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

Net income attributable to Methanex shareholders of $69 million and Adjusted EBITDA of $192 million.
Geismar 3 ("G3") project progressing on time and on budget. First methanol production expected in the fourth quarter of 2023. The remaining capital of approximately $450 to $500 million is fully funded with cash on hand.
Increased the quarterly dividend by 20% in July and announced the approval of a 5% share repurchase program in September.
Successfully completed scheduled turnarounds in New Zealand and Egypt. The timing of the Egypt turnaround enabled an agreement to redirect and sell the plant's contracted natural gas for three months to utilize excess LNG capacity in Egypt to serve energy demand in Europe.
Returned $44 million to shareholders through dividends and share repurchases and have a strong liquidity position with $962 million in cash.

VANCOUVER, British Columbia, Oct. 26, 2022 (GLOBE NEWSWIRE) -- For the third quarter of 2022, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $69 million ($0.87 net income per common share on a diluted basis) compared to net income of $125 million ($1.41 net income per common share on a diluted basis) in the second quarter of 2022. Net income was lower compared to the prior quarter primarily due to a lower average realized price, lower sales of Methanex-produced methanol attributable to the planned turnarounds in Egypt and New Zealand and the mark-to-market impact of share-based compensation due to changes in Methanex's share price. This was partially offset by the redirection and sale of natural gas in Egypt. Adjusted EBITDA for the third quarter of 2022 was $192 million, and Adjusted net income was $49 million ($0.69 Adjusted net income per common share). This compares with Adjusted EBITDA of $243 million and Adjusted net income of $84 million ($1.16 Adjusted net income per common share) for the second quarter of 2022.

The average realized price in the third quarter was $377 per tonne compared to $422 per tonne in the second quarter of 2022. Methanol pricing moderated from early year highs and stabilized in the third quarter with flat demand coupled with lower industry operating rates due to turnarounds and planned and unplanned outages impacting supply.

We returned $44 million to shareholders through the regular dividend and share repurchases and ended the quarter with $962 million in cash, or approximately $890 million in cash excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have two undrawn credit facilities, a $300 million construction credit facility specifically related to the Geismar 3 project and a $300 million revolving credit facility providing financial flexibility.

John Floren, President & CEO of Methanex, said, "Heading into the fourth quarter we are pleased to see stable demand and firm methanol prices. Methanol is an essential chemical building block and the long-term fundamentals of the methanol industry remain strong. The team is focused on delivering the fully funded G3 project on time and on budget in the fourth quarter of 2023. We remain committed to our disciplined capital allocation strategy and are well positioned with a strong balance sheet to navigate the current macro economic uncertainty and continue to return excess cash through dividends and share buybacks."

FURTHER INFORMATION

The information set forth in this news release summarizes Methanex's key financial and operational data for the third quarter of 2022. It is not a complete source of information for readers and is not in any way a substitute for reading the third quarter 2022 Management's Discussion and Analysis ("MD&A") dated October 26, 2022 and the unaudited condensed consolidated interim financial statements for the period ended September 30, 2022, 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, 2022 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 2022	Jun 30 2022	Sep 30 2021	Sep 30 2022	Sep 30 2021
Production (thousands of tonnes) (attributable to Methanex shareholders) ¹	1,252	1,551	1,480	4,592	4,581
Sales volume (thousands of tonnes)
Methanex-produced methanol	1,350	1,634	1,435	4,781	4,535
Purchased methanol	1,113	798	1,023	2,593	2,940
Commission sales	214	260	299	753	905
Total sales volume ¹	2,677	2,692	2,757	8,127	8,380

Methanex average non-discounted posted price ($ per tonne) ²	480	548	476	518	462
Average realized price ($ per tonne) ^{3 4}	377	422	390	408	376

Revenue	1,012	1,137	1,078	3,325	3,162
Net income (attributable to Methanex shareholders)	69	125	71	313	282
Adjusted net income ⁴	49	84	99	292	275
Adjusted EBITDA ⁴	192	243	264	772	768
Cash flows from operating activities	326	105	301	757	711

Basic net income per common share	0.99	1.74	0.93	4.34	3.70
Diluted net income per common share	0.87	1.41	0.93	4.17	3.62
Adjusted net income per common share ⁴	0.69	1.16	1.29	4.04	3.60

Common share information (millions of shares)
Weighted average number of common shares	70	72	76	72	76
Diluted weighted average number of common shares	70	72	76	72	76
Number of common shares outstanding, end of period	70	71	76	70	76

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 14 of our third quarter MD&A dated October 26, 2022 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 2022			Jun 30 2022			Sep 30 2021			Sep 30 2022			Sep 30 2021
Net income attributable to Methanex shareholders	$	69		$	125		$	71		$	313		$	282
Mark-to-market impact of share-based compensation		(20	)		(47	)		33			(19	)		(4	)
Depreciation and amortization		100			94			91			286			276
Finance costs		33			33			37			99			110
Finance loss (income) and other expenses		(10	)		3			(2	)		(7	)		(5	)
Income tax expense		34			37			28			113			88
Earnings of associate adjustment		17			18			19			57			58
Non-controlling interests adjustment		(31	)		(20	)		(13	)		(70	)		(37	)
Adjusted EBITDA (attributable to Methanex shareholders)	$	192		$	243		$	264		$	772		$	768

	Three Months Ended								Nine Months Ended
($ millions except number of shares and per share amounts)	Sep 30 2022			Jun 30 2022			Sep 30 2021		Sep 30 2022			Sep 30 2021
Net income attributable to Methanex shareholders	$	69		$	125		$	71	$	313		$	282
Mark-to-market impact of share-based compensation, net of tax		(16	)		(41	)		28		(17	)		(7	)
Mark-to-market impact of Egypt gas contract revaluation, net of tax		(4	)		—			—		(4	)		—
Adjusted net income	$	49		$	84		$	99	$	292		$	275
Diluted weighted average shares outstanding (millions)		70			72			76		72			76
Adjusted net income per common share	$	0.69		$	1.16		$	1.29	$	4.04		$	3.60

We recorded net income attributable to Methanex shareholders of $69 million in the third quarter of 2022 compared to net income of $125 million in the second quarter of 2022. Net income was lower compared to the prior quarter primarily due to a lower average realized price, lower sales of Methanex-produced methanol attributable to the planned turnarounds in Egypt and New Zealand and the mark-to-market impact of share-based compensation due to changes in Methanex's share price. This was partially offset by redirecting and selling our contracted natural gas in Egypt.
We recorded Adjusted EBITDA of $192 million for the third quarter of 2022 compared to $243 million for the second quarter of 2022. We recorded Adjusted net income of $49 million for the third quarter of 2022 compared to Adjusted net income of $84 million for the second quarter of 2022. Adjusted EBITDA and Adjusted net income for the third quarter of 2022 were lower than the second quarter of 2022 primarily due to a lower average realized price and lower sales of Methanex-produced methanol, which was partially offset by redirecting and selling our contracted natural gas in Egypt.
We sold 2,677,000 tonnes in the third quarter of 2022 compared to 2,692,000 tonnes for the second quarter of 2022. Sales of Methanex-produced methanol were 1,350,000 tonnes in the third quarter of 2022 compared to 1,634,000 tonnes in the second quarter of 2022.
Production for the third quarter of 2022 was 1,252,000 tonnes compared to 1,551,000 tonnes for the second quarter of 2022. Production was lower for the third quarter of 2022 primarily due to planned turnarounds in Egypt and New Zealand, seasonal gas restrictions in Chile and unplanned outages in Geismar and Medicine Hat.
We had lower levels of production from Egypt in the third quarter as we completed an extended planned turnaround. The timing of the turnaround enabled us to enter into an agreement to redirect and sell the plant's contracted natural gas, from late July to late October. This was a unique opportunity to utilize excess LNG capacity in Egypt during a period of elevated LNG prices in Europe and was done in collaboration with our Egyptian government partners. We estimate that the sale and redirection of our gas resulted in an incremental benefit to the third quarter of approximately $35 million, compared to using this gas for the production of methanol for the period the plant was not scheduled to be under turnaround. The plant is currently in the process of restarting.
The highly advantaged Geismar 3 project is progressing well and on budget with first methanol production expected in the fourth quarter of 2023 with an expected total capital cost of $1.25 - 1.3 billion. The remaining capital of approximately $450 to $500 million is fully funded with cash on hand. Geismar 3 has one of the lowest CO2 emissions intensity profiles in the industry and will enhance our current asset portfolio and help us meet our commitment to reduce our greenhouse gas emissions intensity.
On July 26, 2022 we completed the normal course issuer bid initiated on September 24, 2021, repurchasing 6,094,171 common shares for a total cost of $282 million. On September 21, 2022 we announced a new normal course issuer bid to repurchase up to 3,506,405 common shares through September 25, 2023. To September 30, 2022, we have repurchased 58,443 common shares for $2 million under the current bid.
In July 2022, we increased the quarterly dividend by 20% to $0.175 per common share for a total of $12.3 million paid during the third quarter of 2022.
At September 30, 2022, we have a strong liquidity position including a cash balance of $962 million. We also have two undrawn credit facilities, a $300 million construction credit facility specifically related to the Geismar 3 project and a $300 million revolving credit facility providing financial flexibility.

PRODUCTION HIGHLIGHTS

	Q3 2022		Q2 2022	Q3 2021	YTD Q3 2022	YTD Q3 2021
(thousands of tonnes)	Operating Capacity ¹	Production	Production	Production	Production	Production
New Zealand ²	550	205	244	268	835	943
USA (Geismar)	550	492	556	478	1,604	1,384
Trinidad (Methanex interest) ³	490	249	249	296	756	865
Chile	425	141	197	124	662	473
Egypt (50% interest)	158	35	150	155	289	437
Canada (Medicine Hat)	160	130	155	159	446	479
	2,333	1,252	1,551	1,480	4,592	4,581


¹	^{Operating capacity includes only those facilities which are currently capable of operating, but excludes any portion of an asset that is underutilized due to a lack of natural gas feedstock over a prolonged period of time. The operating capacity of our production facilities may be higher 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 composition or the age of the facility's catalyst. 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 New Zealand facilities are capable of producing up to 2.4 million tonnes annually, depending on natural gas composition and availability. Annual Operating Capacity is currently 2.2 million tonnes based on the natural gas composition expected for the foreseeable future. The Waitara Valley plant is currently idled indefinitely due to insufficient natural gas availability.}
³	^{The operating capacity of Trinidad is made up of the Titan (100% interest) and Atlas (63.1% interest) facilities. The Titan plant remains idled indefinitely since the expiry of its gas contract with the National Gas Company of Trinidad and Tobago Limited ("NGC"). We continue to engage with the NGC to negotiate terms for a new gas contract for Titan.}

Key production and operational highlights during the third quarter and production outlook for 2022 include:

New Zealand produced 205,000 tonnes compared to 244,000 tonnes in the second quarter of 2022. In New Zealand, our production was lower in the third quarter of 2022 compared to the second quarter of 2022 due to a turnaround of the Motunui 1 plant, while the Motunui 2 plant experienced lower operating rates due to lower gas availability from the Maui gas field. Based on production to date and our outlook for natural gas in New Zealand, we estimate production for 2022 to be approximately 1.2 to 1.3 million tonnes.
The Geismar facilities produced 492,000 tonnes in the third quarter compared to 556,000 tonnes in the second quarter of 2022. Lower production was due to unplanned outages in July and late September. Both Geismar 1 and 2 remained offline at the start of the fourth quarter as the utilities supplier for the Geismar site experienced a loss of power due to a failed transformer during which we took the opportunity to advance some critical G3 tie-ins. Both plants have now restarted.
Atlas produced 249,000 tonnes (Methanex interest) in both the third and second quarters of 2022. Titan remains idled indefinitely.
Chile produced 141,000 tonnes in the third quarter of 2022 compared to 197,000 tonnes in the second quarter of 2022. Production for the third quarter of 2022 was lower than the second quarter of 2022 as the Chile IV plant was shut down during the third quarter due to seasonal gas limitations during the Southern hemisphere winter months, when domestic natural gas demand is high. Chile IV restarted in October. We estimate Chile production in 2022 to be approximately 0.9 million tonnes.
Egypt produced 70,000 tonnes (Methanex interest - 35,000 tonnes) in the third quarter of 2022 compared to 300,000 tonnes (Methanex interest - 150,000 tonnes) in the second quarter of 2022. We had lower levels of production from Egypt in the third quarter as we completed an extended planned turnaround. The timing of the turnaround enabled us to enter into an agreement to redirect and sell the plant's contracted natural gas, from late July to late October, to utilize excess LNG capacity in Egypt to serve energy demand in Europe. The plant is currently in the process of restarting.
Medicine Hat produced 130,000 tonnes in the third quarter of 2022 compared to 155,000 tonnes in the second quarter of 2022. Production for the third quarter of 2022 was lower compared to the second quarter due an unplanned outage in July.

CONFERENCE CALL

A conference call is scheduled for October 27, 2022 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 2022 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 2022 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 mark-to-market 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, 2022 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 2022 Results