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(CA729) - Determination of the considerations in kind for production sharing contract RF-C004-2016-001

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Mexican Petroleum Fund
Determination of considerations in kind for production sharing contract RF-C004-2016-001 \1\2\3

Period Sep‑23 Oct‑23 Nov‑23 Dec‑23 Jan‑24 Feb‑24
a. Contractual Value of Hydrocarbons\4 Dollars 36,244,819 32,708,451 29,923,638 27,065,323 27,729,624 25,400,760
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 3,335,445 2,904,003 2,448,439 2,074,850 2,205,904 2,071,447
d.Costs recovery \8 d.1. Costs reported Recognized d.1.1. Operational expenditure Dollars 30,823,677 23,688,439 24,304,980 21,204,753 35,854,901 14,848,838
d.1.2. Capital expenditure Dollars 78,816 0 0 85,132 0 0
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 669,948,927 679,025,713 683,089,081 689,439,878 694,405,437 713,622,564
d.2.2. Capital expenditure Dollars 211,604,927 211,683,743 211,683,743 211,683,743 211,768,875 211,768,875
d.3. Total recognized costs\10 d.3.1. Operational expenditure (d.1.1+d.2.1) Dollars 700,772,604 702,714,152 707,394,061 710,644,631 730,260,339 728,471,402
d.3.2. Capital expenditure (d.1.2+d.2.2) Dollars 211,683,743 211,683,743 211,683,743 211,768,875 211,768,875 211,768,875
d.4. Costs recovery d.4.2. Limit of cost recovery ((a+b)*d.4.1)\11 Dollars 21,746,891 19,625,071 17,954,182 16,239,194 16,637,774 15,240,456
d.4.3. Operational expenditure min(d.4.2, d.3.1) Dollars 21,746,891 19,625,071 17,954,182 16,239,194 16,637,774 15,240,456
d.4.4. Capital expenditure min((d.4.2-d.4.3),d.3.2) Dollars 0 0 0 0 0 0
d.4.5. Total (d.4.3+d.4.4) Dollars 21,746,891 19,625,071 17,954,182 16,239,194 16,637,774 15,240,456
e. Operational Profit e.1.Total Operational Profit (a+b-c.2-d.4.5) Dollars 11,162,482 10,179,377 9,521,016 8,751,279 8,885,946 8,088,857
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 8,260,237 7,532,739 7,045,552 6,475,946 6,575,600 5,985,754
e.4. Contractor's Operational Profit\12 Dollars 2,902,245 2,646,638 2,475,464 2,275,333 2,310,346 2,103,103
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 9 9 8 8 8 8
f.2. Operational Profit share (e.5/(a+b)) Percentage 23 23 24 24 24 24
f.3. Total\14 (f.1+f.2) Percentage 32 32 32 32 32 32
g. Granted to the contractor g.1. Cost recovery (d.4.5/(a+b)) Percentage 60 60 60 60 60 60
g.2. Operational Profit share (e.6/(a+b)) Percentage 8 8 8 8 8 8
g.3. Total\15 (g.1+g.2) Percentage 68 68 68 68 68 68
Step 3. Final distribution of hydrocarbons in-kind\16 h. Hydrocarbons that correspond to the Mexican State h.1. Oil Barrels 126,509 118,617 116,421 113,939 115,685 103,106
h.2. Condensates Barrels 1,706 1,658 2,662 1,789 1,899 1,384
h.3. Natural Gas Millions of BTU 275,292 248,681 237,432 232,199 232,187 208,105
i. Hydrocarbons that correspond to the contractor i.1. Oil Barrels 268,923 253,125 250,519 246,706 249,618 221,942
i.2. Condensates Barrels 3,626 3,539 5,729 3,873 4,099 2,980
i.3. Natural Gas Millions of BTU 585,191 530,679 510,922 502,767 500,999 447,956
Volumetric compensations \17 j. Granted to the Mexican State j.1. Oil Barrels 1,388 242 0 0 0 396
j.2. Condensates Barrels 19 3 0 0 0 5
j.3. Natural Gas Millions of BTU 3,030 509 0 0 0 801
k. Granted to the contractor k.1. Oil Barrels 0 0 938 1,054 113 0
k.2. Condensates Barrels 0 0 22 16 2 0
k.3. Natural Gas Millions of BTU 0 0 1,918 2,145 229 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-C004-2016-001 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-C004-2016-001 (monthly flows) and Contractual price of hydrocarbons, production sharing contract RF-C004-2016-001 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-C004-2016-001 (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.