Shearman & Sterling represented Goldman, Sachs & Co., HSBC and Santander as joint bookrunning managers and representatives of the managers in connection with a 144A/Regulation S offering of $1.5 billion aggregate principal amount of 4.875% Notes due 2015 of Petróleos Mexicanos (“Pemex”) guaranteed by its wholly owned subsidiaries Pemex-Exploración y Produción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica.

This offering is a takedown of a Medium-Term Notes program by Pemex, and the proceeds will be used to fund the company’s investment program or redeem outstanding debt. Pemex, Mexico’s state-owned vertically integrated oil company, is the largest enterprise in Mexico and Latin America.

The following Shearman & Sterling attorneys advised the initial purchasers on this deal: partner Stuart Fleischmann (New York-Capital Markets) and associates Alejandro Gordano (New York-Capital Markets), Felipe Camara (New York-Capital Markets), Rocio Balestra (New York-Capital Markets), Matias Langevin (New York-Capital Markets), and Matthew Tsiaras (Washington, D.C.-Tax).