In this episode of The 1895 Podcast, we break down the latest earnings from across the industrial gas sector. We start with Air Products and their $1.7 billion loss through the previous quarter and $2.3 billion in cancelled projects. We unpacks what this means for hydrogen and energy transition investment going forward. We also discuss the steadier performances from Air Liquide, Linde, and Messer, where disciplined growth and a return to core industrial gas markets appear to be the ongoing theme. From project write-downs and shifting hydrogen strategies to modest gains in healthcare and electronics, this episode offers a snapshot into the industry’s health – and who's best positioned for what comes next. We also take a look at the latest financial results from the oil majors (Shell, BP & TotalEnergies), and what we can gauge from those.