Movement Alert｜Air Products Rises 9.89% in Regular Trading, Announces Abandonment of Louisiana Clean Energy Project

Market Focus06-30

On June 30, Air Products & Chemicals rose 9.89% in regular trading, trading at $297.06/share, with turnover of $109 million.

On the news front, the company announced it will no longer proceed with its Louisiana Clean Energy Project (Darrow project), a decision that will result in a pre-tax charge in the fiscal third quarter, with associated cash expenditures estimated at no more than $925 million. Additionally, Air Products is nearing an agreement with Yara on renewable ammonia supply for the Saudi NEOM green hydrogen project.

The market reacted positively as the Darrow project had long weighed on the company's valuation. Investment firm RBC Capital Markets had previously noted that management's base case was to cancel Darrow unless it could meet high return thresholds, even with elevated construction costs. The company stated it will seek to redeploy certain assets to existing or future projects while reducing exposure from existing contractual agreements. Further financial details are expected to be disclosed alongside third-quarter earnings.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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