Geismar 3 (“G3”) Produces First Methanol and Methanex Reports Higher Second Quarter 2024 Earnings

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

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.

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