{"url_path":"/sec/cik-0000932782/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits","topic":"sec","document":{"doc_type":"20-F/A","doc_date":"2026-07-13","source_url":"https://www.sec.gov/Archives/edgar/data/932782/0000932782-26-000014-index.html","accession_number":"0000932782-26-000014","cik":"0000932782","ticker":null,"issuer_name":"MEXICAN PETROLEUM","edgar_url":"https://www.sec.gov/Archives/edgar/data/932782/0000932782-26-000014-index.html","primary_entity_key":"0000932782","primary_entity_name":"MEXICAN PETROLEUM"},"word_count":1718,"has_tables":true,"body_markdown":"Item 19.    Exhibits\n\nDocuments filed as exhibits to this Form 20-F/A:\n\n12.1\n[CEO Certification pursuant to Rule 13a-14(a)/15d-14(a).](exhibits121.htm)\n\n12.2\n[CFO Certification pursuant to Rule 13a-14(a)/15d-14(a).](exhibits122.htm)\n\n1\n\nSIGNATURE\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\nPETRÓLEOS MEXICANOS\n\nBy:/s/ Elizabeth Gonzalez Garduño\n\nName:    Elizabeth Gonzalez Garduño\n\nTitle:       Chief Financial Officer\n\nDate: July 13, 2026\n\nTable of Contents\n\nReport of Independent Registered Public\n\nAccounting Firm\n\nTo the Board of Directors of\n\nPetróleos Mexicanos, State-Owned Public Company and Subsidiary Companies\n\nOpinion on the Consolidated Financial Statements\n\nWe have audited the accompanying consolidated statements of financial position of Petróleos Mexicanos, State‐Owned Public Company and Subsidiary Companies (PEMEX) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity (deficit), and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of PEMEX as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.\n\nGoing Concern\n\nThe accompanying consolidated financial statements have been prepared assuming that PEMEX will continue as a going concern. As discussed in Note 22 F to the consolidated financial statements, PEMEX has suffered recurring losses from operations and has a net equity deficiency. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 22 F. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\nBasis for Opinion\n\nThese consolidated financial statements are the responsibility of PEMEX’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to PEMEX in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. PEMEX is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n(Continued)\n\nF-1\n\nTable of Contents\n\nOur audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\nImpairment of certain exploration and extraction and industrial processes and energy transformation cash generating units. (in thousands of Mexican pesos)\n\nAs discussed in notes 3 H and 12 to the consolidated financial statements, PEMEX recognized a net reversal of impairment of Ps. 14,950,790 in certain of the exploration and extraction and industrial processes and energy transformation (“upstream”) cash generating units (CGUs) for the year ended December 31, 2025. At the end of each reporting period PEMEX assesses each of its CGUs for indicators of impairment and also assesses whether there is an indication that previously recognized impairment losses, except those related to goodwill, have reversed. When there is an indication of impairment and the carrying amount of a CGU exceeds its recoverable amount, PEMEX records an impairment charge in profit or loss. Impairment losses are reversed in subsequent periods if there is an indication that the impairment loss no longer exists or may have decreased and there has been an increase in the recoverable amount since the recognition of the impairment expense. The recoverable amount of a CGU is defined as the higher of its fair value minus the cost of disposal, and its value in use. The value in use is the present value of the estimated future net cash flows expected to arise from the continuing use of a CGU and from its disposal at the end of its useful life; discounted by applying a pre-tax discount rate. For the upstream CGUs, the recoverable amount was determined as the value in use and required the use of a number of assumptions, including the forecasted production of oil and gas proved and probable reserves, estimate of future operating and development costs for the exploration and production CGUs and the discount rate for all upstream CGUs.\n\nWe identified the assessment of certain assumptions used to determine the recoverable amount of the upstream CGUs as a critical audit matter. The estimation of the recoverable amount of these CGUs requires the use of subjective, significant assumptions in relation to the forecasted production of oil and gas proved and probable reserves, the future operating and development costs for the exploration and extraction CGUs and the discount rate for both the exploration and extraction and industrial processes and energy transformation CGUs. It required a high degree of subjective auditor judgment to evaluate these significant, judgmental assumptions.\n\nThe following are the primary procedures we performed to address this critical audit matter. We evaluated the design of certain internal controls related to the impairment assessment process, including controls related to the forecasted production of oil and gas proved and probable reserves, estimate of future operating and development costs and the discount rate. We evaluated the competence, capabilities and objectivity of PEMEX’s internal petroleum reservoir engineers, who forecast the production of oil and gas proved and probable reserves. We compared the future production quantities forecast by PEMEX’s internal petroleum reservoir engineers to the production used in the estimate of future net\n\n(Continued)\n\nF-2\n\nTable of Contents\n\ncash flows. We developed our independent correlation calculations based on PEMEX’s historical data and compared to PEMEX’s correlation factors. We compared the future production costs and expenses used in the estimate of future net cash flows to historical data. In addition, we involved a valuation professional with specialized skills and knowledge, who assisted in evaluating PEMEX’s discount rate, by comparing it against a discount rate range that was independently developed using publicly available market data for comparable entities.\n\nThe impact of estimated proved oil and gas reserves on depreciation and amortization expenses related to producing oil and gas properties. (in thousands of Mexican pesos)\n\nAs discussed in notes 3 E iii and 12 to the consolidated financial statements, PEMEX reported depreciation and amortization expenses related to producing oil and gas properties of Ps. 153,518,664 for the year ended December 31, 2025. PEMEX calculates depreciation and amortization expenses related to producing oil and gas properties using the unit of production method. Under this method, the capitalized costs of producing oil and gas properties, along with support equipment and facilities, are depreciated or amortized to profit or loss in proportion to the production of the proved oil and gas reserves. On an annual basis PEMEX’s internal petroleum reservoir engineers use geological and engineering data as well as commercial and market information and estimates of development and production costs to estimate the proved oil and gas reserves. PEMEX engages external petroleum reservoir engineering specialists to evaluate these estimates. We identified the impact of estimated proved oil and gas reserves on the depreciation and amortization expenses related to producing oil and gas properties as a critical audit matter. Complex auditor judgement was required to evaluate PEMEX’s estimate of proved oil and gas reserves, which is the most significant judgmental input to the depreciation and amortization expenses calculation. The process for evaluating the proved oil and gas reserves is complex, involves a number of subjective assumptions and requires specialized skills and knowledge. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design of certain internal controls related to the determination of the estimate of proved oil and gas reserves, including controls related to the forecasted production of proved oil and gas reserves. We assessed the methodology used by PEMEX’s internal petroleum reservoir engineers to estimate proved oil and gas reserves. We evaluated the professional qualifications and the knowledge, skills and ability of PEMEX’s internal petroleum reservoir engineers and the external petroleum reservoir engineering specialists engaged by PEMEX. We obtained the proved oil and gas reserves reports from the external petroleum reservoir engineering specialists and compared the information with that used by the internal petroleum reservoir engineers. We read the findings of the external petroleum reservoir engineering specialist’s review of the methods and procedures used by PEMEX in estimating the proved reserves to assess compliance with industry and regulatory standards.\n\n/s/ KPMG Cárdenas Dosal, S.C.\n\nWe have served as PEMEX’s auditor since 2018.\n\nMexico City, México\n\nApril 30, 2026\n\nF-3"}