crude oil and natural gas, as well as the production, processing, marketing and distribution of petroleum and petrochemical products. After the Corporate Reorganization, PEMEX’s operations have been conducted through nine business segments: exploration and production, industrial transformation, cogeneration and services, drilling and services, logistics, ethylene, fertilizers, the Trading Companies and corporate and other operating subsidiary companies. Due to PEMEX’s structure, there are significant quantities of inter-segment sales among the reporting segments, which are made at internal transfer prices established by PEMEX reflecting international market prices.
The primary sources of revenue for PEMEX’s business segments are as described below:
| • | The exploration and production segment earns revenues from domestic sales of crude oil and natural gas, and from exporting crude oil through certain of the Trading Companies. Export sales are made through PMI CIM to approximately 32 major customers in various foreign markets. Approximately half of PEMEX’s crude oil is sold to Pemex Industrial Transformation. |
| • | The industrial transformation segment earns revenues from sales of refined petroleum products and derivatives, mainly to third parties within the domestic market. This segment also sells a significant portion of the fuel oil it produces to the Comisión Federal de Electricidad (Federal Electricity Commission, or “CFE”) and a significant portion of jet fuel produced to Aeropuertos y Servicios Auxiliares (the Airports and Auxiliary Services Agency). The refining segment’s most important products are different types of gasoline and diesel. |
| • | The industrial transformation segment also earns revenues from domestic sources generated by sales of natural gas, liquefied petroleum gas, naphtha, butane and ethane and certain other petrochemicals such as methane derivatives, ethane derivatives, aromatics and derivatives. |
| • | The cogeneration segment receives income from the cogeneration, supply and sale of electricity and thermal energy and also provides technical and management activities associated with these services. |
| • | The drilling segment receives income from drilling services, and servicing and repairing wells. |
| • | The logistics segment earns income from transportation and storage of crude oil, petroleum products and petrochemicals, as well as related services, which it provides by employing pipelines and offshore and onshore resources, and from providing services related to the maintenance, handling, guarding and management of these products. |
| • | The ethylene segment earns revenues from the distribution and trade of methane, ethane and propylene in the domestic market. |
| • | The fertilizers segment earns revenues from trading ammonia, fertilizers and its derivatives, mostly in the domestic market. |
| • | The trading companies segment, which consist of PMI CIM, PMI NASA, PMI Trading and MGAS (the “Trading Companies”), earn revenues from trading crude oil, natural gas and petroleum and petrochemical products in international markets. |
| • | The segment related to corporate and other operating Subsidiary Companies provides administrative, financing, consulting and logistical services, as well as economic, tax and legal advice and re-insurance services to PEMEX’s entities and companies. |
The following tables present the condensed financial information of these segments, after elimination of unrealized intersegment gain (loss), and include only select line items. As a result, the line items presented below may not total. These reporting segments are those which PEMEX’s management evaluates in its analysis of PEMEX and on which it bases its decision-making.
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As of/for the year ended December 31, 2017 |
Exploration and Production |
Industrial Transformation |
Cogeneration and Services(1) |
Drilling and Services |
Logistics | Fertilizers | Ethylene | Trading Companies |
Corporate and Other Operating Subsidiary Companies |
Intersegment eliminations |
Total | |||||||||||||||||||||||||||||||||
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Sales: |
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Trade |
Ps. | — | Ps. 857,456,146 | Ps. | — | Ps. | — | Ps. | — | Ps. 4,123,006 | Ps. 12,621,648 | Ps. 508,539,112 | Ps. 3,159,238 | Ps. | — | Ps. 1,385,899,150 | ||||||||||||||||||||||||||||
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Intersegment |
762,637,362 | 150,360,283 | 114,233 | 3,400,456 | 70,671,871 | 642,965 | 1,565,757 | 539,193,190 | 79,031,944 | (1,607,618,061 | ) | — | ||||||||||||||||||||||||||||||||
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Services income |
— | 6,116,937 | 334,755 | 41,741 | 3,714,941 | 2,339 | 26,733 | 66,621 | 826,502 | — | 11,130,569 | |||||||||||||||||||||||||||||||||
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(Reversal) impairment of wells pipelines, properties, plant and equipment, net |
129,350,315 | 15,952,092 | — | — | — | 1,935,500 | — | — | 4,206,653 | — | 151,444,560 | |||||||||||||||||||||||||||||||||
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Cost of sales |
391,089,410 | 1,004,683,554 | 472,732 | 468,171 | 50,926,263 | 6,001,259 | 14,272,340 | 1,031,997,901 | 33,033,923 | (1,528,740,673 | ) | 1,004,204,880 | ||||||||||||||||||||||||||||||||
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Gross income (loss) |
242,197,637 | (6,702,280 | ) | (23,744 | ) | 2,974,026 | 23,460,549 | (3,168,449 | ) | (58,202 | ) | 15,801,022 | 45,777,108 | (78,877,388 | ) | 241,380,279 | ||||||||||||||||||||||||||||
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Other revenues (expenses), net |
10,204,045 | 1,515,538 | 2,646 | (31,454 | ) | (24,134,436 | ) | 9,013 | 23,030 | 307,212 | (5,344,872 | ) | 22,623,354 | 5,174,076 | ||||||||||||||||||||||||||||||
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Distribution, transportation and sales expenses |
— | 26,049,566 | 13,581 | — | 73,526 | 528,370 | 334,663 | 375,482 | 59,043 | (5,544,561 | ) | 21,889,670 | ||||||||||||||||||||||||||||||||
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Administrative expenses |
58,539,119 | 38,994,887 | 37,679 | 888,776 | 7,459,928 | 352,537 | 1,105,554 | 1,564,859 | 62,001,641 | (51,005,526 | ) | 119,939,454 | ||||||||||||||||||||||||||||||||
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Operating income (loss) |
193,862,563 | (70,231,195 | ) | (72,358 | ) | 2,053,796 | (8,207,341 | ) | (4,040,343 | ) | (1,475,389 | ) | 14,167,893 | (21,628,448 | ) | 296,053 | 104,725,231 | |||||||||||||||||||||||||||
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Financing income |
121,293,404 | 11,427,907 | 147 | 57,313 | 1,622,827 | 2,248 | 46,113 | 905,405 | 145,907,795 | (265,097,306 | ) | 16,165,853 | ||||||||||||||||||||||||||||||||
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Financing cost |
(136,378,338 | ) | (2,398,643 | ) | (19,882 | ) | (795,947 | ) | (2,307,427 | ) | (211,004 | ) | (1,964 | ) | (1,328,827 | ) | (239,003,771 | ) | 264,801,255 | (117,644,548 | ) | |||||||||||||||||||||||
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Derivative financial instruments (cost) income, net |
(1,613,874 | ) | 5,835 | — | — | — | — | — | (772,143 | ) | 27,718,506 | — | 25,338,324 | |||||||||||||||||||||||||||||||
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Foreign exchange (loss) income, net |
10,043,316 | 4,924,209 | — | 227,365 | 613,099 | (20,925 | ) | (10,486 | ) | (4,318 | ) | 7,411,862 | — | 23,184,122 | ||||||||||||||||||||||||||||||
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Profit (loss) sharing in joint ventures and associates |
(75,195 | ) | 485,224 | — | — | (74 | ) | — | — | 1,049,809 | (212,666,494 | ) | 211,567,170 | 360,440 | ||||||||||||||||||||||||||||||
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Taxes, duties and other |
338,169,260 | — | — | 276,967 | (7,444,967 | ) | — | — | 1,972,718 | 6,063 | — | 332,980,041 | ||||||||||||||||||||||||||||||||
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Net (loss) income |
(151,037,384 | ) | (55,786,663 | ) | (92,093 | ) | 1,265,560 | (833,949 | ) | (4,270,024 | ) | (1,441,726 | ) | 12,045,101 | (292,266,613 | ) | 211,567,172 | (280,850,619 | ) | |||||||||||||||||||||||||
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Total current assets |
1,036,063,541 | 570,380,888 | 179,807 | 6,871,148 | 49,391,784 | 3,155,476 | 3,994,381 | 158,414,445 | 506,187,594 | (1,971,112,774 | ) | 363,526,290 | ||||||||||||||||||||||||||||||||
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Investments in joint ventures and associates |
64,328 | 4 | — | — | 18,336 | — | — | 15,805,506 | (465,026,224 | ) | 465,845,414 | 16,707,364 | ||||||||||||||||||||||||||||||||
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Wells, pipelines, properties, plant and equipment, net |
945,945,889 | 286,423,735 | — | 18,956,882 | 119,647,553 | 5,713,998 | 19,008,822 | 6,739,231 | 34,073,216 | — | 1,436,509,326 | |||||||||||||||||||||||||||||||||
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Total assets |
2,058,036,405 | 857,196,306 | 179,807 | 26,220,748 | 191,895,993 | 8,923,456 | 23,142,045 | 186,808,899 | 2,111,740,735 | (3,332,142,280 | ) | 2,132,002,114 | ||||||||||||||||||||||||||||||||
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Total current liabilities |
284,656,058 | 459,130,165 | 531,580 | 2,201,936 | 44,521,371 | 6,455,246 | 2,183,654 | 112,046,527 | 1,439,097,882 | (1,961,697,234 | ) | 389,127,185 | ||||||||||||||||||||||||||||||||
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Long-term debt |
1,826,843,268 | 25,437,147 | — | 11,258,734 | 2,814,640 | — | — | 2,712,654 | 1,837,690,559 | (1,826,091,398 | ) | 1,880,665,604 | ||||||||||||||||||||||||||||||||
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Employee benefits |
372,032,958 | 588,573,518 | — | 333,212 | 1,842,892 | 98,361 | 105,033 | (966,238 | ) | 296,416,386 | — | 1,258,436,122 | ||||||||||||||||||||||||||||||||
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Total liabilities |
2,570,412,398 | 1,077,108,748 | 531,580 | 13,886,424 | 56,706,251 | 6,556,050 | 2,308,890 | 116,842,881 | 3,587,988,972 | (3,797,987,695 | ) | 3,634,354,499 | ||||||||||||||||||||||||||||||||
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Equity (deficit), net |
(512,375,993 | ) | (219,912,442 | ) | (351,773 | ) | 12,334,324 | 135,189,742 | 2,367,406 | 20,833,155 | 69,966,018 | (1,476,248,237 | ) | 465,845,415 | (1,502,352,385 | ) | ||||||||||||||||||||||||||||
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Depreciation and amortization |
127,742,568 | 17,935,112 | — | 2,368,123 | 4,562,140 | 422,930 | 1,688,493 | (19,798 | ) | 2,004,945 | — | 156,704,513 | ||||||||||||||||||||||||||||||||
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Net periodic cost of employee benefits |
32,794,386 | 52,538,989 | — | 39,697 | (4,954 | ) | (1,999 | ) | (12,561 | ) | 16,166 | 22,703,351 | — | 108,073,075 | ||||||||||||||||||||||||||||||
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Acquisition of wells, pipelines, properties, plant and equipment |
67,845,989 | 14,678,182 | — | 418,283 | 5,189,409 | 219,152 | 475,196 | 321,145 | 4,832,461 | — | 93,979,817 | |||||||||||||||||||||||||||||||||
| (1) | Certain of the assets of Pemex Cogeneration and Services have been transferred to Pemex Industrial Transformation. |
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As of/for the year ended December 31, 2016 |
Exploration and Production |
Industrial Transformation |
Cogeneration and Services |
Drilling and Services |
Logistics | Fertilizers | Ethylene | Trading Companies |
Corporate and Other Operating Subsidiary Companies |
Intersegment eliminations |
Total | |||||||||||||||||||||||||||||||||
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Sales: |
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Trade |
Ps. | — | Ps. | 648,088,013 | Ps. | — | Ps. | — | Ps. | — | Ps. | 3,873,403 | Ps. | 15,392,552 | Ps. | 395,118,117 | Ps. | 2,646,505 | Ps. | — | Ps. | 1,065,118,590 | ||||||||||||||||||||||
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Intersegment |
616,380,615 | 117,096,378 | 51,913 | 1,981,754 | 68,316,958 | 900,464 | 1,764,438 | 405,293,283 | 50,683,175 | (1,262,468,978 | ) | — | ||||||||||||||||||||||||||||||||
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Services income |
— | 5,565,604 | 132,521 | 70,112 | 2,813,887 | 1,908 | 60,141 | 236,230 | 473,415 | (379,176 | ) | 8,974,642 | ||||||||||||||||||||||||||||||||
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(Reversal) impairment of wells pipelines, properties, plant and equipment, net |
(271,709,433 | ) | (52,498,881 | ) | — | — | (5,829,520 | ) | — | (1,276,509 | ) | — | — | — | (331,314,343 | ) | ||||||||||||||||||||||||||||
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Cost of sales |
359,064,884 | 823,763,927 | 166,721 | 143,956 | 61,248,584 | 5,506,198 | 13,936,213 | 783,691,245 | 7,260,043 | (1,188,959,550 | ) | 865,822,221 | ||||||||||||||||||||||||||||||||
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Gross income (loss) |
529,025,164 | (515,051 | ) | 17,713 | 1,907,910 | 15,711,781 | (730,423 | ) | 4,557,427 | 16,956,385 | 46,543,052 | (73,888,604 | ) | 539,585,354 | ||||||||||||||||||||||||||||||
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Other revenues (expenses), net |
27,346,794 | 19,964,654 | — | 591,704 | (27,189,969 | ) | 32,710 | 63,989 | 3,412,711 | (906,183 | ) | (666,804 | ) | 22,649,606 | ||||||||||||||||||||||||||||||
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Distribution, transportation and sales expenses |
— | 50,792,317 | 8,232 | 6 | 148,215 | 185,168 | 481,727 | 229,432 | 49,162 | (26,663,019 | ) | 25,231,240 | ||||||||||||||||||||||||||||||||
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Administrative expenses |
54,509,047 | 34,183,846 | 32,126 | 983,560 | 7,175,451 | 731,479 | 2,101,834 | 1,157,182 | 60,497,232 | (48,718,224 | ) | 112,653,533 | ||||||||||||||||||||||||||||||||
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Operating income (loss) |
501,862,911 | (65,526,560 | ) | (22,645 | ) | 1,516,048 | (18,801,854 | ) | (1,614,360 | ) | 2,037,855 | 18,982,482 | (14,909,525 | ) | 825,835 | 424,350,187 | ||||||||||||||||||||||||||||
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Financing income |
56,040,129 | 11,056,345 | — | 72,995 | 373,301 | 4,358 | 64,582 | 1,098,079 | 125,964,466 | (180,925,000 | ) | 13,749,255 | ||||||||||||||||||||||||||||||||
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Financing cost |
(109,946,363 | ) | (3,188,892 | ) | (12,055 | ) | (642,711 | ) | (481,741 | ) | (20,217 | ) | (2,980 | ) | (1,342,351 | ) | (163,400,779 | ) | 180,193,625 | (98,844,464 | ) | |||||||||||||||||||||||
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Derivative financial instruments (cost) income, net |
— | 3,172 | — | — | — | — | — | (1,951,959 | ) | (12,052,200 | ) | — | (14,000,987 | ) | ||||||||||||||||||||||||||||||
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Foreign exchange (loss) income, net |
(217,166,718 | ) | (12,858,875 | ) | — | (1,570,317 | ) | (1,118,537 | ) | (29,263 | ) | (2,843 | ) | 174,866 | (21,441,056 | ) | — | (254,012,743 | ) | |||||||||||||||||||||||||
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Profit (loss) sharing in joint ventures and associates |
(21,164 | ) | 649,520 | — | — | — | — | — | 1,586,503 | (117,426,818 | ) | 117,347,804 | 2,135,845 | |||||||||||||||||||||||||||||||
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Taxes, duties and other |
276,647,448 | — | — | (481,581 | ) | (10,010,686 | ) | — | — | 7,380,870 | (9,014,616 | ) | — | 264,521,435 | ||||||||||||||||||||||||||||||
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Net (loss) income |
(45,878,653 | ) | (69,865,290 | ) | (34,700 | ) | (142,404 | ) | (10,018,145 | ) | (1,659,482 | ) | 2,096,614 | 11,166,750 | (194,251,296 | ) | 117,442,264 | (191,144,342 | ) | |||||||||||||||||||||||||
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Total current assets |
983,260,710 | 795,237,287 | 388,422 | 6,032,213 | 22,087,801 | 1,724,967 | 5,817,262 | 125,081,531 | 613,881,578 | (2,195,695,848 | ) | 357,815,923 | ||||||||||||||||||||||||||||||||
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Investments in joint ventures and associates |
139,523 | 257,159 | — | — | — | — | — | 17,568,893 | (247,349,711 | ) | 250,121,645 | 20,737,509 | ||||||||||||||||||||||||||||||||
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Wells, pipelines, properties, plant and equipment, net |
1,176,504,263 | 311,432,174 | — | 21,023,629 | 86,695,514 | 7,771,634 | 20,086,650 | 6,691,813 | 37,536,571 | — | 1,667,742,248 | |||||||||||||||||||||||||||||||||
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Total assets |
2,206,418,541 | 1,107,094,580 | 388,423 | 27,673,598 | 130,824,921 | 9,556,469 | 26,007,319 | 155,376,864 | 2,359,024,145 | (3,692,478,836 | ) | 2,329,886,024 | ||||||||||||||||||||||||||||||||
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Total current liabilities |
340,011,451 | 666,467,674 | 472,236 | 3,894,121 | 19,824,792 | 2,995,088 | 3,879,828 | 78,894,485 | 1,497,612,971 | (2,187,862,760 | ) | 426,189,886 | ||||||||||||||||||||||||||||||||
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Long-term debt |
1,737,109,328 | 31,495,027 | — | 12,489,423 | 4,382,109 | — | — | 3,597,938 | 1,757,315,685 | (1,739,384,968 | ) | 1,807,004,542 | ||||||||||||||||||||||||||||||||
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Employee benefits |
362,312,386 | 575,277,374 | 191,876 | 441,127 | 571,702 | 20,362 | 21,893 | (749,034 | ) | 282,321,750 | — | 1,220,409,436 | ||||||||||||||||||||||||||||||||
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Total liabilities |
2,533,221,665 | 1,278,138,290 | 664,829 | 16,853,202 | 29,336,417 | 3,015,450 | 3,901,722 | 86,885,889 | 3,553,477,189 | (3,942,600,482 | ) | 3,562,894,171 | ||||||||||||||||||||||||||||||||
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Equity (deficit), net |
(326,803,124 | ) | (171,043,710 | ) | (276,406 | ) | 10,820,396 | 101,488,504 | 6,541,019 | 22,105,597 | 68,490,975 | (1,194,453,044 | ) | 250,121,646 | (1,233,008,147 | ) | ||||||||||||||||||||||||||||
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Depreciation and amortization |
124,329,921 | 17,425,472 | — | 2,559,357 | 2,230,557 | 481,241 | 1,395,232 | 86,707 | 1,931,004 | — | 150,439,491 | |||||||||||||||||||||||||||||||||
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Net periodic cost of employee benefits |
32,617,215 | 52,886,397 | 5,860 | 31,491 | 30,340 | (1,178 | ) | 1,424 | (552,735 | ) | 24,719,602 | — | 109,738,416 | |||||||||||||||||||||||||||||||
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Acquisition of wells, pipelines, properties, plant and equipment |
70,418,370 | 32,254,531 | — | 2,053,139 | 26,344,495 | 889,420 | 1,724,690 | 1,019,484 | 21,031,214 | — | 155,735,343 | |||||||||||||||||||||||||||||||||
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As of/for the year ended December 31, 2015 |
Exploration and Production |
Industrial Transformation |
Cogeneration and Services |
Drilling and Services |
Logistics | Fertilizers | Ethylene | Trading Companies |
Corporate and Other Operating Subsidiary Companies |
Intersegment eliminations |
Total | |||||||||||||||||||||||||||||||||
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Sales: |
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Trade |
Ps. | — | Ps. | 740,190,020 | Ps. | — | Ps. | — | Ps. | — | Ps. | 1,494,478 | Ps. | 4,551,413 | Ps. | 407,214,446 | Ps. | — | Ps. | — | Ps. | 1,153,450,357 | ||||||||||||||||||||||
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Intersegment |
690,642,133 | 126,294,195 | — | 1,511,970 | 598,853 | 209,970 | 473,990 | 353,137,149 | 18,296,515 | (1,191,164,775 | ) | — | ||||||||||||||||||||||||||||||||
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Services income |
— | 7,549,061 | — | — | 10,355,988 | 236 | 17,893 | 661,683 | 505,032 | (10,779,858 | ) | 8,310,035 | ||||||||||||||||||||||||||||||||
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Impairment of wells, pipelines, properties, plant and equipment |
394,396,580 | 76,442,079 | — | — | 5,829,519 | — | 1,276,512 | — | — | — | 477,944,690 | |||||||||||||||||||||||||||||||||
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Benefit from change in pension plan |
(46,368,308 | ) | (45,808,781 | ) | — | — | — | — | — | — | — | — | (92,177,089 | ) | ||||||||||||||||||||||||||||||
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Cost of sales |
427,158,621 | 876,531,944 | 2,793 | 706,896 | 10,727,462 | 1,707,548 | 4,965,414 | 749,655,199 | 2,791,350 | (1,182,282,621 | ) | 891,964,606 | ||||||||||||||||||||||||||||||||
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Gross income (loss) |
(84,544,760 | ) | (33,131,966 | ) | (2,793 | ) | 805,074 | (5,602,140 | ) | (2,864 | ) | (1,198,630 | ) | 11,358,079 | 16,010,197 | (19,662,012 | ) | (115,971,815 | ) | |||||||||||||||||||||||||
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Other revenues (expenses), net |
(7,957,202 | ) | 1,243,040 | — | 38 | 26,941 | 14,680 | 19,909 | 1,666,783 | 2,219,539 | 1,890,785 | (875,487 | ) | |||||||||||||||||||||||||||||||
|
Distribution, transportation and sales expenses |
— | 35,292,527 | 1,448 | — | 3,009 | 4,416 | 62,071 | 428,613 | 254 | (6,863,699 | ) | 28,928,639 | ||||||||||||||||||||||||||||||||
|
Administrative expenses |
18,454,281 | 40,529,587 | 47,670 | 8,553 | 104,794 | 152,404 | 519,351 | 1,967,581 | 61,609,813 | (10,921,939 | ) | 112,472,095 | ||||||||||||||||||||||||||||||||
|
Benefit from change in pension plan |
(17,853,725 | ) | (39,975,450 | ) | — | — | — | — | — | — | (46,031,780 | ) | — | (103,860,955 | ) | |||||||||||||||||||||||||||||
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Operating income (loss) |
(93,102,518 | ) | (67,735,590 | ) | (51,911 | ) | 796,559 | (5,683,002 | ) | (145,004 | ) | (1,760,143 | ) | 10,628,668 | 2,651,449 | 14,411 | (154,387,081 | ) | ||||||||||||||||||||||||||
|
Financing income |
25,852,078 | 2,789,535 | — | 43,690 | 37 | 3,503 | 7,728 | 1,147,870 | 110,816,691 | (125,670,273 | ) | 14,990,859 | ||||||||||||||||||||||||||||||||
|
Financing cost |
(90,822,360 | ) | (13,738,104 | ) | 2,110 | (95,280 | ) | (61,153 | ) | — | — | (1,299,580 | ) | (87,289,616 | ) | 125,530,390 | (67,773,593 | ) | ||||||||||||||||||||||||||
|
Derivative financial instruments (cost) income, net |
— | 6,463 | — | — | — | — | — | 1,347,323 | (22,803,663 | ) | — | (21,449,877 | ) | |||||||||||||||||||||||||||||||
|
Foreign exchange (loss), net |
(132,165,427 | ) | (7,364,486 | ) | (7,509 | ) | (92,046 | ) | (11,090 | ) | (3,600 | ) | (2,802 | ) | (49,190 | ) | (15,069,424 | ) | — | (154,765,574 | ) | |||||||||||||||||||||||
|
(Loss) profit sharing in joint ventures and associates |
(473,082 | ) | 671,868 | — | — | — | — | — | 2,056,259 | (749,900,890 | ) | 749,963,960 | 2,318,115 | |||||||||||||||||||||||||||||||
|
Taxes, duties and other |
376,682,705 | 1,839,021 | — | 197,491 | (2,069,848 | ) | — | — | 5,134,176 | (50,283,298 | ) | — | 331,500,247 | |||||||||||||||||||||||||||||||
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Net (loss) income |
(667,394,014 | ) | (87,209,335 | ) | (57,310 | ) | 455,432 | (3,685,360 | ) | (145,101 | ) | (1,755,217 | ) | 8,697,174 | (711,312,155 | ) | 749,838,488 | (712,567,398 | ) | |||||||||||||||||||||||||
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|
Total current assets |
709,252,019 | 313,801,630 | 655,239 | 2,171,717 | 49,162,929 | 1,594,643 | 4,988,511 | 73,116,155 | 275,582,816 | (1,163,125,162 | ) | 267,200,497 | ||||||||||||||||||||||||||||||||
|
Investments in joint ventures and associates |
919,654 | 6,687,977 | — | — | — | 8,500 | — | 11,845,489 | (242,233,405 | ) | 246,937,384 | 24,165,599 | ||||||||||||||||||||||||||||||||
|
Wells, pipelines, properties, plant and equipment, net |
966,144,619 | 246,463,069 | — | 22,647,454 | 58,078,603 | 7,405,969 | 18,480,684 | 3,045,704 | 22,217,529 | — | 1,344,483,631 | |||||||||||||||||||||||||||||||||
|
Total assets |
1,698,909,240 | 567,486,579 | 655,240 | 24,917,981 | 111,307,038 | 9,034,376 | 23,705,118 | 93,266,620 | 1,443,189,885 | (2,196,817,877 | ) | 1,775,654,200 | ||||||||||||||||||||||||||||||||
|
Total current liabilities |
278,507,394 | 104,569,842 | 469,524 | 1,981,652 | 14,698,159 | 1,486,468 | 4,534,980 | 34,749,438 | 1,157,183,570 | (1,154,773,306 | ) | 443,407,721 | ||||||||||||||||||||||||||||||||
|
Long-term debt |
1,252,239,594 | 16,707,005 | — | 12,031,849 | 4,850,905 | — | — | 3,607,840 | 1,285,676,066 | (1,274,240,092 | ) | 1,300,873,167 | ||||||||||||||||||||||||||||||||
|
Employee benefits |
379,150,943 | 609,492,623 | 61,171 | 417,817 | 368,036 | 12,533 | 3,611 | (59,581 | ) | 289,938,288 | — | 1,279,385,441 | ||||||||||||||||||||||||||||||||
|
Total liabilities |
1,985,557,185 | 735,280,560 | 530,696 | 14,431,318 | 19,917,100 | 1,499,001 | 4,538,591 | 41,420,792 | 2,747,910,113 | (2,443,755,258 | ) | 3,107,330,098 | ||||||||||||||||||||||||||||||||
|
Equity (deficit), net |
(286,647,945 | ) | (167,793,981 | ) | 124,544 | 10,486,663 | 91,389,938 | 7,535,375 | 19,166,527 | 51,845,828 | (1,304,720,228 | ) | 246,937,381 | (1,331,675,898 | ) | |||||||||||||||||||||||||||||
|
Depreciation and amortization |
144,567,149 | 20,916,796 | — | 612,741 | 337,364 | 158,505 | 442,504 | 84,493 | 831,698 | — | 167,951,250 | |||||||||||||||||||||||||||||||||
|
Net periodic cost of employee benefits |
23,608,485 | 21,392,600 | (298 | ) | — | (310 | ) | — | — | (119,819 | ) | 17,668,484 | — | 62,549,142 | ||||||||||||||||||||||||||||||
|
Acquisition of wells, pipelines, properties, plant and equipment |
184,786,051 | 68,935,841 | — | — | 1,544,224 | 320,762 | 1,882,108 | 677,314 | 6,711,511 | — | 264,857,811 | |||||||||||||||||||||||||||||||||
PEMEX’s management measures the performance of the segments based on operating income and net segment income before elimination of unrealized intersegment gain (loss), as well as by analyzing the impact of the results of each segment on the consolidated financial statements. For certain of the items in these consolidated financial statements to conform with the individual financial statements of the operating segments, they must be reconciled. The tables below present the financial information of PEMEX’s operating segments, before intersegment eliminations:
The following tables present accounting reconciliations between individual and consolidated information.
|
As of/for the year ended December 31, 2017 |
Exploration and Production |
Industrial Transformation |
Cogeneration and Services |
Drilling and Services |
Logistics | Fertilizers | Ethylene | Trading Companies |
Corporate and Other Operating Subsidiary Companies |
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Sales: |
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By segment |
Ps. 762,637,362 | 1,015,157,118 | 448,988 | 6,679,132 | 74,386,812 | 4,795,196 | 14,214,138 | 1,047,874,453 | 83,017,684 | |||||||||||||||||||||||||||
|
Less unrealized intersegment sales |
— | (1,223,752 | ) | — | (3,236,935 | ) | — | (26,886 | ) | — | (75,530 | ) | — | |||||||||||||||||||||||
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Total consolidated sales |
Ps. 762,637,362 | 1,013,933,366 | 448,988 | 3,442,197 | 74,386,812 | 4,768,310 | 14,214,138 | 1,047,798,923 | 83,017,684 | |||||||||||||||||||||||||||
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Operating income (loss): |
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By segment |
Ps. 194,814,292 | (59,989,652 | ) | (72,358 | ) | 882,692 | (61,696,313 | ) | (7,148,431 | ) | (4,698,838 | ) | 14,490,017 | (21,628,448 | ) | |||||||||||||||||||||
|
Less unrealized intersegment sales |
— | (1,223,752 | ) | — | (3,236,935 | ) | — | (26,886 | ) | — | (75,530 | ) | — | |||||||||||||||||||||||
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Less unrealized gain due to production cost valuation of inventory |
(496,329 | ) | (9,017,791 | ) | — | 2,932,663 | — | — | — | (246,594 | ) | — | ||||||||||||||||||||||||
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Less capitalized refined products |
(574,381 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
Less amortization of capitalized interest |
118,981 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Less depreciation and impairment of revaluated transferred assets |
— | — | — | 1,475,376 | 53,488,972 | 3,134,974 | 3,223,449 | — | — | |||||||||||||||||||||||||||
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Total consolidated operating income (loss) |
Ps. 193,862,563 | (70,231,195 | ) | (72,358 | ) | 2,053,796 | (8,207,341 | ) | (4,040,343 | ) | (1,475,389 | ) | 14,167,893 | (21,628,448 | ) | |||||||||||||||||||||
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Net income (loss): |
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By segment |
Ps. (150,388,699 | ) | (44,599,751 | ) | (358,862 | ) | 345,913 | (40,300,942 | ) | (8,616,130 | ) | (5,866,542 | ) | 5,200,268 | (292,266,613 | ) | ||||||||||||||||||||
|
Less unrealized intersegment sales |
— | (1,223,752 | ) | — | (3,236,935 | ) | — | (26,886 | ) | — | (75,530 | ) | — | |||||||||||||||||||||||
|
Less unrealized gain due to production cost valuation of inventory |
(496,329 | ) | (9,017,791 | ) | — | 2,932,663 | — | — | — | (246,594 | ) | — | ||||||||||||||||||||||||
|
Less capitalized refined products |
(574,381 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
Less equity method elimination |
303,044 | (945,369 | ) | 266,769 | — | 333 | 1,238,018 | 1,201,367 | 7,166,957 | — | ||||||||||||||||||||||||||
|
Less amortization of capitalized interest |
118,981 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Less depreciation and impairment of revaluated transferred assets, net of deferred taxes |
— | — | — | 1,223,919 | 39,466,660 | 3,134,974 | 3,223,449 | — | — | |||||||||||||||||||||||||||
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Total consolidated net (loss) income |
Ps. (151,037,384 | ) | (55,786,663 | ) | (92,093 | ) | 1,265,560 | (833,949 | ) | (4,270,024 | ) | (1,441,726 | ) | 12,045,101 | (292,266,613 | ) | ||||||||||||||||||||
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Assets: |
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By segment |
Ps. 2,084,553,745 | 912,770,881 | 179,807 | 28,256,876 | 276,537,764 | 17,689,305 | 35,498,783 | 195,538,239 | 2,111,740,735 | |||||||||||||||||||||||||||
|
Less unrealized intersegment sales |
858,094 | (5,389,977 | ) | — | — | 7,183 | — | (5,303 | ) | (408,059 | ) | — | ||||||||||||||||||||||||
|
Less unrealized gain due to production cost valuation of inventory |
(3,657,242 | ) | (42,379,229 | ) | — | — | — | (26,886 | ) | — | (7,163,664 | ) | — | |||||||||||||||||||||||
|
Less capitalized refined products |
(574,381 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
Less depreciation and impairment of revaluated transferred assets, net of deferred taxes |
(22,503,168 | ) | — | — | (2,036,128 | ) | (84,557,831 | ) | (2,165,068 | ) | (9,522,686 | ) | (424,849 | ) | — | |||||||||||||||||||||
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Less equity method for unrealized profits |
(759,624 | ) | (7,813,492 | ) | — | — | (91,123 | ) | (6,573,895 | ) | (2,828,749 | ) | (732,768 | ) | — | |||||||||||||||||||||
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Less amortization of capitalized interest |
118,981 | 8,123 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Total consolidated assets |
Ps. 2,058,036,405 | 857,196,306 | 179,807 | 26,220,748 | 191,895,993 | 8,923,456 | 23,142,045 | 186,808,899 | 2,111,740,735 | |||||||||||||||||||||||||||
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Liabilities: |
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By segment |
Ps. 2,570,412,398 | 1,081,528,677 | 531,580 | 13,186,297 | 56,706,251 | 6,556,050 | 2,308,890 | 116,648,398 | 3,587,988,972 | |||||||||||||||||||||||||||
|
Less unrealized intersegment sales |
— | (4,419,929 | ) | — | 700,127 | — | — | — | 194,483 | — | ||||||||||||||||||||||||||
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Total consolidated liabilities |
Ps. 2,570,412,398 | 1,077,108,748 | 531,580 | 13,886,424 | 56,706,251 | 6,556,050 | 2,308,890 | 116,842,881 | 3,587,988,972 | |||||||||||||||||||||||||||
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As of/for the year ended |
Exploration and Production |
Industrial Transformation |
Cogeneration and Services |
Drilling and Services |
Logistics | Fertilizers | Ethylene | Trading Companies |
Corporate and Other Operating Subsidiary Companies |
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Sales: |
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|
By segment |
Ps. 616,380,615 | 771,597,427 | 184,434 | 6,263,093 | 71,130,845 | 4,775,775 | 17,217,131 | 800,979,076 | 53,803,095 | |||||||||||||||||||||||||||
|
Less unrealized intersegment sales |
— | (847,432 | ) | — | (4,211,227 | ) | — | — | — | (331,446 | ) | — | ||||||||||||||||||||||||
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Total consolidated sales |
Ps. 616,380,615 | 770,749,995 | 184,434 | 2,051,866 | 71,130,845 | 4,775,775 | 17,217,131 | 800,647,630 | 53,803,095 | |||||||||||||||||||||||||||
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Operating income (loss): |
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|
By segment |
Ps. 503,679,153 | (60,347,367 | ) | (22,645 | ) | 1,271,202 | (25,701,065 | ) | (2,877,725 | ) | (3,504,812 | ) | 19,526,997 | (14,909,525 | ) | |||||||||||||||||||||
|
Less unrealized intersegment sales |
— | (847,432 | ) | — | (4,211,227 | ) | — | — | — | (331,446 | ) | — | ||||||||||||||||||||||||
|
Less unrealized gain due to production cost valuation of inventory |
(273,237 | ) | 3,572,498 | — | 3,815,371 | — | 905,910 | (2,163 | ) | (213,069 | ) | — | ||||||||||||||||||||||||
|
Less capitalized refined products |
(1,661,986 | ) | (7,904,259 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
|
Less amortization of capitalized interest |
118,981 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Less depreciation and impairment of revaluated assets |
— | — | — | 640,702 | 6,899,211 | 357,455 | 5,544,830 | — | — | |||||||||||||||||||||||||||
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Total consolidated operating income (loss) |
Ps. 501,862,911 | (65,526,560 | ) | (22,645 | ) | 1,516,048 | (18,801,854 | ) | (1,614,360 | ) | 2,037,855 | 18,982,482 | (14,909,525 | ) | ||||||||||||||||||||||
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Net income (loss): |
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By segment |
Ps. (44,069,001 | ) | (61,639,067 | ) | (381,214 | ) | (387,250 | ) | (16,917,356 | ) | (7,820,835 | ) | (3,780,706 | ) | 11,711,265 | (194,251,296 | ) | |||||||||||||||||||
|
Less unrealized intersegment sales |
— | (847,432 | ) | — | (4,211,227 | ) | — | — | — | (331,446 | ) | — | ||||||||||||||||||||||||
|
Less unrealized gain due to production cost valuation of inventory |
(273,237 | ) | 3,572,498 | — | 3,815,371 | — | 905,910 | (2,163 | ) | (213,069 | ) | — | ||||||||||||||||||||||||
|
Less capitalized refined products |
(1,661,986 | ) | (7,904,259 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
|
Less equity method elimination |
6,590 | (3,047,030 | ) | 346,514 | — | — | 4,897,988 | 334,653 | — | — | ||||||||||||||||||||||||||
|
Less amortization of capitalized interest |
118,981 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Less depreciation of revaluated assets |
— | — | — | 640,702 | 6,899,211 | 357,455 | 5,544,830 | — | — | |||||||||||||||||||||||||||
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Total consolidated net (loss) income |
Ps. (45,878,653) | (69,865,290 | ) | (34,700 | ) | (142,404 | ) | (10,018,145 | ) | (1,659,482 | ) | 2,096,614 | 11,166,750 | (194,251,296 | ) | |||||||||||||||||||||
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Assets: By segment |
Ps.2,232,052,453 | 1,151,907,566 | 425,141 | 30,990,147 | 254,615,026 | 10,421,225 | 43,067,636 | 170,782,928 | 2,359,024,145 | |||||||||||||||||||||||||||
|
Less unrealized intersegment sales |
483,230 | (4,158,101 | ) | — | — | — | — | (5,304 | ) | (332,529 | ) | — | ||||||||||||||||||||||||
|
Less unrealized gain due to production cost valuation of inventory |
(3,246,782 | ) | (33,361,438 | ) | — | — | — | — | — | (5,688,341 | ) | — | ||||||||||||||||||||||||
|
Less capitalized refined products |
(1,661,986 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
Less depreciation of revalued assets |
(20,585,300 | ) | — | — | (3,316,549 | ) | (123,790,105 | ) | (5,300,044 | ) | (12,746,136 | ) | (652 | ) | — | |||||||||||||||||||||
|
Less equity method for unrealized profits |
(742,055 | ) | (7,293,447 | ) | (36,718 | ) | — | — | 4,435,288 | (4,308,877 | ) | (8,960,344 | ) | — | ||||||||||||||||||||||
|
Less amortization of capitalized interest |
118,981 | — | — | — | — | — | — | (424,198 | ) | — | ||||||||||||||||||||||||||
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Total consolidated assets |
Ps.2,206,418,541 | 1,107,094,580 | 388,423 | 27,673,598 | 130,824,921 | 9,556,469 | 26,007,319 | 155,376,864 | 2,359,024,145 | |||||||||||||||||||||||||||
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Liabilities: |
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By segment |
Ps.2,533,221,665 | 1,282,558,220 | 664,829 | 16,457,347 | 29,336,417 | 3,015,450 | 3,901,722 | 85,392,123 | 3,553,477,189 | |||||||||||||||||||||||||||
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Less unrealized intersegment sales |
— | (4,419,930 | ) | — | 395,855 | — | — | — | 1,493,766 | — | ||||||||||||||||||||||||||
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Total consolidated liabilities |
Ps.2,533,221,665 | 1,278,138,290 | 664,829 | 16,853,202 | 29,336,417 | 3,015,450 | 3,901,722 | 86,885,889 | 3,553,477,189 | |||||||||||||||||||||||||||
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As of/for the year ended December 31, 2015 |
Exploration and Production |
Industrial Transformation |
Cogeneration and Services |
Drilling and Services |
Logistics | Fertilizers | Ethylene | Trading Companies |
Corporate and Other Operating Subsidiary Companies |
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Sales: |
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By segment |
Ps. | 690,642,133 | 874,630,488 | — | 1,511,970 | 10,954,841 | 1,704,684 | 5,048,600 | 761,213,475 | 18,801,547 | ||||||||||||||||||||||||||
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Less unrealized intersegment sales |
— | (597,212 | ) | — | — | — | — | (5,304 | ) | (200,197 | ) | — | ||||||||||||||||||||||||
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Total consolidated sales |
Ps. | 690,642,133 | 874,033,276 | — | 1,511,970 | 10,954,841 | 1,704,684 | 5,043,296 | 761,013,278 | 18,801,547 | ||||||||||||||||||||||||||
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Operating income (loss): |
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By segment |
Ps. | (89,473,302 | ) | (88,819,558 | ) | (51,911 | ) | 700,748 | (6,875,252 | ) | (262,145 | ) | (2,288,747 | ) | 10,334,138 | 2,651,449 | ||||||||||||||||||||
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Less unrealized intersegment sales |
— | (597,212 | ) | — | — | — | — | (5,304 | ) | (200,197 | ) | — | ||||||||||||||||||||||||
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Less unrealized gain due to production cost valuation of inventory |
(251,995 | ) | 21,681,180 | — | — | — | — | 2,163 | 494,727 | — | ||||||||||||||||||||||||||
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Less capitalized refined products |
(3,496,201 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
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Less amortization of capitalized interest |
118,980 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Less depreciation and impairment of revaluated assets |
— | — | — | 95,811 | 1,192,250 | 117,141 | 531,745 | — | — | |||||||||||||||||||||||||||
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Total consolidated operating (loss) income |
Ps. | (93,102,518 | ) | (67,735,590 | ) | (51,911 | ) | 796,559 | (5,683,002 | ) | (145,004 | ) | (1,760,143 | ) | 10,628,668 | 2,651,449 | ||||||||||||||||||||
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Net income (loss): |
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By segment |
Ps. | (663,719,119 | ) | (107,164,261 | ) | (57,310 | ) | 359,621 | (4,877,610 | ) | (262,242 | ) | (2,314,774 | ) | 8,402,644 | (711,312,155 | ) | |||||||||||||||||||
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Less unrealized intersegment sales |
— | (597,212 | ) | — | — | — | — | (5,304 | ) | (200,197 | ) | — | ||||||||||||||||||||||||
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Less unrealized gain due to production cost valuation of inventory |
(251,995 | ) | 21,681,180 | — | — | — | — | 2,163 | 494,727 | — | ||||||||||||||||||||||||||
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Less capitalized refined products |
(3,496,201 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Less equity method elimination |
(45,679 | ) | (1,129,042 | ) | — | — | — | — | 30,953 | — | — | |||||||||||||||||||||||||
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Less amortization of capitalized interest |
118,980 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Less depreciation of revaluated assets |
— | — | — | 95,811 | 1,192,250 | 117,141 | 531,745 | — | — | |||||||||||||||||||||||||||
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Total consolidated net (loss) income |
Ps. | (667,394,014 | ) | (87,209,335 | ) | (57,310 | ) | 455,432 | (3,685,360 | ) | (145,101 | ) | (1,755,217 | ) | 8,697,174 | (711,312,155 | ) | |||||||||||||||||||
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Supplemental geographic information:
| For the years ended December 31, | ||||||||||||
| 2017 | 2016 | 2015 | ||||||||||
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Domestic sales |
Ps. | 877,360,038 | Ps. | 670,000,473 | Ps. | 746,235,912 | ||||||
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Export sales: |
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United States |
302,912,999 | 221,954,461 | 266,826,499 | |||||||||
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Canada, Central and South America |
13,943,080 | 14,058,897 | 11,027,813 | |||||||||
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Europe |
71,470,613 | 64,348,997 | 58,707,787 | |||||||||
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Other |
120,212,420 | 94,755,762 | 70,652,346 | |||||||||
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Total export sales |
508,539,112 | 395,118,117 | 407,214,445 | |||||||||
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Services income |
11,130,569 | 8,974,642 | 8,310,035 | |||||||||
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Total sales |
Ps. | 1,397,029,719 | Ps. | 1,074,093,232 | Ps. | 1,161,760,392 | ||||||
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PEMEX does not have significant long-lived assets outside of Mexico.
The following table shows income by product: