Air Products and Chemicals Inc Q1 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: John Patrick McNulty - BMO Capital Markets Equity Research - Analyst : Just a question on the European energy issues. So it sounds like, if I'm understanding and, I guess, that's what I want to clear up, what you're putting through, it's not a surcharge or anything like that, it's more of a direct pricing. So if we start to see energy prices subside as we get past kind of the winter months, et cetera, it sounds like that would be a reasonable windfall for you as the pricing is going through as the energy is coming down. Am I thinking about that right? Or is there some other nuance to consider?

Question: John Patrick McNulty - BMO Capital Markets Equity Research - Analyst : Got it. Okay. And then just a question on the Third by '30 carbon intensity goal that you have. I guess when you think about the 3 big hydrogen projects, the 2 big blue ones and the green one, does that actually get you to that target already? Or is there more to do there? And I guess tied to that, are there projects going forward that Air Products might not do just because of the carbon intensity around them that in the past, they might have? So say, whatever, the big coal gasification project where there's no carbon capture or something like that. Does that -- does a target like this preclude you from actually going after that type of business? I guess how should we be thinking about that?

Question: John Patrick McNulty - BMO Capital Markets Equity Research - Analyst : Got it. Very helpful.