Air Products (NYSE:APD) announced today its decision to exit three U.S.-based projects following a review by the company’s newly-elected Board of Directors and CEO. The industrial gases company expects to record a pre-tax charge up to $3.1 billion in its fiscal 2025 second quarter.

Projects Being Terminated
The company is exiting the following projects:
- World Energy Partnership – Air Products has terminated its agreement with World Energy for the Sustainable Aviation Fuel expansion project in Paramount, California. The company cited challenging commercial aspects of both the expansion project and current operations.
- Massena Green Hydrogen Facility – The planned 35 metric ton per day green liquid hydrogen production facility in Massena, New York has been cancelled. The decision follows recent regulatory developments that made existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V), alongside slower-than-anticipated hydrogen mobility market development in the region.
- Texas Carbon Monoxide Project – Air Products has terminated a carbon monoxide production project in Texas due to unfavorable project economics.
Financial Impact
The pre-tax charge, not exceeding $3.1 billion, primarily covers asset write-downs and contractual commitment terminations. Air Products noted this charge will not impact adjusted earnings per share for fiscal 2025.
“The decision to exit these three projects will streamline our backlog and focus Company resources on projects that drive value for Air Products’ shareholders,” said Eduardo Menezes, Chief Executive Officer.

Additional financial details and revised capital expenditure forecasts for fiscal 2025 will be included in the company’s fiscal second quarter earnings release.
Ongoing Major Projects
Air Products confirmed it does not expect additional material project cancellations. The company provided updates on its two largest ongoing projects:
- NEOM Green Hydrogen Project (Saudi Arabia) – Now approximately 80% complete, with green ammonia production expected to begin in late 2026.
- Louisiana Clean Energy Complex – Progressing toward a 2028 startup date. The company is in discussions with potential equity partners to participate in the ammonia loop and carbon dioxide sequestration components, which would reduce Air Products’ capital requirements.
About Air Products

Air Products (NYSE:APD) has operated for over 80 years as a world-leading industrial gases company. The company supplies essential industrial gases, equipment, and expertise to customers across numerous industries including refining, chemicals, metals, electronics, manufacturing, medical, and food production.
As the global hydrogen market leader, Air Products develops, engineers, builds, owns, and operates some of the world’s largest clean hydrogen projects. These initiatives support the transition to low-carbon and zero-carbon energy in industrial and heavy-duty transportation sectors.
Air Products reported fiscal 2024 sales of $12.1 billion from operations in approximately 50 countries and maintains a current market capitalization exceeding $65 billion. The company employs approximately 23,000 professionals worldwide.
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