Methanex Corporation’s Post

Q1 2024 earnings highlights included Adjusted EBITDA of $160 million and additional financial capacity through the renewal of an existing $300 million revolving credit facility, expiring in April 2028, and the addition of a $200 million tranche, expiring in April 2026. 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. Find the press release and earnings call playback here: https://bit.ly/3QzNdVH

We are committed to playing an active role in the transition to a low-carbon economy, and three priorities guide our approach to this work: reducing emissions from conventional methanol production, producing low-carbon methanol, and growing markets for methanol. We’re taking concrete steps to achieve our 10 per cent GHG intensity reduction target by 2030, focusing on plant efficiency, plant reliability, and identifying ways to upgrade our existing facilities to improve energy efficiency and lower GHG emissions. Our efforts to date have already resulted in a five per cent decrease in emissions intensity since 2019. We also continue to pursue opportunities to make incremental, staged investments that can facilitate the transition of our existing assets to produce low-carbon methanol, including carbon capture, utilization and storage in Medicine Hat and Geismar, and e-methanol in Geismar and Damietta. In 2023, we invested $2 million on feasibility work for future technologies, and this year, we’ve set a target to advance at least one low-carbon project into Pre-FEED (Preliminary Front End Engineering and Design). Learn more in our Sustainability Report: https://bit.ly/3PcAxTs #EarthDay

Our commitment to Responsible Care is unwavering. We work every day to put our values and safe practices into action. Our process safety programs are designed to manage process-related hazards and protect our employees, contractors and communities against the potential for fires, explosions or toxic releases. In 2023, we commissioned an independent review of our global process safety program, which found that we have good alignment with industry best practices, a positive process safety culture, and very strong leadership commitment. The review also identified four areas of improvement, two of which we are already in the process of addressing. We are expanding our competency assurance program for our manufacturing business. The program assesses the individual’s operational knowledge (including process safety), people leadership (if applicable), Responsible Care aptitudes, Methanex business knowledge, and focus on continual improvement. We are also in the process of formalizing a workforce engagement program for process safety, based on a set of 10 basic principles we've called our Process Safety Fundamentals. This year, the campaign will highlight best practices for keeping our people, the environment and our communities safe, while protecting our assets. A detailed action plan is under development to deliver improvements in the remaining two areas. Learn more in our Sustainability Report: https://bit.ly/3PcAxTs

Congratulations to Ian Cameron, FCPA, FCA, on being elected a Fellow by Chartered Professional Accountants (CPA) British Columbia. Ian was formally recognized this week at a gala event in Vancouver. It’s the highest honour for a Chartered Professional Accountant (CPA) and reflects the exceptional contributions Ian made at Methanex and within the accounting and finance industry, where he worked tirelessly to mentor, develop and promote the next generation of CPAs. Ian retired from Methanex last year after a 30-year career here, most recently as Senior Vice-President, Finance and CFO. In addition to helping steer the business through major economic challenges, including the 2008 financial crisis and COVID-19, he oversaw the implementation of a complex, global cloud-based ERP finance system and was one of the driving forces behind our global equity, diversity and inclusion (EDI) initiatives. Congratulations on the well-deserved recognition, Ian! Read Ian's full fellow profile: https://bit.ly/4cN2ZWj

You might not know it, but methanol is the building block needed to make so many of the things we use every day. The screen of your phone, the plywood in your homes and the paint on your walls, the body panels in your car, your fleece jacket, and even the foam in your mattress - all made using methanol. Not only is methanol an integral part of our day-to-day lives today, it also plays a key role in a more sustainable tomorrow. Methanol is already being used as a low emission fuel alternative in shipping. It can also be used to power taxis and heavy-duty trucks, heat buildings, and even to cook dinners. At Methanex, we are proud that we make an essential product that improves everyday life and provides solutions for a sustainable future.

Methanex is the world’s largest producer and supplier of methanol. We make an essential product that improves everyday life and provides solutions for a sustainable future. Our top priority continues to be the safety and well-being of our team members and communities where we do business. Our Sustainability Report outlines Methanex’s commitment as the industry leader to set the highest standards for the industry, including how we protect and develop our people, minimize our impact on the environment and contribute to our communities. The report covers our progress on the sustainability topics that are most material to us and our stakeholders, including our performance against our 2023 goals. Over the next few weeks, we’ll highlight some of our activities in our posts. Check out the full Sustainability Report here: https://bit.ly/3PcAxTs

On this International Women's Day, we celebrate the strength, resilience, and achievements of women worldwide. "Invest in Women: Accelerate Progress", this year’s United Nations theme, aligns with Methanex’s commitment to fostering equity, diversity and inclusion, particularly in the fields of Science, Technology, Engineering, and Mathematics (STEM) and skilled trades.  We’re dedicated to empowering women in STEM and skilled trades, breaking down barriers and fostering a future where everyone can thrive, and we’re proud to support initiatives globally that empower women throughout the year. Here are a few examples. In Chile, we participate in a STEM roundtable, led by the University of Magallanes, encouraging women to enter engineering and promoting investments in STEM academics and research. The team also supports a robotics workshop, fostering girls’ participation in STEM. Our Medicine Hat, Alberta site participates annually in Operation Minerva, a mentorship program that provides grade 9 girls exposure to diverse STEM professions through one-on-one mentorship with female mentors. The students we hosted this year spent the morning with an operator, an engineer, and a financial analyst in hands-on learning opportunities and a plant tour.  The team in New Zealand sponsors the Taranaki Women in Trades Event by Women in Trades (WIT), promoting trades as a viable career option for women, and encourages young women to join our apprenticeship program. They’re also launching an annual scholarship for young women to study Engineering and supporting young women with entering our Graduate-in-Training program. Join us in celebrating the achievements of women today and supporting the journey towards a more inclusive and equitable tomorrow.

Brad Boyd, Senior Vice President of Corporate Resources, recently spoke at the Egypt Energy Show 2024 and took the opportunity to celebrate with the team a new partnership agreement with the Ministry of Petroleum to continue embedding process safety management across the Egyptian oil, gas and petrochemical sectors. The team there has been a driving force in this work over the past number of years. 

Happy Lunar New Year 2024! Wishing you peace, health and happiness in the Year of the Dragon! #YearOfTheDragon #LunarNewYear

Yesterday, we reported earnings results for Q4 2023. Highlights include Adjusted EBITDA of $148 million. Our Geismar 3 (G3) plant is in the start-up process, and we expect it to ramp up to full rates over February. G3 will have one of the lowest emission intensity profiles in the industry and will significantly enhance our cash flow capability at a range of methanol prices. Find the press release and earnings call playback here: https://lnkd.in/gBbFMH5W