Annual Report and Accounts 2020

Read the full, comprehensive operational and financial report for the year ended December 31, 2020.


The Annual Report provides a comprehensive account of Shell’s operational and financial activities for the year to December 31.

It outlines Shell’s business strategy, summarises its financial results, and explains how the component parts of Royal Dutch Shell plc and its subsidiaries operate.

It presents our consolidated financial statements, offers context on the global market conditions affecting us, and gives our assessment of the factors which could pose a significant risk to Shell and our shareholders.

It also outlines the social and environmental challenges we face, including our approach to tackling climate change, and provides detail on the steps we are taking to thrive in the transition to a low-carbon world.

It gives details of how our Chief Executive Officer and Chief Financial Officer are paid, and serves as Shell’s Annual Report and Accounts in accordance with UK law.

Key contents:

Strategy and Outlook; Risk factors; Market overview; Summary of Results; Integrated Gas; Upstream; Oil and gas information; Downstream; Liquidity and capital resources; Environment and society; Climate change and energy transition; Governance; Directors’ Remuneration Report; Financial Statements; Independent Auditors’ Reports.


The report is intended to provide key information to investors and potential investors, as well as being of interest to anyone who wants to understand Shell’s activities.

Sustainability Report 2020

Read the public record of our progress in contributing to sustainable development, online.


The Sustainability Report details Shell’s social, safety and environmental performance for the year to December 31.

It outlines the key sustainability challenges Shell faces and the many ways the company is responding.

To help inform our decisions about the report’s content, we consider the views of various groups including non-governmental organisations, customers and investors, to understand concerns about Shell’s impact.

The report provides a detailed account of Shell’s performance, taking into account the concerns raised.

It also explains how Shell supports global efforts to tackle climate change, and the role we are playing in the energy transition to a lower carbon world.

It includes an introduction from Shell’s Chief Executive Officer and an evaluation of the report’s content by a review panel of independent experts.

The Sustainability Report is an online-only publication.

Key contents:

Contents vary from year to year, but can include: Business strategy; Human rights; Climate change and energy transition; Net Carbon Footprint; Managing greenhouse gas emissions; Lower-carbon energy; Tax and transparency; Social performance; Working with partners; Environmental data; Safety data; Social data.


The report’s intended audiences are investors, non-governmental organisations, academics and anyone who would like to understand Shell’s social and environmental challenges and the steps we take to respond to them.

Tax Contribution Report 2019

Read detailed information on Shell’s taxes for 2019.


The Tax Contribution Report provides details of the corporate income tax we have paid in countries and locations in which we have a taxable presence, across all our businesses.

This voluntary disclosure represents an important move for Shell towards greater transparency around our approach to paying taxes.

We have focused on corporate income tax because this is what has attracted the most questions from investors, non-governmental organisations and wider society.

The Tax Contribution Report complements the information in Shell’s Payments to Governments Report, which details payments we make to governments in relation to our Upstream activities.

Shell is committed to compliance. We seek to comply with the applicable tax laws in all the countries and locations in which we have a taxable presence.

We aim to be transparent about our approach to tax, and open to a wider discussion with governments, businesses, investors and civil society.

Key contents:

Our approach to tax; country sections detailing: total revenue, profit before tax, tax paid, tax accrued, and Shell’s business activities.


Anyone who wants to understand Shell’s approach to tax, the amount of tax we pay and where.

Sustainability Performance Data 2020

Read about Shell’s sustainability performance data summary including environmental and safety performance as well as our contribution to local communities.

Payments to Governments

Read Shell’s Payments to Governments report.


The Payments to Governments Report is published annually and details payments relating to upstream activities in countries where Shell explores for or produces oil and gas.

It explains the basis on which the figures were calculated, and includes a breakdown of payments by country and by project.

The report fulfils the mandatory disclosures required by UK law, in accordance with the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015).

Shell believes that revenue transparency provides citizens with important information to hold their government representatives to account. It helps advance good governance.

Shell also believes transparency builds trust, which is essential for a company like ours.

We hope to demonstrate that extraction of natural resources can help create the opportunities of government revenue, economic growth and social development.

Key contents:

Basis for preparation; payments by country and by project. In accordance with UK regulations, the report does not cover payments by entities over which Shell has joint control, and excludes countries where total payments are below £86,000. This means some countries where Shell has upstream operations do not feature in the report.


Anyone interested in the activities of Shell, particularly in terms of how much is paid to governments in relation to its upstream activities.

Shell Energy Transition Strategy

Read about Shell’s strategy as the world transitions to lower-carbon energy.


The Shell Energy Transition Report explains how we are driving our business strategy in the context of climate-related risks and opportunities.

It makes clear that Shell supports the Paris Agreement to tackle climate change, and highlights the societal challenge to provide more energy while reducing carbon emissions.

It explains how we intend to thrive by supplying the lower-carbon energy products our customers will need as the world moves towards a low-carbon future.

It provides examples of what Shell is already doing and provides information about how we plan to remain resilient in the coming years.

The report describes our ambition to halve the Net Carbon Footprint of the energy products we sell by 2050, in step with society's progress towards meeting the Paris Agreement.

Published in 2018, the report contained Shell’s principal response to the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures.

Key contents:

Towards a low-carbon future; Shell scenarios; Our resilience in the medium term, to 2030; Changing our portfolio in the long term, beyond 2030; Shell’s actions today; Working with others.


Anyone who is interested in how Shell is adapting to the challenges and opportunities of climate change.

Aerial view of a busy road intersection in Shanghai, China, 2019. (Photo)

Our approach to taxes

Shell seeks to comply with the applicable tax laws in all the countries and locations in which we have a taxable presence. We respect both the letter and the spirit of the tax law.

A growing population with rising living standards will need more energy. Shell provides energy for transport users. (Photo)

Our tax data

This section provides a breakdown of our country-by-country reporting and disclose how much corporate income tax we pay in countries and locations where we have a taxable presence.

Annual Report and Accounts 2020

Powering Progress and Facing a Pandemic

Read the Chief Executive Officer’s review in our Annual Report and Accounts 2020
Ben van Beurden, CEO
Ben van Beurden

Courage and COVID-19: How Our People Stepped Up

Read the Chair’s message in our Annual Report and Accounts 2020
Chad Holliday, Chair
Chad Holliday

Sustainability Report 2020