APD is indeed a major producer of O2 as well as H2. For the largest customers, APD builds a dedicated plant at the customer’s refinery and sells its industrial gases on a take-or-pay basis where the customer bears 100% of the risk from price changes in the methane feedstock (in the case of H2). Thus, this APD business, which the company calls tonnage gasses, has an annuity-like contribution to profits.
It's true then--the future does stink! This is a Dupont paper addressing that very issue (it was presented at the 10th Biennial Sulfur Market Symposium 5 years ago in Beijing):
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