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

Net income attributable to Methanex shareholders of $24 million and Adjusted EBITDA of $105 million in the third quarter. The average realized price in the third quarter was $303 per tonne compared to $338 per tonne in the second quarter of 2023.
Geismar 3 ("G3") project is progressing safely to plan and construction is near completion with commercial production expected around the end of 2023. The remaining cash spend of $140 - 190 million is fully funded with cash on hand.
Chile I restarted in September with increased gas availability from Argentina. We are increasing our 2023 production guidance for Chile from 0.8-0.9 million tonnes to 0.9-1.0 million tonnes.
Signed a two-year natural gas supply agreement with the National Gas Company of Trinidad and Tobago (NGC) for the Titan methanol plant (875,000 tonnes per year capacity), which is currently idled, to restart operations in September 2024. Simultaneously, the Atlas plant (Methanex interest 63.1% or 1,085,000 tonnes per year capacity) will be idled in September 2024, when its legacy 20-year natural gas supply agreement expires.
Returned $12 million to shareholders through regular dividends and ended the third quarter with $529 million in cash.

VANCOUVER, British Columbia, Oct. 25, 2023 (GLOBE NEWSWIRE) -- For the third quarter of 2023, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $24 million ($0.36 net income per common share on a diluted basis) compared to net income of $57 million ($0.73 net income per common share on a diluted basis) in the second quarter of 2023. Net income in the third quarter of 2023 was lower compared to the prior quarter primarily due to a lower average realized price, lower sales of Methanex-produced methanol and the mark-to-market impact of share-based compensation due to changes in Methanex's share price, offset by a settlement of a historical dispute under an existing gas contract. Adjusted EBITDA for the third quarter of 2023 was $105 million and Adjusted net income was $1 million ($0.02 Adjusted net income per common share). This compares with Adjusted EBITDA of $160 million and Adjusted net income of $41 million ($0.60 Adjusted net income per common share) for the second quarter of 2023.

Our average realized price in the third quarter was $303 per tonne compared to $338 per tonne in the second quarter of 2023. Through the third quarter we saw improving global market conditions with stronger demand as well as moderation in global operating rates mainly from various supply outages in North America, the Middle East and Southeast Asia.

During the quarter, we returned $12 million to shareholders through the regular dividend. We ended the quarter with $529 million in cash, or approximately $510 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, "We continue to proactively navigate the uncertain macro environment while remaining focused on delivering G3 safely and maintaining strong operational results. We are confident that with our continued focus on financial flexibility we will be able to execute our strategy and advance our balanced capital allocation priorities to drive long-term value for our shareholders."

FURTHER INFORMATION

The information set forth in this news release summarizes Methanex's key financial and operational data for the third quarter of 2023. It is not a complete source of information for readers and is not in any way a substitute for reading the third quarter 2023 Management's Discussion and Analysis ("MD&A") dated October 25, 2023 and the unaudited condensed consolidated interim financial statements for the period ended September 30, 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 September 30, 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			Nine Months Ended
($ millions except per share amounts and where noted)	Sep 30 2023	Jun 30 2023	Sep 30 2022	Sep 30 2023	Sep 30 2022
Production (thousands of tonnes) (attributable to Methanex shareholders)¹	1,545	1,658	1,252	4,863	4,592
Sales volume (thousands of tonnes)
Methanex-produced methanol	1,473	1,621	1,350	4,743	4,781
Purchased methanol	905	884	1,113	2,637	2,593
Commission sales	342	277	214	927	753
Total sales volume¹	2,720	2,782	2,677	8,307	8,127

Methanex average non-discounted posted price ($ per tonne)²	395	450	480	439	518
Average realized price ($ per tonne)³	303	338	377	337	408

Revenue	823	939	1,012	2,801	3,325
Net income (attributable to Methanex shareholders)	24	57	69	141	313
Adjusted net income⁴	1	41	49	118	292
Adjusted EBITDA⁴	105	160	192	474	772
Cash flows from operating activities	106	196	328	465	760

Basic net income per common share	0.36	0.84	0.99	2.07	4.34
Diluted net income per common share	0.36	0.73	0.87	2.07	4.17
Adjusted net income per common share⁴	0.02	0.60	0.69	1.74	4.04

Common share information (millions of shares)
Weighted average number of common shares	67	68	70	68	72
Diluted weighted average number of common shares	67	68	70	68	72
Number of common shares outstanding, end of period	67	67	70	67	70

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 Non-GAAP Measures section on page 14 of our third quarter MD&A dated October 25, 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									Nine Months Ended
($ millions)	Sep 30 2023			Jun 30 2023			Sep 30 2022			Sep 30 2023			Sep 30 2022
Net income attributable to Methanex shareholders	$	24		$	57		$	69		$	141		$	313
Mark-to-market impact of share-based compensation		8			(15	)		(20	)		13			(19	)
Gas contract settlement, net of tax		(31	)		—			—			(31	)		—
Depreciation and amortization		98			95			100			292			286
Finance costs		26			30			33			87			99
Finance income and other		(2	)		(16	)		(10	)		(29	)		(7	)
Income tax expense (recovery)		(18	)		19			34			16			113
Earnings of associate adjustment		23			10			17			51			57
Non-controlling interests adjustment		(23	)		(20	)		(31	)		(66	)		(70	)
Adjusted EBITDA attributable to Methanex shareholders	$	105		$	160		$	192		$	474		$	772

	Three Months Ended									Nine Months Ended
($ millions except number of shares and per share amounts)	Sep 30 2023			Jun 30 2023			Sep 30 2022			Sep 30 2023			Sep 30 2022
Net income attributable to Methanex shareholders	$	24		$	57		$	69		$	141		$	313
Mark-to-market impact of share-based compensation, net of tax		6			(13	)		(16	)		11			(17	)
Gas contract settlement, net of tax		(31	)		—			—			(31	)		—
Impact of Egypt gas contract revaluation, net of tax		2			(3	)		(4	)		(3	)		(4	)
Adjusted net income	$	1		$	41		$	49		$	118		$	292
Diluted weighted average shares outstanding (millions)		67			68			70			68			72
Adjusted net income per common share	$	0.02		$	0.60		$	0.69		$	1.74		$	4.04

We recorded net income attributable to Methanex shareholders of $24 million in the third quarter of 2023 compared to net income of $57 million in the second quarter of 2023. Net income in the third quarter of 2023 was lower compared to the prior quarter primarily due to a lower average realized price, lower sales of Methanex-produced methanol and the mark-to-market impact of share-based compensation due to changes in Methanex's share price, offset by the settlement of a historical dispute under an existing gas contract, that has been excluded from Adjusted EBITDA and Adjusted net income.
We recorded Adjusted EBITDA of $105 million for the third quarter of 2023 compared to $160 million for the second quarter of 2023. We recorded Adjusted net income of $1 million for the third quarter of 2023 compared to Adjusted net income of $41 million for the second quarter of 2023. Adjusted EBITDA was lower in the third quarter of 2023 primarily due to a lower average realized price and lower sales of Methanex-produced methanol.
We sold 2,720,000 tonnes in the third quarter of 2023 compared to 2,782,000 tonnes for the second quarter of 2023. Sales of Methanex-produced methanol were 1,473,000 tonnes in the third quarter of 2023 compared to 1,621,000 tonnes in the second quarter of 2023.
Production for the third quarter of 2023 was 1,545,000 tonnes compared to 1,658,000 tonnes for the second quarter of 2023. Production for the third quarter of 2023 was lower than the second quarter of 2023 due to planned turnarounds in New Zealand and Chile and seasonal gas restrictions in Chile in the third quarter.
The Geismar 3 project is progressing safely, on time and on budget with commercial production expected around the end of 2023 with an expected total capital cost of $1.25 - 1.3 billion. The remaining cash expenditure of approximately $140 to $190 million, including approximately $50 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.
There were no purchases made during the third quarter under the normal course issuer bid that expired in September. Since the commencement of the bid in September 2022, we repurchased a total of 2,787,484 common shares of 3,506,405 permitted under the bid for $119 million, an average purchase price of approximately $43 per share.
In the third quarter of 2023 we paid a quarterly dividend of $0.185 per common share for a total of $12.5 million.
At September 30, 2023, we had a strong liquidity position including a cash balance of $529 million, or approximately $510 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

	Q3 2023		Q2 2023	Q3 2022	YTD Q3 2023	YTD Q3 2022
(thousands of tonnes)	Operating Capacity¹	Production	Production	Production	Production	Production
USA (Geismar)	550	574	532	492	1,555	1,604
New Zealand²	550	226	408	205	1,037	835
Trinidad (Methanex interest)³	490	287	248	249	791	756
Chile	425	168	173	141	590	662
Egypt (50% interest)	158	160	163	35	484	289
Canada (Medicine Hat)	160	130	134	130	406	446
	2,333	1,545	1,658	1,252	4,863	4,592

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. Refer to the Trinidad section below.

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

United States

Geismar produced 574,000 tonnes in the third quarter compared to 532,000 tonnes in the second quarter of 2023. Production was higher in the third quarter as the second quarter was impacted by a planned outage.

New Zealand

New Zealand produced 226,000 tonnes in the third quarter of 2023 compared to 408,000 tonnes in the second quarter of 2023. Production in the third quarter was impacted by a planned turnaround at Motunui 2 which restarted successfully in mid-September. We estimate production for 2023 will be between 1.3 - 1.4 million tonnes. Waitara Valley remains idled indefinitely.

Trinidad

Atlas produced 287,000 tonnes (Methanex interest) in the third quarter of 2023 compared to 248,000 tonnes in the second quarter of 2023. Production was higher in the third quarter as the second quarter was impacted by an unplanned outage in April. In October, 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 63.1% or 1,085,000 tonnes per year capacity) will be idled in September 2024, when its legacy 20-year natural gas supply agreement expires.

Chile

Chile produced 168,000 tonnes in the third quarter of 2023 compared to 173,000 tonnes in the second quarter of 2023. Production was lower in the third quarter as our Chile plants ran at reduced rates due to seasonal gas limitations during the Southern hemisphere winter months, when domestic natural gas demand is high. In the third quarter we completed a successful turnaround at Chile I and restarted the plant in September with gas from Argentina. We expect both plants to run at full rates from the end of September through April 2024, the Southern hemisphere summer months. We are increasing 2023 production guidance for Chile from 0.8 - 0.9 million tonnes to 0.9 - 1.0 million tonnes because of improved gas availability from Argentina.

Egypt

Egypt produced 320,000 tonnes (Methanex interest - 160,000 tonnes) in the third quarter of 2023 compared to 326,000 tonnes (Methanex interest - 163,000 tonnes) in the second quarter of 2023.

Canada

Medicine Hat produced 130,000 tonnes in the third quarter of 2023 compared to 134,000 tonnes in the second quarter of 2023.

2023 Production Outlook

We expect actual production for 2023 to be slightly above 2023 production guidance of 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 October 26, 2023 at 11:00 am ET (8:00 am PT) to review these third 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 third 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 third 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, 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 September 30, 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 Third Quarter 2023 Results