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    Hamir Patel • CIBC Capital Markets

    Hamir Patel's questions to Methanex Corp (MEOH) leadership

    Hamir Patel's questions to Methanex Corp (MEOH) leadership • Q2 2025

    Question

    Hamir Patel inquired about Methanex's outlook for the ammonia market following the OCI acquisition and the company's natural gas hedging strategy for the new assets.

    Answer

    President, CEO & Director Rich Sumner stated that while it is early, the ammonia market is performing as modeled during the acquisition, representing 3-5% of sales. He also explained that with the new assets, the company is now comfortably at its 50% short-term hedging target for North American gas and is opportunistically adding longer-term hedges.

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    Hamir Patel's questions to Methanex Corp (MEOH) leadership • Q4 2024

    Question

    Hamir Patel inquired about the progress of regulatory approvals for the OCI acquisition and the current output levels from the Iranian methanol industry.

    Answer

    President and CEO Rich Sumner confirmed that the OCI deal's regulatory process is progressing as planned, with an expected close in Q2 2025. Regarding Iran, he noted that tracking import flows into China indicates a significant reduction in Iranian production through December and January due to a domestic energy crisis, with supply constraints likely to persist through the winter and possibly into Q2.

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    Hamir Patel's questions to Weyerhaeuser Co (WY) leadership

    Hamir Patel's questions to Weyerhaeuser Co (WY) leadership • Q2 2025

    Question

    Hamir Patel asked about reports of Canada being more open to a quota-based solution for the softwood lumber dispute and whether there was any corresponding movement on the U.S. side.

    Answer

    CEO Devin Stockfish acknowledged the ongoing high-level discussions between the U.S. and Canadian governments but stated he had no specific insight into progress on a resolution. He commented that while a deal will eventually be reached, the details are complex, and he does not expect a resolution in the very near term.

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    Hamir Patel's questions to Weyerhaeuser Co (WY) leadership • Q4 2024

    Question

    Hamir Patel of CIBC Capital Markets asked about the operating rates for lumber and OSB in Q4, comparing U.S. and Canadian operations, and inquired about the company's flexibility to increase harvest levels if tariffs were to boost U.S. production.

    Answer

    CEO Devin Stockfish stated that Q4 operating rates were in the low 80% range for lumber, high 90s for OSB, and low-to-mid 70s for EWP, with no material difference between U.S. and Canadian operations. He added that while Weyerhaeuser has some flexibility in harvest levels, it does not flex them significantly to maintain sustainability. However, he noted there is adequate fiber availability in the U.S. South to support increased manufacturing if needed.

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    Hamir Patel's questions to West Fraser Timber Co Ltd (WFG) leadership

    Hamir Patel's questions to West Fraser Timber Co Ltd (WFG) leadership • Q2 2025

    Question

    Hamir Patel of CIBC Capital Markets questioned the strategy to improve the European business and the possibility of a sale, and also asked how West Fraser would prefer to see potential lumber quotas allocated among provinces and companies.

    Answer

    President and CEO Sean McLaren stated that Europe faces similar macro headwinds as North America but expressed confidence in the assets and team, affirming the company is pleased to have the division. He declined to speculate on the detailed mechanics of a hypothetical quota system, reiterating that the immediate priority is ensuring wood products are included in broader Canada-U.S. trade negotiations.

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    Hamir Patel's questions to West Fraser Timber Co Ltd (WFG) leadership • Q1 2025

    Question

    Hamir Patel questioned whether tariff-related uncertainty and cost escalation could slow down OSB capacity projects across the industry. He also asked if there were signs of builders substituting Southern Yellow Pine (SYP) for SPF lumber.

    Answer

    President and CEO Sean McLaren declined to comment on other companies' projects but affirmed that for West Fraser, any future major OSB projects would fully account for all equipment costs and potential inflation before being approved. SVP of Sales and Marketing, Matt Tobin, responded to the substitution question, stating it was 'too early to say' if a significant shift from SPF to SYP was occurring, noting that customer purchasing patterns have been normal and it is something they continue to monitor.

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    Hamir Patel's questions to West Fraser Timber Co Ltd (WFG) leadership • Q4 2024

    Question

    Hamir Patel from CIBC Capital Markets asked about historical pricing differentials between Canadian and U.S. lumber customers, the proportion of Canadian OSB shipped to the U.S., and the possibility of provincial stumpage system adjustments in response to tariffs.

    Answer

    SVP of Sales and Marketing Matt Tobin and President and CEO Sean McLaren noted that Canada is a competitive market and that increased costs to cross the border can create separation between markets. CFO Christopher Virostek directed him to new disclosures in the AIF and MD&A that show approximately 40% of OSB capacity is in Canada and that the vast majority of total North American production is sold in the U.S. McLaren stated it was too early to predict any policy changes to provincial stumpage systems.

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    Hamir Patel's questions to West Fraser Timber Co Ltd (WFG) leadership • Q3 2024

    Question

    Hamir Patel asked for clarification on whether recent SYP mill closures in the industry are being dismantled or simply idled, and inquired about the factors needed to restore profitability in the European panels business.

    Answer

    President and CEO Sean McLaren explained that for West Fraser, an 'indefinite' closure is a long-term decision, and restarting a mill would require a significant reinvestment plan to make it competitive at the bottom of the cycle, not a short-term move. Regarding the European business, he noted that Q3 results were impacted by a major planned shutdown at an MDF facility. He stated that a broader European economic recovery is needed for a return to normal profitability, but expressed confidence in the company's well-invested assets in the region.

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    Hamir Patel's questions to Nutrien Ltd (NTR) leadership

    Hamir Patel's questions to Nutrien Ltd (NTR) leadership • Q1 2025

    Question

    Hamir Patel inquired about the M&A pipeline for retail, including the scale of opportunities and vendor price expectations, and asked if the 2026 retail EBITDA target of $2 billion could be achieved with the existing platform.

    Answer

    President and CEO Kenneth Seitz expressed confidence in reaching the 2026 target of $1.9-$2.1 billion in retail EBITDA, driven by proprietary product growth and cost savings, not just acquisitions. Executive Jeff Tarsi noted he expects M&A opportunities to increase post-planting season, particularly in the U.S. Corn Belt and Australia, with valuations becoming more disciplined. CFO Mark Thompson added that high-quality tuck-ins are being valued at 6-7x pre-synergy EBITDA.

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