Mr. Rich Sumner reports

METHANEX REPORTS THIRD QUARTER 2023 RESULTS

For the third quarter of 2023, Methanex Corp. had net income attributable to Methanex shareholders of $24-million (36-cent net income per common share on a diluted basis) compared with net income of $57-million (73-cent net income per common share on a diluted basis) in the second quarter of 2023 (dollar amounts are in U.S. dollars). Net income in the third quarter of 2023 was lower compared with 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 (earnings before interest, taxes, depreciation and amortization) for the third quarter of 2023 was $105-million, and adjusted net income was $1-million (two-cent adjusted net income per common share). This compares with adjusted EBITDA of $160-million and adjusted net income of $41-million (60-cent adjusted net income per common share) for the second quarter of 2023.

Its average realized price in the third quarter was $303 per tonne compared with $338 per tonne in the second quarter of 2023. Through the third quarter, Methanex 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, it returned $12-million to shareholders through the regular dividend. It ended the quarter with $529-million in cash, or approximately $510-million in cash excluding non-controlling interests and including its share of cash in the Atlas joint venture. It also has an undrawn $300-million revolving credit facility that provides additional financial flexibility.

Rich Sumner, president and chief executive officer of Methanex, said: "We continue to pro-actively navigate the uncertain macroenvironment 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 dated Oct. 25, 2023, and the unaudited condensed consolidated interim financial statements for the period ended Sept. 30, 2023, both of which are available from the investor relations section of its website. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended Sept. 30, 2023, are also available on the Canadian Securities Administrators' SEDAR+ website and on the U.S. Securities and Exchange Commission's EDGAR website.

2023 production outlook

Methanex expects 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 Oct. 26, 2023, at 11 a.m. ET (8 a.m. PT), to review these third quarter results. To listen to the call, dial the conferencing operator 15 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 No. 7014770. A simultaneous audio-only webcast of the conference call will be available from its website and will also be available following the call.

About Methanex Corp.

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.

We seek Safe Harbor.