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(CA542) - Determination of the considerations in kind for production sharing contract RF-C050-2018-002

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Mexican Petroleum Fund
Determination of considerations in kind for production sharing contract RF-C050-2018-002 \1\2\3

Period Sep‑23 Oct‑23 Nov‑23 Dec‑23 Jan‑24 Feb‑24
a. Contractual Value of Hydrocarbons\4 Dollars 6,595,738 3,686,194 6,442,186 7,113,382 3,909,987 5,031,295
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 2,632 58,578 3,671 2,252 60,642 32,902
d.Costs recovery \8 d.1. Costs reported Recognized d.1.1. Operational expenditure Dollars 2,340,213 1,830,882 3,371,589 1,529,601 2,169,052 1,617,742
d.1.2. Capital expenditure Dollars 260,394 1,313,653 2,410,616 3,089,475 2,088,460 891,637
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 0 195,580 824,037 0 1,129,522
d.3. Total recognized costs\10 d.3.1. Operational expenditure (d.1.1+d.2.1) Dollars 2,340,213 1,830,882 3,371,589 1,529,601 2,169,052 1,617,742
d.3.2. Capital expenditure (d.1.2+d.2.2) Dollars 260,394 1,313,653 2,606,196 3,913,511 2,088,460 2,021,159
d.4. Costs recovery d.4.2. Limit of cost recovery ((a+b)*d.4.1)\11 Dollars 5,276,590 2,948,955 5,153,749 5,690,705 3,127,989 4,025,036
d.4.3. Operational expenditure min(d.4.2, d.3.1) Dollars 2,340,213 1,830,882 3,371,589 1,529,601 2,169,052 1,617,742
d.4.4. Capital expenditure min((d.4.2-d.4.3),d.3.2) Dollars 260,394 1,118,073 1,782,159 3,913,511 958,938 2,021,159
d.4.5. Total (d.4.3+d.4.4) Dollars 2,600,607 2,948,955 5,153,749 5,443,112 3,127,989 3,638,902
e. Operational Profit e.1.Total Operational Profit (a+b-c.2-d.4.5) Dollars 3,992,498 678,660 1,284,766 1,668,018 721,355 1,359,491
e.2. Has the Adjustment Mechanism been activated in this contract? (Yes=1, No=0) \12 0 0 0 0 0 0
e.3. Mexican State's Operational Profit \11 Dollars 1,397,374 237,531 449,668 583,806 252,474 475,822
e.4. Contractor's Operational Profit\12 Dollars 2,595,124 441,129 835,098 1,084,212 468,881 883,669
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 0 2 0 0 2 1
f.2. Operational Profit share (e.5/(a+b)) Percentage 21 6 7 8 6 9
f.3. Total\14 (f.1+f.2) Percentage 21 8 7 8 8 10
g. Granted to the contractor g.1. Cost recovery (d.4.5/(a+b)) Percentage 39 80 80 77 80 72
g.2. Operational Profit share (e.6/(a+b)) Percentage 39 12 13 15 12 18
g.3. Total\15 (g.1+g.2) Percentage 79 92 93 92 92 90
Step 3. Final distribution of hydrocarbons in-kind\16 h. Hydrocarbons that correspond to the Mexican State h.1. Oil Barrels 0 0 0 0 0 0
h.2. Condensates Barrels 3,827 1,538 1,600 1,237 1,376 1,667
h.3. Natural Gas Millions of BTU 458,784 174,341 159,492 190,659 188,426 216,943
i. Hydrocarbons that correspond to the contractor i.1. Oil Barrels 0 0 0 0 0 0
i.2. Condensates Barrels 14,201 17,603 21,133 13,775 15,809 14,819
i.3. Natural Gas Millions of BTU 1,702,651 1,995,995 2,106,970 2,123,493 2,164,507 1,928,626
Volumetric compensations \17 j. Granted to the Mexican State j.1. Oil Barrels 0 0 0 0 0 0
j.2. Condensates Barrels 0 0 0 0 0 0
j.3. Natural Gas Millions of BTU 187,215 0 0 0 0 72,772
k. Granted to the contractor k.1. Oil Barrels 0 0 0 0 0 0
k.2. Condensates Barrels 12,925 13,724 15,009 14,395 13,710 12,850
k.3. Natural Gas Millions of BTU 0 234,916 508,690 318,031 129,605 0

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-C050-2018-002 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-C050-2018-002 (monthly flows) and Contractual price of hydrocarbons, production sharing contract RF-C050-2018-002 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-C050-2018-002 (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.