We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Methanex Corporation | NASDAQ:MEOH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 0.23% | 48.23 | 47.05 | 57.00 | 48.77 | 48.00 | 48.10 | 175,175 | 05:00:02 |
|
|
|
|
|
NEWS RELEASE
|
Methanex Corporation
1800 - 200 Burrard St.
Vancouver, BC Canada V6C 3M1
Investor Relations: (604) 661-2600
www.methanex.com
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
($ millions except per share amounts and where noted)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
Production (thousands of tonnes) (attributable to Methanex shareholders)
|
1,770
|
|
1,639
|
|
1,281
|
|
|
3,409
|
|
2,545
|
|
Sales volume (thousands of tonnes)
|
|
|
|
|
|
|
|||||
Methanex-produced methanol (attributable to Methanex shareholders)
|
1,689
|
|
1,529
|
|
1,203
|
|
|
3,218
|
|
2,440
|
|
Purchased methanol
|
533
|
|
422
|
|
813
|
|
|
955
|
|
1,465
|
|
Commission sales
|
140
|
|
168
|
|
109
|
|
|
308
|
|
294
|
|
Total sales volume
1
|
2,362
|
|
2,119
|
|
2,125
|
|
|
4,481
|
|
4,199
|
|
|
|
|
|
|
|
|
|||||
Methanex average non-discounted posted price ($ per tonne)
2
|
260
|
|
272
|
|
403
|
|
|
266
|
|
393
|
|
Average realized price ($ per tonne)
3
|
223
|
|
230
|
|
350
|
|
|
227
|
|
344
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
468
|
|
435
|
|
638
|
|
|
903
|
|
1,215
|
|
Adjusted revenue
|
496
|
|
450
|
|
696
|
|
|
946
|
|
1,321
|
|
Adjusted EBITDA
|
38
|
|
36
|
|
129
|
|
|
74
|
|
226
|
|
Cash flows from operating activities
|
34
|
|
70
|
|
82
|
|
|
104
|
|
119
|
|
Adjusted net income (loss)
|
(31
|
)
|
(24
|
)
|
51
|
|
|
(55
|
)
|
72
|
|
Net income (loss) (attributable to Methanex shareholders)
|
(3
|
)
|
(23
|
)
|
104
|
|
|
(26
|
)
|
113
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income (loss) per common share
|
(0.34
|
)
|
(0.27
|
)
|
0.56
|
|
|
(0.62
|
)
|
0.79
|
|
Basic net income (loss) per common share
|
(0.03
|
)
|
(0.26
|
)
|
1.15
|
|
|
(0.29
|
)
|
1.24
|
|
Diluted net income (loss) per common share
|
(0.08
|
)
|
(0.26
|
)
|
1.15
|
|
|
(0.34
|
)
|
1.23
|
|
|
|
|
|
|
|
|
|||||
Common share information (millions of shares)
|
|
|
|
|
|
|
|||||
Weighted average number of common shares
|
90
|
|
90
|
|
91
|
|
|
90
|
|
91
|
|
Diluted weighted average number of common shares
|
90
|
|
90
|
|
91
|
|
|
90
|
|
92
|
|
Number of common shares outstanding, end of period
|
90
|
|
90
|
|
90
|
|
|
90
|
|
90
|
|
1
|
Total sales volume includes any volume produced by Chile using natural gas supplied from Argentina under a tolling arrangement ("Tolling Volume"). Tolling Volume was nil for the three and six months ended June 30, 2016 compared to
28,000
tonnes and
68,000
tonnes for the same periods in 2015. Commission sales represent volume marketed on a commission basis related to the 36.9% of the Atlas methanol facility and 50% of the Egypt methanol 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 and Asia Pacific weighted by sales volume. Current and historical pricing information is available at
www.methanex.com
.
|
3
|
Average realized price 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 (attributable to Methanex shareholders) and purchased methanol, but excluding Tolling Volume.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except number of shares and per share amounts)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Net income (loss) (attributable to Methanex shareholders)
|
$
|
(3
|
)
|
$
|
(23
|
)
|
$
|
104
|
|
|
$
|
(26
|
)
|
$
|
113
|
|
Mark-to-market impact of share-based compensation, net of tax
|
(7
|
)
|
(1
|
)
|
4
|
|
|
(8
|
)
|
16
|
|
|||||
Argentina gas settlement, net of tax
|
(21
|
)
|
—
|
|
—
|
|
|
(21
|
)
|
—
|
|
|||||
Gain related to the termination of a terminal services agreement, net of tax
|
—
|
|
—
|
|
(57
|
)
|
|
—
|
|
(57
|
)
|
|||||
Adjusted net income (loss)
|
$
|
(31
|
)
|
$
|
(24
|
)
|
$
|
51
|
|
|
$
|
(55
|
)
|
$
|
72
|
|
Diluted weighted average shares outstanding (millions)
|
90
|
|
90
|
|
91
|
|
|
90
|
|
92
|
|
|||||
Adjusted net income (loss) per common share
|
$
|
(0.34
|
)
|
$
|
(0.27
|
)
|
$
|
0.56
|
|
|
$
|
(0.62
|
)
|
$
|
0.79
|
|
▪
|
We recorded a net loss attributable to Methanex shareholders of $
3 million
during the second quarter of 2016, compared to a net loss of $
23 million
in the first quarter of 2016. The change is attributable to higher sales of methanol which was partially offset by
a decrease
in our average realized price to
$223
per tonne for the
second
quarter of
2016
from
$230
per tonne for the
first
quarter of
2016
.
We also reached a settlement with Petrobras Argentina S.A. ("Petrobras") for $32.5 million ($21 million, net of tax) during the second quarter of 2016 to terminate Petrobras' natural gas delivery obligations pursuant to a long-term natural gas supply agreement in Chile.
|
▪
|
We recorded Adjusted EBITDA of
$38 million
for the
second
quarter of
2016
compared with
$36 million
for the
first
quarter of
2016
.
The increase in Adjusted EBITDA was primarily due to higher sales volume which was partially offset by
a decrease
in our average realized price.
|
▪
|
Sales of Methanex-produced methanol were a record
1,689,000
tonnes in the
second
quarter of
2016
compared with
1,529,000
in the
first
quarter of
2016
.
|
▪
|
Cash flows from operating activities in the
second
quarter of
2016
were
$34 million
compared with
$70 million
for the
first
quarter of
2016
and
$82 million
for the
second
quarter of
2015
.
Cash flows in the second quarter of 2016 were impacted by an increase in working capital as a result of higher sales volume and inventory build.
|
▪
|
Our planned capital maintenance expenditure program directed towards maintenance, turnarounds and catalyst changes for existing operations, including our 63.1% share of Atlas, is currently estimated to be $25 million for the remainder of 2016.
|
▪
|
During the
second
quarter of
2016
we paid a
$0.275
per common share dividend to shareholders for a total of
$25 million
.
|
|
Q2 2016
|
Q1 2016
|
|
Q2 2015
|
|
|
YTD Q2 2016
|
|
YTD Q2 2015
|
|
|||
(thousands of tonnes)
|
Operating Capacity
1
|
|
Production
|
|
Production
|
|
Production
|
|
|
Production
|
|
Production
|
|
New Zealand
2
|
608
|
|
577
|
|
509
|
|
487
|
|
|
1,086
|
|
968
|
|
Geismar 1 and 2 (Louisiana, USA)
3
|
500
|
|
527
|
|
483
|
|
276
|
|
|
1,010
|
|
456
|
|
Atlas (Trinidad) (63.1% interest)
|
281
|
|
236
|
|
109
|
|
236
|
|
|
345
|
|
445
|
|
Titan (Trinidad)
|
218
|
|
181
|
|
204
|
|
183
|
|
|
385
|
|
369
|
|
Egypt (50% interest)
|
158
|
|
53
|
|
75
|
|
8
|
|
|
128
|
|
16
|
|
Medicine Hat (Canada)
|
150
|
|
123
|
|
159
|
|
51
|
|
|
282
|
|
178
|
|
Chile I and IV
4
|
100
|
|
73
|
|
100
|
|
40
|
|
|
173
|
|
113
|
|
|
2,015
|
|
1,770
|
|
1,639
|
|
1,281
|
|
|
3,409
|
|
2,545
|
|
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. Our current annual operating capacity is 8.1 million tonnes, including 0.4 million tonnes related to our Chile operations. 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.
|
2
|
The operating capacity of New Zealand is made up of the two Motunui facilities and the Waitara Valley facility
.
|
3
|
We commenced methanol production from Geismar 1 during the first quarter of 2015 and from Geismar 2 late in the fourth quarter of 2015. Each facility has an annual operating capacity of 1.0 million tonnes.
|
4
|
The production capacity of our Chile I and IV facilities is 1.7 million tonnes annually assuming access to economical natural gas feedstock.
|
▪
|
Strong production from New Zealand, where close to full operating capacity was achieved.
|
▪
|
Geismar production rates were strong, reflecting, in part, the relatively new catalyst at these plants.
|
▪
|
Combined operating rate of 84% in Trinidad, reflecting the return to normal operation of the Atlas plant.
|
▪
|
Egypt production of
53,000
tonnes (Methanex share) reflecting higher than expected natural gas supply in Egypt.
The plant was restarted in early May after a shutdown in early March due to natural gas supply restrictions and has since operated at reduced rates on an intermittent basis as gas has become available. Based on the best information we have available, we expect that the plant may be required to shut down intermittently during the remaining summer months when electricity demand is at its peak.
|
▪
|
Medicine Hat production of
123,000
tonnes or 82% of capacity, reflecting a mechanical issue at the plant that resulted in lost production of approximately
40,000
tonnes during the quarter.
|
▪
|
Chile production of
73,000
tonnes, reflecting continued operation of the Chile I facility through the second quarter at reduced rates, 100% supported by natural gas supplies from Chile.
The plant was shut down at the beginning of July for planned maintenance and is expected to restart in August. Based on our current view of gas availability in Chile, we believe that there is sufficient gas for us to continue to operate through the remainder of the southern hemisphere winter at reduced rates.
|
2
|
|
Share Information
Methanex Corporation’s common shares are listed for trading on the Toronto Stock Exchange under the symbol MX and on the Nasdaq Global Market under the symbol MEOH.
Transfer Agents & Registrars
CST Trust Company
320 Bay Street
Toronto, Ontario Canada M5H 4A6
Toll free in North America: 1-800-387-0825
|
Investor Information
All financial reports, news releases and corporate information can be accessed on our website at
www.methanex.com
.
Contact Information
Methanex Investor Relations
1800 - 200 Burrard Street
Vancouver, BC Canada V6C 3M1
E-mail: invest@methanex.com
Methanex Toll-Free: 1-800-661-8851
|
Management's Discussion
and Analysis for the Three and Six Months Ended June 30, 2016 |
|||
At July 26, 2016 the Company had 89,796,238 common shares issued and outstanding and stock options exercisable for 1,965,834 additional common shares.
|
▪
|
A reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted net income (loss) and the calculation of Adjusted net income (loss) per common share is as follows:
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except number of shares and per share amounts)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Net income (loss) (attributable to Methanex shareholders)
|
$
|
(3
|
)
|
$
|
(23
|
)
|
$
|
104
|
|
|
$
|
(26
|
)
|
$
|
113
|
|
Mark-to-market impact of share-based compensation, net of tax
|
(7
|
)
|
(1
|
)
|
4
|
|
|
(8
|
)
|
16
|
|
|||||
Argentina gas settlement, net of tax
|
(21
|
)
|
—
|
|
—
|
|
|
(21
|
)
|
—
|
|
|||||
Gain related to the termination of a terminal services agreement, net of tax
|
—
|
|
—
|
|
(57
|
)
|
|
—
|
|
(57
|
)
|
|||||
Adjusted net income (loss)
1
|
$
|
(31
|
)
|
$
|
(24
|
)
|
$
|
51
|
|
|
$
|
(55
|
)
|
$
|
72
|
|
Diluted weighted average shares outstanding (millions)
|
90
|
|
90
|
|
91
|
|
|
90
|
|
92
|
|
|||||
Adjusted net income (loss) per common share
1
|
$
|
(0.34
|
)
|
$
|
(0.27
|
)
|
$
|
0.56
|
|
|
$
|
(0.62
|
)
|
$
|
0.79
|
|
1
|
The Company has used the terms Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted revenue and operating income throughout this document. These items are non-GAAP measures 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
Additional Information - Supplemental Non-GAAP Measures
on page
12
of the MD&A for reconciliations to the most comparable GAAP measures.
|
▪
|
We recorded a net loss attributable to Methanex shareholders of $
3 million
during the second quarter of 2016, compared to a net loss of $
23 million
in the first quarter of 2016. The change is attributable to higher sales of methanol which was partially offset by
a decrease
in our average realized price to
$223
per tonne for the
second
quarter of
2016
from
$230
per tonne for the
first
quarter of
2016
.
We also reached a settlement with Petrobras Argentina S.A. ("Petrobras") for $32.5 million ($21 million, net of tax) during the second quarter of 2016 to terminate Petrobras' natural gas delivery obligations pursuant to a long-term natural gas supply agreement in Chile.
|
▪
|
We recorded Adjusted EBITDA of
$38 million
for the
second
quarter of
2016
compared with
$36 million
for the
first
quarter of
2016
.
The increase in Adjusted EBITDA was primarily due to higher sales volume which was partially offset by
a decrease
in our average realized price.
|
▪
|
Production for the
second
quarter of
2016
was a record
1,770,000
tonnes compared with
1,639,000
tonnes for the
first
quarter of
2016
. Refer to the
Production Summary
section on page
3
of the MD&A.
|
▪
|
Sales of Methanex-produced methanol were a record
1,689,000
tonnes in the
second
quarter of
2016
compared with
1,529,000
in the
first
quarter of
2016
.
|
▪
|
During the
second
quarter of
2016
we paid a
$0.275
per common share dividend to shareholders for a total of
$25 million
.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
($ millions except per share amounts and where noted)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
Production (thousands of tonnes) (attributable to Methanex shareholders)
|
1,770
|
|
1,639
|
|
1,281
|
|
|
3,409
|
|
2,545
|
|
Sales volume (thousands of tonnes)
|
|
|
|
|
|
|
|||||
Methanex-produced methanol (attributable to Methanex shareholders)
|
1,689
|
|
1,529
|
|
1,203
|
|
|
3,218
|
|
2,440
|
|
Purchased methanol
|
533
|
|
422
|
|
813
|
|
|
955
|
|
1,465
|
|
Commission sales
|
140
|
|
168
|
|
109
|
|
|
308
|
|
294
|
|
Total sales volume
1
|
2,362
|
|
2,119
|
|
2,125
|
|
|
4,481
|
|
4,199
|
|
|
|
|
|
|
|
|
|||||
Methanex average non-discounted posted price ($ per tonne)
2
|
260
|
|
272
|
|
403
|
|
|
266
|
|
393
|
|
Average realized price ($ per tonne)
3
|
223
|
|
230
|
|
350
|
|
|
227
|
|
344
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
468
|
|
435
|
|
638
|
|
|
903
|
|
1,215
|
|
Adjusted revenue
|
496
|
|
450
|
|
696
|
|
|
946
|
|
1,321
|
|
Adjusted EBITDA
|
38
|
|
36
|
|
129
|
|
|
74
|
|
226
|
|
Cash flows from operating activities
|
34
|
|
70
|
|
82
|
|
|
104
|
|
119
|
|
Adjusted net income (loss)
|
(31
|
)
|
(24
|
)
|
51
|
|
|
(55
|
)
|
72
|
|
Net income (loss) (attributable to Methanex shareholders)
|
(3
|
)
|
(23
|
)
|
104
|
|
|
(26
|
)
|
113
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income (loss) per common share
|
(0.34
|
)
|
(0.27
|
)
|
0.56
|
|
|
(0.62
|
)
|
0.79
|
|
Basic net income (loss) per common share
|
(0.03
|
)
|
(0.26
|
)
|
1.15
|
|
|
(0.29
|
)
|
1.24
|
|
Diluted net income (loss) per common share
|
(0.08
|
)
|
(0.26
|
)
|
1.15
|
|
|
(0.34
|
)
|
1.23
|
|
|
|
|
|
|
|
|
|||||
Common share information (millions of shares)
|
|
|
|
|
|
|
|||||
Weighted average number of common shares
|
90
|
|
90
|
|
91
|
|
|
90
|
|
91
|
|
Diluted weighted average number of common shares
|
90
|
|
90
|
|
91
|
|
|
90
|
|
92
|
|
Number of common shares outstanding, end of period
|
90
|
|
90
|
|
90
|
|
|
90
|
|
90
|
|
1
|
Total sales volume includes any volume produced by Chile using natural gas supplied from Argentina under a tolling arrangement ("Tolling Volume"). Tolling Volume was nil for the three and six months ended June 30, 2016 compared to
28,000
tonnes and
68,000
tonnes for the same periods in 2015. Commission sales represent volume marketed on a commission basis related to the 36.9% of the Atlas methanol facility and 50% of the Egypt methanol 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 and Asia Pacific weighted by sales volume. Current and historical pricing information is available at
www.methanex.com
.
|
3
|
Average realized price 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 (attributable to Methanex shareholders) and purchased methanol, but excluding Tolling Volume.
|
|
Q2 2016
|
Q1 2016
|
|
Q2 2015
|
|
|
YTD Q2 2016
|
|
YTD Q2 2015
|
|
|||
(thousands of tonnes)
|
Operating Capacity
1
|
|
Production
|
|
Production
|
|
Production
|
|
|
Production
|
|
Production
|
|
New Zealand
2
|
608
|
|
577
|
|
509
|
|
487
|
|
|
1,086
|
|
968
|
|
Geismar 1 and 2 (Louisiana, USA)
3
|
500
|
|
527
|
|
483
|
|
276
|
|
|
1,010
|
|
456
|
|
Atlas (Trinidad) (63.1% interest)
|
281
|
|
236
|
|
109
|
|
236
|
|
|
345
|
|
445
|
|
Titan (Trinidad)
|
218
|
|
181
|
|
204
|
|
183
|
|
|
385
|
|
369
|
|
Egypt (50% interest)
|
158
|
|
53
|
|
75
|
|
8
|
|
|
128
|
|
16
|
|
Medicine Hat (Canada)
|
150
|
|
123
|
|
159
|
|
51
|
|
|
282
|
|
178
|
|
Chile I and IV
4
|
100
|
|
73
|
|
100
|
|
40
|
|
|
173
|
|
113
|
|
|
2,015
|
|
1,770
|
|
1,639
|
|
1,281
|
|
|
3,409
|
|
2,545
|
|
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. Our current annual operating capacity is 8.1 million tonnes, including 0.4 million tonnes related to our Chile operations. 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.
|
2
|
The operating capacity of New Zealand is made up of the two Motunui facilities and the Waitara Valley facility
(refer to the
New Zealand
section below).
|
3
|
We commenced methanol production from Geismar 1 during the first quarter of 2015 and from Geismar 2 late in the fourth quarter of 2015. Each facility has an annual operating capacity of 1.0 million tonnes.
|
4
|
The production capacity of our Chile I and IV facilities is 1.7 million tonnes annually assuming access to economical natural gas feedstock.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except number of shares and per share amounts)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Net income (loss) (attributable to Methanex shareholders)
|
$
|
(3
|
)
|
$
|
(23
|
)
|
$
|
104
|
|
|
$
|
(26
|
)
|
$
|
113
|
|
Mark-to-market impact of share-based compensation, net of tax
|
(7
|
)
|
(1
|
)
|
4
|
|
|
(8
|
)
|
16
|
|
|||||
Argentina gas settlement, net of tax
|
(21
|
)
|
—
|
|
—
|
|
|
(21
|
)
|
—
|
|
|||||
Gain related to the termination of a terminal services agreement, net of tax
|
—
|
|
—
|
|
(57
|
)
|
|
—
|
|
(57
|
)
|
|||||
Adjusted net income
(loss)
|
$
|
(31
|
)
|
$
|
(24
|
)
|
$
|
51
|
|
|
$
|
(55
|
)
|
$
|
72
|
|
Diluted weighted average shares outstanding (millions)
|
90
|
|
90
|
|
91
|
|
|
90
|
|
92
|
|
|||||
Adjusted net income (loss) per common share
|
$
|
(0.34
|
)
|
$
|
(0.27
|
)
|
$
|
0.56
|
|
|
$
|
(0.62
|
)
|
$
|
0.79
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Consolidated statements of income (loss):
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
468
|
|
$
|
435
|
|
$
|
638
|
|
|
$
|
903
|
|
$
|
1,215
|
|
Cost of sales and operating expenses
|
(430
|
)
|
(404
|
)
|
(526
|
)
|
|
(834
|
)
|
(1,028
|
)
|
|||||
Mark-to-market impact of share-based compensation
|
(8
|
)
|
(1
|
)
|
4
|
|
|
(9
|
)
|
18
|
|
|||||
Adjusted EBITDA (attributable to associate)
|
13
|
|
8
|
|
18
|
|
|
21
|
|
40
|
|
|||||
Amounts excluded from Adjusted EBITDA attributable to non-controlling interests
|
(5
|
)
|
(2
|
)
|
(5
|
)
|
|
(7
|
)
|
(19
|
)
|
|||||
Adjusted EBITDA (attributable to Methanex shareholders)
|
38
|
|
36
|
|
129
|
|
|
74
|
|
226
|
|
|||||
|
|
|
|
|
|
|
||||||||||
Mark-to-market impact of share-based compensation
|
8
|
|
1
|
|
(4
|
)
|
|
9
|
|
(18
|
)
|
|||||
Depreciation and amortization
|
(58
|
)
|
(53
|
)
|
(47
|
)
|
|
(111
|
)
|
(94
|
)
|
|||||
Argentina gas settlement
|
33
|
|
—
|
|
—
|
|
|
33
|
|
—
|
|
|||||
Gain related to the termination of a terminal services agreement
|
—
|
|
—
|
|
65
|
|
|
—
|
|
65
|
|
|||||
Finance costs
|
(22
|
)
|
(21
|
)
|
(18
|
)
|
|
(43
|
)
|
(39
|
)
|
|||||
Finance income and other expenses
|
—
|
|
3
|
|
2
|
|
|
3
|
|
(7
|
)
|
|||||
Income tax recovery (expense)
|
—
|
|
10
|
|
(20
|
)
|
|
10
|
|
(15
|
)
|
|||||
Earnings of associate adjustment
1
|
(11
|
)
|
(8
|
)
|
(11
|
)
|
|
(19
|
)
|
(23
|
)
|
|||||
Non-controlling interests adjustment
1
|
9
|
|
9
|
|
8
|
|
|
18
|
|
18
|
|
|||||
Net income (loss) (attributable to Methanex shareholders)
|
$
|
(3
|
)
|
$
|
(23
|
)
|
$
|
104
|
|
|
$
|
(26
|
)
|
$
|
113
|
|
Net income (loss)
|
$
|
(7
|
)
|
$
|
(30
|
)
|
$
|
101
|
|
|
$
|
(38
|
)
|
$
|
114
|
|
1
|
These adjustments represent depreciation and amortization, finance costs, finance income and other expenses and income taxes associated with our 63.1% interest in the Atlas methanol facility and the non-controlling interests.
|
($ millions)
|
Q2 2016 compared with Q1 2016
|
|
Q2 2016 compared with Q2 2015
|
|
YTD Q2 2016
compared with YTD Q2 2015 |
|
|||
Average realized price
|
$
|
(17
|
)
|
$
|
(285
|
)
|
$
|
(494
|
)
|
Sales volume
|
12
|
|
21
|
|
29
|
|
|||
Total cash costs
|
7
|
|
173
|
|
313
|
|
|||
Increase (decrease) in Adjusted EBITDA
|
$
|
2
|
|
$
|
(91
|
)
|
$
|
(152
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
($ per tonne)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
Methanex average non-discounted posted price
|
260
|
|
272
|
|
403
|
|
|
266
|
|
393
|
|
Methanex average realized price
|
223
|
|
230
|
|
350
|
|
|
227
|
|
344
|
|
($ millions)
|
Q2 2016 compared with Q1 2016
|
|
Q2 2016 compared with Q2 2015
|
|
YTD Q2 2016
compared with YTD Q2 2015 |
|
|||
Methanex-produced methanol costs
|
$
|
(2
|
)
|
$
|
57
|
|
$
|
111
|
|
Proportion of Methanex-produced methanol sales
|
(3
|
)
|
53
|
|
88
|
|
|||
Purchased methanol costs
|
12
|
|
70
|
|
114
|
|
|||
Other, net
|
—
|
|
(7
|
)
|
—
|
|
|||
Decrease in total cash costs
|
$
|
7
|
|
$
|
173
|
|
$
|
313
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except share share price)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Methanex Corporation share price
1
|
$
|
29.10
|
|
$
|
32.12
|
|
$
|
55.66
|
|
|
$
|
29.10
|
|
$
|
55.66
|
|
Grant-date fair value expense included in Adjusted EBITDA and Adjusted net income
|
4
|
|
4
|
|
6
|
|
|
8
|
|
14
|
|
|||||
Mark-to-market impact due to change in share price
|
(8
|
)
|
(1
|
)
|
4
|
|
|
(9
|
)
|
18
|
|
|||||
Total share-based compensation expense (recovery), before tax
|
$
|
(4
|
)
|
$
|
3
|
|
$
|
10
|
|
|
$
|
(1
|
)
|
$
|
32
|
|
1
|
US dollar share price of Methanex Corporation as quoted on the NASDAQ Global Market on the last trading day of the respective period.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Finance costs before capitalized interest
|
$
|
22
|
|
$
|
21
|
|
$
|
22
|
|
|
$
|
43
|
|
$
|
49
|
|
Less capitalized interest
|
—
|
|
—
|
|
(4
|
)
|
|
—
|
|
(10
|
)
|
|||||
Finance costs
|
$
|
22
|
|
$
|
21
|
|
$
|
18
|
|
|
$
|
43
|
|
$
|
39
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Finance income and other expenses
|
$
|
—
|
|
$
|
3
|
|
$
|
2
|
|
|
$
|
3
|
|
$
|
(7
|
)
|
|
Three months ended
June 30, 2016 |
|
Three months ended
March 31, 2016 |
||||||||||
($ millions except where noted)
|
Net Loss
|
|
Adjusted Net Loss
|
|
|
Net Loss
|
|
Adjusted Net Loss
|
|
||||
Amount before income tax
|
$
|
(8
|
)
|
$
|
(43
|
)
|
|
$
|
(40
|
)
|
$
|
(35
|
)
|
Income tax recovery (expense)
|
1
|
|
12
|
|
|
10
|
|
11
|
|
||||
|
$
|
(7
|
)
|
$
|
(31
|
)
|
|
$
|
(30
|
)
|
$
|
(24
|
)
|
Effective tax rate
|
7
|
%
|
28
|
%
|
|
24
|
%
|
31
|
%
|
1
|
Discounts from our posted prices are offered to customers based on
|
2
|
€240 for Q3 2016 (Q2 2016 – €225) converted to United States dollars.
|
($ millions)
|
Q2 2016 compared with Q1 2016
|
|
Q2 2016 compared with Q2 2015
|
|
YTD Q2 2016
compared with YTD Q2 2015 |
|
|||
Change in Adjusted EBITDA (attributable to Methanex shareholders)
|
$
|
2
|
|
$
|
(91
|
)
|
$
|
(152
|
)
|
Deduct change in Adjusted EBITDA of associate
|
(5
|
)
|
5
|
|
19
|
|
|||
Dividends received from associate
|
(26
|
)
|
(10
|
)
|
(12
|
)
|
|||
Cash flows attributable to non-controlling interests
|
3
|
|
—
|
|
(12
|
)
|
|||
Non-cash working capital
|
(36
|
)
|
21
|
|
75
|
|
|||
Income taxes paid
|
(2
|
)
|
7
|
|
32
|
|
|||
Argentina gas settlement
|
33
|
|
33
|
|
33
|
|
|||
Share-based payments
|
8
|
|
(2
|
)
|
6
|
|
|||
Other
|
(13
|
)
|
(11
|
)
|
(4
|
)
|
|||
Decrease in cash flows from operating activities
|
$
|
(36
|
)
|
$
|
(48
|
)
|
$
|
(15
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Net income (loss) (attributable to Methanex shareholders)
|
$
|
(3
|
)
|
$
|
(23
|
)
|
$
|
104
|
|
|
$
|
(26
|
)
|
$
|
113
|
|
Mark-to-market impact of share-based compensation
|
(8
|
)
|
(1
|
)
|
4
|
|
|
(9
|
)
|
18
|
|
|||||
Depreciation and amortization
|
58
|
|
53
|
|
47
|
|
|
111
|
|
94
|
|
|||||
Argentina gas settlement
|
(33
|
)
|
—
|
|
—
|
|
|
(33
|
)
|
—
|
|
|||||
Gain related to the termination of a terminal services agreement
|
—
|
|
—
|
|
(65
|
)
|
|
—
|
|
(65
|
)
|
|||||
Finance costs
|
22
|
|
21
|
|
18
|
|
|
43
|
|
39
|
|
|||||
Finance income and other expenses
|
—
|
|
(3
|
)
|
(2
|
)
|
|
(3
|
)
|
7
|
|
|||||
Income tax recovery
|
—
|
|
(10
|
)
|
20
|
|
|
(10
|
)
|
15
|
|
|||||
Earnings of associate adjustment
1
|
11
|
|
8
|
|
11
|
|
|
19
|
|
23
|
|
|||||
Non-controlling interests adjustment
1
|
(9
|
)
|
(9
|
)
|
(8
|
)
|
|
(18
|
)
|
(18
|
)
|
|||||
Adjusted EBITDA (attributable to Methanex shareholders)
|
$
|
38
|
|
$
|
36
|
|
$
|
129
|
|
|
$
|
74
|
|
$
|
226
|
|
1
|
These adjustments represent depreciation and amortization, finance costs, finance income and other expenses and income tax expense associated with our 63.1% interest in the Atlas methanol facility and the non-controlling interests.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except number of shares and per share amounts)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Net income (loss) (attributable to Methanex shareholders)
|
$
|
(3
|
)
|
$
|
(23
|
)
|
$
|
104
|
|
|
$
|
(26
|
)
|
$
|
113
|
|
Mark-to-market impact of share-based compensation, net of tax
|
(7
|
)
|
(1
|
)
|
4
|
|
|
(8
|
)
|
16
|
|
|||||
Argentina gas settlement, net of tax
|
(21
|
)
|
—
|
|
—
|
|
|
(21
|
)
|
—
|
|
|||||
Gain related to the termination of a terminal services agreement, net of tax
|
—
|
|
—
|
|
(57
|
)
|
|
—
|
|
(57
|
)
|
|||||
Adjusted net income
(loss)
|
$
|
(31
|
)
|
$
|
(24
|
)
|
$
|
51
|
|
|
$
|
(55
|
)
|
$
|
72
|
|
Diluted weighted average shares outstanding (millions)
|
90
|
|
90
|
|
91
|
|
|
90
|
|
92
|
|
|||||
Adjusted net income (loss) per common share
|
$
|
(0.34
|
)
|
$
|
(0.27
|
)
|
$
|
0.56
|
|
|
$
|
(0.62
|
)
|
$
|
0.79
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|||||
Revenue
|
$
|
468
|
|
$
|
435
|
|
$
|
638
|
|
|
$
|
903
|
|
$
|
1,215
|
|
Methanex share of Atlas revenue
1
|
36
|
|
34
|
|
64
|
|
|
70
|
|
132
|
|
|||||
Non-controlling interests' share of revenue
1
|
(8
|
)
|
(18
|
)
|
(1
|
)
|
|
(26
|
)
|
(23
|
)
|
|||||
Other adjustments
|
—
|
|
(1
|
)
|
(5
|
)
|
|
(1
|
)
|
(3
|
)
|
|||||
Adjusted revenue (attributable to Methanex shareholders)
|
$
|
496
|
|
$
|
450
|
|
$
|
696
|
|
|
$
|
946
|
|
$
|
1,321
|
|
1
|
Excludes intercompany transactions with the Company.
|
|
Three Months Ended
|
|||||||||||
($ millions except per share amounts)
|
Jun 30
2016 |
|
Mar 31
2016 |
|
Dec 31
2015 |
|
Sep 30
2015 |
|
||||
Revenue
|
$
|
468
|
|
$
|
435
|
|
$
|
484
|
|
$
|
527
|
|
Adjusted EBITDA
|
38
|
|
36
|
|
80
|
|
95
|
|
||||
Net income (loss)
|
(3
|
)
|
(23
|
)
|
10
|
|
78
|
|
||||
Adjusted net income (loss)
|
(31
|
)
|
(24
|
)
|
15
|
|
23
|
|
||||
Basic net income (loss) per common share
|
(0.03
|
)
|
(0.26
|
)
|
0.10
|
|
0.87
|
|
||||
Diluted net income (loss) per common share
|
(0.08
|
)
|
(0.26
|
)
|
0.10
|
|
0.54
|
|
||||
Adjusted net income (loss) per common share
|
(0.34
|
)
|
(0.27
|
)
|
0.16
|
|
0.26
|
|
|
Three Months Ended
|
|||||||||||
($ millions except per share amounts)
|
Jun 30
2015 |
|
Mar 31
2015 |
|
Dec 31
2014 |
|
Sep 30
2014 |
|
||||
Revenue
|
$
|
638
|
|
$
|
577
|
|
$
|
733
|
|
$
|
730
|
|
Adjusted EBITDA
|
129
|
|
97
|
|
150
|
|
137
|
|
||||
Net income
|
104
|
|
9
|
|
133
|
|
52
|
|
||||
Adjusted net income
|
51
|
|
21
|
|
80
|
|
66
|
|
||||
Basic net income per common share
|
1.15
|
|
0.09
|
|
1.43
|
|
0.55
|
|
||||
Diluted net income per common share
|
1.15
|
|
0.09
|
|
1.11
|
|
0.54
|
|
||||
Adjusted net income per common share
|
0.56
|
|
0.23
|
|
0.85
|
|
0.69
|
|
•
|
expected demand for methanol and its derivatives,
|
•
|
expected new methanol supply or restart of idled capacity and timing for start-up of the same,
|
•
|
expected shutdowns (either temporary or permanent) or restarts of existing methanol supply (including our own facilities), including, without limitation, the timing and length of planned maintenance outages,
|
•
|
expected methanol and energy prices,
|
•
|
expected levels of methanol purchases from traders or other third parties,
|
•
|
expected levels, timing and availability of economically priced natural gas supply to each of our plants,
|
•
|
capital committed by third parties towards future natural gas exploration and development in the vicinity of our plants,
|
•
|
our expected capital expenditures,
|
•
|
anticipated operating rates of our plants,
|
•
|
expected operating costs, including natural gas feedstock costs and logistics costs,
|
•
|
expected tax rates or resolutions to tax disputes,
|
•
|
expected cash flows, earnings capability and share price,
|
•
|
availability of committed credit facilities and other financing,
|
•
|
our ability to meet covenants or obtain or continue to obtain waivers associated with our long-term debt obligations, including, without limitation, the Egypt limited recourse debt facilities that have conditions associated with the payment of cash or other distributions and the finalization of certain land title registrations and related mortgages which require actions by Egyptian governmental entities,
|
•
|
expected impact on our results of operations in Egypt or our financial condition as a consequence of civil unrest or actions taken or inaction by Egyptian governmental entities,
|
•
|
our shareholder distribution strategy and anticipated distributions to shareholders,
|
•
|
commercial viability and timing of, or our ability to execute, future projects, plant restarts, capacity expansions, plant relocations or other business initiatives or opportunities,
|
•
|
our financial strength and ability to meet future financial commitments,
|
•
|
expected global or regional economic activity (including industrial production levels),
|
•
|
expected outcomes of litigation or other disputes, claims and assessments, and
|
•
|
expected actions of governments, government agencies, gas suppliers, courts, tribunals or other third parties.
|
•
|
the supply of, demand for and price of methanol, methanol derivatives, natural gas, coal, oil and oil derivatives,
|
•
|
our ability to procure natural gas feedstock on commercially acceptable terms,
|
•
|
operating rates of our facilities,
|
•
|
receipt or issuance of third-party consents or approvals, including, without limitation, governmental registrations of land title and related mortgages in Egypt and governmental approvals related to rights to purchase natural gas,
|
•
|
the establishment of new fuel standards,
|
•
|
operating costs, including natural gas feedstock and logistics costs, capital costs, tax rates, cash flows, foreign exchange rates and interest rates,
|
•
|
the availability of committed credit facilities and other financing,
|
•
|
global and regional economic activity (including industrial production levels),
|
•
|
absence of a material negative impact from major natural disasters,
|
•
|
absence of a material negative impact from changes in laws or regulations,
|
•
|
absence of a material negative impact from political instability in the countries in which we operate, and
|
•
|
enforcement of contractual arrangements and ability to perform contractual obligations by customers, natural gas and other suppliers and other third parties.
|
•
|
conditions in the methanol and other industries including fluctuations in the supply, demand and price for methanol and its derivatives, including demand for methanol for energy uses,
|
•
|
the price of natural gas, coal, oil and oil derivatives,
|
•
|
our ability to obtain natural gas feedstock on commercially acceptable terms to underpin current operations and future production growth opportunities,
|
•
|
the ability to carry out corporate initiatives and strategies,
|
•
|
actions of competitors, suppliers and financial institutions,
|
•
|
conditions within the natural gas delivery systems that may prevent delivery of our natural gas supply requirements,
|
•
|
competing demand for natural gas, especially with respect to domestic needs for gas and electricity in Chile and Egypt,
|
•
|
actions of governments and governmental authorities, including, without limitation, implementation of policies or other measures that could impact the supply of or demand for methanol or its derivatives,
|
•
|
changes in laws or regulations,
|
•
|
import or export restrictions, anti-dumping measures, increases in duties, taxes and government royalties, and other actions by governments that may adversely affect our operations or existing contractual arrangements,
|
•
|
world-wide economic conditions, and
|
•
|
other risks described in our 2015 Annual Management’s Discussion and Analysis and this
Second
Quarter
2016
Management’s Discussion and Analysis.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
||||
Revenue
|
$
|
467,893
|
|
$
|
637,799
|
|
|
$
|
902,746
|
|
$
|
1,214,538
|
|
Cost of sales and operating expenses
|
(430,071
|
)
|
(525,745
|
)
|
|
(833,822
|
)
|
(1,027,716
|
)
|
||||
Depreciation and amortization
|
(58,494
|
)
|
(47,483
|
)
|
|
(111,473
|
)
|
(94,440
|
)
|
||||
Argentina gas settlement (note 11)
|
32,500
|
|
—
|
|
|
32,500
|
|
—
|
|
||||
Gain on termination of terminal services agreement
|
—
|
|
65,000
|
|
|
—
|
|
65,000
|
|
||||
Operating income (loss)
|
11,828
|
|
129,571
|
|
|
(10,049
|
)
|
157,382
|
|
||||
Earnings of associate (note 4)
|
2,314
|
|
6,714
|
|
|
2,087
|
|
16,889
|
|
||||
Finance costs (note 6)
|
(21,858
|
)
|
(17,225
|
)
|
|
(42,859
|
)
|
(38,767
|
)
|
||||
Finance income and other expenses
|
(113
|
)
|
2,591
|
|
|
2,988
|
|
(6,568
|
)
|
||||
Income (loss) before income taxes
|
(7,829
|
)
|
121,651
|
|
|
(47,833
|
)
|
128,936
|
|
||||
Income tax recovery (expense):
|
|
|
|
|
|
||||||||
Current
|
(10,892
|
)
|
(2,398
|
)
|
|
(26,329
|
)
|
(8,505
|
)
|
||||
Deferred
|
11,474
|
|
(17,532
|
)
|
|
36,549
|
|
(6,092
|
)
|
||||
|
582
|
|
(19,930
|
)
|
|
10,220
|
|
(14,597
|
)
|
||||
Net income (loss)
|
$
|
(7,247
|
)
|
$
|
101,721
|
|
|
$
|
(37,613
|
)
|
$
|
114,339
|
|
Attributable to:
|
|
|
|
|
|
||||||||
Methanex Corporation shareholders
|
$
|
(2,877
|
)
|
$
|
104,580
|
|
|
$
|
(26,275
|
)
|
$
|
113,234
|
|
Non-controlling interests
|
(4,370
|
)
|
(2,859
|
)
|
|
(11,338
|
)
|
1,105
|
|
||||
|
$
|
(7,247
|
)
|
$
|
101,721
|
|
|
$
|
(37,613
|
)
|
$
|
114,339
|
|
|
|
|
|
|
|
||||||||
Income (loss) per common share for the period attributable to Methanex Corporation shareholders
|
|
|
|
|
|
||||||||
Basic net income (loss) per common share
|
$
|
(0.03
|
)
|
$
|
1.15
|
|
|
$
|
(0.29
|
)
|
$
|
1.24
|
|
Diluted net income (loss) per common share (note 7)
|
$
|
(0.08
|
)
|
$
|
1.15
|
|
|
$
|
(0.34
|
)
|
$
|
1.23
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding (note 7)
|
89,796,238
|
|
91,020,729
|
|
|
89,757,698
|
|
91,387,152
|
|
||||
Diluted weighted average number of common shares outstanding (note 7)
|
89,876,849
|
|
91,326,720
|
|
|
89,821,964
|
|
92,109,966
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
||||
Net income (loss)
|
$
|
(7,247
|
)
|
$
|
101,721
|
|
|
$
|
(37,613
|
)
|
$
|
114,339
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
||||||||
Items that may be reclassified to income:
|
|
|
|
|
|
||||||||
Change in fair value of cash flow hedges (note 10)
|
116,548
|
|
(3,979
|
)
|
|
66,829
|
|
(1,595
|
)
|
||||
Forward element excluded from hedging relationship (note 10)
|
(95,947
|
)
|
(150
|
)
|
|
(64,237
|
)
|
(72
|
)
|
||||
Change in fair value of interest rate swap contracts
|
—
|
|
—
|
|
|
—
|
|
(12
|
)
|
||||
Realized loss on interest rate swap contracts reclassified to finance costs
|
—
|
|
—
|
|
|
—
|
|
3,205
|
|
||||
Taxes on above items
|
(6,845
|
)
|
1,392
|
|
|
(830
|
)
|
(428
|
)
|
||||
|
13,756
|
|
(2,737
|
)
|
|
1,762
|
|
1,098
|
|
||||
Comprehensive income (loss)
|
$
|
6,509
|
|
$
|
98,984
|
|
|
$
|
(35,851
|
)
|
$
|
115,437
|
|
Attributable to:
|
|
|
|
|
|
||||||||
Methanex Corporation shareholders
|
$
|
10,879
|
|
$
|
101,843
|
|
|
$
|
(24,513
|
)
|
$
|
113,214
|
|
Non-controlling interests
|
(4,370
|
)
|
(2,859
|
)
|
|
(11,338
|
)
|
2,223
|
|
||||
|
$
|
6,509
|
|
$
|
98,984
|
|
|
$
|
(35,851
|
)
|
$
|
115,437
|
|
AS AT
|
Jun 30
2016 |
|
Dec 31
2015 |
|
||
ASSETS
|
|
|
||||
Current assets:
|
|
|
||||
Cash and cash equivalents
|
$
|
238,970
|
|
$
|
254,934
|
|
Trade and other receivables
|
405,855
|
|
504,350
|
|
||
Inventories (note 2)
|
253,706
|
|
253,234
|
|
||
Prepaid expenses
|
19,777
|
|
19,560
|
|
||
|
918,308
|
|
1,032,078
|
|
||
Non-current assets:
|
|
|
||||
Property, plant and equipment (note 3)
|
3,192,790
|
|
3,158,782
|
|
||
Investment in associate (note 4)
|
195,016
|
|
224,165
|
|
||
Deferred income tax assets
|
100,241
|
|
61,881
|
|
||
Other assets
|
78,363
|
|
79,018
|
|
||
|
3,566,410
|
|
3,523,846
|
|
||
|
$
|
4,484,718
|
|
$
|
4,555,924
|
|
LIABILITIES AND EQUITY
|
|
|
||||
Current liabilities:
|
|
|
||||
Trade, other payables and accrued liabilities
|
$
|
444,252
|
|
$
|
508,639
|
|
Current maturities on long-term debt (note 5)
|
52,599
|
|
47,864
|
|
||
Current maturities on other long-term liabilities
|
9,036
|
|
25,439
|
|
||
|
505,887
|
|
581,942
|
|
||
Non-current liabilities:
|
|
|
||||
Long-term debt (note 5)
|
1,501,477
|
|
1,488,026
|
|
||
Other long-term liabilities (note 3)
|
314,825
|
|
231,745
|
|
||
Deferred income tax liabilities
|
289,140
|
|
285,638
|
|
||
|
2,105,442
|
|
2,005,409
|
|
||
Equity:
|
|
|
||||
Capital stock
|
510,519
|
|
509,464
|
|
||
Contributed surplus
|
2,548
|
|
2,426
|
|
||
Retained earnings
|
1,159,941
|
|
1,235,615
|
|
||
Accumulated other comprehensive loss
|
(26,014
|
)
|
(27,776
|
)
|
||
Shareholders' equity
|
1,646,994
|
|
1,719,729
|
|
||
Non-controlling interests
|
226,395
|
|
248,844
|
|
||
Total equity
|
1,873,389
|
|
1,968,573
|
|
||
|
$
|
4,484,718
|
|
$
|
4,555,924
|
|
|
Number of
Common Shares |
|
Capital
Stock |
|
Contributed
Surplus |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Shareholders'
Equity |
|
Non-
Controlling Interests |
|
Total
Equity |
|
|||||||
Balance, December 31, 2014
|
92,326,487
|
|
$
|
521,022
|
|
$
|
2,803
|
|
$
|
1,262,961
|
|
$
|
(413
|
)
|
$
|
1,786,373
|
|
$
|
266,844
|
|
$
|
2,053,217
|
|
Net income
|
—
|
|
—
|
|
—
|
|
113,234
|
|
—
|
|
113,234
|
|
1,105
|
|
114,339
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
(20
|
)
|
(20
|
)
|
1,118
|
|
1,098
|
|
|||||||
Compensation expense recorded for stock options
|
—
|
|
—
|
|
455
|
|
—
|
|
—
|
|
455
|
|
—
|
|
455
|
|
|||||||
Issue of shares on exercise of stock options
|
236,681
|
|
3,616
|
|
—
|
|
—
|
|
—
|
|
3,616
|
|
—
|
|
3,616
|
|
|||||||
Reclassification of grant date fair value on exercise of stock options
|
—
|
|
1,016
|
|
(1,016
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Payments for repurchase of shares
|
(2,106,991
|
)
|
(11,870
|
)
|
—
|
|
(99,115
|
)
|
—
|
|
(110,985
|
)
|
—
|
|
(110,985
|
)
|
|||||||
Dividend payments to Methanex Corporation shareholders
|
—
|
|
—
|
|
—
|
|
(47,819
|
)
|
—
|
|
(47,819
|
)
|
—
|
|
(47,819
|
)
|
|||||||
Distributions made and accrued to non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10,449
|
)
|
(10,449
|
)
|
|||||||
Equity contributions by non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
300
|
|
300
|
|
|||||||
Balance, June 30, 2015
|
90,456,177
|
|
513,784
|
|
2,242
|
|
1,229,261
|
|
(433
|
)
|
1,744,854
|
|
258,918
|
|
2,003,772
|
|
|||||||
Net income
|
—
|
|
—
|
|
—
|
|
87,383
|
|
—
|
|
87,383
|
|
631
|
|
88,014
|
|
|||||||
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
(1,063
|
)
|
(27,343
|
)
|
(28,406
|
)
|
—
|
|
(28,406
|
)
|
|||||||
Compensation expense recorded for stock options
|
—
|
|
—
|
|
287
|
|
—
|
|
—
|
|
287
|
|
—
|
|
287
|
|
|||||||
Issue of shares on exercise of stock options
|
54,121
|
|
311
|
|
—
|
|
—
|
|
—
|
|
311
|
|
—
|
|
311
|
|
|||||||
Reclassification of grant date fair value on exercise of stock options
|
—
|
|
103
|
|
(103
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Payments for repurchase of shares
|
(839,100
|
)
|
(4,734
|
)
|
—
|
|
(30,564
|
)
|
—
|
|
(35,298
|
)
|
—
|
|
(35,298
|
)
|
|||||||
Dividend payments to Methanex Corporation shareholders
|
—
|
|
—
|
|
—
|
|
(49,402
|
)
|
—
|
|
(49,402
|
)
|
—
|
|
(49,402
|
)
|
|||||||
Distributions made and accrued to non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,105
|
)
|
(12,105
|
)
|
|||||||
Equity contributions by non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,400
|
|
1,400
|
|
|||||||
Balance, December 31, 2015
|
89,671,198
|
|
509,464
|
|
2,426
|
|
1,235,615
|
|
(27,776
|
)
|
1,719,729
|
|
248,844
|
|
1,968,573
|
|
|||||||
Net loss
|
—
|
|
—
|
|
—
|
|
(26,275
|
)
|
—
|
|
(26,275
|
)
|
(11,338
|
)
|
(37,613
|
)
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
1,762
|
|
1,762
|
|
—
|
|
1,762
|
|
|||||||
Compensation expense recorded for stock options
|
—
|
|
—
|
|
379
|
|
—
|
|
—
|
|
379
|
|
—
|
|
379
|
|
|||||||
Issue of shares on exercise of stock options
|
125,040
|
|
798
|
|
—
|
|
—
|
|
—
|
|
798
|
|
—
|
|
798
|
|
|||||||
Reclassification of grant date fair value on exercise of stock options
|
—
|
|
257
|
|
(257
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Dividend payments to Methanex Corporation shareholders
|
—
|
|
—
|
|
—
|
|
(49,399
|
)
|
—
|
|
(49,399
|
)
|
—
|
|
(49,399
|
)
|
|||||||
Distributions made and accrued to non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11,636
|
)
|
(11,636
|
)
|
|||||||
Equity contributions by non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
525
|
|
525
|
|
|||||||
Balance, June 30, 2016
|
89,796,238
|
|
$
|
510,519
|
|
$
|
2,548
|
|
$
|
1,159,941
|
|
$
|
(26,014
|
)
|
$
|
1,646,994
|
|
$
|
226,395
|
|
$
|
1,873,389
|
|
1.
|
Basis of presentation:
|
2.
|
Inventories:
|
3.
|
Property, plant and equipment:
|
|
Buildings, Plant
Installations & Machinery |
|
Finance Leases
|
|
Other
|
|
Total
|
|
||||
Cost at June 30, 2016
|
$
|
4,540,975
|
|
$
|
206,260
|
|
$
|
248,684
|
|
$
|
4,995,919
|
|
Accumulated depreciation at June 30, 2016
|
1,651,514
|
|
11,425
|
|
140,190
|
|
1,803,129
|
|
||||
Net book value at June 30, 2016
|
$
|
2,889,461
|
|
$
|
194,835
|
|
$
|
108,494
|
|
$
|
3,192,790
|
|
Cost at December 31, 2015
|
$
|
4,521,835
|
|
$
|
121,849
|
|
$
|
204,483
|
|
$
|
4,848,167
|
|
Accumulated depreciation at December 31, 2015
|
1,545,834
|
|
6,853
|
|
136,698
|
|
1,689,385
|
|
||||
Net book value at December 31, 2015
|
$
|
2,976,001
|
|
$
|
114,996
|
|
$
|
67,785
|
|
$
|
3,158,782
|
|
4.
|
Interest in Atlas joint venture:
|
a)
|
The Company has a
63.1%
equity interest in Atlas Methanol Company Unlimited ("Atlas"). Atlas owns a
1.8 million
tonne per year methanol production facility in Trinidad. The Company accounts for its interest in Atlas using the equity method. Summarized financial information of Atlas (100% basis) is as follows:
|
Consolidated statements of financial position as at
|
Jun 30
2016 |
|
Dec 31
2015 |
|
||
Cash and cash equivalents
|
$
|
17,241
|
|
$
|
57,620
|
|
Other current assets
|
25,641
|
|
45,854
|
|
||
Non-current assets
|
341,891
|
|
332,072
|
|
||
Current liabilities
|
(26,127
|
)
|
(30,440
|
)
|
||
Other long-term liabilities, including current maturities
|
(169,913
|
)
|
(169,681
|
)
|
||
Net assets at 100%
|
188,733
|
|
235,425
|
|
||
Net assets at 63.1%
|
119,090
|
|
148,553
|
|
||
Long-term receivable from Atlas
|
75,926
|
|
75,612
|
|
||
Investment in associate
|
$
|
195,016
|
|
$
|
224,165
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
Consolidated statements of income
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
||||
Revenue
|
$
|
45,604
|
|
$
|
95,119
|
|
|
$
|
67,977
|
|
$
|
182,634
|
|
Cost of sales and depreciation and amortization
|
(33,244
|
)
|
(74,618
|
)
|
|
(51,420
|
)
|
(136,284
|
)
|
||||
Operating income
|
12,360
|
|
20,501
|
|
|
16,557
|
|
46,350
|
|
||||
Finance costs, finance income and other expenses
|
(3,488
|
)
|
(2,412
|
)
|
|
(6,580
|
)
|
(4,694
|
)
|
||||
Income tax expense
|
(5,205
|
)
|
(7,449
|
)
|
|
(6,670
|
)
|
(14,890
|
)
|
||||
Net earnings at 100%
|
3,667
|
|
10,640
|
|
|
3,307
|
|
26,766
|
|
||||
Earnings of associate at 63.1%
|
2,314
|
|
6,714
|
|
|
2,087
|
|
16,889
|
|
||||
|
|
|
|
|
|
||||||||
Dividends received from associate
|
$
|
3,155
|
|
$
|
12,620
|
|
|
$
|
31,550
|
|
$
|
44,170
|
|
b)
|
Contingent liability:
|
5.
|
Long-term debt:
|
As at
|
Jun 30
2016 |
|
Dec 31
2015 |
|
||
Unsecured notes
|
|
|
||||
$350 million at 3.25% due December 15, 2019
|
$
|
346,725
|
|
$
|
346,289
|
|
$250 million at 5.25% due March 1, 2022
|
247,533
|
|
247,360
|
|
||
$300 million at 4.25% due December 1, 2024
|
296,375
|
|
296,219
|
|
||
$300 million at 5.65% due December 1, 2044
|
295,060
|
|
295,031
|
|
||
|
1,185,693
|
|
1,184,899
|
|
||
Egypt limited recourse debt facilities
|
309,626
|
|
330,003
|
|
||
Other limited recourse debt facilities
|
58,757
|
|
20,988
|
|
||
Total long-term debt
1
|
1,554,076
|
|
1,535,890
|
|
||
Less current maturities
|
(52,599
|
)
|
(47,864
|
)
|
||
|
$
|
1,501,477
|
|
$
|
1,488,026
|
|
1
|
Long-term debt is presented net of deferred financing fees.
|
6.
|
Finance costs:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
||||
Finance costs
|
$
|
21,858
|
|
$
|
20,890
|
|
|
$
|
42,859
|
|
$
|
48,608
|
|
Less capitalized interest related to Geismar plants under construction
|
—
|
|
(3,665
|
)
|
|
—
|
|
(9,841
|
)
|
||||
|
$
|
21,858
|
|
$
|
17,225
|
|
|
$
|
42,859
|
|
$
|
38,767
|
|
7.
|
Net income (loss) per common share:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
||||
Numerator for basic net income (loss) per common share
|
$
|
(2,877
|
)
|
$
|
104,580
|
|
|
$
|
(26,275
|
)
|
$
|
113,234
|
|
Adjustment for the effect of TSARs:
|
|
|
|
|
|
||||||||
Cash-settled recovery included in net income
|
(2,252
|
)
|
—
|
|
|
(675
|
)
|
—
|
|
||||
Equity-settled expense
|
(1,793
|
)
|
—
|
|
|
(3,656
|
)
|
—
|
|
||||
Numerator for diluted net income (loss) per common share
|
$
|
(6,922
|
)
|
$
|
104,580
|
|
|
$
|
(30,606
|
)
|
$
|
113,234
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
Denominator for basic net income (loss) per common share
|
89,796,238
|
|
91,020,729
|
|
|
89,757,698
|
|
91,387,152
|
|
Effect of dilutive stock options
|
—
|
|
305,991
|
|
|
—
|
|
722,814
|
|
Effect of dilutive TSARs
|
80,611
|
|
—
|
|
|
64,266
|
|
—
|
|
Denominator for diluted net income (loss) per common share
|
89,876,849
|
|
91,326,720
|
|
|
89,821,964
|
|
92,109,966
|
|
8.
|
Share-based compensation:
|
a)
|
Share appreciation rights ("SARs"), TSARs and stock options:
|
(i)
|
Outstanding units:
|
|
SARs
|
|
TSARs
|
||||||||
(per share amounts in USD)
|
Number of Units
|
|
Weighted Average Exercise Price
|
|
|
Number of Units
|
|
Weighted Average Exercise Price
|
|
||
Outstanding at December 31, 2015
|
1,259,208
|
|
$
|
44.48
|
|
|
2,108,965
|
|
$
|
42.73
|
|
Granted
|
375,500
|
|
34.59
|
|
|
574,600
|
|
34.59
|
|
||
Exercised
|
(1,961
|
)
|
28.74
|
|
|
—
|
|
—
|
|
||
Cancelled
|
(3,941
|
)
|
58.77
|
|
|
—
|
|
—
|
|
||
Outstanding at March 31, 2016
|
1,628,806
|
|
$
|
42.19
|
|
|
2,683,565
|
|
$
|
40.99
|
|
Granted
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Exercised
|
(5,130
|
)
|
26.78
|
|
|
(4,800
|
)
|
26.54
|
|
||
Cancelled
|
(13,380
|
)
|
52.55
|
|
|
(37,400
|
)
|
56.12
|
|
||
Outstanding at June 30, 2016
|
1,610,296
|
|
$
|
42.15
|
|
|
2,641,365
|
|
$
|
40.80
|
|
|
Stock Options
|
||||
(per share amounts in USD)
|
Number of Units
|
|
Weighted Average Exercise Price
|
|
|
Outstanding at December 31, 2015
|
448,507
|
|
$
|
30.52
|
|
Granted
|
75,500
|
|
34.59
|
|
|
Exercised
|
(125,040
|
)
|
6.33
|
|
|
Cancelled
|
(1,800
|
)
|
55.66
|
|
|
Expired
|
(12,000
|
)
|
6.33
|
|
|
Outstanding at March 31, 2016
|
385,167
|
|
$
|
39.81
|
|
Exercised
|
—
|
|
—
|
|
|
Expired
|
—
|
|
—
|
|
|
Outstanding at June 30, 2016
|
385,167
|
|
$
|
39.81
|
|
|
Units Outstanding at June 30, 2016
|
|
Units Exercisable at June 30, 2016
|
||||||||||
Range of Exercise Prices
(per share amounts in USD) |
Weighted Average
Remaining Contractual Life (Years) |
|
Number of Units
Outstanding |
|
Weighted
Average Exercise Price |
|
|
Number of Units
Exercisable |
|
Weighted
Average Exercise Price |
|
||
SARs:
|
|
|
|
|
|
|
|||||||
$23.36 to $40.72
|
3.97
|
|
1,127,529
|
|
$
|
33.33
|
|
|
747,029
|
|
$
|
32.65
|
|
$46.42 to $73.13
|
5.27
|
|
482,767
|
|
62.74
|
|
|
225,123
|
|
65.59
|
|
||
|
4.36
|
|
1,610,296
|
|
$
|
42.15
|
|
|
972,152
|
|
$
|
40.28
|
|
TSARs:
|
|
|
|
|
|
|
|||||||
$23.36 to $40.72
|
3.74
|
|
1,957,335
|
|
$
|
33.07
|
|
|
1,382,735
|
|
$
|
32.43
|
|
$46.42 to $73.13
|
5.26
|
|
684,030
|
|
62.92
|
|
|
322,710
|
|
65.92
|
|
||
|
4.13
|
|
2,641,365
|
|
$
|
40.80
|
|
|
1,705,445
|
|
$
|
38.77
|
|
Stock options:
|
|
|
|
|
|
|
|||||||
$6.33 to $25.22
|
0.68
|
|
49,750
|
|
$
|
25.22
|
|
|
49,750
|
|
$
|
25.22
|
|
$28.43 to $73.13
|
4.36
|
|
335,417
|
|
41.97
|
|
|
210,639
|
|
40.32
|
|
||
|
3.88
|
|
385,167
|
|
$
|
39.81
|
|
|
260,389
|
|
$
|
37.44
|
|
8.
|
Share-based compensation (continued):
|
a)
|
Share appreciation rights ("SARs"), TSARs and stock options (continued):
|
(ii)
|
Compensation expense related to SARs and TSARs:
|
(iii)
|
Compensation expense related to stock options:
|
b)
|
Deferred, restricted and performance share units:
|
|
Number of Deferred
Share Units |
|
Number of Restricted
Share Units |
|
Number of Performances
Share Units |
|
Outstanding at December 31, 2015
|
285,816
|
|
13,864
|
|
610,578
|
|
Granted
|
5,956
|
|
11,500
|
|
261,760
|
|
Granted performance factor
1
|
—
|
|
—
|
|
55,592
|
|
Granted in-lieu of dividends
|
2,484
|
|
202
|
|
4,506
|
|
Redeemed
|
—
|
|
—
|
|
(355,415
|
)
|
Cancelled
|
—
|
|
—
|
|
(5,570
|
)
|
Outstanding at March 31, 2016
|
294,256
|
|
25,566
|
|
571,451
|
|
Granted
|
1,055
|
|
—
|
|
—
|
|
Granted in-lieu of dividends
|
2,408
|
|
231
|
|
5,140
|
|
Redeemed
|
(41,498
|
)
|
—
|
|
—
|
|
Cancelled
|
—
|
|
—
|
|
(6,285
|
)
|
Outstanding at June 30, 2016
|
256,221
|
|
25,797
|
|
570,306
|
|
1
|
Performance share units have a feature where the ultimate number of units that vest are adjusted by a performance factor of the original grant as determined by the Company’s total shareholder return in relation to a predetermined target over the period to vesting. These units relate to performance share units redeemed in the quarter ended March 31, 2016.
|
8.
|
Share-based compensation (continued):
|
b)
|
Deferred, restricted and performance share units (continued):
|
9.
|
Changes in non-cash working capital:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2016 |
|
Jun 30
2015 |
|
|
Jun 30
2016 |
|
Jun 30
2015 |
|
||||
Changes in non-cash working capital:
|
|
|
|
|
|
||||||||
Trade and other receivables
|
$
|
(21,261
|
)
|
$
|
(116,128
|
)
|
|
$
|
98,495
|
|
$
|
(142,170
|
)
|
Inventories
|
(7,281
|
)
|
(29,699
|
)
|
|
(472
|
)
|
(9,267
|
)
|
||||
Prepaid expenses
|
(5,768
|
)
|
3,439
|
|
|
(217
|
)
|
8,830
|
|
||||
Trade, other payables and accrued liabilities
|
12,688
|
|
47,109
|
|
|
(64,387
|
)
|
312
|
|
||||
|
(21,622
|
)
|
(95,279
|
)
|
|
33,419
|
|
(142,295
|
)
|
||||
Adjustments for items not having a cash effect and working capital
changes relating to taxes and interest paid |
(10,012
|
)
|
(61,558
|
)
|
|
(32,648
|
)
|
(53,541
|
)
|
||||
Changes in non-cash working capital having a cash effect
|
$
|
(31,634
|
)
|
$
|
(156,837
|
)
|
|
$
|
771
|
|
$
|
(195,836
|
)
|
|
|
|
|
|
|
||||||||
These changes relate to the following activities:
|
|
|
|
|
|
||||||||
Operating
|
$
|
(24,506
|
)
|
$
|
(110,781
|
)
|
|
$
|
(13,916
|
)
|
$
|
(154,192
|
)
|
Financing
|
(5,689
|
)
|
(6,381
|
)
|
|
(11,154
|
)
|
(7,835
|
)
|
||||
Investing
|
(1,439
|
)
|
(39,675
|
)
|
|
25,841
|
|
(33,809
|
)
|
||||
Changes in non-cash working capital
|
$
|
(31,634
|
)
|
$
|
(156,837
|
)
|
|
$
|
771
|
|
$
|
(195,836
|
)
|
|
Cash inflows (outflows) by term to maturity
|
||||||||||
|
1 year or less
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
|
Total
|
|
|
Natural gas forward contracts
|
663
|
|
(5,987
|
)
|
(11,763
|
)
|
(29,409
|
)
|
$
|
(46,496
|
)
|
Euro forward exchange contracts
|
77
|
|
—
|
|
—
|
|
—
|
|
$
|
77
|
|
|
June 30, 2016
|
|||||
As at
|
Carrying Value
|
Fair Value
|
||||
Long-term debt excluding deferred financing fees
|
$
|
1,567,850
|
|
$
|
1,482,602
|
|
|
2016
|
Q2
|
Q1
|
2015
|
Q4
|
Q3
|
Q2
|
Q1
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
METHANOL SALES VOLUME
|
|
|
|
|
|
|
|
|
||||||||
(thousands of tonnes)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Methanex-produced
1
|
3,218
|
|
1,689
|
|
1,529
|
|
5,050
|
|
1,372
|
|
1,238
|
|
1,203
|
|
1,237
|
|
Purchased methanol
|
955
|
|
533
|
|
422
|
|
2,780
|
|
636
|
|
679
|
|
813
|
|
652
|
|
Commission sales
1
|
308
|
|
140
|
|
168
|
|
641
|
|
178
|
|
169
|
|
109
|
|
185
|
|
|
4,481
|
|
2,362
|
|
2,119
|
|
8,471
|
|
2,186
|
|
2,086
|
|
2,125
|
|
2,074
|
|
METHANOL PRODUCTION
|
|
|
|
|
|
|
|
|
||||||||
(thousands of tonnes)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
New Zealand
|
1,086
|
|
577
|
|
509
|
|
1,856
|
|
412
|
|
476
|
|
487
|
|
481
|
|
Geismar 1 and 2 (Louisiana, USA)
|
1,010
|
|
527
|
|
483
|
|
959
|
|
244
|
|
259
|
|
276
|
|
180
|
|
Atlas (Trinidad) (63.1% interest)
|
345
|
|
236
|
|
109
|
|
912
|
|
241
|
|
226
|
|
236
|
|
209
|
|
Titan (Trinidad)
|
385
|
|
181
|
|
204
|
|
732
|
|
191
|
|
172
|
|
183
|
|
186
|
|
Egypt (50% interest)
|
128
|
|
53
|
|
75
|
|
74
|
|
58
|
|
—
|
|
8
|
|
8
|
|
Medicine Hat (Canada)
|
282
|
|
123
|
|
159
|
|
456
|
|
155
|
|
123
|
|
51
|
|
127
|
|
Chile I and IV
|
173
|
|
73
|
|
100
|
|
204
|
|
88
|
|
3
|
|
40
|
|
73
|
|
|
3,409
|
|
1,770
|
|
1,639
|
|
5,193
|
|
1,389
|
|
1,259
|
|
1,281
|
|
1,264
|
|
AVERAGE REALIZED METHANOL PRICE
2
|
|
|
|
|
|
|
|
|
||||||||
($/tonne)
|
227
|
|
223
|
|
230
|
|
322
|
|
277
|
|
323
|
|
350
|
|
337
|
|
($/gallon)
|
0.68
|
|
0.67
|
|
0.69
|
|
0.97
|
|
0.83
|
|
0.97
|
|
1.05
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
||||||||
PER SHARE INFORMATION
($ per common share attributable to Methanex shareholders) |
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss)
|
(0.62
|
)
|
(0.34
|
)
|
(0.27
|
)
|
1.20
|
|
0.16
|
|
0.26
|
|
0.56
|
|
0.23
|
|
Basic net income (loss)
|
(0.29
|
)
|
(0.03
|
)
|
(0.26
|
)
|
2.21
|
|
0.10
|
|
0.87
|
|
1.15
|
|
0.09
|
|
Diluted net income (loss)
|
(0.34
|
)
|
(0.08
|
)
|
(0.26
|
)
|
2.01
|
|
0.10
|
|
0.54
|
|
1.15
|
|
0.09
|
|
1
|
Methanex-produced methanol includes any volume produced by Chile using natural gas supplied from Argentina under a tolling arrangement. Commission sales represent volume marketed on a commission basis related to the 36.9% of the Atlas methanol facility and 50% of the Egypt methanol facility that we do not own.
|
2
|
Average realized price 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 (attributable to Methanex shareholders) and purchased methanol, but excluding Tolling Volume.
|
|
METHANEX CORPORATION
|
|||
Date: July 27, 2016
|
By:
|
/s/ KEVIN PRICE
|
||
|
|
Name:
|
|
Kevin Price
|
|
|
Title:
|
|
General Counsel
and Corporate Secretary
|
1 Year Methanex Chart |
1 Month Methanex Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions