Exhibit 99.1

News Release

PRAXAIR REPORTS FOURTH-QUARTER AND FULL-YEAR 2011 RESULTS

DANBURY, Conn., January 25, 2012 — Praxair, Inc. (NYSE: PX) reported fourth-quarter net income and diluted earnings per share of $420 million and $1.38, respectively. These results include a gain on an acquisition and charges relating to severance and business restructuring actions, primarily in Europe. Excluding these items, adjusted net income and diluted earnings per share were $414 million and $1.36, 7% and 9% above the prior-year quarter, respectively.*

Sales in the fourth quarter were $2,796 million, up 7% from the prior-year quarter due to higher volumes and prices, partially offset by negative currency translation. Reported operating profit in the fourth quarter was $618 million. Adjusted operating profit of $619 million was 10% above the prior-year quarter due to higher volumes and prices combined with productivity improvements.*

For the full year of 2011, reported net income was $1,672 million and reported diluted earnings per share was $5.45. Full-year adjusted net income was $1,666 million, up 13% from 2010. Adjusted diluted earnings per share was $5.43, 15% above the prior year.*

Full-year sales grew 11% from 2010 to $11,252 million, due primarily to higher volumes and prices. Reported operating profit was $2,468 million. Adjusted operating profit of $2,469 million was 14% above 2010, due to higher volumes, price and operating leverage from productivity programs.*

For the full year, cash flow from operations was a record $2,455 million. Capital expenditures, primarily for new production plants under long-term contracts with customers, were $1,797 million. Acquisition expenditures of $294 million were primarily acquisitions of packaged gas distributors in the United States, combined with increased ownership of businesses in Scandinavia and the Middle East. The company paid $602 million of dividends and repurchased $742 million of stock, net of issuances.

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Commenting on the financial results and business outlook, Chairman and Chief Executive Officer Steve Angel said, “In 2011, Praxair again delivered strong growth combined with industry-leading profitability. We signed a record amount of new contracts in 2011 and finished the year with a backlog of $2.7 billion of new projects under construction which will come on-stream in 2012, 2013, and 2014.

“As we enter 2012, our outlook remains positive, particularly for the North American energy, manufacturing and materials industries which we serve and the growing economies in Asia and South America. We expect strong project activity again in 2012 and we remain confident in our ability to execute in a manner our customers and shareholders have grown to anticipate.”

For the full year of 2012, Praxair expects sales in the area of $11.7 to $12 billion, up 4% to 7%. On an underlying basis, Praxair is expecting to sustain sales growth of 8% to 12%, similar to 2011, from volume, price, project start-ups and acquisitions. However, at current exchange rates sales growth is expected to be negatively impacted by about 5% due to currency translation which is reflected in our guidance. The company expects diluted earnings per share to be in the range of $5.70 to $5.90 which includes a negative year-over-year impact of about 25 cents at current rates from the strengthening of the U.S. dollar across a number of currencies including the real, euro, peso, won and rupee. Full-year capital expenditures are expected to be in the range of $2.1 to 2.4 billion, and the effective tax rate is forecasted to remain at about 28%.

For the first quarter of 2012, Praxair expects diluted earnings per share in the range of $1.33 to $1.38 which includes a negative year-over-year currency impact of about 7 cents at current exchange rates.

Following is additional detail on fourth-quarter 2011 results by segment.

In North America, fourth-quarter sales were $1,399 million, up 7% from the prior-year quarter. Underlying sales grew 10% from higher volumes and prices, largely attributable to growth in the manufacturing, energy, chemicals and metals markets. Operating profit of $364 million grew 17% from the prior year due to higher volumes, price and cost savings.

In Europe, fourth-quarter sales were $380 million. Sales were 12% above the prior year due primarily to the acquisition of increased ownership of Yara Praxair in Scandinavia, partially offset by lower volume. Operating profit was $61 million in the quarter, compared to $68 million in the prior year primarily due to lower volumes. During the quarter actions were taken to reduce costs, including severance and facility consolidation.

In South America, fourth-quarter sales were $532 million. Sales grew 8% from the prior-year quarter, excluding a 5% negative currency impact, due primarily to higher price and volumes. Operating profit was $118 million as compared to $114 million in the prior-year period due primarily to cost reduction programs and price.

Sales in Asia were $325 million in the quarter, up 6% from the prior year, driven by volume growth in India, China and Korea including new plant start-ups. Sales growth came primarily from metals and chemicals customers. Operating profit was $52 million, as compared to $50 million in the prior-year, due primarily to higher volumes, partially offset by cost inflation and lower volumes in Thailand due to the floods.

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Praxair Surface Technologies had fourth-quarter sales of $160 million, up 7%, compared to $150 million in the prior-year quarter. Sales growth came from the energy market from higher coatings of parts used in oil and gas exploration and from higher volumes of aviation coatings. Operating profit increased to $24 million from $20 million in the quarter due to volume growth. During the quarter actions were taken to reduce costs in Europe, including severance and facility consolidation.

Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies are making the planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.

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P-05/12

Attachments: Non-GAAP Reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information, Quarterly Financial Summary, and Appendix: Non-GAAP Measures.

A teleconference on Praxair’s fourth-quarter results is being held this morning, January 25, at 11:00 am Eastern Time. The number is (617) 847-8706 — Passcode: 48944786. The call also is available as a web cast at www.praxair.com/investors. Materials to be used in the teleconference are also available.

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause actual future results or circumstances to differ materially from the projections or estimates contained in the forward-looking statements. The company assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A (Risk Factors) in the company’s Form 10-K and 10-Q reports filed with the SEC which should be reviewed carefully. Please consider the company’s forward-looking statements in light of those risks.

PRAXAIR, INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATIONS

(UNAUDITED)

The following Non-GAAP measures are intended to supplement investors’ understanding of the company’s financial statements by providing measures which investors, financial analysts and management use to help evaluate the company’s financial leverage, return on capital and operating performance. Items which the company does not believe to be indicative of on-going business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. Definitions of these non-GAAP measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures.

PRAXAIR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Millions of dollars, except per share data)

(UNAUDITED)

PRAXAIR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Millions of dollars)

(UNAUDITED)

PRAXAIR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Millions of dollars)

(UNAUDITED)

PRAXAIR, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Millions of dollars)

(UNAUDITED)

PRAXAIR, INC. AND SUBSIDIARIES

QUARTERLY FINANCIAL SUMMARY

(Millions of dollars, except per share data)

(UNAUDITED)