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SOUTH32 LIMITED - 2022 Annual Report

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Stock S32

South32 Limited

Au000000s320, diversified mining.

  • South32 : Sustainable Development Report 2021

FOR FUTURE GENERATIONS

SUSTAINABLE DEVELOPMENT REPORT 2021

South32 Sustainable Development Report 2021

See our reporting suite at https://www.south32.net/investors-media/investor-centre/ annual-reporting-suite , including:

Sustainability Databook

Our supplementary reporting tool containing metrics and additional sustainability information.

Annual Report

Comprehensive information on our activities and financial performance throughout FY21.

Corporate Governance Statement

Our corporate governance practices and a description of our approach to responsible and ethical behaviour.

Modern Slavery Statement

Outlines our approach and the steps taken to seek to minimise the risk of modern slavery in our business.

Tax Transparency and Payments to Governments Report

Transparency on our approach to payments of taxes and contributions to governments where we operate.

www.south32.net

Important notices

This report has been prepared by South32 Limited (ABN 84 093 732 597) (South32) for informational purposes only. This report should be read in conjunction with South32's Annual Report, Sustainability Databook and other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.south32.net .

About this report

This report has been prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Standards (Core option), the GRI Mining and Metals Sector Supplement and the International Council on Mining and Metals (ICMM) Mining Principles. Unless otherwise stated, (a) metrics describing health, safety, environment, people and community related performance in this report apply to 'operated operations' that have been wholly owned and operated by South32, or that have been operated by South32 in a joint arrangement (1) from 1 July 2020 to 30 June 2021 (FY21), and (b) operations that we divested during the reporting period are shown for the period up until we ceased operational control of those operations (being 31 December 2020 for Tasmanian Electro Metallurgical Company (TEMCO) and 31 May 2021 for South Africa Energy Coal (SAEC)). Monetary amounts in this document are reported in US dollars, unless otherwise stated.

We engaged an independent external assurance organisation, KPMG, to provide the Directors of South32 Limited with assurance on select sustainability information, as explained in the independent assurance report in our Sustainability Databook.

This report contains forward-looking statements, including statements of current intention and expectation. This includes statements regarding climate change and other environmental and energy transition scenarios. These forward-looking statements are based on the information available at the date of this report. While these forward-looking statements discuss South32's expectations at the date of this report, they are not guarantees or predictions of future performance, and by their nature, are subject to significant uncertainties, many of which are beyond South32's control. Actual results and developments may differ materially from those expressed in this report and South32 cautions readers against reliance on any forward-looking statements or guidance. There are also limitations with respect to scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events.

Certain information contained in this document is based on information prepared by third parties. South32 does not make any representation or warranty that this third party material is accurate, complete or up to date.

  • In this Sustainable Development Report, references to 'joint arrangements' mean operations that are not wholly owned by South32, such as joint ventures and joint operations. Joint arrangements are classified in accordance with IFRS 11 Joint Arrangements.

ACKNOWLEDGEMENT

We acknowledge and pay our respects to the Indigenous and Tribal Peoples

of the lands, waters and territories on which South32 is located and where we conduct our business around the world.

We respect and acknowledge the unique cultural and spiritual relationships that Indigenous and Tribal Peoples have to the land, waters and territories, and their rich contribution to society.

In the spirit of respect and reconciliation, we will continue to support initiatives that strengthen culture and ways of life so that their legacy continues and extends

to future generations.

SOUTH32 IS A GLOBAL MINING AND METALS COMPANY

We produce bauxite, alumina, aluminium, metallurgical coal, manganese, nickel, silver, lead and zinc at our operations in Australia, Southern Africa and South America. With a focus on growing our base metals exposure, we also have two development options in North America and several partnerships with junior explorers around the world.

Making a difference

Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources.

See some of the ways we make a difference on page 29

Optimise, Unlock, Identify

Our purpose is underpinned by a simple strategy which

is focused on optimising the performance of our operations, unlocking their potential and identifying new opportunities to create value for all our stakeholders.

Read more about our strategy in our Annual Report

Care, Trust, Togetherness and Excellence

While our strategy outlines what we do to achieve our purpose, our values of care, trust, togetherness and excellence guide how we do it. Every day, our values shape the way we behave and the standards we set for ourselves and others.

Learn more about our people on page 20

2021 Report Development Sustainable South32

From the CEO

ON OUR PURPOSE

Sustainable development is at the heart of our purpose and forms an integral part of our strategy. We are committed to continually improving our sustainability performance and minimising the impact of our operations and aim to create enduring social, environmental and economic value.

Our sustainability approach aligns with the International Council on Mining and Metals (ICMM) Mining Principles and is informed by the United Nations Sustainable Development Goals and the United Nations Global Compact Ten Principles - to which we remain committed.

We will never be truly successful until we eliminate fatalities and significant incidents. We are deeply saddened that Mr Petros Sibeko, a contractor working on the Klipspruit Extension Project at South Africa Energy Coal, was fatally injured in an incident involving the use of an elevated work platform in May 2021.

We express our deepest sympathies to Mr Sibeko's family and colleagues to whom we provided counselling and support. We completed an investigation into this incident, reviewed the results and shared learnings across our operations and with new owners Seriti Resources.

Despite a reduction in recordable injuries for the period, and four of our operations recording their lowest Total Recordable Injury Frequency (TRIF) to date, our TRIF increased by two per cent to 4.3 and did not meet our 20 per cent year-on-year reduction target. While our TRIF outcome at a Group level was disappointing, we made good progress in proactive hazard reporting which is key to our approach to improving safety outcomes.

The ongoing COVID-19 pandemic and the necessary measures taken to minimise the spread of infection continued to impact our people and communities throughout FY21. Following our early action in FY20, we have strengthened our response by improving health screening and testing and supporting vaccination programs in all the countries where we operate. We invested an additional US$2.5 million in our COVID-19 Community Investment Fund this year, taking the total invested since the start of the pandemic to US$7.6 million. Details of our COVID-19 response in FY21 can be found on page 12.

In FY21 we invested US$22.2 million in our communities aligned to our focus areas of education and leadership, good health and social wellbeing, economic participation and natural resource resilience. We also introduced our Community Investment Impact Measurement Framework to improve how we measure the impact of our community investment, help inform investment decisions and strengthen project design.

Total Recordable Injury Frequency

Community investment

FY21 US$22.2m

FY20 US$24.5m

FY19 US$17.3m

Increase in procurement from Aboriginal and Torres Strait Islander businesses

18% increase

between FY20 and FY21

It is my fundamental belief that when done sustainably, the development of natural resources can change people's lives for the better."

Total Recordable Illness Frequency

Scope 1 and 2 emissions CO 2 -e

FY21 21.6Mt

FY20 23.3Mt

FY19 23.5Mt

New medium-term target

50% reduction

in operational carbon emissions by 2035

During FY21 we undertook a comprehensive review of the way we manage Aboriginal and Torres Strait Islander Peoples' cultural heritage in Australia which advanced our understanding of cultural heritage across our operations. We worked together with more than 10 Indigenous and Tribal Peoples' Groups or representative bodies and, with their feedback, updated 'Our Approach to Aboriginal and Torres Strait Islander Peoples' Cultural Heritage'.

In FY22 we will develop tailored approaches to cultural heritage in Colombia, the US and Southern Africa, involving representatives of Indigenous and Tribal Peoples in the process.

We have updated our approach to climate change after we met our first short-term target of keeping our Scope 1 emissions below our FY15 baseline. We are committed to achieving net zero operational carbon emissions by 2050 and we have set a medium-term target to halve our Scope 1 and 2 emissions by 2035 compared to our FY21 baseline. This report provides details of our plans to achieve our target, which include decarbonising our existing operations, shifting to low-carbon energy and designing our growth projects to be carbon neutral. We are also sustainably reshaping our business and have established a pipeline of growth options to increase our exposure to the base metals required

for a low-carbon future. We added to our portfolio risk resilience assessment by using a 1.5°C aligned scenario to test for rapid transition impacts and our analysis shows demand growth for most of our commodities in this scenario.

It is my fundamental belief that when done sustainably, the development of natural resources can change people's lives for the better and we are committed to working with our stakeholders to create value and opportunities for people today, and into

the future.

Graham Kerr

Chief Executive Officer

This is an excerpt of the original content. To continue reading it, access the original document here .

Attachments

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South32 Ltd. published this content on 03 September 2021 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 03 September 2021 02:01:09 UTC .

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  • Sustainability

Developing natural resources to change lives for the better

Our approach.

  • Global initiatives
  • Road to net zero

South32 at a glance

  • Case studies
  • Annual reporting suite
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annual report south 32

We aim to develop natural resources sustainably and with care, to create value and opportunities for people today and in the future.

Developing natural resources to change people’s lives for the better

Sustainability is at the heart of our purpose and underpins the delivery of our strategy. Our approach to sustainability comprises five interconnected pillars which focus on areas that are material to our business and stakeholders.

south32 female employee smiling

Protecting and respecting our people

annual report south 32

Delivering value to society

annual report south 32

Operating ethically and responsibly

annual report south 32

Addressing climate change

annual report south 32

Managing our environmental impact

Download our Sustainable Development Report 2023

Guided by global initiatives and standards 

Our Sustainability Policy is guided by international standards and initiatives, including the ICMM Mining Principles, the United Nations Global Compact (UNGC) Ten Principles, the Global Reporting Initiative (GRI), the Taskforce on Climate-related Financial Disclosures (TCFD), and the United Nations Sustainable Development Goals (UN SDGs).

ICMM Mining Principles

south32 worker

ICMM Mining Principles, Performance Expectations and Position Statements have been incorporated into our internal standards and support our Sustainability Policy and Code of Business Conduct.

Alignment to these principles and position statements are assessed as part of our annual third-party assurance process.

annual report south 32

United Nations Sustainable Development Goals

United Nations Member States have agreed to develop a shared blueprint for peace and prosperity for people and the planet. At its heart are the 17 Sustainable Development Goals (SDGs).

Our approach supports the UN SDGs, and we work with stakeholders to develop and implement actions that contribute to sustainable development.

Milestones on our road to net zero

Our approach to climate change is integrated with our strategy and is designed to protect and unlock long-term value, build operational resilience, and enhance our competitiveness in a low-carbon world. As a global mining and metals company, we have an important role to play in responding to the risks and opportunities of climate change: to produce commodities that are critical in the transition to a low-carbon world; and to do so in a way that seeks to minimise our impact.

annual report south 32

Set our long-term goal¹ to achieve net zero operational GHG emissions (Scope 1 and 2) by 2050

annual report south 32

Achieved our first GHG emissions reduction target² of keeping our Scope 1 GHG emissions below our FY15 baseline

annual report south 32

Meet our target² of halving our operational GHG emissions, compared to our FY21 baseline

annual report south 32

Achieve our goal¹ of net zero GHG emissions (Scope 1, Scope 2 and Scope 3)

  • Financial performance

Our commodities

Metallurgical Coal

More operations information: What we do Our locations Our commodities

Our FY23 Underlying EBIT was US$1,616M

By commodity

  • Base and precious metals
  • Manganese ore
  • Aluminium value chain
  • Metallurgical coal

US$ 1,225 M

FY23 Shareholder returns

US$ 1,470 M

FY23 Total taxes and royalties

FY23 Social investment

More financial information: Investors Financial & operational results Annual Reporting Suite

Our approach aligns with international standards and initiatives , including the ICMM Mining Principles and the UN Sustainable Development Goals.

1 Incidents are included where South32 controls the work location or controls the work activity. Lost time injuries include injuries that result in one or more lost work days after the day of the event.

2 ‘Goal’ is defined as an ambition to seek an outcome for which there is no current pathway(s), but for which efforts will be pursued towards addressing that challenge, subject to certain assumptions or conditions.

More sustainability information: Sustainability Environment Communities and society Climate change

Sustainability in action

Female mine truck operator training at cerro matoso.

annual report south 32

To improve the representation of women in operational and leadership roles, our Cerro Matoso operation in Colombia has invested in several training, recruitment, and leadership initiatives. One program is providing mine truck operator training to women from 25 local communities.

Hillside Aluminium supports victims of gender-based violence

annual report south 32

Our Hillside Aluminium operation marked the beginning of the UN’s 16 Days of Activism Against Gender-based violence by handing over seven newly built ‘park home’ units to LifeLine Zululand in the King Cetshwayo, uMhkanyakude and Zululand districts. 

New sustainable facility for local children in Meyerton, South Africa

annual report south 32

National award for GEMCO biosecurity program

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Annual Reporting Suite FY23

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I’m Karen Wood, Chair of South32

Karen Wood, Chair of South32

1  ‘Goal’ is defined as an ambition to seek an outcome for which there is no current pathway(s), but for which efforts will be pursued towards addressing that challenge, subject to certain assumptions or conditions.

2  ‘Target’ is defined as an intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 

This page contains forward looking statements, including statements in relation to climate change and other environmental and energy transition scenarios. While these forward-looking statements reflect South32’s expectations at the date of publishing the 2023 Sustainable Development Report, they may be affected by a range of variables which could cause actual outcomes and developments to differ materially from those expressed in such statements.South32 makes no representation, assurance or guarantees as to the accuracy, completeness or likelihood of fulfilment of any forward-looking statement, any outcomes expressed or implied in any forward-looking statement or any assumptions on which a forward-looking statement is based.

Related information

annual report south 32

Sustainability approach 

Our approach to sustainability focuses on areas that are material to our business and stakeholders.

annual report south 32

Our people 

We are committed to working together safely, creating an environment where our people are supported to speak up, and building an inclusive and diverse workforce.

annual report south 32

Communities and society

Adding meaningful contributions to people’s lives by creating lasting social, environmental and economic value.

annual report south 32

Operating ethically 

Our focus is on building strong, mutually beneficial and trusting relationships with our stakeholders.

annual report south 32

Environment 

We are committed to protecting natural resources including water, biodiversity, air and surrounding ecosystems.

annual report south 32

Sustainability reporting

We measure our sustainability performance against international standards and initiatives.

Two south 32 workers

Climate change

We are preparing our business for the global energy transition, meeting our climate change commitments and achieving a just transition for our people, our business and our communities.

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Oil Market Report - February 2024

Oil tanker

About this report

The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries.

  • Global oil demand growth is losing momentum, with annual gains easing from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23. A sharp drop in China underpinned an 830 kb/d decline in global oil demand to 102.1 mb/d in the last quarter of 2023. The pace of expansion is set to decelerate further to 1.2 mb/d in 2024, compared with 2.3 mb/d last year. China, India and Brazil will continue to dominate gains.
  • World oil supply in January posted a sharp decline of 1.4 mb/d m-o-m after an Arctic blast shut in production in North America and as OPEC+ deepened output cuts. Record output from the US, Brazil, Guyana and Canada will nevertheless help boost non-OPEC+ supply by 1.6 mb/d this year compared to 2.4 mb/d in 2023, when total global oil supply rose by 2 mb/d to an average 102.1 mb/d.
  • Refinery throughputs are set to accelerate from a seasonal low of 81.5 mb/d in February. Atlantic Basin activity will recover from US weather-related disruptions that cut runs by up to 1.7 mb/d, despite a pickup in planned maintenance and as new capacity comes online in the non-OECD. For 2024 as a whole, refinery crude runs are forecast to rise by 1 mb/d to 83.3 mb/d, as a 330 kb/d decline in the OECD mitigates non-OECD gains.
  • Refining margins recovered from early-January weakness in the Atlantic Basin, led by the US Gulf Coast following the mid-month winter freeze. Although Singapore margins posted a narrow m-o-m gain, the $4.50/bbl increase on average in USGC margins was driven by the late-month rally in cracks that pushed Atlantic Basin margins to their highest level since late September.
  • Global observed oil stocks plummeted by about 60 mb in January, preliminary data indicate, with on-land inventories falling to their lowest level since at least 2016. In December, global stocks rose by 21.6 mb as a surge in oil on water (+60.7 mb) more than offset draws in on-land inventories (-39 mb). OECD industry stocks fell by 24.1 mb in December, reflecting declines in all three regions.
  • Amid intensifying hostilities in the Middle East and North American supply outages, ICE Brent futures rose by $5/bbl during January - their first monthly gain since September. The forward structure flipped from contango to backwardation, as diverted Red Sea tanker traffic congested Asia-Europe supply chains and delayed flows into the Atlantic Basin. At the time of writing, Brent was trading at $83/bbl.

Winter freeze

Global oil market balances tightened in January despite apparent demand weakness. An extreme Arctic freeze that swept through key oil producing regions in the United States and Canada prompted significant supply outages that coincided with fresh voluntary output curbs by some OPEC+ countries. Escalating geopolitical tensions in the Middle East added further upward momentum, as oil tankers circumventing the Red Sea disrupted supply flows to global markets. Brent crude oil futures rose by $5/bbl during the month and were trading around $83/bbl at the time of writing.

The expansive post-pandemic growth phase in global oil demand has largely run its course. The pace of growth already eased sharply, from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23, with an apparent slowdown in China underpinning an 830 kb/d decline in consumption in the final quarter of the year. The deceleration will gather pace in 2024, with world oil demand growth forecast to average 1.2 mb/d, only half last year’s solid expansion. As in 2023, gains will be dominated by a few key countries, most notably China, and to a lesser extent India and Brazil. The three major economies are set to account for 78% of growth in global oil demand in 2024, that is forecast to reach a new peak of 103 mb/d.

While higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand, a sharp decline in output in January set the year off to a difficult start. Extreme weather conditions shut in more than 900 kb/d of production across North America. The steep loss coincided with fresh OPEC+ voluntary output cuts of around 300 kb/d, resulting in a massive 1.4 mb/d m-o-m decline in global oil supply. However, the rising wave of non-OPEC+ oil growth resumes in 2Q24, driving output on an upward trajectory for the rest of the year. World oil supply is set to increase by 1.7 mb/d to a record 103.8 mb/d in 2024, with non-OPEC+ providing 95% of the incremental barrels.

With the robust outlook for non-OPEC+ supply, our balances suggest a slight build in inventories in 1Q24 despite the extension and deepening of OPEC+ supply curbs. From 2Q24 onwards, continuation of this strength could leave OPEC+ pumping above requirements for its crude oil if extra voluntary cuts are unwound in the second quarter.

Given heightened geopolitical risks and low global oil inventories, a modest surplus may help contain market volatility. While oil on water surged by 60 mb in December due to end-year tax considerations and as a number of tanker owners diverted ships away from the Red Sea to around the Cape of Good Hope, observed onshore stocks declined by nearly 40 mb. Preliminary data suggest further draws in January, of more than 60 mb, with observable on-land stocks falling to their lowest level since at least 2016, the start of our data series. Low oil inventories exacerbate the price impact of supply and demand shocks and may limit the industry's ability to respond to unexpected strength in demand or disruptions to supply. As the IEA celebrates its 50th anniversary this week, oil supply security remains as critical as ever.

1. Includes extra voluntary curbs where announced. 2. Capacity levels can be reached within 90 days and sustained for an extended period. 3. Excludes shut in Iranian, Russian crude. 4. Angola left OPEC effective 1 Jan 2024. 5. Iran, Libya, Venezuela exempt from cuts. 6. Mexico excluded from OPEC+ compliance. 7. Bahrain, Brunei, Malaysia, Sudan and South Sudan.

Definitions of key terms used in the OMR.

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IEA (2024), Oil Market Report - February 2024 , IEA, Paris https://www.iea.org/reports/oil-market-report-february-2024

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shell LNG

Shell LNG Outlook 2024

Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth.

Global trade in LNG reached 404 million tonnes in 2023, up from 397 million tonnes in 2022, with tight supplies of LNG constraining growth.

Explore the Shell LNG Outlook 2024

Download the Shell LNG Outlook 2024

The Outlook in full explores LNG supply and demand in 2023 and future emerging trends.

Explore the key facts and figures from this years Outlook in our short video

Video transcript

Title: Shell LNG Outlook 2024

Duration: 2:02

[Background music plays] Sound of Shell tracks starts to play throughout.

[Graphic Display]

Shell Pecten appears on screen with a plain white background.

[Text displayed]

Shell LNG Outlook 2024.

[Video footage]

Image of a ship out at sea appears with on screen text. Yellow and blue lines come in from the side of the screen, outlining the text.

[Voiceover]

Shell LNG Outlook 2024... an annual report that examines key trends in the global liquefied natural gas industry during the previous year and the emerging picture for future global supply and demand.

The screen changes to show a close-up image of a lady wearing a hard hat and hi vis jacket. An animated illustration of a graph appears on screen. A solid white line appears with an arrow pointing to 2023 and a dotted white line with an arrow pointing to 2022 appears above it.

Gas and LNG prices stabilised during 2023 but limited new LNG supply has kept gas prices above historic averages.

The screen changes to a landscape view of a ship docked in the background with a male and female dressed in hi vis and hard hats walking towards the ship.

Animated illustrations appear over the top of the image, 404 MT 2023 appears above the ship within a white arrowed box. A yellow line surrounds on screen text – 404MT in 2023.

404 MT 2023

Global trade in LNG reached 404 million tonnes in 2023,

Animated illustrations appear over the top of the image, +7 MT 2022 appears above the ship within another white arrowed box.

an increase of 7 million tonnes from 2022.

The screen changes to an image of a bird’s eye view of diagonal pipes above the sea with the same male and female wearing hard hats and hi vis’.

CHINA growth 8%.

Chinese gas demand grew 8% despite a modest economic recovery, with China overtaking Japan to become the world’s largest LNG importer again.

The screen changes to an image of a ship traveling through a river with greenery on the left-hand side.

Animated illustrations appear from the top left showing an arrow with a flame, and a globe behind the word ‘EUROPE’.

European gas use fell. But LNG continued to play a vital energy security role with Europe importing more than 120 million tonnes.

The screen changes to another image of a ship in a river. There are people in hi vis’ and hard hats standing on the ship.

Animated illustrations appear on screen. A white arrow appears, coming out of the ship with an arrow and a flag icon in the middle.

Another animated illustration appears on screen. A yellow line animated around the words ‘growth to 2024’ and white arrow appears from the bottom of the ship with an LNG icon scaling from small to large.

Growth to 2040

Demand for natural gas has already peaked in some regions. But demand for LNG is set to continue growing beyond 2040.

The screen changes to show a landscape of China, a large structural building appears with white animated illustrations appearing on the right-hand side. A white LNG icon and CO2 appears within white arrows.

China is set to drive demand for LNG this decade to meet industry needs.

The screen changes to an image of a ship docking next to a field filled with solar panels. A white line animates through the solar panels and white icons of wind and solar appear on screen.

A yellow line appears on the top right of the screen, surrounding the words ‘24/7 power outlet’.

24/7 power outlet.

Gas provides the flexibility to balance increasing solar and wind generation around the world.

The screen changes to a close-up image of a female wearing a heard hat and glasses. An animated illustration of an LNG Icon and factory icon appears on an arrow. As the arrow goes up the screen the on-screen text changes from 2022 to 2030.

More LNG supply is expected this decade, notably from North America, but startup timings are uncertain.

The screen changes to an image of a factory with a white illustration on the left-hand side. A white line appears and turns into a chart showing -30%.

The USA is set to meet around 30% of total global LNG demand by 2030.

The screen changes to an image of a large ship in the middle of the ocean. Animated illustrations appear on screen – A down arrow with the word ‘Declining’ and a flame icon. An up arrow with the word ‘Growing’ and an LNG icon.

South-East ASIA.

Declining domestic gas production and growing power demand set to drive more LNG imports to South-east Asia.

The screen changes to a close-up image of the ship in the middle of the ocean. Blue and yellow lines appear surrounding the wording ‘Shell LNG Outlook 2024.’

To find out more, download the full report.

The Shell LNG Outlook 2024 infographic

The Shell LNG Outlook 2024 infographic (PDF) #_140 { width: calc(var(--font-scale) * 16px); height: calc(var(--font-scale) * 16px); } #_141 path, #_141 polygon { fill: currentColor; }

Explore the key facts and figures at a glance with our LNG Outlook infographic.

The Shell LNG Outlook 2024 media release

The Shell LNG Outlook 2024 media release (PDF) #_142 { width: calc(var(--font-scale) * 16px); height: calc(var(--font-scale) * 16px); } #_143 path, #_143 polygon { fill: currentColor; }

Read the media release which outlines key points and trends in the LNG Outlook 2024.

LNG - decarbonisation pathways

LNG - decarbonisation pathways

Click here to explore potential pathways to decarbonise LNG

Frequently asked questions

What is the shell lng outlook.

The Shell LNG Outlook is an annual report produced by Shell which focuses on the key trends in the global liquefied natural gas (LNG) market over the previous year and highlights key trends that are shaping the future market. The report is now in its eighth year.

Why is LNG important?

Many people in need of energy are located far from gas fields, making pipelines too impractical or costly to build. To get around this problem, natural gas can be cooled, shrinking its volume for easier, safer storage and shipping overseas. This cooled natural gas is LNG.

What proportion of natural gas demand is met by LNG?

In 2023, around 14% of global natural gas demand was met through LNG supplies.

How is Shell involved in LNG?

Shell is one of the leading LNG suppliers globally being involved in every stage of the value chain. We have a major interest in two regasification plants - Hazira in India and Dragon in the UK – and long-term access to capacity in several others in Europe, the Middle East and North America. Our trading operation buys and sells LNG to and from Shell, its partners and third parties.

Shell is also one of the world’s largest LNG shipping operators, managing and operating more than 18 carriers and with 65 on time-charter. Combined, these LNG carriers comprise around 11% of the global LNG shipping fleet.

How much LNG was traded globally in 2023?

In total, around 404 million tonnes of LNG was traded globally during 2023, an increase of around seven million tonnes from the previous year.

Which country imported the most LNG in 2023?

China again became the single largest importer of LNG in 2023, overtaking Japan. Following strict measures to prevent the spread of Covid-19 in 2022, it imported 72 million tonnes of LNG in 2023.

Which was the largest export country?

The USA was the largest exporters, shipping 86 million tonnes in 2023. Both Australia and Qatar also shipped 80 million tonnes.

Is there sufficient LNG supply to meet the demand?

During 2023 the global LNG market remained tight due to little additional LNG supply available. However, a mild winter, weaker gas demand in Europe and Japan and China’s modest economy recovery helped to balance the global LNG market.

Read previous LNG Outlooks

LNG Outlook for 2023

LNG Outlook for 2023

Exploring key trends in the LNG industry in 2023 and the emerging picture for future global supply and demand.

Read the LNG Outlook for 2023 here

LNG vessel on the water

LNG Outlook for 2022

Exploring key trends in the LNG industry in 2022 and the emerging picture for future global supply and demand.

Read the LNG Outlook for 2022 here

Female crew wearing face mask overlooking the LNG vessel from a snowy coast

LNG Outlook for 2021

Exploring key trends in the LNG industry in 2021 and the emerging picture for future global supply and demand.

Read the LNG Outlook for 2021 here

LNG plant by night

LNG Outlook for 2020

Exploring key trends in the LNG industry in 2020 and the emerging picture for future global supply and demand.

Read the LNG Outlook for 2020 here

A male crew overlooking docked LNG ship

LNG Outlook for 2019

Exploring key trends in the LNG industry in 2019 and the emerging picture for future global supply and demand.

Read the LNG Outlook for 2019 here

Shell LNG Plant by night

LNG Outlook for 2018

Exploring key trends in the LNG industry in 2018 and the emerging picture for future global supply and demand.

Read the LNG Outlook for 2018 here

Trading and shipping manages one of the world's biggest fleets of LNG carriers

Liquefied natural gas (LNG)

We cool natural gas to make a liquid, shrinking its volume 600 times for easy shipping to distant markets.

Vehicles running on a highway

Natural gas

We are helping to power lives around the world with natural gas, the cleanest-burning hydrocarbon.

Cautionary note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this LNG Outlook “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this LNG Outlook refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

Shell’s net carbon intensity

Also, in this LNG Outlook we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Shell expects to publish its 2024 Energy Transition Strategy on March 14, 2024, which will include an update on Shell’s energy transition strategy and set out Shell’s climate targets and ambitions for the future.

Forward Looking Non-GAAP measures

This LNG Outlook may contain certain forward-looking non-GAAP measures such as [cash capital expenditure] and [divestments]. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this report do not form part of the LNG Outlook 2024.

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Breaking News -

 varilek angus 72nd annual bull sale.

News News | Feb 21, 2024

TSLN Rep: Dan Piroutek

Date: Feb. 17, 2024

Location: at the ranch, south of Geddes, South Dakota

Auctioneers: Seth Weishaar and Daniel Koupal

Averages:      172 reg. yearling Angus Bulls avg. $ 8293

19 Open Heifers avg. $ 3526

Mick and Lynn Varilek, along with their son, Ross, hosted a very large crowd.  These bulls all come through the ring, and these bulls all had some of the best dispositions that I’ve seen.  It was a very active auction that moved very rapidly clear to the end.

Mike Fuoss and David Laheska were young men who passed this year. The Varilek family sold a registered open heifer that went for the benefit of their families.

Top Selling Angus Bulls :

Lot 14: $ 37,500 to Fuoss Angus, Draper, South Dakota, and J K Angus, Montrose, South Dakota – Sitz Spectrum x E&B Plus One

Lot 19: $ 20,000 to Ostrand Angus, Mason City, Nebraska – Poss Rawhide x G A R Ashland

Lot 3: $ 16,000 to Straka Angus, Stuart, Nebraska – Varilek Historic 1017 02 x Connealy Mainstay

Lot 9: $ 16,000 to Rollin Rock Angus, Helix, Oregon – Varilek Historic 1017 02 x Deer Valley Growth Fund

Lot 143: $ 15,500 to Fuoss Angus, Draper, South Dakota – Varilek Loaded 0038 32 x KM Broken Bow 002

Lot 20: $ 15,000 to Astleford Ranch, White River, South Dakota – Poss Rawhide x Deer Valley Growth Fund

Lot 60: $ 14,000 to Andrews Ranch, Nebraska – Sitz Resilient 10208 x Varilek Kill Shot 3 157 67

Top Selling Open Heifer :

Lot 202: $ 19,000 to Michael Cahoy, Colome, South Dakota – Connealy Stronghold 6587 x HA Prime Cut 4493

annual report south 32

Feb 21, 2024

Hoffman Ranch Annual Spring Bull Sale

Krebs ranch bull sale, mcnamee angus ranch & cook angus 36th annual bull sale, smith’s saddle butte ranch presidents’ day bull sale.

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Here's the inflation breakdown for January 2024 — in one chart

thumbnail

  • The consumer price index rose by 3.1% in January, a smaller annual increase than in December.
  • Workers' buying power has increased each month since May.
  • However, there were a few potentially worrying signs under the surface.

Inflation declined in January and consumers' buying power rose as price pressures for U.S. goods and services continued to ease.

The consumer price index , a key inflation gauge, rose 3.1% in January relative to a year earlier, the U.S. Labor Department said Tuesday. That's down from 3.4% in December.

The CPI measures how fast the prices of everything from fruits and vegetables to haircuts, concert tickets and household appliances are changing across the U.S. economy.

While that overall downward trend is encouraging, there were a few "disappointments" under the surface, as inflation rose from December to January in categories such as shelter, food, electricity and airline fares, said Mark Zandi, chief economist at Moody's Analytics.

Ultimately, it's likely just a "brief detour" from the broader disinflation trend, which is unlikely to move in a perfectly straight line, he added.

"You get zigs and zags in all these data, and this was just a zag," Zandi said. "The bottom line: Inflation continues to moderate. It's still uncomfortably high — though ... moving in the right direction. And all the trend lines still look good aside from today's data detour."

Workers' paychecks can buy more

Inflation has fallen significantly from its pandemic-era peak, 9.1%, in June 2022. Around that time, the average consumer's paycheck wasn't keeping up with fast-rising prices. Their so-called "real earnings" — earnings after accounting for inflation — were negative for more than two years .

That dynamic has reversed: Workers' hourly pay has exceeded the rate of inflation since May. In other words, their wages can buy more. Real average hourly earnings rose by 1.4% between January 2023 and January 2024, the Labor Department said Tuesday .

Normalizing inflation means consumers don't need to spend down their "excess savings" to support spending, according to a recent outlook authored by J.P. Morgan's Global Investment Strategy Group.

Consumer sentiment jumped 13% in January to its highest level since July 2021, which reflects "improvements in the outlook for both inflation and personal incomes," according to the University of Michigan.

Where inflation was high in January

Despite broad disinflation, there are specific categories where inflation remains relatively high.

"Notable" categories include motor vehicle insurance (where costs are up 20.6% in the past year), recreation (2.8%), personal care (5.3%) and medical care (1.1%), according to the Labor Department.

Prices for motor vehicle insurance and auto repairs, for example, have risen rapidly following an earlier pandemic-era surge in prices for new and used cars , albeit with a lag.

Experts react to January’s CPI report

Additionally, shelter inflation is up 6% in the last 12 months. Shelter is the largest component of the average household's budget, and stubbornly high inflation in the category has propped up overall inflation readings.

Economists expect housing inflation to moderate due to encouraging signals, such as moderating national prices for newly signed leases, a trend that tends to take months to flow into broader inflation data .

"Everything suggests that's going to happen," Zandi said. "The lag is longer than I would have anticipated."

More from Personal Finance: Why the 'last mile' of inflation fight may be tough Why disinflation is 'more ideal' than deflation Workers may be unfairly sour on the job market

Other categories have retreated significantly.

Inflation for groceries, for example, has declined to 1.2% over the last 12 months, from a peak of around 13.5% in August 2022. Some categories — such as frozen noncarbonated juices and drinks, sugar, and beefsteaks — remain elevated, though. Their prices are up by 29%, 7.2% and 10.7%, respectively.

Sugar prices, for example, were affected by "ongoing shortfalls and availability issues" in 2023, said Amy Smith, an economist at Advanced Economic Solutions.

Sugar is a key ingredient in, among other things, juices and drinks; the latter were also affected by bad weather in Brazil and Florida, which reduced production of oranges and led futures on frozen concentrated orange juice to surge to an all-time high in November, Smith said. And beef production was down almost 5% in 2023, due partly to the impact of severe drought on pasture lands, she added.

Meanwhile, overall energy costs have decreased, or deflated, by 4.6% in the past year, with gasoline down 6.4%, natural gas 17.8% and fuel oil 14.2%.

Why inflation surged in the pandemic era

Inflation initially spiked in early 2021 as the U.S. economy reopened from its Covid-19-related shutdown.

During the pandemic, consumer demand for household goods jumped as people spent more time at home and couldn't spend on travel and other experiences. Goods production couldn't keep up with high demand amid snarled supply chains.

It was a "double whammy" that caused prices to "skyrocket," according to Jay Bryson, chief economist for Wells Fargo Economics.

Now, supply chains and consumer demand for goods have largely normalized, Bryson said.

Inflation in the "services" side of the economy — the intangible things we consume, such as concerts, auto repairs and veterinary visits — is also declining but remains elevated, he said. A big reason for this is wage growth, since labor is a major input cost for services businesses, economists said.

Businesses' demand for workers rose to a record high as the economy reopened, and wage growth jumped to its highest level in decades as workers enjoyed ample leverage in the job market. That growth has since eased as the labor market has cooled from red-hot levels, reducing the inflationary pressure for services, but remains elevated, economists said.

comscore

Shell expects 50% rise in global LNG demand by 2040

Illustration shows a model of LNG tanker

  • Global LNG demand to double by 2040
  • China, Asian countries to lead growth
  • Market remains tight, prices above historical average
  • European long-term contracts not enough to bridge gap
  • US LNG export ban is a risk if lasts longer than a year

Shell LNG outlook Shell LNG outlook

CHINA DOMINANCE

China-LNG-Outlook China-LNG-Outlook

Reporting by Marwa Rashad and Ron Bousso in London and Emily Chow in Singapore; Editing by Nina Chestney and Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

annual report south 32

Thomson Reuters

Marwa Rashad covers LNG and natural gas out of London, with a focus on Europe. She was part of a team awarded "Reuters Journalist of the Year" in 2022 for the coverage of the European Energy Crisis. Previously, She spent a decade in Saudi Arabia, the Middle East's largest economy and the world’s top oil exporter, covering a broad range of topics including the impact of the 2011 oil boom, the 2015 oil slump, the Kingdom's economic transformation and its efforts to diversify away from hydrocarbons, Saudi Aramco IPO and provided an in-depth understanding of the kingdom's young crown prince’s ambitious reform agenda. She was part of Reuters team awarded 2018 “scoop of the year” for coverage of the murder of Saudi journalist Jamal Khashoggi. Marwa joined Reuters in 2009 in Cairo, Egypt.

annual report south 32

Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine. He has been named Reporter of the Year in 2014 and 2021 by Reuters. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel.

A flare burns excess natural gas in the Permian Basin in Loving County, Texas

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  17. South32 boasts annual production records despite global economic setbacks

    In its annual report, South32 chairperson Karen Wood said while the world had reopened since the Covid-19 pandemic, geopolitical tensions remained heightened throughout the 2023 financial year,...

  18. Southcoast-Annual-Report-2022

    Click to view in fullscreen ... ...

  19. South32 Limited

    10,000+ Employees. Based in Perth, Australia. South32's purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. They are trusted by their owners and partners to realise the potential of their resources.

  20. PDF Annual Report

    SD UJS FY2023 ANNUAL REPORT ujs.sd.gov South Dakota Courts | At a Glance The South Dakota Unified Judicial System (UJS) consists of the Supreme Court, circuit courts and State Court Administrator's Office. ... Intermediate Appeals 31 24 36 40 32 Original Proceedings 60 31 34 44 43 Notice of Review 17 10 6 7 17 Certificates of Probable Cause ...

  21. 2023 Annual Report

    South Carolina State Board of Financial Institutions. Consumer Finance Division. 1205 Pendleton Street, Suite 306. Columbia, SC 29201. 803-734-2020

  22. Sustainability

    Annual reporting suite Back to top Our approach We aim to develop natural resources sustainably and with care, to create value and opportunities for people today and in the future. View our sustainability approach Developing natural resources to change people's lives for the better

  23. Oil Market Report

    Oil Market Report - February 2024 - Analysis and key findings. ... with annual gains easing from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23. A sharp drop in China underpinned an 830 kb/d decline in global oil demand to 102.1 mb/d in the last quarter of 2023. ... Bahrain, Brunei, Malaysia, Sudan and South Sudan. Definitions of key terms used in the ...

  24. Shell LNG Outlook 2024

    Shell LNG Outlook 2024. Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth.

  25. Varilek Angus 72nd Annual Bull Sale

    Lot 143: $ 15,500 to Fuoss Angus, Draper, South Dakota - Varilek Loaded 0038 32 x KM Broken Bow 002. Lot 20: $ 15,000 to Astleford Ranch, White River, South Dakota - Poss Rawhide x Deer Valley Growth Fund. Lot 60: $ 14,000 to Andrews Ranch, Nebraska - Sitz Resilient 10208 x Varilek Kill Shot 3 157 67. Top Selling Open Heifer:

  26. 2022 Annual Report

    About us South32 is a globally diversified mining and metals company. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources.

  27. Here's the inflation breakdown for January 2024

    The consumer price index rose by 3.1% in January 2024, a smaller annual increase than in December. ... Experts react to January's CPI report. Squawk Box. Additionally, shelter inflation is up 6% ...

  28. PAIA section 32 report for public bodies

    The information officer of every public body in South Africa must submit a PAIA section 32 report to the Information Regulator annually.

  29. Shell expects 50% rise in global LNG demand by 2040

    Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell said ...