MEXICO CITY, Mexico—Mexico’s state-owned Petróleos Mexicanos (Pemex) is aiming to reduce its total debt to around $99.4 billion this summer, the first time in 10 years that the company’s debt would be below the $100 billion mark.

Pemex’ debt was $101.5 billion at the end of first quarter 2024, according to financial statements on the Mexico City-based company’s website.

Mexico’s President Andrés Manuel López Obrador (AMLO) said debt reduction during his six-year term from 2019-2024 will amount to $32.9 billion. This figure is 24.9% lower than the $132.3 billion he inherited at the end of 2018, AMLO said July 19 during his daily press conference with the media.

Over the last three six-year presidential terms from 2007-2024, Pemex’s debt peaked at $136.6 billion in 2020 during the COVID-19 pandemic, comparable to 2008’s low of $64.8 billion.

AMLO said efforts to reduce fuel stolen from Pemex not only allowed the company to fund construction of its new Olmeca refinery in Dos Bocas and the acquisition of the Deer Park refinery in Houston, but also reduce its debt.

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