Except where otherwise noted, all currency amounts are stated in United States dollars.

Net income attributable to Methanex shareholders of $60 million and Adjusted EBITDA of $209 million in the first quarter. The average realized price in the first quarter was $371 per tonne compared to $373 per tonne in the fourth quarter of 2022.
Geismar 3 ("G3") project is over 80% complete and is progressing safely, on time and on budget. Production expected in the fourth quarter of 2023. The remaining capital spend of $330 - 380 million is fully funded with cash on hand.
The Board approved a 6% dividend increase to $0.185 per share per quarter, applicable to the dividend payable on June 30th, 2023.
Returned $60 million to shareholders through dividends and share repurchases and have a strong liquidity position with $780 million in cash.

VANCOUVER, British Columbia, April 26, 2023 (GLOBE NEWSWIRE) -- For the first quarter of 2023, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $60 million ($0.87 net income per common share on a diluted basis) compared to net income of $41 million ($0.59 net income per common share on a diluted basis) in the fourth quarter of 2022. Net income was higher compared to the prior quarter primarily due to higher sales of Methanex-produced methanol driven by higher production in Egypt, Atlas and Chile. Adjusted EBITDA for the first quarter of 2023 was $209 million and Adjusted net income was $76 million ($1.11 Adjusted net income per common share). This compares with Adjusted EBITDA of $160 million and Adjusted net income of $51 million ($0.73 Adjusted net income per common share) for the fourth quarter of 2022.

In the first quarter methanol pricing remained relatively stable. The average realized price in the first quarter was $371 per tonne compared to $373 per tonne in the fourth quarter of 2022.

During the quarter, we returned $60 million to shareholders through the regular dividend and share repurchases. We ended the quarter with $780 million in cash, or approximately $709 million in cash excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have an undrawn $300 million revolving credit facility that provides additional financial flexibility.

Rich Sumner, President & CEO of Methanex, said, "I am proud of the team for delivering another quarter of strong operational and financial results. The G3 project is over 80% complete and we are looking forward to having it start up in the fourth quarter of this year as it will significantly enhance our cash flow generation capability and lower our average CO2 emissions intensity. Our business is well-positioned to navigate through the continuing macro-economic uncertainty and create shareholder value."

FURTHER INFORMATION

The information set forth in this news release summarizes Methanex's key financial and operational data for the first quarter of 2023. It is not a complete source of information for readers and is not in any way a substitute for reading the first quarter 2023 Management's Discussion and Analysis ("MD&A") dated April 26, 2023 and the unaudited condensed consolidated interim financial statements for the period ended March 31, 2023, 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 March 31, 2023 are also available on the Canadian Securities Administrators' SEDAR website at www.sedar.com and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.

FINANCIAL AND OPERATIONAL DATA

	Three Months Ended
($ millions except per share amounts and where noted)	Mar 31 2023	Dec 31 2022	Mar 31 2022
Production (thousands of tonnes) (attributable to Methanex shareholders) ¹	1,660	1,526	1,789
Sales volume (thousands of tonnes)
Methanex-produced methanol	1,649	1,360	1,797
Purchased methanol	848	1,095	682
Commission sales	308	192	279
Total sales volume ¹	2,805	2,647	2,758

Methanex average non-discounted posted price ($ per tonne) ²	471	469	527
Average realized price ($ per tonne) ^{3 4}	371	373	425

Revenue	1,038	986	1,176
Net income (attributable to Methanex shareholders)	60	41	119
Adjusted net income ⁴	76	51	159
Adjusted EBITDA ⁴	209	160	337
Cash flows from operating activities	162	227	326

Basic net income per common share	0.87	0.59	1.60
Diluted net income per common share	0.87	0.59	1.60
Adjusted net income per common share ⁴	1.11	0.73	2.16

Common share information (millions of shares)
Weighted average number of common shares	69	70	74
Diluted weighted average number of common shares	69	70	74
Number of common shares outstanding, end of period	68	69	73

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. This is a non-GAAP ratio that does not have any standardized meaning prescribed by GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. ARP is calculated as revenue, excluding commissions earned and the Egypt non-controlling interest share of revenue, but including an amount representing our share of Atlas revenue, divided by the total sales volume of Methanex-produced and purchased methanol. 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, Adjusted EBITDA, and Average realized price 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 Non-GAAP Measures section on page 12 of our first quarter MD&A dated April 26, 2023 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
($ millions)		Mar 31 2023			Dec 31 2022			Mar 31 2022
Net income attributable to Methanex shareholders	$	60		$	41		$	119
Mark-to-market impact of share-based compensation		20			12			48
Depreciation and amortization		98			86			92
Finance costs		31			32			34
Finance income and other expenses		(11	)		(18	)		—
Income tax expense		14			7			42
Earnings of associate adjustment		19			18			21
Non-controlling interests adjustment		(22	)		(18	)		(19	)
Adjusted EBITDA attributable to Methanex shareholders	$	209		$	160		$	337

	Three Months Ended
($ millions except number of shares and per share amounts)		Mar 31 2023			Dec 31 2022			Mar 31 2022
Net income attributable to Methanex shareholders	$	60		$	41		$	119
Mark-to-market impact of share-based compensation, net of tax		17			11			40
Impact of Egypt gas contract revaluation, net of tax		(1	)		(1	)		—
Adjusted net income	$	76		$	51		$	159
Diluted weighted average shares outstanding (millions)		69			70			74
Adjusted net income per common share	$	1.11		$	0.73		$	2.16

We recorded net income attributable to Methanex shareholders of $60 million in the first quarter of 2023 compared to net income of $41 million in the fourth quarter of 2022. Net income was higher compared to the prior quarter primarily due to higher sales of Methanex-produced methanol driven by higher production in Egypt, Atlas and Chile.
We recorded Adjusted EBITDA of $209 million for the first quarter of 2023 compared to $160 million for the fourth quarter of 2022. We recorded Adjusted net income of $76 million for the first quarter of 2023 compared to Adjusted net income of $51 million for the fourth quarter of 2022. Adjusted EBITDA was higher in the first quarter of 2023 primarily due to higher sales of Methanex-produced methanol. The impact of higher Adjusted EBITDA on Adjusted net income for the first quarter of 2023, as compared to the fourth quarter of 2022, was partially offset by higher depreciation charges due to the mix of product sold and lower finance income due to lower foreign exchange gains.
We sold 2,805,000 tonnes in the first quarter of 2023 compared to 2,647,000 tonnes for the fourth quarter of 2022. Sales of Methanex-produced methanol were 1,649,000 tonnes in the first quarter of 2023 compared to 1,360,000 tonnes in the fourth quarter of 2022.
Production for the first quarter of 2023 was 1,660,000 tonnes compared to 1,526,000 tonnes for the fourth quarter of 2022. Production was higher for the first quarter of 2023 as production in the fourth quarter of 2022 was impacted by a planned extended turnaround in Egypt, seasonal gas restrictions in Chile and unplanned outages in Geismar and Trinidad.
The Geismar 3 project is progressing well and on budget with methanol production expected in the fourth quarter of 2023 with an expected total capital cost of $1.25 - 1.3 billion. The remaining cash expenditure of approximately $330 to $380 million, including approximately $75 million of spending accrued in accounts payable, is fully funded with cash on hand. Along with significantly enhancing our cash generation capability, Geismar 3 will have one of the lowest CO2 emissions intensity profiles in the industry, helping us meet our commitment to reduce our greenhouse gas emissions intensity.
To March 31, 2023, we have repurchased 1,923,432 common shares of 3,506,405 permitted under our current normal course issuer bid for $81 million, an average purchase price of approximately $42 per share. During the first quarter of 2023, we purchased 1,030,659 shares for $48 million.
In the first quarter of 2023 we paid a quarterly dividend of $0.175 per common share for a total of $12 million. On April 26, 2023 we announced a 6% increase in our quarterly dividend to $0.185 per common share. The increased dividend will apply to the dividend payable on June 30, 2023.
In March 2023, we released our 2022 Sustainability Report highlighting the progress on our Environmental, Social and Governance (ESG) commitments.
At March 31, 2023, we had a strong liquidity position including a cash balance of $780 million, or approximately $709 million excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have access to an undrawn $300 million revolving credit facility providing financial flexibility.

PRODUCTION HIGHLIGHTS

	Q1 2023		Q4 2022	Q1 2022
(thousands of tonnes)	Operating Capacity ¹	Production	Production	Production
USA (Geismar)	550	449	437	556
New Zealand ²	550	403	395	386
Trinidad (Methanex interest) ³	490	256	225	258
Chile	425	249	226	324
Egypt (50% interest)	158	161	96	104
Canada (Medicine Hat)	160	142	147	161
	2,333	1,660	1,526	1,789

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 CO₂from 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 and the Waitara Valley facility. The Waitara Valley plant is idled indefinitely due to natural gas constraints.

³	The operating capacity of Trinidad is made up of the Titan (100% interest) and Atlas (63.1% interest) facilities. The Titan plant is idled indefinitely due to natural gas constraints.

Key production and operational highlights during the first quarter and production outlook for 2023 include:

United States

Geismar produced 449,000 tonnes in the first quarter compared to 437,000 tonnes in the fourth quarter of 2022. A planned turnaround was completed at Geismar 1 in the first quarter and the plant successfully restarted in late February. Production was higher in the first quarter as the fourth quarter was impacted by an unplanned outage in October caused by a utilities supplier that experienced a loss of power due to a failed transformer.

New Zealand

New Zealand produced 403,000 tonnes in the first quarter of 2023 compared to 395,000 tonnes in the fourth quarter of 2022. We estimate production for 2023 to be between 1.3 - 1.4 million tonnes.

Trinidad

Atlas produced 256,000 tonnes (Methanex interest) in the first quarter of 2023 compared to 225,000 tonnes in the fourth quarter of 2022. Production was higher in the first quarter as the fourth quarter was impacted by an unplanned outage. Titan remains idled indefinitely.

Chile

Chile produced 249,000 tonnes in the first quarter of 2023 compared to 226,000 tonnes in the fourth quarter of 2022. Production was higher in the first quarter due to higher gas deliveries from Argentina. We estimate Chile production in 2023 to be between 0.8 - 0.9 million tonnes.

Egypt

Egypt produced 322,000 tonnes (Methanex interest - 161,000 tonnes) in the first quarter of 2023 compared to 192,000 tonnes (Methanex interest - 96,000 tonnes) in the fourth quarter of 2022. Production was higher in the first quarter as the fourth quarter was impacted by a planned turnaround.

Canada

Medicine Hat produced 142,000 tonnes in the first quarter of 2023 compared to 147,000 tonnes in the fourth quarter of 2022.

2023 Production Outlook

Forecasted production for 2023 is approximately 6.5 million equity tonnes, excluding any production from G3. Actual production may vary by quarter based on timing of turnarounds, gas availability, unplanned outages and unanticipated events.

CONFERENCE CALL

A conference call is scheduled for April 27, 2023 at 11:00 am ET (8:00 am PT) to review these first quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (646) 960-0479, or toll free at (888) 510-2296. The conference ID for the call is #7014770. 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 first quarter 2023 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 first quarter 2023 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.sedar.com 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, Adjusted net income per common share and Average realized price 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 12 of the Company's MD&A for the period ended March 31, 2023 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

Methanex Reports First Quarter 2023 Results