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(CA427) - Determination of considerations in kind of the production sharing contract RF-C032-2017-010

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Mexican Petroleum Fund
Determination of considerations in kind for production sharing contract RF-C032-2017-010 \1\2\3

Period Sep‑23 Oct‑23 Nov‑23 Dec‑23 Jan‑24 Feb‑24
a. Contractual Value of Hydrocarbons\4 Dollars 262,745,468 250,999,245 212,748,092 200,120,946 197,697,214 187,271,516
b. Additional revenues from infrastructure shared use\5 Dollars 0 0 0 0 0 0
Step 1. Cash equivalent considerations\6 c. Base Royalty\7 Dollars 24,984,389 22,578,657 17,403,956 15,168,953 15,651,668 15,453,598
d.Costs recovery \8 d.1. Costs reported Recognized d.1.1. Operational expenditure Dollars 12,491,662 10,233,297 2,607,737 13,156,042 27,598,305 6,099,075
d.1.2. Capital expenditure Dollars 62,242,968 13,330,087 3,493,609 38,736,306 130,002,282 5,696,996
Not recognized d.1.3. Operational expenditure Dollars 0 0 0 0 0 0
d.1.4. Capital expenditure Dollars 0 0 0 0 0 0
d.2. Remaining recognized costs at the end of the previous period \9 d.2.1. Operational expenditure Dollars 0 0 0 0 0 0
d.2.2. Capital expenditure Dollars 0 0 0 0 0 38,982,258
d.3. Total recognized costs\10 d.3.1. Operational expenditure (d.1.1+d.2.1) Dollars 12,491,662 10,233,297 2,607,737 13,156,042 27,598,305 6,099,075
d.3.2. Capital expenditure (d.1.2+d.2.2) Dollars 62,242,968 13,330,087 3,493,609 38,736,306 130,002,282 44,679,255
d.4. Costs recovery d.4.2. Limit of cost recovery ((a+b)*d.4.1)\11 Dollars 157,647,281 150,599,547 127,648,855 120,072,568 118,618,329 112,362,910
d.4.3. Operational expenditure min(d.4.2, d.3.1) Dollars 12,491,662 10,233,297 2,607,737 13,156,042 27,598,305 6,099,075
d.4.4. Capital expenditure min((d.4.2-d.4.3),d.3.2) Dollars 62,242,968 13,330,087 3,493,609 38,736,306 91,020,024 44,679,255
d.4.5. Total (d.4.3+d.4.4) Dollars 74,734,631 23,563,384 6,101,346 51,892,347 118,618,329 50,778,329
e. Operational Profit e.1.Total Operational Profit (a+b-c.2-d.4.5) Dollars 163,026,448 204,857,204 189,242,790 133,059,646 63,427,218 121,039,589
e.2. Has the Adjustment Mechanism been activated in this contract? (Yes=1, No=0) \12 1 1 1 1 1 1
e.3. Mexican State's Operational Profit \11 Dollars 132,109,337 166,901,779 155,153,539 109,680,048 52,467,914 99,711,316
e.4. Contractor's Operational Profit\12 Dollars 30,917,111 37,955,425 34,089,251 23,379,597 10,959,303 21,328,273
Step 2. Considerations as a percentage of the Contractual Value of Hydrocarbons with additional revenue\13 f. Granted to the Mexican State f.1. Base Royalty (c.2/(a+b)) Percentage 10 9 8 8 8 8
f.2. Operational Profit share (e.5/(a+b)) Percentage 50 66 73 55 27 53
f.3. Total\14 (f.1+f.2) Percentage 59 75 81 62 34 61
g. Granted to the contractor g.1. Cost recovery (d.4.5/(a+b)) Percentage 28 9 3 26 60 27
g.2. Operational Profit share (e.6/(a+b)) Percentage 12 16 16 12 6 11
g.3. Total\15 (g.1+g.2) Percentage 41 25 19 38 66 39
Step 3. Final distribution of hydrocarbons in-kind\16 h. Hydrocarbons that correspond to the Mexican State h.1. Oil Barrels 1,803,079 2,316,214 2,351,826 1,860,559 992,588 1,607,228
h.2. Condensates Barrels 8,718 11,451 14,939 9,877 5,920 7,508
h.3. Natural Gas Millions of BTU 591,223 765,386 825,729 717,007 388,518 523,913
i. Hydrocarbons that correspond to the contractor i.1. Oil Barrels 1,212,642 752,008 547,767 1,121,738 1,888,109 1,006,311
i.2. Condensates Barrels 5,863 3,718 3,479 5,955 11,261 4,701
i.3. Natural Gas Millions of BTU 397,621 248,499 192,323 432,288 739,043 328,031
Volumetric compensations \17 j. Granted to the Mexican State j.1. Oil Barrels 2,081,971 1,329,963 1,824,420 1,350,951 0 0
j.2. Condensates Barrels 7,492 4,864 8,547 6,218 0 0
j.3. Natural Gas Millions of BTU 574,456 384,615 562,223 393,121 0 0
k. Granted to the contractor k.1. Oil Barrels 0 0 0 0 537,158 1,080,814
k.2. Condensates Barrels 0 0 0 0 4,786 6,306
k.3. Natural Gas Millions of BTU 0 0 0 0 329,120 410,773

Source: FMP with information from contractors.
(N/E = data not available)
\1 Figures subject to review.
\2 The figures regarding costs may not match the table Investment Amounts reported by the contractor for the cost recovery of contract RF-C032-2017-010 because the ones presented herein involve the cost recognition process.
\3 For contracts awarded in the second bid of Round 1 that reported extraction trials of hydrocarbons, only steps 1 and 2 are presented. The detailed results of the calculation of considerations of said trials are available in the "Production sharing contracts" section of the FMP statistics webpage.
\4 This item is the result of multiplying the contractual volume by the contractual price of each hydrocarbon for a given period. Contractual volumes and prices can be found in the tables Volume of hydrocarbons produced, production sharing contract RF-C032-2017-010 (monthly flows) and Contractual price of hydrocarbons, production sharing contract RF-C032-2017-010 in the production-sharing contracts section of the portal herein .
\5 In accordance with Annex 3 of the contract, this refers to the revenues received by the contractor for the shared use of infrastructure or for the sale or disposal of by-products.
\6 The calculation of cash considerations is determined in accordance with the formulas described in Annex 3 of the contract. The cash calculation is used as an input to determine the in-kind considerations.
\7 This item refers to the consideration established in Article 12, Section I, Subsection b) of the Hydrocarbon Revenue Law (Ley de Ingresos sobre Hidrocarburos).
\8 This item refers to the consideration established in Article 12, Section I, Subsection a) of the Hydrocarbon Revenue Law (Ley de Ingresos sobre Hidrocarburos).
\9 It is the remaining balance of recognized investments, expenses, and costs after the cost recovery of the immediate previous month. For the case in which a contract is the result of a transition from the entitlement regime, it also includes the undepreciated and not deducted value of assets, in accordance with the applicable tax regime, as well as the value of investments in assets for exploration activities within the contractual area recognized at the time of the transition.
\10 It is the sum of the costs recognized in accordance with Annexes 3 and 4 of the contract.
\11 It is the result of multiplying the percentage of cost recovery by the sum of the contractual value of hydrocarbons plus the additional income referred to in Annex 3 of the contract.
\12 In accordance with Article 15 of the Hydrocarbon Revenue Law (Ley de Ingresos sobre Hidrocarburos) and the contract.
\13 Considerations as a percentage of the sum of the contractual value of hydrocarbons and additional income.
\14 It is the sum of the considerations to the State as a percentage of the contractual value of hydrocarbons and the additional income.
\15 It is the sum of the considerations to the contractor as a percentage of the contractual value of hydrocarbons and the additional income.
\16 The final distribution of hydrocarbons is the calculation of considerations that the Fund determines for each of the parties in accordance with the contract. It is the result of multiplying the percentage of the considerations to each of the parties by the contractual volume of each hydrocarbon. The contractual volume of hydrocarbons can be found in the table Volume of hydrocarbons produced, production sharing contract RF-C032-2017-010 (monthly flows) in the Production-sharing contracts section.
\17 It is the in-kind reconciliation instructed by the Fund to settle the difference between the volume of hydrocarbons delivered at the measurement point and the volume determined as the final distribution for that period.