The oil and gas major announced its GAAP EPS and net income increased by 17% and 16%, respectively, compared to the previous year. Its adjusted EPS also rose by 7% and adjusted EBITDA went up by 5%.

“In addition to achieving 7% earnings per share growth, we have also reached overall significant milestones,” explained Seifi Ghasemi, CEO, Chairman of the Board and President of Air Products. “This [TotalEnergies agreement] agreement, which has already generated significant interest from other customers, validates a long-term strategy and demonstrates a strong demand for green hydrogen.”

Read more: TotalEnergies and Air Products sign major green hydrogen supply deal

Ghasemi confirmed that Air Products will secure a “return profile that is materially above the traditional project hurdle.” He added, “As I have always said, we have taken the risk and therefore the reward should be higher.”

In response to the company’s plans to produce a network of permanent, commercial-scale hydrogen refuelling stations in Europe, announced last month (July), Ghasemi said, “The number of stations we are going to build will be a gradual development depending on how much products we have.”

Read more: Air Products to develop HRS network along European transport corridor

Ghasemi continued, “Right now, we fully intend to build these stations in Europe. But in Europe, if we sell out NEOM for the application of decarbonising refineries then we will build a NEOM 2, [meaning] therefore the stations will be a little bit delayed.

“It very much depends on how the market develops. But, we will either own the stations 100%, or we will share the ownership with Air Products in control so that our molecules are the ones going through it. If other people build stations, we might or might not sell them the molecules, it depends.”

Air Products is developing the “world’s largest” hydrogen production facility in NEOM, Saudi Arabia, in collaboration with ACWA Power and NEOM. With a total investment value of $8.4bn, the plant is expected to produce 600 tonnes of green hydrogen per day, scheduled to commence operations at the end of 2026.

During the earnings call, Ghasemi reiterated that the NEOM project is still on schedule, with the plant being mechanically complete and commissioned by December 2026, with product sales anticipated for early 2027.

The CEO added, “You should expect to see the NEOM, Louisiana and Edmonton projects fully loaded before we make a final investment decision (FID) on another project.”