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.

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