Podcast: What we learned from results season

There was a mixed picture in the late April and early May financial results from the industrial gas majors – but what united them was the need to focus on core business.

gasworld Content Director Rob Cockerill and Broadcast Journalist Tom Dee unpacked all the latest news and developments in ‘Financial pulse check: How the gases industry is going ‘back to basics’, which is episode 60 of the engaging 1895 podcast series.

The pair started by reflecting on the headline news involving Air Products and its $1.7bn loss through the previous quarter, after $2.3bn in cancelled projects.

Cockerill said it was clear the industrial gases major was now returning ‘back to basics’, repeating a phrase CEO Eduardo Menezes himself made during the earnings call.

The results story generated huge interest among gasworld’s readers and is comfortably the most-read so far in 2025. On the call, Air Products set out plans to halve capital expenditure to $2.5bn by 2030 and to reset its sights on predictable market opportunities with good timelines and steady returns.

“I would expect a lot of ‘back to basics’ throughout 2025,” said Cockerill. “There was a feeling from shareholders that Air Products was too exposed. For me I see all the signs, not just from the financial results, but from [how you measure performance] – and it’s not just Air Products. So many stakeholders are moving back to the core industrial gas industry, and speciality and air gases, and we [regularly] see those stories trending.”

Underpinning the return-to-core focus are uncertainties surrounding tariffs and trade which could well overshadow future quarterly results.

“It might be interesting to see the next quarter’s results, to see how the US market is doing – although in industrial gases, we tend to see a lag and [any] effects about six months later,” said Cockerill.

Thereafter, the episode discussed the far steadier performances of Air Liquide, Linde, and Messer, where disciplined growth and a focus on core industrial gas markets are enduring themes, as well as those from energy majors Shell, BP and TotalEnergies, which are all in the midst of strategic resets as they tone down renewables investments.

“Air Liquide’s involvement in the Baytown hydrogen project illustrates the core theme perfectly as it has a key focus on air gases and air separation as well as low-carbon hydrogen,” added Cockerill. “For me, what stands out is the carbon molecule, the carbon capture projects and focus on ‘cleaner’ energy projects.”

Ongoing growth in electronics and healthcare remain pivotal steady growth pillars across many regions. “Markets and shareholders are happy when there’s nothing to shout about,” he said.

Concluding, Cockerill said the industry looks in good health, while the numbers always ebb and flow.

“We know that some of the write-downs were happening or likely to come, and we know that hydrogen is about a practical and pragmatic roll-out, and companies have to deliver financial returns,” he said.

To listen to the podcast, click here