National Gas Company of Trinidad and Tobago

Methanex Reports Third Quarter 2023 Results

Retrieved on: 
Wednesday, October 25, 2023
National Gas Company of Trinidad and Tobago, MX, Reading, EDGAR, SEDAR, EBITDA, MD, News, Canadian Securities Administrators, G3, Bank statement, MD&A, Hand, TSX, NGC, Cryptocurrency, Adjustment, Methanex, Titan

VANCOUVER, British Columbia, Oct. 25, 2023 (GLOBE NEWSWIRE) -- For the third quarter of 2023, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $24 million ($0.36 net income per common share on a diluted basis) compared to net income of $57 million ($0.73 net income per common share on a diluted basis) in the second quarter of 2023. Net income in the third quarter of 2023 was lower compared to the prior quarter primarily due to a lower average realized price, lower sales of Methanex-produced methanol and the mark-to-market impact of share-based compensation due to changes in Methanex's share price, offset by a settlement of a historical dispute under an existing gas contract. Adjusted EBITDA for the third quarter of 2023 was $105 million and Adjusted net income was $1 million ($0.02 Adjusted net income per common share). This compares with Adjusted EBITDA of $160 million and Adjusted net income of $41 million ($0.60 Adjusted net income per common share) for the second quarter of 2023.

Key Points: 
  • Net income attributable to Methanex shareholders of $24 million and Adjusted EBITDA of $105 million in the third quarter.
  • The average realized price in the third quarter was $303 per tonne compared to $338 per tonne in the second quarter of 2023.
  • VANCOUVER, British Columbia, Oct. 25, 2023 (GLOBE NEWSWIRE) -- For the third quarter of 2023, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $24 million ($0.36 net income per common share on a diluted basis) compared to net income of $57 million ($0.73 net income per common share on a diluted basis) in the second quarter of 2023.
  • Our average realized price in the third quarter was $303 per tonne compared to $338 per tonne in the second quarter of 2023.

Methanex Corporation Provides Update on Trinidad and Tobago Operations

Retrieved on: 
Friday, October 13, 2023
Government, TSX, NGC, Methanex, EBITDA, Republic, Toronto Stock Exchange, MX, National Gas Company of Trinidad and Tobago, Methanol, Titan

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.

Key Points: 
  • 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.
  • 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.
  • Methanex is a Vancouver-based, publicly traded company and is the world’s largest supplier of methanol to major international markets.

Methanex Reports Third Quarter 2022 Results

Retrieved on: 
Wednesday, October 26, 2022
Nasdaq, Company, Medicine Hat, International Financial Reporting Standards, Toronto Stock Exchange, Canadian Securities Administrators, Geismar, Southern Hemisphere Association of Fresh Fruit Exporters, Administrator, U.S. Securities and Exchange Commission, National Gas Company of Trinidad and Tobago, Conversation, Analysis, GAAP, Methanol, SEDAR, Chemical industry, Methanex, LNG, G3, EDGAR, International, NGC, International Accounting Standards Committee, Review, Natural gas, MX, International Accounting Standards Board, Time, Investor relations, ID, Motunui, Plant, Oil, Renewable energy, Video game, Titan

VANCOUVER, British Columbia, Oct. 26, 2022 (GLOBE NEWSWIRE) -- For the third quarter of 2022, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $69 million ($0.87 net income per common share on a diluted basis) compared to net income of $125 million ($1.41 net income per common share on a diluted basis) in the second quarter of 2022. Net income was lower compared to the prior quarter primarily due to a lower average realized price, lower sales of Methanex-produced methanol attributable to the planned turnarounds in Egypt and New Zealand and the mark-to-market impact of share-based compensation due to changes in Methanex's share price. This was partially offset by the redirection and sale of natural gas in Egypt. Adjusted EBITDA for the third quarter of 2022 was $192 million, and Adjusted net income was $49 million ($0.69 Adjusted net income per common share). This compares with Adjusted EBITDA of $243 million and Adjusted net income of $84 million ($1.16 Adjusted net income per common share) for the second quarter of 2022.

Key Points: 
  • Key production and operational highlights during the third quarter and production outlook for 2022 include:
    New Zealand produced 205,000 tonnes compared to 244,000 tonnes in the second quarter of 2022.
  • Chile produced 141,000 tonnes in the third quarter of 2022 compared to 197,000 tonnes in the second quarter of 2022.
  • Egypt produced 70,000 tonnes (Methanex interest - 35,000 tonnes) in the third quarter of 2022 compared to 300,000 tonnes (Methanex interest - 150,000 tonnes) in the second quarter of 2022.
  • Medicine Hat produced 130,000 tonnes in the third quarter of 2022 compared to 155,000 tonnes in the second quarter of 2022.

Methanex Reports Second Quarter 2022 Results

Retrieved on: 
Wednesday, July 27, 2022
Time, Investor relations, U.S. Securities and Exchange Commission, International Accounting Standards Board, International Financial Reporting Standards, Canadian Securities Administrators, Methanex, International Accounting Standards Committee, EDGAR, MX, GAAP, National Gas Company of Trinidad and Tobago, NGC, Administrator, Review, SEDAR, Company, Geismar, Methanol, Toronto Stock Exchange, Conversation, Medicine Hat, Natural gas, Analysis, International, Nasdaq, Chemical industry, Oil, Potash, Titan

VANCOUVER, British Columbia, July 27, 2022 (GLOBE NEWSWIRE) -- For the second quarter of 2022, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $125 million ($1.41 net income per common share on a diluted basis) compared to net income of $119 million ($1.60 net income per common share on a diluted basis) in the first quarter of 2022. Net income was higher compared to the prior quarter primarily due to the change in the mark-to-market impact of share-based compensation due to changes in Methanex's share price. This was offset by the impact of lower sales of Methanex-produced methanol and higher gas and logistics costs. Adjusted EBITDA for the second quarter of 2022 was $243 million, and Adjusted net income was $84 million ($1.16 Adjusted net income per common share). This compares with Adjusted EBITDA of $337 million and Adjusted net income of $159 million ($2.16 Adjusted net income per common share) for the first quarter of 2022.

Key Points: 
  • Atlas produced 249,000 tonnes (Methanex interest) in the second quarter of 2022 compared to 258,000 tonnes in the first quarter of 2022.
  • Chile produced 197,000 tonnes in the second quarter of 2022 compared to 324,000 tonnes in the first quarter of 2022.
  • Egypt produced 300,000 tonnes (Methanex interest - 150,000 tonnes) in the second quarter of 2022 compared to 208,000 tonnes (Methanex interest - 104,000 tonnes) in the first quarter of 2022.
  • Production in Egypt was higher in the second quarter of 2022 compared to the first quarter of 2022 due to a planned 20 day outage in the first quarter.

Methanex Reports Excellent First Quarter 2022 Results

Retrieved on: 
Wednesday, April 27, 2022
Administrator, Chemical industry, International, Canadian Securities Administrators, Trinidad and Tobago Securities and Exchange Commission, Weather, Time, NGC, Natural gas, International Accounting Standards Committee, MX, SEDAR, National Gas Company of Trinidad and Tobago, GAAP, EDGAR, Geismar, Company, Toronto Stock Exchange, Nasdaq, Methanol, International Financial Reporting Standards, Methanex, Analysis, Investor relations, International Accounting Standards Board, Review, Medicine Hat, Conversation, Oil, Lithium, Video game, Titan

VANCOUVER, British Columbia, April 27, 2022 (GLOBE NEWSWIRE) -- For the first quarter of 2022, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $119 million ($1.60 net income per common share on a diluted basis) compared to net income of $201 million ($2.51 net income per common share on a diluted basis) in the fourth quarter of 2021. The decrease in net income is primarily due to the change in the mark-to-market impact of share-based compensation, and the effective tax rate which was lower in the fourth quarter of 2021 due to a reduced tax rate in Chile and the resolution of outstanding tax matters not recurring in the first quarter of 2022. Adjusted EBITDA for the first quarter of 2022 was $337 million, and Adjusted net income was $159 million ($2.16 Adjusted net income per common share). This compares with Adjusted EBITDA of $340 million and Adjusted net income of $185 million ($2.43 Adjusted net income per common share) for the fourth quarter of 2021.

Key Points: 
  • Geismar produced 556,000 tonnes in the first quarter of 2022 compared to 605,000 tonnes in the fourth quarter of 2021.
  • Atlas produced 258,000 tonnes (Methanex interest) in the first quarter of 2022 compared to 296,000 tonnes in the fourth quarter of 2021.
  • Chile produced 324,000 tonnes in the first quarter of 2022 compared to 334,000 tonnes in the fourth quarter of 2021.
  • Egypt produced 208,000 tonnes (Methanex interest - 104,000 tonnes) in the first quarter of 2022 compared to 288,000 tonnes (Methanex interest - 144,000 tonnes) in the fourth quarter of 2021.

Methanex Reports Record Fourth Quarter 2021 Results

Retrieved on: 
Wednesday, January 26, 2022
Administrator, Genesis Energy, National Gas Company of Trinidad and Tobago, Electricity, Natural gas, Medicine Hat, Canadian Securities Administrators, Chemical industry, Methanex, Review, NGC, Methanol, Toronto Stock Exchange, Weather, Hurricane Ida, Investor relations, SEDAR, U.S. Securities and Exchange Commission, International Financial Reporting Standards, Time, Nasdaq, International Accounting Standards Board, Company, Plant, MX, EDGAR, International, Southern Hemisphere Association of Fresh Fruit Exporters, Association of International Accountants, Conversation, GAAP, Analysis, Oil, Lithium, Titan

VANCOUVER, British Columbia, Jan. 26, 2022 (GLOBE NEWSWIRE) -- For the fourth quarter of 2021, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $201 million ($2.51 net income per common share on a diluted basis) compared to net income of $71 million ($0.93 net income per common share on a diluted basis) in the third quarter of 2021. The increase in net income is primarily due to the higher average realized price and higher sales of Methanex-produced methanol. Adjusted EBITDA for the fourth quarter of 2021 was $340 million, and Adjusted net income was $185 million ($2.43 Adjusted net income per common share). This compares with Adjusted EBITDA of $264 million and Adjusted net income of $99 million ($1.29 Adjusted net income per common share) for the third quarter of 2021.

Key Points: 
  • Geismar produced a quarterly record 605,000 tonnes in the fourth quarter of 2021 compared to 478,000 tonnes in the third quarter of 2021.
  • Geismar production is higher for the fourth quarter of 2021 compared to the third quarter of 2021 as we operated the plants at high rates throughout the fourth quarter.
  • Egypt produced 288,000 tonnes (Methanex interest - 144,000 tonnes) in the fourth quarter of 2021 compared to 310,000 tonnes (Methanex interest - 155,000 tonnes) in the third quarter of 2021.
  • Production for the fourth quarter of 2021 is slightly lower compared to the third quarter of 2021 due to weather related constraints in the fourth quarter.

Mitsubishi Corporation: Commercial Operations Commence at Methanol / Dimethyl Ether Plant in Trinidad and Tobago

Retrieved on: 
Tuesday, January 19, 2021
Energy, Chemistry, Synthetic fuels, Dimethyl ether, Fuels, Massy Holdings, Mitsubishi Gas Chemical Company, National Gas Company of Trinidad and Tobago, Methanol, MGC, TRINIDAD AND TOBAGO, Methanol economy

TOKYO, Jan 19, 2021 - (JCN Newswire) - Mitsubishi Gas Chemical Company (MGC), Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries Engineering (MHIENG) have teamed up with the National Gas Company of Trinidad and Tobago (NGC) and Massy Holdings (Massy), a joint venture in the Republic of Trinidad and Tobago, Caribbean Gas Chemical Limited (CGCL), to launch commercial operations of a methanol and dimethyl ether (DME) plant.

Key Points: 
  • TOKYO, Jan 19, 2021 - (JCN Newswire) - Mitsubishi Gas Chemical Company (MGC), Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries Engineering (MHIENG) have teamed up with the National Gas Company of Trinidad and Tobago (NGC) and Massy Holdings (Massy), a joint venture in the Republic of Trinidad and Tobago, Caribbean Gas Chemical Limited (CGCL), to launch commercial operations of a methanol and dimethyl ether (DME) plant.
  • Fueled primarily by natural gas sourced from Trinidad and Tobago, the plant has an annual production capacity of one million tons of methanol and 20,000 tons of DME.
  • Methanol is a basic chemical that is used as a raw material in the production of many downstream products.
  • Through this business, MGC, MC and MHIENG are aiming to help meet that demand and provide a boost to economic growth in the Caribbean.

Methanex Update on Trinidad Natural Gas Supply Discussions

Retrieved on: 
Wednesday, December 18, 2019
Methanex, Chemical substances, Chemistry, National Gas Company of Trinidad and Tobago, Titan, Methanol, Energy

VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that it has entered into an interim agreement with the National Gas Company of Trinidad and Tobago Limited (NGC) for the supply of natural gas to its Titan methanol facility (Titan) for the period from January 1, 2020 to January 31, 2020.

Key Points: 
  • VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that it has entered into an interim agreement with the National Gas Company of Trinidad and Tobago Limited (NGC) for the supply of natural gas to its Titan methanol facility (Titan) for the period from January 1, 2020 to January 31, 2020.
  • The existing natural gas supply agreement for Titan expires on December 31, 2019 and the interim agreement will enable Methanex to continue operations at Titan while continuing negotiations with NGC for a longer-term natural gas supply agreement.
  • Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets.
  • The outcomes implied by forward-looking statements may not occur and we do not undertake to update forward-looking statements except as required by applicable securities laws.