Air Products will prioritise green ammonia sales from the 2.2GW Neom green hydrogen project while halting spending and exploring divestment at its $4.5bn Louisiana blue ammonia plant.
The shift came as the industrial gas major posted a Q2 net loss of $1.7bn due to its $2.3bn write-down from exiting three US projects, including a green hydrogen development, while sales remained flat at $2.9bn.
As a result, it lowered its predicted profit and cut its earnings per share guidance to between $11.85 to $12.15 from previous estimates of $12.70 and $13.00.
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