State-owned oil giant Petroleos Mexicanos, or Pemex, said Monday it had paid nearly $5.05 billion to suppliers and contractors but still owed about $3 billion more.

"In the consolidated year-end 2015 financial statements, Pemex's total debt to suppliers and contractors rose to 147 billion pesos (about $8.08 billion)," the company said in a statement.

A series of payments totaling 92 billion pesos ($5.05 billion) have been made, bringing the remaining payments backlog to 55 billion pesos ($3.02 billion), Pemex said.

The state-owned company said it had "the necessary solvency to cover the obligations taken on in 2015 over the next few months."

Pemex, whose balance sheet has been shredded by the collapse of oil prices on the world market, has been cutting costs to shore up its finances.