Profit before tax
Main Business Activities
- Upstream and Integrated Gas
- Trading and Supply
- Other support activities
Shell has been active in Mexico since 1954 when it started as a chemicals business. In 2020, Shell’s activities include nine deep-water blocks, one shallow-water block, 234 Shell retail sites and Shell-branded sites, the import and supply of gasoline/diesel, the sale of petrochemicals and lubricants, a commercial fleet, a power generation business, and natural gas trading and supply.
Shell also has 100% capacity at the Altamira regasification plant and supplies Comisión Federal de Electricidad, the state-owned electric utility of Mexico, through the Manzanillo terminal. Shell is also active in strategic sourcing and supplier development, providing goods and services to Shell’s operations locally and worldwide.
Country Financial Analysis
The statutory corporate income tax rate in Mexico is 30%.
Profits in 2020 were made predominantly from integrated gas activities. Those profits were partially reduced by losses from upstream exploration and downstream activities. In Mexico, tax is paid in instalments in advance during the year and any overpayments may be used to reduce the tax liability in future periods. In 2019, we paid tax in advance in respect of our profitable activities which reduced our tax liability for 2020.
Our Payments to Governments Report for 2020 also shows that Shell paid around $36 million in fees.