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Methanex Reports Q1 Results and Improved Outlook

April 22, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation incurred a net loss of US$17.4 million (US$0.13 per share) and generated EBITDA (earnings before interest, income taxes, depreciation and amortization) of US$10.6 million for the first quarter ended March 31, 2002. The first quarter 2002 results compare to a net loss of US$13.0 million (US$0.10 per share) and EBITDA of US$8.6 million for the fourth quarter 2001, and to net income of US$68.8 million (US$0.43 per share) and EBITDA of US$122.9 million for the first quarter 2001.

Pierre Choquette, President and CEO of Methanex commented, "Methanol demand has shown some early signs of recovery as the global economy starts to improve and we are encouraged by recent strengthening in methanol pricing. Spot methanol prices in the United States have increased significantly and are currently in the range of US$180 to $206 per tonne (US$0.54 to $0.62 per gallon) compared with approximately US$110 per tonne at the beginning of the first quarter 2002. Methanex is poised to benefit from a sustained global economic recovery with minimal new capacity due to impact the market prior to 2004."

Mr. Choquette continued, "During the quarter, the Governor of California announced a one-year delay to January 1, 2004 of the ban of MTBE in the State. This delay was considered necessary because of concerns that banning MTBE would lead to gasoline shortages and price spikes in California. The Governor also indicated that, if necessary, he will review in 2003 his executive order regarding MTBE." Mr. Choquette added, "We made significant progress during the quarter on improving the cost position of our Kitimat facility by entering into an agreement with Pacific Northern Gas which will reduce the pipeline toll on the transportation of natural gas to the plant. The agreement lowers our current firm transportation toll by approximately US$6 million annually or 50% without limiting the operating flexibility of the Kitimat facility."

Mr. Choquette commented, "We continue to enjoy excellent financial strength and flexibility. Cash on hand at the end of March 2002 was US$287 million and we also have an undrawn US$291 million credit facility." Mr. Choquette concluded, "We are continuing with our commitment to return excess cash to shareholders, repurchasing shares on a daily basis under the terms of our current normal course issuer bid. At the end of the first quarter, we had repurchased 5.3 million shares for a total cost of US$31.1 million."

A conference call is scheduled for Tuesday, April 23 at 11:00 am EDT (8:00 am PDT) to review these first quarter results. To access the call, dial the Telus Conferencing operator ten minutes prior to the start of the call at (416) 883-0139, or toll free at (888) 458-1598. The security passcode for the call is 75577. A playback version of the conference call will be available until April 30th at (877) 653-0545. The reservation number for the playback version is 148068. There will be a simultaneous audio-only webcast of the conference call, which can be accessed from our website at www.methanex.com.

Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and marketing of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the Nasdaq National Market in the United States under the trading symbol "MEOH."

Information in this news release and the attached management's discussion and analysis may contain forward-looking statements. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. They include world-wide economic conditions, the availability and cost of gas feedstock, the ability to implement business strategies and pursue business opportunities, conditions in the methanol and other industries including the supply and demand for methanol and the risks attendant with producing and marketing methanol and carrying out major capital expenditure projects. Please also refer to page 28 of our 2001 Annual Report for more information on forward-looking statements.

Interim Report
For the three months ended March 31, 2002 
At March 31, 2002, the number of common shares outstanding was
128,329,942.

Contact Information

Methanex Investor Relations
1800 - 200 Burrard Street
Vancouver, BC Canada V6C 3M1

Share Information

Methanex Corporation's common shares are listed for trading on the
Toronto exchange under the symbol MX and on The Nasdaq Stock Market
under the symbol MEOH.

Transfer Agents & Registrars

CIBC Mellon Trust Company
393 University Avenue, 5th Floor
Toronto, Ontario, Canada M5G 2M7
Toll free in North America:
1-800-387-0825

Investor Information

All financial reports, news releases and corporate information can be
accessed on our web site at www.methanex.com. 

E-mail: invest@methanex.com

Methanex Toll-Free: 1-800-661-8851

Management's Discussion and Analysis

Except where otherwise noted, all currency amounts are stated in United States dollars.

This first quarter, 2002 Management's Discussion and Analysis should be read in conjunction with the annual consolidated financial statements and the Management's Discussion and Analysis included in the 2001 Annual Report.

($ millions, except where noted)    2002               2001           
                                Three months Three months Three months
                                   ended         ended       ended    
                                 March 31    December 31    March 31  
                                --------------------------------------
Sales volumes (thousands of
 tonnes)                                   
 Company produced                   1,431          1,522       1,245  
 Purchased and commission             352            339         626  
                                --------------------------------------
                                    1,783          1,861       1,871  
Average realized methanol price
 ($ per tonne)                     $  111        $   115      $  225  
Net income (loss)                  $(17.4)       $ (13.0)     $ 68.8  
EBITDA 1                           $ 10.6        $   8.6      $122.9  
Cash flows from operating
 activities 2                      $ 10.0        $  17.6      $106.6  
Basic and diluted net income
 (loss) per share                  $(0.13)       $ (0.10)     $ 0.43  

1. EBITDA represents net income before interest expense, interest and other income, income taxes, depreciation and amortization, and asset restructuring charges, if any. EBITDA can be calculated by adding depreciation and amortization back to operating income. EBITDA should be considered in addition to, not as a substitute for, operating income, net income, cash flows and other measures of financial performance reported in accordance with generally accepted accounting principles. EBITDA differs from cash flows from operating activities before changes in non-cash working capital and the utilization of prepaid natural gas primarily because it does not include cash flows from interest income, interest expense or income taxes. The method of computing EBITDA may not be comparable to similarly titled measures reported by other companies.

2. Before changes in non-cash working capital and the utilization of prepaid natural gas.

Results from Operations

For the first quarter ended March 31, 2002, we incurred a net loss of $17.4 million ($0.13 per share) and generated EBITDA of $10.6 million. This compares to net income of $68.8 million ($0.43 per share) and EBITDA of $122.9 million for the first quarter ended March 31, 2001 and a net loss of $13.0 million ($0.10 per share) and EBITDA of $8.6 million for the fourth quarter ended December 31, 2001.

The increase in EBITDA for the first quarter of 2002 of $2 million compared with the fourth quarter of 2001 resulted from:

                                                   ($ millions)
                                                   ------------
Lower cash costs                                          9    
Lower realized price of produced methanol                (8)   
Other, net                                                1    
                                                   ------------
Increase in EBITDA                                        2    
                                                   ------------

Our cash costs decreased by $9 million for the first quarter of 2002 compared with the fourth quarter of 2001. Logistics and distribution costs decreased by $4 million due primarily to lower vessel costs and lower European import duties. Lower natural gas costs for our facilities in Chile and other production cost savings, partially offset by increased natural gas costs for our Kitimat plant, resulted in additional cost savings of $2 million. In addition, the fourth quarter of 2001 included $3 million for the completion of the materials demonstration unit in New Zealand.

Methanol prices started to increase at the end of the first quarter of 2002 and into April 2002. Despite the improvement in pricing late in the first quarter, the average realized methanol price for the first quarter of 2002 compared with the fourth quarter of 2001 declined slightly by $4 per tonne to $111 per tonne. The lower average realized price for produced methanol resulted in an $8 million decrease in EBITDA in comparison with the fourth quarter of 2001.

Although EBITDA for the first quarter of 2002 showed a small improvement, net income was $4 million lower than the fourth quarter of 2001. In the fourth quarter of 2001 there was additional interest income of $3 million related to the settlement of an income tax dispute in Canada. The fourth quarter of 2001 also had a higher effective income tax recovery rate.

EBITDA for the three month period ended March 31, 2002 was $112 million lower than for the same period in 2001. Lower average realized methanol prices in the first quarter of 2002 resulted in a $168 million decrease in EBITDA that was partially offset by lower natural gas costs and improved margins relating to an increase in sales volumes of produced methanol.

Operating Performance

For the quarter ended March 31, 2002, we operated our production facilities, excluding the idled Medicine Hat and Fortier plants, at 92% of capacity compared with 93% for the fourth quarter of 2001. During the fourth quarter of 2001 we carried out a major planned maintenance turnaround at one of our plants in Chile. During the first quarter of 2002 we had unplanned shutdowns for repairs at our facilities in Chile and New Zealand. The repairs were completed by the end of March 2002 and all plants are currently operating at capacity.

Our total sales volumes were 1.8 million tonnes in the first quarter of 2002 compared with 1.9 million tonnes for the fourth quarter of 2001.

Supply/Demand Fundamentals

There have been a number of recent positive developments for the methanol industry including some early signs of a recovery in demand as the global economy starts to improve. On the supply side, there were a number of recent unplanned methanol plant outages, particularly in Asia, the Middle East and Africa. Unplanned methanol plant outages have been typical of historical industry operating performance. These recent developments have resulted in tightening market conditions and higher methanol prices at a time when only limited new capacity is expected to impact the market to the end of 2003.

While methanol prices are primarily influenced by the supply and demand balance, the price of natural gas in the United States affects the floor price. Natural gas prices in the United States increased during the first quarter of 2002 and U.S. Gulf Coast forward natural gas prices for each of the next twelve months are in the range of $3.50 to $4.00 per MMBTU. At these natural gas prices, the full cash cost of a typical U.S. Gulf producer is approximately $150 to $170 per tonne ($0.45 to $0.51 per gallon).

Methanol prices strengthened significantly late in the first quarter of 2002 and into the second quarter with spot prices in the United States currently in the range of $180 to $206 per tonne ($0.54 - $0.62 per gallon) compared with approximately $110 per tonne at the beginning of the first quarter. The Methanex non-discounted U.S. reference price has increased steadily since reaching a twelve-month low of $120 per tonne ($0.36 per gallon) in February and is currently at $140 per tonne ($0.42 per gallon) for April 2002. In Europe, the second quarter of 2002 contract transaction price settled at EURO 145 before discounts ($128 per tonne at the time of settlement) an improvement of EURO 20, or 16%, over the first quarter of 2002. Spot prices in Asia are currently between $132 and $147 per tonne.

Also during the quarter, the Governor of California announced a one-year delay to January 1, 2004 of the ban of MTBE in the State. This delay was considered necessary because of concerns that banning MTBE would lead to gasoline shortages and price spikes in California. The Governor also indicated that, if necessary, he will review in 2003 his executive order regarding MTBE.

Strategic Initiatives

Reduced Kitimat Natural Gas Transportation Pipeline Tolls

During the first quarter of 2002, Methanex reached an agreement on a new contract with Pacific Northern Gas Ltd, the owner and operator of the natural gas transmission and distribution system that services the Kitimat facility. This seven-year contract, which is subject to approval by the British Columbia Utilities Commission, is effective on November 1, 2002, and replaces existing contracts. The agreement lowers our current firm transportation toll by approximately $6 million annually or 50% without limiting the operating flexibility of the Kitimat facility.

YPF/Repsol Marketing Agreement

During the first quarter of 2002, Methanex entered into an agreement to market export volumes from YPF/Repsol's new 400,000 tonne per year methanol plant in Argentina. The agreement provides Methanex with access to supply for the Atlantic basin following the expiry in the second quarter of 2002 of our agreement to market 500,000 tonnes annually from the CMC Trinidad facility.

Low-Cost Methanol Production Capacity

We are continuing to assess an 825,000 tonne per year expansion of our facility in Chile and construction of a 2.0 million tonne per year methanol plant in Western Australia. We expect to make final decisions on both of these projects in 2002.

Liquidity and Capital Projects

Cash flows from operating activities before changes in non-cash working capital and the utilization of prepaid natural gas in the first quarter of 2002 were $10.0 million compared with $17.6 million for the fourth quarter of 2001.

On October 29, 2001 we commenced a share buyback program to repurchase up to 11.5 million common shares pursuant to a normal course issuer bid. As at March 31, 2002 we had repurchased 5.3 million shares for a total cost of $31.1 million.

The Atlas project is a 1.7 million tonne per year methanol facility being constructed in Trinidad as a joint venture between Methanex (63.1%) and BP (36.9%). During the quarter ended March 31, 2002, our cash contribution to the Atlas project was $28 million. As of March 31, 2002, our total cash contribution to the project was $66 million, excluding the $17 million payment made in the third quarter of 2001 to acquire Beacon Energy Investment Fund's interest in the Atlas project. Project financing is being arranged and our total cash equity contribution to the joint venture, excluding the Beacon payment, is expected to be approximately $100 million.

We have excellent financial capacity and flexibility. Our cash balance at March 31, 2002 was $287 million. We also have an undrawn $291 million credit facility. The planned capital maintenance expenditure program directed towards major maintenance, turnarounds and catalyst changes is estimated to total less than $80 million for the period to the end of 2004. We have the financial capacity to complete the capital maintenance spending program, fund our equity contribution for the construction of Atlas, repay the $150 million public bonds due in August 2002 and pursue new opportunities to enhance our strategic position in methanol.

Short-term Outlook

Prices started to strengthen at the end of the first quarter of 2002 and have continued to strengthen early in the second quarter as a result of early signs of recovery in the global economy, supply disruptions, and higher U.S. natural gas prices. Industry fundamentals remain sound as only limited new capacity is expected to impact the market to the end of 2003. We expect that any significant improvement in global economic activity will lead to stronger methanol supply/demand fundamentals. In this environment, we will continue to focus on maximizing the value generated from our low cost facilities and global market position. The methanol price, however, will ultimately depend on industry operating rates and the strength of global demand. The Company's excellent financial position and financial flexibility, outstanding global supply network and low cost position will ensure that Methanex continues to be the leader in the methanol industry.

Methanex Corporation

Consolidated Statements of Income     3 months ended     3 months ended 
(unaudited)                              March 31           March 31    
------------------------------------------------------------------------
(thousands of U.S. dollars, except          2002               2001     
 number of shares and per share amounts)

Revenue                               $  181,727          $ 372,942     

Cost of sales and operating expenses     171,155            250,036     
Depreciation and amortization             28,053             27,460     
------------------------------------------------------------------------
Operating income (loss) before
 undernoted items                        (17,481)            95,446     

Interest expense                          (6,651)            (8,141)    
Interest and other income                  2,365              4,285     
------------------------------------------------------------------------
Income (loss) before income taxes        (21,767)            91,590     

Income tax recovery (expense)              4,390            (22,812)    
------------------------------------------------------------------------
Net income (loss)                     $  (17,377)         $  68,778     

Retained earnings, beginning of period   397,310            384,832     
Excess of repurchase price over
 assigned value of common shares          (6,563)               -       
------------------------------------------------------------------------
Retained earnings, end of period      $  373,370          $ 453,610     
------------------------------------------------------------------------

Weighted average number of common
 shares outstanding*                 129,633,320        161,168,474     

Basic and diluted net income (loss)
 per common share                     $    (0.13)         $    0.43     
Basic and diluted cash flows
 from operating activities
 per common share**                   $     0.08          $    0.66     


*   number of common shares outstanding at March 31, 2002: 128,329,942
   (March 31, 2001: 162,178,791)
**  before changes in non-cash working capital and utilization of
    prepaid natural gas


Methanex Corporation
                                         Period Ended   Period Ended    
Consolidated Balance Sheets              March 31       December 31     
(unaudited)                                2002            2001         
------------------------------------------------------------------------
(thousands of U.S. dollars)

Assets

Current assets: 
 Cash and cash equivalents            $   286,616      $  332,129       
 Receivables                              117,107         135,219       
 Inventories                               91,222          99,908       
 Prepaid expenses                           7,879           8,685       
------------------------------------------------------------------------
                                          502,824         575,941       

Property, plant and equipment           1,038,350       1,031,716       

Other assets                               82,841          85,693       
------------------------------------------------------------------------
                                      $ 1,624,015      $1,693,350       
------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
 Accounts payable and
  accrued liabilities                 $   78,699       $  110,281       
 Current maturities on long-term
  debt and other long-term liabilities   154,682          154,693       
------------------------------------------------------------------------
                                         233,381          264,974       

Long-term debt                           249,595          249,535       

Other long-term liabilities               79,347           78,911       

Future income taxes                      161,767          164,469       

Shareholders' equity
 Capital stock                           526,555          538,151       
 Retained earnings                       373,370          397,310       
------------------------------------------------------------------------
                                         899,925          935,461       
------------------------------------------------------------------------
                                      $1,624,015       $1,693,350       
------------------------------------------------------------------------


Methanex Corporation

Consolidated Statements of Cash Flows  3 months ended    3 months ended 
(unaudited)                               March 31          March 31    
------------------------------------------------------------------------
(thousands of U.S. dollars)                  2002              2001     
------------------------------------------------------------------------

Cash flows from operating activities:
Net Income (loss)                        $ (17,377)         $ 68,778    
Add:
 Depreciation and amortization              28,053            27,460    
 Future income taxes                        (2,702)            8,312    
 Other                                       2,071             2,047    
------------------------------------------------------------------------

Cash flows from operating activities
 before undernoted changes                  10,045           106,597    

Receivables and accounts payable and
 accrued liabilities                        (8,796)            5,933    
Inventories and prepaid expenses             9,079              (968)   
Utilization of prepaid natural gas            (210)             (196)   
------------------------------------------------------------------------
                                            10,118           111,366    
------------------------------------------------------------------------
Cash flows from financing activities:
Repayment of other long-term liabilities      (524)             (965)   
Payment for shares repurchased             (19,304)                -    
Issue of shares on exercise of incentive
 stock options                               1,145             4,516    
------------------------------------------------------------------------
                                           (18,683)            3,551    
------------------------------------------------------------------------
Cash flows from investing activities:
Plant and equipment under development      (30,855)                -    
Property, plant and equipment               (1,396)           (5,142)   
Accounts payable and accrued liabilities
 related to capital expenditures            (4,674)             (228)   
Other assets                                   (23)           (1,635)   
------------------------------------------------------------------------
                                           (36,948)           (7,005)   
------------------------------------------------------------------------
Increase (decrease) in cash and
 cash equivalents                          (45,513)          107,912    
Cash and cash equivalents,
 beginning of period                       332,129           225,942    
------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 286,616          $333,854    
------------------------------------------------------------------------

Supplementary cash flow information:
------------------------------------------------------------------------
Interest paid, net of capitalized
 interest                                $  13,846          $ 15,346    
Income taxes paid                        $     377          $  2,657    
------------------------------------------------------------------------

Methanex Corporation

Notes to Consolidated Financial Statements

(unaudited)

Three months ended March 31, 2002

The consolidated financial statements are prepared in accordance with generally accepted accounting principles in Canada. The consolidated financial statements have been prepared from the books and records without audit, however, in the opinion of management, all adjustments which are necessary to the fair presentation of the results of the interim period have been made.

These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes that are included in the Methanex 2001 Annual Report. Except with respect to the change in accounting policies described below, the accounting policies applied in these interim consolidated financial statements are consistent with those applied in the Annual Report.

1. Interest in joint venture

The Company has a 63.1% joint venture interest in Atlas Methanol Company ("Atlas"). The joint venture is constructing a 1.7 million tonne per year methanol plant in Trinidad. Construction is expected to be completed by the end of 2003.

The consolidated financial statements include the following amounts representing the Company's interest in the Atlas joint venture:

($ thousands)                      March 31, 2002    December 31, 2001
----------------------------------------------------------------------
Consolidated Balance Sheet
 Current assets                   $       11,133    $           1,955 
 Property, plant and equipment            86,906               63,131 
 Current liabilities                       2,400                7,690 
----------------------------------------------------------------------

($ thousands)                        Three months         Three months
                                   ended March 31,     ended March 31,
                                         2002                 2001    
----------------------------------------------------------------------
Consolidated Statement of
Cash Flows
 Cash outflows from investing
  activities                      $       29,065    $               - 
----------------------------------------------------------------------

During the three months ended March 31, 2002, $1.5 million (March 31, 2001 - $nil) of interest was capitalized to plant and equipment under development. To March 31, 2002, the joint venture had no revenue and all expenditures were capitalized to plant and equipment under development.

The Company estimates that its share of capital expenditures to complete the construction of Atlas will be $178 million and will be incurred over the period to December 31, 2003. The Company expects that these expenditures will be funded from project financing, cash generated from operations and cash and cash equivalents. The Company's total equity contribution to the joint venture is expected to be approximately $100 million. At March 31, 2002, the Company estimates its future cash equity contribution to the project will be approximately $34 million.

2. Capital Stock and Share Repurchase

Changes in the capital stock of the Company during the period December 31, 2001 to March 31, 2002 were as follows:

                                      Number of        Consideration  
                                  Common Shares        ($ thousands)  
----------------------------------------------------------------------
Balance, December 31, 2001          131,167,942       $      538,151  
Issued on exercise of incentive
 stock options                          270,000                1,145  
Shares repurchased                   (3,108,000)             (12,741) 
----------------------------------------------------------------------
Balance, March 31, 2002             128,329,942       $      526,555  
----------------------------------------------------------------------

During the three months ended March 31, 2002, the Company repurchased for cancellation 3.1 million common shares. The cost to acquire the shares in the amount of $19.3 million was allocated $12.7 million to capital stock and $6.6 million to retained earnings.

3. Net Income Per Share

A reconciliation of the weighted average number of common shares is as follows:



                                      Three months       Three months 
                                    ended March 31,    ended March 31,
                                              2002               2001 
----------------------------------------------------------------------
Denominator for basic net
 income per share                      129,633,320        161,168,474 
Effect of dilutive stock options                 -            206,604 
----------------------------------------------------------------------
Denominator for diluted net
 income per share                      129,633,320        161,375,078 
----------------------------------------------------------------------

4. Stock Options

(a) Common shares reserved for incentive stock options at March 31,
2002 were as follows:


                         Options denominated      Options denominated 
                               in CAD$                   in US$       
                       Number of     Weighted     Number of  Weighted 
                         Stock        Average       Stock     Average 
                        Options      Exercise      Options   Exercise 
                                       Price                   Price  
----------------------------------------------------------------------
Outstanding at
 December 31, 2001    8,690,750     $   10.09             - $      -  
Granted                       -             -     2,449,000     6.45  
Exercised              (270,000)         6.73             -        -  
Cancelled                (4,750)         7.35             -        -  
----------------------------------------------------------------------
Outstanding at
 March 31, 2002       8,416,000     $   10.20     2,449,000 $   6.45  
----------------------------------------------------------------------

As of March 31, 2002, 6,515,050 incentive stock options were
exercisable at an average price of CAD$10.81.

(b) Effective January 1, 2002, the Company adopted the new recommendations of the Canadian Institute of Chartered Accountants with respect to the accounting for stock-based compensation and other stock-based payments. The new recommendations require equity instruments awarded to employees and the cost of the service received as consideration to be measured and recognized based on the fair value of the equity instruments issued. Compensation expense is recognized over the period of related employee service, usually the vesting period of the equity instrument awarded. Alternatively, the new recommendations permit the measurement of compensation expense for stock option grants to employees and directors that are not direct awards of stock, stock appreciation rights or otherwise call for settlement in cash or other assets by an alternative method and to provide pro forma disclosure of the financial results using the fair value method. The Company has elected to follow an alternative method and continue with the former accounting policy of recognizing no compensation expense when stock options are granted because the Company grants stock options with an exercise price based on the market price at the date of the grant. Had compensation expense been determined based on the fair value method, the Company's net loss and net loss per share for the three months ended March 31, 2002, would have been adjusted to the pro forma amounts indicated below:

($ thousands, except per share amounts)           Three months ended 
                                                      March 31, 2002 
---------------------------------------------------------------------
Net loss - as reported                            $          (17,377)
Net loss - pro forma                                         (17,718)
---------------------------------------------------------------------
Net loss per share - as reported                  $            (0.13)
Net loss per share - pro forma                                 (0.14)
---------------------------------------------------------------------

The pro forma amounts exclude the effect of stock options granted prior to January 1, 2002. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk-free interest rate of 5%, dividend yield of 0%, expected life of 5 years, and volatility of 35%.

The weighted average fair value of stock options granted during the three months ended March 31, 2002 was $2.46 per share.

5. Natural Gas

Production from the Company's New Zealand operations is dependent on the supply of gas from the Maui field. The current contractual natural gas entitlements are sufficient to operate the New Zealand plants at capacity for the equivalent of approximately three years. During 2001, the owners of the Maui field announced that the Maui reserves may be materially less than previously estimated and below the aggregate of contract quantities. This could potentially reduce the amount of contracted gas available to Methanex. The process to determine the available reserves in the Maui field is expected to be completed by the end of 2002. The Company is continuing to pursue acquisitions of additional gas to supply our New Zealand plants. However, there can be no assurance that we will be able to secure additional gas in New Zealand at commercially acceptable terms.

Quarterly History                        YTD                            
(unaudited)                   2002 Q1   2001     Q4     Q3     Q2     Q1
------------------------------------------------------------------------
                                                                        
Methanol sales volume                                                   
(thousands of tonnes)                                                   
                                                                        
 Company produced product       1,431  5,390  1,522  1,327  1,296  1,245
 Purchased product                195  1,280    170    301    404    405
 Commission sales 1               157    720    169    184    146    221
------------------------------------------------------------------------
                                1,783  7,390  1,861  1,812  1,846  1,871
------------------------------------------------------------------------
Methanol production                                                     
(thousands of tonnes)                                                   
                                                                        
 North America                    124    445    127    123     93    102
                                                                        
 New Zealand                      535  2,133    592    520    447    574
                                                                        
 Chile                            706  2,783    662    710    708    703
------------------------------------------------------------------------
                                1,365  5,361  1,381  1,353  1,248  1,379
------------------------------------------------------------------------
Methanol price 2                                                        
 ($/tonne)                        111    172    115    147    200    225
 ($/gallon)                      0.33   0.52   0.35   0.44   0.60   0.68
                                                                        
Per share information                                                   
 Net income (loss)           $  (0.13)  0.46  (0.10) (0.15)  0.25   0.43
 Cash flows from                                                        
  operating activities 3     $   0.08   1.42   0.13   0.11   0.48   0.66
                                                                        


Quarterly History                       2000     Q4     Q3     Q2     Q1
(unaudited)                                                             
------------------------------------------------------------------------
Methanol sales volume                                                   
(thousands of tonnes)                                                   

 Company produced product              5,815  1,324  1,398  1,548  1,545
 Purchased product                       814    305    245    133    131
 Commission sales 1                      142    142      -      -      -
------------------------------------------------------------------------
                                       6,771  1,771  1,643  1,681  1,676
------------------------------------------------------------------------
Methanol production                                                     
(thousands of tonnes)                                                   
                                                                        
 North America                           685    108    114    223    240

 New Zealand                           2,410    593    620    607    590

 Chile                                 2,912    716    666    778    752
------------------------------------------------------------------------
                                       6,007  1,417  1,400  1,608  1,582
------------------------------------------------------------------------
Methanol price 2                                                        
 ($/tonne)                               160    202    187    141    112
 ($/gallon)                             0.48   0.61   0.56   0.42   0.34
                                                                        
Per share information                                                   
 Net income (loss)                    $ 0.85   0.40   0.35   0.17 (0.06)
 Cash flows from                                                        
  operating activities 3              $ 1.74   0.66   0.59   0.40   0.10

1 Sales of product from Titan plant in Trinidad. Methanex markets 100% 
of Titan product.
2 Produced and purchased product. 
3 Before changes in non-cash working capital and the utilization of 
prepaid natural gas. 


FOR FURTHER INFORMATION PLEASE CONTACT:

Chris Cook
Manager, Investor Relations
(604) 661-2600 or 1-800-661-8851
Website: www.methanex.com

or

Brad Boyd
Corporate Controller and Director, Investor Relations
(604) 661-2600 or 1-800-661-8851

or

Methanex Corporation
1800 - 200 Burrard Street
Vancouver, BC Canada V6C 3M1
(604) 661-2600 or Toll Free: 1-800-661-8851