Why did Linde's operating expenses decline sharply in Q2 2023?

Linde's operating expenses declined sharply in Q2 2023 due to a combination of factors:

1. **Cost Synergy Savings and Productivity Actions**: Linde has been implementing cost synergy savings and productivity actions, which have likely contributed to the reduction in operating expenses. These initiatives have enabled the company to optimize its operations and reduce costs without compromising productivity.
2. **Effective Capital Allocation**: The company's effective capital allocation has led to a positive return on capital employed (ROCE) of 0.04%. This suggests that management is allocating capital efficiently, which can lead to lower operating expenses by minimizing waste and maximizing the return on invested capital.

In conclusion, Linde's sharp decline in operating expenses in Q2 2023 can be attributed to a combination of cost synergy savings, productivity actions, and effective capital allocation. These factors have enabled the company to reduce its operating expenses while maintaining and improving its financial performance.