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 $35 million ($0.52 net income per common share on a diluted basis) compared to net income of $53 million ($0.77 net income per common share on a diluted basis) 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. Adjusted EBITDA for the second quarter of 2024 was $164 million and Adjusted net income was $42 million ($0.62 Adjusted net income per common share). This compares with Adjusted EBITDA of $160 million and Adjusted net income of $44 million ($0.65 Adjusted net income per common share) for the first quarter of 2024. Our average realized price in the second quarter was $352 per tonne compared to $343 per tonne in the first quarter of 2024. In the second quarter, the methanol market was tight. Growing demand from seasonal manufacturing, construction and transportation activities coupled with constrained global methanol production led to lower inventory levels and increasing methanol prices through the quarter. In the second quarter, we returned $12.5 million to shareholders through the regular dividend. We ended the quarter with $426 million in cash, or approximately $390 million in cash excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have an undrawn $500 million revolving credit facility to provide additional financial flexibility. Rich Sumner, President & CEO of Methanex, said, "I am excited to announce another quarter of solid financial results and and first methanol production at G3. The safety performance of our team and partners on the G3 project has been outstanding and I would like to extend my personal thanks to the team for their hard work and dedication to completing this project safely. As G3 ramps up to full rates and is incorporated into our supply chain, we expect to see strong cash flow contribution which will further enhance our business." FURTHER INFORMATION The information set forth in this news release summarizes Methanex's key financial and operational data for the second quarter of 2024. It is not a complete source of information for readers and is not in any way a substitute for reading the second quarter 2024 Management's Discussion and Analysis ("MD&A") dated July 30, 2024 and the unaudited condensed consolidated interim financial statements for the period ended June 30, 2024, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended June 30, 2024 are also available on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov. FINANCIAL AND OPERATIONAL DATA     Three Months Ended   Six Months Ended   ($ millions except per share amounts and where noted) Jun 302024 Mar 312024 Jun 302023   Jun 302024 Jun 302023   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 36.9% of the Atlas facility and 50% of the Egypt facility that we do not own.   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 302024