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Methanex Delivers Strong Financial Results

October 20, 2004

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 20, 2004) - Methanex Corporation recorded net income of US$71.2 million (US$0.59 per share) and generated EBITDA(1) of US$125.9 million for the third quarter ended September 30, 2004. The third quarter 2004 results compare with net income of US$52.4 million (US$0.43 per share) and EBITDA of US$94.4 million for the second quarter 2004.

Bruce Aitken, President and CEO of Methanex commented, "The third quarter saw a continuation of tight methanol industry supply and demand fundamentals. Methanol pricing has remained strong and stable, resulting in a very favourable business environment for Methanex. Our average realized price for the third quarter 2004 was US$245 per tonne compared with US$222 per tonne for the second quarter 2004. The global methanol market has substantially absorbed the production from two major supply additions in recent months - the 1.0 million tonne per year NPC plant in Iran and the 1.7 million tonne per year Atlas facility in Trinidad - and conditions remain tight. Currently, Methanex reference prices are similar to last quarter and range from US$272 - 280 per tonne (US$0.82 - 0.84 per gallon) before discounts. Looking ahead, we are optimistic that a favourable business environment and above average pricing will continue. We expect that the impact of planned new capacity additions during 2005 will be largely offset by further shutdowns of high cost global methanol production and increased demand."

Mr. Aitken continued, "In Trinidad, commissioning and optimization of the Atlas methanol facility - a joint venture between Methanex and BP - progressed well throughout the third quarter. As a result, we advised Lyondell that we would no longer require production from its 750,000 tonne per year plant in Channelview, Texas and the facility was shut down on September 16, 2004. We also hold similar production rights at Terra Industries' 700,000 tonne per year facility in Beaumont, Texas. Our 840,000 tonne per year Chile IV project is progressing well and we expect to commission the plant in early 2005. Like Atlas, Chile IV will allow us to take another significant step in improving the quality of our earnings and enhancing our ability to generate cash from our business."

Mr. Aitken concluded, "We continue to enjoy excellent financial strength and flexibility, with US$162 million of cash on hand at the end of the third quarter 2004 and a US$250 million credit facility, which remains undrawn. We have the financial capacity to complete our capital maintenance spending program, the current normal course issuer bid, the construction of Chile IV and to pursue new opportunities to enhance our strategic position in methanol."

A conference call is scheduled for Thursday, October 21 at 11:00 am EDT (8:00 am PDT) to review these third 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 for seven days at (877) 653-0545. The reservation number for the playback version is 190525. 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."

(1) EBITDA is a non-GAAP measure. For a description and reconciliation to the most comparable GAAP measure refer to "Additional Information - Supplemental Non-GAAP Measures" included in the attached Interim Report.

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, actions of competitors, 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 43 or our 2003 Annual Report for more information on forward-looking statements.

Interim Report

For the nine months ended September 30, 2004

At October 19, 2004, the Company had 120,174,467 common shares issued and outstanding and stock options exercisable for 2,838,975 additional common shares.

Share Information

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

Transfer Agents & Registrars
CIBC Mellon Trust Company
320 Bay Street
Toronto, ON 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 web site 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

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

This third quarter 2004 Management's Discussion and Analysis should be read in conjunction with the 2003 annual consolidated financial statements and the Management's Discussion and Analysis included in the Methanex 2003 Annual Report. The Methanex 2003 Annual Report and additional information relating to Methanex is available on SEDAR at www.sedar.com.

                                   THREE MONTHS         NINE MONTHS  
                                       ENDED(1)           ENDED(1)
                               ----------------------  --------------
($ millions, except           SEP 30  JUN 30  SEP 30  SEP 30  SEP 30
where noted)                    2004    2004    2003    2004    2003
--------------------------------------------------------------------
Sales volumes
 (thousands of tonnes)                                              
  Company produced             1,307   1,233   1,200   3,767   3,605
  Purchased                      423     600     350   1,558     993
  Commission sales(2)             41       -       -      41     254
--------------------------------------------------------------------
                               1,771   1,833   1,550   5,366   4,852
Average realized methanol
 price ($ per tonne)(3)          245     222     216     229     226
Net income (loss)               71.2    52.4    (9.3)  170.4   113.1
Income before unusual items
 (after-tax)(4)                 71.2    52.4    30.6   170.4   152.9
Operating income               105.7    77.8    57.5   256.8   236.0
Cash flows from operating
 activities(5)                 108.7    81.8    69.0   271.2   267.1
EBITDA(6)                      125.9    94.4    81.8   313.6   304.9
Basic net income (loss) per
 common share ($ per share)     0.59    0.43   (0.08)   1.40    0.91
Diluted net income (loss) per
 common share ($ per share)     0.58    0.42   (0.08)   1.38    0.89
Basic income per share before
 unusual items (after-tax)(4)   0.59    0.43    0.26    1.40    1.23
Number of common shares
 outstanding, end of period
 (millions of shares)          120.0   122.9   119.5   120.0   119.5
Weighted average number of
 common shares outstanding
 (millions of shares)          121.6   122.9   119.2   121.9   124.1
--------------------------------------------------------------------

1. The 2003 financial results have been restated to reflect the
retroactive adoption on January 1, 2004 of the new recommendations of
the Canadian Institute of Chartered Accountants (CICA) related to
asset retirement obligations and stock-based compensation. Refer to
note 1 of the consolidated financial statements for the nine months
ended September 30, 2004.                               

2. Revenue includes the commission earned on sales of the 36.9% of
production from Atlas that we do not own. Commission sales volume in
2003 represents commission sales of production from Titan Methanol
Company prior to our acquisition of Titan effective May 1, 2003.

3. Average realized price presented in the above table is calculated
net of inland shipping and handling costs billed to customers. For
financial statement presentation, these amounts are included in cost
of sales. Refer to note 1 of the consolidated financial statements
for the nine months ended September 30, 2004.        

4. Income before unusual items (after-tax) and basic income per share
before unusual items (after-tax) differ from the most comparable GAAP
measures, net income and basic net income (loss) per share because
certain transactions considered to be non-operational and/or
non-recurring have been excluded. Refer to Additional Information - 
Supplemental Non-GAAP Measures.                               

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

6. EBITDA differs from the most comparable GAAP measure, cash flows
from operating activities, primarily because it does not include
changes in non-cash working capital, the utilization of prepaid
natural gas and cash flows related to interest, income taxes and
unusual items. For a reconciliation of cash flows from operating
activities to EBITDA, refer to Additional Information - Supplemental
Non-GAAP Measures.                               

CONTINUED STRONG FINANCIAL RESULTS

For the third quarter of 2004 we recorded EBITDA of $125.9 million and net income of $71.2 million ($0.59 per share). This compares with EBITDA of $94.4 million and net income of $52.4 million ($0.43 per share) for the second quarter of 2004 and EBITDA of $81.8 million and income before unusual items (after-tax) of $30.6 million for the third quarter of 2003. During the third quarter of 2003, we recorded a before and after-tax non-cash charge of $39.8 million to write off the costs incurred in developing a project in Western Australia that did not proceed. Including the impact of this write-off, we recorded a net loss of $9.3 million for the third quarter of 2003.

For the nine month period ended September 30, 2004, we recorded EBITDA of $313.6 million and net income of $170.4 million ($1.40 per share) compared with EBITDA of $304.9 million, income before unusual items (after-tax) of $152.9 million ($1.23 per share) and net income of $113.1 million ($0.91 per share) for the same period in 2003.

EBITDA

The change in EBITDA resulted from:

                               Q3-2004        Q3-2004    YTD Q3 2004
                         COMPARED WITH  COMPARED WITH  COMPARED WITH
($ millions)                   Q2-2004        Q3-2003    YTD Q3 2003
--------------------------------------------------------------------

Higher realized price
 of produced methanol               30             37              9
Higher total cash cost              (6)           (17)           (37)
Higher sales volume of
 produced methanol                   7             12             17
Higher margin on the sale
 of purchased methanol               -             11             19
Other                                1              1              1
--------------------------------------------------------------------
Increase in EBITDA                  32             44              9
--------------------------------------------------------------------

Q3 2004 compared with Q2 2004

Methanol prices are cyclical and are affected by the methanol supply and demand balance, which is influenced by global industry capacity, industry operating rates and the strength of demand. Methanol prices are also influenced by the cost structure of high cost methanol production that is determined primarily by energy prices.

Tight supply conditions and strong demand resulted in the continuation of the favourable methanol price environment through the third quarter of 2004. The third quarter of 2004 average realized price of $245 per tonne is $23 per tonne higher than the average realized price of $222 per tonne for the second quarter of 2004. The higher average realized price for sales of produced methanol increased EBITDA by $30 million. Over the same period, our total cash costs for produced methanol increased by approximately $5 per tonne and this decreased EBITDA by $6 million. The increase in total cash costs relates primarily to higher natural gas costs for all of our facilities. We purchase natural gas for our Kitimat facility on a short-term basis and the purchase price is set in a competitive market that can fluctuate widely. Natural gas in New Zealand is purchased through take-or-pay and other purchase contracts reflecting the current market price for natural gas. Natural gas costs in both Chile and Trinidad are adjusted by formulae related to methanol prices and this enables these facilities to be competitive at all points throughout the methanol price cycle.

During the third quarter we realized the first sales of production from the Atlas methanol facility in Trinidad. We have a 63.1% interest in Atlas and we market all of its production. The 36.9% portion of the Atlas sales volume that we do not own is accounted for and disclosed separately as commission sales volume and the commission earned is recorded in revenue. Our sales volume of produced methanol for the third quarter increased by 74,000 tonnes compared with the second quarter and this increased EBITDA by $7 million.

We purchase additional methanol produced by others on the spot market or through offtake agreements in order to meet customer needs and support our marketing efforts. Consequently, we realize holding gains or losses on the resale of this product depending on the methanol price at the time of resale. The cost for purchased methanol also includes allocated storage and handling costs of approximately $5 per tonne. During the third quarter of 2004 we sold 423,000 tonnes of purchased methanol and incurred a loss of $3 million, including the allocation of approximately $2 million of storage and handling costs. This compares with a loss of $3 million on the sale of 600,000 tonnes during the second quarter.

Q3 2004 compared with Q3 2003

The third quarter of 2004 average realized price of $245 per tonne is $29 per tonne higher than the average realized price of $216 per tonne for the third quarter of 2003. The higher average realized price for sales of produced methanol increased EBITDA by $37 million. Our total cash costs of produced methanol increased by approximately $13 per tonne over the same period and this decreased EBITDA by $17 million. Substantially all of this decrease relates to higher natural gas costs.

Our sales volume of produced methanol for the third quarter increased by approximately 107,000 tonnes compared with the third quarter of 2003 and this increased EBITDA by $12 million.

The third quarter of 2004 loss of $3 million on the sale of 423,000 tonnes of purchased methanol (refer to "Q3 2004 compared with Q2 2004") compares with a loss of $14 million on the sale of 350,000 tonnes for the third quarter of 2003.

YTD Q3 2004 compared with YTD Q3 2003

Our average realized price for the nine month period ended September 30, 2004 was $229 per tonne compared with $226 per tonne for 2003 resulting in a $9 million increase in EBITDA. Our total cash costs of produced methanol are approximately $10 per tonne higher in 2004 and this decreased EBITDA by $37 million. Substantially all of the decrease in EBITDA relates to higher natural gas costs in New Zealand and Chile.

Our sales volume of produced methanol in 2004 is higher than 2003 by 162,000 tonnes and this increased EBITDA by $17 million.

During the nine month period ended September 30, 2004 we sold 1.6 million tonnes of purchased methanol and incurred a loss of $8 million compared with a loss of $27 million on the sale of 1.0 million tonnes for the same period in 2003.

DEPRECIATION AND AMORTIZATION

Depreciation and amortization expense for the third quarter of 2004 was $20 million compared with $24 million for the third quarter of 2003. For the nine month period ended September 30, 2004, depreciation and amortization expense was $57 million compared with $69 million for the same period in 2003. The overall decrease in depreciation expense in 2004 compared with 2003 relates to the lower carrying value of property, plant and equipment due to the write-down of our Medicine Hat and New Zealand production facilities at December 31, 2003.

INTEREST EXPENSE

                               THREE MONTHS ENDED  NINE MONTHS ENDED
                               ------------------  -----------------
Interest expense ($ millions)  SEP 30      SEP 30  SEP 30     SEP 30
                                 2004        2003    2004       2003
--------------------------------------------------------------------

Interest expense before
 deduction of capitalized
 interest                       $  14       $  16   $  41     $  41
Less capitalized interest:
 Chile IV                          (4)         (2)    (10)       (3)
 Atlas                             (1)         (3)    (10)      (10)
-------------------------------------------------------------------
Interest expense                $   9       $  11   $  21     $  28
-------------------------------------------------------------------

Capitalized interest relates to the construction of Chile IV and the Atlas methanol facility. The Atlas methanol facility commenced operations at the end of July 2004 and subsequent to this date no interest expense was capitalized.

INTEREST AND OTHER INCOME

Interest and other income for the third quarter of 2004 was $1 million compared with $2 million for the third quarter of 2003. For the nine month period ended September 30, 2004, interest and other income was $5 million compared with $11 million for the same period in 2003. The decrease in interest and other income relates primarily to decreased foreign exchange gains in 2004 compared with 2003.

INCOME TAXES

The effective income tax rate for the third quarter of 2004 was 27% compared with 37% for the third quarter of 2003, excluding the impact of unusual items. The effective tax rate for the nine month period ended September 30, 2004 was 29% compared with 30% for the same period in 2003. Each of our Trinidad facilities is subject to preferential tax treatment. Titan has a tax holiday until mid-2005 and the tax rate for Atlas will increase over a ten-year period from 0% to 35%. In addition, our New Zealand and Kitimat operations have previously unrecognized tax loss carryforward balances. Substantially all of our consolidated income tax expense relates to our operations in Chile, where we record taxes at a rate of 35%. The lower effective tax rate for the third quarter of 2004 compared with the third quarter of 2003 is primarily related to the impact of Chile representing a lower proportion of our income before taxes.

OPERATING PERFORMANCE

                                 QUARTERLY      Q3-2004      Q2-2004
(thousands of tonnes)   OPERATING CAPACITY   PRODUCTION   PRODUCTION
--------------------------------------------------------------------
Chile                                  750          640          666
Titan, Trinidad                        213          176          220
Atlas, Trinidad
 (63.1% interest)                      268          157            -
New Zealand                            608          304          229
Kitimat                                125          121          121
--------------------------------------------------------------------
                                     1,964        1,398        1,236
--------------------------------------------------------------------

Approximately 57% of the natural gas requirement for our Chilean facilities is sourced from Argentina under long-term natural gas contracts. Argentina has been experiencing an energy crisis brought about primarily as a result of price regulation of domestic natural gas and a dramatic devaluation of the Argentinean peso against the United States dollar. Natural gas prices have been held at extremely low levels and this has led to increased demand and lower amounts of natural gas supplying the domestic market. As a consequence, the government of Argentina reduced exports of natural gas to Chile and other surrounding countries. Our operations had been largely isolated from this issue due to the location of our plants in the southernmost region of Chile. During the period from mid-May to early August, however, we suffered curtailments of natural gas averaging 600 tonnes per day of methanol production. The situation is improving. Domestic natural gas prices are being increased and additional investment in infrastructure is being made by gas suppliers within Argentina that should increase the supply of natural gas for domestic consumption. We have not suffered any curtailments since early August. We will, however, continue to closely monitor this issue over the coming months, as there can be no assurance as to its ultimate outcome.

The production from our facilities in Chile was also impacted by planned and unplanned shutdowns during the third quarter of 2004. The total lost production as a result of the Argentina gas curtailments and the planned and unplanned shutdowns in the third quarter of 2004 was approximately 110,000 tonnes.

The 1.7 million tonne per year Atlas methanol facility has been in the commissioning phase from the end of July 2004 and our proportionate share of its production was 157,000 tonnes. Production at our Titan Trinidad facility was impacted by unplanned shutdowns during the third quarter of 2004.

In New Zealand, we produced 304,000 tonnes of methanol during the third quarter of 2004 compared with 229,000 tonnes during the second quarter. We plan to produce approximately 250,000 tonnes during the fourth quarter in New Zealand and we have the potential to produce up to approximately 375,000 tonnes of methanol in 2005.

SUPPLY/DEMAND FUNDAMENTALS

Global economic growth and strong demand for methanol was experienced throughout the third quarter of 2004 resulting in the continuation of favourable methanol market conditions. The start up of both the 1.0 million tonne per year NPC plant in Iran and the 1.7 million tonne per year Atlas methanol facility in Trinidad have been substantially absorbed by the market and methanol prices continue to be strong. During the third quarter we advised Lyondell that we would no longer require production from its 750,000 tonne per year plant in Channelview, Texas and consequently, Lyondell shut down this facility on September 16, 2004. We also have similar production rights for Terra Industries' 700,000 tonne per year Beaumont plant through 2008.

We believe that our 840,000 tonne per year Chile IV facility will be the next significant increment of industry supply. Additional capacity additions for 2005 are expected and we believe that the impact of this new supply will be largely offset by increased demand and further shut-downs of higher cost methanol production exposed to high North American natural gas prices or high energy prices.

METHANEX NON DISCOUNTED REGIONAL POSTED CONTRACT PRICES(i)

                            OCT       JUL
                           2004      2004
-----------------------------------------
United States              $279      $279
Europe                 EURO 230  EURO 230
Asia                       $272      $272

(i) US$ per tonne except where noted.
-----------------------------------------

The Methanex non-discounted reference prices have remained stable for October 2004 and are $279 per tonne ($0.84 per gallon) in the United States and $272 per tonne in Asia. In Europe, the October 2004 contract transaction price was held at EURO 230 (US$282 per tonne at the time of settlement). Currently, spot prices in the United States are approximately $305 per tonne ($0.92 per gallon) and spot prices in Europe (FOB Rotterdam) are approximately EURO 215 per tonne. Prices in Asia are currently between $256 and $272 per tonne.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows from operating activities before changes in non-cash working capital and the utilization of prepaid natural gas in the third quarter of 2004 were $109 million compared with $69 million for the same period in 2003. For the nine month period ended September 30, 2004, cash flows from operating activities before changes in non-cash working capital and the utilization of prepaid natural gas were $271 million compared with $267 million for the same period in 2003.

On March 31, 2004, the Company repaid all of the limited recourse long-term debt related to the Titan methanol facility. The total payment, including transaction costs, was $183 million.

Our proportionate share of capital expenditures during the third quarter of 2004 for the Atlas methanol project was $7 million. Our remaining cash equity contribution to complete the construction of Atlas and fund a debt reserve is approximately $13 million.

We are currently expanding our operations in Chile with the construction of Chile IV, an 840,000 tonne per year methanol facility, which is expected to be commissioned in early 2005. Capital expenditures for Chile IV during the third quarter were $18 million, including capitalized interest of $4 million. At September 30, 2004, our estimated remaining expenditures to complete the construction of Chile IV were $68 million, including capitalized interest of $10 million.

On May 13, 2004, we announced a normal course issuer bid under which we may repurchase up to 6.1 million of our common shares. During the third quarter, we repurchased for cancellation 3.2 million shares at an average price of US$13.33 per share, or $42 million. To September 30, 2004, we have repurchased for cancellation 4.6 million shares at an average price of US$13.09 per share, totaling $60 million.

During the third quarter of 2004, we paid a quarterly dividend of US$0.08 per share, or approximately $9 million.

We have excellent financial capacity and flexibility. Our cash balance at September 30, 2004 was $162 million and we have an undrawn $250 million credit facility. The planned capital maintenance expenditure program directed towards major maintenance, turnarounds and catalyst changes is estimated to total approximately $85 million for the period to the end of 2007. We have the financial capacity to complete our capital maintenance spending program, the current normal course issuer bid, the construction of Chile IV and to pursue new opportunities to enhance our strategic position in methanol.

SHORT-TERM OUTLOOK

Methanol market conditions continue to be favourable. Global economic growth and tight supply have led to low global inventory levels and higher pricing. We expect that the impact of planned new capacity additions during 2005 is likely to be largely offset by further shutdowns of higher cost global methanol production and increased demand. The methanol price will ultimately depend on industry operating rates, the rate of industry restructuring and the strength of global demand. We believe that our 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.

ADDITIONAL INFORMATION

SUPPLEMENTAL NON-GAAP MEASURES

In addition to providing measures prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP), Methanex presents certain supplemental non-GAAP measures. These are EBITDA, income before unusual items (after-tax) and basic income before unusual items (after-tax) per share. These measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. These measures are provided to assist readers in evaluating the operating performance and liquidity of the Company's ongoing business. These measures should be considered in addition to, and not as a substitute for, net income, cash flows from operating activities and other measures of financial performance and liquidity reported in accordance with GAAP.

EBITDA

The following table shows a reconciliation of cash flows from operating activities to EBITDA:

                          THREE MONTHS ENDED       NINE MONTHS ENDED
                      -------------------------    -----------------
                      SEP 30    JUN 30   SEP 30     SEP 30    SEP 30
($ thousands)           2004      2004     2003       2004      2003
--------------------------------------------------------------------
Cash flows from
 operating
 activities         $ 63,256  $103,546  $73,611   $221,156  $265,607
Add (deduct):
Changes in non-cash
 working capital and
 the utilization
 of prepaid natural
 gas                  45,421   (21,708)  (4,606)    50,005     1,539
Other non-cash
 operating
 expenses             (4,493)   (2,130)  (3,632)    (8,257)  (10,861)
Interest expense       8,715     4,800   11,035     21,344    28,457
Interest and other
 income (expense)       (941)      431   (2,372)    (4,500)  (10,648)
Income taxes
 - current            13,944     9,426    7,745     33,870    30,803
--------------------------------------------------------------------
EBITDA              $125,902  $ 94,365  $81,781   $313,618  $304,897
--------------------------------------------------------------------

Income before Unusual Items (after-tax) and Basic Income before Unusual Items (after-tax) Per Share

Income before unusual items (after-tax) and basic income before unusual items (after-tax) per share are provided to assist readers in comparing earnings from one period to another without the impact of unusual items that are considered to be non-operational and/or non-recurring.

The following table shows a reconciliation of net income (loss) to income before unusual items (after-tax) and the calculation of basic income before unusual items (after-tax) per share:

                          THREE MONTHS ENDED       NINE MONTHS ENDED
($ thousands, except  -------------------------    -----------------
number of shares      SEP 30    JUN 30   SEP 30     SEP 30    SEP 30
and per share amounts)  2004      2004     2003       2004      2003
--------------------------------------------------------------------

Net income (loss)   $ 71,178  $ 52,375  $(9,253)  $170,383  $113,112
Add
 unusual items
  Write-off of 
   Australia 
   project
   development
   costs                   -         -   39,833          -    39,833
--------------------------------------------------------------------
Income before
 unusual items
 (after-tax)        $ 71,178  $ 52,375  $30,580   $170,383  $152,945
--------------------------------------------------------------------
Weighted average
 number of common
 shares outstanding
 (millions of
 shares)               121.6     122.9    119.2      121.9     124.1
--------------------------------------------------------------------
Basic income before
 unusual items
 (after-tax)
 per share          $   0.59  $   0.43  $  0.26   $   1.40  $   1.23
--------------------------------------------------------------------


QUARTERLY FINANCIAL DATA (unaudited)

A summary of selected financial information for the prior eight
quarters is as follows:


                                        THREE MONTHS ENDED
                            ----------------------------------------
($ thousands, except per     SEP 30     JUN 30     MAR 31     DEC 31
 share amounts)                2004       2004       2004       2003
--------------------------------------------------------------------
Revenue                    $428,840   $412,283   $392,953   $358,421
Net income (loss)            71,178     52,375     46,830   (111,698)
Basic net income
 (loss) per common share       0.59       0.43       0.39      (0.93)
Diluted net income (loss)
 per common share              0.58       0.42       0.38      (0.93)
--------------------------------------------------------------------


                                        THREE MONTHS ENDED
                            ----------------------------------------
($ thousands, except per     SEP 30     JUN 30     MAR 31     DEC 31
 share amounts)                2003       2003       2003       2002
--------------------------------------------------------------------
Revenue                    $340,180   $377,603   $343,342   $314,523
Net income (loss)            (9,253)    48,415     73,950    (31,417)
Basic net income (loss)
 per common share             (0.08)      0.38       0.59      (0.25)
Diluted net income (loss)
 per common share             (0.08)      0.37       0.57      (0.25)
--------------------------------------------------------------------

FORWARD-LOOKING STATEMENTS Information in this 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, actions of competitors, 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 43 of our 2003 Annual Report for more information on forward-looking statements.

METHANEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(thousands of U.S. dollars, except number of shares and per share
 amounts)

                        THREE MONTHS ENDED         NINE MONTHS ENDED
                 -------------------------  ------------------------
                       SEP 30       SEP 30       SEP 30       SEP 30
                         2004         2003         2004         2003
--------------------------------------------------------------------

Revenue (note 1) $    428,840  $   340,180  $ 1,234,076  $ 1,061,125
Cost of sales
 and operating
 expenses (note
 1)                   302,938      258,399      920,458      756,228
Depreciation
 and
 amortization          20,188       24,259       56,817       68,897
--------------------------------------------------------------------
Operating
 income before
 undernoted
 items                105,714       57,522      256,801      236,000
Interest expense
 (note 8)              (8,715)     (11,035)     (21,344)     (28,457)
Interest and
 other income             941        2,372        4,500       10,648
Write-off of
 Australia project
 development costs          -      (39,833)           -      (39,833)
--------------------------------------------------------------------
Income before
 income taxes          97,940        9,026      239,957      178,358
Income taxes:
 Current              (13,944)      (7,745)     (33,870)     (30,803)
 Future               (12,818)     (10,534)     (35,704)     (34,443)
--------------------------------------------------------------------
                      (26,762)     (18,279)     (69,574)     (65,246)
--------------------------------------------------------------------
Net income
 (loss)          $     71,178  $    (9,253) $   170,383  $   113,112
--------------------------------------------------------------------


Weighted
 average number
 of common
 shares
 outstanding(i)   121,618,362  119,249,000  121,904,763  124,078,470
Diluted
 weighted
 average number
 of common
 shares
 outstanding(i)   123,242,174  119,249,000  123,380,954  127,185,678

(i) number of common shares outstanding at September 30, 2004:
    119,952,367 (September 30, 2003: 119,548,417)

Basic net
 income (loss)
 per common
 share           $       0.59  $     (0.08) $      1.40  $      0.91
Diluted net
 income (loss)
 per common
 share           $       0.58  $     (0.08) $      1.38  $      0.89


METHANEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(thousands of U.S. dollars)

                                              SEP 30          DEC 31
                                                2004            2003
--------------------------------------------------------------------
                                          (unaudited)
ASSETS

Current assets:
 Cash and cash equivalents               $   161,699     $   287,863
 Receivables                                 255,566         220,871
 Inventories                                 140,811         126,729
 Prepaid expenses                             15,221          14,852
--------------------------------------------------------------------
                                             573,297         650,315
Property, plant and equipment (note 2)     1,358,942       1,320,227
Other assets                                  91,631         111,258
--------------------------------------------------------------------
                                         $ 2,023,870     $ 2,081,800

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
 Accounts payable and accrued
  liabilities                            $   179,911     $   178,420
 Current maturities on long-term
  debt and other long-term
  liabilities                                265,384          33,026
--------------------------------------------------------------------
                                             445,295         211,446
Long-term debt (note 4)                      350,834         756,185
Other long-term liabilities                   66,241          67,420
Future income taxes (note 5)                 254,586         261,218
Shareholders' equity:
 Capital stock                               516,805         499,258
 Contributed surplus (note 1)                  5,153           7,234
 Retained earnings (note 1)                  384,956         279,039
--------------------------------------------------------------------
                                             906,914         785,531
--------------------------------------------------------------------
                                         $ 2,023,870     $ 2,081,800
--------------------------------------------------------------------


METHANEX CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited)
(thousands of U.S. dollars, except number of common shares)

                       NUMBER            CONTRI-       RE-     TOTAL
                           OF              BUTED    TAINED     SHARE
                       COMMON   CAPITAL     SUR-     EARN-  HOLDERS'
                       SHARES     STOCK     PLUS      INGS    EQUITY
--------------------------------------------------------------------

Balance, December
 31, 2002, as
 previously
 reported         125,651,639 $ 517,210 $      - $ 386,868 $ 904,078
Adjustments for
 retroactive
 adoption of
 new accounting
 policies (note 1):
 Stock-based
  compensation              -         -    3,444    (3,444)        -
 Asset retirement
  obligations               -         -        -     4,259     4,259
--------------------------------------------------------------------
Balance, December
 31, 2002, as
 restated         125,651,639   517,210    3,444   387,683   908,337
Year ended December
 31, 2003
 Net income, as
  previously
  reported                  -         -        -     7,508     7,508
 Adjustments for
  retroactive
  adoption of
  new accounting
  policies (note 1):
  Stock-based
   compensation
    expense                 -         -    3,790    (3,790)        -
  Asset retirement
   obligations              -         -        -    (2,302)   (2,302)
 Proceeds on issue
  of shares on 
  exercise of
  stock options     3,356,128    19,173        -         -    19,173
 Payment for 
  shares
  repurchased      (9,000,000)  (37,125)       -   (51,523)  (88,648)
 Dividend payments          -         -        -   (58,537)  (58,537)
--------------------------------------------------------------------
Balance, December
 31, 2003, as
 restated         120,007,767   499,258    7,234   279,039   785,531
Six month period
 ended June 30, 2004
 Net income                 -         -        -    99,205    99,205
 Stock-based
  compensation
  expense                   -         -    1,061         -     1,061
 Proceeds on 
  issue of shares
  on exercise of
  stock options     4,325,925    31,811        -         -    31,811
 Reclassification 
  of grant date
  fair value on 
  exercise of
  options                   -     3,374   (3,374)        -         -
 Payment for
  shares
  repurchased      (1,426,300)   (6,039)       -   (11,877)  (17,916)
 Dividend payments          -         -        -   (14,418)  (14,418)
--------------------------------------------------------------------
Balance, June 30,
 2004             122,907,392   528,404    4,921   351,949   885,274
Three month period
 ended September
 30, 2004
 Net income                 -        -        -    71,178    71,178
 Stock-based
  compensation
  expense                   -         -      347         -       347
 Proceeds on issue
  of shares on
  exercise of
  stock options       218,675     1,789        -         -     1,789
 Reclassification
  of grant date
  fair value on
  exercise of
  options                   -       115     (115)        -         -
 Payment for
  shares
  repurchased      (3,173,700)  (13,503)       -   (28,811)  (42,314)
 Dividend payments          -         -        -    (9,360)   (9,360)
--------------------------------------------------------------------
Balance, September
 30, 2004         119,952,367 $ 516,805 $  5,153 $ 384,956 $ 906,914
--------------------------------------------------------------------


METHANEX CORPORATION 
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(thousands of U.S. dollars)

                        THREE MONTHS ENDED         NINE MONTHS ENDED
                 -------------------------  ------------------------
                       SEP 30       SEP 30       SEP 30       SEP 30
                         2004         2003         2004         2003
--------------------------------------------------------------------

CASH FLOWS FROM
 OPERATING
 ACTIVITIES
Net income
 (loss)          $     71,178  $    (9,253) $   170,383  $   113,112
 Add:
 Depreciation
  and
  amortization         20,188       24,259       56,817       68,897
 Future income
  taxes                12,818       10,534       35,704       34,443
 Write-off of
  Australia project
  development costs         -       39,833            -       39,833
 Other                  4,493        3,632        8,257       10,861
--------------------------------------------------------------------
Cash flows from
 operating
 activities
 before
 undernoted
 changes              108,677       69,005      271,161      267,146
Receivables           (13,499)       7,765      (34,695)      (3,333)
Inventories           (30,405)      26,429      (14,438)      (6,432)
Prepaid
 expenses               1,982        3,248         (369)      (1,948)
Accounts
 payable and
 accrued
 liabilities           (3,449)     (33,510)        (503)       8,025
Utilization of
 prepaid natural
 gas                        -          674            -        2,149
--------------------------------------------------------------------
                       63,256       73,611      221,156      265,607
--------------------------------------------------------------------

CASH FLOWS FROM
 FINANCING
 ACTIVITIES
Repayment of
 limited
 recourse
 long-term debt             -            -     (182,758)     (29,000)
Release of
 restricted cash            -            -       14,258            -
Proceeds on
 issue of
 limited
 recourse
 long-term debt             -       11,102       14,887       29,113
Proceeds on
 issue of shares
 on exercise of
 stock options          1,789        2,628       33,600       16,055
Payment for
 shares
 repurchased          (42,314)           -      (60,230)     (88,648)
Dividend
 payments              (9,360)      (7,172)     (23,778)     (51,343)
Repayment of
 other long-term
 liabilities           (7,728)      (5,531)     (11,654)     (11,067)
--------------------------------------------------------------------
                      (57,613)       1,027     (215,675)    (134,890)
--------------------------------------------------------------------

CASH FLOWS FROM
 INVESTING
 ACTIVITIES
Plant and
 equipment under
 construction or
 development          (25,263)     (38,808)    (111,878)    (132,760)
Property, plant
 and equipment         (9,892)     (14,754)     (17,229)     (29,026)
Accounts
 payable related
 to capital
 expenditures          (8,534)       2,620        1,994        8,452
Acquisition of
 Titan Methanol
 Company, net of
 cash acquired              -            -            -      (74,130)
Other assets           (2,426)           -       (4,532)     (16,060)
--------------------------------------------------------------------
                      (46,115)     (50,942)    (131,645)    (243,524)
--------------------------------------------------------------------
Increase
 (decrease) in
 cash and cash
 equivalents          (40,472)      23,696     (126,164)    (112,807)
Cash and cash
 equivalents,
 beginning of
 period               202,171      284,884      287,863      421,387
--------------------------------------------------------------------
Cash and cash
 equivalents,
 end of period   $    161,699  $   308,580  $   161,699  $   308,580
--------------------------------------------------------------------

SUPPLEMENTARY
 CASH FLOW
 INFORMATION
Interest paid,
 net of
 capitalized
 interest        $     14,664  $    18,269  $    32,686  $    32,889
Income taxes
 paid            $      7,521  $     6,756  $    35,196  $    28,216
--------------------------------------------------------------------

METHANEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Except where otherwise noted, tabular dollar amounts are stated in thousands of United States dollars.

1. BASIS OF PRESENTATION:

These interim consolidated financial statements do not include all note disclosures required by Canadian generally accepted accounting principles for annual financial statements, and therefore should be read in conjunction with the annual consolidated financial statements included in the Methanex Corporation 2003 Annual Report. These interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles on a basis consistent with those followed in the most recent annual consolidated financial statements, except as described below:

(a) Shipping and handling costs:

Inland shipping and handling costs billed to customers were previously included in revenue in the 2003 annual consolidated financial statements. These costs have been reclassified from revenue to cost of sales and operating expenses with no impact on reported earnings. For the three and nine month periods ended September 30, 2004, $5 million (2003 - $5 million) and $16 million (2003 - $18 million) of these inland shipping and handling costs have been included in cost of sales and operating expenses, respectively.

(b) Stock-based compensation:

Effective January 1, 2004, the Company adopted the amended recommendations of the Canadian Institute of Chartered Accountants ("CICA") for accounting for stock-based compensation. The amended standard requires recognition of an estimate of the fair value of stock-based awards in earnings. Previously, the Company provided note disclosure of pro forma net income as if a fair value method had been used for stock based awards.

The amended recommendations have been applied retroactively, with restatement of prior periods. The restatement at December 31, 2003 resulted in an increase to contributed surplus and a decrease to retained earnings of $7 million (December 31, 2002 - $3 million). The adjustments represent the total compensation expense recorded for stock options granted on or after January 1, 2002. The restatement of the results for the three and nine month periods ended September 30, 2003 resulted in an increase to cost of sales and operating expenses of $0.9 million and $2.9 million, respectively. Compensation expense related to stock options for the three and nine month periods ended September 30, 2004 is $0.3 million and $1.4 million, respectively.

(c) Asset retirement obligations:

Effective January 1, 2004, the Company adopted the new CICA recommendations for accounting for asset retirement obligations, which include site restoration costs. The new standard requires that obligations associated with the retirement of tangible long-lived assets and associated retirement costs be recognized at fair value in the period in which the obligation is incurred with a corresponding increase in the carrying amount of the related long-lived asset. The asset retirement obligation liability is increased at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the initial fair value measurement.

This standard has been applied retroactively, with restatement of prior periods. This restatement resulted in a decrease to the accrual for site restoration and an increase to retained earnings of $2 million at December 31, 2003. The restatement of the results for the three and nine month periods ended September 30, 2003 resulted in a reduction to net income of $0.6 million and $1.7 million, respectively. The application of this standard results in charges to net income of $0.3 million and $0.9 million in the three and nine month periods ended September 30, 2004, respectively.

2. PROPERTY, PLANT AND EQUIPMENT:

                                              ACCUMULATED   NET BOOK
                                      COST   DEPRECIATION      VALUE
--------------------------------------------------------------------
At September 30, 2004
Plant and equipment             $2,411,880    $1,283,369  $1,128,511
Plant and equipment
 under construction                207,047             -     207,047
Other                               52,024        28,640      23,384
--------------------------------------------------------------------
                                $2,670,951    $1,312,009  $1,358,942
--------------------------------------------------------------------

At December 31, 2003
Plant and equipment             $2,157,513    $1,237,872  $  919,641
Plant and equipment under
 construction                      377,840             -     377,840
Other                               48,827        26,081      22,746
--------------------------------------------------------------------
                                $2,584,180    $1,263,953  $1,320,227
--------------------------------------------------------------------

3. INTEREST IN ATLAS JOINT VENTURE:

The Company has a 63.1% joint venture interest in Atlas Methanol Company ("Atlas"). The joint venture has constructed a 1.7 million tonne per year methanol plant in Trinidad which commenced operations on July 29, 2004.

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

                                         SEP 30, 2004   DEC 31, 2003
--------------------------------------------------------------------
Consolidated Balance Sheets:
 Cash and cash equivalents                     $4,694        $18,429
 Other current assets                          17,019          2,443
 Property, plant and equipment                280,800        235,718
 Other assets                                   5,946          5,996
 Current liabilities                           20,152          4,486
 Limited recourse long-term debt              159,012        144,125


                             THREE MONTHS ENDED    NINE MONTHS ENDED
                             ------------------    -----------------
                             SEP 30      SEP 30    SEP 30     SEP 30
                               2004        2003      2004       2003
--------------------------------------------------------------------
Consolidated Statements
 of Income:
  Revenue                  $ 17,348         $-   $ 17,348         $-
  Expense                    13,254          -     13,254          -
--------------------------------------------------------------------
  Net income               $  4,094         $-   $  4,094         $-
--------------------------------------------------------------------
Consolidated Statements
 of Cash Flows:
  Cash inflows from
   operating activities    $  7,318         $-   $  7,318         $-
  Cash inflows from
   financing activities           -     11,102     14,887     29,113
  Cash outflows from
   investing activities      (4,752)   (19,180)   (47,166)   (53,403)
--------------------------------------------------------------------

The Company estimates that its remaining share of capital expenditures and cash equity contribution to complete the construction of Atlas and fund a debt reserve account will be approximately $13 million. The Company expects that these expenditures will be funded from cash generated from operations and cash and cash equivalents.

4. LONG-TERM DEBT:

                                         SEP 30, 2004   DEC 31, 2003
--------------------------------------------------------------------
Unsecured notes                              $449,886       $449,783
Atlas limited recourse facilities             159,012        144,125
Titan limited recourse facilities                   -        183,638
--------------------------------------------------------------------
                                              608,898        777,546
Less current portion                         (258,064)       (21,361)
--------------------------------------------------------------------
                                             $350,834       $756,185
--------------------------------------------------------------------

The limited recourse long-term debt of Atlas is described as limited recourse as it is secured only by the assets of the joint venture.

On March 31, 2004, the Company repaid all of the limited recourse long-term debt related to the Titan methanol facility. The total payment, including transaction costs, was $183 million. As a result of this repayment, the Company reclassified $14 million of restricted cash for a debt service reserve account from other assets to cash and cash equivalents.

5. FUTURE INCOME TAXES:

On acquisition of Titan Methanol Company in 2003, the Company recorded a future income tax liability based on uncertainty related to an interpretation of certain tax legislation. During 2004, the Company reviewed its accounting for the acquisition in light of recent events clarifying the tax legislation. As a result, at March 31, 2004, the Company recorded a balance sheet adjustment to reduce both the future income tax liability and property, plant and equipment by $42 million.

6. NET INCOME PER SHARE:

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

                    THREE MONTHS ENDED            NINE MONTHS ENDED 
                   --------------------         --------------------
                   SEP 30        SEP 30         SEP 30        SEP 30
                     2004          2003           2004          2003
--------------------------------------------------------------------
Denominator for
 basic net
 income per
 common share 121,618,362   119,249,000    121,904,763   124,078,470
--------------------------------------------------------------------
Effect of
 dilutive
 stock
 options        1,623,812             -      1,476,191     3,107,208
--------------------------------------------------------------------
Denominator
 for diluted
 net income per
 common share 123,242,174   119,249,000    123,380,954   127,185,678
--------------------------------------------------------------------

7. STOCK-BASED COMPENSATION:

(a) Stock options:

i) Incentive stock options:

Common shares reserved for incentive stock options at September 30,
2004 were as follows:

                        OPTIONS DENOMINATED      OPTIONS DENOMINATED
                              IN CAD$                   IN US$
                       --------------------    ---------------------
                                   WEIGHTED                 WEIGHTED
                       NUMBER OF    AVERAGE    NUMBER OF     AVERAGE
                           STOCK   EXERCISE        STOCK    EXERCISE
                         OPTIONS      PRICE      OPTIONS       PRICE
--------------------------------------------------------------------
Outstanding at
 December 31, 2003     4,682,775     $11.27    3,105,550       $7.51
  Granted                      -          -       93,300       11.56
  Exercised           (2,929,550)     10.81     (880,175)       7.29
  Cancelled                    -          -      (36,500)       8.51
--------------------------------------------------------------------
Outstanding at
 June 30, 2004         1,753,225      12.04    2,282,175        7.74
  Exercised             (165,050)     10.84      (43,625)       7.82
  Cancelled             (200,000)     23.75      (30,900)       9.45
--------------------------------------------------------------------
Outstanding at
 September 30, 2004    1,388,175     $10.50    2,207,650       $7.72
--------------------------------------------------------------------

i)Incentive stock options (continued):

As at September 30, 2004, 1,388,175 incentive stock options denominated in CAD$ and 1,903,900 incentive stock options denominated in US$ had vested and were exercisable at average prices of CAD$10.50 and US$7.25, respectively.

ii) Performance stock options:

Common shares reserved for performance stock options at September 30, 2004 are as follows:

                                        NUMBER OF   AVERAGE EXERCISE
                                    STOCK OPTIONS        PRICE (CAD$)
--------------------------------------------------------------------
Outstanding at December 31, 2003          875,200              $4.47
Exercised                                (516,200)              4.47
--------------------------------------------------------------------
Outstanding at June 30, 2004              359,000               4.47
Exercised                                 (10,000)              4.47
--------------------------------------------------------------------
Outstanding at September 30, 2004         349,000              $4.47
--------------------------------------------------------------------

The vesting of the performance stock options is tied to the market value of the Company's common shares subsequent to the date of grant. As at September 30, 2004, 69,000 outstanding performance stock options have vested and are exercisable. The remaining 314,000 options will vest if the Company's shares trade at or above CAD$20 per share.

iii) Compensation expense related to stock options:

Compensation expense related to stock options included in cost of sales and operating expenses is $0.3 million for the three month period ended September 30, 2004 (2003 - $0.9 million) and $1.4 million for the nine month period ended September 30, 2004 (2003 - $2.9 million). 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:

                                    2004      2003
--------------------------------------------------
Risk-free interest rate                3%       5%
Expected dividend yield                2%       2%
Expected life                     5 years  5 years
Expected volatility                   35%      35%
--------------------------------------------------

For the nine month period ended September 30, 2004, the weighted average grant date fair value of stock options granted was US$3.63 per share (2003 - $2.59 per share).

(b) Deferred and restricted share units:

Deferred and restricted share units outstanding at September 30, 2004 are as follows:

                                             NUMBER OF     NUMBER OF
                                              DEFERRED    RESTRICTED
                                           SHARE UNITS   SHARE UNITS
--------------------------------------------------------------------
Outstanding at December 31, 2003               366,389       500,640
Granted                                        178,067       579,700
Dividend equivalents                             5,318        10,376
Redeemed                                             -       (28,513)
--------------------------------------------------------------------
Outstanding at June 30, 2004                   549,774     1,062,203
Granted                                          5,098             -
Dividend equivalents                             2,919         6,159
Redeemed                                             -       (49,320)
--------------------------------------------------------------------
Outstanding at September 30, 2004              557,791     1,019,042
--------------------------------------------------------------------

The fair value of deferred and restricted share units at
September 30, 2004 was $23.8 million compared with an accrued value
of $12.2 million.

8. INTEREST EXPENSE:

                             THREE MONTHS ENDED    NINE MONTHS ENDED
                             ------------------    -----------------
                             SEP 30      SEP 30    SEP 30     SEP 30
                               2004        2003      2004       2003
--------------------------------------------------------------------
Interest expense before
 capitalized interest       $14,037     $16,065   $41,139    $41,461
Less: capitalized interest   (5,322)     (5,030)  (19,795)   (13,004)
--------------------------------------------------------------------
Interest expense            $ 8,715     $11,035   $21,344    $28,457
--------------------------------------------------------------------

9. RETIREMENT PLANS:

Total net pension expense for the defined benefit and defined contribution pension plans charged to operations during the three and nine month periods ended September 30, 2004 was $1.6 million (2003 - $1.6 million) and $4.9 million (2003 - $4.8 million), respectively.

METHANEX CORPORATION
QUARTERLY HISTORY (unaudited)

                            YTD
                           2004        Q3       Q2       Q1
-----------------------------------------------------------

METHANOL SALES VOLUME
(thousands of tonnes)

 Company produced
  product                 3,767     1,307    1,233    1,227
 Purchased product        1,558       423      600      535
 Commission sales (1)        41        41        -        -
-----------------------------------------------------------

                          5,366     1,771    1,833    1,762
-----------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

 Chile                    2,002       640      666      696
 New Zealand                822       304      229      289
 Canada                     364       121      121      122
 Titan, Trinidad            586       176      220      190
 Atlas, Trinidad (63.1%)    157       157        -        -

-----------------------------------------------------------

                          3,931     1,398    1,236    1,297
-----------------------------------------------------------

METHANOL PRICE(2)
 ($/tonne)                  229       245      222      220
 ($/gallon)                0.69      0.74     0.67     0.66

PER SHARE INFORMATION
 Net income (loss)       $ 1.40      0.59     0.43     0.39


                           2003        Q4       Q3       Q2       Q1
--------------------------------------------------------------------

METHANOL SALES VOLUME
(thousands of tonnes)

 Company produced
  product                 4,933     1,328    1,200    1,211    1,194
 Purchased product        1,392       399      350      332      311
 Commission sales (1)       254         -        -       55      199
--------------------------------------------------------------------

                          6,579     1,727    1,550    1,598    1,704
--------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

 Chile                    2,704       640      624      732      708
 New Zealand                968       158      229      225      356
 Canada                     449       109       91      122      127
 Titan, Trinidad            577       222      202      153        -
 Atlas, Trinidad (63.1%)      -         -        -        -        -

--------------------------------------------------------------------

                          4,698     1,129    1,146    1,232    1,191
--------------------------------------------------------------------

METHANOL PRICE(2)
 ($/tonne)                  220       204      216      240      223
 ($/gallon)                0.66      0.61     0.65     0.72     0.67

PER SHARE INFORMATION
Net income (loss)          0.01     (0.93)   (0.08)    0.38     0.59


                           2002        Q4       Q3       Q2       Q1
--------------------------------------------------------------------

METHANOL SALES VOLUME
(thousands of tonnes)

 Company produced
  product                 5,686     1,347    1,419    1,489    1,431
 Purchased product          809       278      207      129      195
 Commission sales (1)       725       197      188      183      157
--------------------------------------------------------------------

                          7,220     1,821    1,814    1,801    1,783
--------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

 Chile                    2,932       735      748      743      706
 New Zealand              2,281       552      593      601      535
 Canada                     478       126      125      103      124
 Titan, Trinidad              -         -        -        -        -
 Atlas, Trinidad (63.1%)      -         -        -        -        -

--------------------------------------------------------------------

                          5,691     1,413    1,466    1,446    1,365
--------------------------------------------------------------------

METHANOL PRICE(2)
 ($/tonne)                  155       188      182      138      111
 ($/gallon)                0.47      0.57     0.55     0.42     0.33

PER SHARE INFORMATION
 Net income (loss)         0.18     (0.25)    0.46     0.12    (0.14)

(1) Commission sales volumes include the 36.9% of production from Atlas 
    that we do not own. Commission sales volumes prior to 2004 
    represent commission sales of production from Titan Methanol 
    Company prior to our acquisition of Titan effective May 1, 2003.

(2) Produced and purchased product.



FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Chris Cook
Director, Investor Relations
(604) 661-2600 or Toll Free: 1-800-661-8851
Website: www.methanex.com