Pemex Applies New Pricing Formulas for Maya Crude Oil

​Recent evolution in hydrocarbon production, changes in environmental regulations worldwide and other global aspects have created a heightened volatility in the components of the formula currently used to determine the price of Maya crude oil in some of the regions where this product is sold. Therefore, following an exhaustive assessment and market analysis, P.M.I. Comercio Internacional S.A. de C.V., an affiliate of Petróleos Mexicanos, established new Formulas for the Official Price of Maya Crude Oil in the regions of America, Europe, India and the Middle East, which will come into effec in December 2019.

For the America – Caribbean region, the new formula for Maya crude oil is:

P. MAYA = 0.65 WTI HOU + 0.35 ICE BRENT + K

For the region comprised by Europe, India and the Middle East, the new formula for Maya crude oil is:

P. MAYA = ICE BRENT + K

Where:

“P. MAYA” means the price of Maya crude oil per barrel in U.S. dollars;

“WTI HOU” is the arithmetical average of the high and low quotes of West Texas Intermediate Crude in Houston (WTI Houston month 1 – Houston close - Argus Media Code: PA0016058), as published by Argus Media, per barrel in U.S. dollars;

“ICE BRENT” is the closing quote of Brent Crude Futures for the first month, published by the Intercontinental Exchange (ICE ) per barrel in U.S. dollars;

“K” refers to the quality and market conditions adjustment for each region, in U.S. dollars per barrel.

The new formulas in the aforementioned regions will be aimed at achieving a greater stability to the value of Maya crude oil in the international market. With these changes, Petróleos Mexicanos continues to work towards obtaining competitive market prices for Maya crude oil.

Las menciones de Pemex pueden referirse a Petróleos Mexicanos o a cualquiera de sus Empresas Productivas Subsidiarias.