Recently installed Air Products CEO Eduardo Menezes put a brave face on the company’s financial performance today, saying several times in a lengthy earnings call that it was going “back to basics” after posting a net loss of $1.7bn in the second quarter.
The result was severely impacted by $2.3bn in charges relating to three project cancellations: the World Energy Sustainable Aviation Fuel expansion project in Paramount, California; a green liquid hydrogen project in Massena, New York; and a carbon monoxide project in Texas.
And more tough decisions appear to lie in store for the industrial gas major.
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