Financial Data and Key Metrics Changes - The average realized price for the second quarter was $374 per tonne, with produced sales of approximately 1,500,000 tonnes, generating adjusted EBITDA of $183 million and adjusted net income of $0.97 per share [7][16] - Adjusted EBITDA decreased compared to 2025 primarily due to a lower average realized price [7] Business Line Data and Key Metrics Changes - Methanex production in the second quarter was similar to the first quarter, with higher production from Geismar and Trinidad, offset by lower production from Chile, New Zealand, and Egypt due to gas constraints and planned maintenance [12][14] - The integration of the newly acquired OCI methanol business is proceeding as planned, with both the Beaumont facility and the Natgasoline facility operating safely and at full rates since acquisition [8][13] Market Data and Key Metrics Changes - Global methanol demand was estimated to be about 4% higher in the second quarter compared to the first quarter, driven primarily by higher demand in China [9] - The global average realized price for methanol was $374 per tonne, with regional prices in Europe, North America, Asia Pacific, and China varying significantly [11] Company Strategy and Development Direction - The company aims to safely and reliably operate its business while smoothly integrating new assets, with a focus on deleveraging through the repayment of the Term Loan A facility [16] - The company does not anticipate significant growth capital over the next few years and remains focused on maintaining a strong balance sheet and financial flexibility [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the integration of the OCI acquisition and the potential for synergies, estimating $30 million in synergies to be achieved within 18 months [60] - The company is monitoring the gas market closely and expects some curtailments in 2025, particularly in the summer months, depending on gas supply and demand dynamics [14][15] Other Important Information - The company ended the second quarter with $485 million in cash and access to an undrawn revolving credit facility of CAD 600 million [16] - The company is focused on optimizing operations in New Zealand, where gas supply availability continues to be a challenge [14][90] Q&A Session Summary Question: Operating rates at G3 and Beaumont - G3 has been operating above 90% since its restart, while Beaumont and Nat Gas facilities have been running at full rates since acquisition [20] Question: OCI deal and EBITDA guidance - The $50 million reduction in EBITDA guidance is primarily due to lower production in New Zealand [24] Question: Ammonia market outlook - The ammonia business currently represents about 3% to 5% of global sales, with pricing expected to rise due to tightening supply [32] Question: Gas hedging strategy - The company targets to be 50% to 70% hedged in the first three years post-acquisition, with current hedging levels around 50% [35] Question: Quarterly depreciation increase from OCI acquisition - The acquisition is expected to increase quarterly depreciation by approximately $25 million [39] Question: Trapped value within the portfolio - The value of non-operating plants is largely dependent on gas stock and feedstock availability, with no current plans to relocate assets [46][48] Question: Impact of secondary sanctions on Iran - Secondary sanctions may limit customer options but have not significantly impacted production or sales capabilities [53][54] Question: Integration priorities for OCI - The focus is on ensuring safe operations, integrating systems, and realizing synergies, with a commitment to customer delivery [59] Question: Global operating rates and market dynamics - The industry is operating well, with healthy production rates and inventories below historical norms, indicating a balanced market [79][81] Question: Marine fuel demand potential - Estimated marine fuel demand could reach around 2 million tonnes by 2025, with a focus on low carbon methanol due to regulatory pressures [82][84]