Geismar 3 (“G3”) Produces First Methanol and Methanex Reports Higher Second Quarter 2024 Earnings
Methanex (MEOH) reported Q2 2024 net income of $35 million ($0.52 per share) and Adjusted EBITDA of $164 million. The company's average realized price was $352 per tonne, up from $343 in Q1. Geismar 3 (G3) produced its first methanol in late July and is ramping up to full rates. Production was 1.4 million tonnes in Q2, down from 1.7 million in Q1 due to lower output in Chile and New Zealand. The company expects 2024 production to be approximately 7 million tonnes. Methanex returned $12.5 million to shareholders through dividends and ended Q2 with $426 million in cash.
Methanex (MEOH) ha riportato un reddito netto di $35 milioni ($0,52 per azione) per il secondo trimestre del 2024 e un EBITDA rettificato di $164 milioni. Il prezzo medio realizzato dall'azienda è stato di $352 per tonnellata, in aumento rispetto ai $343 del primo trimestre. Geismar 3 (G3) ha prodotto il suo primo metanolo a fine luglio e sta aumentando la produzione ai livelli massimi. La produzione è stata di 1,4 milioni di tonnellate nel secondo trimestre, in calo rispetto ai 1,7 milioni del primo trimestre a causa di una minore produzione in Cile e Nuova Zelanda. L'azienda prevede che nel 2024 la produzione sarà di circa 7 milioni di tonnellate. Methanex ha restituito $12,5 milioni agli azionisti tramite dividendi e ha chiuso il secondo trimestre con $426 milioni in contante.
Methanex (MEOH) reportó un ingreso neto de $35 millones ($0.52 por acción) en el segundo trimestre de 2024 y un EBITDA ajustado de $164 millones. El precio promedio realizado por la compañía fue de $352 por tonelada, un aumento desde los $343 del primer trimestre. Geismar 3 (G3) produjo su primer metanol a finales de julio y está aumentando su producción a tasas completas. La producción fue de 1.4 millones de toneladas en el segundo trimestre, por debajo de los 1.7 millones del primer trimestre debido a una menor producción en Chile y Nueva Zelanda. Se espera que la producción en 2024 sea de aproximadamente 7 millones de toneladas. Methanex devolvió $12.5 millones a los accionistas a través de dividendos y cerró el segundo trimestre con $426 millones en efectivo.
메탄엑스(MEOH)는 2024년 2분기 순이익이 3,500만 달러(주당 0.52달러)이며 조정 EBITDA가 1억 6,400만 달러라고 보고했습니다. 회사의 평균 실현 가격은 톤당 352달러로 1분기의 343달러에서 상승했습니다. Geismar 3(G3)는 7월 말 최초의 메탄올을 생산하며 생산을 전면 가동하고 있습니다. 2분기 생산량은 140만 톤으로 1분기의 170만 톤에서 감소했으며 이는 칠레와 뉴질랜드의 생산 감소 때문입니다. 회사는 2024년 생산량이 약 700만 톤이 될 것으로 기대하고 있습니다. 메탄엑스는 배당금을 통해 주주에게 1,250만 달러를 반환하고 2분기를 4억 2,600만 달러의 현금으로 마감했습니다.
Methanex (MEOH) a rapporté un revenu net de 35 millions de dollars (0,52 $ par action) pour le deuxième trimestre de 2024 et un EBITDA ajusté de 164 millions de dollars. Le prix moyen réalisé par l'entreprise était de 352 dollars par tonne, en hausse par rapport à 343 dollars au premier trimestre. Geismar 3 (G3) a produit son premier méthanol à la fin juillet et augmente sa production à pleine capacité. La production était de 1,4 million de tonnes au deuxième trimestre, en baisse par rapport à 1,7 million au premier trimestre en raison d'une baisse de production au Chili et en Nouvelle-Zélande. L'entreprise s'attend à ce que la production de 2024 soit d'environ 7 millions de tonnes. Methanex a retourné 12,5 millions de dollars aux actionnaires par le biais de dividendes et a terminé le deuxième trimestre avec 426 millions de dollars en liquidités.
Methanex (MEOH) berichtete im zweiten Quartal 2024 von einem Nettogewinn von 35 Millionen Dollar (0,52 Dollar pro Aktie) und einem bereinigten EBITDA von 164 Millionen Dollar. Der durchschnittlich realisierte Preis des Unternehmens betrug 352 Dollar pro Tonne, ein Anstieg von 343 Dollar im ersten Quartal. Geismar 3 (G3) hat Ende Juli sein erstes Methanol produziert und steigert nun die Produktion auf volle Kapazität. Die Produktion betrug im 2. Quartal 1,4 Millionen Tonnen, ein Rückgang von 1,7 Millionen Tonnen im 1. Quartal aufgrund einer geringeren Produktion in Chile und Neuseeland. Das Unternehmen erwartet, dass die Produktion im Jahr 2024 etwa 7 Millionen Tonnen betragen wird. Methanex gab 12,5 Millionen Dollar an die Aktionäre durch Dividenden zurück und schloss das 2. Quartal mit 426 Millionen Dollar in bar ab.
- Geismar 3 (G3) plant produced first methanol and is ramping up to full rates
- Average realized price increased to $352 per tonne from $343 in Q1
- Chile production expected to be slightly above high-end guidance of 1.2 million tonnes for 2024
- Strong liquidity position with $426 million cash balance and $500 million in undrawn facilities
- Q2 net income decreased to $35 million from $53 million in Q1
- Q2 production decreased to 1.4 million tonnes from 1.7 million tonnes in Q1
- New Zealand production expected to be below previous guidance of 1.0-1.1 million tonnes for 2024
- Egypt plant experiencing reduced operating rates due to lower natural gas availability
Insights
Methanex's Q2 2024 results present a mixed picture with some positive developments and challenges. The company reported
The most significant news is the successful production of first methanol at the new Geismar 3 (G3) plant. This 1.8 million tonne capacity facility is expected to significantly enhance Methanex's cash flow capabilities across various methanol price points. The plant's low emission intensity profile is also noteworthy in an increasingly environmentally conscious market.
On the operational front, there are some concerns:
- Total production decreased to 1.42 million tonnes from 1.72 million tonnes in Q1, primarily due to lower output in Chile and New Zealand.
- The Egypt plant is facing reduced operating rates due to lower natural gas availability, which could persist through Q3.
- New Zealand production is expected to be below previous guidance due to gas supply issues.
Financially, Methanex maintains a strong liquidity position with
While the G3 plant's startup is promising, investors should monitor how quickly it ramps up to full production and its impact on cash flow. The ongoing gas supply challenges in various regions could continue to affect production levels and financial performance in the near term.
Methanex's Q2 2024 results highlight the intricate relationship between natural gas availability and methanol production. The company's performance is significantly impacted by regional energy dynamics, particularly in New Zealand, Egypt and Chile.
In New Zealand, we're seeing a classic case of energy resource allocation during peak demand. The redirection of contractual gas to the power sector during the Southern hemisphere winter, combined with low hydro levels, has led to reduced methanol production. This situation underscores the vulnerability of methanol producers to broader energy market fluctuations.
Egypt's situation is equally telling. The plant's reduced operating rates due to increased seasonal power demand illustrate the precarious balance between industrial production and basic energy needs in developing economies. The government's intervention to manage gas balances shows how energy policy can directly impact industrial output.
Chile's production patterns reflect the seasonal nature of gas supply from Argentina. The ability to secure gas for non-winter periods has allowed Methanex to slightly exceed its production guidance, but it also highlights the company's dependence on cross-border energy agreements.
The startup of the Geismar 3 plant in the U.S. is a strategic move to diversify production away from regions with less stable energy supplies. Its low emission intensity profile aligns with the global trend towards cleaner production methods, potentially giving Methanex a competitive edge in environmentally conscious markets.
Looking ahead, Methanex's ability to navigate these complex energy landscapes will be crucial. The company may need to consider long-term strategies to secure more stable gas supplies or explore alternative feedstocks to mitigate production volatility.
Except where otherwise noted, all currency amounts are stated in United States dollars.
- Net income attributable to Methanex shareholders of
$35 million and Adjusted EBITDA of$164 million in the second quarter. Our average realized price in the second quarter was$352 per tonne compared to$343 per tonne in the first quarter of 2024. - The repairs to the autothermal reformer are complete on the 1.8 million tonne methanol plant, Geismar 3 ("G3"). First methanol was successfully produced in late July and the plant is in the process of of ramping up to full rates. We have completed the repairs on the autothermal reformer and successfully operated the unit under design conditions. G3 will significantly enhance our cash flow capability at a range of methanol prices and will have one of the lowest emission intensity profiles in the industry.
- Produced 1.4 million tonnes in the second quarter.
- In Chile, based on production year to date, a successful turnaround at Chile IV, and progress we have made in securing gas for the winter months, we expect 2024 production will be slightly above the high-end of our guidance of 1.1-1.2 million tonnes.
- Since June 2024, the Egypt plant has experienced reduced operating rates due to lower availability of natural gas. The plant is currently operating with rate limitations based on gas availability and we expect this could continue through the third quarter.
- In New Zealand, we operated at reduced rates and based on production year to date and current gas deliveries, we expect 2024 production will be below our previous guidance of 1.0 - 1.1 million tonnes.
- Returned
$12.5 million to shareholders through regular dividends and ended the second quarter with$426 million in cash.
VANCOUVER, British Columbia, July 30, 2024 (GLOBE NEWSWIRE) -- For the second quarter of 2024, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of
Our average realized price in the second quarter was
In the second quarter, we returned
Rich Sumner, President & CEO of Methanex, said, "I am excited to announce another quarter of solid financial results and and first methanol production at G3. The safety performance of our team and partners on the G3 project has been outstanding and I would like to extend my personal thanks to the team for their hard work and dedication to completing this project safely. As G3 ramps up to full rates and is incorporated into our supply chain, we expect to see strong cash flow contribution which will further enhance our business."
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex's key financial and operational data for the second quarter of 2024. It is not a complete source of information for readers and is not in any way a substitute for reading the second quarter 2024 Management’s Discussion and Analysis ("MD&A") dated July 30, 2024 and the unaudited condensed consolidated interim financial statements for the period ended June 30, 2024, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended June 30, 2024 are also available on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
FINANCIAL AND OPERATIONAL DATA
| Three Months Ended | Six Months Ended | |||||||
($ millions except per share amounts and where noted) | Jun 30 2024 | Mar 31 2024 | Jun 30 2023 | Jun 30 2024 | Jun 30 2023 | |||
| Production (thousands of tonnes) (attributable to Methanex shareholders) 1 | 1,422 | 1,721 | 1,658 | 3,143 | 3,318 | |||
| Sales volume (thousands of tonnes) | ||||||||
| Methanex-produced methanol | 1,580 | 1,681 | 1,621 | 3,261 | 3,270 | |||
| Purchased methanol | 766 | 807 | 884 | 1,573 | 1,732 | |||
| Commission sales | 266 | 182 | 277 | 448 | 585 | |||
| Total sales volume 1 | 2,612 | 2,670 | 2,782 | 5,282 | 5,587 | |||
| Methanex average non-discounted posted price ($ per tonne) 2 | 499 | 471 | 450 | 485 | 460 | |||
| Average realized price ($ per tonne) 3 | 352 | 343 | 338 | 348 | 354 | |||
| Revenue | 920 | 916 | 939 | 1,836 | 1,978 | |||
| Net income (attributable to Methanex shareholders) | 35 | 53 | 57 | 88 | 116 | |||
| Adjusted net income 4 | 42 | 44 | 41 | 86 | 117 | |||
| Adjusted EBITDA 4 | 164 | 160 | 160 | 324 | 369 | |||
| Cash flows from operating activities | 163 | 91 | 196 | 246 | 359 | |||
| Basic net income per common share | 0.52 | 0.78 | 0.84 | 1.30 | 1.71 | |||
| Diluted net income per common share | 0.52 | 0.77 | 0.73 | 1.27 | 1.70 | |||
| Adjusted net income per common share 4 | 0.62 | 0.65 | 0.60 | 1.27 | 1.70 | |||
| Common share information (millions of shares) | ||||||||
| Weighted average number of common shares | 67 | 67 | 68 | 67 | 68 | |||
| Diluted weighted average number of common shares | 67 | 68 | 68 | 68 | 68 | |||
| Number of common shares outstanding, end of period | 67 | 67 | 67 | 67 | 67 | |||
| 1 | Methanex-produced methanol represents our equity share of volume produced at our facilities and excludes volume marketed on a commission basis related to the | |||||||
| 2 | Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe, China and Asia Pacific weighted by sales volume. Current and historical pricing information is available at www.methanex.com. | |||||||
| 3 | The Company has used Average realized price ("ARP") throughout this document. ARP is calculated as revenue divided by the total sales volume. It is used by management to assess the realized price per unit of methanol sold, and is relevant in a cyclical commodity environment where revenue can fluctuate in response to market prices. | |||||||
| 4 | Note that Adjusted net income, Adjusted net income per common share, and Adjusted EBITDA are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to the Additional Information - Non-GAAP Measures section on page 14 of our second quarter MD&A dated July 30, 2024 for a description of each non-GAAP measure. | |||||||
- A reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA, Adjusted net income and the calculation of Adjusted net income per common share is as follows:
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| ($ millions) | Jun 30 2024 | Mar 31 2024 | Jun 30 2023 | Jun 30 2024 | Jun 30 2023 | ||||||||||||||
| Net income attributable to Methanex shareholders | $ | 35 | $ | 53 | $ | 57 | $ | 88 | $ | 116 | |||||||||
| Mark-to-market impact of share-based compensation | 8 | (10 | ) | (15 | ) | (2 | ) | 5 | |||||||||||
| Depreciation and amortization | 101 | 95 | 95 | 196 | 193 | ||||||||||||||
| Finance costs | 28 | 28 | 30 | 55 | 61 | ||||||||||||||
| Finance income and other | (3 | ) | (3 | ) | (16 | ) | (7 | ) | (27 | ) | |||||||||
| Income tax expense | 5 | 6 | 19 | 11 | 33 | ||||||||||||||
| Earnings of associate adjustment | 16 | 9 | 10 | 26 | 30 | ||||||||||||||
| Non-controlling interests adjustment | (26 | ) | (18 | ) | (20 | ) | (43 | ) | (42 | ) | |||||||||
| Adjusted EBITDA | $ | 164 | $ | 160 | $ | 160 | $ | 324 | $ | 369 | |||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| ($ millions except number of shares and per share amounts) | Jun 30 2024 | Mar 31 2024 | Jun 30 2023 | Jun 30 2024 | Jun 30 2023 | |||||||||||||
| Net income attributable to Methanex shareholders | $ | 35 | $ | 53 | $ | 57 | $ | 88 | $ | 116 | ||||||||
| Mark-to-market impact of share-based compensation, net of tax | 7 | (9 | ) | (13 | ) | (2 | ) | 5 | ||||||||||
| Impact of Egypt gas contract revaluation, net of tax | — | — | (3 | ) | — | (4 | ) | |||||||||||
| Adjusted net income | $ | 42 | $ | 44 | $ | 41 | $ | 86 | $ | 117 | ||||||||
| Diluted weighted average shares outstanding (millions) | 67 | 68 | 68 | 68 | 68 | |||||||||||||
| Adjusted net income per common share | $ | 0.62 | $ | 0.65 | $ | 0.60 | $ | 1.27 | $ | 1.70 | ||||||||
- We recorded net income attributable to Methanex shareholders of
$35 million in the second quarter of 2024 compared to net income of$53 million in the first quarter of 2024. Net income in the second quarter of 2024 was lower compared to the prior quarter primarily due to lower sales of Methanex-produced methanol and the negative impact of the mark-to-market portion of share-based compensation due to changes in Methanex's share price, offset by a higher average realized price and by the one-time impact of the cost of the ineffective portion of natural gas hedges at our Geismar site recognized during the first quarter of 2024. - We recorded Adjusted EBITDA of
$164 million for the second quarter of 2024 compared to$160 million for the first quarter of 2024. We recorded Adjusted net income of$42 million for the second quarter of 2024 compared to Adjusted net income of$44 million for the first quarter of 2024. - We sold 2,612,000 tonnes in the second quarter of 2024 compared to 2,670,000 tonnes in the first quarter of 2024. Sales of Methanex-produced methanol were 1,580,000 tonnes in the second quarter of 2024 compared to 1,681,000 tonnes in the first quarter of 2024.
- Production for the second quarter of 2024 was 1,422,000 tonnes compared to 1,721,000 tonnes for the first quarter of 2024. Production was lower in the second quarter of 2024 compared to the first quarter of 2024 mainly due to lower production in Chile and New Zealand which was partially offset by higher production in Egypt.
- The repairs to the autothermal reformer are complete on the 1.8 million tonne methanol plant, Geismar 3 ("G3"). First methanol was successfully produced in late July and the plant is in the process of ramping up to full rates. G3 will significantly enhance our cash flow capability at a range of methanol prices and will have one of the lowest emission intensity profiles in the industry.
- In the second quarter of 2024 we paid a quarterly dividend of
$0.18 5 per common share for a total of$12.5 million . - At June 30, 2024, we had a strong liquidity position including a cash balance of
$426 million , or approximately$390 million excluding non-controlling interests and including our share of cash in the Atlas joint venture. We have$500 million of undrawn facilities providing financial flexibility.
PRODUCTION HIGHLIGHTS
| Q2 2024 | Q1 2024 | Q2 2023 | YTD Q2 2024 | YTD Q2 2023 | |||
| (thousands of tonnes) | Operating Capacity 1 | Production | Production | Production | Production | Production | |
| USA (Geismar) | 550 | 514 | 571 | 532 | 1,085 | 981 | |
| New Zealand 2 | 430 | 178 | 277 | 408 | 455 | 811 | |
| Trinidad (Methanex interest) 3 | 490 | 231 | 258 | 248 | 489 | 504 | |
| Chile | 425 | 229 | 391 | 173 | 620 | 422 | |
| Egypt ( | 158 | 129 | 83 | 163 | 212 | 324 | |
| Canada (Medicine Hat) | 150 | 141 | 141 | 134 | 282 | 276 | |
| 2,203 | 1,422 | 1,721 | 1,658 | 3,143 | 3,318 | ||
| 1 | The operating capacity of our production facilities may be higher or lower than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than operating capacity due to a number of factors, including natural gas availability, feedstock composition, the age of the facility's catalyst, turnarounds and access to CO2 from external suppliers for certain facilities. We review and update the operating capacity of our production facilities on a regular basis based on historical performance. | ||||||
| 2 | The operating capacity of New Zealand is made up of the two Motunui facilities. Refer to the New Zealand section below. | ||||||
| 3 | The operating capacity of Trinidad is made up of the Titan ( | ||||||
Key production and operational highlights during the second quarter include:
United States
Geismar produced 514,000 tonnes in the second quarter of 2024 compared to 571,000 tonnes in the first quarter of 2024. Production was lower in the second quarter as we pro-actively took a short maintenance outage which is expected to improve operating performance until the next planned turnaround.
New Zealand
New Zealand produced 178,000 tonnes in the second quarter of 2024 compared to 277,000 tonnes in the first quarter of 2024. Production in the second quarter was lower compared to the first quarter due to lower gas deliveries. We operated one plant through the second quarter due to both lower-than-expected gas deliveries from upstream suppliers as well as from the redirection of some of our contractual gas for use in the power sector. The country’s overall energy balances are currently very tight with demand seasonally high during the Southern hemisphere winter combined with low hydro levels and relatively lower gas supply in 2024 compared with previous years. As a result, we believe some of our contractual gas has been re-directed to the electricity and other domestic markets. We are in continuing discussions with our gas suppliers to ensure our contractual entitlements are being respected as well as engaging with our gas suppliers and government agencies in supporting efforts to improve energy balances in the country. Based on production year to date and current gas deliveries, we expect 2024 production will be below our previous guidance of 1.0 million tonnes.
Trinidad
Atlas produced 231,000 tonnes (Methanex interest) in the second quarter of 2024 compared to 258,000 tonnes in the first quarter of 2024. Production was lower in the second quarter due to two unplanned outages during the quarter. In October 2023, Methanex signed a two-year natural gas supply agreement with the National Gas Company of Trinidad and Tobago (NGC) for its currently idled, wholly owned, Titan methanol plant (875,000 tonnes per year capacity) to restart operations in September 2024. Simultaneously, the Atlas plant (Methanex interest
Chile
Chile produced 229,000 tonnes in the second quarter of 2024 compared to 391,000 tonnes in the first quarter of 2024. Production was lower in the second quarter compared to the first quarter as we primarily operated one plant due to to lower seasonal gas supply from Argentina. We successfully completed a turnaround at Chile IV and expect the new catalyst will drive improved efficiency and production in the fall. Based on production year to date, a successful turnaround at Chile IV, and progress we have made securing gas from Argentina for the non-winter period this year, we expect 2024 production will be slightly above the high-end of our guidance of 1.2 million tonnes. This production is underpinned by year-round natural gas supply from Chile for about 30 –
Egypt
Egypt produced 258,000 tonnes (Methanex interest - 129,000 tonnes) in the second quarter of 2024 compared to 166,000 tonnes (Methanex interest - 83,000 tonnes) in the first quarter of 2024. Production increased compared to the first quarter as the plant restarted and reached full operating rates in February after an unplanned outage in mid-October caused by a mechanical failure in the synthesis gas compressor. In June 2024, the Egypt plant was temporarily idled when significantly increased seasonal demand for power generation due to elevated temperatures led to various measures by the government to manage gas balances in the country including gas curtailments to industrial plants. The plant restarted at reduced operating rates shortly thereafter and has operated at fluctuating rates based on gas availability with current operating rates at approximately
Canada
Medicine Hat produced 141,000 tonnes in each of the second and first quarters of 2024.
Outlook
Our expected production guidance for 2024 is approximately 7 million tonnes (Methanex interest). Actual production may vary by quarter based on gas availability in Chile and New Zealand, the start up of the G3 plant, turnarounds, other gas availability, unplanned outages and unanticipated events.
In the third quarter, we expect lower earnings due to lower produced sales because of lower production from Chile and New Zealand, as well as G3 building inventory. Based on our July and August posted prices we expect that our average realized price range is between approximately
CONFERENCE CALL
A conference call is scheduled for July 31, 2024 at 11:00 am ET (8:00 am PT) to review these second quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (647) 932-3411, or toll free at (800) 715-9871. The conference ID for the call is #2019292. A simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com/investor-relations/events and will also be available following the call.
ABOUT METHANEX
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH".
FORWARD-LOOKING INFORMATION WARNING
This second quarter 2024 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the second quarter 2024 Management's Discussion and Analysis for more information which is available from the Investor Relations section of our website at www.methanex.com, the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
NON-GAAP MEASURES
The Company has used the terms Adjusted EBITDA, Adjusted net income, and Adjusted net income per common share throughout this document. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price, the impact of the Egypt gas contract revaluation and the impact of certain items associated with specific identified events. Refer to Additional Information - Non-GAAP Measures on page 14 of the Company's MD&A for the period ended June 30, 2024 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
For further information, contact:
Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600
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