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Air Products & Chemicals, Inc. reports news on its global industrial gases business, including hydrogen, helium, oxygen, nitrogen, argon, carbon dioxide and gas blends supplied to refining, chemicals, metals, electronics, manufacturing, medical, food and energy customers. Company updates frequently address quarterly earnings, capital discipline, dividends, gas supply agreements, new production assets and applications expertise for customer processes.
Recurring coverage also includes clean hydrogen and industrial decarbonization projects, helium supply-chain resilience, electronics and aerospace customer activity, and gas-based technologies such as oxy-fuel, carbon capture, Smart Technology and Freshline food freezing solutions. The company also reports on equipment offerings including turbomachinery, membrane systems and cryogenic containers.
Imperial has secured a long-term contract with Air Products to supply low-carbon hydrogen for its renewable diesel complex at the Strathcona refinery in Alberta. The agreement supports the construction of a hydrogen plant that will help produce over 1 billion liters of renewable diesel annually, significantly reducing greenhouse gas emissions. Air Products is investing CAD 1.6 billion to enhance its Edmonton facility, intending to supply approximately 50% of the hydrogen output for this project. The renewable diesel initiative is set to create around 600 construction jobs and is expected to reduce emissions by 3 million tonnes per year.
On September 6, 2022, Imperial (TSE: IMO) announced a long-term hydrogen supply contract with Air Products (NYSE: APD) for its renewable diesel complex at the Strathcona refinery in Alberta. Air Products will supply low-carbon hydrogen from its new Edmonton facility, supporting the production of over 1 billion litres of renewable diesel annually. The project, expected to reduce greenhouse gas emissions by 3 million tonnes yearly, involves a CAD $1.6 billion investment by Air Products. This collaboration aims to enhance Canada’s low-carbon hydrogen market while creating around 600 construction jobs.
Air Products' COO, Dr. Samir J. Serhan, will discuss hydrogen's role in energy transition at the Gastech Hydrogen Conference in Milan, Italy, from September 5-8. The company has committed $11 billion to low- and zero-carbon hydrogen projects and plans an additional $4 billion investment by 2027. Dr. Ahmed Hababou will participate in a panel on building the hydrogen economy. Air Products also showcases its expertise in hydrogen production and liquefied natural gas (LNG) technologies at its booth, highlighting ongoing projects like the Louisiana blue hydrogen complex and NEOM's green hydrogen initiative.
Air Products (NYSE: APD) and Associated British Ports (ABP) announced plans to establish a large-scale green hydrogen production facility in the UK. The facility will import green ammonia globally to produce green hydrogen, supporting decarbonization efforts across transport and industry. Expected benefits include the elimination of up to 580,000 tonnes of greenhouse gas emissions annually and a projected $4.6 billion in regional economic growth, creating approximately 1,400 direct and 1,600 indirect jobs. The project aligns with the UK Government's target of 10GW of low-carbon hydrogen by 2030.
Air Products (NYSE: APD) announced a contract to supply four end flash coil wound heat exchangers for the North Field East LNG Project in Qatar. These units will support the construction of four mega LNG trains, each with a capacity of eight million tons per annum, already under development by Chiyoda Corporation and Technip Energies. This marks the first deployment of Air Products' end flash CWHE technology in Qatar, further solidifying its leadership in LNG technology. The first LNG train is expected to start up by late 2025.
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Air Products reported Q3 FY22 results with a GAAP EPS of $2.62, an 11% increase year-over-year, and GAAP net income of $587 million, up 10%. Sales reached $3.2 billion, a 22% increase, driven by higher pricing and volumes, despite challenges like inflation and unfavorable currency. The adjusted EBITDA was $1,081 million, up 11%, while the adjusted EBITDA margin declined to 33.9%. The company maintains its FY22 adjusted EPS guidance of $10.20 to $10.40 and capital expenditures exceeding $4.5 billion.
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Dr. Mary Haas has been appointed as the CEO of Sustaera, effective immediately. She brings nearly 20 years of experience from Air Products and Chemicals (APD), where she significantly boosted the Global Equipment Division's EBITDA by over 150% in four years. Dr. Haas aims to advance Sustaera's Direct Air Capture technology targeting the removal of 500 million tons of CO2 by 2040. Her leadership is expected to enhance Sustaera’s growth trajectory and innovation while collaborating on multiple direct air capture plants globally.
Air Products (NYSE: APD) has announced significant sustainability commitments, including a new goal to reduce Scope 3 CO2 emissions intensity by one-third by 2030, and a pledge to achieve net-zero carbon emissions by 2050. The company will invest at least $4 billion in clean energy initiatives over the next five years, increasing its total commitment to $15 billion by 2027. This strategy aims to enhance environmental benefits while supporting customers in their sustainability efforts, with a focus on hydrogen and carbon capture technologies.