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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.39 | 2.59% | 55.04 | 54.50 | 56.00 | 56.43 | 53.66 | 53.66 | 316,316 | 00:03:20 |
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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
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
Production (thousands of tonnes) (attributable to Methanex shareholders)
|
1,648
|
|
1,943
|
|
1,614
|
|
|
3,591
|
|
3,480
|
|
Sales volume (thousands of tonnes)
|
|
|
|
|
|
|
|||||
Methanex-produced methanol
|
1,729
|
|
1,884
|
|
1,790
|
|
|
3,613
|
|
3,546
|
|
Purchased methanol
|
709
|
|
613
|
|
387
|
|
|
1,322
|
|
899
|
|
Commission sales
|
329
|
|
321
|
|
297
|
|
|
650
|
|
601
|
|
Total sales volume
1
|
2,767
|
|
2,818
|
|
2,474
|
|
|
5,585
|
|
5,046
|
|
|
|
|
|
|
|
|
|||||
Methanex average non-discounted posted price ($ per tonne)
2
|
478
|
|
475
|
|
398
|
|
|
476
|
|
418
|
|
Average realized price ($ per tonne)
3
|
405
|
|
402
|
|
327
|
|
|
403
|
|
347
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
950
|
|
962
|
|
669
|
|
|
1,912
|
|
1,480
|
|
Adjusted revenue
|
972
|
|
987
|
|
716
|
|
|
1,959
|
|
1,548
|
|
Adjusted EBITDA
|
275
|
|
306
|
|
174
|
|
|
581
|
|
441
|
|
Cash flows from operating activities
|
290
|
|
244
|
|
243
|
|
|
534
|
|
458
|
|
Adjusted net income
|
143
|
|
171
|
|
74
|
|
|
314
|
|
214
|
|
Net income (attributable to Methanex shareholders)
|
111
|
|
169
|
|
84
|
|
|
280
|
|
216
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income per common share
|
1.75
|
|
2.03
|
|
0.85
|
|
|
3.79
|
|
2.40
|
|
Basic net income per common share
|
1.36
|
|
2.02
|
|
0.96
|
|
|
3.39
|
|
2.43
|
|
Diluted net income per common share
|
1.36
|
|
2.00
|
|
0.89
|
|
|
3.38
|
|
2.39
|
|
|
|
|
|
|
|
|
|||||
Common share information (millions of shares)
|
|
|
|
|
|
|
|||||
Weighted average number of common shares
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
Diluted weighted average number of common shares
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
Number of common shares outstanding, end of period
|
80
|
|
83
|
|
87
|
|
|
80
|
|
87
|
|
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. Methanex-produced methanol includes any volume produced by Chile using natural gas supplied from Argentina under a tolling arrangement ("Tolling Volume"). There was 48,000 MT of Tolling Volume produced in the second quarter of 2018 and 40,000MT in the first quarter of 2018. There was no Tolling Volume in the second quarter of 2017.
|
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 and purchased methanol, but excluding Tolling Volume.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except number of shares and per share amounts)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Net income (attributable to Methanex shareholders)
|
$
|
111
|
|
$
|
169
|
|
$
|
84
|
|
|
$
|
280
|
|
$
|
216
|
|
Mark-to-market impact of share-based compensation, net of tax
|
32
|
|
2
|
|
(10
|
)
|
|
34
|
|
(2
|
)
|
|||||
Adjusted net income
|
$
|
143
|
|
$
|
171
|
|
$
|
74
|
|
|
$
|
314
|
|
$
|
214
|
|
Diluted weighted average shares outstanding (millions)
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
|||||
Adjusted net income per common share
|
$
|
1.75
|
|
$
|
2.03
|
|
$
|
0.85
|
|
|
$
|
3.79
|
|
$
|
2.40
|
|
▪
|
We recorded net income attributable to Methanex shareholders of $
111 million
during the
second
quarter of
2018
compared to net income of $
169 million
in the
first
quarter of
2018
.
The decrease in earnings is primarily due to a decrease in sales of Methanex-produced methanol and the mark-to-market impact of share-based compensation due to the increase in the Methanex share price.
|
▪
|
We recorded Adjusted EBITDA of
$275 million
for the
second
quarter of
2018
compared with
$306 million
for the
first
quarter of
2018
. Adjusted net income was
$143 million
for the
second
quarter of
2018
compared to Adjusted net income of
$171 million
for the
first
quarter of
2018
. The decrease in Adjusted EBITDA and Adjusted net income is primarily due to a decrease in sales of Methanex-produced methanol.
|
▪
|
Production for the
second
quarter of
2018
was
1,648,000
tonnes compared with
1,943,000
tonnes for the
first
quarter of
2018
. The decrease of 295,000 tonnes in production is primarily due to natural gas supply constraints and a scheduled turnaround and maintenance activities at our New Zealand facilities.
|
▪
|
Total sales volume for the second quarter of 2018 was
2,767,000
tonnes compared with
2,818,000
tonnes for the first quarter of 2018.
Sales of Methanex-produced methanol were
1,729,000
tonnes in the
second
quarter of
2018
compared with
1,884,000
tonnes
in the
first
quarter of
2018
.
|
▪
|
Cash flows from operating activities in the
second
quarter of
2018
increased to
$290 million
compared with
$244 million
for the
first
quarter of
2018
, an increase of
$46 million
. Cash flows from operating activities increased despite a decrease in Adjusted EBITDA primarily as a result of a reduction in non-cash working capital.
|
▪
|
To June 30, 2018 we have repurchased 3,850,000 common shares, of the 6,590,095 approved, for approximately $253 million since the start of our normal course issuer bid on March 13, 2018.
|
▪
|
During the
second
quarter of
2018
we paid a
$0.33
per common share quarterly dividend to shareholders for a total of $
27
million.
|
▪
|
We recently signed agreements to supply gas to underpin over half of Methanex's 2.4 million tonnes of annual production capacity in New Zealand for a period of 11 years through 2029. These new agreements will combine with contracts from other natural gas producers to supply our New Zealand facilities.
|
▪
|
We continue to make good progress on a potential Geismar 3 production facility. Our Board of Directors has recently approved moving to the next phase of the project to commence site-specific engineering work known as front-end engineering and design or "FEED". We expect to spend approximately $50 to $60 million on this project prior to reaching a final investment decision by mid-2019. We believe that the potential Geismar 3 project would be advantaged relative to other projects being contemplated or under construction in the US Gulf.
|
|
Q2 2018
|
Q1 2018
|
|
Q2 2017
|
|
|
YTD Q2 2018
|
|
YTD Q2 2017
|
|
|||
(thousands of tonnes)
|
Operating Capacity
1
|
|
Production
|
|
Production
|
|
Production
|
|
|
Production
|
|
Production
|
|
New Zealand
2
|
608
|
|
252
|
|
487
|
|
350
|
|
|
739
|
|
883
|
|
Geismar (USA)
|
500
|
|
518
|
|
513
|
|
437
|
|
|
1,031
|
|
930
|
|
Trinidad (Methanex interest)
3
|
500
|
|
442
|
|
459
|
|
449
|
|
|
901
|
|
845
|
|
Egypt (50% interest)
|
158
|
|
165
|
|
165
|
|
159
|
|
|
330
|
|
318
|
|
Medicine Hat (Canada)
|
150
|
|
143
|
|
153
|
|
159
|
|
|
296
|
|
277
|
|
Chile
4
|
220
|
|
128
|
|
166
|
|
60
|
|
|
294
|
|
227
|
|
|
2,136
|
|
1,648
|
|
1,943
|
|
1,614
|
|
|
3,591
|
|
3,480
|
|
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 8.5 million tonnes, including 0.9 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
|
The operating capacity of Trinidad is made up of the Titan (100% interest) and Atlas (63.1% interest) facilities
.
|
4
|
The production capacity of our Chile I and IV facilities is 1.7 million tonnes annually assuming access to natural gas feedstock.
|
▪
|
New Zealand produced
252,000
tonnes compared with
487,000
tonnes in the first quarter of 2018.
Production in the second quarter of 2018 is lower than the first quarter of 2018 by 235,000 tonnes primarily as a result of a scheduled turnaround and maintenance activities at our Motunui site and gas supply constraints due to a damaged natural gas pipeline impacting gas deliveries from offshore sources. Turnaround activities were completed at the end of June. The pipeline is now operational and we have begun receiving gas supply from this source to our site again.
|
▪
|
Geismar production rates continue to be strong, with production of
518,000
tonnes.
|
▪
|
Trinidad produced
442,000
tonnes (Methanex interest) compared with
459,000
tonnes in the first quarter of 2018.
We continue to experience gas curtailments in Trinidad.
|
▪
|
Egypt produced
165,000
tonnes (Methanex interest) in both the
first
and
second
quarters of
2018
. We expect to receive 100% of contracted gas supply for the foreseeable future.
|
▪
|
Medicine Hat produced
143,000
tonnes during the
second
quarter of
2018
, and
153,000
tonnes in the
first
quarter of
2018
. Production in the second quarter of 2018 is lower than the first quarter of 2018 by 10,000 tonnes primarily as a result of CO
2
supply constraint. We expect CO
2
supply to resume late in the third quarter of 2018.
|
▪
|
Chile produced
128,000
tonnes, including 48,000 tonnes produced through a tolling arrangement with natural gas from Argentina. This compares to
166,000
tonnes during the
first
quarter of
2018
, including 40,000 tonnes through the tolling arrangement. Production in the second quarter of 2018 is lower than the first quarter of 2018 as a result of lower natural gas deliveries during the southern hemisphere winter.
|
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
AST Trust Company (Canada)
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 |
|||
At July 24, 2018 the Company had 79,558,144 common shares issued and outstanding and stock options exercisable for 1,123,614 additional common shares.
|
▪
|
A reconciliation from net income attributable to Methanex shareholders to Adjusted net income and the calculation of Adjusted net income per common share is as follows:
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except number of shares and per share amounts)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Net income (attributable to Methanex shareholders)
|
$
|
111
|
|
$
|
169
|
|
$
|
84
|
|
|
$
|
280
|
|
$
|
216
|
|
Mark-to-market impact of share-based compensation, net of tax
|
32
|
|
2
|
|
(10
|
)
|
|
34
|
|
(2
|
)
|
|||||
Adjusted net income
|
$
|
143
|
|
$
|
171
|
|
$
|
74
|
|
|
$
|
314
|
|
$
|
214
|
|
Diluted weighted average shares outstanding (millions)
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
|||||
Adjusted net income per common share
|
$
|
1.75
|
|
$
|
2.03
|
|
$
|
0.85
|
|
|
$
|
3.79
|
|
$
|
2.40
|
|
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
13
of the MD&A for reconciliations to the most comparable GAAP measures.
|
▪
|
We recorded net income attributable to Methanex shareholders of $
111 million
during the
second
quarter of
2018
compared to net income of $
169 million
in the
first
quarter of
2018
.
The decrease in earnings is primarily due to a decrease in sales of Methanex-produced methanol and the mark-to-market impact of share-based compensation due to the increase in the Methanex share price.
|
▪
|
We recorded Adjusted EBITDA of
$275 million
for the
second
quarter of
2018
compared with
$306 million
for the
first
quarter of
2018
. Adjusted net income was
$143 million
for the
second
quarter of
2018
compared to Adjusted net income of
$171 million
for the
first
quarter of
2018
. The decrease in Adjusted EBITDA and Adjusted net income is primarily due to a decrease in sales of Methanex-produced methanol.
|
▪
|
Production for the
second
quarter of
2018
was
1,648,000
tonnes compared with
1,943,000
tonnes for the
first
quarter of
2018
. The decrease of 295,000 tonnes in production is primarily due to natural gas supply constraints and a scheduled turnaround and maintenance activities at our New Zealand facilities. Refer to the
Production Summary
section on page
4
of the MD&A.
|
▪
|
Total sales volume for the second quarter of 2018 was
2,767,000
tonnes compared with
2,818,000
tonnes for the first quarter of 2018.
Sales of Methanex-produced methanol were
1,729,000
tonnes in the
second
quarter of
2018
compared with
1,884,000
tonnes
in the
first
quarter of
2018
.
|
▪
|
Cash flows from operating activities in the
second
quarter of
2018
increased to
$290 million
compared with
$244 million
for the
first
quarter of
2018
, an increase of
$46 million
. Cash flows from operating activities increased despite a decrease in Adjusted EBITDA primarily as a result of a reduction in non-cash working capital.
|
▪
|
To June 30, 2018 we have repurchased 3,850,000 common shares, of the 6,590,095 approved, for approximately $253 million since the start of our normal course issuer bid on March 13, 2018.
|
▪
|
During the
second
quarter of
2018
we paid a
$0.33
per common share quarterly dividend to shareholders for a total of $
27
million.
|
▪
|
We recently signed agreements to supply gas to underpin over half of Methanex's 2.4 million tonnes of annual production capacity in New Zealand for a period of 11 years through 2029. These new agreements will combine with contracts from other natural gas producers to supply our New Zealand facilities.
|
▪
|
We continue to make good progress on a potential Geismar 3 production facility. Our Board of Directors has recently approved moving to the next phase of the project to commence site-specific engineering work known as front-end engineering and design or "FEED". We expect to spend approximately $50 to $60 million on this project prior to reaching a final investment decision by mid-2019. We believe that the potential Geismar 3 project would be advantaged relative to other projects being contemplated or under construction in the US Gulf.
Refer to
Capital Projects and Growth Opportunities
within the
Liquidity and Capital Resources
section on pages 12 of the MD&A.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
($ millions except per share amounts and where noted)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
Production (thousands of tonnes) (attributable to Methanex shareholders)
|
1,648
|
|
1,943
|
|
1,614
|
|
|
3,591
|
|
3,480
|
|
Sales volume (thousands of tonnes)
|
|
|
|
|
|
|
|||||
Methanex-produced methanol
|
1,729
|
|
1,884
|
|
1,790
|
|
|
3,613
|
|
3,546
|
|
Purchased methanol
|
709
|
|
613
|
|
387
|
|
|
1,322
|
|
899
|
|
Commission sales
|
329
|
|
321
|
|
297
|
|
|
650
|
|
601
|
|
Total sales volume
1
|
2,767
|
|
2,818
|
|
2,474
|
|
|
5,585
|
|
5,046
|
|
|
|
|
|
|
|
|
|||||
Methanex average non-discounted posted price ($ per tonne)
2
|
478
|
|
475
|
|
398
|
|
|
476
|
|
418
|
|
Average realized price ($ per tonne)
3
|
405
|
|
402
|
|
327
|
|
|
403
|
|
347
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
950
|
|
962
|
|
669
|
|
|
1,912
|
|
1,480
|
|
Adjusted revenue
|
972
|
|
987
|
|
716
|
|
|
1,959
|
|
1,548
|
|
Adjusted EBITDA
|
275
|
|
306
|
|
174
|
|
|
581
|
|
441
|
|
Cash flows from operating activities
|
290
|
|
244
|
|
243
|
|
|
534
|
|
458
|
|
Adjusted net income
|
143
|
|
171
|
|
74
|
|
|
314
|
|
214
|
|
Net income (attributable to Methanex shareholders)
|
111
|
|
169
|
|
84
|
|
|
280
|
|
216
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income per common share
|
1.75
|
|
2.03
|
|
0.85
|
|
|
3.79
|
|
2.40
|
|
Basic net income per common share
|
1.36
|
|
2.02
|
|
0.96
|
|
|
3.39
|
|
2.43
|
|
Diluted net income per common share
|
1.36
|
|
2.00
|
|
0.89
|
|
|
3.38
|
|
2.39
|
|
|
|
|
|
|
|
|
|||||
Common share information (millions of shares)
|
|
|
|
|
|
|
|||||
Weighted average number of common shares
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
Diluted weighted average number of common shares
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
Number of common shares outstanding, end of period
|
80
|
|
83
|
|
87
|
|
|
80
|
|
87
|
|
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. Methanex-produced methanol includes any volume produced by Chile using natural gas supplied from Argentina under a tolling arrangement ("Tolling Volume"). There was 48,000 MT of Tolling Volume produced in the second quarter of 2018 and 40,000MT in the first quarter of 2018. There was no Tolling Volume in the second quarter of 2017.
|
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 and purchased methanol, but excluding Tolling Volume.
|
|
Q2 2018
|
Q1 2018
|
|
Q2 2017
|
|
|
YTD Q2 2018
|
|
YTD Q2 2017
|
|
|||
(thousands of tonnes)
|
Operating Capacity
1
|
|
Production
|
|
Production
|
|
Production
|
|
|
Production
|
|
Production
|
|
New Zealand
2
|
608
|
|
252
|
|
487
|
|
350
|
|
|
739
|
|
883
|
|
Geismar (USA)
|
500
|
|
518
|
|
513
|
|
437
|
|
|
1,031
|
|
930
|
|
Trinidad (Methanex interest)
3
|
500
|
|
442
|
|
459
|
|
449
|
|
|
901
|
|
845
|
|
Egypt (50% interest)
|
158
|
|
165
|
|
165
|
|
159
|
|
|
330
|
|
318
|
|
Medicine Hat (Canada)
|
150
|
|
143
|
|
153
|
|
159
|
|
|
296
|
|
277
|
|
Chile
4
|
220
|
|
128
|
|
166
|
|
60
|
|
|
294
|
|
227
|
|
|
2,136
|
|
1,648
|
|
1,943
|
|
1,614
|
|
|
3,591
|
|
3,480
|
|
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 8.5 million tonnes, including 0.9 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
|
The operating capacity of Trinidad is made up of the Titan (100% interest) and Atlas (63.1% interest) facilities
(refer to the
Trinidad
section below).
|
4
|
The production capacity of our Chile I and IV facilities is 1.7 million tonnes annually assuming access to natural gas feedstock.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Consolidated statements of income:
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
950
|
|
$
|
962
|
|
$
|
669
|
|
|
$
|
1,912
|
|
$
|
1,480
|
|
Cost of sales and operating expenses
|
(712
|
)
|
(661
|
)
|
(502
|
)
|
|
(1,372
|
)
|
(1,062
|
)
|
|||||
Mark-to-market impact of share-based compensation
|
39
|
|
2
|
|
(12
|
)
|
|
41
|
|
(2
|
)
|
|||||
Adjusted EBITDA (attributable to associate)
|
37
|
|
39
|
|
41
|
|
|
75
|
|
75
|
|
|||||
Amounts excluded from Adjusted EBITDA attributable to non-controlling interests
|
(39
|
)
|
(36
|
)
|
(22
|
)
|
|
(75
|
)
|
(50
|
)
|
|||||
Adjusted EBITDA (attributable to Methanex shareholders)
|
275
|
|
306
|
|
174
|
|
|
581
|
|
441
|
|
|||||
|
|
|
|
|
|
|
||||||||||
Mark-to-market impact of share-based compensation
|
(39
|
)
|
(2
|
)
|
12
|
|
|
(41
|
)
|
2
|
|
|||||
Depreciation and amortization
|
(63
|
)
|
(59
|
)
|
(61
|
)
|
|
(122
|
)
|
(117
|
)
|
|||||
Finance costs
|
(24
|
)
|
(24
|
)
|
(24
|
)
|
|
(48
|
)
|
(47
|
)
|
|||||
Finance income and other expenses
|
(2
|
)
|
4
|
|
6
|
|
|
1
|
|
6
|
|
|||||
Income tax expense
|
(33
|
)
|
(45
|
)
|
(9
|
)
|
|
(78
|
)
|
(47
|
)
|
|||||
Earnings of associate adjustment
1
|
(18
|
)
|
(19
|
)
|
(19
|
)
|
|
(36
|
)
|
(36
|
)
|
|||||
Non-controlling interests adjustment
1
|
15
|
|
8
|
|
5
|
|
|
23
|
|
14
|
|
|||||
Net income (attributable to Methanex shareholders)
|
$
|
111
|
|
$
|
169
|
|
$
|
84
|
|
|
$
|
280
|
|
$
|
216
|
|
Net income
|
$
|
135
|
|
$
|
197
|
|
$
|
101
|
|
|
$
|
333
|
|
$
|
252
|
|
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 2018
compared with Q1 2018 |
|
Q2 2018
compared with Q2 2017 |
|
YTD Q2 2018
compared with YTD Q2 2017 |
|
|||
Average realized price
|
$
|
6
|
|
$
|
186
|
|
$
|
277
|
|
Sales volume
|
(10
|
)
|
23
|
|
47
|
|
|||
Total cash costs
|
(27
|
)
|
(108
|
)
|
(184
|
)
|
|||
Increase (decrease) in Adjusted EBITDA
|
$
|
(31
|
)
|
$
|
101
|
|
$
|
140
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
($ per tonne)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
Methanex average non-discounted posted price
|
478
|
|
475
|
|
398
|
|
|
476
|
|
418
|
|
Methanex average realized price
|
405
|
|
402
|
|
327
|
|
|
403
|
|
347
|
|
($ millions)
|
Q2 2018
compared with Q1 2018 |
|
Q2 2018
compared with Q2 2017 |
|
YTD Q2 2018
compared with YTD Q2 2017 |
|
|||
Methanex-produced methanol costs
|
$
|
2
|
|
$
|
(12
|
)
|
$
|
(43
|
)
|
Proportion of Methanex-produced methanol sales
|
(22
|
)
|
(53
|
)
|
(57
|
)
|
|||
Purchased methanol costs
|
3
|
|
(20
|
)
|
(54
|
)
|
|||
Other, net
|
(10
|
)
|
(23
|
)
|
(30
|
)
|
|||
Decrease in Adjusted EBITDA due to changes in total cash costs
|
$
|
(27
|
)
|
$
|
(108
|
)
|
$
|
(184
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions except share price)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Methanex Corporation share price
1
|
$
|
70.70
|
|
$
|
60.65
|
|
$
|
44.05
|
|
|
$
|
70.70
|
|
$
|
44.05
|
|
Grant-date fair value expense included in Adjusted EBITDA and Adjusted net income
|
4
|
|
4
|
|
4
|
|
|
8
|
|
7
|
|
|||||
Mark-to-market impact due to change in share price
|
39
|
|
2
|
|
(12
|
)
|
|
41
|
|
(2
|
)
|
|||||
Total share-based compensation expense (recovery), before tax
|
$
|
43
|
|
$
|
6
|
|
$
|
(8
|
)
|
|
$
|
49
|
|
$
|
5
|
|
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
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Finance costs
|
$
|
24
|
|
$
|
24
|
|
$
|
24
|
|
|
$
|
48
|
|
$
|
47
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Finance income and other expenses
|
$
|
(2
|
)
|
$
|
4
|
|
$
|
6
|
|
|
$
|
1
|
|
$
|
6
|
|
|
Three months ended
June 30, 2018 |
|
Three months ended
March 31, 2018 |
||||||||||
($ millions except where noted)
|
Net Income
|
|
Adjusted
Net Income |
|
|
Net Income
|
|
Adjusted
Net Income |
|
||||
Amount before income tax
|
$
|
168
|
|
$
|
187
|
|
|
$
|
242
|
|
$
|
226
|
|
Income tax expense
|
(33
|
)
|
(44
|
)
|
|
(45
|
)
|
(55
|
)
|
||||
|
$
|
135
|
|
$
|
143
|
|
|
$
|
197
|
|
$
|
171
|
|
Effective tax rate
|
20
|
%
|
24
|
%
|
|
18
|
%
|
25
|
%
|
2
|
€419 for Q3 2018 (Q2 2018 – €380) converted to United States dollars.
|
($ millions)
|
Q2 2018
compared with Q1 2018 |
|
Q2 2018
compared with Q2 2017 |
|
YTD Q2 2018
compared with YTD Q2 2017 |
|
|||
Change in Adjusted EBITDA (attributable to Methanex shareholders)
|
$
|
(31
|
)
|
$
|
101
|
|
$
|
140
|
|
Deduct change in Adjusted EBITDA of associate
|
2
|
|
4
|
|
—
|
|
|||
Dividends received from associate
|
(3
|
)
|
(4
|
)
|
(10
|
)
|
|||
Cash flows attributable to non-controlling interests
|
3
|
|
17
|
|
25
|
|
|||
Non-cash working capital
|
118
|
|
(4
|
)
|
5
|
|
|||
Income taxes paid
|
(32
|
)
|
(38
|
)
|
(46
|
)
|
|||
Share-based payments
|
(5
|
)
|
(21
|
)
|
(31
|
)
|
|||
Other
|
(6
|
)
|
(8
|
)
|
(7
|
)
|
|||
Increase in cash flows from operating activities
|
$
|
46
|
|
$
|
47
|
|
$
|
76
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Net income (attributable to Methanex shareholders)
|
$
|
111
|
|
$
|
169
|
|
$
|
84
|
|
|
$
|
280
|
|
$
|
216
|
|
Mark-to-market impact of share-based compensation
|
39
|
|
2
|
|
(12
|
)
|
|
41
|
|
(2
|
)
|
|||||
Depreciation and amortization
|
63
|
|
59
|
|
61
|
|
|
122
|
|
117
|
|
|||||
Finance costs
|
24
|
|
24
|
|
24
|
|
|
48
|
|
47
|
|
|||||
Finance income and other expenses
|
2
|
|
(4
|
)
|
(6
|
)
|
|
(1
|
)
|
(6
|
)
|
|||||
Income tax expense
|
33
|
|
45
|
|
9
|
|
|
78
|
|
47
|
|
|||||
Earnings of associate adjustment
1
|
18
|
|
19
|
|
19
|
|
|
36
|
|
36
|
|
|||||
Non-controlling interests adjustment
1
|
(15
|
)
|
(8
|
)
|
(5
|
)
|
|
(23
|
)
|
(14
|
)
|
|||||
Adjusted EBITDA (attributable to Methanex shareholders)
|
$
|
275
|
|
$
|
306
|
|
$
|
174
|
|
|
$
|
581
|
|
$
|
441
|
|
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
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Net income (attributable to Methanex shareholders)
|
$
|
111
|
|
$
|
169
|
|
$
|
84
|
|
|
$
|
280
|
|
$
|
216
|
|
Mark-to-market impact of share-based compensation, net of tax
|
32
|
|
2
|
|
(10
|
)
|
|
34
|
|
(2
|
)
|
|||||
Adjusted net income
|
$
|
143
|
|
$
|
171
|
|
$
|
74
|
|
|
$
|
314
|
|
$
|
214
|
|
Diluted weighted average shares outstanding (millions)
|
82
|
|
84
|
|
88
|
|
|
83
|
|
89
|
|
|||||
Adjusted net income per common share
|
$
|
1.75
|
|
$
|
2.03
|
|
$
|
0.85
|
|
|
$
|
3.79
|
|
$
|
2.40
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
($ millions)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|||||
Revenue
|
$
|
950
|
|
$
|
962
|
|
$
|
669
|
|
|
$
|
1,912
|
|
$
|
1,480
|
|
Methanex share of Atlas revenue
1
|
95
|
|
93
|
|
91
|
|
|
188
|
|
172
|
|
|||||
Non-controlling interests' share of revenue
1
|
(72
|
)
|
(67
|
)
|
(44
|
)
|
|
(139
|
)
|
(102
|
)
|
|||||
Other adjustments
|
(1
|
)
|
(1
|
)
|
—
|
|
|
(2
|
)
|
(2
|
)
|
|||||
Adjusted revenue (attributable to Methanex shareholders)
|
$
|
972
|
|
$
|
987
|
|
$
|
716
|
|
|
$
|
1,959
|
|
$
|
1,548
|
|
1
|
Excludes intercompany transactions with the Company.
|
|
Three Months Ended
|
|||||||||||
($ millions except per share amounts)
|
Jun 30
2018 |
|
Mar 31
2018 |
|
Dec 31
2017 |
|
Sep 30
2017 |
|
||||
Revenue
|
$
|
950
|
|
$
|
962
|
|
$
|
861
|
|
$
|
720
|
|
Adjusted EBITDA
|
275
|
|
306
|
|
254
|
|
143
|
|
||||
Net income (attributable to Methanex shareholders)
|
111
|
|
169
|
|
68
|
|
32
|
|
||||
Adjusted net income
|
143
|
|
171
|
|
143
|
|
52
|
|
||||
Basic net income per common share
|
1.36
|
|
2.02
|
|
0.81
|
|
0.38
|
|
||||
Diluted net income per common share
|
1.36
|
|
2.00
|
|
0.81
|
|
0.38
|
|
||||
Adjusted net income per common share
|
1.75
|
|
2.03
|
|
1.70
|
|
0.60
|
|
|
Three Months Ended
|
|||||||||||
($ millions except per share amounts)
|
Jun 30
2017 |
|
Mar 31
2017 |
|
Dec 31
2016 |
|
Sep 30
2016 |
|
||||
Revenue
|
$
|
669
|
|
$
|
810
|
|
$
|
585
|
|
$
|
510
|
|
Adjusted EBITDA
|
174
|
|
267
|
|
139
|
|
74
|
|
||||
Net income (loss) (attributable to Methanex shareholders)
|
84
|
|
132
|
|
24
|
|
(11
|
)
|
||||
Adjusted net income (loss)
|
74
|
|
140
|
|
41
|
|
(1
|
)
|
||||
Basic net income (loss) per common share
|
0.96
|
|
1.47
|
|
0.28
|
|
(0.12
|
)
|
||||
Diluted net income (loss) per common share
|
0.89
|
|
1.46
|
|
0.28
|
|
(0.12
|
)
|
||||
Adjusted net income (loss) per common share
|
0.85
|
|
1.56
|
|
0.46
|
|
(0.01
|
)
|
•
|
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, governmental 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 2017 Annual Management’s Discussion and Analysis and this
Second
Quarter
2018
Management’s Discussion and Analysis.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
||||
Revenue
|
$
|
949,946
|
|
$
|
669,164
|
|
|
$
|
1,911,771
|
|
$
|
1,479,513
|
|
Cost of sales and operating expenses
|
(711,668
|
)
|
(502,396
|
)
|
|
(1,372,233
|
)
|
(1,061,710
|
)
|
||||
Depreciation and amortization
|
(62,748
|
)
|
(61,009
|
)
|
|
(121,920
|
)
|
(116,981
|
)
|
||||
Operating income
|
175,530
|
|
105,759
|
|
|
417,618
|
|
300,822
|
|
||||
Earnings of associate (note 5)
|
18,836
|
|
21,766
|
|
|
39,298
|
|
38,755
|
|
||||
Finance costs
|
(23,771
|
)
|
(23,312
|
)
|
|
(47,951
|
)
|
(46,629
|
)
|
||||
Finance income and other expenses
|
(2,239
|
)
|
5,625
|
|
|
1,410
|
|
5,628
|
|
||||
Income before income taxes
|
168,356
|
|
109,838
|
|
|
410,375
|
|
298,576
|
|
||||
Income tax expense:
|
|
|
|
|
|
||||||||
Current
|
(17,657
|
)
|
(15,530
|
)
|
|
(50,645
|
)
|
(40,938
|
)
|
||||
Deferred
|
(15,204
|
)
|
6,482
|
|
|
(26,928
|
)
|
(5,820
|
)
|
||||
|
(32,861
|
)
|
(9,048
|
)
|
|
(77,573
|
)
|
(46,758
|
)
|
||||
Net income
|
$
|
135,495
|
|
$
|
100,790
|
|
|
$
|
332,802
|
|
$
|
251,818
|
|
Attributable to:
|
|
|
|
|
|
||||||||
Methanex Corporation shareholders
|
$
|
111,366
|
|
$
|
84,146
|
|
|
$
|
280,049
|
|
$
|
215,715
|
|
Non-controlling interests
|
24,129
|
|
16,644
|
|
|
52,753
|
|
36,103
|
|
||||
|
$
|
135,495
|
|
$
|
100,790
|
|
|
$
|
332,802
|
|
$
|
251,818
|
|
|
|
|
|
|
|
||||||||
Income per common share for the period attributable to Methanex Corporation shareholders
|
|
|
|
|
|
||||||||
Basic net income per common share
|
$
|
1.36
|
|
$
|
0.96
|
|
|
$
|
3.39
|
|
$
|
2.43
|
|
Diluted net income per common share (note 7)
|
$
|
1.36
|
|
$
|
0.89
|
|
|
$
|
3.38
|
|
$
|
2.39
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding (note 7)
|
81,663,627
|
|
87,692,627
|
|
|
82,669,196
|
|
88,728,106
|
|
||||
Diluted weighted average number of common shares outstanding (note 7)
|
81,737,585
|
|
88,057,502
|
|
|
82,739,559
|
|
89,164,211
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
||||
Net income
|
$
|
135,495
|
|
$
|
100,790
|
|
|
$
|
332,802
|
|
$
|
251,818
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||||
Items that may be reclassified to income:
|
|
|
|
|
|
||||||||
Change in fair value of cash flow hedges (note 10)
|
11,583
|
|
(24,252
|
)
|
|
(13,428
|
)
|
(78,754
|
)
|
||||
Forward element excluded from hedging relationships (note 10)
|
(24,165
|
)
|
24,580
|
|
|
1,966
|
|
59,113
|
|
||||
Items that will not be reclassified to income:
|
|
|
|
|
|
||||||||
Actuarial gains on defined benefit pension plans
|
—
|
|
—
|
|
|
845
|
|
—
|
|
||||
Taxes on above items
|
2,926
|
|
9
|
|
|
2,410
|
|
6,565
|
|
||||
|
(9,656
|
)
|
337
|
|
|
(8,207
|
)
|
(13,076
|
)
|
||||
Comprehensive income
|
$
|
125,839
|
|
$
|
101,127
|
|
|
$
|
324,595
|
|
$
|
238,742
|
|
Attributable to:
|
|
|
|
|
|
||||||||
Methanex Corporation shareholders
|
$
|
101,710
|
|
$
|
84,483
|
|
|
$
|
271,842
|
|
$
|
202,639
|
|
Non-controlling interests
|
24,129
|
|
16,644
|
|
|
52,753
|
|
36,103
|
|
||||
|
$
|
125,839
|
|
$
|
101,127
|
|
|
$
|
324,595
|
|
$
|
238,742
|
|
AS AT
|
Jun 30
2018 |
|
Dec 31
2017 |
|
||
ASSETS
|
|
|
||||
Current assets:
|
|
|
||||
Cash and cash equivalents
|
$
|
320,254
|
|
$
|
375,479
|
|
Trade and other receivables
|
536,458
|
|
536,636
|
|
||
Inventories (note 2)
|
349,842
|
|
304,464
|
|
||
Prepaid expenses
|
24,494
|
|
26,548
|
|
||
Other assets (note 3)
|
44,960
|
|
—
|
|
||
|
1,276,008
|
|
1,243,127
|
|
||
Non-current assets:
|
|
|
||||
Property, plant and equipment (note 4)
|
3,046,100
|
|
2,998,326
|
|
||
Investment in associate (note 5)
|
193,513
|
|
188,922
|
|
||
Deferred income tax assets
|
80,882
|
|
102,341
|
|
||
Other assets (note 3)
|
97,740
|
|
78,026
|
|
||
|
3,418,235
|
|
3,367,615
|
|
||
|
$
|
4,694,243
|
|
$
|
4,610,742
|
|
LIABILITIES AND EQUITY
|
|
|
||||
Current liabilities:
|
|
|
||||
Trade, other payables and accrued liabilities
|
$
|
655,512
|
|
$
|
626,817
|
|
Current maturities on long-term debt (note 6)
|
43,383
|
|
55,905
|
|
||
Current maturities on other long-term liabilities
|
87,877
|
|
65,226
|
|
||
|
786,772
|
|
747,948
|
|
||
Non-current liabilities:
|
|
|
||||
Long-term debt (note 6)
|
1,456,085
|
|
1,446,366
|
|
||
Other long-term liabilities
|
433,434
|
|
404,885
|
|
||
Deferred income tax liabilities
|
269,908
|
|
266,432
|
|
||
|
2,159,427
|
|
2,117,683
|
|
||
Equity:
|
|
|
||||
Capital stock
|
459,928
|
|
480,331
|
|
||
Contributed surplus
|
1,945
|
|
2,124
|
|
||
Retained earnings
|
1,084,004
|
|
1,088,150
|
|
||
Accumulated other comprehensive loss
|
(78,596
|
)
|
(69,841
|
)
|
||
Shareholders' equity
|
1,467,281
|
|
1,500,764
|
|
||
Non-controlling interests
|
280,763
|
|
244,347
|
|
||
Total equity
|
1,748,044
|
|
1,745,111
|
|
||
|
$
|
4,694,243
|
|
$
|
4,610,742
|
|
|
Number of
Common Shares |
|
Capital
Stock |
|
Contributed
Surplus |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Shareholders'
Equity |
|
Non-
Controlling Interests |
|
Total
Equity |
|
Balance, December 31, 2016
|
89,824,338
|
|
$511,465
|
$2,568
|
$1,124,104
|
$(41,302)
|
$1,596,835
|
$208,515
|
$1,805,350
|
|||||||
Net income
|
—
|
|
—
|
|
—
|
|
215,715
|
|
—
|
|
215,715
|
|
36,103
|
|
251,818
|
|
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
—
|
|
(13,076)
|
(13,076
|
)
|
—
|
|
(13,076
|
)
|
|
Compensation expense recorded for stock options
|
—
|
|
—
|
|
266
|
|
—
|
|
—
|
|
266
|
|
—
|
|
266
|
|
Issue of shares on exercise of stock options
|
54,720
|
|
1,597
|
|
—
|
|
—
|
|
—
|
|
1,597
|
|
—
|
|
1,597
|
|
Reclassification of grant date fair value on exercise of stock options
|
—
|
|
503
|
|
(503
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Payments for repurchase of shares
|
(3,330,000
|
)
|
(19,012
|
)
|
—
|
|
(129,687
|
)
|
—
|
|
(148,699
|
)
|
—
|
|
(148,699
|
)
|
Dividend payments to Methanex Corporation shareholders
|
—
|
|
—
|
|
—
|
|
(50,783
|
)
|
—
|
|
(50,783
|
)
|
—
|
|
(50,783
|
)
|
Distributions made and accrued to non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,886
|
)
|
(12,886
|
)
|
Balance, June 30, 2017
|
86,549,058
|
|
$494,553
|
$2,331
|
$1,159,349
|
$(54,378)
|
$1,601,855
|
$231,732
|
$1,833,587
|
|||||||
Net income
|
—
|
|
—
|
|
—
|
|
100,420
|
|
—
|
|
100,420
|
|
22,859
|
|
123,279
|
|
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
403
|
|
(15,463)
|
(15,060
|
)
|
—
|
|
(15,060
|
)
|
|
Compensation expense recorded for stock options
|
—
|
|
—
|
|
222
|
|
—
|
|
—
|
|
222
|
|
—
|
|
222
|
|
Issue of shares on exercise of stock options
|
43,554
|
|
1,462
|
|
—
|
|
—
|
|
—
|
|
1,462
|
|
—
|
|
1,462
|
|
Reclassification of grant date fair value on exercise of stock options
|
—
|
|
429
|
|
(429
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Payments for repurchase of shares
|
(2,822,358
|
)
|
(16,113
|
)
|
—
|
|
(121,308
|
)
|
—
|
|
(137,421
|
)
|
—
|
|
(137,421
|
)
|
Dividend payments to Methanex Corporation shareholders
|
—
|
|
—
|
|
—
|
|
(50,714
|
)
|
—
|
|
(50,714
|
)
|
—
|
|
(50,714
|
)
|
Distributions made and accrued to non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(18,414
|
)
|
(18,414
|
)
|
Equity contributions by non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,170
|
|
8,170
|
|
Balance, December 31, 2017
|
83,770,254
|
|
$480,331
|
$2,124
|
$1,088,150
|
$(69,841)
|
$1,500,764
|
$244,347
|
$1,745,111
|
|||||||
Net income
|
—
|
|
—
|
|
—
|
|
280,049
|
|
—
|
|
280,049
|
|
52,753
|
|
332,802
|
|
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
548
|
|
(8,755)
|
(8,207
|
)
|
—
|
|
(8,207
|
)
|
|
Compensation expense recorded for stock options
|
—
|
|
—
|
|
200
|
|
—
|
|
—
|
|
200
|
|
—
|
|
200
|
|
Issue of shares on exercise of stock options
|
36,890
|
|
1,314
|
|
—
|
|
—
|
|
—
|
|
1,314
|
|
—
|
|
1,314
|
|
Reclassification of grant date fair value on exercise of stock options
|
—
|
|
379
|
|
(379
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Payment for shares repurchased
|
(3,850,000
|
)
|
(22,096
|
)
|
—
|
|
(230,548
|
)
|
—
|
|
(252,644
|
)
|
—
|
|
(252,644
|
)
|
Dividend payments to Methanex Corporation shareholders
|
—
|
|
—
|
|
—
|
|
(54,195
|
)
|
—
|
|
(54,195
|
)
|
—
|
|
(54,195
|
)
|
Distributions made and accrued to non-controlling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(16,337
|
)
|
(16,337
|
)
|
Balance, June 30, 2018
|
79,957,144
|
|
$459,928
|
$1,945
|
$1,084,004
|
$(78,596)
|
$1,467,281
|
$280,763
|
$1,748,044
|
1.
|
Basis of presentation:
|
2.
|
Inventories:
|
3.
|
Other assets:
|
4.
|
Property, plant and equipment:
|
|
Buildings, Plant
Installations & Machinery |
|
Finance Leases
|
|
Other
|
|
Total
|
|
||||
Cost at June 30, 2018
|
$
|
4,690,864
|
|
$
|
218,182
|
|
$
|
356,900
|
|
$
|
5,265,946
|
|
Accumulated depreciation at June 30, 2018
|
2,021,286
|
|
41,980
|
|
156,580
|
|
2,219,846
|
|
||||
Net book value at June 30, 2018
|
$
|
2,669,578
|
|
$
|
176,202
|
|
$
|
200,320
|
|
$
|
3,046,100
|
|
Cost at December 31, 2017
|
$
|
4,648,924
|
|
$
|
215,773
|
|
$
|
275,493
|
|
$
|
5,140,190
|
|
Accumulated depreciation at December 31, 2017
|
1,956,317
|
|
33,927
|
|
151,620
|
|
2,141,864
|
|
||||
Net book value at December 31, 2017
|
$
|
2,692,607
|
|
$
|
181,846
|
|
$
|
123,873
|
|
$
|
2,998,326
|
|
5.
|
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:
|
Statements of financial position
|
Jun 30
2018 |
|
Dec 31
2017 |
|
||
Cash and cash equivalents
|
$
|
13,399
|
|
$
|
8,361
|
|
Other current assets
|
91,019
|
|
79,738
|
|
||
Non-current assets
|
272,294
|
|
289,671
|
|
||
Current liabilities
|
(39,503
|
)
|
(41,388
|
)
|
||
Other long-term liabilities, including current maturities
|
(151,486
|
)
|
(157,935
|
)
|
||
Net assets at 100%
|
185,723
|
|
178,447
|
|
||
Net assets at 63.1%
|
117,191
|
|
112,600
|
|
||
Long-term receivable from Atlas
|
76,322
|
|
76,322
|
|
||
Investment in associate
|
$
|
193,513
|
|
$
|
188,922
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
Statements of income
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
||||
Revenue
|
$
|
129,377
|
|
$
|
128,189
|
|
|
$
|
262,100
|
|
$
|
243,398
|
|
Cost of sales and depreciation and amortization
|
(79,444
|
)
|
(71,627
|
)
|
|
(159,360
|
)
|
(142,044
|
)
|
||||
Operating income
|
49,933
|
|
56,562
|
|
|
102,740
|
|
101,354
|
|
||||
Finance costs, finance income and other expenses
|
(3,047
|
)
|
(2,874
|
)
|
|
(5,638
|
)
|
(5,752
|
)
|
||||
Income tax expense
|
(17,035
|
)
|
(19,193
|
)
|
|
(34,823
|
)
|
(34,183
|
)
|
||||
Net earnings at 100%
|
29,851
|
|
34,495
|
|
|
62,279
|
|
61,419
|
|
||||
Earnings of associate at 63.1%
|
18,836
|
|
21,766
|
|
|
39,298
|
|
38,755
|
|
||||
|
|
|
|
|
|
||||||||
Dividends received from associate
|
$
|
15,775
|
|
$
|
20,192
|
|
|
$
|
34,707
|
|
$
|
44,801
|
|
b)
|
Contingent liability:
|
6.
|
Long-term debt:
|
As at
|
Jun 30
2018 |
|
Dec 31
2017 |
|
||
Unsecured notes
|
|
|
||||
$350 million at 3.25% due December 15, 2019
|
$
|
348,539
|
|
$
|
348,060
|
|
$250 million at 5.25% due March 1, 2022
|
248,274
|
|
248,072
|
|
||
$300 million at 4.25% due December 1, 2024
|
297,051
|
|
296,873
|
|
||
$300 million at 5.65% due December 1, 2044
|
295,197
|
|
295,158
|
|
||
|
1,189,061
|
|
1,188,163
|
|
||
Egypt limited recourse debt facilities
|
155,665
|
|
241,190
|
|
||
Other limited recourse debt facilities
|
154,742
|
|
72,918
|
|
||
Total long-term debt
1
|
1,499,468
|
|
1,502,271
|
|
||
Less current maturities
1
|
(43,383
|
)
|
(55,905
|
)
|
||
|
$
|
1,456,085
|
|
$
|
1,446,366
|
|
1
|
Long-term debt and current maturities are presented net of deferred financing fees.
|
7.
|
Net income per common share:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
||||
Numerator for basic net income per common share
|
$
|
111,366
|
|
$
|
84,146
|
|
|
$
|
280,049
|
|
$
|
215,715
|
|
Adjustment for the effect of TSARs:
|
|
|
|
|
|
||||||||
Cash-settled expense (recovery) included in net income
|
—
|
|
(3,895
|
)
|
|
—
|
|
1,431
|
|
||||
Equity-settled expense
|
—
|
|
(1,860
|
)
|
|
—
|
|
(3,774
|
)
|
||||
Numerator for diluted net income per common share
|
$
|
111,366
|
|
$
|
78,391
|
|
|
$
|
280,049
|
|
$
|
213,372
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
Denominator for basic net income per common share
|
81,663,627
|
|
87,692,627
|
|
|
82,669,196
|
|
88,728,106
|
|
Effect of dilutive stock options
|
73,958
|
|
40,091
|
|
|
70,363
|
|
54,153
|
|
Effect of dilutive TSARs
|
—
|
|
324,784
|
|
|
—
|
|
381,952
|
|
Denominator for diluted net income per common share
|
81,737,585
|
|
88,057,502
|
|
|
82,739,559
|
|
89,164,211
|
|
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, 2017
|
1,450,077
|
|
$
|
45.11
|
|
|
2,043,495
|
|
$
|
46.62
|
|
Granted
|
135,300
|
|
54.65
|
|
|
317,900
|
|
54.65
|
|
||
Exercised
|
(193,813
|
)
|
33.92
|
|
|
(238,624
|
)
|
37.00
|
|
||
Cancelled
|
(4,501
|
)
|
42.67
|
|
|
—
|
|
—
|
|
||
Expired
|
(7,981
|
)
|
28.74
|
|
|
—
|
|
—
|
|
||
Outstanding at March 31, 2018
|
1,379,082
|
|
$
|
47.72
|
|
|
2,122,771
|
|
$
|
48.90
|
|
Granted
|
6,000
|
|
69.43
|
|
|
—
|
|
—
|
|
||
Exercised
|
(275,872
|
)
|
39.45
|
|
|
(439,901
|
)
|
43.98
|
|
||
Cancelled
|
(5,447
|
)
|
62.32
|
|
|
(8,267
|
)
|
47.25
|
|
||
Outstanding at June 30, 2018
|
1,103,763
|
|
$
|
49.84
|
|
|
1,674,603
|
|
$
|
50.21
|
|
|
Stock Options
|
||||
(per share amounts in USD)
|
Number of Units
|
|
Weighted Average Exercise Price
|
|
|
Outstanding at December 31, 2017
|
262,535
|
|
$45.09
|
||
Granted
|
21,900
|
|
54.65
|
|
|
Exercised
|
(15,550
|
)
|
31.24
|
|
|
Cancelled
|
(1,600
|
)
|
42.38
|
|
|
Outstanding at March 31, 2018
|
267,285
|
|
$
|
46.69
|
|
Exercised
|
(21,340
|
)
|
39.86
|
|
|
Outstanding at June 30, 2018
|
245,945
|
|
$47.29
|
|
Units Outstanding at June 30, 2018
|
|
Units Exercisable at June 30, 2018
|
||||||||
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:
|
|
|
|
|
|
|
|||||
$25.97 to $35.51
|
4.09
|
|
298,277
|
|
$34.14
|
|
181,256
|
|
$33.85
|
||
$38.24 to $50.17
|
3.81
|
|
281,798
|
|
44.57
|
|
|
171,514
|
|
41.07
|
|
$54.65 to $73.13
|
4.14
|
|
523,688
|
|
61.61
|
|
|
383,188
|
|
63.93
|
|
|
4.04
|
|
1,103,763
|
|
$49.84
|
|
735,958
|
|
$51.20
|
||
TSARs:
|
|
|
|
|
|
|
|||||
$25.97 to $35.51
|
4.31
|
|
449,605
|
|
$34.33
|
|
263,027
|
|
$34.15
|
||
$38.24 to $50.17
|
4.47
|
|
457,919
|
|
46.56
|
|
|
233,568
|
|
43.09
|
|
$54.65 to $73.13
|
4.54
|
|
767,079
|
|
61.69
|
|
|
452,479
|
|
66.58
|
|
|
4.46
|
|
1,674,603
|
|
$50.21
|
|
949,074
|
|
$51.81
|
||
Stock options:
|
|
|
|
|
|
|
|||||
$25.97 to $35.51
|
3.48
|
|
81,525
|
|
$33.74
|
|
60,889
|
|
$33.45
|
||
$38.24 to $50.17
|
3.29
|
|
67,520
|
|
43.05
|
|
|
49,117
|
|
40.38
|
|
$54.65 to $73.13
|
4.00
|
|
96,900
|
|
61.64
|
|
|
75,000
|
|
63.68
|
|
|
3.64
|
|
245,945
|
|
$47.29
|
|
185,006
|
|
$47.54
|
(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 Performance
Share Units |
|
Outstanding at December 31, 2017
|
224,846
|
|
20,455
|
|
604,895
|
|
Granted
|
6,313
|
|
8,700
|
|
149,200
|
|
Performance factor impact on redemption
1
|
—
|
|
—
|
|
(127,733
|
)
|
Granted in-lieu of dividends
|
1,256
|
|
166
|
|
3,320
|
|
Redeemed
|
—
|
|
—
|
|
(42,577
|
)
|
Cancelled
|
—
|
|
—
|
|
(5,222
|
)
|
Outstanding at March 31, 2018
|
232,415
|
|
29,321
|
|
581,883
|
|
Granted
|
520
|
|
—
|
|
—
|
|
Granted in-lieu of dividends
|
957
|
|
140
|
|
2,752
|
|
Redeemed
|
(28,000
|
)
|
—
|
|
—
|
|
Cancelled
|
—
|
|
—
|
|
(7,119
|
)
|
Outstanding at June 30, 2018
|
205,892
|
|
29,461
|
|
577,516
|
|
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, 2018.
|
9.
|
Changes in non-cash working capital:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
Jun 30
2018 |
|
Jun 30
2017 |
|
|
Jun 30
2018 |
|
Jun 30
2017 |
|
||||
Changes in non-cash working capital:
|
|
|
|
|
|
||||||||
Trade and other receivables
|
$
|
27,071
|
|
$
|
15,275
|
|
|
$
|
178
|
|
$
|
1,302
|
|
Inventories
|
7,084
|
|
68,426
|
|
|
(45,378
|
)
|
(1,609
|
)
|
||||
Prepaid expenses
|
2,160
|
|
(7,037
|
)
|
|
2,054
|
|
(9,633
|
)
|
||||
Trade, other payables and accrued liabilities
|
(544
|
)
|
15,042
|
|
|
28,695
|
|
66,713
|
|
||||
|
35,771
|
|
91,706
|
|
|
(14,451
|
)
|
56,773
|
|
||||
Adjustments for items not having a cash effect and working capital changes relating to taxes and interest paid
|
23,192
|
|
(22,335
|
)
|
|
22,559
|
|
(56,759
|
)
|
||||
Changes in non-cash working capital having a cash effect
|
$
|
58,963
|
|
$
|
69,371
|
|
|
$
|
8,108
|
|
$
|
14
|
|
|
|
|
|
|
|
||||||||
These changes relate to the following activities:
|
|
|
|
|
|
||||||||
Operating
|
$
|
62,120
|
|
$
|
65,535
|
|
|
$
|
6,134
|
|
$
|
921
|
|
Financing
|
1,044
|
|
(75
|
)
|
|
7,027
|
|
2,281
|
|
||||
Investing
|
(4,201
|
)
|
3,911
|
|
|
(5,053
|
)
|
(3,188
|
)
|
||||
Changes in non-cash working capital
|
$
|
58,963
|
|
$
|
69,371
|
|
|
$
|
8,108
|
|
$
|
14
|
|
|
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
|
(5,616
|
)
|
(26,119
|
)
|
(40,364
|
)
|
(50,506
|
)
|
$
|
(122,605
|
)
|
Euro forward exchange contracts
|
1,205
|
|
—
|
|
—
|
|
—
|
|
$
|
1,205
|
|
|
June 30, 2018
|
|||||
As at
|
Carrying Value
|
|
Fair Value
|
|
||
Long-term debt excluding deferred financing fees
|
$
|
1,511,277
|
|
$
|
1,517,462
|
|
|
2018
|
|
Q2
|
|
Q1
|
|
2017
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
|
|
|
|
|
|
|
|
|
||||||||
METHANOL SALES VOLUME
|
|
|
|
|
|
|
|
|
||||||||
(thousands of tonnes)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Methanex-produced
1
|
3,613
|
|
1,729
|
|
1,884
|
|
7,229
|
|
1,930
|
|
1,753
|
|
1,790
|
|
1,756
|
|
Purchased methanol
|
1,322
|
|
709
|
|
613
|
|
2,289
|
|
633
|
|
757
|
|
387
|
|
512
|
|
Commission sales
1
|
650
|
|
329
|
|
321
|
|
1,151
|
|
289
|
|
261
|
|
297
|
|
304
|
|
|
5,585
|
|
2,767
|
|
2,818
|
|
10,669
|
|
2,852
|
|
2,771
|
|
2,474
|
|
2,572
|
|
METHANOL PRODUCTION
|
|
|
|
|
|
|
|
|
||||||||
(thousands of tonnes)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
New Zealand
|
739
|
|
252
|
|
487
|
|
1,943
|
|
558
|
|
502
|
|
350
|
|
533
|
|
Geismar (Louisiana, USA)
|
1,031
|
|
518
|
|
513
|
|
1,935
|
|
506
|
|
499
|
|
437
|
|
493
|
|
Trinidad (Methanex interest)
|
901
|
|
442
|
|
459
|
|
1,768
|
|
466
|
|
457
|
|
449
|
|
396
|
|
Egypt (50% interest)
|
330
|
|
165
|
|
165
|
|
534
|
|
145
|
|
71
|
|
159
|
|
159
|
|
Medicine Hat (Canada)
|
296
|
|
143
|
|
153
|
|
593
|
|
158
|
|
158
|
|
159
|
|
118
|
|
Chile
|
294
|
|
128
|
|
166
|
|
414
|
|
109
|
|
78
|
|
60
|
|
167
|
|
|
3,591
|
|
1,648
|
|
1,943
|
|
7,187
|
|
1,942
|
|
1,765
|
|
1,614
|
|
1,866
|
|
AVERAGE REALIZED METHANOL PRICE
2
|
|
|
|
|
|
|
|
|
||||||||
($/tonne)
|
403
|
|
405
|
|
402
|
|
337
|
|
350
|
|
307
|
|
327
|
|
365
|
|
($/gallon)
|
1.21
|
|
1.22
|
|
1.21
|
|
1.01
|
|
1.05
|
|
0.92
|
|
0.98
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA
|
581
|
|
275
|
|
306
|
|
838
|
|
254
|
|
143
|
|
174
|
|
267
|
|
|
|
|
|
|
|
|
|
|
||||||||
PER SHARE INFORMATION
($ per common share attributable to Methanex shareholders) |
|
|
|
|
|
|
|
|
||||||||
Adjusted net income
|
3.79
|
|
1.75
|
|
2.03
|
|
4.71
|
|
1.70
|
|
0.60
|
|
0.85
|
|
1.56
|
|
Basic net income
|
3.39
|
|
1.36
|
|
2.02
|
|
3.64
|
|
0.81
|
|
0.38
|
|
0.96
|
|
1.47
|
|
Diluted net income
|
3.38
|
|
1.36
|
|
2.00
|
|
3.64
|
|
0.81
|
|
0.38
|
|
0.89
|
|
1.46
|
|
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. Methanex-produced methanol includes any volume produced by Chile using natural gas supplied from Argentina under a tolling arrangement ("Tolling Volume"). There was 48,000 MT of Tolling Volume produced in the second quarter of 2018 and 40,000MT in the first quarter of 2018. There was no Tolling Volume in the second quarter of 2017.
|
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 and purchased methanol, but excluding Tolling Volume.
|
|
METHANEX CORPORATION
|
|||
Date: July 25, 2018
|
By:
|
/s/ KEVIN PRICE
|
||
|
|
Name:
|
|
Kevin Price
|
|
|
Title:
|
|
General Counsel
and Corporate Secretary
|
1 Year Methanex Chart |
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