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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Methanex Corporation | TSX:MX | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.20 | 4.64% | 72.18 | 71.96 | 72.40 | 73.15 | 69.02 | 69.02 | 183,249 | 21:12:09 |
Rich Sumner, President and CEO, Methanex Corporation, stated “I am proud of our team’s effort to reach an agreement with the NGC that allows us to preserve this strategic location in our global portfolio and maintain a world-class team. The two-year term of the Titan contract offered by the NGC reflects the challenging near-term gas supply and demand situation in the country. In the medium to long term, the NGC continues to work with the upstream sector on their plans to develop increased gas supply to the country through various projects, although uncertainty remains.
We have been working with the NGC and the Government of the Republic of Trinidad and Tobago for an extended period to secure economic gas supply for the Atlas and Titan plants. Our decision to restart Titan and cease operations at Atlas was based on economic considerations, including significantly lower capital requirements at Titan compared to Atlas. The new gas price and lower production volume in Trinidad will reduce annual adjusted EBITDA and free cash flow capability, starting in 2025 and compared to 2023, by approximately $80 million and $40 million, respectively, across a range of methanol prices.
We would like to thank the NGC for their professionalism during the negotiation process and reaffirm our commitment to working with the NGC and the Government of the Republic of Trinidad and Tobago to secure economic long-term gas supply.”
Methanex is a Vancouver-based, publicly traded company and is the world’s largest supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”. Methanex can be visited online at www.methanex.com.
Inquiries:Sarah HerriottDirector, Investor RelationsMethanex Corporation604-661-2600 or Toll Free: 1-800-661-8851www.methanex.com
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