Except where otherwise noted, all currency amounts are stated in United States dollars. Net income attributable to Methanex shareholders of $53 million and Adjusted EBITDA of $160 million in the first quarter. Our average realized price in the first quarter was $343 per tonne compared to $322 per tonne in the fourth quarter of 2023. Work is progressing to safely repair the Geismar 3 ("G3") plant and we believe that the plant is on track to start up in the third quarter of 2024. Repair costs are expected to be $15 million and the total capital cost for the project is expected to remain at approximately $1.30 billion. The remaining capital cost of $70 million is fully funded with cash on hand. The operating cost impact of the delay is approximately $5 million per month and in the first quarter delay costs were approximately $25 million due to take-or-pay on utilities contracts, the organization build-up of fixed costs, and the accounting recognition of over-hedged gas costs. These operating costs are included in Adjusted EBITDA. Successfully completed repairs at the Egypt plant and reached full operating rates in February. In April 2024, the existing $300 million revolving credit facility was renewed to April 2028 and an additional $200 million tranche was added which expires in April 2026. This additional financial capacity provides increased flexibility to manage our business. Returned $12.5 million to shareholders through regular dividends in the first quarter and ended the first quarter with $407 million in cash. VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- For the first quarter of 2024, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $53 million ($0.77 net income per common share on a diluted basis) compared to net income of $33 million ($0.50 net income per common share on a diluted basis) in the fourth quarter of 2023. Net income in the first quarter of 2024 was higher compared to the prior quarter primarily due to a higher average realized price and the positive impact of the mark-to-market portion of share-based compensation due to changes in Methanex's share price. Adjusted EBITDA for the first quarter of 2024 was $160 million and Adjusted net income was $44 million ($0.65 Adjusted net income per common share). This compares with Adjusted EBITDA of $148 million and Adjusted net income of $35 million ($0.52 Adjusted net income per common share) for the fourth quarter of 2023. Our average realized price in the first quarter was $343 per tonne compared to $322 per tonne in the fourth quarter of 2023. In the first quarter, methanol supply was constrained due to the seasonal diversions of natural gas in Iran and China and planned and unplanned outages in the Atlantic leading to lower inventories and increasing methanol prices through the quarter. In the first quarter, we returned $12.5 million to shareholders through the regular dividend. We ended the quarter with $407 million in cash, or approximately $378 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 with a new $200 million tranche that was added to provide additional financial flexibility. Rich Sumner, President & CEO of Methanex, said, "Our global team responded well to the delay in the start-up of G3, maintaining safe operations and a flexible supply chain while we investigated the root cause of the incident. We will continue to focus on safety and ensuring the G3 plant meets our quality expectations. Our business delivered a strong operational and financial quarter in the midst of a dynamic global landscape." FURTHER INFORMATION The information set forth in this news release summarizes Methanex's key financial and operational data for the first quarter of 2024. It is not a complete source of information for readers and is not in any way a substitute for reading the first quarter 2024 Management's Discussion and Analysis ("MD&A") dated April 24, 2024 and the unaudited condensed consolidated interim financial statements for the period ended March 31, 2024, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended March 31, 2024 are also available on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov. FINANCIAL AND OPERATIONAL DATA   Three Months Ended ($ millions except per share amounts and where noted) Mar 312024 Dec 312023 Mar 312023 Production (thousands of tonnes) (attributable to Methanex shareholders)1 1,721 1,779 1,660 Sales volume (thousands of tonnes)       Methanex-produced methanol 1,681 1,712 1,649 Purchased methanol 807 890 848 Commission sales 182 260 308 Total sales volume1 2,670 2,862 2,805         Methanex average non-discounted posted price ($ per tonne)2 471 421 471 Average realized price ($ per tonne)3 343 322 371         Revenue 916 922 1,038 Net income (attributable to Methanex shareholders) 53 33 60 Adjusted net income4 44 35 76 Adjusted EBITDA4 160 148 209 Cash flows from operating activities 91 195 162         Basic net income per common share 0.78 0.50 0.87 Diluted net income per common share 0.77 0.50 0.87 Adjusted net income per common share4 0.65 0.52 1.11         Common share information (millions of shares)       Weighted average number of common shares 67 67 69 Diluted weighted average number of common shares 68 68 69 Number of common shares outstanding, end of period 67 67 68         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 theAdditional Information -Non-GAAP Measuressection on page 13 of our first quarter MD&A dated April 24, 2024 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 312024