- Net income attributable to Methanex shareholders of $41 million and Adjusted EBITDA of $160 million in the fourth quarter. The average realized price in the fourth quarter was $373 per tonne compared to $377 per tonne in the third quarter of 2022.
- Full year 2022 net income attributable to Methanex shareholders of $354 million and Adjusted EBITDA of $932 million.
- Higher production in New Zealand, Chile and Egypt led to a 22% increase in production in the fourth quarter compared to the third quarter.
- Geismar 3 ("G3") project progressing on time and on budget. Production expected in the fourth quarter of 2023.
- Returned $43 million to shareholders through dividends and share repurchases and have a strong liquidity position with $858 million in cash. For the year ended December 31, 2022, returned $297 million to shareholders through dividends and share repurchases.
For the fourth quarter of 2022, Methanex reported net income attributable to Methanex shareholders of $41 million ($0.59 net income per common share on a diluted basis) compared to net income of $69 million ($0.87 net income per common share on a diluted basis) in the third quarter of 2022. Net income was lower compared to the prior quarter primarily due to lower recognized proceeds from the redirection and sale of natural gas in Egypt, partially offset by the benefit of a decline in gas and logistics costs. Adjusted EBITDA for the fourth quarter of 2022 was $160 million and Adjusted net income was $51 million ($0.73 Adjusted net income per common share). This compares with Adjusted EBITDA of $192 million and Adjusted net income of $49 million ($0.69 Adjusted net income per common share) for the third quarter of 2022.
For the year ended December 31, 2022, Methanex reported net income attributable to Methanex shareholders of $354 million ($4.86 net income per common share on a diluted basis), Adjusted EBITDA of $932 million and an Adjusted net income of $343 million ($4.79 Adjusted net income per common share). This compares with a net income attributable to Methanex shareholders of $482 million ($6.13 net income per common share on a diluted basis), Adjusted EBITDA of $1,108 million and an Adjusted net income of $460 million ($6.03 Adjusted net income per common share) for the year ended December 31, 2021.
In the fourth quarter methanol pricing remained relatively stable. The average realized price in the fourth quarter was $373 per tonne compared to $377 per tonne in the third quarter of 2022.
During the quarter, we returned $43 million to shareholders through the regular dividend and share repurchases and ended the quarter with $858 million in cash, or approximately $806 million in cash excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have two undrawn credit facilities, a $300 million construction credit facility specifically related to the Geismar 3 project and a $300 million revolving credit facility providing financial flexibility.
Rich Sumner, President & CEO of Methanex, said, “I am excited to be taking over as Methanex's President and CEO heading into 2023. As a team we have an opportunity to create significant shareholder value by bringing G3 online safely, on time and on budget. Looking forward to 2023 we see continued balanced supply/demand fundamentals with a high energy price environment supporting the methanol cost curve and demand. We are well-positioned with our strong balance sheet and high level of liquidity to navigate any macro economic uncertainty. I look forward to continuing to advance our strategy of market leadership and unlocking additional value with the team in the coming years."
