Cover page
Cover page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document and Entity Information [abstract] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | Q8 |
Entity File Number | 1-15200 |
Entity Registrant Name | Equinor ASA |
Entity Current Reporting Status | Yes |
Entity Address Address Line 1 | Forusbeen 50 |
Entity Address City Or Town | Stavanger |
Entity Address Postal Zip Code | N-4035 |
Entity Address Country | NO |
Entity Filer Category | Large Accelerated Filer |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | Yes |
Security 12g Title | None |
Entity Common Stock Shares Outstanding | 3,121,942,270 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0001140625 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | Ernst & Young AS |
Icfr Auditor Attestation Flag | true |
Auditor firm id | 1572 |
Auditor Location | Stavanger, Norway |
American Depositary Shares [member] | |
Document and Entity Information [abstract] | |
Trading Symbol | EQNR |
Security 12g Title | American Depositary Shares |
Security Exchange Name | NYSE |
Ordinary shares, nominal value of NOK 2.50 each [member] | |
Document and Entity Information [abstract] | |
Trading Symbol | EQNR |
Security 12g Title | Ordinary shares, nominal value of NOK 2.50 |
Security Exchange Name | NYSE |
Business Contact [member] | |
Document and Entity Information [abstract] | |
Contact Personnel Name | Torgrim Reitan |
Entity Address Address Line 1 | Forusbeen 50 |
Entity Address City Or Town | Stavanger |
Entity Address Postal Zip Code | N-4035 |
Entity Address Country | NO |
City Area Code | 47 |
Local Phone Number | 5199-0000 |
Contact Personnel Fax Number | 5199-0050 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENT OF INCOME [Abstract] | |||
Revenues | $ 149,004 | $ 88,744 | $ 45,753 |
Net income/(loss) from equity accounted investments | 620 | 259 | 53 |
Other Income | 1,182 | 1,921 | 12 |
Total revenues and other income | 150,806 | 90,924 | 45,818 |
Purchases (net of inventory variation) | (53,806) | (35,160) | (20,986) |
Operating expenses | (9,608) | (8,598) | (8,831) |
Selling, general and administrative expenses | (986) | (780) | (706) |
Depreciation, amortisation and net impairment losses | (6,391) | (11,719) | (15,235) |
Exploration expenses | (1,205) | (1,004) | (3,483) |
Total operating expenses | (71,995) | (57,261) | (49,241) |
Net operating income/(loss) | 78,811 | 33,663 | (3,423) |
Interest expenses and other financial expenses | (1,379) | (1,223) | (1,392) |
Other financial items | 1,172 | (857) | 556 |
Net financial items | (207) | (2,080) | (836) |
Income/(loss) before tax | 78,604 | 31,583 | (4,259) |
Income tax | (49,861) | (23,007) | (1,237) |
Net income/(loss) | 28,744 | 8,576 | (5,496) |
Attributable to equity holders of the company | 28,746 | 8,563 | (5,510) |
Attributable to non-controlling interests | $ (3) | $ 14 | $ 14 |
Basic earnings per share (in USD) | $ 9.06 | $ 2.64 | $ (1.69) |
Diluted earnings per share (in USD) | $ 9.03 | $ 2.63 | $ (1.69) |
Weighted average number of ordinary shares outstanding (in millions) | 3,174 | 3,245 | 3,269 |
Weighted average number of ordinary shares outstanding, diluted (in millions) | 3,183 | 3,254 | 3,277 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Consolidated statements of comprehensive income [Abstrct] | ||||
Net income/(loss) | $ 28,744 | $ 8,576 | $ (5,496) | |
Actuarial gains (losses) on defined benefit pension plans | 461 | 147 | (106) | |
Income tax effect on income and expenses recognised in OCI | [1] | (105) | (35) | 19 |
Items that will not be reclassified to the Consolidated statement of income | 356 | 111 | (87) | |
Foreign currency translation effect | (3,609) | (1,052) | 1,064 | |
Share of OCI from equity accounted investments | 424 | 0 | 0 | |
Items that may subsequently be reclassified to the Consolidated statement of income | (3,186) | (1,052) | 1,064 | |
Other comprehensive income/(loss) | (2,829) | (940) | 977 | |
Total comprehensive income/(loss) | 25,914 | 7,636 | (4,519) | |
Attributable to the equity holders of the company | 25,917 | 7,622 | (4,533) | |
Attributable to non-controlling interests | $ (3) | $ 14 | $ 14 | |
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><span style='font-family:Arial;font-size:8pt;margin-left:0pt;' >Other</span><span style='font-family:Arial;font-size:8pt;' > Comprehensive Income</span><span style='font-family:Arial;font-size:8pt;' > (OCI).</span></p></div> |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncurrent assets [abstract] | |||
Property, plant and equipment | $ 56,498 | $ 62,075 | |
Intangible assets | 5,158 | 6,452 | |
Equity accounted investments | 2,758 | 2,686 | |
Deferred tax assets | 8,732 | 6,259 | |
Pension assets | 1,219 | 1,449 | |
Derivative financial instruments | 691 | 1,265 | |
Financial investments | 2,733 | 3,346 | |
Prepayments and financial receivables | 2,063 | 1,087 | |
Total non-current assets | 79,851 | 84,618 | |
Current assets [abstract] | |||
Inventories | 5,205 | 3,395 | |
Trade and other receivables | [1] | 22,452 | 17,927 |
Derivative financial instruments | 4,039 | 5,131 | |
Financial investments | 29,876 | 21,246 | |
Cash and cash equivalents | [2] | 15,579 | 14,126 |
Total current assets | 77,152 | 61,826 | |
Assets classified as held for sale | 1,018 | 676 | |
Total assets | 158,021 | 147,120 | |
Equity [abstract] | |||
Shareholders equity | 53,988 | 39,010 | |
Non-controlling interests | 1 | 14 | |
Total equity | 53,989 | 39,024 | |
Noncurrent liabilities [abstract] | |||
Finance debt | 24,141 | 27,404 | |
Lease liabilities | 2,409 | 2,449 | |
Deferred tax liabilities | 11,996 | 14,037 | |
Pension liabilities | 3,671 | 4,403 | |
Provisions and other liabilities | 15,633 | 19,899 | |
Derivative financial instruments | 2,376 | 767 | |
Total non-current liabilities | 60,226 | 68,959 | |
Current liabilities [abstract] | |||
Trade, other payables and provisions | 13,352 | 14,310 | |
Current tax payable | 17,655 | 13,119 | |
Finance debt | 4,359 | 5,273 | |
Lease liabilities | 1,258 | 1,113 | |
Dividend payable | 2,808 | 582 | |
Derivative financial instruments | 4,106 | 4,609 | |
Total current liabilities | 43,539 | 39,005 | |
Liabilities directly associated with the assets classified as held for sale | 268 | 132 | |
Total liabilities | 104,032 | 108,096 | |
Total equity and liabilities | $ 158,021 | $ 147,120 | |
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;' >Of which Trade receivables of USD </span><span style='font-family:Arial;font-size:8pt;' >17,334</span><span style='font-family:Arial;font-size:8pt;' > million in 2022 and USD </span><span style='font-family:Arial;font-size:8pt;' >15,237 </span><span style='font-family:Arial;font-size:8pt;' >million in 2021.</span></p></div>[2]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;' >Includes collateral deposits of USD </span><span style='font-family:Arial;font-size:8pt;' >6,128 </span><span style='font-family:Arial;font-size:8pt;' >million for 2022 related to certain requirements set out by exchanges where Equinor is participating. The </span><span style='font-family:Arial;font-size:8pt;' >corresponding figure for 2021 is USD </span><span style='font-family:Arial;font-size:8pt;' >2,069 </span><span style='font-family:Arial;font-size:8pt;' >million.</span></p></div> |
CONSOLIDATED BALANCE SHEET - (P
CONSOLIDATED BALANCE SHEET - (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheet [abstract] | ||
Trade Receivables | $ 17,334 | $ 15,237 |
Collateral deposits | $ 6,128 | $ 2,069 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Share capital [member] | Addiitonal paid in capital [member] | Retained earnings [member] | Foreign currency translation reserve [member] | OCI from equity accounted investments [member] | Shareholders's equity [member] | Non-controling interest [member] | |
Equity beginning balance at Dec. 31, 2019 | $ 41,159 | $ 1,185 | $ 7,732 | $ 37,481 | $ (5,258) | $ 0 | $ 41,139 | $ 20 | |
Net income/(loss) | (5,496) | (5,510) | (5,510) | 14 | |||||
Other comprehensive income/(loss) | 977 | (87) | 1,064 | 977 | |||||
Total comprehensive income/(loss) | (4,519) | ||||||||
Dividends | (1,833) | (1,833) | (1,833) | ||||||
Share buy-back | (890) | 21 | (869) | (890) | |||||
Other equity transactions | (25) | (11) | (11) | (15) | |||||
Equity ending balance at Dec. 31, 2020 | 33,892 | 1,164 | 6,852 | 30,050 | (4,194) | 0 | 33,873 | 19 | |
Net income/(loss) | 8,576 | 8,563 | 8,563 | 14 | |||||
Other comprehensive income/(loss) | (940) | 111 | (1,052) | (940) | |||||
Total comprehensive income/(loss) | 7,636 | ||||||||
Dividends | (2,041) | (2,041) | (2,041) | ||||||
Share buy-back | (429) | (429) | (429) | ||||||
Other equity transactions | (33) | (15) | (15) | (18) | |||||
Equity ending balance at Dec. 31, 2021 | 39,024 | 1,164 | 6,408 | 36,683 | (5,245) | 0 | [1] | 39,010 | 14 |
Net income/(loss) | 28,744 | 28,746 | 28,746 | (3) | |||||
Other comprehensive income/(loss) | (2,829) | 356 | (3,609) | 424 | [1] | (2,829) | |||
Total comprehensive income/(loss) | 25,914 | ||||||||
Dividends | (7,549) | (7,549) | (7,549) | ||||||
Share buy-back | (3,380) | (22) | (3,358) | (3,380) | |||||
Other equity transactions | (20) | (10) | (10) | (10) | |||||
Equity ending balance at Dec. 31, 2022 | $ 53,989 | $ 1,142 | $ 3,041 | $ 58,236 | $ (8,855) | $ 424 | $ 53,988 | $ 1 | |
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;margin-left:0pt;' >1) </span><span style='font-family:Arial;font-size:8pt;' >OCI items </span><span style='font-family:Arial;font-size:8pt;' >from equity accounted investments that may subsequently be reclassified to the Consolidated statement of income, are presented as part of OCI from equity accounted investments. OCI items that will not be reclassified to the </span><span style='font-family:Arial;font-size:8pt;' >Consolidated statements of income will be included in retained earnings. </span></p></div> |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Cash flows from (used in) operating activities [abstract] | ||||||
Income/(loss) before tax | $ 78,604 | $ 31,583 | $ (4,259) | |||
Depreciation, amortisation and net impairment losses | 6,391 | 11,719 | 15,235 | |||
Exploration expenditures written off | 342 | 171 | 2,506 | |||
(Gains) losses on foreign currency transactions and balances | (2,088) | (47) | 646 | |||
(Gains) losses on sales of assets and businesses | (823) | (1,519) | 18 | |||
(Increase) decrease in other items related to operating activities | [1] | 468 | 106 | 918 | ||
(Increase) decrease in net derivative financial instruments | 1,062 | 539 | (451) | |||
Interest received | 399 | 96 | 162 | |||
Interest paid | (747) | (698) | (730) | |||
Cash flows provided by operating activities before taxes paid and working capital items | 83,608 | 41,950 | 14,045 | |||
Taxes paid | (43,856) | (8,588) | (3,134) | |||
(Increase) decrease in working capital | (4,616) | (4,546) | (524) | |||
Cash flows provided by operating activities | 35,136 | 28,816 | 10,386 | |||
Cash flows from (used in) investing activities [abstract] | ||||||
Capital expenditures and investments | (8,611) | (8,151) | (8,476) | |||
(Increase) decrease in financial investments | (10,089) | (9,951) | (3,703) | |||
(Increase) decrease in derivatives financial instruments | 1,894 | (1) | (620) | |||
(Increase)/decrease in other interest bearing items | (23) | 28 | 202 | |||
Proceeds from sale of assets and businesses | 966 | 1,864 | 505 | |||
Cash flows used in investing activities | (15,863) | (16,211) | (12,092) | |||
Cash flows from (used in) financing activities [abstract] | ||||||
New finance debt | 0 | 0 | 8,347 | |||
Repayment of finance debt | (250) | (2,675) | (2,055) | |||
Repayment of lease liabilities | (1,366) | (1,238) | (1,277) | |||
Dividend paid | (5,380) | (1,797) | (2,330) | |||
Share buy-back | (3,315) | (321) | (1,059) | |||
Net current finance debt and other financing activities | (5,102) | 1,195 | 1,365 | |||
Cash flows provided by (used in) financing activities | (15,414) | (4,836) | 2,991 | |||
Net increase (decrease) in cash and cash equivalents | 3,860 | 7,768 | 1,285 | |||
Foreign currency translation effects | (2,268) | (538) | 294 | |||
Cash and cash equivalents at the beginning of the period (net of overdraft) | 13,987 | [2] | 6,757 | [2] | 5,177 | |
Cash and cash equivalents at the end of the period (net of overdraft) | [2] | $ 15,579 | $ 13,987 | $ 6,757 | ||
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:10pt;' ><span style='font-family:Arial;font-size:8pt;' >The line item mainly consists of provisions, unrealised</span><span style='font-family:Arial;font-size:8pt;' > gains and losses and items of income or expense for which the cash effects are included in increase/(decrease) in working capital within operating cash flow and investing cash flows. The line item includes a fair value loss related to inventory of USD </span><span style='font-family:Arial;font-size:8pt;' >672</span><span style='font-family:Arial;font-size:8pt;' > million at 31 December 2022</span><span style='font-family:Arial;font-size:8pt;' >.</span><span style='font-family:Arial;font-size:8pt;' > </span><span style='font-family:Arial;font-size:8pt;' > </span><span style='font-family:Arial;font-size:8pt;' >Amount for 2021 includes MUSD (</span><span style='font-family:Arial;font-size:8pt;' >822</span><span style='font-family:Arial;font-size:8pt;' >) </span><span style='font-family:Arial;font-size:8pt;' >redetermination settlement</span><span style='font-family:Arial;font-size:8pt;' > for the Agbami field. </span></p></div>[2]<div><p style='text-align:left;margin-top:0pt;margin-bottom:5pt;line-height:10pt;' ><span style='font-family:Arial;font-size:8pt;color:#000000;' >At 31 December 2022 cash and cash equivalents net overdraft was </span><span style='font-family:Arial;font-size:8pt;color:#000000;' >zero</span><span style='font-family:Arial;font-size:8pt;color:#000000;' >. At 31 December 2021 cash and cash equivalents included a net overdraf</span><span style='font-family:Arial;font-size:8pt;color:#000000;' >t of USD </span><span style='font-family:Arial;font-size:8pt;color:#000000;' >140</span><span style='font-family:Arial;font-size:8pt;color:#000000;' > million and at 31 December 2020 net overdraft were </span><span style='font-family:Arial;font-size:8pt;color:#000000;' >zero</span><span style='font-family:Arial;font-size:8pt;color:#000000;' >.</span></p></div> |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS - (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from (used in) operating activities [abstract] | |||
Fair value loss related to inventory | $ 672,000,000 | ||
Cash and cash equivalents includes: [abstract] | |||
Bank overdrafts | 0 | $ 140,000,000 | $ 0 |
Interest paid [abstract] | |||
Capitalised interest | 382,000,000 | 334,000,000 | 308,000,000 |
Total interest paid | $ 1,129,000,000 | 1,032,000,000 | $ 1,038,000,000 |
Agbami redetermination [member] | |||
Disclosure of other provisions and other liabilities [line items] | |||
Reduction in obligations | $ (822,000,000) |
Organisation
Organisation | 12 Months Ended |
Dec. 31, 2022 | |
Organisation [Abstract] | |
Disclosure of notes and other explanatory information [text block] | 1 Organisation The Equinor Group (Equinor) consists of Equinor ASA and its subsidiaries. Equinor ASA Norway listed on the Oslo Børs ( Norway ) and the New York Stock Exchange (USA). The address of its registered office is Forusbeen 50, N- 4035 Stavanger, Norway . Equinor’s objective is to develop, produce and market various forms of energy and derived products and services, as well as other business. The activities may also be carried out through participation in or cooperation with other companies. 100 % owned operating subsidiary of Equinor ASA and owner of all of Equinor's oil continental shelf, is co-obligor or guarantor for certain debt obligations of Equinor ASA. The Consolidated financial statements of Equinor for the full year 2022 were approved for issuance March 2023 and is subject to approval by the annual general meeting on 10 May 2023. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies [Abstract] | |
Accounting policies | 2 Accounting policies Statement of compliance The Consolidated financial statements of Equinor ASA and its subsidiaries (Equinor) have been prepared in International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and International Accounting Standards Board (IASB), interpretations issued by IASB and the additional Accounting Act, effective on 31 December 2022. Basis of preparation The Consolidated financial statements are prepared on the historical cost basis with some exceptions where fair is applied. These exceptions are specifically disclosed in the accounting policies sections in relevant notes. The policies described in these Consolidated financial statements have been applied consistently to otherwise noted in the disclosure related to the impact of policy changes following the voluntary changes in 2022. Certain amounts in the comparable years have been restated or reclassified to conform to current the Consolidated financial statements are denominated in USD millions, unless otherwise specified. The subtotals of the tables in the notes may not equal the sum of the amounts shown in the primary Operational expenses in the Consolidated statement of income are presented as a combination with industry practice. Purchases [net of inventory variation] and Depreciation, amortisation and net impairment on separate lines based on their nature, while Operating expenses and Selling, general Exploration expenses are presented on a functional basis. Significant expenses such as salaries, pensions, etc. nature in the notes to the Consolidated financial statements. Basis of consolidation The Consolidated financial statements include the accounts of Equinor ASA and its subsidiaries controlled and equity accounted investments. All intercompany balances and transactions, including unrealised arising from Equinor's internal transactions, have been eliminated. The Consolidated financial statements include all entities controlled by Equinor ASA. Entities are Equinor when Equinor has power over the entity, ability to use that power to affect the entity's returns, and exposure to, or rights to, variable returns from its involvement with the entity. The financial statements of the subsidiaries are included in the Consolidated financial statements from the date control is achieved until the date control ceases. Non-controlling interests are presented separately within equity in the Consolidated balance sheet. Foreign currency translation In preparing the financial statements of the individual entities in Equinor, transactions in currencies other than the functional currency are translated at the foreign exchange rate at the dates of the transactions. Monetary currencies are translated to the functional currency at the foreign exchange rate at the differences arising on translation are recognised in the Consolidated statement of income as foreign exchange Net financial items. However, foreign exchange differences arising from the translation of estimate-based provisions are generally accounted for as part of the change in the underlying estimate and included within the relevant items depending on the nature of the provision. Non-monetary assets measured at historical cost using the exchange rate at the date of the transactions. When preparing the Consolidated financial statements, the assets and liabilities of entities with functional Group’s presentation currency USD are translated into USD at the foreign exchange rate at the balance expenses of such entities are translated using the foreign exchange rates on the dates of the differences arising on translation from functional currency to USD are recognised separately in the comprehensive income within Other comprehensive income (OCI). The cumulative amount of such an entity is reclassified to the Consolidated statement of income and reflected as a part of the Loans from Equinor ASA to subsidiaries and equity accounted investments with other functional and for which settlement is neither planned nor likely in the foreseeable future, are considered part investment in the subsidiary. Foreign exchange differences arising on such loans are recognised in OCI in the Consolidated financial statements. Statement of cash flows In the statement of cash flows, operating activities are presented using the indirect method, where Income/(loss) for changes in inventories and operating receivables and payables, the effects of non-cash items such as depreciations, and impairments, provisions, unrealised gains and losses and undistributed profits from associates, and items for which the cash effects are investing or financing cash flows. Increase/decrease in financial investments, derivative financial instruments, and Increase/decrease in other interest-bearing items are all presented activities, either because the transactions are financial investments and turnover is quick, the amounts are short, or due to materiality. -------------------------------------------------------------------------------------------------------------------------------- Accounting judgement and key sources of estimation uncertainty The preparation of the Consolidated financial statements requires management to make accounting assumptions affecting reported amounts of assets, liabilities, income and expenses. The main areas where Equinor has made significant judgements material effect on the amounts recognised in the Consolidated financial statements have been described in 6 – Acquisitions and disposals 7 – Total revenues and other income 25 – Leases Estimates used in the preparation of these Consolidated financial statements are prepared based on customised models, assumptions on which the estimates are based rely on historical experience, external sources of information that management assesses to be reasonable under the current conditions and circumstances. These the basis of making the judgements about carrying values of assets and liabilities sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an basis considering the current and expected future set of conditions. Equinor is exposed to several underlying economic factors affecting the overall results, such as commodity exchange rates, market risk premiums and interest rates as well as financial instruments with these factors. The effects of the initiatives to limit climate changes and the potential impact of the energy transition several of these economic assumptions. In addition, Equinor's results are influenced by the level may be influenced by, for instance, maintenance programmes. In the long-term, the results are impacted by the success of exploration, field developments and operating activities. The most important matters in understanding the key sources of estimation uncertainty are 3 – Consequences of initiatives to limit climate changes 11 – Income taxes 12 – Property, plant and equipment 13 – Intangible assets 14 – Impairments 23 – Provisions and other liabilities 26 – Other commitments, contingent liabilities and contingent assets -------------------------------------------------------------------------------------------------------------------------------- Changes in accounting policies in the current period Amendments to IAS 1 and IFRS practice statement 2: Replacing Significant accounting policies with Material policies IASB has issued amendments to IAS 1 Presentation of financial statements and IFRS Judgements. These amendments are intended to help entities apply materiality judgements to accounting provide additional guidance and illustrative examples. The amendments are effective for annual periods beginning on or January 2023. Earlier application is permitted, and Equinor has applied the amendments with statements. Accounting policy information should be considered material if its disclosure can reasonably be and therefore is needed to understand other information provided about material transactions, other financial statements. IASB has acknowledged that standardised information, or information that only duplicates requirements of the IFRS -standards, is generally less useful than entity-specific accounting policy information. information could be material in specific circumstances, Equinor has focused the accounting policy policy choices, disclosing only those accounting policies that are considered necessary to understand other material Consolidated financial statements of Equinor. Other standards, amendments to standards and interpretations of standards, effective Other amendments to standards or interpretations of standards effective as of 1 January 2022 and adopted material to Equinor’s Consolidated financial statements upon adoption. Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are either materially impact, or are not expected to be relevant to, Equinor's Consolidated financial statements upon |
Consequences of initiatives to
Consequences of initiatives to limit climate changes | 12 Months Ended |
Dec. 31, 2022 | |
Consequences of initiatives to limit climate changes [abstract] | |
Consequences of initiatives to limit climate changes [text block] | 3 Consequences of initiatives to limit climate changes Accounting policies - c ost of CO 2 Purchased CO 2 incurred in line with emissions. Accruals for CO 2 reflected as a current liability within Trade, other payables and provisions. Quotas owned, but exceeding the emissions incurred to date, are carried in the balance sheet at cost price, classified as Other current receivables, as long as such purchased quotas are acquired in order to cover own emissions and may be kept to cover subsequent years’ emissions. Quotas purchased and held for trading purposes are carried in the balance sheet at fair value, and the changes in fair value are reflected in the Consolidated statement of income on the line-item Other income. Obligations resulting from current year emissions and the corresponding amounts for quotas that have been bought, paid and expensed, but which have not yet been surrendered to the relevant authorities, are reflected net in the balance sheet. ---------------------------------------------------------------------------------------------------------------------------------------- Equinor’s strategy and ambitions Equinor’s ambition is to continue supplying society with energy with lower emissions transition and becoming a net-zero company by 2050, including emissions from production through to final Equinor’s strategy is to create value as a leader in the energy transition by pursuing opportunities in low carbon solutions at the same time as we optimise our oil and gas important and interconnected areas: ● that enable us to continue supplying energy that the world needs with a low footprint. ● solar are growing exponentially to meet this demand. ● by replacing the use of carbon when generating new energy or capturing and removing the greenhouse the atmosphere. Even though carbon capture and storage (CCS) has existed as a technology for many decades, develop the value chains and carbon capture and storage has yet to be implemented market on a full scale. Risks arising from climate change and the transition to a lower carbon economy Policy, legal, regulatory, and financial performance. Shifts in stakeholder focus between energy security, affordability and sustainability add uncertainty to delivery and outcomes associated with Equinor’s strategy. Equinor’s long-term plans have to consider how the global may develop in the long term. Potential scenarios of future changes in demand for our are analysed, including World Energy Outlook 2022 (WEO) scenarios that illustrate the wide range of energy sources, including fossil fuels, nuclear and renewables. Commodity price sensitivities are presented in a table note 14 Impairments. Equinor assesses climate risk from two perspectives: transition risk, which relates to the financial robustness business model and portfolio in various decarbonisation scenarios; and physical climate risk, which relates assets to climate-related perils in different warming scenarios. Equinor’s climate roadmap and all of our a response to these challenges and risks related to climate change. ● results and outlook, including the value of its assets. This might be directly through regulatory free of unabated fossil fuels, changes in taxation, increased costs, access to opportunities, or indirectly through consumer behaviour or technology developments. ● cost-competitive development, represent both threats and opportunities for Equinor. We assess and manage climate-related risks related to technology development and implementation across our portfolio, as well as recognising emerging technologies elsewhere. Examples of relevant technologies within our portfolio include (CCS), blue/green hydrogen, battery technology, solar and wind renewable energy, nuclear fusion, low CO 2 improvements in methane emissions and application of renewables in oil and gas production. Market development and our ability to reduce costs and capitalize on technology improvements risk factors. Multiple factors in the energy transition contribute to uncertainty in future energy price investor and societal sentiment can affect our access to capital markets, attractiveness for investors, and potentially access to finance or increase financing costs. ● diminishing returns within the renewable and low carbon industries and hinder Equinor ambitions. exposed to interest rate risk and inflation risk. ● operations. Examples of acute physical parameters that could impact Equinor’s facility frequency and severity of extreme weather events such as extreme windspeeds, wave-heights physical climate parameters include limitations in freshwater availability, a pattern with generally increased wind speeds and as most of Equinor’s physical assets are located offshore, a key potential chronic physical climate impact is expected sea level accompanied with increased wave heights. As we continue to build our renewable meteorological parameters, such as average wind speed or changes in wind patterns and energy production will also be important factors to consider. Physical risk factors are mitigated through technical and engineering functions in design, operations and maintenance, with due consideration of how the external changing. However, there is uncertainty regarding the magnitude of impact and time horizon for the occurrence of physical impacts of climate change, which leads to uncertainty regarding the potential impact for Equinor. Impact on Equinor’s financial statements CO 2 -cost and EU ETS carbon credits Our oil & gas operations in Europe are part of the EU Emission Trading Scheme (EU ETS). Equinor buys EU or carbon credits) for the emissions related to our oil & gas production and processing. Currently according to the EU ETS regulation. The share of free quotas is expected to be significantly Total expensed CO 2 2 quotas in Equinor related to activities resulting in GHG emissions (Equinor’s share of the operating licences in addition to our land-based facilities) 510 428 million in 2021, and USD 268 2 quotas. The table below shows an analysis of number of quotas utilised by Equinor’s subject to the requirements under EU ETS: Number of EU ETS quotas 2022 2021 Opening balance at 1 January 11,026,286 11,027,242 Allocated free quotas 3,697,089 3,560,286 Purchased quotas on the ETS market 5,985,000 7,605,265 Sold quotas on the ETS market 0 (135,177) Settled quotas (offset against emissions) (9,925,999) (11,031,330) Closing balance at 31 December 10,782,376 11,026,286 Investments in renewables The energy transition creates many new business opportunities, primarily related to further business and within CCS. Driven by the energy transition and an increasing demand for Equinor continues to build its renewable business. We focus on offshore wind and also explore opportunities within onshore renewables and integrated power market solutions. At present, Equinor’s renewable portfolio technologies– onshore and offshore – and different ownership structures: ● ● in addition to construction of solar plants in Poland ● ● onshore wind projects in Brazil and Poland ● 13.1 % shareholding in Scatec ASA, a leading renewable power producer, delivering affordable and clean energy worldwide Equinor’s investments in renewables and low carbon solutions projects are included as Additions accounted investments in the REN-segment in note 5 Segments and amounts to USD 298 457 2021. Equinor's ambition is to become a global offshore wind major and an industry leader in floating extensive offshore experience to drive the industry forward. In addition, Equinor explores opportunities within Investments in CCS Through our activities within CCS, we are building capabilities and a competitive position for future business revenue stream related to disposal of CO 2 basis for solutions for decarbonised hydrogen as an energy carrier which would also be a renewables in Europe. Equinor is making significant steps to industrialise CCS and we are project in Norway providing CO 2 commercial CCS in Europe and is on track to demonstrate that CCS is a valid decarbonisation solution Equinor has during 2022 contributed with USD 36 21 Research and development activities (R&D) In addition to the beforementioned significant financial effects, Equinor is also involved in several activities within these activities are related to optimising our oil and gas activities and cutting emissions from our business opportunities within renewables or low carbon solutions. Financial effects from Equinor’s total in note 9 Auditor’s remuneration and Research and development expenditures Equipment (capitalised R&D). Effects on estimation uncertainty The effects of the initiatives to limit climate changes and the potential impact of the energy transition economic assumptions in our estimations of future cash flows. The results of the development which Equinor’s operations will be affected by them, are sources of uncertainty. Estimating global energy demand and commodity prices towards 2050 is a challenging task, as this comprises assessing the future development change, taxation, tax on emissions, production limits and other important factors. The assumptions could materialise in different outcomes from the current projected scenarios. This could result in significant changes estimates, such as economic useful life (affects depreciation period and timing of asset retirement obligations), value-in-use calculations (affects impairment assessments) and measurement of deferred tax assets. Commodity prices Equinor’s commodity price assumptions applied in value-in-use impairment testing, are and based on management’s best estimate of the development of relevant current circumstances and the likely such circumstances. This price-set is currently not equal to a price-set required to achieve by 2050 Scenario, nor a price-set in accordance with the Announced Pledges Scenario as (IEA). A future change in the trajectory of how the world acts with regards to implementing Paris agreement could, depending on the detailed characteristics of such a trajectory, have a negative impact on the valuation of Equinor’s property, plant and equipment in total. A calculation of a possible effect of using the assumed commodity prices and CO 2 prices in a 1.5 o C compatible NZE by 2050 Scenario as estimated by IEA could result and intangible assets around USD 4 Similarly, we have calculated the possible effect of using prices according to the Announced Pledges Scenario, a scenario which is based on all of the climate-related commitments announced by governments around the Globe. expected to reach a 1.8 o C increase in the year 2100, and this could result in an impairment of less than USD 0.5 using the same simplified model, see the sensitivity table below. These illustrative impairment sensitivity calculations are based on a simplified model and limitations However, when preparing these illustrative scenario sensitivities, we have linearly interpolated between current prices and the price set disclosed in the table below for both the NZE by 2050 scenario and the Announced approach, the illustrative potential impairments are significantly lower than the amount disclosed immediate 30 % reduction in commodity prices has been applied, also considering a somewhat declining production concentrated before the year 2030 for our producing and sanctioned development projects and the Cost of CO 2 The EU ETS price has increased significantly from 25 81 EUR/tonne in 2022 ( 54 80 years. Then the price is expected to be 105 130 expects greenhouse gas emission costs to increase from current levels and to have a wider geographical global tax on CO 2 2 fees in Norway, the UK, Germany and Nigeria. Norway’s Climate Action Plan for the period 2021-2030 (Meld. St 13 (2020-2021)) which assumes a gradually increased CO 2 2 2,000 used for impairment calculations of Norwegian upstream assets. Equinor’s response to this risk is evaluation of carbon intensity on both project decisions. We have also introduced an internal carbon price, currently set at 58 100 the year 2030 and staying flat thereafter (in countries with higher carbon costs, we use the used in our investment decisions. This cost-scenario is uncertain, but this extra cost serves 2 pricing systems, making sure our assets are financially robust in such a scenario. As such, climate investment decisions following Equinor’s strategy and commitments to the Climate considerations are also included in the impairment calculations directly by estimating the CO 2 Indirectly, the expected effect of climate change is included in the estimated commodity prices where supply and demand are considered. The CO 2 calculations are based on best estimate assumptions. To reflect that carbon will have a cost for all our assets, the current best estimate is considered to be EU ETS for countries outside EU where carbon is not already not established specific estimates. Sensitivity table In this table, we have presented some relevant prices and variables and the anticipated future development managements’ best estimate and an illustrative potential impairment effect given these scenarios. The scenario price-sets have retrieved from IEA’s report, World Energy Outlook 2022. Prices are adjusted for inflation and presented in Real 2022. USD 2 transportation cost has been added to the brent-prices in the scenarios for comparability Management's price assumptions 1) NZE by 2050 scenario Announced Pledged Scenario Brent blend, 2030 75 USD/bbl 40 USD/bbl 71 USD/bbl Brent blend, 2040 70 USD/bbl 34 USD/bbl 69 USD/bbl Brent blend, 2050 65 USD/bbl 28 USD/bbl 67 USD/bbl TTF, 2030 9.5 USD/MMBtu 5.0 USD/MMBtu 8.5 USD/MMBtu TTF, 2040 9.0 USD/MMBtu 4.5 USD/MMBtu 7.7 USD/MMBtu TTF, 2050 9.0 USD/MMBtu 4.1 USD/MMBtu 6.8 USD/MMBtu EU ETS 2), 3) , 2030 94 USD/tCO 2 152 USD/tCO 2 146 USD/tCO 2 EU ETS 2), 3) , 2040 124 USD/tCO 2 222 USD/tCO 2 189 USD/tCO 2 EU ETS 2), 3) , 2050 153 USD/tCO 2 271 USD/tCO 2 216 USD/tCO 2 Illustrative potential impairment (USD) ~ 4.0 billion < 0.5 billion Management’s future commodity price assumptions 2) 2 2 3) 1,176 Robustness of our upstream oil & gas portfolio, and risk of stranded assets The transition to renewable energy, technological development and the expected reduction in global demand for carbon-based energy, may have a negative impact on the future profitability of investments in upstream oil and gas assets, in particular assets with long estimated useful lives, projects in an early development phase and undeveloped assets scenario analysis to outline different possible energy futures and several of these imply lower oil and natural gas decrease, the oil and gas revenues will also decrease, and potentially reduce the economic mitigate this risk by focusing on improving the resilience of the existing upstream portfolio, maximising infrastructure on the Norwegian Continental Shelf and optimising our high-quality international portfolio. Equinor high value barrels to the portfolio through exploration and increased recovery, and NCS cash flow and value creation are expected to remain high also beyond 2030. The NCS project portfolio is very robust against potential low place to both maintain cost discipline across the company and ensure robustness of the non-sanctioned oil Equinor will also continue to selectively explore for new resources with a focus on mature emissions and maximise value. During the transition, Equinor anticipates allocating a smaller share of our and gas in the coming years and the volume of production is likely to decrease 50 for operated scope 1 and 2 emissions will require a focused and coordinated effort across the company abatement projects, improving energy efficiency of offshore and onshore assets, developing new technologies, and strengthening resilience in the portfolio. The abatement projects primarily include electrification of offshore assets in Norway, mainly by power from shore but also including innovations such as Hywind Tampen, our floating wind farm powering offshore oil and gas platforms. In combination with our focus on renewables and CCS, these abatement projects are expected to reduce Equinor’s sufficiently to support our mid-term ambitions. As such, Equinor’s plans to become resulted in the identification of additional assets being triggered for impairment or earlier cessation. Any future exploration may be restricted by regulations, market and strategic considerations. Provided would deteriorate to such an extent that undeveloped assets controlled by Equinor should not materialize, comprise the intangible assets Oil and Gas prospects, signature bonuses and the capitalised value of USD 3,634 Timing of Asset Retirement Obligations (ARO) As mentioned above, there are currently no assets triggered for earlier cessation as a result company by 2050. But, if the business cases of Equinor’s oil and gas governmental initiatives to limit climate change, this could affect the timing of cessation of our assets and obligations. A shorter production period, accelerating the time for when assets need to be removed increase the carrying value of the liability. To performing removal five years earlier than currently scheduled to an increase in the liability of 1 Provisions and other liabilities for more information regarding Equinor’s ARO. |
Financial risk and capital mana
Financial risk and capital management | 12 Months Ended |
Dec. 31, 2022 | |
Financial risk and capital management [Abstract] | |
Financial risk and capital management | 4 Financial risk and capital management General information and financial risks Equinor's business activities naturally expose Equinor to financial risks such as market risk (including risk, interest rate risk and equity price risk), liquidity risk and credit risk. Equinor’s approach and managing risk in activities using a holistic risk approach, by considering relevant correlations at portfolio important market risks and the natural hedges inherent in Equinor’s portfolio. This risk management transactions and avoid sub-optimisation. The corporate risk committee, which is headed by the chief financial officer, is responsible for Equinor’s Enterprise Risk Management and for proposing appropriate measures to adjust risk at the corporate level. This includes assessing Market risk Equinor operates in the worldwide crude oil, refined products, natural gas, and electricity markets including fluctuations in hydrocarbon prices, foreign currency rates, interest rates, and electricity and costs of operating, investing, and financing. These risks are managed primarily on a short-term basis with the highest risk-adjusted returns for Equinor within the given mandate. Long-term exposures while short-term exposures are managed according to trading strategies and mandates. Mandates in crude oil, refined products, natural gas, Commodity price risk Equinor’s most important long-term commodity risk (crude oil and natural gas) policy is to be exposed to both upside and downside price movements. In the longer term, also expected to contribute to Equinor’s commodity price risk portfolio. To manage short-term commodity risk, Equinor enters into commodity-based derivative contracts, including futures, contracts for differences related to crude oil, petroleum products, natural gas, power and emissions. Equinor’s portfolio is exposed to various price indices with a combination of gas price markers. The term of crude oil and refined oil products derivatives are usually less than one year, and they are traded mainly on the Inter- Continental Exchange (ICE) in London, the New York Mercantile Exchange (NYMEX), the OTC Brent market, and crude and refined products swap markets. The term of natural gas, power, and emission derivatives is usually three years or less, and they are mainly OTC physical forwards and options, NASDAQ OMX Oslo forwards, and futures traded on the European NYMEX and ICE. The table below contains the commodity price risk sensitivities of Equinor's commodity-based derivative and liabilities resulting from commodity-based derivative contracts consist of both exchange traded and non-exchange instruments, including embedded derivatives that have been bifurcated and recognised at fair value in the sheet. Price risk sensitivities at the end of 2022 and 2021 at 30 % are assumed to represent a reasonably possible change based on the duration of the derivatives. Since none of the derivative financial instruments included in the relationships, any changes in the fair value would be recognised in the Consolidated statement Commodity price sensitivity At 31 December 2022 2021 (in USD million) - 30% + 30% - 30% + 30% Crude oil and refined products net gains/(losses) 666 (666) 735 (735) Natural gas, electricity and CO2 net gains/(losses) (3) 140 227 (141) Currency risk Equinor’s cash flows from operating activities deriving from oil and gas sales, in USD, but taxes, dividends to shareholders on the Oslo Børs and a share of our operating NOK. Accordingly, Equinor’s currency management is primarily linked to mitigate currency risk related to payments in NOK. This means that Equinor regularly purchases NOK, primarily spot, but also on a forward basis The following currency risk sensitivity for financial instruments has been calculated, by assuming 12 % reasonable possible change in the most relevant foreign currency exchange rates that impact Equinor’s 2022. As of 31 December 2021, a change of 10 % in the most relevant foreign currency exchange rates was viewed possible change. With reference to the table below, an increase in the foreign currency exchange rates means that the disclosed currency has strengthened in value against all other currencies. The estimated gains and the change in the foreign currency exchange rates would impact the Consolidated statement of income. Currency risk sensitivity At 31 December 2022 2021 (in USD million) - 12 % + 12% - 10 % + 10% USD net gains/(losses) (1,497) 1,497 (1,789) 1,789 NOK net gains/(losses) 1,583 (1,583) 2,144 (2,144) Interest rate risk Bonds are normally issued at fixed rates in a variety of currencies (among others USD, EUR converted to floating USD bonds by using interest rate and currency swaps. Equinor manages its portfolio based on risk and reward considerations from an enterprise risk management perspective. This means mix on interest rate exposure may vary from time to time. For more detailed information note 21 Finance debt. The following interest rate risk sensitivity has been calculated by assuming a change of 1.2 possible change in interest rates at the end of 2022. In 2021, a change of 0.8 reasonable possible change. A decrease in interest rates will have an estimated positive impact Consolidated statement of income, while an increase in interest rates will have an estimated negative the Consolidated statement of income. Interest risk sensitivity At 31 December 2022 2021 (in USD million) points + 1.2 percentage points points + 0.8 percentage points Positive/(negative) impact on net financial items 369 (366) 448 (448) Equity price risk Equinor’s captive insurance company holds listed equity securities as part of its portfolio. and non-listed equities mainly for long-term strategic purposes. By holding these assets, Equinor defined as the risk of declining equity prices, which can result in a decline in the carrying in the balance sheet. The equity price risk in the portfolio held by Equinor’s captive insurance maintaining a moderate risk profile, through geographical diversification and the use of broad The following equity price risk sensitivity has been calculated, by assuming a 35 % reasonable possible change in equity prices that impact Equinor’s financial accounts, based on balances at 31 December 2022. At 31 December 35 % in equity prices was equally viewed as a reasonable possible change. The estimated gains and the equity prices would impact the Consolidated statement of income. Equity price sensitivity At 31 December 2022 2021 (in USD million) - 35% + 35% - 35% + 35% Net gains/(losses) (450) 450 (534) 534 Liquidity risk Liquidity risk is the risk that Equinor will not be able to meet obligations of financial liquidity management is to ensure that Equinor always has sufficient funds available to cover its financial obligations. The main cash outflows include the quarterly dividend payments and Norwegian petroleum tax Trading in collateralised commodities and financial contracts also exposes Equinor to liquidity risk related to potential collateral calls from counterparties. If the cash flow forecasts indicate that the liquid assets will fall below target levels, raises debt in all major capital markets (USA, Europe and Asia) for long-term funding purposes. with repayments not exceeding 5 % of capital employed in any year for the nearest five years. Equinor’s have a weighted average maturity of approximately nine years. For more information about see note 21 Finance debt. Short-term funding needs will normally be covered by the USD 5.0 a revolving credit facility of USD 6.0 19 maturing in 2025 . The facility supports secure access to funding, supported by the best available short-term rating. As at 31 December 2022 the facility The table below shows a maturity profile, based on undiscounted contractual cash flows, for Equinor’s At 31 December 2022 2021 (in USD million) Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Year 1 20,172 1,325 1,065 18,841 1,183 175 Year 2 and 3 6,292 1,421 752 6,684 1,262 211 Year 4 and 5 5,785 504 486 6,140 656 318 Year 6 to 10 8,749 465 1,202 10,636 642 588 After 10 years 11,204 120 706 12,849 158 187 Total specified 52,202 3,835 4,211 55,150 3,901 1,479 Credit risk Credit risk is the risk that Equinor’s customers or counterparties will cause Equinor financial Credit risk arises from credit exposures with customer accounts receivables as well as from financial investments, instruments and deposits with financial institutions. Equinor uses risk mitigation tools to reduce counterparty and portfolio level. The main tools include bank and parental guarantees, prepayments, Prior to entering into transactions with new counterparties, Equinor’s credit policy requires all counterparties to be formally identified and assigned internal credit ratings. The internal credit ratings reflect Equinor’s assessment of the counterparties' credit risk and are based on a quantitative and qualitative analysis of recent financial statements and other relevant business information. All counterparties are re-assessed regularly. Equinor has credit exposures for individual counterparties. Equinor monitors the portfolio on on a daily basis. sector, as well grade counterparties. The following table contains the carrying amount of Equinor’s financial receivables Equinor’s assessment of the counterparty's credit risk. Trade and other receivables include 1 % overdue receivables of more than 30 days. A provision has been recognised for expected credit losses of trade and other receivables Only non-exchange traded instruments are included in derivative financial instruments. (in USD million) Non-current financial receivables Trade and other receivables Non-current derivative financial instruments Current derivative financial instruments At 31 December 2022 Investment grade, rated A or above 1,633 6,125 390 1,715 Other investment grade 12 8,725 41 1,393 Non-investment grade or not rated 14 6,761 259 931 Total financial assets 1,659 21,611 690 4,039 At 31 December 2021 Investment grade, rated A or above 452 3,637 1,103 2,902 Other investment grade 18 8,930 0 1,524 Non-investment grade or not rated 238 4,624 162 705 Total financial assets 708 17,191 1,265 5,131 For more information about Trade and other receivables, see note 18 Trade and other receivables. The table below presents the amounts offset under the terms of various master netting agreements for financial assets and liabilities. Amounts not qualifying for offsetting consists of collateral receipts or payments which usually is settled on a gross these amounts will offset in a potential default situation. There exist no restrictions on collaterals received. (in USD million) Gross amounts of recognised financial assets/ liabilities Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Amounts of remaining rights to set-off not qualifying for offsetting Net amount At 31 December 2022 Financial assets Trade receivables 25,607 7,464 18,143 0 18,143 Collateral receivables 19,043 15,575 3,468 3,468 0 Derivative financial instruments 30,078 25,348 4,730 1,708 3,022 Total financial assets 74,728 48,387 26,341 5,176 21,165 Financial liabilities Trade payables 19,913 7,464 12,449 0 12,449 Collateral liabilities 15,479 13,907 1,572 1,571 1 Derivative financial instruments 33,497 27,015 6,482 3,605 2,877 Total financial liabilities 68,889 48,386 20,503 5,176 15,327 (in USD million) Gross amounts of recognised financial assets/ liabilities 1) Gross amounts offset in the balance sheet 1) Net amounts presented in the balance sheet Amounts of remaining rights to set-off not qualifying for offsetting Net amount At 31 December 2021 Financial assets Trade receivables 20,061 4,445 15,616 0 15,616 Collateral receivables 1) 9,902 8,327 1,576 1,576 0 Derivative financial instruments 1) 32,493 26,097 6,396 2,771 3,625 0 Total financial assets 1) 62,456 38,869 23,588 4,347 19,241 0 Financial liabilities 0 Trade payables 16,795 4,445 12,350 0 12,350 Collateral liabilities 1) 9,851 7,580 2,271 2,271 0 Derivative financial instruments 1) 32,218 26,844 5,375 2,076 3,299 Total financial liabilities 1) 58,864 38,869 19,996 4,347 15,649 1) Gross amounts have been restated due to reassessment of certain exchange traded derivatives not recognised on the Consolidated balance sheet, with no effect on net amounts presented. Capital management The main objectives of Equinor's capital management policy are to maintain a strong overall financial financial flexibility. Equinor’s primary focus is on maintaining its credit rating in the A category on a stand alone basis (excluding uplifts for Norwegian Government ownership). Equinor’s current long-term ratings are AA- with and Aa2 with a stable outlook (including two notch uplift) from S&P a key ratio utilised by Equinor is the non-GAAP metric of “Net interest-bearing debt adjusted (ND) (CE)”. At 31 December (in USD million) 2022 2021 Net interest-bearing debt adjusted, including lease (6,750) 3,236 Net interest-bearing debt adjusted (ND2) (10,417) (326) Capital employed adjusted, including lease liabilities 47,239 42,259 Capital employed adjusted (CE2) 43,571 38,697 Net debt to capital employed adjusted*, including lease (14.3%) 7.7% Net debt to capital employed adjusted* (ND2/CE2) (23.9%) (0.8%) ND1 is defined as Equinor's interest-bearing financial liabilities less cash and cash equivalents and current adjusted for collateral deposits and balances held by Equinor's captive insurance company (amounting to USD 6,538 2,369 ND2 is defined as ND1 adjusted for lease liabilities (amounting to USD 3,668 3,562 respectively). CE2 is defined as Equinor's total equity (including non-controlling interests) and ND2. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segments [abstract] | |
Segments | 5 Segments Accounting policies Equinor’s operations are managed through operating segments identified on the regularly reviewed by the chief operating decision maker, Equinor's corporate executive committee (CEC). The reportable segments Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables operating segments Projects, Drilling & Procurement (PDP), Technology, Digital & Innovation (TDI) and Corporate staff and functions are aggregated into the reportable segment Other based on materiality. The majority of the costs in PDP and TDI is allocated to the three Exploration & Production segments, MMP and REN. The accounting policies of the reporting segments equal those described in these Consolidated line-item Additions to PP&E, intangibles and equity accounted investments in which movements obligations are excluded as well as provisions for onerous contracts which reflect only obligations measurement basis of segment profit is net operating income/(loss). Deferred tax assets, pension total current assets and total liabilities are not allocated to the segments. Transactions between the segments, mainly from the crude oil, gas, transactions are eliminated upon consolidation. With effect from 2022, Equinor changed the measurement basis for the segments related to leases. Up to leases were presented within the Other segment and lease costs were allocated to the payments with a corresponding credit in the Other segment. With effect from 2022, lease contracts are with IFRS 16 Leases in all segments. This change does not affect Equinor’s Consolidated financial disclosures in this note. Comparative numbers in the segments have been restated. ---------------------------------------------------------------------------------------------------------------------------------------- The Exploration & Production operating segments are responsible for the discovery and appraisal development and safe and efficient operation of the oil and gas portfolios within their respective geographical the Norwegian continental shelf, E&P USA in USA and E&P International worldwide PDP is responsible for global project development, well deliveries, and sourcing across Equinor. TDI encompasses research, technology development, specialist advisory services, digitalisation, IT, improvement, innovation, and ventures and future business. MMP is responsible for the marketing, trading, processing and transportation of crude oil and condensate, refined products, and includes refinery, terminals, and processing plant operation. MMP is also managing power and emissions trading and the development of transportation solutions for natural gas, liquids, and crude oil, including pipelines, addition, MMP is in charge of low carbon solutions in Equinor. REN is developing, exploring, investing in, and operating areas within renewable energy such as storage solutions, and solar power. Segment information for the years ended 31 December 2022, 2021, and 2020 are presented below. For revenues per geographical area, please see note 7 Total revenues and other income. For further information on the following items affecting the segments, please refer to the related notes: note 6 Acquisitions and disposals, note 14 Impairments, and note 26 Other liabilities, and contingent assets. 2022 E&P Norway E&P International E&P USA MMP REN Other Eliminations Total (in USD million) Revenues third party, other revenue and other income 1,299 1,134 305 147,173 127 149 0 150,186 Revenues inter-segment 74,631 6,124 5,217 527 0 55 (86,554) 0 Net income/(loss) from equity accounted investments 0 172 0 406 58 (16) 0 620 Total revenues and other income 75,930 7,431 5,523 148,105 185 187 (86,554) 150,806 Purchases [net of inventory variation] 0 (116) 0 (139,916) 0 0 86,227 (53,806) Operating, selling, general and administrative expenses (3,782) (1,698) (938) (4,591) (265) (223) 904 (10,595) Depreciation and amortisation (4,986) (1,445) (1,422) (881) (4) (142) 0 (8,878) Net impairment (losses)/reversals 819 (286) 1,060 895 0 0 0 2,487 Exploration expenses (366) (638) (201) 0 0 0 0 (1,205) Total operating expenses (8,315) (4,183) (1,501) (144,493) (269) (365) 87,131 (71,995) Net operating income/(loss) 67,614 3,248 4,022 3,612 (84) (178) 577 78,811 Additions to PP&E, intangibles and equity accounted investments 4,922 2,623 764 1,212 298 176 0 9,994 Balance sheet information Equity accounted investments 3 550 0 688 1,452 65 0 2,758 Non-current segment assets 28,510 15,868 11,311 4,619 316 1,031 0 61,656 Non-current assets not allocated to segments 15,437 Total non-current assets 79,851 Assets classified as held for sale 0 1,018 0 0 0 0 0 1,018 2021 E&P Norway 1) E&P International 1) E&P USA 1) MMP 1) REN 1) Other 1) Eliminations 1 ) Total (in USD million) Revenues third party, other revenue and other income 1) 414 1,121 377 87,050 1,394 307 0 90,665 Revenues inter-segment 1) 38,972 4,230 3,771 321 0 41 (47,335) 0 Net income/(loss) from equity accounted investments 0 214 0 22 16 7 0 259 Total revenues and other income 1) 39,386 5,566 4,149 87,393 1,411 355 (47,335) 90,924 Purchases [net of inventory variation] 0 (58) 0 (80,873) 0 (1) 45,772 (35,160) Operating, selling, general and administrative expenses 1) (3,653) (1,405) (1,074) (3,753) (163) (432) 1,102 (9,378) Depreciation and amortisation 1) (6,002) (1,734) (1,665) (869) (3) (158) 0 (10,432) Net impairment (losses)/reversals 1) 1,102 (1,587) (69) (735) 0 2 0 (1,287) Exploration expenses (363) (451) (190) 0 0 0 0 (1,004) Total operating expenses 1) (8,915) (5,237) (2,998) (86,230) (166) (590) 46,873 (57,261) Net operating income/(loss) 1) 30,471 329 1,150 1,163 1,245 (234) (461) 33,663 Additions to PP&E, intangibles and equity accounted investments 1) 4,943 1,834 690 517 457 64 0 8,506 Balance sheet information Equity accounted investments 3 1,417 0 113 1,108 45 0 2,686 Non-current segment assets 1) 36,502 15,422 11,406 4,006 157 1,032 0 68,527 Non-current assets not allocated to segments 13,406 Total non-current assets 84,618 Assets classified as held for sale 0 676 0 0 0 0 0 676 Restated due to implementation of IFRS 16 in the expenses in MMP (reduction of USD 523 77 696 Depreciation and amortisation in MMP (increase of USD 509 222 USD 799 987 1,201 and Other (decrease of USD 2,255 2020 E&P Norway 1) E&P International 1) E&P USA MMP 1) REN 1) Other 1) Eliminations Total (in USD million) Revenues third party, other revenue and other income 1) 215 452 368 44,623 18 88 0 45,765 Revenues inter-segment 11,804 3,183 2,247 309 0 39 (17,581) 0 Net income/(loss) from equity accounted investments 0 (146) 0 31 163 5 0 53 Total revenues and other income 1) 12,019 3,489 2,615 44,963 181 132 (17,581) 45,818 Purchases [net of inventory variation] 0 (72) 0 (38,072) 0 1 17,157 (20,986) Operating, selling, general and administrative expenses 1) (2,736) (1,374) (1,310) (4,564) (214) (59) 722 (9,537) Depreciation and amortisation 1) (4,466) (2,105) (1,889) (875) (1) (178) (1) (9,515) Net impairment (losses)/reversals 1) (1,260) (1,426) (1,938) (1,076) 0 (19) (1) (5,720) Exploration expenses (423) (2,071) (990) 0 0 1 (1) (3,483) Total operating expenses 1) (8,886) (7,048) (6,127) (44,587) (216) (254) 17,877 (49,241) Net operating income/(loss) 1) 3,133 (3,559) (3,512) 376 (35) (122) 295 (3,423) Additions to PP&E, intangibles and equity accounted investments 1) 5,004 2,588 1,067 1,048 33 22 0 9,762 Balance sheet information Equity accounted investments 3 1,125 0 95 1,017 25 0 2,262 Non-current segment assets 1) 39,355 17,960 12,588 5,605 4 1,144 0 76,657 Non-current assets not allocated to segments 13,704 Total non-current assets 92,623 Assets classified as held for sale 0 0 1,159 0 203 0 0 1,362 Restated due to implementation of IFRS 16 in the expenses in MMP (reduction of USD 494 93 693 Depreciation and amortisation in MMP (increase of USD 481 181 USD 718 1,238 1,623 and Other (decrease of USD 2,987 Non-current assets by country At 31 December (in USD million) 2022 2021 Norway 33,242 40,564 USA 12,343 12,323 Brazil 9,400 8,751 UK 3,688 2,096 Azerbaijan 1,401 1,654 Canada 1,171 1,403 Angola 895 948 Algeria 622 708 Argentina 615 474 Denmark 497 536 Other 541 1,757 Total non-current assets 1) 64,414 71,213 Excluding deferred tax assets, pension assets and non-current Equinor’s non-current assets in Norway have decreased by USD 7,322 33,242 to year-end 2021, mainly due to increased discount rates and strengthening of USD versus NOK. Property, plant and equipment, |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Dec. 31, 2022 | |
Acquisitions and disposals [Abstract] | |
Acquisitions and disposals | 6 Acquisitions and disposals Accounting policies Business combinations Business combinations, except for transactions between entities under common control, are accounted for method. The purchase price includes total consideration paid to acquire the entity’s assets and liabilities, as well consideration at fair value. The acquired identifiable assets, liabilities and contingent liabilities are the acquisition. Acquisition costs incurred are expensed under Selling, general and administrative of contingent consideration resulting from events after the acquisition date are recognised in under Other income. Equinor recognises a gain/loss on disposal of a subsidiary when control is lost. Any remaining recognised at fair value. When partially divesting subsidiaries which do not constitute a business, and where in the former subsidiary is an associate or a jointly controlled investment, Equinor only recognises within Other income or Operating expenses, respectively. The remaining interest in the former subsidiary is initially not remeasured, and subsequently accounted for using the equity method. After-tax disposals On the NCS, all disposals of assets are performed including the tax base (after-tax). Any gain previously recognised related to the assets in question and is recognised in full in Other income in income. Assets classified as held for sale Non-current assets are classified separately as held for sale in the Consolidated balance sheet when condition is met when an asset is available for immediate sale in its present condition, sale, and the sale is expected to be completed within one year from the date normally met when management has approved a negotiated letter of intent with the associated with the assets classified as held for sale and expected to be included as part of the separately. The net assets and liabilities of a disposal group classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Accounting judgement regarding acquisitions Determining whether an acquisition meets the definition of a business combination requires judgement to case basis. Acquisitions are assessed to establish whether the transaction represents a business and the conclusion may materially affect the financial statements both in the transaction period and subsequent assessments are performed upon the acquisition of an interest in a joint operation. Depending exploration and evaluation licences for which a development decision has not yet been made have represent asset purchases, while purchases of producing assets have largely been concluded to Accounting judgement regarding partial divestments The policy regarding partial divestments of subsidiaries is based on careful consideration of the Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The conclusion requires judgement to be applied on a case-by-case basis, considering the substance of the transactions. In evaluating acknowledges pending considerations related to several relevant and similar issues which have anticipation of concurrent consideration at a later date. Where assets are transferred into separate legal portion of the entities’ shares being sold to a third party, thereby resulting in Equinor’s loss of control of those asset-owning subsidiaries, and where investments in joint ventures are established simultaneously, Equinor has concluded to only recognise the gain on the divested portion. ---------------------------------------------------------------------------------------------------------------------------------------- 2022 Acquisitions Acquisition of BeGreen On 26 January 2023, Equinor closed a transaction with the Bregentved Group Aps to acquire 100 % of BeGreen Solar Aps for a cash consideration of USD 277 260 contingent on successful delivery of future solar projects above an agreed MW threshold. BeGreen developer. At closing, USD 226 213 Acquisition of Triton Power On 1 September 2022, Equinor and SSE Thermal Generation Holdings Limited (SSE power company Triton Power Holdings Ltd (Triton Power) from Triton Power Partners LP owned by Energy Capital Partners (ECP). Equinor’s share of the consideration was USD 141 120 working capital. The key plant included in the purchase of Triton Power is the Saltend Power Station with an installed 1.2 GW. Equinor and SSE Thermal own 50 % each of Triton Power, and Equinor is accounting for the investment under the equity method as a joint venture in the MMP segment. Acquisition of Statfjord licence shares On 31 May 2022, Equinor closed a transaction to acquire all of Spirit Energy’s interests in which covers the Norwegian and UK Continental Shelves and consists of three integrated installations. All licences are operated by Equinor. Spirit Energy’s ownership shares in the licences covered by the transaction range from 11.56 % to 48.78 %. The cash consideration received was USD 193 25 volumes on Equinor’s behalf in June 2022. The assets and liabilities acquired have IFRS 3 Business Combinations. The transaction is reflected in the E&P Norway and E&P consideration of USD 96 72 In the segment E&P Norway, the acquisition resulted in an increase of USD 98 USD 390 298 of USD 98 98 equipment, an increase of USD 241 86 Disposals Ekofisk and Martin Linge on the Norwegian Continental Shelf On 30 September 2022, Equinor closed a transaction with Sval Energi AS to divest Equinor’s Ekofisk Area including its share in Norpipe Oil AS, and a 19 % ownership share in Martin Linge. The cash consideration paid upon closing of the transaction amounted to USD 293 consideration of USD 169 51 % ownership share in Martin Linge and continues as operator of the field. The disposal equipment of USD 1,493 376 USD 597 686 655 Other income in the Consolidated statement of income in the E&P Norway segment. Exit Russia Following Russia’s invasion of Ukraine in February 2022, Equinor announced that it had decided to stop new investments and start the process of exiting Equinor’s joint arrangements. Based on this recognised net impairments of USD 1,083 251 equipment and intangible assets and USD 832 impairments were net of contingent consideration from the time of acquiring the assets. The impairments items Depreciation, amortisation and net impairment losses and Exploration expenses in the Consolidated statement on the nature of the impaired assets and reflected in the E&P International segment. During its participating interests in four Russian entities to Rosneft and was released from all future material impact on the financial statements. The ownership interests in Kharyaga were transferred Equinor has stopped trading in Russian oil. This means that Equinor will not enter into any new oil and oil products from Russia. Equinor has assessed the accounting impact of certain commitments entered into prior to the invasion and deem the impact to be immaterial. 10% of Dogger Bank C On 10 February 2022, Equinor closed the transaction with Eni to sell a 10 % equity interest in the Dogger Bank C project in the UK for a total consideration of USD 91 68 87 65 ownership share is 40 %. Equinor continues to equity account for the remaining investment as a joint the line item Other income in the Consolidated statement of income in the REN segment. Held for sale Equinor Energy Ireland Limited In the fourth quarter of 2021, Equinor entered into an agreement with Vermilion Energy Inc (Vermilion) to sell Equinor’s non-operated equity position in the Corrib gas project in Ireland. The transaction covers a sale of 100 % of the shares in Equinor Energy Ireland Limited (EEIL). EEIL owns 36.5 % of the Corrib field alongside the operator Vermilion ( 20 %) and Nephin Energy ( 43.5 %). Equinor and Vermilion have agreed a consideration of USD 434 production level and gas prices. Closing is dependent on governmental approval and is expected 2023. 2021 Acquisitions Wento On 5 May 2021, Equinor completed a transaction to acquire 100 % of the shares in Polish onshore renewables developer Wento from the private equity firm Enterprise Investors for a cash consideration of USD 117 98 The assets and liabilities related to the acquired business were recognised under the acquisition method. The an increase of Equinor’s intangible assets of USD 46 59 synergies, competence and access to the Polish renewables market obtained in the acquisition. for in the REN segment. Disposals Equinor Refining Denmark A/S On 31 December 2021, Equinor Danmark A/S closed the transaction with the Klesch Group to sell 100 % of the shares in Equinor Refining Denmark A/S (ERD). Klesch paid USD 48 the Kalundborg refinery and associated terminals and infrastructure. Following an impairment earlier an immaterial loss. Prior to transaction closing, Equinor received USD 335 in capital from ERD. Following the disposal, a gain of USD 167 statement of income in the line item Other income and has been reflected in the MMP segment. Terra Nova On 8 September 2021, Equinor closed the transaction with Cenovus and Murphy to 100 % of its interest, which includes a release of any future obligations and liabilities, in the Terra Nova asset in offshore Canada. The transaction was accounted for in the E&P International segment. The consideration paid, the net carrying amount and the impact to the Consolidated immaterial. Bakken onshore unconventional field On 26 April 2021, Equinor closed the transaction to divest its interests in the Bakken Montana to Grayson Mill Energy, backed by EnCap Investments for an estimated total consideration of USD 819 interim period settlement, for which payment was received in the first half of 2021. The asset had closing. Subsequent to closing, insignificant losses were recorded and are presented in the line item Operating Consolidated statement of income in the E&P USA segment. 10% of Dogger Bank Farm A and B On 26 February 2021, Equinor closed the transaction with Eni to sell a 10 % equity interest in the Dogger Bank Wind Farm A and B assets in the UK for a total consideration of USD 285 206 280 203 million). After closing, Equinor has a 40 % shareholding in Dogger Bank A and Dogger Bank B, and will continue to equity the remaining investment as a joint venture. The gain is presented in the line item Other income in the REN segment. Non-operated interest in the Empire Wind and Beacon Wind assets on the US east coast On 29 January 2021, Equinor closed the transaction with BP to sell 50 % of the non-operated interests in the Empire Wind and Beacon Wind assets for a preliminary total consideration after interim period adjustments of USD 1.2 1.1 billion for the divested part, of which USD 500 two companies have established a strategic partnership for further growth within offshore wind in the Equinor remains the operator with a 50 % interest. Equinor consolidated the assets until transaction closing, investments are classified as joint ventures and accounted for using the equity method. The gain is income in the Consolidated statement of income in the REN segment. |
Total revenues and other income
Total revenues and other income | 12 Months Ended |
Dec. 31, 2022 | |
Total revenues and other income [Abstract] | |
Total revenues and other income | Accounting policies Revenue recognition Equinor presents Revenue from contracts with customers and Other revenue as a single caption, statement of income. Revenue from contracts with customers Revenue from the sale of crude oil, natural gas, petroleum products and other merchandise is recognised control of those products, which normally is when title passes at point of delivery, based on the contractual terms of the agreements. Each such sale normally represents a single performance obligation. In the case of natural gas, basis through pipelines, sales are completed over time in line with the delivery of the actual physical quantities. Sales and purchases of physical commodities are presented on a gross basis as Revenues from contracts Purchases [net of inventory variation] respectively in the Consolidated statement of income. When instruments or part of Equinor’s trading activities, they are settled and presented to note 28 Financial instruments and fair value measurement for a description of accounting policies Equinor’s own produced oil and gas volumes are always reflected gross as Revenue Revenues from the production of oil and gas in which Equinor shares an interest with other volumes lifted and sold to customers during the period (the sales method). Where Equinor ownership interest, an accrual is recognised for the cost of the overlift. Where Equinor has lifted and sold less interest, costs are deferred for the underlift. Other revenue Items representing a form of revenue, or which are related to revenue from contracts with customers, if they do not qualify as revenue from contracts with customers. These other revenue production sharing agreements (PSAs) and the net impact of commodity trading and commodity-based derivative to sales contracts or revenue-related risk management. Transactions with the Norwegian State Equinor markets and sells the Norwegian State's share of oil and gas production from the Norwegian State's participation in petroleum activities is organised through the SDFI (the Norwegian State’s Direct Interests). All purchases and sales of the SDFI's oil production are classified as purchases [net of from contracts with customers, respectively. Equinor sells, in its own name, but for the SDFI’s account and risk, the SDFI’s production of natural gas. These gas sales expenditures refunded by the SDFI are presented net in the Consolidated financial statements. Natural gas Equinor’s subsidiaries are also presented net of the SDFI’s share in the Consolidated statement of income, gross in the Consolidated balance sheet. Accounting judgement related to transactions with the Norwegian State Whether to account for the transactions gross or net involves the use of significant accounting Equinor has considered whether it controls the State-originated crude oil volumes prior to onwards Equinor directs the use of the volumes, and although certain benefits from the sales subsequently purchases the crude oil volumes from the SDFI and obtains substantially all the remaining benefits. On concluded that it acts as principal in these sales. Regarding gas sales, Equinor concluded that ownership of the gas had not been transferred from Equinor has been granted the ability to direct the use of the volumes, all the benefits from the sales On that basis, Equinor is not considered the principal in the sale of the SDFI’s natural gas volumes. Reference is made to note 27 Related parties for detailed financial information regarding transactions SDFI. ---------------------------------------------------------------------------------------------------------------------------------------- Revenues from contracts with customers by geographical areas Equinor has business operations in around 30 When attributing the line-item Revenues from contracts with customers for 2022 to the country of the legal entity executing the sale for 2022, Norway constitutes 84 % and USA constitutes 13 %. For 2021 the revenues to Norway and USA constituted 81 % and 13 % respectively, and for 2020 80 % and 14 % respectively. Revenues from contracts with customers and (in USD million) Note 2022 2021 2020 Crude oil 58,524 38,307 24,509 Natural gas 65,232 28,050 7,213 58,239 24,900 5,839 2,884 1,783 1,010 4,109 1,368 363 Refined products 11,093 11,473 6,534 Natural gas liquids 9,240 8,490 5,069 Transportation 1,470 921 1,083 Other sales 4,702 1,006 681 Total revenues from contracts with customers 150,262 88,247 45,088 Taxes paid in-kind 412 345 93 Physically settled commodity derivatives (2,534) (1,075) 209 Gain/(loss) on commodity derivatives 739 951 108 Change in fair value of trading inventory (194) 0 0 Other revenues 319 276 256 Total other revenues (1,258) 497 665 Revenues 149,004 88,744 45,753 Net income/(loss) from equity accounted investments 15 620 259 53 Other income 6 1,182 1,921 12 Total revenues and other income 150,806 90,924 45,818 |
Salaries and personnel expenses
Salaries and personnel expenses | 12 Months Ended |
Dec. 31, 2022 | |
Salaries and personnel expenses [abstract] | |
Salaries and personnel expenses | 8 Salaries and personnel expenses (in USD million, except average number of employees) 2022 2021 2020 Salaries 1) 2,875 2,962 2,625 Pension costs 2) 458 488 432 Payroll tax 433 414 368 Other compensations and social costs 324 288 283 Total payroll expenses 4,090 4,152 3,707 Average number of employees 3) 21,500 21,400 21,700 Salaries include bonuses, severance packages and expatriate costs in addition to base pay. 2) 3) 3 % for 2022 and 2021 and 2 % for 2020. Total payroll expenses are accumulated in cost-pools and partially charged to partners of Equinor operated licences on an hours incurred basis. (in USD million) 1) 2022 2021 2020 Current employee benefits 12.9 12.2 9.0 Post-employment benefits 0.4 0.4 0.6 Other non-current benefits 0.0 0.0 0.0 Share-based payment benefits 0.2 0.1 0.1 Total benefits 13.5 12.7 9.7 1) All figures in the table are presented on accrual basis. At 31 December 2022, 2021, and 2020 there are no Share-based compensation Equinor's share saving plan provides employees with the opportunity to purchase Equinor shares through and a contribution by Equinor. If the shares are kept for two full calendar years of continued employment following the year of purchase, the employees will be allocated one bonus share for each share they have purchased. Estimated compensation expense including the contribution by Equinor for purchased shares, amounts granted and related social security tax was USD 85 79 74 programmes, respectively. For the 2023 programme (granted in 2022), the estimated compensation expense is USD 78 December 2022 the amount of compensation cost yet to be expensed throughout the vesting period is 174 See note 20 Shareholders’ equity and dividends for more information about share-based compensation. |
Auditor's remuneration and Rese
Auditor's remuneration and Research and development expenditures | 12 Months Ended |
Dec. 31, 2022 | |
Auditor's remuneration and Research and development expenditures [Abstract] | |
Auditor's remuneration and Research and development expenditures | 9 Auditor’s remuneration and Research and development expenditures Auditor's remuneration Full year (in USD million, excluding VAT) 2022 2021 2020 Audit fee 11.4 14.4 10.7 Audit related fee 1.8 1.1 1.0 Tax fee - - - Other service fee - - - Total remuneration 13.2 15.5 11.7 In addition to the figures in the table above, the audit fees and audit related fees related to Equinor 0.6 0.5 0.5 Research and development expenditures (R&D) Equinor has R&D activities within exploration, subsurface, drilling and well, facilities, low carbon contribute to maximising and developing long-term value from Equinor’s assets. R&D of Equinor operated licences. R&D expenditures including amounts charged to partners were USD 308 291 254 and 2020, respectively. Equinor's share of the expenditures has been recognised within Total operating expenses in the Consolidated statement of income. |
Financial items
Financial items | 12 Months Ended |
Dec. 31, 2022 | |
Financial items [Abstract] | |
Financial items | 10 Financial items Full year (in USD million) 2022 2021 2020 Foreign currency exchange gains/(losses) derivative 797 870 (1,288) Other foreign currency exchange gains/(losses) 1,291 (823) 642 Net foreign currency exchange gains/(losses) 2,088 47 (646) Dividends received 93 39 44 Interest income financial investments, including 398 38 108 Interest income non-current financial receivables 30 26 34 Interest income other current financial assets and other 701 48 113 Interest income and other financial items 1,222 151 298 Gains/(losses) financial investments (394) (348) 456 Gains/(losses) other derivative financial instruments (1,745) (708) 448 Interest expense bonds and bank loans and net (1,029) (896) (951) Interest expense lease liabilities (90) (93) (104) Capitalised borrowing costs 382 334 308 Accretion expense asset retirement obligations (449) (453) (412) Interest expense current financial liabilities and (192) (114) (232) Interest expenses and other finance expenses (1,379) (1,223) (1,392) Net financial items (207) (2,080) (836) Equinor's main financial items relate to assets and liabilities categorised in the fair value through categories. For more information about financial instruments by category see note 28 Financial instruments measurement. Foreign currency exchange gains/(losses) derivative financial instruments include fair value changes of currency liquidity and currency risk. The line item Other foreign currency exchange gains/(losses) includes related to non-current debt of USD 691 702 796 The line item Gains/(losses) other derivative financial instruments primarily includes fair value changes from interest derivatives, with a loss of USD 1,760 724 432 2020. The line item Interest expense bonds and bank loans and net interest on related derivatives 918 million, USD 990 1,031 category. It also includes net interest on related derivatives from the fair value through profit or loss category, amounting to a net interest expense of USD 111 million for 2022, net interest income of USD 94 79 respectively. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income tax [abstract] | |
Disclosure of income tax [text block] | 11 Income Accounting policies Income tax Income tax in the Consolidated statement of income comprises current and deferred tax expense. Consolidated statement of income except when it relates to items recognised in OCI. Current tax consists of the expected tax payable on the taxable income for the year and any years. Uncertain tax positions and potential tax exposures are analysed individually. The outcomes of tax disputes are mostly binary in nature, and in each case the most likely amount for probable liabilities to be paid (including (disputed tax positions for which payment has already been made) is recognised within Current tax Uplift benefit on the NCS is recognised when the deduction is included in the Deferred tax assets and liabilities are recognised for the future tax consequences attributable to amounts of existing assets and liabilities and their respective tax bases, and on unused tax losses to the initial recognition exemption. A deferred tax asset is recognised only to the extent that it will be available against which the asset can be utilised. For a deferred tax asset to be recognised convincing evidence is required, considering the existence of contracts, production of oil or gas in the expected reserves, observable prices in active markets, expected volatility of trading profits, movements and similar facts and circumstances. When an asset retirement obligation or a lease contract is initially reflected in the accounts, a deferred deferred tax asset are recognised simultaneously and accounted for in line with other deferred tax with an amendment to IAS 12 Income Taxes, reducing the scope of the initial recognition exemption, which is effective from 1 January 2023. Estimation uncertainty regarding income tax Equinor incurs significant amounts of income taxes payable to various jurisdictions and may tax assets and deferred tax liabilities. There may be uncertainties related to interpretations regarding amounts in Equinor’s tax returns, which are filed in a number take several years to complete the discussions with relevant tax authorities or to reach resolutions through litigation. The carrying values of income tax related assets and liabilities are based on Equinor's interpretations and relevant court decisions. The quality of these estimates, including the most likely outcomes dependent upon proper application of at times very complex sets of rules, the recognition of case of deferred tax assets, management's ability to project future earnings from activities that may apply loss carry against future income taxes. Climate-related matters and the transition to carbon-neutral the uncertainty in determining key business assumptions used to assess the recoverability of future taxable income before tax losses expire. ----------------------------------------------------------------------------------------------------------------------------------- Significant components of income tax expense Full year (in USD million) 2022 2021 2020 Current income tax expense in respect of (52,124) (21,271) (1,115) Prior period adjustments (112) (28) 313 Current income tax expense (52,236) (21,299) (802) Origination and reversal of temporary differences (2,136) (1,778) (648) Recognition of previously unrecognised deferred 4,401 126 130 Change in tax regulations 0 4 (12) Prior period adjustments 110 (60) 94 Deferred tax income/(expense) 2,375 (1,708) (435) Income tax (49,861) (23,007) (1,237) Changes to tax regimes Norway As a measure to maintain activity in the oil and gas related industry during the Covid-19 enacted temporary targeted changes to Norway’s petroleum tax system for investments incurred in 2020 and 2021, and for new projects with Plan for development and operations (PDOs) or Plan for installation and Oil and Energy by the end of 2022 and approved prior to 1 January 2024. The changes were effective from provided companies with a direct tax deduction in the special petroleum tax instead of tax uplift benefit, was recognised over one year instead of four years. Tax depreciation towards the ordinary offshore corporate tax was continued On 17 June 2022, the Norwegian Parliament adopted amendments to the Petroleum Tax Act to convert the special tax for petroleum activities to a cash flow tax. The amendments were effective 1 January 2022 and maintains the marginal and corporate income tax at 56 % and 22 % respectively but allows for cost of investments in the year of investment and corporate income tax to be deducted in the special petroleum tax base. Uplift deductions for 2022 was discontinued. The uplift deduction rate under the temporary rules was reduced to 17.69 % for 2022 and further reduced to 12.4 % as from 2023. UK On 23 May 2022, the UK introduced a new levy intended to tax windfall profits on oil and gas production Continental Shelf, called the Energy (Oil & Gas) Profits Levy Act 2022 (EPL). EPL was introduced as a new temporary tax at the rate of 25 % from 26 May 2022 to 31 December 2022, and further increased to 35 % from 1 January 2023 to 31 March 2028. It applies to profits on transactions from expenditures or brought forward losses and with no EPL tax relief 26 May 2022 are eligible for an EPL deductible uplift of 80 % until 31 December 2022 and thereafter at 29 % for expenditure other than that in respect of de-carbonisation where the rate of uplift remains at 80 %. EPL losses can be carried forward without limitation and carried back for one year. US On August 16, 2022, the Inflation Reduction Act (IRA) was enacted in the USA. As Tax on Book Earnings (BMT) applies a 15 % tax on adjusted financial statement income. The enactment of the IRA had no 2022. Reconciliation of statutory tax rate to effective Full year (in USD million) 2022 2021 2020 Income/(loss) before tax 78,604 31,583 (4,259) Calculated income tax at statutory rate 1) (18,168) (7,053) 1,445 Calculated Norwegian Petroleum tax 2) (36,952) (17,619) (2,126) Tax effect uplift 3) 259 914 1,006 Tax effect of permanent differences regarding divestments 417 90 (9) Tax effect of permanent differences caused by functional currency different from tax currency 145 150 (198) Tax effect of other permanent differences 403 228 450 Recognition of previously unrecognised deferred tax 4) 4,401 126 130 Change in unrecognised deferred tax assets (34) 619 (1,685) Change in tax regulations 0 4 (12) Prior period adjustments (3) (88) 408 Other items including foreign currency effects (327) (378) (647) Income tax (49,861) (23,007) (1,237) Effective tax rate 63.4 % 72.8 % (29.0 %) The weighted average of statutory tax rates was 23.1 % in 2022, 22.3 % in 2021 and 33.9 % in 2020. The rates are influenced by earnings composition between tax regimes with lower statutory tax rates and tax regimes with higher statutory 2) 71.8 % after deduction for 22 % corporate tax in the special petroleum tax basis. 3) 71.8 % on income from the Norwegian continental shelf, an additional tax-free allowance (uplift) was previously granted on the basis of the original capitalised cost of offshore production installations. Previously, a 5.2 % uplift could be deducted from taxable income for a period of four years starting was incurred. On 17 June 2022, the Norwegian Parliament adopted amendments to the Petroleum special tax for petroleum activities to a cash flow tax. The amendments were effective 1 January 2022. Uplift investments incurred after 1 January 2022 were discontinued. At year-end 2022, un-recognised uplift credits were zero , compared to USD 272 For 2020 and 2021, temporary rules enacted under the Covid-19 pandemic allowed direct deduction of the whole of 24 % in the year the capital expenditure was incurred. This rate was reduced 17.69 % for 2022, and further reduced to 12.4 % on capital expenditures incurred on investments eligible under the temporary rules as from 2023. 4) 4,401 effective tax rate for 2022 compared to 2021. More than 90 % of the recognition relates to the US, that after a history of significant losses, is now recording profits. Projected future taxable income demonstrates that it is probable that the carried forward can be utilised in the nearest future. The tax value of unused accumulated losses asset in the US, amounts to USD 2,738 A 30 % decline in commodity prices, considered to represent a reasonably possible change, would have an immaterial impact on the recognised amount. Deferred tax assets and liabilities comprise (in USD million) Tax losses carried forward Property, plant and equipment and intangible assets Asset retirement obligations Lease liabilities Pensions Derivatives Other Total Deferred tax assets 8,105 694 7,356 1,306 694 1,131 1,348 20,634 Deferred tax liabilities (28) (23,356) 0 (3) (12) (3) (411) (23,813) Net asset/(liability) at 31 December 2022 8,077 (22,662) 7,356 1,303 682 1,128 937 (3,179) Deferred tax assets 5,162 719 11,256 1,506 804 21 2,015 21,484 Deferred tax liabilities 0 (27,136) 0 0 (21) (1,453) (530) (29,140) Net asset/(liability) at 31 December 2021 5,162 (26,417) 11,256 1,506 783 (1,432) 1,485 (7,655) Changes in net deferred tax liability during (in USD million) 2022 2021 2020 Net deferred tax liability at 1 January 7,655 6,250 5,530 Charged/(credited) to the Consolidated statement of income (2,375) 1,708 435 Charged/(credited) to Other comprehensive income 105 35 (19) Acquisitions and disposals (968) 36 0 Foreign currency translation effects and other effects (1,239) (374) 304 Net deferred tax liability at 31 December 3,179 7,655 6,250 Deferred tax assets and liabilities are offset to the extent that the deferred taxes relate to the same fiscal legally enforceable right to offset current tax assets against current tax liabilities. After netting deferred tax assets fiscal entity and reclassification to Assets held for sale, deferred taxes are presented on the Consolidated At 31 December (in USD million) 2022 2021 Deferred tax assets 8,732 6,259 Deferred tax liabilities 11,996 14,037 Deferred tax assets reported in Assets classified as 85 122 Deferred tax assets are recognised based on the expectation that sufficient taxable income will be available taxable temporary differences or future taxable income. At year-end 2022, the deferred tax assets of USD 8,817 recognised in the US, the UK, Norway, Angola, Canada and Brazil. Of this amount, USD 1,953 which have suffered a tax loss in either the current or the preceding period. The corresponding amounts for 2021, were 6,381 million and USD 4,636 taxable income, mainly from production of oil and gas. Unrecognised deferred tax assets At 31 December 2022 2021 (in USD million) Basis Tax Basis Tax Deductible temporary differences 2,558 968 2,900 1,203 Unused tax credits 0 129 0 264 Tax losses carried forward 3,458 930 20,552 5,047 Total unrecognised deferred tax assets 6,016 2,027 23,452 6,514 Approximately 90 % of the unrecognised carry forward tax losses can be carried forward indefinitely. The majority of the unrecognised tax losses that cannot be carried forward indefinitely expire after 2027 . The unrecognised tax credits expire from 2030, while the unrecognised deductible temporary differences do not expire under the current tax legislation. Deferred tax assets recognised in respect of these items because currently there is insufficient evidence to support that future taxable available to secure utilisation of the benefits. At year-end 2022, unrecognised deferred tax assets in Angola and Canada represents USD 636 346 respectively, of the total unrecognised deferred tax assets of USD 2,027 4,206 the USA and USD 749 6,514 originate from several different tax jurisdictions. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of property, plant and equipment [text block] | 12 Property, Accounting policies Property, plant and equipment Property, plant and equipment is reflected at cost, less accumulated depreciation and impairment. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, of an asset retirement obligation, exploration costs transferred from intangible assets and, for Proceeds from production ahead of a project’s final approval are regarded as ‘early production’ and is than as a reduction of acquisition cost. Contingent consideration included in the acquisition initially measured at its fair value, with later changes in fair value other than due the asset or group of assets, unless the asset is impaired. Property, plant and equipment include costs relating to expenditures incurred under the terms of production sharing agreements (PSAs) in certain countries, and which qualify for Equinor. State-owned entities in the respective countries, however, normally hold the legal title to such PSA-based property, plant and equipment. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets overhaul costs. Inspection and overhaul costs, associated with regularly scheduled major maintenance carried out at recurring intervals exceeding one year, are capitalised and amortised over the period to the next scheduled inspection and overhaul. All other maintenance costs are expensed as incurred. Capitalised exploration and evaluation expenditures, development expenditure on the construction, infrastructure facilities such as platforms, pipelines and the drilling of production wells, and field-dedicated transport and gas are capitalised as Producing oil and gas properties within Property, plant and equipment. Such capitalised costs, when designed for significantly larger volumes than the reserves from already developed and producing unit of production method (UoP) based on proved reserves expected to be recovered from the period. Depreciation of production wells uses the UoP method based on proved developed reserves, of proved properties are depreciated using the UoP method based on total proved reserves. In the of proved reserves fails to provide an appropriate basis reflecting the pattern in which the expected to be consumed, a more appropriate reserve estimate is used. Depreciation of other assets several fields is calculated on the basis of their estimated useful lives, normally using the straight-line method. property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. For exploration and production assets, Equinor has established separate depreciation categories which between platforms, pipelines and wells. The estimated useful lives of property, plant and equipment are reviewed on an annual basis, and changes in useful lives are accounted for prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset is included in Other income or Operating expenses, respectively, in the period the item is derecognised. Monetary or non-monetary grants from governments, when related to property, plant and equipment and considered reasonably certain, are recognised in the Consolidated balance sheet as a deduction to the carrying recognised in the Consolidated statement of income over the life of the depreciable asset Research and development Equinor undertakes research and development both on a funded basis for licence holders and on own risk, developing innovative technologies to create opportunities and enhance the value of current relate both to in-house resources and the use of suppliers. Equinor's own share of the licence the unfunded projects are considered for capitalisation under the applicable IFRS capitalised development costs are accounted for in the same manner as Property, plant and equipment. Costs not qualifying for capitalisation are expensed as incurred, see note 9 Auditor’s remuneration details. Estimation uncertainty regarding determining oil and gas reserves Reserves quantities are, by definition, discovered, remaining, recoverable and economic. Recoverable oil and always uncertain. Estimating reserves is complex and based on a high degree of professional judgement engineering assessments of in-place hydrocarbon volumes, the production, historical recovery and processing installed plant operating capacity. The reliability of these estimates depends on both the quality and availability of the technical and economic data and the efficiency of extracting and processing the hydrocarbons. Estimation uncertainty; Proved oil and gas reserves Proved oil and gas reserves may impact the carrying amounts of oil and gas producing impact the unit of production rates used for depreciation and amortisation. Proved oil and gas gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable from a given date forward, from known reservoirs, and under existing economic conditions, operating regulations. Unless evidence indicates that renewal is reasonably certain, estimates of proved reserves the contracts providing the right to operate expire. For future development projects, proved reserves where there is a significant commitment to project funding and execution and when relevant governmental have been secured or are reasonably certain to be secured. Proved reserves are divided into proved developed and proved undeveloped reserves. Proved developed recovered through existing wells with existing equipment and operating methods, or where the relatively minor compared to the cost of a new well. Proved undeveloped reserves are to acreage, or from existing wells where a relatively major capital expenditure is required. Undrilled having proved undeveloped reserves if a development plan is in place indicating that they are scheduled unless specific circumstances justify a longer time horizon. Specific circumstances are for instance fields which investments in offshore infrastructure, such as many fields on the NCS, where drilling of wells is scheduled longer than five years. For unconventional reservoirs where continued drilling of new wells is a major part of the the US onshore assets, the proved reserves are always limited to proved well locations Proved oil and gas reserves have been estimated by internal qualified professionals based on industry the oil and gas rules and disclosure requirements in the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board (FASB) requirements for supplemental oil and gas disclosures. The estimates have been based on a 12-month average product price and on existing economic conditions and operating recovery of the estimated quantities have a high degree of certainty (at least a 90% probability). evaluated Equinor's proved reserves estimates, and the results of this evaluation do not differ materially from Equinor's Estimation uncertainty; Expected oil and gas reserves Changes in the expected oil and gas reserves may materially impact the amounts of asset of timing of the removal activities. It will also impact value-in-use calculations for oil and gas assets, testing and the recognition of deferred tax assets. Expected oil and gas reserves are the estimated recoverable quantities, based on Equinor's judgement of future economic conditions, from projects in development. As per Equinor’s internal guidelines, expected reserves are defined on a stochastic prediction approach. In some cases, a deterministic prediction method is used, in which are the deterministic base case or best estimate. Expected reserves are therefore typically larger the SEC, which are high confidence estimates with at least a 90% probability of recovery Expected oil and gas reserves have been estimated by internal qualified professionals based on industry accordance with the Norwegian resource classification system issued by the Norwegian Petroleum (in USD million) Machinery, equipment and transportation equipment Production plants and oil and gas assets Refining and manufacturing plants Buildings and land Assets under development Right of use assets 4) Total Cost at 1 January 2022 1,335 183,358 8,481 596 12,614 5,850 212,234 Additions and transfers 6) 52 9,390 378 6 (813) 1,319 10,332 Changes in asset retirement obligations 0 (4,756) 0 0 (48) 0 (4,805) Disposals at cost (9) (3,487) 2 (20) (5) (347) (3,865) Foreign currency translation effects (36) (12,557) (576) (19) (934) (188) (14,310) Cost at 31 December 2022 1,343 171,948 8,285 562 10,815 6,633 199,586 Accumulated depreciation and impairment losses at 1 January 2022 (1,188) (137,763) (7,926) (320) (344) (2,619) (150,159) Depreciation (52) (7,643) (160) (33) 0 (969) (8,856) Impairment losses (8) (187) (39) 0 (49) (4) (286) Reversal of impairment losses 4 2,585 802 0 207 0 3,599 Transfers 6) (2) (20) 2 0 20 (8) (8) Accumulated depreciation and impairment on disposed assets 8 2,002 (4) 5 0 347 2,359 Foreign currency translation effects 34 9,571 562 9 30 59 10,264 Accumulated depreciation and impairment losses at 31 December 2022 5) (1,203) (131,455) (6,763) (338) (135) (3,194) (143,088) Carrying amount at 31 December 2022 140 40,493 1,522 224 10,679 3,439 56,498 Estimated useful lives (years) UoP 1) 2) 3) (in USD million) Machinery, equipment and transportation equipment Production plants and oil and gas assets Refining and manufacturing plants Buildings and land Assets under development Right of use assets Total Cost at 1 January 2021 2,806 183,082 9,238 929 13,163 6,370 215,587 Additions and transfers 6) 39 9,439 95 27 (355) 148 9,393 Changes in asset retirement obligations 0 (2,125) 0 0 (40) 0 (2,165) Disposals at cost (1,496) (1,975) (70) (353) (25) (501) (4,420) Assets reclassified to held for sale 0 (1,010) (563) 0 0 (91) (1,664) Foreign currency translation effects (13) (4,052) (220) (6) (130) (77) (4,497) Cost at 31 December 2021 1,335 183,358 8,481 596 12,614 5,850 212,234 Accumulated depreciation and impairment losses at 1 January 2021 (2,596) (132,427) (8,005) (524) (1,275) (2,251) (147,079) Depreciation (68) (9,136) (232) (42) 0 (930) (10,408) Impairment losses (42) (2,092) (401) (21) (390) (17) (2,962) Reversal of impairment losses 0 1,675 0 0 0 2 1,677 Transfers 6) 61 (1,319) 0 (61) 1,319 (11) (11) Accumulated depreciation and impairment on disposed assets 1,448 1,785 59 326 21 480 4,118 Accumulated depreciation and impairment assets classified as held for sale 0 825 461 0 0 82 1,367 Foreign currency translation effects 9 2,926 192 2 (18) 27 3,138 Accumulated depreciation and impairment losses at 31 December 2021 5) (1,188) (137,763) (7,926) (320) (344) (2,619) (150,159) Carrying amount at 31 December 2021 147 45,595 555 276 12,270 3,231 62,075 Estimated useful lives (years) UoP 1) 2) 3) Depreciation according to unit of production method. 2) . Buildings include leasehold improvements. 3) 4) 1,013 1,557 and Drilling rigs USD 595 5) 6) in 2022 and 2021 amounted to USD 982 1,730 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of intangible assets [abstract] | |
Disclosure of intangible assets [text block] | 13 Intangible assets Accounting policies Intangible assets including goodwill Intangible assets are stated at cost, less accumulated amortisation and impairment. Intangible and gas prospects, expenditures on the exploration for and evaluation of oil and natural gas resources, assets. Intangible assets relating to expenditures on the exploration for and evaluation of oil amortised. When the decision to develop a particular area is made, related intangible reclassified to Property, plant and equipment. Goodwill acquired in a business combination is allocated to each cash generating unit (CGU), or from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment In acquisitions made on a post-tax basis according to the rules on the NCS, a provision based on the difference between the acquisition cost and the tax depreciation basis transferred from the seller. The offsetting entry to such deferred tax amounts is reflected as goodwill, which is allocated to the CGU or group the deferred tax has been computed. Other intangible assets with a finite useful life, are depreciated over their useful life using the straight-line Oil and gas exploration, evaluation and development expenditures Equinor uses the successful efforts method of accounting for oil and gas exploration costs. Expenditures to acquire in oil and gas properties, including signature bonuses, expenditures to drill and equip exploratory wells are capitalised within Intangible assets as Exploration expenditures and Acquisition costs - oil and gas geophysical costs and other exploration and evaluation expenditures are expensed as incurred. Exploration wells that discover potentially economic quantities of oil and natural gas remain evaluation phase of the discovery. This evaluation is normally finalised within one year after well completion. If, following the evaluation, the exploratory well has not found potentially commercial quantities of hydrocarbons, evaluated for derecognition or tested for impairment. Any derecognition or impairment is Consolidated statement of income. Capitalised exploration and evaluation expenditures related to offshore wells that find proved reserves, are transferred to Property, plant and equipment at the time of sanctioning of the development project. The timing from evaluation sanctioned could take several years depending on the location and maturity, including existing infrastructure, of the area of discovery, whether a host government agreement is in place, the complexity of the project and the onshore wells where no sanction is required, the transfer to Property, plant and equipment occurs at the time when a well is ready for production. For exploration and evaluation asset acquisitions (farm-in arrangements) in which Equinor has decided to fund partner's exploration and/or future development expenditures (carried interests), these expenditures are reflected financial statements as and when the exploration and development work progresses. Equinor reflects exploration and evaluation asset disposals (farm-out arrangements) on a historical cost basis with no gain recognition. Consideration from the sale of an undeveloped part of an asset reduces the carrying consideration exceeds the carrying amount of the asset, the excess amount is reflected in the under Other income. Equal-valued exchanges (swaps) of exploration and evaluation assets with are accounted for at the carrying amounts of the assets given up with no gain or loss recognition. Estimation uncertainty regarding exploration activities Exploratory wells that have found reserves, but where classification of those reserves as expenditure can be justified, will remain capitalised during the evaluation phase for the findings on the will be considered a trigger for impairment evaluation of the well if no development decision is moreover are no concrete plans for future drilling in the licence. Judgements as to whether these capitalised, be derecognised or impaired in the period may materially affect the carrying values of these assets and consequently, the operating income for the period. ------------------------------------------------------------------------------------------------------------------------------ (in USD million) Exploration expenses Acquisition costs - oil and gas prospects Goodwill Other Total Cost at 1 January 2022 1,958 2,670 1,467 722 6,816 Additions 227 4 36 57 324 Disposals at cost (10) (50) 0 1 (58) Transfers (227) (516) 0 (239) (982) Expensed exploration expenditures previously capitalised (283) (59) 0 0 (342) Impairment of goodwill 0 0 (3) 0 (3) Foreign currency translation effects (65) (14) (121) (13) (213) Cost at 31 December 2022 1,599 2,035 1,380 528 5,542 Accumulated depreciation and impairment losses 2022 1) (384) (384) Carrying amount at 31 December 2022 1,599 2,035 1,380 144 5,158 (in USD million) Exploration expenses Acquisition costs - oil and gas prospects Goodwill Other Total Cost at 1 January 2021 2,261 3,932 1,481 831 8,505 Additions 191 36 61 90 378 Disposals at cost (22) 1 (3) (29) (53) Transfers (432) (1,137) 0 (161) (1,730) Expensed exploration expenditures previously capitalised (19) (152) 0 0 (171) Impairment of goodwill 0 0 (1) 0 (1) Foreign currency translation effects (21) (10) (70) (10) (111) Cost at 31 December 2021 1,958 2,670 1,467 722 6,816 Accumulated depreciation and impairment losses 2021 1) (364) (364) Carrying amount at 31 December 2021 1,958 2,670 1,467 358 6,452 1) See note 14 Impairments. Goodwill of USD 1,380 USD 550 410 The table below shows the aging of capitalised exploration expenditures. (in USD million) 2022 2021 Less than one year 250 234 Between one and five years 340 692 More than five years 1,009 1,033 Total capitalised exploration expenditures 1,599 1,958 The table below shows the components of the exploration Full year (in USD million) 2022 2021 2020 Exploration expenditures 1,087 1,027 1,371 Expensed exploration expenditures previously capitalised 342 171 2,506 Capitalised exploration (224) (194) (394) Exploration expenses 1,205 1,004 3,483 |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2022 | |
Impairments [Abstract] | |
Impairments | 14 Impairments Accounting policies Impairment of property, plant and equipment, right-of-use assets and intangible assets including goodwill Equinor assesses individual assets or groups of assets for impairment whenever events or changes in carrying value of an asset may not be recoverable. Assets are grouped into cash generating units (CGUs) which identifiable groups of assets that generate cash inflows that are largely independent of the Normally, separate CGUs are individual oil and gas fields or plants. Each unconventional asset play is considered a single CGU when no cash inflows from parts of the play can be reliably identified as being largely independent play. In impairment evaluations, the carrying amounts of CGUs are determined on a basis consistent with that of the recoverable amount. Unproved oil and gas properties are assessed for impairment when facts and circumstances asset or CGU to which the unproved properties belong may exceed its recoverable amount, wells that have found reserves, but where classification of those reserves as proved depends on can be justified or where the economic viability of that major capital expenditure depends on the exploration work, will remain capitalised during the evaluation phase for the exploratory finds. If, well has not found proved reserves, the previously capitalised costs are tested for impairment. After the well, it will be considered a trigger for impairment testing of a well if no development is no firm plan for future drilling in the licence. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances may be impaired. Impairment is determined by assessing the recoverable amount of the CGU, relates. When impairment testing goodwill originally recognised as an offsetting item to the computed deferred tax transaction on the NCS, the remaining amount of the deferred tax provision will factor Impairment losses and reversals of impairment losses are presented in the Consolidated statement expenses or Depreciation, amortisation and net impairment losses, on the basis of the nature of the impaired exploration assets (intangible exploration assets) or development and producing assets (property, plant and equipment and other intangible assets), respectively. Measurement The recoverable amount applied in Equinor’s impairment assessments is normally estimated value assets’ fair value less cost of disposal as the recoverable amount when such a value is available, recent and comparable transaction. Value in use is determined using a discounted cash flow model. The estimated future cash flows are based on reasonable and supportable assumptions and represent management's best estimates of the range of economic remaining useful life of the assets, as set down in Equinor's most recently approved forecasts. Assumptions in establishing the forecasts are reviewed by management on a regular basis and updated at least annually. For assets and CGUs with an expected useful life or timeline for production of expected oil and natural gas reserves planned onshore production from shale assets with a long development and production horizon, the forecasts production volumes, and the related cash flows include project or asset specific estimates reflecting estimates are established based on Equinor's principles and assumptions and are consistently applied. The estimated future cash flows are adjusted for risks specific to the asset or CGU and discounted which is based on Equinor's post-tax weighted average cost of capital (WACC). Country risk specific to a project is included as a monetary adjustment to the projects’ cash flow. Equinor considers country risk primarily as an unsystematic risk. The cash flow is adjusted for risk that influences the expected cash flow of a project and which is not part of the discount rates in determining value in use does not result in a materially different determination of the need for, or the amount of, impairment that would be required if pre-tax discount rates had been used. Impairment reversals A previously recognised impairment loss is reversed only if there has been a change in the estimates used to recoverable amount since the last impairment loss was recognised. A reversal cannot exceed the CGU that would have been reflected, net of depreciation, if no impairment loss had been recognised unsuccessful wells is reversed only to the extent that conditions for impairment are no longer present. impairments of goodwill are not reversed in future periods. Estimation uncertainty regarding impairment Evaluating whether an asset is impaired or if an impairment should be reversed requires a large extent depend upon the selection of key assumptions about the future. In Equinor's determining what constitutes a CGU. Development in production, infrastructure solutions, markets, product actions and other factors may over time lead to changes in CGUs such as splitting one original CGU The key assumptions used will bear the risk of change based on the inherent volatile nature of macro-economic commodity prices and discount rates, and uncertainty in asset specific factors such as reserve impacting the production profile or activity levels for our oil and natural gas properties. Changes in foreign will also affect value in use, especially for assets on the NCS, where the functional currency is NOK. When estimating amount, the expected cash flow approach is applied to reflect uncertainties in timing and amounts inherent the estimated future cash flows. For example, climate-related matters (see also Note 3 Consequences of initiatives changes) are expected to have a pervasive effect on the energy industry, affecting not only supply, demand and commodity prices, but also technology changes, increased emission-related levies, effects have been factored into the price assumptions used for estimating future cash flows using analyses. The estimated future cash flows, reflecting Equinor’s, market participants’ and other external and discounted to their present value, involve complexity. In order to establish relevant future cash flows, impairment testing requires long-term assumptions to be made concerning a number of economic factors such as future market prices, currency exchange rates and future output, discount rates, impact of the timing of tax incentive risk among others. Long-term assumptions for major economic factors are made at a group level, and reasoned judgement involved in establishing these assumptions, in determining other relevant factors estimating production outputs, and in determining the ultimate terminal value of an asset. ------------------------------------------------------------------------------------------------------------------------------ Net impairments/(reversal of impairments) Full year Property, plant and equipment (in USD million) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Producing and development assets 1) (3,313) 1,285 5,671 (26) (2) 680 (3,339) 1,283 6,351 Goodwill 1) 3 1 42 3 1 42 Other intangible assets 1) 0 0 8 0 0 8 Acquisition costs related to oil and gas prospects 2) 85 154 657 85 154 657 Total net impairments/(reversals) recognised for Property, plant and equipment and Intangible assets (3,313) 1,285 5,671 62 154 1,386 (3,251) 1,439 7,057 1) 832 Acquisitions and disposals regarding the effects of the decision to exit Russia. The total net impairment reversals recognised IAS 36 Impairment of assets in 2022 amount to USD 2,504 2) and classified as exploration expenses in the income statement. For impairment purposes, the asset’s carrying amount is compared to its recoverable amount. The table below describes, the Producing and development assets being impaired/(reversed), impairment. At 31 December 2022 At 31 December 2021 (in USD million) Carrying amount after impairment Net impairment loss/ (reversal) Carrying amount after impairment Net impairment loss/ (reversal) Exploration & Production Norway 3,201 (819) 5,379 (1,102) Exploration & Production USA - onshore 546 (204) 1,979 48 Exploration & Production USA - offshore Gulf of Mexico 2,691 (882) 798 18 Europe and Asia 1,551 295 1,566 1,609 Marketing, Midstream & Processing 1,416 (895) 868 716 Other 30 0 20 (7) Total 9,435 (2,505) 10,611 1,283 Exploration & Production Norway In 2022, the net impairment reversal was mainly caused by increased price estimates and changed net impairment reversal was mainly due to increased price estimates and an upward reserve revision. Exploration & Production USA - onshore In 2022, the impairment reversal was caused by increased gas price assumptions, revision of reserves and sale of an asset. Exploration & Production USA - offshore Gulf of Mexico In 2022, the impairment reversal was caused by increased price assumptions and higher reserves estimates, while impairment was due to a negative reserve revision. Exploration & Production International – Europe and Asia In 2022, the net impairment was mainly caused by the decision to exit Russia (see note 6 Acquisitions large extent offset by a reversal on Mariner in the UK mainly due to optimisation of the production by a slight increase in reserves estimates. In 2021, the net impairment was mainly caused by downward offset by higher prices. Marketing, Midstream & Processing In 2022 the net impairment reversal was mainly related to increased refinery margin assumptions, losses were caused by increased CO 2 Accounting assumptions Management’s future commodity price assumptions and currency assumptions are applied when estimating value in are inherent uncertainties in the assumptions, the commodity price assumptions as well management’s best estimate of the price and currency development over the life of the Group’s assets based on its view of relevant current circumstances and the likely future development of such circumstances, including energy demand climate change policies as well as the speed of the energy transition, population and economic growth, and cost development and other factors. Management’s best estimate also takes into consideration a range of external Equinor has performed a thorough and broad analysis of the expected development in drivers for exchange rates. Significant uncertainty exists regarding future commodity price development due to the transition economy, future supply actions by OPEC+ and other factors. The management’s analysis of the expected development in drivers for the different commodity markets and exchange rates resulted in changes in the long-term price assumptions with effect from the third quarter of 2022. The main changes with effect for impairment and impairment reversal assessments are disclosed as price-points on price-curves. Previously applied price-points from the third quarter of 2021 up of 2022 are provided in brackets. Year Prices in real term 1) 2025 2030 2040 2050 Brent Blend (USD/bbl) 75 (70) 75 (75) 70 (69) 65 (64) European gas (USD/MMBtu) - TTF 20.0 (7.3) 9.5 (6.8) 9.0 (8.2) 9.0 (7.5) Henry Hub (USD/MMBtu) 4.0 (3.3) 3.7 (3.4) 3.7 (3.6) 3.7 (3.6) Electricity Germany (EUR/MWh) 115 (65) 70 (62) 57 (64) 57 (64) EU ETS (EUR/tonne) 80 (61) 80 (70) 105 (89) 130 (108) Basis year 2022. The prices in the table are price-points on price-curves. 2) previously applied NBP correspond to the disclosed updated price-points for TTF. Previously applied comparable prices for NBP are 7.4 , 6.9 , 8.3 7.6 Climate considerations are included in the impairment calculations directly by estimating the CO 2 the expected effect of climate change is also included in the estimated commodity prices where supply and demand The prices also have effect on the estimated production profiles and economic cut-off of the projects. Furthermore, climate considerations are a part of the investment decisions following Equinor’s strategy Norway’s Climate Action Plan for the period 2021-2030 (Meld. St 13 (2020-2021)) which assumes 2 total of EU ETS + Norwegian CO 2 2,000 upstream assets. To reflect that carbon will have a cost for all our assets the current best estimate is considered to be EU ETS for countries outside EU where carbon is not already subject to taxation or where Equinor has not established specific estimates. The long-term NOK currency exchange rates are expected to be unchanged compared to previous NOK/USD rate from 2025 and onwards is kept at 8.50 , the NOK/EUR at 10.0 . The USD/GBP rate is kept at 1.35 . The base discount rate applied in value in use calculations is 5.0 % real after tax. The discount rate is derived from Equinor’s weighted average cost of capital. For projects, mainly within the REN segment in periods with considered. A derived pre-tax discount rate is in the range of 42 - 102 % for E&P Norway, 8 - 9 % for E&P International, 6 - 9 % for E&P USA and 7 % for MMP depending on the asset’s characteristics, such as specific tax treatments, cash flow profiles, The pre-tax rates for 2021 were 18 - 32 %, 5 - 9 %, 6 - 7 % and 7 % respectively. Sensitivities Commodity prices have historically been volatile. Significant downward adjustments of Equinor’s result in impairment losses on certain producing and development assets in Equinor’s subject to impairment assessment, while an opposite adjustment could lead to impairment-reversals. If forecasts over the lifetime of the assets was 30 %, considered to represent a reasonably possible change, the impairment amount be recognised could illustratively be in the region of USD 14 climate changes for possible effect of using the prices in a 1.5 o C compatible Net Zero Emission by 2050 scenario and the Announced Pledges Scenario as estimated by the International Energy Agency (IEA). These illustrative impairment sensitivities, both based on a simplified method, assumes no changes to however, a price reduction of 30 % or those representing Net Zero Emission scenario and Announced Pledges Scenario is result in changes in business plans as well as other factors used when estimating an asset’s recoverable changes reduce the stand-alone impact on the price sensitivities. Changes in such input factors would likely include cost level in the oil and gas industry as well as offsetting foreign currency effects, both of which have historically occurred following significant changes in commodity prices. The illustrative sensitivities are therefore not considered to expected impairment impact, nor an estimated impact on revenues or operating income in such prolonged reduction in oil and gas prices would also result in mitigating actions by Equinor and its oil and gas prices would impact drilling plans and production profiles for new and existing assets. considered impracticable, as it requires detailed technical, geological and economical evaluations and not based on existing business or development plans. |
Joint arrangements and associat
Joint arrangements and associates | 12 Months Ended |
Dec. 31, 2022 | |
Equity accounted investments [Abstract] | |
Disclosure of equity accounted investments [text block] | 15 Joint arrangements and associates Accounting policies Joint operations and similar arrangements, joint ventures and associates A joint arrangement is a contractual arrangement whereby Equinor and other parties undertake an when decisions about the relevant activities require the unanimous consent of the parties classified as either joint operations or joint ventures. In determining the appropriate classification, Equinor products and markets of the arrangements and whether the substance of the agreements is substantially all the arrangement's assets and obligations for the liabilities, or whether the parties involved have assets of the arrangement. Equinor accounts for its share of assets, liabilities, revenues accordance with the principles applicable to those particular assets, liabilities, revenues and expenses. Those of Equinor's exploration and production licence activities that are within the scope classified as joint operations. A considerable number of Equinor's unincorporated joint exploration conducted through arrangements that are not jointly controlled, either because unanimous consent is not involved, or no single group of parties has joint control over the activity. Licence activities where control can be achieved through agreement between more than one combination of involved parties are considered to be outside activities are accounted for on a pro-rata basis using Equinor's ownership share. Currently, Equinor uses IFRS 11 by analogy for all such unincorporated licence arrangements whether these are in scope of IFRS 11 or not. Reference is made to note 5 Segments for financial information related to Equinor’s participation in joint operations within Joint ventures, in which Equinor has rights to the net assets, are accounted for using the equity method. These majority of Equinor’s investments in the Renewables (REN) operating and reporting arrangements that are joint ventures and investments in companies in which Equinor has neither ability to exercise significant influence over operating and financial policies, are classified as Under the equity method, the investment is carried on the Consolidated balance sheet at cost Equinor’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. The part of an equity accounted investment’s dividend distribution exceeding the entity’s carrying amount in the Consolidated balance sheet reflected as income from equity accounted investments in the Consolidated statement of income. reflect the share of net profit in the investment that exceeds the dividend already reflected as income. The income reflects Equinor’s share of the results after tax of an equity accounted entity, adjusted to account for depreciation, amortisation and any impairment of the equity accounted entity’s assets based on their fair values at the date of acquisition. Net equity accounted investments is presented as part of Total revenues and other income, as investments in and participation with significant influence in other companies engaged in energy-related business activities is considered to be operating activities. Acquisition of ownership shares in joint ventures and other equity accounted investments in which the are accounted for in accordance with the requirements applicable to business combinations. Please disposals for more details on acquisitions. Equinor as operator of joint operations and similar arrangements Indirect operating expenses such as personnel expenses are accumulated in cost pools. These costs incurred basis to business areas and Equinor-operated joint operations under IFRS 11 and to similar arrangements (licences) outside the scope of IFRS 11. Costs allocated to the other partners' share of operated joint operations and similar arrangements are reimbursed and only Equinor's share of the statement of income and balance sheet items related and similar arrangements are reflected in the Consolidated statement of income and the Consolidated ----------------------------------------------------------------------------------------------------------------------------- Joint ventures and other equity accounted investme (in USD million) 2022 2021 Net investments at 1 January 2,686 2,270 Net income/(loss) from equity accounted investments 620 259 Impairment 1) (832) 0 Acquisitions and increase in capital 337 475 Dividend and other distributions (210) (230) Other comprehensive income/(loss) 384 (58) Divestments, derecognition and decrease in paid in (22) (31) Other (205) 1 Net investments at 31 December 2,758 2,686 1) Related to investments in Russia, see also note 6 Acquisitions and disposals. Equity accounted investments consist of several investments, none above USD 0.6 an individual basis. Voting rights corresponds to ownership. |
Financial investments and finan
Financial investments and financial receivables | 12 Months Ended |
Dec. 31, 2022 | |
Financial investments and financial receivables [abstract] | |
Disclosure of financial investments and financial receivables [text block] | 16 Financial investments and financial receivables Non-current financial investments At 31 December (in USD million) 2022 2021 Bonds 1,448 1,822 Listed equity securities 794 1,131 Non-listed equity securities 491 393 Financial investments 2,733 3,346 Bonds and equity securities mainly relate to investment portfolios held by Equinor’s non-listed equities held for long-term strategic purposes, mainly accounted for using fair value through Non-current prepayments and financial receivables At 31 December (in USD million) 2022 2021 Interest-bearing financial receivables 1,658 707 Other interest-bearing receivables 66 276 Prepayments and other non-interest-bearing receivables 339 104 Prepayments and financial receivables 2,063 1,087 Interest-bearing financial receivables consist primarily of receivables bearing receivables primarily relate to financial sublease and tax receivables. Current financial investments At 31 December (in USD million) 2022 2021 Time deposits 12,373 7,060 Interest-bearing securities 17,504 14,186 Financial investments 29,876 21,246 At 31 December 2022, current financial investments include USD 410 insurance company which mainly are accounted for using fair value through profit or loss. 2021 was USD 300 For information about financial instruments by category, see note 28 Financial instruments and fair value measurement . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [abstract] | |
Disclosure of inventories [text block] | 17 Inventories Accounting policies Inventories Commodity inventories not held for trading purposes are stated at the lower of cost and net realisable first-in first-out method and comprises direct purchase costs, cost of production, transportation, and manufacturing effect from 2022, due to the evolving trading business in the Group, fair value less cost to sell (FVLCS) measurement basis for commodity inventories held for trading purposes, with subsequent changes in Consolidated statement of income under Other revenues. These inventories are categorised within level Comparative numbers have not been restated due to materiality. At 31 December (in USD million) 2022 2021 Crude oil 2,115 2,014 Petroleum products 451 315 Natural gas 127 642 Commodity inventories at the lower of cost and net 2,693 2,971 Natural gas held for trading purposes measured 1,994 0 Other 517 424 Total inventories 5,205 3,395 The write-down of inventories from cost to net realisable value amounted to an expense of USD 143 77 2022 and 2021, respectively. Inventories held for trading purposes consist of gas stores held by Danske Commodities. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Disclosure of trade and other receivables [text block] | 18 Trade and other receivables At 31 December (in USD million) 2022 2021 Trade receivables from contracts with customers 1) 15,213 13,266 Other current receivables 992 1,436 Collateral receivables 2) 3,468 1,576 Receivables from participation in joint operations and 661 491 Receivables from equity accounted associated companies 1,276 423 Total financial trade and other receivables 21,611 17,192 Non-financial trade and other receivables 841 736 Trade and other receivables 22,452 17,927 1) Trade receivables from contracts with customers are shown 2) Mainly related to cash paid as security for For more information about the credit quality of Equinor's counterparties, see note 4 Financial currency sensitivities, see note 28 Financial instruments and fair value measurement. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents [text block] | 19 Cash and cash equivalents Accounting policies Cash and cash equivalents are accounted for at amortised cost and include cash in hand, current institutions, and short-term highly liquid investments that are readily convertible to known amounts insignificant risk of changes in fair value and have a maturity of three months or less from the mandatory deposits in escrow bank accounts are included as restricted cash if the deposits are operating activities and therefore are deemed as held for the purpose of meeting short ‑ term cash commitments, and the deposits can be released from the escrow account without undue expenses. At 31 December (in USD million) 2022 2021 Cash at bank available 2,220 2,673 Time deposits 836 1,906 Money market funds 3,106 2,714 Interest-bearing securities 3,276 4,740 Restricted cash, including collateral deposits 6,140 2,093 Cash and cash equivalents 15,579 14,126 Restricted cash at 31 December 2022 includes collateral deposits of USD 6,128 collateral deposits at 31 December 2021 were USD 2,069 where Equinor is trading. The terms and conditions related to these requirements are |
Shareholders' equity and divide
Shareholders' equity and dividends | 12 Months Ended |
Dec. 31, 2022 | |
Shareholders equity and dividends [Abstract] | |
Shareholders equity and dividends [text block] | 20 Shareholders' equity and dividends Number of shares NOK per value NOK USD Share capital at 1 January 2022 3,257,687,707 2.50 8,144,219,267.50 1,163,987,792 Capital reduction (82,217,548) 2.50 (205,543,870.00) (21,951,527) Share capital at 31 December 2022 3,175,470,159 2.50 7,938,675,397.50 1,142,036,265 Number of shares NOK per value Common Stock Authorised and issued 3,175,470,159 2.50 7,938,675,397.50 Treasury shares Share buy-back programme (42,619,172) 2.50 (106,547,930.00) Employees share saving plan (10,908,717) 2.50 (27,271,792.50) Total outstanding shares 3,121,942,270 2.50 7,804,855,675.00 Equinor ASA has only one class of shares and all shares have voting rights. The holders and when declared and are entitled to one vote per share at the annual general Dividend During 2022, dividend for the third and for the fourth quarter of 2021 and dividend for settled. Dividend declared but not yet settled is presented as dividends payable in the Consolidated statement of changes in equity shows declared dividend in the period (retained earnings). Dividend fourth quarter of 2021 and to the first three quarters of 2022. On 7 February 2023, the board of directors proposed an ordinary cash dividend for the fourth 0.30 and an extraordinary cash dividend of USD 0.60 ex-dividend 11 May 2023 on Oslo Børs and for ADR holders on New York Stock Exchange. Record date will be 12 May 2023 and payment date will be 25 May 2023. At 31 December (in USD million) 2022 2021 Dividends declared 7,549 2,041 USD per share or ADS 2.4000 0.6300 Dividends paid 5,380 1,797 USD per share or ADS 1.6800 0.5600 NOK per share 16.4837 4.8078 Accounting policies Share buy-back Where Equinor has either acquired own shares under a share buy-back programme or party for Equinor shares to be acquired in the market, such shares are reflected shares are not included in the weighted average number of ordinary shares outstanding in the remaining outstanding part of an irrevocable order to acquire shares is accrued for and classified as Trade, other payables and provisions. Share buy-back programme The purpose of the share buy-back programme is to reduce the issued share capital of the programme will be cancelled. According to an agreement between Equinor and the Norwegian participate in share buy-backs on a proportionate basis, ensuring that its ownership interest 67 %. On 7 February 2023, the board proposed an annual share buy-back programme for 2023 with 6,000 shares to be redeemed from the Norwegian State, subject to authorisation from the annual general back programme is expected to be executed when Brent Blend oil price is in or above the range 50 - 60 to capital employed adjusted* stays within the communicated ambition of 15 - 30 On 7 February 2023, the board of directors resolved the commencement of the first tranche 2023 of a total of USD 1,000 than 24 March 2023 Number of shares 2022 2021 Share buy-back programme at 1 January 13,460,292 - Purchase 56,290,671 13,460,292 Cancellation (27,131,791) - Share buy-back programme at 31 December 42,619,172 13,460,292 Equity impact of share buy back programmes (in USD million) 2022 2021 First tranche 330 99 Second tranche 440 330 Third tranche 605 - Fourth tranche 605 - Norwegian state share 1) 1,399 - Total 3,380 429 1) Relates to the 2021 programme and first tranche of 2022 programme. In February 2022, Equinor launched a share buy-back programme for 2022 of up to USD 5,000 around USD 1,000 330 redemption of the proportionate share of 67 % from the Norwegian State was approved by the annual general meeting 11 May 2022 and settled in July 2022 as described below. In May 2022, Equinor launched the second tranche of USD 1,333 440 million was purchased in the open market. The acquisition of the second tranche in the In July 2022, Equinor increased the target level of share buy-back for 2022 from USD 5,000 6,000 launched the third tranche of USD 1,833 605 tranche in the open market was finalised in October 2022. In October 2022, Equinor launched the fourth and final tranche of the share buy-back programme 1,833 fourth tranche of USD 605 shares due to an irrevocable agreement with a third party. As of 31 December 2022, USD 495 million of the fourth tranche has been purchased in the open market, of which USD 475 and classified as Trade, other payables and provisions. The acquisition of the fourth tranche in the open market was January 2023. After having finalised the 2021 share buy-back programme as well as the first tranche market in the period 28 July 2021 to 25 March 2022, a proportionate share of 67 % from the Norwegian State was redeemed in accordance with an agreement with the Ministry of Trade, Industry and Fisheries for the Norwegian State to maintain percentage in Equinor. The redemption was approved by the annual general meeting held on 11 May 2022. The shares were cancelled on 29 June 2022 and the liability of USD 1,399 13,496 2022. For the second, third and fourth tranche of the share buy-back programme of 2022, USD 3,350 State will, in accordance with an agreement with the Ministry of Trade, Industry and Fisheries, be redeemed at the annual general meeting in May 2023 in order for the Norwegian State to maintain its ownership share 67 % in Equinor. Employees share saving plan Number of shares 2022 2021 Share saving plan at 1 January 12,111,104 11,442,491 Purchase 2,127,172 3,412,994 Allocated to employees (3,329,559) (2,744,381) Share saving plan at 31 December 10,908,717 12,111,104 In 2022 and 2021 treasury shares were purchased and allocated to employees participating in the share 72 million and USD 75 |
Finance debt
Finance debt | 12 Months Ended |
Dec. 31, 2022 | |
Finance debt [abstract] | |
Disclosure of finance debt [text block] | 21 Finance debt Non-current finance debt Finance debt measured at amortised cost Weighted average interest rates in % 1) Carrying amount in USD millions at 31 December Fair value in USD millions at 31 December 2) 2022 2021 2022 2021 2022 2021 Unsecured bonds United States Dollar (USD) 3.82 3.88 17,190 17,451 16,167 19,655 Euro (EUR) 1.42 1.42 7,465 7,925 6,782 8,529 Great Britain Pound (GBP) 6.08 6.08 1,652 1,852 1,836 2,674 Norwegian Kroner (NOK) 4.18 4.18 304 340 311 380 Total unsecured bonds 26,612 27,568 25,097 31,237 Unsecured loans Japanese Yen (JPY) 4.30 4.30 76 87 90 106 Total unsecured loans 76 87 90 106 Total 26,688 27,655 25,187 31,343 Non-current finance debt due within one year 2,547 250 2,597 268 Non-current finance debt 24,141 27,404 22,590 31,075 Weighted average interest rates are calculated based on the contractual rates on the loans per currency at 31 December not include the effect of swap agreements. 2) level 2 in the fair value hierarchy. For more information regarding fair value hierarchy, see note 28 Financial instruments and fair value measurement. Unsecured bonds amounting to USD 17,190 amounting to USD 8,624 797 swapped. The table does not include the effects of agreements entered into to swap the various currencies into information see note 28 Financial instruments and fair value measurement. Substantially all unsecured bonds and unsecured bank loan agreements contain provisions restricting future pledging secure borrowings without granting a similar secured status to the existing bondholders and lenders. No new bonds were issued in 2022. Out of Equinor's total outstanding unsecured bond portfolio, 38 prior to its final redemption at par or at certain specified premiums if there are changes to amount of these agreements is USD 26,302 For more information about the revolving credit facility, maturity profile for undiscounted cash flows and interest rate risk management, see note 4 Financial risk and capital management. Non-current finance debt maturity profile At 31 December (in USD million) 2022 2021 Year 2 and 3 4,794 5,015 Year 4 and 5 4,510 4,731 After 5 years 14,837 17,659 Total repayment of non-current finance debt 24,141 27,404 Weighted average maturity (years - including current portion) 9 10 Weighted average annual interest rate (% - including current portion) 3.29 3.33 Current finance debt At 31 December (in USD million) 2022 2021 Collateral liabilities 1,571 2,271 Non-current finance debt due within one year 2,547 250 Other including US Commercial paper programme 241 2,752 Total current finance debt 4,359 5,273 Weighted average interest rate (%) 2.22 0.51 Collateral liabilities and other current liabilities mainly relate to cash received as security for outstanding amounts on US Commercial paper (CP) programme. Issuance on the CP programme 227 31 December 2022 and USD 2,600 Reconciliation of cash flows from financing activities (in USD million) Non-current finance debt Current finance debt Financial receivable Collaterals 1) Additional paid in capital /Treasury shares Non- controlling interest Dividend payable Lease liabilities 2) Total At 1 January 2022 27,404 5,273 (1,577) (2,027) 14 582 3,562 New finance debt - Repayment of finance debt (250) (250) Repayment of lease liabilities (1,366) (1,366) Dividend paid (5,380) (5,380) Share buy-back (3,315) (3,315) Net current finance debt and other finance activities (2,982) (2,038) (73) (8) (5,102) Net cash flow from financing activities (250) (2,982) (2,038) (3,388) (8) (5,380) (1,366) (15,414) Transfer to current portion (2,297) 2,297 Effect of exchange rate changes (710) (78) 145 (3) (149) Dividend declared 7,549 New leases 1,644 Other changes (7) (151) 30 (2) 57 (24) Net other changes (3,014) 2,068 145 30 (5) 7,606 1,471 At 31 December 2022 24,141 4,359 (3,468) (5,385) 1 2,808 3,667 (in USD million) Non-current finance debt Current finance debt Financial receivable Collaterals 1) Additional paid in capital /Treasury shares Non- controlling interest Dividend payable Lease liabilities 2) Total At 1 January 2021 29,118 4,591 (967) (1,588) 19 357 4,406 New finance debt - Repayment of finance debt (2,675) (2,675) Repayment of lease liabilities (1,238) (1,238) Dividend paid (1,797) (1,797) Share buy-back (321) (321) Net current finance debt and other finance activities (335) 2,273 (651) (75) (18) 1,195 Net cash flow from financing activities (3,010) 2,273 (651) (396) (18) (1,797) (1,238) (4,836) Transfer to current portion 1,724 (1,724) Effect of exchange rate changes (422) (8) 41 (1) (61) Dividend declared 2,041 New leases 476 Other changes (6) 141 - (43) 14 (19) (21) Net other changes 1,296 (1,591) 41 (43) 13 2,022 394 At 31 December 2021 27,404 5,273 (1,577) (2,027) 14 582 3,562 Financial receivable collaterals are included in Trade and other receivables in the Consolidated balance sheet. See note 18 Trade and other receivables for more information. 2) |
Pensions
Pensions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of defined benefit plans [abstract] | |
Pensions | 22 Pensions Accounting policies Equinor has pension plans for employees that either provide a defined pension benefit upon retirement or a defined contributions and related returns. A portion of the contributions are provided increases with a promised notional return, set equal to the actual return of assets invested through plan. For defined benefit plans, the benefit to be received by employees generally service, retirement date and future salary levels. Equinor's proportionate share of multi-employer defined benefit plans is recognised as liabilities in the Consolidated sufficient information is considered available, and a reliable estimate of the obligation can be made. The cost of pension benefit plans is expensed over the period that the employees render benefits. The calculation is performed by an external actuary. Equinor's net obligation from defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned current and prior periods. That benefit is discounted to determine its present value, and the fair The discount rate is the yield at the balance sheet date, reflecting the maturity dates approximating On 31 December 2022, the discount rate for the defined benefit plans in Norway was established mortgage covered bonds interest rate extrapolated on a yield curve which matches the duration of earned benefits, which was calculated to be 13.5 years at the end of 2022. The present related current service cost and past service cost are measured using the projected unit credit wage growth, expected rate of pension increase and the expected increase of social security base agreed regulation in the plans, historical observations, future expectations of the assumptions and assumptions. For members in Norway, the mortality table K2013, issued by The Financial Supervisory Authority of Norway, is used as the best mortality estimate. Social security tax is calculated based on a pension plan's net funded status benefit obligation. The recognition of a net surplus for the funded plan is based on the assumption that the net Equinor, either as a possible distribution to premium fund which can be used for future funding of new liabilities, or as disbursement of equity in the pension fund. The net interest related to defined benefit plans is calculated by applying the discount rate to obligation and is presented in the Consolidated statement of income within Net financial interest income and actual return is recognised in the Consolidated statement of comprehensive Actuarial gains and losses are recognised in full in the Consolidated statement of comprehensive income occur, while actuarial gains and losses related to provision for termination benefits are recognised in the Consolidated statement of income in the period in which they occur. Due to the parent company Equinor ASA's functional currency being USD, the significant part of Equinor's pension obligations will be payable in a foreign currency (i.e. NOK). As related to the parent company's pension obligations include the impact of exchange rate fluctuations. Contributions to defined contribution schemes are recognised in the Consolidated statement of income in which the contribution amounts are earned by the employees. Notional contribution plans, reported in the parent company Equinor ASA, are recognised as Pension the notional contributions and promised return at reporting date. Notional contributions are recognised of income as periodic pension cost, while changes in fair value of the employees’ notional assets statement of income under Net financial items. Periodic pension cost is accumulated in cost pools and allocated to business areas and Equinor’s on an hours’ incurred basis and recognised in the Consolidated statement of income based on Pension plans in Equinor The main pension plans for Equinor ASA and its most significant subsidiaries are defined contribution plans which includes certain unfunded elements (notional contribution plans ). In addition, several employees and former employees of the Equinor Group is a member of certain defined benefit plans. The benefit plan in Equinor ASA was closed in 2015 with more than 15 years to regular retirement age. Equinor's defined benefit plans are generally based on a minimum of 30 years of service and 66% of the final salary level, including an assumed benefit from the Norwegian National Insurance Scheme. Norwegian companies in the group are subject to, and complies with, the requirements of the Norwegian Pensions Act. The defined benefit plans in Norway are managed and financed through Equinor Pensjon (Equinor's Pension). Equinor Pension is an independent pension fund that covers the employees in Equinor's pension fund's assets are kept separate from the company's and group companies' assets. Equinor Pension Financial Supervisory Authority of Norway ("Finanstilsynet") and is licenced to operate as a pension fund. Equinor has more than one defined benefit plan, but the disclosure is made in total since the plans are not subject to materially different risks. Pension plans outside Norway are not material and as such not disclosed separately. The tables in this note present pension costs on a gross basis before allocation to licence partners. In the Consolidated statement of income, the pension costs in Equinor ASA are presented net of costs allocated to licence partners. Equinor is also a member of a Norwegian national agreement-based early retirement plan (“AFP”), and the premium is calculated based on the employees' income but limited to 7.1 times the basic amount in the National Insurance scheme (7.1 G). payable for all employees until age 62 . Pension from the AFP scheme will be paid from the AFP plan administrator their full lifetime. Net pension cost (in USD million) 2022 2021 2020 Notional contribution plans 57 60 55 Defined benefit plans 188 216 184 Defined contribution plans 213 213 192 Total net pension cost 458 488 432 In addition to the pension cost presented in the table above, financial items related to Consolidated statement of income within Net financial items. Interest cost and changes in fair value of amounts to USD 105 238 116 and USD 106 Changes in pension liabilities and plan assets (in USD million) 2022 2021 Pension liabilities at 1 January 9,358 9,216 Current service cost 183 208 Interest cost 105 238 Actuarial (gains)/losses and currency effects (1,785) (72) Changes in notional contribution liability and other 67 63 Benefits paid (258) (295) Pension liabilities at 31 December 7,670 9,358 Fair value of plan assets at 1 January 6,404 6,234 Interest income 116 106 Return on plan assets (excluding interest income) (622) 291 Company contributions 104 114 Benefits paid (121) (137) Other effects 6 - Foreign currency translation effects (669) (204) Fair value of plan assets at 31 December 5,218 6,404 Net pension liability at 31 December 2,452 2,954 Represented by: Asset recognised as non-current pension assets 1,219 1,449 Liability recognised as non-current pension liabilities 3,671 4,403 Pension liabilities specified by funded and unfunded 7,670 9,358 Funded 3,999 4,955 Unfunded 3,671 4,403 Equinor recognised an actuarial gain from changes in financial assumptions in 2022, mainly due to a larger compared to the other assumptions. An actuarial loss was recognised in 2021. Actuarial losses and gains recognised directly (in USD million) 2022 2021 2020 Net actuarial (losses)/gains recognised in OCI 174 63 3 Foreign currency translation effects 287 84 (109) Tax effects of actuarial (losses)/gains recognised in OCI (105) (35) 19 Recognised directly in OCI during the year, net of tax 356 112 (87) Actuarial assumptions Assumptions used to determine benefit costs in % Assumptions used to determine benefit obligations in % Rounded to the nearest quartile 2022 2021 2022 2021 Discount rate 2.00 1.75 3.75 2.00 Rate of compensation increase 2.50 2.00 3.50 2.50 Expected rate of pension increase 1.75 1.25 2.75 1.75 Expected increase of social security base amount (G-amount) 2.25 2.00 3.25 2.25 Weighted-average duration of the defined benefit obligation 13.5 15.2 The assumptions presented are for the Norwegian companies in Equinor which are members of benefit plans of other subsidiaries are immaterial to the consolidated pension assets and liabilities. Sensitivity analysis The table below presents an estimate of the potential effects of changes in the key assumptions for the defined benefit following estimates are based on facts and circumstances as of 31 December 2022. Discount rate Expected rate of compensation increase Expected rate of pension increase Mortality assumption (in USD million) 0.50% -0.50% 0.50% -0.50% 0.50% -0.50% + 1 year - 1 year Effect on: Defined benefit obligation at 31 December 2022 (491) 553 109 (104) 462 (422) 285 (257) Service cost 2023 (16) 18 8 (7) 12 (11) 6 (5) The sensitivity of the financial results to each of the key assumptions has been estimated factors would remain unchanged. The estimated effects on the financial result would differ from those that would Consolidated financial statements because the Consolidated financial statements would also reflect the assumptions. Pension assets The plan assets related to the defined benefit plans were measured at fair value. Equinor Pension real estate. The table below presents the portfolio weighting as approved by the board of Equinor Pension year will depend on the risk capacity. Target portfolio weight (in %) 2022 2021 Equity securities 32.9 34.1 Bonds 53.1 50.2 Money market instruments 7.4 9.1 Real estate 6.6 6.6 Total 100.0 100.0 In 2022, 44 % of the equity securities and 3 % of bonds had quoted market prices in an active market. 54 % of the equity securities, 97 % of bonds and 100 % of money market instruments had market prices based on inputs other than quoted prices are not available, fair values are determined from external calculation models based on market sources. In 2021, 61 % of the equity securities and 3 % of bonds had quoted market prices in an active market. 37 % of the equity securities, 97 % of bonds and 100 % of money market instruments had market prices based on inputs other than quoted For definition of the various levels, see note 28 Financial instruments and fair value measurement. Estimated company contributions to be made to Equinor Pension in 2023 is approximately USD 108 |
Provisions and other liabilitie
Provisions and other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Provisions and other liabilities [abstract] | |
Provisions and other liabilities | 23 Provisions and other liabilities Accounting policies Asset retirement obligations (ARO) Provisions for asset retirement obligations (ARO) are recognised when Equinor has an obligation and remove a facility or an item of property, plant and equipment and to restore the site on which it is located, and when a reliable estimate of that liability can be made. Normally an obligation arises for a new facility, such as an oil and natural gas production or transportation facility, upon construction or installation. An obligation may also arise during the period of operation of a facility through a change in legislation or through a decision to terminate operations or be based on commitments use of pipeline transport systems where removal obligations rest with the volume shippers. The amount recognised is the present value of the estimated future expenditures determined in accordance requirements. The cost is estimated based on current regulations and technology, considering relevant risks and uncertainties. The discount rate used in the calculation of the ARO is a market-based risk-free rate based the underlying cash flows. The provisions are classified under Provisions in the Consolidated When a provision for ARO is recognised, a corresponding amount is recognised to increase the and is subsequently depreciated as part of the property, plant and equipment. Any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding property, plant and equipment. When a decrease in the ARO related to a producing asset exceeds the carrying amount of the asset, the excess is Depreciation, amortisation and net impairment losses in the Consolidated statement of income. of its useful life, all subsequent changes to the ARO are recognised as they occur statement of income. Removal provisions associated with Equinor's role as shipper of volumes through third party transport systems incurred. Estimation uncertainty regarding asset retirement obligations Establishing the appropriate estimates for such obligations are based on historical knowledge combined with technological developments, expectations about future regulatory and technological development and judgement and an inherent risk of significant adjustments. The costs of decommissioning and to changes in current regulations and technology while considering relevant risks and uncertainties. many years into the future, and the removal technology and costs are constantly changing. The energy sources may also influence the production period, hence the timing of the removal activities. assumptions of norms, rates and time required which can vary considerably depending on the Moreover, changes in the discount rate and foreign currency exchange rates may impact the estimates significantly. As a result, the initial recognition of ARO and subsequent adjustments involve the application of significant (in USD million) Asset retirement obligations Other provisions and liabilities, including claims and litigations Total Non-current portion at 31 December 2021 17,279 2,620 19,899 Current portion at 31 December 2021 reported provisions 138 1,566 1,704 Provisions and other liabilities at 31 December 2021 17,417 4,186 21,603 New or increased provisions and other liabilities 998 497 1,495 Change in estimates (255) 1,283 1,028 Amounts charged against provisions and other liabilities (204) (1,830) (2,034) Effects of change in the discount rate (4,920) (212) (5,132) Reduction due to divestments (361) (181) (542) Accretion expenses 387 62 449 Reclassification and transfer (46) 841 795 Foreign currency translation effects (1,282) (88) (1,370) Provisions and other liabilities at 31 December 2022 11,734 4,558 16,292 Non-current portion at 31 December 2022 11,569 4,064 15,633 Current portion at 31 December 2022 reported provisions 165 494 659 Equinor's estimated asset retirement obligations (ARO) have decreased by USD 5,683 11,734 2022 compared to year-end 2021, mainly due to increased discount rates and strengthening are reflected within Property, plant and equipment and Provisions and other liabilities in the Consolidated balance sheet. In certain production sharing agreements (PSA), Equinor’s estimated share of asset retirement account over the producing life of the field. These payments are considered down-payments of the item Amounts charged against provisions and other liabilities. Claims and litigations mainly relate to expected payments for unresolved claims. The timing respect of these claims are uncertain and dependent on various factors that are outside management's control. on provisions and contingent liabilities, see note 26 Other commitments, contingent liabilities and The timing of cash outflows of asset retirement obligations depends on the expected cease of production Line item Change in estimates includes USD 791 Line item Amounts charged against provisions and other liabilities includes settlement of USD 1,050 Offshore licence BM-S-8. Sensitivities with regards to discount rate on the total ARO portfolio The discount rate sensitivity has been calculated by assuming a reasonably possible change of 1.2 An increase in the discount rate of 1.2 1,705 reduction would increase the liability by USD 2,190 sensitivity with regards to change in the removal year. Expected timing of cash outflows (in USD million) Asset retirement obligations Other provisions and liabilities, including claims and litigations Total 2023 - 2027 1,201 3,664 4,865 2028 - 2032 1,239 198 1,437 2033 - 2037 4,058 158 4,216 2038 - 2042 3,429 24 3,453 Thereafter 1,807 514 2,321 At 31 December 2022 11,734 4,558 16,292 |
Trade, other payables and provi
Trade, other payables and provisions | 12 Months Ended |
Dec. 31, 2022 | |
Trade, other payables and provisions [abstract] | |
Trade, other payables and provisions | 24 Trade, other payables and provisions At 31 December (in USD million) 2022 2021 Trade payables 6,207 6,249 Non-trade payables and accrued expenses 2,688 2,181 Payables due to participation in joint operations and 2,074 1,876 Payables to equity accounted associated companies 1,479 2,045 Total financial trade and other payables 12,449 12,350 Current portion of provisions and other non-financial 903 1,960 Trade, other payables and provisions 13,352 14,310 Included in Current portion of provisions and other non-financial payables are certain provisions that Provisions and other liabilities and in note 26 Other commitments, contingent liabilities and contingent regarding currency sensitivities, see note 28 Financial instruments and fair value measurement. For further equity accounted associated companies and other related parties, see note 27 Related parties. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [abstract] | |
Leases | 25 Leases Accounting policies Leases A lease is defined as a contract that conveys the right to control the use of an identified asset for consideration. At the date at which the underlying asset is made available for Equinor, the present value of future lease (including extension options considered reasonably certain to be exercised) is recognised as a lease liability. The present value is calculated using Equinor’s incremental borrowing rate. A corresponding right-of-use payments and direct costs incurred at the commencement date. Lease payments are reflected as interest lease liabilities. The RoU assets are depreciated over the shorter of each contract’s term and the Short term leases (12 months or less) and leases of low value assets (regarded as such when over the lease term do not exceed USD 500.000) are expensed or (if appropriate) capitalised as which the leased asset is used. Many of Equinor’s lease contracts, such as rig and vessel leases, involve several additional personnel cost, maintenance, drilling related activities, and other items. For a number of these represent a not inconsiderable portion of the total contract value. Non-lease components within lease contracts separately for all underlying classes of assets and reflected in the relevant expense category or (if incurred, depending on the activity involved. Accounting judgement regarding leases In the oil and gas industry, where activity frequently is carried out through joint arrangements or similar arrangements, the application of IFRS 16 Leases requires evaluations of whether the joint arrangement or its operator is the consequently whether such contracts should be reflected gross (100%) in the operator’s joint operation partner’s proportionate share of the lease. In many cases where an operator is the sole signatory to a lease contract of an asset to operation, the operator does so implicitly or explicitly on behalf of the joint arrangement. In certain jurisdictions, Equinor as this includes the Norwegian continental shelf (NCS), the concessions granted by the an obligation for the operator to enter into necessary agreements in the name of the joint operations As is the customary norm in upstream activities operated through joint arrangements, the operator lessor, and subsequently re-bill the partners for their share of the lease costs. In each such instance, it is necessary to determine whether the operator is the sole lessee in the external lease arrangement, and if sub-leases, or whether it is in fact the joint arrangement which is the lessee, with each share of the lease. Where all partners in a licence are considered to share the primary responsibility for lease contract, Equinor’s proportionate share of the related lease liability and RoU asset will considered to have the primary responsibility for the full external lease payments, the lease liability is recognised Equinor derecognises a portion of the RoU asset equal to the non-operator’s financial lease receivable, if a financial sublease is considered to exist between Equinor and the licence. typically exist where Equinor enters into a contract in its own name, has the primary responsibility for underlying asset will only be used on one specific licence, and the costs and risks related to the specific licence. Depending on facts and circumstances in each case, the conclusions reached jurisdictions. Equinor leases certain assets, notably drilling rigs, transportation vessels, storages and office facilities for operational activities. Equinor is mostly a lessee, and the use of leases serves operational purposes rather than Information related to lease payments and lease (in USD million) 2022 2021 Lease liabilities at 1 January 3,562 4,406 New leases, including remeasurements and cancellations 1,644 476 Gross lease payments (1,484) (1,350) Lease interest 95 91 Lease repayments (1,389) (1,389) (1,259) (1,259) Foreign currency translation effects (149) (61) Lease liabilities at 31 December 3,667 3,562 Current lease liabilities 1,258 1,113 Non-current lease liabilities 2,409 2,449 Lease expenses not included in lease liabilities (in USD million) 2022 2021 Short-term lease expenses 286 160 Payments related to short term leases are mainly related to drilling rigs and transportation the lease costs have been included in the cost of other assets, such as rigs used lease expense and lease expense related to leases of low value assets are not significant. Equinor recognised revenues of USD 319 272 partners related to lease contracts being recognised gross by Equinor. Commitments relating to lease contracts which had not yet commenced at year-end are included 26 Other commitments, contingent liabilities and contingent assets. A maturity profile based on undiscounted contractual cash flows for lease liabilities is disclosed management. Non-current lease liabilities maturity profile At 31 December (in USD million) 2022 2021 Year 2 and 3 1,360 1,164 Year 4 and 5 483 586 After 5 years 566 699 Total repayment of non-current lease liabilities 2,409 2,449 The Right of use assets are included within the line item Property, plant and equipment in the Consolidated balance sheet. See also note 12 Property, plant and equipment. |
Other commitments, contingent l
Other commitments, contingent liabilities and contingent assets | 12 Months Ended |
Dec. 31, 2022 | |
Oher commitments, contingent liabilities and contingent assets [abstract] | |
Oher commitments, contingent liabilities and contingent assets | 26 Other commitments, contingent liabilities and contingent Accounting policies Estimation uncertainty regarding levies Equinor’s global business activities are subject to different indirect taxes in various jurisdictions around the world. In these jurisdictions, governments can respond to global or local development, including climate related matters and public fiscal balances, by issuing new laws or other regulations stipulating changes in value added tax, tax on emissions, customs duties or other levies which may affect profitability and even the viability of Equinor’s business in that jurisdiction. Equinor mitigates this risk by using local legal representatives and staying up to date with the legislation in the jurisdictions where activities are carried out. Occasionally, legal disputes arise from difference in interpretations. Equinor’s legal department, together with local legal representatives, estimate the outcome from such legal disputes based on first-hand knowledge. Such estimates may differ from the actual results. Contractual commitments Equinor had contractual commitments of USD 5,454 proportional share and mainly comprise construction and acquisition of property, plant and equipment as well as committed investments/funding or resources in equity accounted entities. It also includes Equinors’ estimated commitments to drill a certain number of wells, commitments which sometimes can be a prerequisite to be awarded oil and exploration and production licences. At the end of 2022, Equinor was committed to participate in 40 42 %. Equinor's share of estimated expenditures to drill these wells amounts to USD 566 committed to participating in depending on future discoveries in certain licences are not included in Other long-term commitments Equinor has entered into various long-term agreements for pipeline transportation as well as terminal entry/exit capacity commitments and commitments related to specific purchase agreements. The capacity or volumes in question, but also impose on Equinor the obligation to pay for the agreed-upon irrespective of actual use. The contracts' terms vary, with durations of up to 2060 . Take-or-pay contracts for the purchase of commodity quantities are only included in the table below if their contractually agreed pricing is of a nature that will or may deviate from the obtainable market prices for the Obligations payable by Equinor to entities accounted for in the Equinor group using the equity method with Equinor’s full proportionate share. For operations or similar arrangements, and where consequently Equinor’s share of costs) are reflected on a line-by-line basis in the Consolidated financial statements, the amounts in the table include commitment payable by Equinor (i.e. Equinor’s proportionate share of the applicable entity). The table below also includes USD 3,033 according to IFRS 16, as well as leases not yet commenced. For commenced leases, please refer to Nominal minimum other long-term commitments at 31 December 2022: (in USD million) 2023 2,603 2024 2,103 2025 1,892 2026 1,260 2027 1,309 Thereafter 5,733 Total other long-term commitments 14,900 Guarantees Equinor has guaranteed for its proportionate share of some of our associates’ contracts, and certain third-party obligations. The total amount guaranteed at year-end 2022 is USD 1,725 the guarantees is immaterial. Contingent liabilities and contingent assets Agbami dispute settlement agreement and licence extension During 2022, an agreement was reached in a three-year long negotiation between the parties Limited (NNPC), Chevron and Equinor. The parties have agreed to an extension of the operating licence period and the related Production Sharing Contract (PSC) for Oil Mining Lease (OML) 128 of the unitised Agbami field parties agreed outstanding legal disputes related to the allocation between the parties of cost settlement agreement awards Equinor with an amicable compensation for overlifted volumes, which will licence extension. The amounts and timing of payments to be received depend on a number of factors as well as future oil prices and production volumes. Equinor will consequently recognise settlement amounts have been recognised in the Consolidated statement of income or Balance sheet for 2022. undertaking necessary legal actions in order to formally close the legal disputes. Claim from Petrofac regarding multiple variation order requests performed in Algeria (In Salah) Petrofac International (UAE) LLC (“PIUL”) was awarded the EPC Contract to execute Project which has finalised the development of 4 gas fields in central Algeria). Following suspension at another gas field in Algeria (In Amenas) in 2013, PIUL issued multiple Variation Order Requests (“VoRs”) related to the costs incurred for stand-by and remobilization costs after the evacuation of expatriates. Several VoRs have been paid, but the settlement of the remaining has been unsuccessful. PIUL initiated arbitration in August 2020 claiming an estimated amount of USD 533 which Equinor holds a 31.85 % share. Equinor's maximum exposure amounts to USD 163 estimate in the matter. Withholding tax dispute regarding remittances from Brazil to Norway Remittances made from Brazil for services are normally subject to withholding income tax. filed a lawsuit to avoid paying this tax on remittances made to Equinor ASA and Equinor Energy technology based on the Double Tax Treaty Brazil has with Norway. have been ongoing since a first level decision in Equinor’s favour was Withholding tax has not been paid since 2014. 146 is of the view that all applicable tax regulations have been applied in the case and that Equinor have consequently been provided for in the financial statements. Suit for an annulment of Petrobras’ sale of the interest in BM-S-8 to Equinor In March 2017, an individual connected to the Union of Oil Workers of Sergipe (Sindipetro) filed a class action Equinor, and ANP - the Brazilian Regulatory Agency - to seek annulment of Petrobras’ sale of the interest and operatorship in BM-S-8 to Equinor, which was closed in November 2016 after approval by the partners and authorities. In February 2022, sentence in the annulment case was issued at the first instance level, and Equinor won on all merits. The Equinor has filed counter arguments. At the end of 2022, the acquired interest remains in Equinor’s related to phase 1 have been reclassified to property, plant and equipment and the assets related to phase 2 are presented as intangible assets, all of which are part of the Exploration & Production International (E&P International) Brazilian law creating uncertainty regarding certain tax incentives Equinor is currently part in two legal matters in the state of Rio de Janeiro in Brazil from ICMS tax incentives (i.e. Repetro) to deposit 10 % of the savings made from such benefits into a state fund. Equinor opinion that specific incentives so far relevant for the Roncador and Peregrino fields are not de Janeiro requires deposits to be paid with the addition of fines and interests. Several legal payments have therefore been initiated by both Equinor’s peers and the Brazilian 2022, the maximum exposure for Equinor in these various matters has been estimated to a 132 opinion that the law is unconstitutional, especially for Repetro incentives, and this amounts have consequently been provided for in the financial statements. KKD oil sands partnership Canadian tax authorities have issued a notice of reassessment for 2014 for Equinor's Canadian Equinor's divestment of 40 % of the KKD Oil Sands partnership at that time. The reassessment, allocation of the proceeds of disposition of certain Canadian resource properties from the partnership. Maximum estimated to be approximately USD 372 litigation that may become necessary, may take several years. No taxes will become payable until the matter has been finally settled. Equinor is of the view that all applicable tax regulations have been applied in the amounts have consequently been provided for in the financial statements. Resolved dispute with Norwegian tax authorities related to Equinor Service Center Belgium In the fourth quarter of 2020, Equinor received a decision from the Norwegian tax authorities subsidiary Equinor Service Center Belgium N.V., concluding that the capital structure had to be based on the arm length’s principle, affecting the fiscal years 2012 to 2016. Equinor received a claim of USD 182 authorities reversed their decision and accepted Equinor’s initial position. The tax payment for changes in tax rates. The adjustment, which has been recognised as tax expense in the Consolidated 2022, is considered immaterial. Dispute with Norwegian tax authorities regarding R&D costs in the offshore tax regime Equinor has an ongoing dispute regarding the level of Research & Development cost to be allocated During 2022, the Oil Taxation Office (OTO) informed Equinor that it had decided to accept Equinor’s position regarding certain disputed items, resulting in a reduction in Equinor’s maximum exposure. Further, Equinor has accepted an increase in taxable for both onshore and offshore tax. A previously recognised provision of USD 95 Equinor’s Income tax expense was not affected by this development, and the remaining expected costs in the offshore tax regime is considered immaterial. Dispute with Norwegian tax authorities regarding internal pricing of natural gas liquids The Oil Taxation Office has challenged the internal pricing of certain products of natural gas liquids sold from Equinor Energy AS to Equinor ASA in the years 2011-2020. During 2022 there has been development in various elements of these cases, where parts of the previous exposure have been resolved or have reached the end of available appeal processes, appealed. Following these developments, which did not impact the Consolidated statement of income exposure regarding the gas liquid pricing remains at an estimated USD 71 matter. Other claims During the normal course of its business, Equinor is involved in legal proceedings, and several other unresolved outstanding. The ultimate liability or asset, in respect of such litigation and claims cannot provided in its Consolidated financial statements for probable liabilities related to litigation and Equinor does not expect that its financial position, results of operations or cash flows will be materially these legal proceedings. Equinor is actively pursuing the above disputes through the contractual case, but the timing of the ultimate resolutions and related cash flows, if any, cannot at present be determined with sufficient reliability. Provisions related to claims other than those related to income tax are reflected within note Uncertain income tax related liabilities are reflected as current tax payables or deferred tax tax assets are reflected as current or deferred tax assets. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Parties [abstract] | |
Related Parties | 27 Related parties Transactions with the Norwegian State The Norwegian State is the majority shareholder of Equinor and also holds major 31 December 2022, the Norwegian State had an ownership interest in Equinor of 67.0 % (excluding Folketrygdfondet, the Norwegian national insurance fund, of 3.4 %). This ownership structure means that Equinor participates in transactions under a common ownership structure and therefore meet the definition of a related party. The responsibility for the Norwegian State`s shareholding in Equinor was transferred from the Ministry of Petroleum and Energy to the Ministry 2022. Total purchases of oil and natural gas liquids from the Norwegian State amounted to USD 12,617 9,572 5,108 addition, Equinor ASA sells in its own name, but for the Norwegian State’s account and risk, the These transactions are presented net. For further information please see note 7 Total revenues and other income. The most significant items included in the line-item Payables to equity accounted associated companies and Trade and other payables, are amounts payable to the Norwegian State for these purchases. The line-item Prepayments and Financial Receivables includes USD 1,461 Norwegian state under the Marketing Instruction in relation to the state’s (SDFI) expected participation in the gas foreign subsidiary of Equinor. At year end 2021 the corresponding amount was USD 435 increased volumes and higher cost price on the gas storage. A corresponding non-current liability 1,461 recognized, representing SDFI's estimated interest in the gas sales activities in the foreign Other transactions In its ordinary business operations Equinor enters into contracts such as pipeline transport, gas storage products, with companies in which Equinor has ownership interests. Such transactions are the Consolidated statement of income. Gassled and certain other infrastructure assets are under common control by the Norwegian Ministry of Petroleum and Energy. Gassco’s activities are performed on behalf of and for the risk and reward of pipeline and terminal owners, and capacity payments flow through Gassco to the respective payments that flowed through Gassco in this respect amounted to USD 1,210 1,030 896 2021 and 2020, respectively. These payments are mainly recorded in Equinor ASA. The stated amounts represent Equinor’s capacity payment net of Equinor’s own ownership interests in Gassco operated infrastructure. name, but for the Norwegian State’s account and risk, the Norwegian State’s share of the Gassco costs. These transactions presented net. Equinor has had transactions with other associated companies and joint ventures business, for which amounts have not been disclosed due to materiality. In addition, Equinor has had transactions with joint operations and similar arrangements where Equinor is operator. Indirect operating expenses incurred as operator are charged to the joint operation or similar arrangement based on the “no-gain/no-loss” principle. Related party transactions with management are presented in note 8 Salaries and personnel . |
Financial instruments_ fair val
Financial instruments: fair value measurement and sensitivity analysis of market risk | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments: fair value measurement and sensitivity analysis of market risk [abstract] | |
Financial instruments: fair value measurement and sensitivity analysis of market risk | 28 Financial instruments and fair value measurement Accounting policies Financial assets Financial assets are initially recognised at fair value when Equinor becomes a party to the contractual provisions subsequent measurement of the financial assets depends on which category they have been investments at amortised cost, at fair value through profit or loss, and at fair value through classification is based on an evaluation of the contractual terms and the business model Short-term highly liquid investments with original maturity exceeding 3 months are classified as financial investments are primarily accounted for at amortised cost but also at fair value through profit or loss, classification. Trade receivables are carried at the original invoice amount less a provision for doubtful receivables which represent expected losses computed on a probability-weighted basis. A part of Equinor's financial investments is managed together as an investment portfolio is held in order to comply with specific regulations for capital retention. The investment portfolio value basis in accordance with an investment strategy and is accounted for at fair value through profit or loss. Financial assets are presented as current if they contractually will expire or otherwise are expected after the balance sheet date, or if they are held for the purpose of being traded. Financial separately in the Consolidated balance sheet, unless Equinor has both a legal right and a demonstrable balances payable to and receivable from the same counterparty. Financial assets are derecognised when rights to cash flows and risks and rewards transaction or the contractual rights to the cash flows expire, are redeemed, or cancelled. Gains settlement or cancellation of financial assets are recognised within Net financial items. Financial liabilities Financial liabilities are initially recognised at fair value when Equinor becomes a party to subsequent measurement of financial liabilities is either as financial liabilities at fair value through measured at amortised cost using the effective interest method, depending on classification. The latter current bank loans and bonds. Financial liabilities are presented as current if the liability is expected to be settled as liability is due to be settled within 12 months after the balance sheet date, Equinor does liability more than 12 months after the balance sheet date, or if the liabilities are held for the Financial liabilities are derecognised when the contractual obligations are settled, or if they expire, and losses arising on the repurchase, settlement or cancellation of liabilities are recognised within Net Derivative financial instruments Equinor uses derivative financial instruments to manage certain exposures to fluctuations in foreign rates and commodity prices. Such derivative financial instruments are initially recognised at derivative contract is entered into and are subsequently remeasured at fair value through profit based derivative financial instruments is recognised in the Consolidated statement of income as instruments are related to sales contracts or revenue-related risk management for all significant purposes. The impact derivative financial instruments is reflected under Net financial items. Derivatives are carried as assets when the fair value is positive and as liabilities when liabilities expected to be settled, or with the legal right to be settled more than 12 months after as non-current. Derivative financial instruments held for the purpose of being traded are however Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instruments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Equinor's expected purchase, sale or usage requirements, accounted for as financial instruments. Such sales and purchases of physical commodity statement of income as Revenue from contracts with customers and Purchases [net of inventory applicable to a significant number of contracts for the purchase or sale of crude oil and natural gas, delivery. For contracts to sell a non-financial item that can be settled net in cash, but which ultimately qualifying as own use prior to settlement, the changes in fair value are included in Gain/loss on revenues, see note 7 Total revenues and other income). When these derivatives are physically settled, the previously recognised unrealised gain/loss is included in Physically settled commodity derivatives (also part of Other revenues). made through such contracts are included in Revenue from contracts with customers at Derivatives embedded in host contracts which are not financial assets within the scope derivatives and are reflected at fair value with subsequent changes through profit and characteristics are not closely related to those of the host contracts, and the host contracts are not an active market for a commodity or other non-financial item referenced in a purchase or sale contract, a instance, be considered to be closely related to the host purchase or sales contract in question. A price formula with indexation to other markets or products will however result in Where there is no active market for the commodity or other non-financial item in question, Equinor such a price related embedded derivative to be closely related to the host contract if the price formula commonly used by other market participants. This applies to certain long-term natural gas sales Financial instruments by category The following tables present Equinor's classes of financial instruments and their carrying amounts by the categories defined in IFRS 9 Financial Instruments. For financial investments, the difference between measurement as categories and measurement at fair value is immaterial. For trade and other receivables equivalents, the carrying amounts are considered a reasonable approximation of fair value. See note 21 Finance debt for fair value information of non-current bonds and bank loans. At 31 December 2022 Fair value through profit or loss Non-financial assets Total carrying amount (in USD million) Note Amortised cost Assets Non-current derivative financial instruments 691 691 Non-current financial investments 16 117 2,616 2,733 Prepayments and financial receivables 16 1,658 404 2,063 Trade and other receivables 18 21,611 841 22,452 Current derivative financial instruments 4,039 4,039 Current financial investments 16 29,577 300 29,876 Cash and cash equivalents 19 12,473 3,106 15,579 Total 65,436 10,752 1,245 77,433 At 31 December 2021 Fair value through profit or loss Non-financial assets Total carrying amount (in USD million) Note Amortised cost Assets Non-current derivative financial instruments 1,265 1,265 Non-current financial investments 16 253 3,093 3,346 Prepayments and financial receivables 16 707 380 1,087 Trade and other receivables 18 17,192 736 17,927 Current derivative financial instruments 5,131 5,131 Current financial investments 16 20,946 300 21,246 Cash and cash equivalents 19 11,412 2,714 14,126 Total 50,510 12,503 1,116 64,128 At 31 December 2022 Amortised cost Fair value through profit or loss Non-financial liabilities Total carrying amount (in USD million) Note Liabilities Non-current finance debt 21 24,141 24,141 Non-current derivative financial instruments 2,376 2,376 Trade, other payables and provisions 24 12,449 903 13,352 Current finance debt 21 4,359 4,359 Dividend payable 2,808 2,808 Current derivative financial instruments 4,106 4,106 Total 43,757 6,482 903 51,142 At 31 December 2021 Amortised cost Fair value through profit or loss Non-financial liabilities Total carrying amount (in USD million) Note Liabilities Non-current finance debt 21 27,404 27,404 Non-current derivative financial instruments 767 767 Trade, other payables and provisions 24 12,350 1,960 14,310 Current finance debt 21 5,273 5,273 Dividend payable 582 582 Current derivative financial instruments 4,609 4,609 Total 45,609 5,376 1,960 52,945 Measurement of fair values Quoted prices in active markets represent the best evidence of fair value and are used by Equinor assets and liabilities to the extent possible. Financial instruments quoted in active markets will with quoted market prices obtained from the relevant exchanges or clearing houses. The fair financial liabilities and derivative instruments are determined by reference to mid-market prices, at the balance sheet date. Where there is no active market, fair value is determined using valuation techniques. These include transactions, reference to other instruments that are substantially the same, discounted cash flow related internal assumptions. In the valuation techniques, Equinor also takes into consideration the risk. This is either reflected in the discount rate used or through direct adjustments to the calculated Equinor reflects elements of long-term physical delivery commodity contracts at fair value, such fair value estimates to possible are based on quoted forward prices in the market and underlying indexes in prices and margins where observable market prices are not available. Similarly, the fair values of interest and currency swaps are estimated based on relevant quotes from active markets, quotes of comparable instruments, and techniques. Fair value hierarchy The following table summarises each class of financial instruments which are recognised in the value, split by Equinor's basis for fair value measurement. (in USD million) Non-current financial investments Non-current derivative financial instruments - assets Current financial investments Current derivative financial instruments - assets Cash equivalents Non-current derivative financial instruments - liabilities Current derivative financial instruments - liabilities Net fair value At 31 December 2022 Level 1 903 0 - 25 0 (60) 868 Level 2 1,222 97 300 3,722 3,106 (2,352) (3,952) 2,143 Level 3 491 594 292 (24) (94) 1,259 Total fair value 2,616 691 300 4,039 3,106 (2,376) (4,106) 4,270 At 31 December 2021 Level 1 860 - - 949 - (69) 1,740 Level 2 1,840 884 300 4,108 2,714 (762) (4,539) 4,545 Level 3 393 380 74 (4) 843 Total fair value 3,093 1,265 300 5,131 2,714 (767) (4,609) 7,127 Level 1, fair value based on prices quoted in an active market for identical assets or liabilities, traded and for which the values recognised in the Consolidated balance sheet are determined instruments. For Equinor this category will, in most cases, only be relevant for investments in bonds. Level 2, fair value based on inputs other than quoted prices included within level 1, which are derived transactions, includes Equinor's non-standardised contracts for which fair values are determined on the basis observable market transactions. This will typically be when Equinor uses forward prices foreign currency exchange rates as inputs to the valuation models to determine the fair value Level 3, fair value based on unobservable inputs, includes financial instruments for which fair values are input and assumptions that are not from observable market transactions. The fair on internal assumptions. The internal assumptions are only used in the absence of quoted prices observable price inputs for the financial instruments subject to the valuation. The fair value of certain earn-out agreements and embedded derivative contracts are determined with price inputs from observable market transactions as well as internally generated price assumptions discount rate used in the valuation is a risk-free rate based on the applicable currency and time horizon adjusted for a credit premium to reflect either Equinor's credit premium, if the value is a liability, or an estimated counterparty credit premium if the value is an asset. In addition, a risk premium for risk elements not adjusted for applicable. The fair values of these derivative financial instruments have been classified in their current derivative financial instruments and non-current derivative financial instruments. Another reasonable have been applied when determining the fair value of these contracts, would be to extrapolate the inflation. If Equinor had applied this assumption, the fair value of the contracts included would 0.5 0.4 The reconciliation of the changes in fair value during 2022 and 2021 for financial instruments classified presented in the following table. (in USD million) Non-current financial investments Non-current derivative financial instruments - assets Current derivative financial instruments - assets Non-current derivative financial instruments - liabilities Current derivative financial instruments - liabilities Total amount Opening at 1 January 2022 393 380 74 (4) 0 843 Total gains and losses recognised in statement of income (50) 243 197 (20) 0 370 Purchases 175 10 (120) 65 Sales - - 2 - 22 24 Settlement (7) (64) (71) Transfer into level 3 - 80 5 85 Foreign currency translation effects (19) (30) (7) (1) (57) Closing at 31 December 2022 492 593 292 (24) (94) 1,259 Opening at 1 January 2021 308 330 24 (5) - 657 Total gains and losses recognised in statement of income (23) 58 72 1 - 108 Purchases 119 119 Settlement (7) (20) (27) Transfer out of level 3 - - Foreign currency translation effects (3) (8) (2) (13) Closing at 31 December 2021 393 380 74 (4) - 843 During 2022 the financial instruments within level 3 have had a net increase in fair value of USD 416 370 recognised in the Consolidated statement of income during 2022 are mainly related to changes derivatives and earn-out agreements. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events [abstract] | |
Subsequent events | 29 Subsequent events Agreement to acquire Suncor Energy UK Limited On 3 March 2023, Equinor entered into an agreement to acquire 100 % of Suncor Energy UK Limited for a total consideration of USD 850 250 Rosebank field. The transaction includes a non-operated interest in the producing Buzzard oil field ( 29.89 %) and an additional interest in the operated Rosebank development ( 40 %). Closing of the transaction is expected in the first half of 2023 subject to relevant regulatory approvals and will be recognised in the E&P International segment. |
Significant accounting policies
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies [Abstract] | |
Statement of compliance | Statement of compliance The Consolidated financial statements of Equinor ASA and its subsidiaries (Equinor) have been prepared in International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and International Accounting Standards Board (IASB), interpretations issued by IASB and the additional Accounting Act, effective on 31 December 2022. |
Basis of preparation | Basis of preparation The Consolidated financial statements are prepared on the historical cost basis with some exceptions where fair is applied. These exceptions are specifically disclosed in the accounting policies sections in relevant notes. The policies described in these Consolidated financial statements have been applied consistently to otherwise noted in the disclosure related to the impact of policy changes following the voluntary changes in 2022. Certain amounts in the comparable years have been restated or reclassified to conform to current the Consolidated financial statements are denominated in USD millions, unless otherwise specified. The subtotals of the tables in the notes may not equal the sum of the amounts shown in the primary Operational expenses in the Consolidated statement of income are presented as a combination with industry practice. Purchases [net of inventory variation] and Depreciation, amortisation and net impairment on separate lines based on their nature, while Operating expenses and Selling, general Exploration expenses are presented on a functional basis. Significant expenses such as salaries, pensions, etc. nature in the notes to the Consolidated financial statements. |
Basis of consolidation | Basis of consolidation The Consolidated financial statements include the accounts of Equinor ASA and its subsidiaries controlled and equity accounted investments. All intercompany balances and transactions, including unrealised arising from Equinor's internal transactions, have been eliminated. The Consolidated financial statements include all entities controlled by Equinor ASA. Entities are Equinor when Equinor has power over the entity, ability to use that power to affect the entity's returns, and exposure to, or rights to, variable returns from its involvement with the entity. The financial statements of the subsidiaries are included in the Consolidated financial statements from the date control is achieved until the date control ceases. Non-controlling interests are presented separately within equity in the Consolidated balance sheet. |
Foreign currency translation | Foreign currency translation In preparing the financial statements of the individual entities in Equinor, transactions in currencies other than the functional currency are translated at the foreign exchange rate at the dates of the transactions. Monetary currencies are translated to the functional currency at the foreign exchange rate at the differences arising on translation are recognised in the Consolidated statement of income as foreign exchange Net financial items. However, foreign exchange differences arising from the translation of estimate-based provisions are generally accounted for as part of the change in the underlying estimate and included within the relevant items depending on the nature of the provision. Non-monetary assets measured at historical cost using the exchange rate at the date of the transactions. When preparing the Consolidated financial statements, the assets and liabilities of entities with functional Group’s presentation currency USD are translated into USD at the foreign exchange rate at the balance expenses of such entities are translated using the foreign exchange rates on the dates of the differences arising on translation from functional currency to USD are recognised separately in the comprehensive income within Other comprehensive income (OCI). The cumulative amount of such an entity is reclassified to the Consolidated statement of income and reflected as a part of the Loans from Equinor ASA to subsidiaries and equity accounted investments with other functional and for which settlement is neither planned nor likely in the foreseeable future, are considered part investment in the subsidiary. Foreign exchange differences arising on such loans are recognised in OCI in the Consolidated financial statements. |
Statement of cashflows | Statement of cash flows In the statement of cash flows, operating activities are presented using the indirect method, where Income/(loss) for changes in inventories and operating receivables and payables, the effects of non-cash items such as depreciations, and impairments, provisions, unrealised gains and losses and undistributed profits from associates, and items for which the cash effects are investing or financing cash flows. Increase/decrease in financial investments, derivative financial instruments, and Increase/decrease in other interest-bearing items are all presented activities, either because the transactions are financial investments and turnover is quick, the amounts are short, or due to materiality. |
Accounting judgement and key sources of estimation uncertainty | Accounting judgement and key sources of estimation uncertainty The preparation of the Consolidated financial statements requires management to make accounting assumptions affecting reported amounts of assets, liabilities, income and expenses. The main areas where Equinor has made significant judgements material effect on the amounts recognised in the Consolidated financial statements have been described in 6 – Acquisitions and disposals 7 – Total revenues and other income 25 – Leases Estimates used in the preparation of these Consolidated financial statements are prepared based on customised models, assumptions on which the estimates are based rely on historical experience, external sources of information that management assesses to be reasonable under the current conditions and circumstances. These the basis of making the judgements about carrying values of assets and liabilities sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an basis considering the current and expected future set of conditions. Equinor is exposed to several underlying economic factors affecting the overall results, such as commodity exchange rates, market risk premiums and interest rates as well as financial instruments with these factors. The effects of the initiatives to limit climate changes and the potential impact of the energy transition several of these economic assumptions. In addition, Equinor's results are influenced by the level may be influenced by, for instance, maintenance programmes. In the long-term, the results are impacted by the success of exploration, field developments and operating activities. The most important matters in understanding the key sources of estimation uncertainty are 3 – Consequences of initiatives to limit climate changes 11 – Income taxes 12 – Property, plant and equipment 13 – Intangible assets 14 – Impairments 23 – Provisions and other liabilities 26 – Other commitments, contingent liabilities and contingent assets |
Changes in significant accounting policies in the current period [text block] | Changes in accounting policies in the current period Amendments to IAS 1 and IFRS practice statement 2: Replacing Significant accounting policies with Material policies IASB has issued amendments to IAS 1 Presentation of financial statements and IFRS Judgements. These amendments are intended to help entities apply materiality judgements to accounting provide additional guidance and illustrative examples. The amendments are effective for annual periods beginning on or January 2023. Earlier application is permitted, and Equinor has applied the amendments with statements. Accounting policy information should be considered material if its disclosure can reasonably be and therefore is needed to understand other information provided about material transactions, other financial statements. IASB has acknowledged that standardised information, or information that only duplicates requirements of the IFRS -standards, is generally less useful than entity-specific accounting policy information. information could be material in specific circumstances, Equinor has focused the accounting policy policy choices, disclosing only those accounting policies that are considered necessary to understand other material Consolidated financial statements of Equinor. Other standards, amendments to standards and interpretations of standards, effective Other amendments to standards or interpretations of standards effective as of 1 January 2022 and adopted material to Equinor’s Consolidated financial statements upon adoption. Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are either materially impact, or are not expected to be relevant to, Equinor's Consolidated financial statements upon |
Cost of CO2 quotas | Accounting policies - c ost of CO 2 Purchased CO 2 incurred in line with emissions. Accruals for CO 2 reflected as a current liability within Trade, other payables and provisions. Quotas owned, but exceeding the emissions incurred to date, are carried in the balance sheet at cost price, classified as Other current receivables, as long as such purchased quotas are acquired in order to cover own emissions and may be kept to cover subsequent years’ emissions. Quotas purchased and held for trading purposes are carried in the balance sheet at fair value, and the changes in fair value are reflected in the Consolidated statement of income on the line-item Other income. Obligations resulting from current year emissions and the corresponding amounts for quotas that have been bought, paid and expensed, but which have not yet been surrendered to the relevant authorities, are reflected net in the balance sheet. |
Segments | Accounting policies Equinor’s operations are managed through operating segments identified on the regularly reviewed by the chief operating decision maker, Equinor's corporate executive committee (CEC). The reportable segments Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables operating segments Projects, Drilling & Procurement (PDP), Technology, Digital & Innovation (TDI) and Corporate staff and functions are aggregated into the reportable segment Other based on materiality. The majority of the costs in PDP and TDI is allocated to the three Exploration & Production segments, MMP and REN. The accounting policies of the reporting segments equal those described in these Consolidated line-item Additions to PP&E, intangibles and equity accounted investments in which movements obligations are excluded as well as provisions for onerous contracts which reflect only obligations measurement basis of segment profit is net operating income/(loss). Deferred tax assets, pension total current assets and total liabilities are not allocated to the segments. Transactions between the segments, mainly from the crude oil, gas, transactions are eliminated upon consolidation. With effect from 2022, Equinor changed the measurement basis for the segments related to leases. Up to leases were presented within the Other segment and lease costs were allocated to the payments with a corresponding credit in the Other segment. With effect from 2022, lease contracts are with IFRS 16 Leases in all segments. This change does not affect Equinor’s Consolidated financial disclosures in this note. Comparative numbers in the segments have been restated. ---------------------------------------------------------------------------------------------------------------------------------------- |
Business combinations | Business combinations Business combinations, except for transactions between entities under common control, are accounted for method. The purchase price includes total consideration paid to acquire the entity’s assets and liabilities, as well consideration at fair value. The acquired identifiable assets, liabilities and contingent liabilities are the acquisition. Acquisition costs incurred are expensed under Selling, general and administrative of contingent consideration resulting from events after the acquisition date are recognised in under Other income. Equinor recognises a gain/loss on disposal of a subsidiary when control is lost. Any remaining recognised at fair value. When partially divesting subsidiaries which do not constitute a business, and where in the former subsidiary is an associate or a jointly controlled investment, Equinor only recognises within Other income or Operating expenses, respectively. The remaining interest in the former subsidiary is initially not remeasured, and subsequently accounted for using the equity method. Accounting judgement regarding acquisitions Determining whether an acquisition meets the definition of a business combination requires judgement to case basis. Acquisitions are assessed to establish whether the transaction represents a business and the conclusion may materially affect the financial statements both in the transaction period and subsequent assessments are performed upon the acquisition of an interest in a joint operation. Depending exploration and evaluation licences for which a development decision has not yet been made have represent asset purchases, while purchases of producing assets have largely been concluded to |
Assets classified as held for sale | After-tax disposals On the NCS, all disposals of assets are performed including the tax base (after-tax). Any gain previously recognised related to the assets in question and is recognised in full in Other income in income. Assets classified as held for sale Non-current assets are classified separately as held for sale in the Consolidated balance sheet when condition is met when an asset is available for immediate sale in its present condition, sale, and the sale is expected to be completed within one year from the date normally met when management has approved a negotiated letter of intent with the associated with the assets classified as held for sale and expected to be included as part of the separately. The net assets and liabilities of a disposal group classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Accounting judgement regarding partial divestments The policy regarding partial divestments of subsidiaries is based on careful consideration of the Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The conclusion requires judgement to be applied on a case-by-case basis, considering the substance of the transactions. In evaluating acknowledges pending considerations related to several relevant and similar issues which have anticipation of concurrent consideration at a later date. Where assets are transferred into separate legal portion of the entities’ shares being sold to a third party, thereby resulting in Equinor’s loss of control of those asset-owning subsidiaries, and where investments in joint ventures are established simultaneously, Equinor has concluded to only recognise the gain on the divested portion. |
Revenue recognition | Accounting policies Revenue recognition Equinor presents Revenue from contracts with customers and Other revenue as a single caption, statement of income. Revenue from contracts with customers Revenue from the sale of crude oil, natural gas, petroleum products and other merchandise is recognised control of those products, which normally is when title passes at point of delivery, based on the contractual terms of the agreements. Each such sale normally represents a single performance obligation. In the case of natural gas, basis through pipelines, sales are completed over time in line with the delivery of the actual physical quantities. Sales and purchases of physical commodities are presented on a gross basis as Revenues from contracts Purchases [net of inventory variation] respectively in the Consolidated statement of income. When instruments or part of Equinor’s trading activities, they are settled and presented to note 28 Financial instruments and fair value measurement for a description of accounting policies Equinor’s own produced oil and gas volumes are always reflected gross as Revenue Revenues from the production of oil and gas in which Equinor shares an interest with other volumes lifted and sold to customers during the period (the sales method). Where Equinor ownership interest, an accrual is recognised for the cost of the overlift. Where Equinor has lifted and sold less interest, costs are deferred for the underlift. Other revenue Items representing a form of revenue, or which are related to revenue from contracts with customers, if they do not qualify as revenue from contracts with customers. These other revenue production sharing agreements (PSAs) and the net impact of commodity trading and commodity-based derivative to sales contracts or revenue-related risk management. Transactions with the Norwegian State Equinor markets and sells the Norwegian State's share of oil and gas production from the Norwegian State's participation in petroleum activities is organised through the SDFI (the Norwegian State’s Direct Interests). All purchases and sales of the SDFI's oil production are classified as purchases [net of from contracts with customers, respectively. Equinor sells, in its own name, but for the SDFI’s account and risk, the SDFI’s production of natural gas. These gas sales expenditures refunded by the SDFI are presented net in the Consolidated financial statements. Natural gas Equinor’s subsidiaries are also presented net of the SDFI’s share in the Consolidated statement of income, gross in the Consolidated balance sheet. Accounting judgement related to transactions with the Norwegian State Whether to account for the transactions gross or net involves the use of significant accounting Equinor has considered whether it controls the State-originated crude oil volumes prior to onwards Equinor directs the use of the volumes, and although certain benefits from the sales subsequently purchases the crude oil volumes from the SDFI and obtains substantially all the remaining benefits. On concluded that it acts as principal in these sales. Regarding gas sales, Equinor concluded that ownership of the gas had not been transferred from Equinor has been granted the ability to direct the use of the volumes, all the benefits from the sales On that basis, Equinor is not considered the principal in the sale of the SDFI’s natural gas volumes. Reference is made to note 27 Related parties for detailed financial information regarding transactions SDFI. ---------------------------------------------------------------------------------------------------------------------------------------- |
Income tax | Accounting policies Income tax Income tax in the Consolidated statement of income comprises current and deferred tax expense. Consolidated statement of income except when it relates to items recognised in OCI. Current tax consists of the expected tax payable on the taxable income for the year and any years. Uncertain tax positions and potential tax exposures are analysed individually. The outcomes of tax disputes are mostly binary in nature, and in each case the most likely amount for probable liabilities to be paid (including (disputed tax positions for which payment has already been made) is recognised within Current tax Uplift benefit on the NCS is recognised when the deduction is included in the Deferred tax assets and liabilities are recognised for the future tax consequences attributable to amounts of existing assets and liabilities and their respective tax bases, and on unused tax losses to the initial recognition exemption. A deferred tax asset is recognised only to the extent that it will be available against which the asset can be utilised. For a deferred tax asset to be recognised convincing evidence is required, considering the existence of contracts, production of oil or gas in the expected reserves, observable prices in active markets, expected volatility of trading profits, movements and similar facts and circumstances. When an asset retirement obligation or a lease contract is initially reflected in the accounts, a deferred deferred tax asset are recognised simultaneously and accounted for in line with other deferred tax with an amendment to IAS 12 Income Taxes, reducing the scope of the initial recognition exemption, which is effective from 1 January 2023. Estimation uncertainty regarding income tax Equinor incurs significant amounts of income taxes payable to various jurisdictions and may tax assets and deferred tax liabilities. There may be uncertainties related to interpretations regarding amounts in Equinor’s tax returns, which are filed in a number take several years to complete the discussions with relevant tax authorities or to reach resolutions through litigation. The carrying values of income tax related assets and liabilities are based on Equinor's interpretations and relevant court decisions. The quality of these estimates, including the most likely outcomes dependent upon proper application of at times very complex sets of rules, the recognition of case of deferred tax assets, management's ability to project future earnings from activities that may apply loss carry against future income taxes. Climate-related matters and the transition to carbon-neutral the uncertainty in determining key business assumptions used to assess the recoverability of future taxable income before tax losses expire. ----------------------------------------------------------------------------------------------------------------------------------- |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is reflected at cost, less accumulated depreciation and impairment. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, of an asset retirement obligation, exploration costs transferred from intangible assets and, for Proceeds from production ahead of a project’s final approval are regarded as ‘early production’ and is than as a reduction of acquisition cost. Contingent consideration included in the acquisition initially measured at its fair value, with later changes in fair value other than due the asset or group of assets, unless the asset is impaired. Property, plant and equipment include costs relating to expenditures incurred under the terms of production sharing agreements (PSAs) in certain countries, and which qualify for Equinor. State-owned entities in the respective countries, however, normally hold the legal title to such PSA-based property, plant and equipment. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets overhaul costs. Inspection and overhaul costs, associated with regularly scheduled major maintenance carried out at recurring intervals exceeding one year, are capitalised and amortised over the period to the next scheduled inspection and overhaul. All other maintenance costs are expensed as incurred. Capitalised exploration and evaluation expenditures, development expenditure on the construction, infrastructure facilities such as platforms, pipelines and the drilling of production wells, and field-dedicated transport and gas are capitalised as Producing oil and gas properties within Property, plant and equipment. Such capitalised costs, when designed for significantly larger volumes than the reserves from already developed and producing unit of production method (UoP) based on proved reserves expected to be recovered from the period. Depreciation of production wells uses the UoP method based on proved developed reserves, of proved properties are depreciated using the UoP method based on total proved reserves. In the of proved reserves fails to provide an appropriate basis reflecting the pattern in which the expected to be consumed, a more appropriate reserve estimate is used. Depreciation of other assets several fields is calculated on the basis of their estimated useful lives, normally using the straight-line method. property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. For exploration and production assets, Equinor has established separate depreciation categories which between platforms, pipelines and wells. The estimated useful lives of property, plant and equipment are reviewed on an annual basis, and changes in useful lives are accounted for prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset is included in Other income or Operating expenses, respectively, in the period the item is derecognised. Monetary or non-monetary grants from governments, when related to property, plant and equipment and considered reasonably certain, are recognised in the Consolidated balance sheet as a deduction to the carrying recognised in the Consolidated statement of income over the life of the depreciable asset |
Research and development [text block] | Research and development Equinor undertakes research and development both on a funded basis for licence holders and on own risk, developing innovative technologies to create opportunities and enhance the value of current relate both to in-house resources and the use of suppliers. Equinor's own share of the licence the unfunded projects are considered for capitalisation under the applicable IFRS capitalised development costs are accounted for in the same manner as Property, plant and equipment. Costs not qualifying for capitalisation are expensed as incurred, see note 9 Auditor’s remuneration details. Estimation uncertainty regarding determining oil and gas reserves Reserves quantities are, by definition, discovered, remaining, recoverable and economic. Recoverable oil and always uncertain. Estimating reserves is complex and based on a high degree of professional judgement engineering assessments of in-place hydrocarbon volumes, the production, historical recovery and processing installed plant operating capacity. The reliability of these estimates depends on both the quality and availability of the technical and economic data and the efficiency of extracting and processing the hydrocarbons. Estimation uncertainty; Proved oil and gas reserves Proved oil and gas reserves may impact the carrying amounts of oil and gas producing impact the unit of production rates used for depreciation and amortisation. Proved oil and gas gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable from a given date forward, from known reservoirs, and under existing economic conditions, operating regulations. Unless evidence indicates that renewal is reasonably certain, estimates of proved reserves the contracts providing the right to operate expire. For future development projects, proved reserves where there is a significant commitment to project funding and execution and when relevant governmental have been secured or are reasonably certain to be secured. Proved reserves are divided into proved developed and proved undeveloped reserves. Proved developed recovered through existing wells with existing equipment and operating methods, or where the relatively minor compared to the cost of a new well. Proved undeveloped reserves are to acreage, or from existing wells where a relatively major capital expenditure is required. Undrilled having proved undeveloped reserves if a development plan is in place indicating that they are scheduled unless specific circumstances justify a longer time horizon. Specific circumstances are for instance fields which investments in offshore infrastructure, such as many fields on the NCS, where drilling of wells is scheduled longer than five years. For unconventional reservoirs where continued drilling of new wells is a major part of the the US onshore assets, the proved reserves are always limited to proved well locations Proved oil and gas reserves have been estimated by internal qualified professionals based on industry the oil and gas rules and disclosure requirements in the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board (FASB) requirements for supplemental oil and gas disclosures. The estimates have been based on a 12-month average product price and on existing economic conditions and operating recovery of the estimated quantities have a high degree of certainty (at least a 90% probability). evaluated Equinor's proved reserves estimates, and the results of this evaluation do not differ materially from Equinor's Estimation uncertainty; Expected oil and gas reserves Changes in the expected oil and gas reserves may materially impact the amounts of asset of timing of the removal activities. It will also impact value-in-use calculations for oil and gas assets, testing and the recognition of deferred tax assets. Expected oil and gas reserves are the estimated recoverable quantities, based on Equinor's judgement of future economic conditions, from projects in development. As per Equinor’s internal guidelines, expected reserves are defined on a stochastic prediction approach. In some cases, a deterministic prediction method is used, in which are the deterministic base case or best estimate. Expected reserves are therefore typically larger the SEC, which are high confidence estimates with at least a 90% probability of recovery Expected oil and gas reserves have been estimated by internal qualified professionals based on industry accordance with the Norwegian resource classification system issued by the Norwegian Petroleum |
Intangible assets including goodwill | Intangible assets including goodwill Intangible assets are stated at cost, less accumulated amortisation and impairment. Intangible and gas prospects, expenditures on the exploration for and evaluation of oil and natural gas resources, assets. Intangible assets relating to expenditures on the exploration for and evaluation of oil amortised. When the decision to develop a particular area is made, related intangible reclassified to Property, plant and equipment. Goodwill acquired in a business combination is allocated to each cash generating unit (CGU), or from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment In acquisitions made on a post-tax basis according to the rules on the NCS, a provision based on the difference between the acquisition cost and the tax depreciation basis transferred from the seller. The offsetting entry to such deferred tax amounts is reflected as goodwill, which is allocated to the CGU or group the deferred tax has been computed. Other intangible assets with a finite useful life, are depreciated over their useful life using the straight-line |
Oil and gas exploration, evaluation and development expenditures [text block] | Oil and gas exploration, evaluation and development expenditures Equinor uses the successful efforts method of accounting for oil and gas exploration costs. Expenditures to acquire in oil and gas properties, including signature bonuses, expenditures to drill and equip exploratory wells are capitalised within Intangible assets as Exploration expenditures and Acquisition costs - oil and gas geophysical costs and other exploration and evaluation expenditures are expensed as incurred. Exploration wells that discover potentially economic quantities of oil and natural gas remain evaluation phase of the discovery. This evaluation is normally finalised within one year after well completion. If, following the evaluation, the exploratory well has not found potentially commercial quantities of hydrocarbons, evaluated for derecognition or tested for impairment. Any derecognition or impairment is Consolidated statement of income. Capitalised exploration and evaluation expenditures related to offshore wells that find proved reserves, are transferred to Property, plant and equipment at the time of sanctioning of the development project. The timing from evaluation sanctioned could take several years depending on the location and maturity, including existing infrastructure, of the area of discovery, whether a host government agreement is in place, the complexity of the project and the onshore wells where no sanction is required, the transfer to Property, plant and equipment occurs at the time when a well is ready for production. For exploration and evaluation asset acquisitions (farm-in arrangements) in which Equinor has decided to fund partner's exploration and/or future development expenditures (carried interests), these expenditures are reflected financial statements as and when the exploration and development work progresses. Equinor reflects exploration and evaluation asset disposals (farm-out arrangements) on a historical cost basis with no gain recognition. Consideration from the sale of an undeveloped part of an asset reduces the carrying consideration exceeds the carrying amount of the asset, the excess amount is reflected in the under Other income. Equal-valued exchanges (swaps) of exploration and evaluation assets with are accounted for at the carrying amounts of the assets given up with no gain or loss recognition. Estimation uncertainty regarding exploration activities Exploratory wells that have found reserves, but where classification of those reserves as expenditure can be justified, will remain capitalised during the evaluation phase for the findings on the will be considered a trigger for impairment evaluation of the well if no development decision is moreover are no concrete plans for future drilling in the licence. Judgements as to whether these capitalised, be derecognised or impaired in the period may materially affect the carrying values of these assets and consequently, the operating income for the period. |
Impairment of property, plant and equipment, right-of-use assets and intangible assets including goodwill | Accounting policies Impairment of property, plant and equipment, right-of-use assets and intangible assets including goodwill Equinor assesses individual assets or groups of assets for impairment whenever events or changes in carrying value of an asset may not be recoverable. Assets are grouped into cash generating units (CGUs) which identifiable groups of assets that generate cash inflows that are largely independent of the Normally, separate CGUs are individual oil and gas fields or plants. Each unconventional asset play is considered a single CGU when no cash inflows from parts of the play can be reliably identified as being largely independent play. In impairment evaluations, the carrying amounts of CGUs are determined on a basis consistent with that of the recoverable amount. Unproved oil and gas properties are assessed for impairment when facts and circumstances asset or CGU to which the unproved properties belong may exceed its recoverable amount, wells that have found reserves, but where classification of those reserves as proved depends on can be justified or where the economic viability of that major capital expenditure depends on the exploration work, will remain capitalised during the evaluation phase for the exploratory finds. If, well has not found proved reserves, the previously capitalised costs are tested for impairment. After the well, it will be considered a trigger for impairment testing of a well if no development is no firm plan for future drilling in the licence. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances may be impaired. Impairment is determined by assessing the recoverable amount of the CGU, relates. When impairment testing goodwill originally recognised as an offsetting item to the computed deferred tax transaction on the NCS, the remaining amount of the deferred tax provision will factor Impairment losses and reversals of impairment losses are presented in the Consolidated statement expenses or Depreciation, amortisation and net impairment losses, on the basis of the nature of the impaired exploration assets (intangible exploration assets) or development and producing assets (property, plant and equipment and other intangible assets), respectively. Measurement The recoverable amount applied in Equinor’s impairment assessments is normally estimated value assets’ fair value less cost of disposal as the recoverable amount when such a value is available, recent and comparable transaction. Value in use is determined using a discounted cash flow model. The estimated future cash flows are based on reasonable and supportable assumptions and represent management's best estimates of the range of economic remaining useful life of the assets, as set down in Equinor's most recently approved forecasts. Assumptions in establishing the forecasts are reviewed by management on a regular basis and updated at least annually. For assets and CGUs with an expected useful life or timeline for production of expected oil and natural gas reserves planned onshore production from shale assets with a long development and production horizon, the forecasts production volumes, and the related cash flows include project or asset specific estimates reflecting estimates are established based on Equinor's principles and assumptions and are consistently applied. The estimated future cash flows are adjusted for risks specific to the asset or CGU and discounted which is based on Equinor's post-tax weighted average cost of capital (WACC). Country risk specific to a project is included as a monetary adjustment to the projects’ cash flow. Equinor considers country risk primarily as an unsystematic risk. The cash flow is adjusted for risk that influences the expected cash flow of a project and which is not part of the discount rates in determining value in use does not result in a materially different determination of the need for, or the amount of, impairment that would be required if pre-tax discount rates had been used. Impairment reversals A previously recognised impairment loss is reversed only if there has been a change in the estimates used to recoverable amount since the last impairment loss was recognised. A reversal cannot exceed the CGU that would have been reflected, net of depreciation, if no impairment loss had been recognised unsuccessful wells is reversed only to the extent that conditions for impairment are no longer present. impairments of goodwill are not reversed in future periods. Estimation uncertainty regarding impairment Evaluating whether an asset is impaired or if an impairment should be reversed requires a large extent depend upon the selection of key assumptions about the future. In Equinor's determining what constitutes a CGU. Development in production, infrastructure solutions, markets, product actions and other factors may over time lead to changes in CGUs such as splitting one original CGU The key assumptions used will bear the risk of change based on the inherent volatile nature of macro-economic commodity prices and discount rates, and uncertainty in asset specific factors such as reserve impacting the production profile or activity levels for our oil and natural gas properties. Changes in foreign will also affect value in use, especially for assets on the NCS, where the functional currency is NOK. When estimating amount, the expected cash flow approach is applied to reflect uncertainties in timing and amounts inherent the estimated future cash flows. For example, climate-related matters (see also Note 3 Consequences of initiatives changes) are expected to have a pervasive effect on the energy industry, affecting not only supply, demand and commodity prices, but also technology changes, increased emission-related levies, effects have been factored into the price assumptions used for estimating future cash flows using analyses. The estimated future cash flows, reflecting Equinor’s, market participants’ and other external and discounted to their present value, involve complexity. In order to establish relevant future cash flows, impairment testing requires long-term assumptions to be made concerning a number of economic factors such as future market prices, currency exchange rates and future output, discount rates, impact of the timing of tax incentive risk among others. Long-term assumptions for major economic factors are made at a group level, and reasoned judgement involved in establishing these assumptions, in determining other relevant factors estimating production outputs, and in determining the ultimate terminal value of an asset. |
Joint arrangements and associates | Accounting policies Joint operations and similar arrangements, joint ventures and associates A joint arrangement is a contractual arrangement whereby Equinor and other parties undertake an when decisions about the relevant activities require the unanimous consent of the parties classified as either joint operations or joint ventures. In determining the appropriate classification, Equinor products and markets of the arrangements and whether the substance of the agreements is substantially all the arrangement's assets and obligations for the liabilities, or whether the parties involved have assets of the arrangement. Equinor accounts for its share of assets, liabilities, revenues accordance with the principles applicable to those particular assets, liabilities, revenues and expenses. Those of Equinor's exploration and production licence activities that are within the scope classified as joint operations. A considerable number of Equinor's unincorporated joint exploration conducted through arrangements that are not jointly controlled, either because unanimous consent is not involved, or no single group of parties has joint control over the activity. Licence activities where control can be achieved through agreement between more than one combination of involved parties are considered to be outside activities are accounted for on a pro-rata basis using Equinor's ownership share. Currently, Equinor uses IFRS 11 by analogy for all such unincorporated licence arrangements whether these are in scope of IFRS 11 or not. Reference is made to note 5 Segments for financial information related to Equinor’s participation in joint operations within Joint ventures, in which Equinor has rights to the net assets, are accounted for using the equity method. These majority of Equinor’s investments in the Renewables (REN) operating and reporting arrangements that are joint ventures and investments in companies in which Equinor has neither ability to exercise significant influence over operating and financial policies, are classified as Under the equity method, the investment is carried on the Consolidated balance sheet at cost Equinor’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. The part of an equity accounted investment’s dividend distribution exceeding the entity’s carrying amount in the Consolidated balance sheet reflected as income from equity accounted investments in the Consolidated statement of income. reflect the share of net profit in the investment that exceeds the dividend already reflected as income. The income reflects Equinor’s share of the results after tax of an equity accounted entity, adjusted to account for depreciation, amortisation and any impairment of the equity accounted entity’s assets based on their fair values at the date of acquisition. Net equity accounted investments is presented as part of Total revenues and other income, as investments in and participation with significant influence in other companies engaged in energy-related business activities is considered to be operating activities. Acquisition of ownership shares in joint ventures and other equity accounted investments in which the are accounted for in accordance with the requirements applicable to business combinations. Please disposals for more details on acquisitions. Equinor as operator of joint operations and similar arrangements Indirect operating expenses such as personnel expenses are accumulated in cost pools. These costs incurred basis to business areas and Equinor-operated joint operations under IFRS 11 and to similar arrangements (licences) outside the scope of IFRS 11. Costs allocated to the other partners' share of operated joint operations and similar arrangements are reimbursed and only Equinor's share of the statement of income and balance sheet items related and similar arrangements are reflected in the Consolidated statement of income and the Consolidated ----------------------------------------------------------------------------------------------------------------------------- |
Inventories | Accounting policies Inventories Commodity inventories not held for trading purposes are stated at the lower of cost and net realisable first-in first-out method and comprises direct purchase costs, cost of production, transportation, and manufacturing effect from 2022, due to the evolving trading business in the Group, fair value less cost to sell (FVLCS) measurement basis for commodity inventories held for trading purposes, with subsequent changes in Consolidated statement of income under Other revenues. These inventories are categorised within level Comparative numbers have not been restated due to materiality. |
Cash and cash equivalents | Accounting policies Cash and cash equivalents are accounted for at amortised cost and include cash in hand, current institutions, and short-term highly liquid investments that are readily convertible to known amounts insignificant risk of changes in fair value and have a maturity of three months or less from the mandatory deposits in escrow bank accounts are included as restricted cash if the deposits are operating activities and therefore are deemed as held for the purpose of meeting short ‑ term cash commitments, and the deposits can be released from the escrow account without undue expenses. |
Share buyback policy | Accounting policies Share buy-back Where Equinor has either acquired own shares under a share buy-back programme or party for Equinor shares to be acquired in the market, such shares are reflected shares are not included in the weighted average number of ordinary shares outstanding in the remaining outstanding part of an irrevocable order to acquire shares is accrued for and classified as Trade, other payables and provisions. |
Pensions | Accounting policies Equinor has pension plans for employees that either provide a defined pension benefit upon retirement or a defined contributions and related returns. A portion of the contributions are provided increases with a promised notional return, set equal to the actual return of assets invested through plan. For defined benefit plans, the benefit to be received by employees generally service, retirement date and future salary levels. Equinor's proportionate share of multi-employer defined benefit plans is recognised as liabilities in the Consolidated sufficient information is considered available, and a reliable estimate of the obligation can be made. The cost of pension benefit plans is expensed over the period that the employees render benefits. The calculation is performed by an external actuary. Equinor's net obligation from defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned current and prior periods. That benefit is discounted to determine its present value, and the fair The discount rate is the yield at the balance sheet date, reflecting the maturity dates approximating On 31 December 2022, the discount rate for the defined benefit plans in Norway was established mortgage covered bonds interest rate extrapolated on a yield curve which matches the duration of earned benefits, which was calculated to be 13.5 years at the end of 2022. The present related current service cost and past service cost are measured using the projected unit credit wage growth, expected rate of pension increase and the expected increase of social security base agreed regulation in the plans, historical observations, future expectations of the assumptions and assumptions. For members in Norway, the mortality table K2013, issued by The Financial Supervisory Authority of Norway, is used as the best mortality estimate. Social security tax is calculated based on a pension plan's net funded status benefit obligation. The recognition of a net surplus for the funded plan is based on the assumption that the net Equinor, either as a possible distribution to premium fund which can be used for future funding of new liabilities, or as disbursement of equity in the pension fund. The net interest related to defined benefit plans is calculated by applying the discount rate to obligation and is presented in the Consolidated statement of income within Net financial interest income and actual return is recognised in the Consolidated statement of comprehensive Actuarial gains and losses are recognised in full in the Consolidated statement of comprehensive income occur, while actuarial gains and losses related to provision for termination benefits are recognised in the Consolidated statement of income in the period in which they occur. Due to the parent company Equinor ASA's functional currency being USD, the significant part of Equinor's pension obligations will be payable in a foreign currency (i.e. NOK). As related to the parent company's pension obligations include the impact of exchange rate fluctuations. Contributions to defined contribution schemes are recognised in the Consolidated statement of income in which the contribution amounts are earned by the employees. Notional contribution plans, reported in the parent company Equinor ASA, are recognised as Pension the notional contributions and promised return at reporting date. Notional contributions are recognised of income as periodic pension cost, while changes in fair value of the employees’ notional assets statement of income under Net financial items. Periodic pension cost is accumulated in cost pools and allocated to business areas and Equinor’s on an hours’ incurred basis and recognised in the Consolidated statement of income based on |
Asset retirement obligations (ARO) | Accounting policies Asset retirement obligations (ARO) Provisions for asset retirement obligations (ARO) are recognised when Equinor has an obligation and remove a facility or an item of property, plant and equipment and to restore the site on which it is located, and when a reliable estimate of that liability can be made. Normally an obligation arises for a new facility, such as an oil and natural gas production or transportation facility, upon construction or installation. An obligation may also arise during the period of operation of a facility through a change in legislation or through a decision to terminate operations or be based on commitments use of pipeline transport systems where removal obligations rest with the volume shippers. The amount recognised is the present value of the estimated future expenditures determined in accordance requirements. The cost is estimated based on current regulations and technology, considering relevant risks and uncertainties. The discount rate used in the calculation of the ARO is a market-based risk-free rate based the underlying cash flows. The provisions are classified under Provisions in the Consolidated When a provision for ARO is recognised, a corresponding amount is recognised to increase the and is subsequently depreciated as part of the property, plant and equipment. Any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding property, plant and equipment. When a decrease in the ARO related to a producing asset exceeds the carrying amount of the asset, the excess is Depreciation, amortisation and net impairment losses in the Consolidated statement of income. of its useful life, all subsequent changes to the ARO are recognised as they occur statement of income. Removal provisions associated with Equinor's role as shipper of volumes through third party transport systems incurred. Estimation uncertainty regarding asset retirement obligations Establishing the appropriate estimates for such obligations are based on historical knowledge combined with technological developments, expectations about future regulatory and technological development and judgement and an inherent risk of significant adjustments. The costs of decommissioning and to changes in current regulations and technology while considering relevant risks and uncertainties. many years into the future, and the removal technology and costs are constantly changing. The energy sources may also influence the production period, hence the timing of the removal activities. assumptions of norms, rates and time required which can vary considerably depending on the Moreover, changes in the discount rate and foreign currency exchange rates may impact the estimates significantly. As a result, the initial recognition of ARO and subsequent adjustments involve the application of significant |
Leases | Accounting policies Leases A lease is defined as a contract that conveys the right to control the use of an identified asset for consideration. At the date at which the underlying asset is made available for Equinor, the present value of future lease (including extension options considered reasonably certain to be exercised) is recognised as a lease liability. The present value is calculated using Equinor’s incremental borrowing rate. A corresponding right-of-use payments and direct costs incurred at the commencement date. Lease payments are reflected as interest lease liabilities. The RoU assets are depreciated over the shorter of each contract’s term and the Short term leases (12 months or less) and leases of low value assets (regarded as such when over the lease term do not exceed USD 500.000) are expensed or (if appropriate) capitalised as which the leased asset is used. Many of Equinor’s lease contracts, such as rig and vessel leases, involve several additional personnel cost, maintenance, drilling related activities, and other items. For a number of these represent a not inconsiderable portion of the total contract value. Non-lease components within lease contracts separately for all underlying classes of assets and reflected in the relevant expense category or (if incurred, depending on the activity involved. Accounting judgement regarding leases In the oil and gas industry, where activity frequently is carried out through joint arrangements or similar arrangements, the application of IFRS 16 Leases requires evaluations of whether the joint arrangement or its operator is the consequently whether such contracts should be reflected gross (100%) in the operator’s joint operation partner’s proportionate share of the lease. In many cases where an operator is the sole signatory to a lease contract of an asset to operation, the operator does so implicitly or explicitly on behalf of the joint arrangement. In certain jurisdictions, Equinor as this includes the Norwegian continental shelf (NCS), the concessions granted by the an obligation for the operator to enter into necessary agreements in the name of the joint operations As is the customary norm in upstream activities operated through joint arrangements, the operator lessor, and subsequently re-bill the partners for their share of the lease costs. In each such instance, it is necessary to determine whether the operator is the sole lessee in the external lease arrangement, and if sub-leases, or whether it is in fact the joint arrangement which is the lessee, with each share of the lease. Where all partners in a licence are considered to share the primary responsibility for lease contract, Equinor’s proportionate share of the related lease liability and RoU asset will considered to have the primary responsibility for the full external lease payments, the lease liability is recognised Equinor derecognises a portion of the RoU asset equal to the non-operator’s financial lease receivable, if a financial sublease is considered to exist between Equinor and the licence. typically exist where Equinor enters into a contract in its own name, has the primary responsibility for underlying asset will only be used on one specific licence, and the costs and risks related to the specific licence. Depending on facts and circumstances in each case, the conclusions reached jurisdictions. |
Other commitments, contingent liabilities and contingent assets | Accounting policies Estimation uncertainty regarding levies Equinor’s global business activities are subject to different indirect taxes in various jurisdictions around the world. In these jurisdictions, governments can respond to global or local development, including climate related matters and public fiscal balances, by issuing new laws or other regulations stipulating changes in value added tax, tax on emissions, customs duties or other levies which may affect profitability and even the viability of Equinor’s business in that jurisdiction. Equinor mitigates this risk by using local legal representatives and staying up to date with the legislation in the jurisdictions where activities are carried out. Occasionally, legal disputes arise from difference in interpretations. Equinor’s legal department, together with local legal representatives, estimate the outcome from such legal disputes based on first-hand knowledge. Such estimates may differ from the actual results. |
Financial assets | Financial assets Financial assets are initially recognised at fair value when Equinor becomes a party to the contractual provisions subsequent measurement of the financial assets depends on which category they have been investments at amortised cost, at fair value through profit or loss, and at fair value through classification is based on an evaluation of the contractual terms and the business model Short-term highly liquid investments with original maturity exceeding 3 months are classified as financial investments are primarily accounted for at amortised cost but also at fair value through profit or loss, classification. Trade receivables are carried at the original invoice amount less a provision for doubtful receivables which represent expected losses computed on a probability-weighted basis. A part of Equinor's financial investments is managed together as an investment portfolio is held in order to comply with specific regulations for capital retention. The investment portfolio value basis in accordance with an investment strategy and is accounted for at fair value through profit or loss. Financial assets are presented as current if they contractually will expire or otherwise are expected after the balance sheet date, or if they are held for the purpose of being traded. Financial separately in the Consolidated balance sheet, unless Equinor has both a legal right and a demonstrable balances payable to and receivable from the same counterparty. Financial assets are derecognised when rights to cash flows and risks and rewards transaction or the contractual rights to the cash flows expire, are redeemed, or cancelled. Gains settlement or cancellation of financial assets are recognised within Net financial items. |
Financial liabilities | Financial liabilities Financial liabilities are initially recognised at fair value when Equinor becomes a party to subsequent measurement of financial liabilities is either as financial liabilities at fair value through measured at amortised cost using the effective interest method, depending on classification. The latter current bank loans and bonds. Financial liabilities are presented as current if the liability is expected to be settled as liability is due to be settled within 12 months after the balance sheet date, Equinor does liability more than 12 months after the balance sheet date, or if the liabilities are held for the Financial liabilities are derecognised when the contractual obligations are settled, or if they expire, and losses arising on the repurchase, settlement or cancellation of liabilities are recognised within Net |
Derivative financial instruments | Derivative financial instruments Equinor uses derivative financial instruments to manage certain exposures to fluctuations in foreign rates and commodity prices. Such derivative financial instruments are initially recognised at derivative contract is entered into and are subsequently remeasured at fair value through profit based derivative financial instruments is recognised in the Consolidated statement of income as instruments are related to sales contracts or revenue-related risk management for all significant purposes. The impact derivative financial instruments is reflected under Net financial items. Derivatives are carried as assets when the fair value is positive and as liabilities when liabilities expected to be settled, or with the legal right to be settled more than 12 months after as non-current. Derivative financial instruments held for the purpose of being traded are however Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instruments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Equinor's expected purchase, sale or usage requirements, accounted for as financial instruments. Such sales and purchases of physical commodity statement of income as Revenue from contracts with customers and Purchases [net of inventory applicable to a significant number of contracts for the purchase or sale of crude oil and natural gas, delivery. For contracts to sell a non-financial item that can be settled net in cash, but which ultimately qualifying as own use prior to settlement, the changes in fair value are included in Gain/loss on revenues, see note 7 Total revenues and other income). When these derivatives are physically settled, the previously recognised unrealised gain/loss is included in Physically settled commodity derivatives (also part of Other revenues). made through such contracts are included in Revenue from contracts with customers at Derivatives embedded in host contracts which are not financial assets within the scope derivatives and are reflected at fair value with subsequent changes through profit and characteristics are not closely related to those of the host contracts, and the host contracts are not an active market for a commodity or other non-financial item referenced in a purchase or sale contract, a instance, be considered to be closely related to the host purchase or sales contract in question. A price formula with indexation to other markets or products will however result in Where there is no active market for the commodity or other non-financial item in question, Equinor such a price related embedded derivative to be closely related to the host contract if the price formula commonly used by other market participants. This applies to certain long-term natural gas sales |
Consequences of initiatives t_2
Consequences of initiatives to limit climate changes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consequences of initiatives to limit climate changes [abstract] | |
Number of EU ETS quotas | Number of EU ETS quotas 2022 2021 Opening balance at 1 January 11,026,286 11,027,242 Allocated free quotas 3,697,089 3,560,286 Purchased quotas on the ETS market 5,985,000 7,605,265 Sold quotas on the ETS market 0 (135,177) Settled quotas (offset against emissions) (9,925,999) (11,031,330) Closing balance at 31 December 10,782,376 11,026,286 |
Price Sensitivity | Management's price assumptions 1) NZE by 2050 scenario Announced Pledged Scenario Brent blend, 2030 75 USD/bbl 40 USD/bbl 71 USD/bbl Brent blend, 2040 70 USD/bbl 34 USD/bbl 69 USD/bbl Brent blend, 2050 65 USD/bbl 28 USD/bbl 67 USD/bbl TTF, 2030 9.5 USD/MMBtu 5.0 USD/MMBtu 8.5 USD/MMBtu TTF, 2040 9.0 USD/MMBtu 4.5 USD/MMBtu 7.7 USD/MMBtu TTF, 2050 9.0 USD/MMBtu 4.1 USD/MMBtu 6.8 USD/MMBtu EU ETS 2), 3) , 2030 94 USD/tCO 2 152 USD/tCO 2 146 USD/tCO 2 EU ETS 2), 3) , 2040 124 USD/tCO 2 222 USD/tCO 2 189 USD/tCO 2 EU ETS 2), 3) , 2050 153 USD/tCO 2 271 USD/tCO 2 216 USD/tCO 2 Illustrative potential impairment (USD) ~ 4.0 billion < 0.5 billion Management’s future commodity price assumptions 2) 2 2 3) 1,176 |
Financial risk and capital ma_2
Financial risk and capital management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Undiscounted contractual cash flows | At 31 December 2022 2021 (in USD million) Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Year 1 20,172 1,325 1,065 18,841 1,183 175 Year 2 and 3 6,292 1,421 752 6,684 1,262 211 Year 4 and 5 5,785 504 486 6,140 656 318 Year 6 to 10 8,749 465 1,202 10,636 642 588 After 10 years 11,204 120 706 12,849 158 187 Total specified 52,202 3,835 4,211 55,150 3,901 1,479 |
Credit risk exposure and grading | (in USD million) Non-current financial receivables Trade and other receivables Non-current derivative financial instruments Current derivative financial instruments At 31 December 2022 Investment grade, rated A or above 1,633 6,125 390 1,715 Other investment grade 12 8,725 41 1,393 Non-investment grade or not rated 14 6,761 259 931 Total financial assets 1,659 21,611 690 4,039 At 31 December 2021 Investment grade, rated A or above 452 3,637 1,103 2,902 Other investment grade 18 8,930 0 1,524 Non-investment grade or not rated 238 4,624 162 705 Total financial assets 708 17,191 1,265 5,131 |
Master netting agreements for financial assets and liabilities | (in USD million) Gross amounts of recognised financial assets/ liabilities Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Amounts of remaining rights to set-off not qualifying for offsetting Net amount At 31 December 2022 Financial assets Trade receivables 25,607 7,464 18,143 0 18,143 Collateral receivables 19,043 15,575 3,468 3,468 0 Derivative financial instruments 30,078 25,348 4,730 1,708 3,022 Total financial assets 74,728 48,387 26,341 5,176 21,165 Financial liabilities Trade payables 19,913 7,464 12,449 0 12,449 Collateral liabilities 15,479 13,907 1,572 1,571 1 Derivative financial instruments 33,497 27,015 6,482 3,605 2,877 Total financial liabilities 68,889 48,386 20,503 5,176 15,327 (in USD million) Gross amounts of recognised financial assets/ liabilities 1) Gross amounts offset in the balance sheet 1) Net amounts presented in the balance sheet Amounts of remaining rights to set-off not qualifying for offsetting Net amount At 31 December 2021 Financial assets Trade receivables 20,061 4,445 15,616 0 15,616 Collateral receivables 1) 9,902 8,327 1,576 1,576 0 Derivative financial instruments 1) 32,493 26,097 6,396 2,771 3,625 0 Total financial assets 1) 62,456 38,869 23,588 4,347 19,241 0 Financial liabilities 0 Trade payables 16,795 4,445 12,350 0 12,350 Collateral liabilities 1) 9,851 7,580 2,271 2,271 0 Derivative financial instruments 1) 32,218 26,844 5,375 2,076 3,299 Total financial liabilities 1) 58,864 38,869 19,996 4,347 15,649 |
Capital Management | At 31 December (in USD million) 2022 2021 Net interest-bearing debt adjusted, including lease (6,750) 3,236 Net interest-bearing debt adjusted (ND2) (10,417) (326) Capital employed adjusted, including lease liabilities 47,239 42,259 Capital employed adjusted (CE2) 43,571 38,697 Net debt to capital employed adjusted*, including lease (14.3%) 7.7% Net debt to capital employed adjusted* (ND2/CE2) (23.9%) (0.8%) |
Commodity price sensitivity [member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis of market risk | Commodity price sensitivity At 31 December 2022 2021 (in USD million) - 30% + 30% - 30% + 30% Crude oil and refined products net gains/(losses) 666 (666) 735 (735) Natural gas, electricity and CO2 net gains/(losses) (3) 140 227 (141) |
Currency risk sensitivity [member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis of market risk | Currency risk sensitivity At 31 December 2022 2021 (in USD million) - 12 % + 12% - 10 % + 10% USD net gains/(losses) (1,497) 1,497 (1,789) 1,789 NOK net gains/(losses) 1,583 (1,583) 2,144 (2,144) |
Interest rate sensitivity [member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis of market risk | Interest risk sensitivity At 31 December 2022 2021 (in USD million) points + 1.2 percentage points points + 0.8 percentage points Positive/(negative) impact on net financial items 369 (366) 448 (448) |
Equity price risk [member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis of market risk | Equity price sensitivity At 31 December 2022 2021 (in USD million) - 35% + 35% - 35% + 35% Net gains/(losses) (450) 450 (534) 534 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segments [abstract] | |
Operating segments data [text block] | 2022 E&P Norway E&P International E&P USA MMP REN Other Eliminations Total (in USD million) Revenues third party, other revenue and other income 1,299 1,134 305 147,173 127 149 0 150,186 Revenues inter-segment 74,631 6,124 5,217 527 0 55 (86,554) 0 Net income/(loss) from equity accounted investments 0 172 0 406 58 (16) 0 620 Total revenues and other income 75,930 7,431 5,523 148,105 185 187 (86,554) 150,806 Purchases [net of inventory variation] 0 (116) 0 (139,916) 0 0 86,227 (53,806) Operating, selling, general and administrative expenses (3,782) (1,698) (938) (4,591) (265) (223) 904 (10,595) Depreciation and amortisation (4,986) (1,445) (1,422) (881) (4) (142) 0 (8,878) Net impairment (losses)/reversals 819 (286) 1,060 895 0 0 0 2,487 Exploration expenses (366) (638) (201) 0 0 0 0 (1,205) Total operating expenses (8,315) (4,183) (1,501) (144,493) (269) (365) 87,131 (71,995) Net operating income/(loss) 67,614 3,248 4,022 3,612 (84) (178) 577 78,811 Additions to PP&E, intangibles and equity accounted investments 4,922 2,623 764 1,212 298 176 0 9,994 Balance sheet information Equity accounted investments 3 550 0 688 1,452 65 0 2,758 Non-current segment assets 28,510 15,868 11,311 4,619 316 1,031 0 61,656 Non-current assets not allocated to segments 15,437 Total non-current assets 79,851 Assets classified as held for sale 0 1,018 0 0 0 0 0 1,018 2021 E&P Norway 1) E&P International 1) E&P USA 1) MMP 1) REN 1) Other 1) Eliminations 1 ) Total (in USD million) Revenues third party, other revenue and other income 1) 414 1,121 377 87,050 1,394 307 0 90,665 Revenues inter-segment 1) 38,972 4,230 3,771 321 0 41 (47,335) 0 Net income/(loss) from equity accounted investments 0 214 0 22 16 7 0 259 Total revenues and other income 1) 39,386 5,566 4,149 87,393 1,411 355 (47,335) 90,924 Purchases [net of inventory variation] 0 (58) 0 (80,873) 0 (1) 45,772 (35,160) Operating, selling, general and administrative expenses 1) (3,653) (1,405) (1,074) (3,753) (163) (432) 1,102 (9,378) Depreciation and amortisation 1) (6,002) (1,734) (1,665) (869) (3) (158) 0 (10,432) Net impairment (losses)/reversals 1) 1,102 (1,587) (69) (735) 0 2 0 (1,287) Exploration expenses (363) (451) (190) 0 0 0 0 (1,004) Total operating expenses 1) (8,915) (5,237) (2,998) (86,230) (166) (590) 46,873 (57,261) Net operating income/(loss) 1) 30,471 329 1,150 1,163 1,245 (234) (461) 33,663 Additions to PP&E, intangibles and equity accounted investments 1) 4,943 1,834 690 517 457 64 0 8,506 Balance sheet information Equity accounted investments 3 1,417 0 113 1,108 45 0 2,686 Non-current segment assets 1) 36,502 15,422 11,406 4,006 157 1,032 0 68,527 Non-current assets not allocated to segments 13,406 Total non-current assets 84,618 Assets classified as held for sale 0 676 0 0 0 0 0 676 Restated due to implementation of IFRS 16 in the expenses in MMP (reduction of USD 523 77 696 Depreciation and amortisation in MMP (increase of USD 509 222 USD 799 987 1,201 and Other (decrease of USD 2,255 2020 E&P Norway 1) E&P International 1) E&P USA MMP 1) REN 1) Other 1) Eliminations Total (in USD million) Revenues third party, other revenue and other income 1) 215 452 368 44,623 18 88 0 45,765 Revenues inter-segment 11,804 3,183 2,247 309 0 39 (17,581) 0 Net income/(loss) from equity accounted investments 0 (146) 0 31 163 5 0 53 Total revenues and other income 1) 12,019 3,489 2,615 44,963 181 132 (17,581) 45,818 Purchases [net of inventory variation] 0 (72) 0 (38,072) 0 1 17,157 (20,986) Operating, selling, general and administrative expenses 1) (2,736) (1,374) (1,310) (4,564) (214) (59) 722 (9,537) Depreciation and amortisation 1) (4,466) (2,105) (1,889) (875) (1) (178) (1) (9,515) Net impairment (losses)/reversals 1) (1,260) (1,426) (1,938) (1,076) 0 (19) (1) (5,720) Exploration expenses (423) (2,071) (990) 0 0 1 (1) (3,483) Total operating expenses 1) (8,886) (7,048) (6,127) (44,587) (216) (254) 17,877 (49,241) Net operating income/(loss) 1) 3,133 (3,559) (3,512) 376 (35) (122) 295 (3,423) Additions to PP&E, intangibles and equity accounted investments 1) 5,004 2,588 1,067 1,048 33 22 0 9,762 Balance sheet information Equity accounted investments 3 1,125 0 95 1,017 25 0 2,262 Non-current segment assets 1) 39,355 17,960 12,588 5,605 4 1,144 0 76,657 Non-current assets not allocated to segments 13,704 Total non-current assets 92,623 Assets classified as held for sale 0 0 1,159 0 203 0 0 1,362 Restated due to implementation of IFRS 16 in the expenses in MMP (reduction of USD 494 93 693 Depreciation and amortisation in MMP (increase of USD 481 181 USD 718 1,238 1,623 and Other (decrease of USD 2,987 |
Non-current assets by country [text block] | Non-current assets by country At 31 December (in USD million) 2022 2021 Norway 33,242 40,564 USA 12,343 12,323 Brazil 9,400 8,751 UK 3,688 2,096 Azerbaijan 1,401 1,654 Canada 1,171 1,403 Angola 895 948 Algeria 622 708 Argentina 615 474 Denmark 497 536 Other 541 1,757 Total non-current assets 1) 64,414 71,213 Excluding deferred tax assets, pension assets and non-current |
Total revenues and other inco_2
Total revenues and other income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Total revenues and other income [Abstract] | |
Revenues from contracts with customers [text block] | Revenues from contracts with customers and (in USD million) Note 2022 2021 2020 Crude oil 58,524 38,307 24,509 Natural gas 65,232 28,050 7,213 58,239 24,900 5,839 2,884 1,783 1,010 4,109 1,368 363 Refined products 11,093 11,473 6,534 Natural gas liquids 9,240 8,490 5,069 Transportation 1,470 921 1,083 Other sales 4,702 1,006 681 Total revenues from contracts with customers 150,262 88,247 45,088 Taxes paid in-kind 412 345 93 Physically settled commodity derivatives (2,534) (1,075) 209 Gain/(loss) on commodity derivatives 739 951 108 Change in fair value of trading inventory (194) 0 0 Other revenues 319 276 256 Total other revenues (1,258) 497 665 Revenues 149,004 88,744 45,753 Net income/(loss) from equity accounted investments 15 620 259 53 Other income 6 1,182 1,921 12 Total revenues and other income 150,806 90,924 45,818 |
Salaries and personnel expens_2
Salaries and personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Salaries and personnel expenses [abstract] | |
Salaries and personnel expenses | (in USD million, except average number of employees) 2022 2021 2020 Salaries 1) 2,875 2,962 2,625 Pension costs 2) 458 488 432 Payroll tax 433 414 368 Other compensations and social costs 324 288 283 Total payroll expenses 4,090 4,152 3,707 Average number of employees 3) 21,500 21,400 21,700 Salaries include bonuses, severance packages and expatriate costs in addition to base pay. 2) 3) 3 % for 2022 and 2021 and 2 % for 2020. |
Remuneration to members of the BoD and the CEC [text block] | (in USD million) 1) 2022 2021 2020 Current employee benefits 12.9 12.2 9.0 Post-employment benefits 0.4 0.4 0.6 Other non-current benefits 0.0 0.0 0.0 Share-based payment benefits 0.2 0.1 0.1 Total benefits 13.5 12.7 9.7 1) All figures in the table are presented on accrual basis. |
Auditor's remuneration and Re_2
Auditor's remuneration and Research and development expenditures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Auditor's remuneration and Research and development expenditures [Abstract] | |
Auditor's remuneration [text block] | Auditor's remuneration Full year (in USD million, excluding VAT) 2022 2021 2020 Audit fee 11.4 14.4 10.7 Audit related fee 1.8 1.1 1.0 Tax fee - - - Other service fee - - - Total remuneration 13.2 15.5 11.7 |
Financial items (Tables)
Financial items (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial items [Abstract] | |
Schedule of Finance items [text block] | Full year (in USD million) 2022 2021 2020 Foreign currency exchange gains/(losses) derivative 797 870 (1,288) Other foreign currency exchange gains/(losses) 1,291 (823) 642 Net foreign currency exchange gains/(losses) 2,088 47 (646) Dividends received 93 39 44 Interest income financial investments, including 398 38 108 Interest income non-current financial receivables 30 26 34 Interest income other current financial assets and other 701 48 113 Interest income and other financial items 1,222 151 298 Gains/(losses) financial investments (394) (348) 456 Gains/(losses) other derivative financial instruments (1,745) (708) 448 Interest expense bonds and bank loans and net (1,029) (896) (951) Interest expense lease liabilities (90) (93) (104) Capitalised borrowing costs 382 334 308 Accretion expense asset retirement obligations (449) (453) (412) Interest expense current financial liabilities and (192) (114) (232) Interest expenses and other finance expenses (1,379) (1,223) (1,392) Net financial items (207) (2,080) (836) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income tax [abstract] | |
Significant components of income tax expense [Table Text Block] | Significant components of income tax expense Full year (in USD million) 2022 2021 2020 Current income tax expense in respect of (52,124) (21,271) (1,115) Prior period adjustments (112) (28) 313 Current income tax expense (52,236) (21,299) (802) Origination and reversal of temporary differences (2,136) (1,778) (648) Recognition of previously unrecognised deferred 4,401 126 130 Change in tax regulations 0 4 (12) Prior period adjustments 110 (60) 94 Deferred tax income/(expense) 2,375 (1,708) (435) Income tax (49,861) (23,007) (1,237) |
Reconciliation of statutory tax rate to effective tax rate [Table Text Block] | Reconciliation of statutory tax rate to effective Full year (in USD million) 2022 2021 2020 Income/(loss) before tax 78,604 31,583 (4,259) Calculated income tax at statutory rate 1) (18,168) (7,053) 1,445 Calculated Norwegian Petroleum tax 2) (36,952) (17,619) (2,126) Tax effect uplift 3) 259 914 1,006 Tax effect of permanent differences regarding divestments 417 90 (9) Tax effect of permanent differences caused by functional currency different from tax currency 145 150 (198) Tax effect of other permanent differences 403 228 450 Recognition of previously unrecognised deferred tax 4) 4,401 126 130 Change in unrecognised deferred tax assets (34) 619 (1,685) Change in tax regulations 0 4 (12) Prior period adjustments (3) (88) 408 Other items including foreign currency effects (327) (378) (647) Income tax (49,861) (23,007) (1,237) Effective tax rate 63.4 % 72.8 % (29.0 %) The weighted average of statutory tax rates was 23.1 % in 2022, 22.3 % in 2021 and 33.9 % in 2020. The rates are influenced by earnings composition between tax regimes with lower statutory tax rates and tax regimes with higher statutory 2) 71.8 % after deduction for 22 % corporate tax in the special petroleum tax basis. 3) 71.8 % on income from the Norwegian continental shelf, an additional tax-free allowance (uplift) was previously granted on the basis of the original capitalised cost of offshore production installations. Previously, a 5.2 % uplift could be deducted from taxable income for a period of four years starting was incurred. On 17 June 2022, the Norwegian Parliament adopted amendments to the Petroleum special tax for petroleum activities to a cash flow tax. The amendments were effective 1 January 2022. Uplift investments incurred after 1 January 2022 were discontinued. At year-end 2022, un-recognised uplift credits were zero , compared to USD 272 For 2020 and 2021, temporary rules enacted under the Covid-19 pandemic allowed direct deduction of the whole of 24 % in the year the capital expenditure was incurred. This rate was reduced 17.69 % for 2022, and further reduced to 12.4 % on capital expenditures incurred on investments eligible under the temporary rules as from 2023. 4) 4,401 effective tax rate for 2022 compared to 2021. More than 90 % of the recognition relates to the US, that after a history of significant losses, is now recording profits. Projected future taxable income demonstrates that it is probable that the carried forward can be utilised in the nearest future. The tax value of unused accumulated losses asset in the US, amounts to USD 2,738 A 30 % decline in commodity prices, considered to represent a reasonably possible change, would have an immaterial impact on the recognised amount. |
Deferred tax assets and liabilities [text block] | Deferred tax assets and liabilities comprise (in USD million) Tax losses carried forward Property, plant and equipment and intangible assets Asset retirement obligations Lease liabilities Pensions Derivatives Other Total Deferred tax assets 8,105 694 7,356 1,306 694 1,131 1,348 20,634 Deferred tax liabilities (28) (23,356) 0 (3) (12) (3) (411) (23,813) Net asset/(liability) at 31 December 2022 8,077 (22,662) 7,356 1,303 682 1,128 937 (3,179) Deferred tax assets 5,162 719 11,256 1,506 804 21 2,015 21,484 Deferred tax liabilities 0 (27,136) 0 0 (21) (1,453) (530) (29,140) Net asset/(liability) at 31 December 2021 5,162 (26,417) 11,256 1,506 783 (1,432) 1,485 (7,655) |
Changes in net deferred tax liability during the year [Table Text Block] | Changes in net deferred tax liability during (in USD million) 2022 2021 2020 Net deferred tax liability at 1 January 7,655 6,250 5,530 Charged/(credited) to the Consolidated statement of income (2,375) 1,708 435 Charged/(credited) to Other comprehensive income 105 35 (19) Acquisitions and disposals (968) 36 0 Foreign currency translation effects and other effects (1,239) (374) 304 Net deferred tax liability at 31 December 3,179 7,655 6,250 |
Disclosure of Net deferred tax assets and liabilities [Table Text Block] | At 31 December (in USD million) 2022 2021 Deferred tax assets 8,732 6,259 Deferred tax liabilities 11,996 14,037 Deferred tax assets reported in Assets classified as 85 122 |
Disclosure of unrecognised deferred tax assets [Table Text Block] | Unrecognised deferred tax assets At 31 December 2022 2021 (in USD million) Basis Tax Basis Tax Deductible temporary differences 2,558 968 2,900 1,203 Unused tax credits 0 129 0 264 Tax losses carried forward 3,458 930 20,552 5,047 Total unrecognised deferred tax assets 6,016 2,027 23,452 6,514 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment [text block] | (in USD million) Machinery, equipment and transportation equipment Production plants and oil and gas assets Refining and manufacturing plants Buildings and land Assets under development Right of use assets 4) Total Cost at 1 January 2022 1,335 183,358 8,481 596 12,614 5,850 212,234 Additions and transfers 6) 52 9,390 378 6 (813) 1,319 10,332 Changes in asset retirement obligations 0 (4,756) 0 0 (48) 0 (4,805) Disposals at cost (9) (3,487) 2 (20) (5) (347) (3,865) Foreign currency translation effects (36) (12,557) (576) (19) (934) (188) (14,310) Cost at 31 December 2022 1,343 171,948 8,285 562 10,815 6,633 199,586 Accumulated depreciation and impairment losses at 1 January 2022 (1,188) (137,763) (7,926) (320) (344) (2,619) (150,159) Depreciation (52) (7,643) (160) (33) 0 (969) (8,856) Impairment losses (8) (187) (39) 0 (49) (4) (286) Reversal of impairment losses 4 2,585 802 0 207 0 3,599 Transfers 6) (2) (20) 2 0 20 (8) (8) Accumulated depreciation and impairment on disposed assets 8 2,002 (4) 5 0 347 2,359 Foreign currency translation effects 34 9,571 562 9 30 59 10,264 Accumulated depreciation and impairment losses at 31 December 2022 5) (1,203) (131,455) (6,763) (338) (135) (3,194) (143,088) Carrying amount at 31 December 2022 140 40,493 1,522 224 10,679 3,439 56,498 Estimated useful lives (years) UoP 1) 2) 3) (in USD million) Machinery, equipment and transportation equipment Production plants and oil and gas assets Refining and manufacturing plants Buildings and land Assets under development Right of use assets Total Cost at 1 January 2021 2,806 183,082 9,238 929 13,163 6,370 215,587 Additions and transfers 6) 39 9,439 95 27 (355) 148 9,393 Changes in asset retirement obligations 0 (2,125) 0 0 (40) 0 (2,165) Disposals at cost (1,496) (1,975) (70) (353) (25) (501) (4,420) Assets reclassified to held for sale 0 (1,010) (563) 0 0 (91) (1,664) Foreign currency translation effects (13) (4,052) (220) (6) (130) (77) (4,497) Cost at 31 December 2021 1,335 183,358 8,481 596 12,614 5,850 212,234 Accumulated depreciation and impairment losses at 1 January 2021 (2,596) (132,427) (8,005) (524) (1,275) (2,251) (147,079) Depreciation (68) (9,136) (232) (42) 0 (930) (10,408) Impairment losses (42) (2,092) (401) (21) (390) (17) (2,962) Reversal of impairment losses 0 1,675 0 0 0 2 1,677 Transfers 6) 61 (1,319) 0 (61) 1,319 (11) (11) Accumulated depreciation and impairment on disposed assets 1,448 1,785 59 326 21 480 4,118 Accumulated depreciation and impairment assets classified as held for sale 0 825 461 0 0 82 1,367 Foreign currency translation effects 9 2,926 192 2 (18) 27 3,138 Accumulated depreciation and impairment losses at 31 December 2021 5) (1,188) (137,763) (7,926) (320) (344) (2,619) (150,159) Carrying amount at 31 December 2021 147 45,595 555 276 12,270 3,231 62,075 Estimated useful lives (years) UoP 1) 2) 3) Depreciation according to unit of production method. 2) . Buildings include leasehold improvements. 3) 4) 1,013 1,557 and Drilling rigs USD 595 5) 6) in 2022 and 2021 amounted to USD 982 1,730 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of intangible assets [abstract] | |
Continuity schedule of intangible assets [text block] | (in USD million) Exploration expenses Acquisition costs - oil and gas prospects Goodwill Other Total Cost at 1 January 2022 1,958 2,670 1,467 722 6,816 Additions 227 4 36 57 324 Disposals at cost (10) (50) 0 1 (58) Transfers (227) (516) 0 (239) (982) Expensed exploration expenditures previously capitalised (283) (59) 0 0 (342) Impairment of goodwill 0 0 (3) 0 (3) Foreign currency translation effects (65) (14) (121) (13) (213) Cost at 31 December 2022 1,599 2,035 1,380 528 5,542 Accumulated depreciation and impairment losses 2022 1) (384) (384) Carrying amount at 31 December 2022 1,599 2,035 1,380 144 5,158 (in USD million) Exploration expenses Acquisition costs - oil and gas prospects Goodwill Other Total Cost at 1 January 2021 2,261 3,932 1,481 831 8,505 Additions 191 36 61 90 378 Disposals at cost (22) 1 (3) (29) (53) Transfers (432) (1,137) 0 (161) (1,730) Expensed exploration expenditures previously capitalised (19) (152) 0 0 (171) Impairment of goodwill 0 0 (1) 0 (1) Foreign currency translation effects (21) (10) (70) (10) (111) Cost at 31 December 2021 1,958 2,670 1,467 722 6,816 Accumulated depreciation and impairment losses 2021 1) (364) (364) Carrying amount at 31 December 2021 1,958 2,670 1,467 358 6,452 |
Aging of capitalised exploration expenditures [text block] | The table below shows the aging of capitalised exploration expenditures. (in USD million) 2022 2021 Less than one year 250 234 Between one and five years 340 692 More than five years 1,009 1,033 Total capitalised exploration expenditures 1,599 1,958 |
Components of the exploration expenses [text block] | The table below shows the components of the exploration Full year (in USD million) 2022 2021 2020 Exploration expenditures 1,087 1,027 1,371 Expensed exploration expenditures previously capitalised 342 171 2,506 Capitalised exploration (224) (194) (394) Exploration expenses 1,205 1,004 3,483 |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Impairments [Abstract] | |
Net impairments/(reversal of impairments | Full year Property, plant and equipment (in USD million) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Producing and development assets 1) (3,313) 1,285 5,671 (26) (2) 680 (3,339) 1,283 6,351 Goodwill 1) 3 1 42 3 1 42 Other intangible assets 1) 0 0 8 0 0 8 Acquisition costs related to oil and gas prospects 2) 85 154 657 85 154 657 Total net impairments/(reversals) recognised for Property, plant and equipment and Intangible assets (3,313) 1,285 5,671 62 154 1,386 (3,251) 1,439 7,057 1) 832 Acquisitions and disposals regarding the effects of the decision to exit Russia. The total net impairment reversals recognised IAS 36 Impairment of assets in 2022 amount to USD 2,504 2) and classified as exploration expenses in the income statement. |
Carrying amount after impairment | At 31 December 2022 At 31 December 2021 (in USD million) Carrying amount after impairment Net impairment loss/ (reversal) Carrying amount after impairment Net impairment loss/ (reversal) Exploration & Production Norway 3,201 (819) 5,379 (1,102) Exploration & Production USA - onshore 546 (204) 1,979 48 Exploration & Production USA - offshore Gulf of Mexico 2,691 (882) 798 18 Europe and Asia 1,551 295 1,566 1,609 Marketing, Midstream & Processing 1,416 (895) 868 716 Other 30 0 20 (7) Total 9,435 (2,505) 10,611 1,283 |
Joint arrangements and associ_2
Joint arrangements and associates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity accounted investments [Abstract] | |
Equity accounted investments [text block] | Joint ventures and other equity accounted investme (in USD million) 2022 2021 Net investments at 1 January 2,686 2,270 Net income/(loss) from equity accounted investments 620 259 Impairment 1) (832) 0 Acquisitions and increase in capital 337 475 Dividend and other distributions (210) (230) Other comprehensive income/(loss) 384 (58) Divestments, derecognition and decrease in paid in (22) (31) Other (205) 1 Net investments at 31 December 2,758 2,686 1) Related to investments in Russia, see also note 6 Acquisitions and disposals. |
Financial investments and fin_2
Financial investments and financial receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial investments and financial receivables [abstract] | |
Disclosure Of Noncurrent Financial Assets Explanatory [Table Text Block] | Non-current financial investments At 31 December (in USD million) 2022 2021 Bonds 1,448 1,822 Listed equity securities 794 1,131 Non-listed equity securities 491 393 Financial investments 2,733 3,346 |
Disclsoure Of Prepayments And Financial Receivables Explanatory [Table Text Block] | Non-current prepayments and financial receivables At 31 December (in USD million) 2022 2021 Interest-bearing financial receivables 1,658 707 Other interest-bearing receivables 66 276 Prepayments and other non-interest-bearing receivables 339 104 Prepayments and financial receivables 2,063 1,087 |
Disclosure of other current assets [text block] | Current financial investments At 31 December (in USD million) 2022 2021 Time deposits 12,373 7,060 Interest-bearing securities 17,504 14,186 Financial investments 29,876 21,246 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [abstract] | |
Disclosure Of Detailed Information About Inventories Explanatory [Table Text Block] | At 31 December (in USD million) 2022 2021 Crude oil 2,115 2,014 Petroleum products 451 315 Natural gas 127 642 Commodity inventories at the lower of cost and net 2,693 2,971 Natural gas held for trading purposes measured 1,994 0 Other 517 424 Total inventories 5,205 3,395 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and other receivables [text block] | At 31 December (in USD million) 2022 2021 Trade receivables from contracts with customers 1) 15,213 13,266 Other current receivables 992 1,436 Collateral receivables 2) 3,468 1,576 Receivables from participation in joint operations and 661 491 Receivables from equity accounted associated companies 1,276 423 Total financial trade and other receivables 21,611 17,192 Non-financial trade and other receivables 841 736 Trade and other receivables 22,452 17,927 1) Trade receivables from contracts with customers are shown 2) Mainly related to cash paid as security for |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents [text block] | At 31 December (in USD million) 2022 2021 Cash at bank available 2,220 2,673 Time deposits 836 1,906 Money market funds 3,106 2,714 Interest-bearing securities 3,276 4,740 Restricted cash, including collateral deposits 6,140 2,093 Cash and cash equivalents 15,579 14,126 |
Shareholders' equity and divi_2
Shareholders' equity and dividends (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Shareholders equity and dividends [Abstract] | |
Shareholder's Equity | Number of shares NOK per value NOK USD Share capital at 1 January 2022 3,257,687,707 2.50 8,144,219,267.50 1,163,987,792 Capital reduction (82,217,548) 2.50 (205,543,870.00) (21,951,527) Share capital at 31 December 2022 3,175,470,159 2.50 7,938,675,397.50 1,142,036,265 Number of shares NOK per value Common Stock Authorised and issued 3,175,470,159 2.50 7,938,675,397.50 Treasury shares Share buy-back programme (42,619,172) 2.50 (106,547,930.00) Employees share saving plan (10,908,717) 2.50 (27,271,792.50) Total outstanding shares 3,121,942,270 2.50 7,804,855,675.00 |
Dividends | At 31 December (in USD million) 2022 2021 Dividends declared 7,549 2,041 USD per share or ADS 2.4000 0.6300 Dividends paid 5,380 1,797 USD per share or ADS 1.6800 0.5600 NOK per share 16.4837 4.8078 |
Share buy-back programme | Number of shares 2022 2021 Share buy-back programme at 1 January 13,460,292 - Purchase 56,290,671 13,460,292 Cancellation (27,131,791) - Share buy-back programme at 31 December 42,619,172 13,460,292 Equity impact of share buy back programmes (in USD million) 2022 2021 First tranche 330 99 Second tranche 440 330 Third tranche 605 - Fourth tranche 605 - Norwegian state share 1) 1,399 - Total 3,380 429 1) Relates to the 2021 programme and first tranche of 2022 programme. |
Employees share saving plan | Employees share saving plan Number of shares 2022 2021 Share saving plan at 1 January 12,111,104 11,442,491 Purchase 2,127,172 3,412,994 Allocated to employees (3,329,559) (2,744,381) Share saving plan at 31 December 10,908,717 12,111,104 |
Provisions and other liabilit_2
Provisions and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions and other liabilities [abstract] | |
Disclosure of other provisions [table text block] | (in USD million) Asset retirement obligations Other provisions and liabilities, including claims and litigations Total Non-current portion at 31 December 2021 17,279 2,620 19,899 Current portion at 31 December 2021 reported provisions 138 1,566 1,704 Provisions and other liabilities at 31 December 2021 17,417 4,186 21,603 New or increased provisions and other liabilities 998 497 1,495 Change in estimates (255) 1,283 1,028 Amounts charged against provisions and other liabilities (204) (1,830) (2,034) Effects of change in the discount rate (4,920) (212) (5,132) Reduction due to divestments (361) (181) (542) Accretion expenses 387 62 449 Reclassification and transfer (46) 841 795 Foreign currency translation effects (1,282) (88) (1,370) Provisions and other liabilities at 31 December 2022 11,734 4,558 16,292 Non-current portion at 31 December 2022 11,569 4,064 15,633 Current portion at 31 December 2022 reported provisions 165 494 659 |
Other provisions maturity [table text block] | Expected timing of cash outflows (in USD million) Asset retirement obligations Other provisions and liabilities, including claims and litigations Total 2023 - 2027 1,201 3,664 4,865 2028 - 2032 1,239 198 1,437 2033 - 2037 4,058 158 4,216 2038 - 2042 3,429 24 3,453 Thereafter 1,807 514 2,321 At 31 December 2022 11,734 4,558 16,292 |
Finance debt (Tables)
Finance debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance debt [abstract] | |
Disclosure of detailed information about borrowings [table text block] | Non-current finance debt Finance debt measured at amortised cost Weighted average interest rates in % 1) Carrying amount in USD millions at 31 December Fair value in USD millions at 31 December 2) 2022 2021 2022 2021 2022 2021 Unsecured bonds United States Dollar (USD) 3.82 3.88 17,190 17,451 16,167 19,655 Euro (EUR) 1.42 1.42 7,465 7,925 6,782 8,529 Great Britain Pound (GBP) 6.08 6.08 1,652 1,852 1,836 2,674 Norwegian Kroner (NOK) 4.18 4.18 304 340 311 380 Total unsecured bonds 26,612 27,568 25,097 31,237 Unsecured loans Japanese Yen (JPY) 4.30 4.30 76 87 90 106 Total unsecured loans 76 87 90 106 Total 26,688 27,655 25,187 31,343 Non-current finance debt due within one year 2,547 250 2,597 268 Non-current finance debt 24,141 27,404 22,590 31,075 Weighted average interest rates are calculated based on the contractual rates on the loans per currency at 31 December not include the effect of swap agreements. 2) level 2 in the fair value hierarchy. For more information regarding fair value hierarchy, see note 28 Financial instruments and fair value measurement. |
Disclosure of Non-current finance debt maturity profile [text block] | Non-current finance debt maturity profile At 31 December (in USD million) 2022 2021 Year 2 and 3 4,794 5,015 Year 4 and 5 4,510 4,731 After 5 years 14,837 17,659 Total repayment of non-current finance debt 24,141 27,404 Weighted average maturity (years - including current portion) 9 10 Weighted average annual interest rate (% - including current portion) 3.29 3.33 |
Disclosure of Current finance debt [text block] | Current finance debt At 31 December (in USD million) 2022 2021 Collateral liabilities 1,571 2,271 Non-current finance debt due within one year 2,547 250 Other including US Commercial paper programme 241 2,752 Total current finance debt 4,359 5,273 Weighted average interest rate (%) 2.22 0.51 |
Reconciliation of liabilities arising from financing activities [text block] | Reconciliation of cash flows from financing activities (in USD million) Non-current finance debt Current finance debt Financial receivable Collaterals 1) Additional paid in capital /Treasury shares Non- controlling interest Dividend payable Lease liabilities 2) Total At 1 January 2022 27,404 5,273 (1,577) (2,027) 14 582 3,562 New finance debt - Repayment of finance debt (250) (250) Repayment of lease liabilities (1,366) (1,366) Dividend paid (5,380) (5,380) Share buy-back (3,315) (3,315) Net current finance debt and other finance activities (2,982) (2,038) (73) (8) (5,102) Net cash flow from financing activities (250) (2,982) (2,038) (3,388) (8) (5,380) (1,366) (15,414) Transfer to current portion (2,297) 2,297 Effect of exchange rate changes (710) (78) 145 (3) (149) Dividend declared 7,549 New leases 1,644 Other changes (7) (151) 30 (2) 57 (24) Net other changes (3,014) 2,068 145 30 (5) 7,606 1,471 At 31 December 2022 24,141 4,359 (3,468) (5,385) 1 2,808 3,667 (in USD million) Non-current finance debt Current finance debt Financial receivable Collaterals 1) Additional paid in capital /Treasury shares Non- controlling interest Dividend payable Lease liabilities 2) Total At 1 January 2021 29,118 4,591 (967) (1,588) 19 357 4,406 New finance debt - Repayment of finance debt (2,675) (2,675) Repayment of lease liabilities (1,238) (1,238) Dividend paid (1,797) (1,797) Share buy-back (321) (321) Net current finance debt and other finance activities (335) 2,273 (651) (75) (18) 1,195 Net cash flow from financing activities (3,010) 2,273 (651) (396) (18) (1,797) (1,238) (4,836) Transfer to current portion 1,724 (1,724) Effect of exchange rate changes (422) (8) 41 (1) (61) Dividend declared 2,041 New leases 476 Other changes (6) 141 - (43) 14 (19) (21) Net other changes 1,296 (1,591) 41 (43) 13 2,022 394 At 31 December 2021 27,404 5,273 (1,577) (2,027) 14 582 3,562 Financial receivable collaterals are included in Trade and other receivables in the Consolidated balance sheet. See note 18 Trade and other receivables for more information. 2) |
Pensions (Tables)
Pensions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of defined benefit plans [abstract] | |
Net pension cost [table text block] | Net pension cost (in USD million) 2022 2021 2020 Notional contribution plans 57 60 55 Defined benefit plans 188 216 184 Defined contribution plans 213 213 192 Total net pension cost 458 488 432 |
Disclosure of defined benefit plans [table text block] | Changes in pension liabilities and plan assets (in USD million) 2022 2021 Pension liabilities at 1 January 9,358 9,216 Current service cost 183 208 Interest cost 105 238 Actuarial (gains)/losses and currency effects (1,785) (72) Changes in notional contribution liability and other 67 63 Benefits paid (258) (295) Pension liabilities at 31 December 7,670 9,358 Fair value of plan assets at 1 January 6,404 6,234 Interest income 116 106 Return on plan assets (excluding interest income) (622) 291 Company contributions 104 114 Benefits paid (121) (137) Other effects 6 - Foreign currency translation effects (669) (204) Fair value of plan assets at 31 December 5,218 6,404 Net pension liability at 31 December 2,452 2,954 Represented by: Asset recognised as non-current pension assets 1,219 1,449 Liability recognised as non-current pension liabilities 3,671 4,403 Pension liabilities specified by funded and unfunded 7,670 9,358 Funded 3,999 4,955 Unfunded 3,671 4,403 |
Actuarial losses and gains recognised directly in Other comprehensive income [text block] | Actuarial losses and gains recognised directly (in USD million) 2022 2021 2020 Net actuarial (losses)/gains recognised in OCI 174 63 3 Foreign currency translation effects 287 84 (109) Tax effects of actuarial (losses)/gains recognised in OCI (105) (35) 19 Recognised directly in OCI during the year, net of tax 356 112 (87) |
Actuarial assumptions [text block] | Actuarial assumptions Assumptions used to determine benefit costs in % Assumptions used to determine benefit obligations in % Rounded to the nearest quartile 2022 2021 2022 2021 Discount rate 2.00 1.75 3.75 2.00 Rate of compensation increase 2.50 2.00 3.50 2.50 Expected rate of pension increase 1.75 1.25 2.75 1.75 Expected increase of social security base amount (G-amount) 2.25 2.00 3.25 2.25 Weighted-average duration of the defined benefit obligation 13.5 15.2 |
Disclosure of sensitivity analysis for actuarial assumptions [table text block] | Discount rate Expected rate of compensation increase Expected rate of pension increase Mortality assumption (in USD million) 0.50% -0.50% 0.50% -0.50% 0.50% -0.50% + 1 year - 1 year Effect on: Defined benefit obligation at 31 December 2022 (491) 553 109 (104) 462 (422) 285 (257) Service cost 2023 (16) 18 8 (7) 12 (11) 6 (5) |
Portfolio weighting as approved by the board of Statoil Pension [text block] | Target portfolio weight (in %) 2022 2021 Equity securities 32.9 34.1 Bonds 53.1 50.2 Money market instruments 7.4 9.1 Real estate 6.6 6.6 Total 100.0 100.0 |
Trade, other payables and pro_2
Trade, other payables and provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade, other payables and provisions [abstract] | |
Disclosure Of Detailed Information Of Trade And Other Payables [table text block] | At 31 December (in USD million) 2022 2021 Trade payables 6,207 6,249 Non-trade payables and accrued expenses 2,688 2,181 Payables due to participation in joint operations and 2,074 1,876 Payables to equity accounted associated companies 1,479 2,045 Total financial trade and other payables 12,449 12,350 Current portion of provisions and other non-financial 903 1,960 Trade, other payables and provisions 13,352 14,310 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Lease payments not included in lease liability | Information related to lease payments and lease (in USD million) 2022 2021 Lease liabilities at 1 January 3,562 4,406 New leases, including remeasurements and cancellations 1,644 476 Gross lease payments (1,484) (1,350) Lease interest 95 91 Lease repayments (1,389) (1,389) (1,259) (1,259) Foreign currency translation effects (149) (61) Lease liabilities at 31 December 3,667 3,562 Current lease liabilities 1,258 1,113 Non-current lease liabilities 2,409 2,449 Lease expenses not included in lease liabilities (in USD million) 2022 2021 Short-term lease expenses 286 160 |
Non-current lease liabilities maturity profile | Non-current lease liabilities maturity profile At 31 December (in USD million) 2022 2021 Year 2 and 3 1,360 1,164 Year 4 and 5 483 586 After 5 years 566 699 Total repayment of non-current lease liabilities 2,409 2,449 |
Lease liabilities [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Information related to lease payments and lease liabilities | Information related to lease payments and lease (in USD million) 2022 2021 Lease liabilities at 1 January 3,562 4,406 New leases, including remeasurements and cancellations 1,644 476 Gross lease payments (1,484) (1,350) Lease interest 95 91 Lease repayments (1,389) (1,389) (1,259) (1,259) Foreign currency translation effects (149) (61) Lease liabilities at 31 December 3,667 3,562 Current lease liabilities 1,258 1,113 Non-current lease liabilities 2,409 2,449 Lease expenses not included in lease liabilities (in USD million) 2022 2021 Short-term lease expenses 286 160 |
Other commitments, contingent_2
Other commitments, contingent liabilities and contingent assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Oher commitments, contingent liabilities and contingent assets [abstract] | |
Disclosure of commitments [text block] | (in USD million) 2023 2,603 2024 2,103 2025 1,892 2026 1,260 2027 1,309 Thereafter 5,733 Total other long-term commitments 14,900 |
Financial instruments_ fair v_2
Financial instruments: fair value measurement and sensitivity analysis of market risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments: fair value measurement and sensitivity analysis of market risk [abstract] | |
Disclosure of financial assets [text block] | At 31 December 2022 Fair value through profit or loss Non-financial assets Total carrying amount (in USD million) Note Amortised cost Assets Non-current derivative financial instruments 691 691 Non-current financial investments 16 117 2,616 2,733 Prepayments and financial receivables 16 1,658 404 2,063 Trade and other receivables 18 21,611 841 22,452 Current derivative financial instruments 4,039 4,039 Current financial investments 16 29,577 300 29,876 Cash and cash equivalents 19 12,473 3,106 15,579 Total 65,436 10,752 1,245 77,433 At 31 December 2021 Fair value through profit or loss Non-financial assets Total carrying amount (in USD million) Note Amortised cost Assets Non-current derivative financial instruments 1,265 1,265 Non-current financial investments 16 253 3,093 3,346 Prepayments and financial receivables 16 707 380 1,087 Trade and other receivables 18 17,192 736 17,927 Current derivative financial instruments 5,131 5,131 Current financial investments 16 20,946 300 21,246 Cash and cash equivalents 19 11,412 2,714 14,126 Total 50,510 12,503 1,116 64,128 |
Disclosure of financial liabilities [text block] | At 31 December 2022 Amortised cost Fair value through profit or loss Non-financial liabilities Total carrying amount (in USD million) Note Liabilities Non-current finance debt 21 24,141 24,141 Non-current derivative financial instruments 2,376 2,376 Trade, other payables and provisions 24 12,449 903 13,352 Current finance debt 21 4,359 4,359 Dividend payable 2,808 2,808 Current derivative financial instruments 4,106 4,106 Total 43,757 6,482 903 51,142 At 31 December 2021 Amortised cost Fair value through profit or loss Non-financial liabilities Total carrying amount (in USD million) Note Liabilities Non-current finance debt 21 27,404 27,404 Non-current derivative financial instruments 767 767 Trade, other payables and provisions 24 12,350 1,960 14,310 Current finance debt 21 5,273 5,273 Dividend payable 582 582 Current derivative financial instruments 4,609 4,609 Total 45,609 5,376 1,960 52,945 |
Disclosure of fair value measurement [text block] | (in USD million) Non-current financial investments Non-current derivative financial instruments - assets Current financial investments Current derivative financial instruments - assets Cash equivalents Non-current derivative financial instruments - liabilities Current derivative financial instruments - liabilities Net fair value At 31 December 2022 Level 1 903 0 - 25 0 (60) 868 Level 2 1,222 97 300 3,722 3,106 (2,352) (3,952) 2,143 Level 3 491 594 292 (24) (94) 1,259 Total fair value 2,616 691 300 4,039 3,106 (2,376) (4,106) 4,270 At 31 December 2021 Level 1 860 - - 949 - (69) 1,740 Level 2 1,840 884 300 4,108 2,714 (762) (4,539) 4,545 Level 3 393 380 74 (4) 843 Total fair value 3,093 1,265 300 5,131 2,714 (767) (4,609) 7,127 |
Reconciliation of fair value changes in financial instruments [Table text block] | (in USD million) Non-current financial investments Non-current derivative financial instruments - assets Current derivative financial instruments - assets Non-current derivative financial instruments - liabilities Current derivative financial instruments - liabilities Total amount Opening at 1 January 2022 393 380 74 (4) 0 843 Total gains and losses recognised in statement of income (50) 243 197 (20) 0 370 Purchases 175 10 (120) 65 Sales - - 2 - 22 24 Settlement (7) (64) (71) Transfer into level 3 - 80 5 85 Foreign currency translation effects (19) (30) (7) (1) (57) Closing at 31 December 2022 492 593 292 (24) (94) 1,259 Opening at 1 January 2021 308 330 24 (5) - 657 Total gains and losses recognised in statement of income (23) 58 72 1 - 108 Purchases 119 119 Settlement (7) (20) (27) Transfer out of level 3 - - Foreign currency translation effects (3) (8) (2) (13) Closing at 31 December 2021 393 380 74 (4) - 843 |
Organisation (Details)
Organisation (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Organisation [Abstract] | |
Name of reporting entity or other means of identification | Equinor ASA |
Domicile of entity | Norway |
Country of incorporation | Norway |
Address of entity's registered office | Forusbeen 50, N-4035 Stavanger, Norway |
Description of nature of entity's operations and principal activities | Equinor’s objective is to develop, produce and market various forms of energy and derived products and services, as well as other business. The activities may also be carried out through participation in or cooperation with other companies. |
Ownership interest in Equinor group's oil and gas activities and net assets | 100% |
Consequences of initiatives t_3
Consequences of initiatives to limit climate changes - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) € / $ $ / t € / t kr / t $ / bbl | Dec. 31, 2021 USD ($) € / t | Dec. 31, 2020 USD ($) € / t | Dec. 31, 2022 NOK (kr) € / $ | Dec. 31, 2021 NOK (kr) | |
Climate changes [line items] | |||||
Internal carbon price | $ / t | 58 | ||||
EU ETS price | € / t | 25 | ||||
EU ETS allowances | € / t | 81 | 54 | |||
Transportation cost per barrel | $ / bbl | 2 | ||||
Expense related to carbon emissions and purchase | $ 510,000,000 | $ 428,000,000 | $ 268,000,000 | ||
Property, plant and equipment | 56,498,000,000 | 62,075,000,000 | |||
Investments | 9,994,000,000 | 8,506,000,000 | $ 9,762,000,000 | ||
Share capital | $ 1,142,036,265 | $ 1,163,987,792 | kr 7,938,675,397.50 | kr 8,144,219,267.50 | |
Equinor's assumptions for currency rates | € / $ | 1,176 | 1,176 | |||
Commodity price sensitivity [member] | |||||
Climate changes [line items] | |||||
Percentage of reasonably possible change, market risk | 30% | 30% | |||
Low range value [member] | Commodity price sensitivity [member] | |||||
Climate changes [line items] | |||||
Percentage of reasonably possible change, market risk | (30.00%) | (30.00%) | |||
High range value [member] | Commodity price sensitivity [member] | |||||
Climate changes [line items] | |||||
Percentage of reasonably possible change, market risk | 30% | 30% | |||
Investments in CCS [member] | |||||
Climate changes [line items] | |||||
Share capital | $ 36,000,000 | $ 21,000,000 | |||
REN [member] | |||||
Climate changes [line items] | |||||
Investments | $ 298,000,000 | 457,000,000 | |||
Scatec ASA [member] | |||||
Climate changes [line items] | |||||
Ownership interest in associate | 13.10% | ||||
Next two years [member] | |||||
Climate changes [line items] | |||||
EU ETS price | € / t | 80 | ||||
2030 [member] | |||||
Climate changes [line items] | |||||
Internal carbon price | $ / t | 100 | ||||
Expected tax increase on carbon emissions maximum | kr / t | 2,000 | ||||
2040 [member] | |||||
Climate changes [line items] | |||||
EU ETS price | € / t | 105 | ||||
2050 [member] | |||||
Climate changes [line items] | |||||
Impairment exposure due to net zero emission | $ 4,000,000,000 | ||||
EU ETS price | € / t | 130 | ||||
2050 [member] | Commodity price sensitivity [member] | |||||
Climate changes [line items] | |||||
Percentage of reasonably possible change, market risk | 30% | ||||
2100 [member] | High range value [member] | |||||
Climate changes [line items] | |||||
Impairment exposure due to net zero emission | $ 500,000,000 | ||||
Oil and Gas prospects, signature bonuses and the capitalised exploration costs [member] | |||||
Climate changes [line items] | |||||
Total carrying value of intangible assets | $ 3,634,000,000 | ||||
Percentage increase decrease in emissions rate | (50.00%) | ||||
Asset retirement obligations [member] | |||||
Climate changes [line items] | |||||
Potential financial effect of shorter production period | $ 1,000,000,000 |
Consequences of initiatives t_4
Consequences of initiatives to limit climate changes - Number of EU ETS quotas (Details) - Quotas | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of EU ETS quotas | ||
Opening balance | 11,026,286 | 11,027,242 |
Allocated free quotas | 3,697,089 | 3,560,286 |
Purchased quotas on market | 5,985,000 | 7,605,265 |
Sold quotas on market | 0 | (135,177) |
Settled quotas (offset against emissions) | (9,925,999) | (11,031,330) |
Closing balance | 10,782,376 | 11,026,286 |
Consequences of initiatives t_5
Consequences of initiatives to limit climate changes - Price Sensitivity (Details) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) € / t $ / bbl $ / MMBTU $ / tCO2 | Dec. 31, 2020 € / t | Dec. 31, 2021 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
EU ETS price | € / t | 25 | ||
2050 [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
EU ETS price | € / t | 130 | ||
Illustrative potential impairment (USD) | $ | $ 4 | ||
Commodity price sensitivity [member] | NZE by 2050 scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Illustrative potential impairment (USD) | $ | $ 4 | ||
Commodity price sensitivity [member] | Announced pledged scenario [Member] | High range value [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Illustrative potential impairment (USD) | $ | $ 0.5 | ||
Commodity price sensitivity [member] | 2030 [member] | Management's price assumptions [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 75 | ||
TTF | $ / MMBTU | 9.5 | ||
EU ETS price | $ / tCO2 | 94 | ||
Commodity price sensitivity [member] | 2030 [member] | NZE by 2050 scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 40 | ||
TTF | $ / MMBTU | 5 | ||
EU ETS price | $ / tCO2 | 152 | ||
Commodity price sensitivity [member] | 2030 [member] | Announced pledged scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 71 | ||
TTF | $ / MMBTU | 8.5 | ||
EU ETS price | $ / tCO2 | 146 | ||
Commodity price sensitivity [member] | 2040 [member] | Management's price assumptions [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 70 | ||
TTF | $ / MMBTU | 9 | ||
EU ETS price | $ / tCO2 | 124 | ||
Commodity price sensitivity [member] | 2040 [member] | NZE by 2050 scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 34 | ||
TTF | $ / MMBTU | 4.5 | ||
EU ETS price | $ / tCO2 | 222 | ||
Commodity price sensitivity [member] | 2040 [member] | Announced pledged scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 69 | ||
TTF | $ / MMBTU | 7.7 | ||
EU ETS price | $ / tCO2 | 189 | ||
Commodity price sensitivity [member] | 2050 [member] | Management's price assumptions [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 65 | ||
TTF | $ / MMBTU | 9 | ||
EU ETS price | $ / tCO2 | 153 | ||
Commodity price sensitivity [member] | 2050 [member] | NZE by 2050 scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 28 | ||
TTF | $ / MMBTU | 4.1 | ||
EU ETS price | $ / tCO2 | 271 | ||
Commodity price sensitivity [member] | 2050 [member] | Announced pledged scenario [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Brent Blend oil price | $ / bbl | 67 | ||
TTF | $ / MMBTU | 6.8 | ||
EU ETS price | $ / tCO2 | 216 |
Financial risk and capital ma_3
Financial risk and capital management - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) Core_Banks | Dec. 31, 2021 USD ($) | |
Disclosure of offsetting of financial assets [line items] | ||
Borrowings | $ 26,688 | $ 27,655 |
Liabilities not offsetting under netting arrangements | 15,327 | 15,649 |
Financial instruments offset under netting arrangements | 26,341 | 23,588 |
Lease Liabilities | 3,668 | 3,562 |
Statoil's Captive Insurance Company [Member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Cash held as collateral | 6,538 | $ 2,369 |
Liquidity risk [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Commercial Papers Programme | 5,000 | |
Revolving credit facility | $ 6,000 | |
Number of banks | Core_Banks | 19 | |
Credit facility maturity date | maturing in 2025 | |
Maximum Percentage Of Repayment Of Long Term Funding | 5% | |
Commodity price sensitivity [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Percentage of reasonably possible change, market risk | 30% | 30% |
Currency risk sensitivity [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Percentage of reasonably possible change, market risk | 12% | 10% |
Interest rate sensitivity [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Percentage of reasonably possible change, market risk | 1.20% | 0.80% |
Equity price risk [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Percentage of reasonably possible change, market risk | 35% | 35% |
Trade and other receivables [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Financial instruments offset under netting arrangements | $ 18,143 | $ 15,616 |
Trade and other receivables [member] | Credit risk [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Percentage of overdue trade and other receivables for 30 days and more | 1% |
Financial risk and capital ma_4
Financial risk and capital management - Sensitivity analysis of market risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ (1,745) | $ (708) | $ 448 |
Commodity price sensitivity [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 30% | 30% | |
Gains (losses) derivative financial instruments | $ 739 | $ 951 | $ 108 |
Commodity price sensitivity [member] | Minimum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | (30.00%) | (30.00%) | |
Commodity price sensitivity [member] | Maximum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 30% | 30% | |
Commodity price sensitivity [member] | Crude oil and refined products [member] | Minimum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 666 | $ 735 | |
Commodity price sensitivity [member] | Crude oil and refined products [member] | Maximum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (666) | (735) | |
Commodity price sensitivity [member] | Natural gas and electricity [Member] | Minimum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (3) | 227 | |
Commodity price sensitivity [member] | Natural gas and electricity [Member] | Maximum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 140 | $ (141) | |
Equity price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 35% | 35% | |
Equity price risk [member] | Minimum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | (35.00%) | (35.00%) | |
Net gains (losses) | $ (450) | $ (534) | |
Equity price risk [member] | Maximum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 35% | 35% | |
Net gains (losses) | $ 450 | $ 534 | |
Currency risk sensitivity [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 12% | 10% | |
Currency risk sensitivity [member] | Minimum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | (12.00%) | (10.00%) | |
Currency risk sensitivity [member] | Minimum (%) [member] | United States Dollar (USD) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange gain (loss) | $ (1,497) | $ (1,789) | |
Currency risk sensitivity [member] | Minimum (%) [member] | Norwegian kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange gain (loss) | $ 1,583 | $ 2,144 | |
Currency risk sensitivity [member] | Maximum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 12% | 10% | |
Currency risk sensitivity [member] | Maximum (%) [member] | United States Dollar (USD) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange gain (loss) | $ 1,497 | $ 1,789 | |
Currency risk sensitivity [member] | Maximum (%) [member] | Norwegian kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange gain (loss) | $ (1,583) | $ (2,144) | |
Interest rate sensitivity [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 1.20% | 0.80% | |
Interest rate sensitivity [member] | Minimum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 1.20% | 0.80% | |
Net gains (losses) | $ 369 | $ 448 | |
Interest rate sensitivity [member] | Maximum (%) [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | (1.20%) | (0.80%) | |
Net gains (losses) | $ (366) | $ (448) |
Financial risk and capital ma_5
Financial risk and capital management - Undiscounted contractual cash flows (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | $ 52,202 | $ 55,150 |
Lease liabilities | 3,835 | 3,901 |
Derivative financial liabilities | 4,211 | 1,479 |
Year 1 [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 20,172 | 18,841 |
Lease liabilities | 1,325 | 1,183 |
Derivative financial liabilities | 1,065 | 175 |
Year 2 and 3 [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 6,292 | 6,684 |
Lease liabilities | 1,421 | 1,262 |
Derivative financial liabilities | 752 | 211 |
Year 4 and 5 [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 5,785 | 6,140 |
Lease liabilities | 504 | 656 |
Derivative financial liabilities | 486 | 318 |
Year 6 to 10 [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 8,749 | 10,636 |
Lease liabilities | 465 | 642 |
Derivative financial liabilities | 1,202 | 588 |
After 10 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 11,204 | 12,849 |
Lease liabilities | 120 | 158 |
Derivative financial liabilities | $ 706 | $ 187 |
Financial risk and capital ma_6
Financial risk and capital management - Credit risk exposure and grading (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of internal credit grades [line items] | ||
Description of internal credit ratings process | Prior to entering into transactions with new counterparties, Equinor’s credit policy requires all counterparties to be formally identified and assigned internal credit ratings. The internal credit ratings reflect Equinor’s assessment of the counterparties' credit risk and are based on a quantitative and qualitative analysis of recent financial statements and other relevant business information. All counterparties are re-assessed regularly. | |
Non-current financial receivable [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | $ 1,659 | $ 708 |
Trade and other receivables [member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 21,611 | 17,191 |
Non-current derivative financial instruments [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 690 | 1,265 |
Current derivative financial instrument [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 4,039 | 5,131 |
Investment grade, rated A or above [Member] | Non-current financial receivable [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 1,633 | 452 |
Investment grade, rated A or above [Member] | Trade and other receivables [member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 6,125 | 3,637 |
Investment grade, rated A or above [Member] | Non-current derivative financial instruments [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 390 | 1,103 |
Investment grade, rated A or above [Member] | Current derivative financial instrument [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 1,715 | 2,902 |
Other investment grade [Member] | Non-current financial receivable [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 12 | 18 |
Other investment grade [Member] | Trade and other receivables [member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 8,725 | 8,930 |
Other investment grade [Member] | Non-current derivative financial instruments [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 41 | 0 |
Other investment grade [Member] | Current derivative financial instrument [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 1,393 | 1,524 |
Non-investment grade or not rated [Member] | Non-current financial receivable [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 14 | 238 |
Non-investment grade or not rated [Member] | Trade and other receivables [member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 6,761 | 4,624 |
Non-investment grade or not rated [Member] | Non-current derivative financial instruments [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 259 | 162 |
Non-investment grade or not rated [Member] | Current derivative financial instrument [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | $ 931 | $ 705 |
Financial risk and capital ma_7
Financial risk and capital management - Master netting agreements for financial assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | $ 74,728 | $ 62,456 |
Gross amounts offset in the balance sheet | 48,387 | 38,869 |
Net amounts presented in the balance sheet | 26,341 | 23,588 |
Amounts of remaining rights to set-off not qualifying for offsetting | 5,176 | 4,347 |
Net amount | 21,165 | 19,241 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 68,889 | 58,864 |
Gross amounts offset in the balance sheet | 48,386 | 38,869 |
Net amounts presented in the balance sheet | 20,503 | 19,996 |
Amounts of remaining rights to set-off not qualifying for offsetting | 5,176 | 4,347 |
Net amount | 15,327 | 15,649 |
Trade payables [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 19,913 | 16,795 |
Gross amounts offset in the balance sheet | 7,464 | 4,445 |
Net amounts presented in the balance sheet | 12,449 | 12,350 |
Amounts of remaining rights to set-off not qualifying for offsetting | 0 | 0 |
Net amount | 12,449 | 12,350 |
Collateral liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 15,479 | 9,851 |
Gross amounts offset in the balance sheet | 13,907 | 7,580 |
Net amounts presented in the balance sheet | 1,572 | 2,271 |
Amounts of remaining rights to set-off not qualifying for offsetting | 1,571 | 2,271 |
Net amount | 1 | 0 |
Derivative financial instruments [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 33,497 | 32,218 |
Gross amounts offset in the balance sheet | 27,015 | 26,844 |
Net amounts presented in the balance sheet | 6,482 | 5,375 |
Amounts of remaining rights to set-off not qualifying for offsetting | 3,605 | 2,076 |
Net amount | 2,877 | 3,299 |
Trade receivables [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | 25,607 | 20,061 |
Gross amounts offset in the balance sheet | 7,464 | 4,445 |
Net amounts presented in the balance sheet | 18,143 | 15,616 |
Amounts of remaining rights to set-off not qualifying for offsetting | 0 | 0 |
Net amount | 18,143 | 15,616 |
Collateral receivables [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | 19,043 | 9,902 |
Gross amounts offset in the balance sheet | 15,575 | 8,327 |
Net amounts presented in the balance sheet | 3,468 | 1,576 |
Amounts of remaining rights to set-off not qualifying for offsetting | 3,468 | 1,576 |
Net amount | 0 | 0 |
Derivative financial instruments [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | 30,078 | 32,493 |
Gross amounts offset in the balance sheet | 25,348 | 26,097 |
Net amounts presented in the balance sheet | 4,730 | 6,396 |
Amounts of remaining rights to set-off not qualifying for offsetting | 1,708 | 2,771 |
Net amount | $ 3,022 | $ 3,625 |
Financial risk and capital ma_8
Financial risk and capital management - Captial Management (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Capital management | ||
Net interest-bearing debt adjusted, including lease liabilities (ND1) | $ (6,750) | $ 3,236 |
Net interest-bearing debt adjusted (ND2) | (10,417) | (326) |
Capital employed adjusted, including lease liabilities (CE1) | 47,239 | 42,259 |
Capital employed adjusted (CE2) | $ 43,571 | $ 38,697 |
Net debt to capital employed adjusted, including lease liabilities (ND1/CE1) | (14.30%) | 7.70% |
Net debt to capital employed adjusted (ND)/(CE) | (23.90%) | (0.80%) |
Segments - Segment Data (Detail
Segments - Segment Data (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | $ 150,186 | $ 90,665 | $ 45,765 |
Revenues inter-segment | 0 | 0 | 0 |
Net income/(loss) from equity accounted investments | 620 | 259 | 53 |
Total revenues and other income | 150,806 | 90,924 | 45,818 |
Purchases (net of inventory variation) | (53,806) | (35,160) | (20,986) |
Operating, selling, general and administrative expenses | (10,595) | (9,378) | (9,537) |
Depreciation and amortisation | (8,878) | (10,432) | (9,515) |
Net impairment (losses)/reversals | (2,487) | (1,287) | (5,720) |
Exploration expenses | (1,205) | (1,004) | (3,483) |
Total Operating expenses | (71,995) | (57,261) | (49,241) |
Net operating income/(loss) | 78,811 | 33,663 | (3,423) |
Additions to PP&E, intangibles and equity accounted investments | 9,994 | 8,506 | 9,762 |
Balance sheet information [abstract] | |||
Equity accounted investments | 2,758 | 2,686 | 2,262 |
Noncurrent Assets | 79,851 | 84,618 | 92,623 |
Assets classified as held for sale | 1,018 | 676 | 1,362 |
REN [member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | 298 | 457 | |
Unallocated amounts [member] | |||
Balance sheet information [abstract] | |||
Noncurrent Assets | 15,437 | 13,406 | 13,704 |
Segments [member] | |||
Balance sheet information [abstract] | |||
Noncurrent Assets | 61,656 | 68,527 | 76,657 |
Segments [member] | E&P- Norway [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 1,299 | 414 | 215 |
Revenues inter-segment | 74,631 | 38,972 | 11,804 |
Net income/(loss) from equity accounted investments | 0 | 0 | 0 |
Total revenues and other income | 75,930 | 39,386 | 12,019 |
Purchases (net of inventory variation) | 0 | 0 | 0 |
Operating, selling, general and administrative expenses | (3,782) | (3,653) | (2,736) |
Depreciation and amortisation | (4,986) | (6,002) | (4,466) |
Net impairment (losses)/reversals | (819) | 1,102 | (1,260) |
Exploration expenses | (366) | (363) | (423) |
Total Operating expenses | (8,315) | (8,915) | (8,886) |
Net operating income/(loss) | 67,614 | 30,471 | 3,133 |
Additions to PP&E, intangibles and equity accounted investments | 4,922 | 4,943 | 5,004 |
Balance sheet information [abstract] | |||
Equity accounted investments | 3 | 3 | 3 |
Noncurrent Assets | 28,510 | 36,502 | 39,355 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [member] | E&P- Norway [member] | Restated due to implementation of IFRS 16 [member] | |||
Disclosure of operating segments [line items] | |||
Operating, selling, general and administrative expenses | 77 | 93 | |
Depreciation and amortisation | (222) | (181) | |
Balance sheet information [abstract] | |||
Noncurrent Assets | 1,201 | 1,623 | |
Segments [member] | E&P International [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 1,134 | 1,121 | 452 |
Revenues inter-segment | 6,124 | 4,230 | 3,183 |
Net income/(loss) from equity accounted investments | 172 | 214 | (146) |
Total revenues and other income | 7,431 | 5,566 | 3,489 |
Purchases (net of inventory variation) | (116) | (58) | (72) |
Operating, selling, general and administrative expenses | (1,698) | (1,405) | (1,374) |
Depreciation and amortisation | (1,445) | (1,734) | (2,105) |
Net impairment (losses)/reversals | 286 | (1,587) | (1,426) |
Exploration expenses | (638) | (451) | (2,071) |
Total Operating expenses | (4,183) | (5,237) | (7,048) |
Net operating income/(loss) | 3,248 | 329 | (3,559) |
Additions to PP&E, intangibles and equity accounted investments | 2,623 | 1,834 | 2,588 |
Balance sheet information [abstract] | |||
Equity accounted investments | 550 | 1,417 | 1,125 |
Noncurrent Assets | 15,868 | 15,422 | 17,960 |
Assets classified as held for sale | 1,018 | 676 | 0 |
Segments [member] | E&P USA [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 305 | 377 | 368 |
Revenues inter-segment | 5,217 | 3,771 | 2,247 |
Net income/(loss) from equity accounted investments | 0 | 0 | 0 |
Total revenues and other income | 5,523 | 4,149 | 2,615 |
Purchases (net of inventory variation) | 0 | 0 | 0 |
Operating, selling, general and administrative expenses | (938) | (1,074) | (1,310) |
Depreciation and amortisation | (1,422) | (1,665) | (1,889) |
Net impairment (losses)/reversals | (1,060) | (69) | (1,938) |
Exploration expenses | (201) | (190) | (990) |
Total Operating expenses | (1,501) | (2,998) | (6,127) |
Net operating income/(loss) | 4,022 | 1,150 | (3,512) |
Additions to PP&E, intangibles and equity accounted investments | 764 | 690 | 1,067 |
Balance sheet information [abstract] | |||
Equity accounted investments | 0 | 0 | 0 |
Noncurrent Assets | 11,311 | 11,406 | 12,588 |
Assets classified as held for sale | 0 | 0 | 1,159 |
Segments [member] | MMP [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 147,173 | 87,050 | 44,623 |
Revenues inter-segment | 527 | 321 | 309 |
Net income/(loss) from equity accounted investments | 406 | 22 | 31 |
Total revenues and other income | 148,105 | 87,393 | 44,963 |
Purchases (net of inventory variation) | (139,916) | (80,873) | (38,072) |
Operating, selling, general and administrative expenses | (4,591) | (3,753) | (4,564) |
Depreciation and amortisation | (881) | (869) | (875) |
Net impairment (losses)/reversals | (895) | (735) | (1,076) |
Exploration expenses | 0 | 0 | 0 |
Total Operating expenses | (144,493) | (86,230) | (44,587) |
Net operating income/(loss) | 3,612 | 1,163 | 376 |
Additions to PP&E, intangibles and equity accounted investments | 1,212 | 517 | 1,048 |
Balance sheet information [abstract] | |||
Equity accounted investments | 688 | 113 | 95 |
Noncurrent Assets | 4,619 | 4,006 | 5,605 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [member] | MMP [member] | Restated due to implementation of IFRS 16 [member] | |||
Disclosure of operating segments [line items] | |||
Operating, selling, general and administrative expenses | 523 | 494 | |
Depreciation and amortisation | (509) | (481) | |
Balance sheet information [abstract] | |||
Noncurrent Assets | 987 | 1,238 | |
Segments [member] | REN [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 127 | 1,394 | 18 |
Revenues inter-segment | 0 | 0 | 0 |
Net income/(loss) from equity accounted investments | 58 | 16 | 163 |
Total revenues and other income | 185 | 1,411 | 181 |
Purchases (net of inventory variation) | 0 | 0 | 0 |
Operating, selling, general and administrative expenses | (265) | (163) | (214) |
Depreciation and amortisation | (4) | (3) | (1) |
Net impairment (losses)/reversals | 0 | 0 | 0 |
Exploration expenses | 0 | 0 | 0 |
Total Operating expenses | (269) | (166) | (216) |
Net operating income/(loss) | (84) | 1,245 | (35) |
Additions to PP&E, intangibles and equity accounted investments | 298 | 457 | 33 |
Balance sheet information [abstract] | |||
Equity accounted investments | 1,452 | 1,108 | 1,017 |
Noncurrent Assets | 316 | 157 | 4 |
Assets classified as held for sale | 0 | 0 | 203 |
Segments [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 149 | 307 | 88 |
Revenues inter-segment | 55 | 41 | 39 |
Net income/(loss) from equity accounted investments | (16) | 7 | 5 |
Total revenues and other income | 187 | 355 | 132 |
Purchases (net of inventory variation) | 0 | 1 | 1 |
Operating, selling, general and administrative expenses | (223) | (432) | (59) |
Depreciation and amortisation | (142) | (158) | (178) |
Net impairment (losses)/reversals | 0 | 2 | (19) |
Exploration expenses | 0 | 0 | 1 |
Total Operating expenses | (365) | (590) | (254) |
Net operating income/(loss) | (178) | (234) | (122) |
Additions to PP&E, intangibles and equity accounted investments | 176 | 64 | 22 |
Balance sheet information [abstract] | |||
Equity accounted investments | 65 | 45 | 25 |
Noncurrent Assets | 1,031 | 1,032 | 1,144 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [member] | Other [member] | Restated due to implementation of IFRS 16 [member] | |||
Disclosure of operating segments [line items] | |||
Operating, selling, general and administrative expenses | (696) | (693) | |
Depreciation and amortisation | 799 | 718 | |
Balance sheet information [abstract] | |||
Noncurrent Assets | (2,255) | (2,987) | |
Eliminations [member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party, other revenues and other income | 0 | 0 | 0 |
Revenues inter-segment | (86,554) | (47,335) | (17,581) |
Net income/(loss) from equity accounted investments | 0 | 0 | 0 |
Total revenues and other income | (86,554) | (47,335) | (17,581) |
Purchases (net of inventory variation) | 86,227 | 45,772 | 17,157 |
Operating, selling, general and administrative expenses | 904 | 1,102 | 722 |
Depreciation and amortisation | 0 | 1 | |
Net impairment (losses)/reversals | 0 | (1) | |
Exploration expenses | 0 | 0 | 1 |
Total Operating expenses | 87,131 | 46,873 | 17,877 |
Net operating income/(loss) | 577 | (461) | 295 |
Additions to PP&E, intangibles and equity accounted investments | 0 | 0 | 0 |
Balance sheet information [abstract] | |||
Equity accounted investments | 0 | 0 | 0 |
Noncurrent Assets | 0 | 0 | 0 |
Assets classified as held for sale | $ 0 | $ 0 | $ 0 |
Segments - Non current assets b
Segments - Non current assets by country (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 64,414 | $ 71,213 |
Norway [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 33,242 | 40,564 |
Norway [member] | Operating segments [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 33,242 | |
Decrease in noncurrent assets | (7,322) | |
US [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 12,343 | 12,323 |
Brazil [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 9,400 | 8,751 |
UK [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,688 | 2,096 |
Azerbaijan [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,401 | 1,654 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,171 | 1,403 |
Angola [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 895 | 948 |
Algeria [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 622 | 708 |
Argentina [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 615 | 474 |
Denmark [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 497 | 536 |
Other countries [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 541 | $ 1,757 |
Acquisitions and disposals - ac
Acquisitions and disposals - acquisitions (Details) € in Millions, £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Sep. 01, 2022 GBP (£) GW | May 05, 2021 EUR (€) | May 31, 2022 USD ($) | Dec. 31, 2022 | Sep. 01, 2022 USD ($) GW | May 05, 2021 USD ($) | May 05, 2021 EUR (€) | |
Acquisitions [line items] | |||||||
Ownership interest in Equinor group's oil and gas activities and net assets | 100% | ||||||
Triton Power [member] | Development and Production International & Marketing, Midstream and Processing [Member] | |||||||
Acquisitions [line items] | |||||||
Total purchase price | £ 120 | $ 141 | |||||
Ownership interest in joint venture | 50% | ||||||
Power Station Capacity | GW | 1.2 | 1.2 | |||||
Triton Power [member] | Development and Production International & Marketing, Midstream and Processing [Member] | SSE Thermal [member] | |||||||
Acquisitions [line items] | |||||||
Ownership interest in joint venture | 50% | ||||||
Statfjord licence shares [Member] | |||||||
Acquisitions [line items] | |||||||
Cash consideration | $ 193 | ||||||
Cash consideration received related to Spirit's lifting of volumes | $ 25 | ||||||
Statfjord licence shares [Member] | Maximum (%) [member] | |||||||
Acquisitions [line items] | |||||||
Percentage of share acquired | 48.78% | ||||||
Statfjord licence shares [Member] | Minimum (%) [member] | |||||||
Acquisitions [line items] | |||||||
Percentage of share acquired | 11.56% | ||||||
Statfjord licence shares [Member] | E&P International [member] | |||||||
Acquisitions [line items] | |||||||
Cash consideration | $ 72 | ||||||
Increase in property plant and equipment resulting from business combination | 98 | ||||||
Reduction of deferred tax liability | 86 | ||||||
Increase in asset retirement obligation | 241 | ||||||
Statfjord licence shares [Member] | E&P- Norway [member] | |||||||
Acquisitions [line items] | |||||||
Cash consideration | 96 | ||||||
Increase in property plant and equipment resulting from business combination | 98 | ||||||
Reduction of deferred tax liability | 298 | ||||||
Increase in asset retirement obligation | 390 | ||||||
Increase in taxes payable | $ 98 | ||||||
Wento [Member] | REN [member] | |||||||
Acquisitions [line items] | |||||||
Percentage of share acquired | 100% | 100% | |||||
Cash consideration | $ 117 | € 98 | |||||
Increase intangible assets as of acquisition date | € | € 46 | ||||||
Goodwill | € | € 59 |
Acquisitions and disposals - _2
Acquisitions and disposals - acquisitions subsequent events (Details) - BeGreen Solar Aps [member] - Acquisition of interests [member] € in Millions, $ in Millions | Jan. 26, 2023 USD ($) | Jan. 26, 2023 EUR (€) |
Acquisitions [line items] | ||
Percentage of voting equity interests acquired | 100% | 100% |
Total purchase price | $ 277 | € 260 |
REN [member] | ||
Acquisitions [line items] | ||
Cash consideration | $ 226 | € 213 |
Acquisitions and disposals - di
Acquisitions and disposals - divestitures (Details) £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2022 USD ($) | Feb. 10, 2022 GBP (£) | Feb. 10, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 08, 2021 | Feb. 26, 2021 GBP (£) | Feb. 26, 2021 USD ($) | Jan. 29, 2021 USD ($) | Feb. 28, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 26, 2021 USD ($) | |
Divestments [Line Items] | ||||||||||||||
Exploration expenses | $ 1,205 | $ 1,004 | $ 3,483 | |||||||||||
Net income/(loss) from equity accounted investments | $ 620 | $ 259 | $ 53 | |||||||||||
Corrib gas project in Ireland [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proceeds from divesture/sale | $ 434 | |||||||||||||
Equinor Energy Ireland [member] | Corrib gas project in Ireland [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Ownership interest in joint venture | 36.50% | |||||||||||||
Ownership interest in associates held for sale | 100% | |||||||||||||
Vermilion [Member] | Equinor Energy Ireland [member] | Corrib gas project in Ireland [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Ownership interest in joint venture | 20% | |||||||||||||
Nephin Energy [Member] | Equinor Energy Ireland [member] | Corrib gas project in Ireland [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Ownership interest in joint venture | 43.50% | |||||||||||||
Ekofisk and Martin Linge [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proceeds from divesture/sale | $ 293 | |||||||||||||
Proportion of voting rights held in joint operation | 51% | |||||||||||||
Contingent cash consideration, divestitures | $ 169 | |||||||||||||
Decrease in property, plant and equipment | 1,493 | |||||||||||||
Decrease in deferred tax liabilities through sale of business | 597 | |||||||||||||
Decrease in asset retirement obligation through sale of business | 376 | |||||||||||||
Decrease in taxes payable through sale of business | $ 686 | |||||||||||||
Ekofisk and Martin Linge [member] | Norpipe Oil [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proportion of ownership interest divested | 19% | |||||||||||||
Ekofisk and Martin Linge [member] | E&P- Norway [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Gain (loss) on disposal of assets or discontinued operations | $ 655 | |||||||||||||
Investments In Russia [member] | E&P International and the MMP [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Impairment loss recognised in profit or loss | $ 1,083 | |||||||||||||
Investments In Russia [member] | E&P International and the MMP [Member] | Property, plant and equipment [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Impairment loss recognised in profit or loss | 251 | |||||||||||||
Investments In Russia [member] | E&P International and the MMP [Member] | Equity accounted investments [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Impairment loss recognised in profit or loss | $ 832 | |||||||||||||
Dogger Bank Farm C [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proportion of ownership interest divested | 10% | 10% | ||||||||||||
Proceeds from divesture/sale | £ 68 | $ 91 | ||||||||||||
Ownership interest in joint venture | 40% | 40% | ||||||||||||
Dogger Bank Farm C [Member] | Renewables [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Gain (loss) on disposal of assets or discontinued operations | £ 65 | $ 87 | ||||||||||||
Equinor Refining Denmark A/S [Member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proportion of ownership interest divested | 100% | |||||||||||||
Proceeds from divesture/sale | $ 48 | |||||||||||||
Proceeds from extraordinary dividend and repayment of paid-in capital | 335 | |||||||||||||
Equinor Refining Denmark A/S [Member] | MMP [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Gain (loss) on disposal of assets or discontinued operations | $ 167 | |||||||||||||
Terra Nova [Member] | E&P International [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proportion of ownership interest divested | 100% | |||||||||||||
Bakken onshore unconventional field [Member] | E&P USA [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Potential consideration from divestment | $ 819 | |||||||||||||
Dogger Bank Wind Farm A and B [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proportion of ownership interest divested | 10% | 10% | ||||||||||||
Proceeds from divesture/sale | £ 206 | $ 285 | ||||||||||||
Proportion of voting rights held in joint operation | 40% | 40% | ||||||||||||
Dogger Bank Wind Farm A and B [member] | Renewables [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Gain (loss) on disposal of assets or discontinued operations | £ 203 | $ 280 | ||||||||||||
Empire Wind and Beacon Wind assets [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Proportion of ownership interest divested | 50% | |||||||||||||
Ownership interest in joint venture | 50% | |||||||||||||
Total consideration after adjustments | $ 1,200 | |||||||||||||
Prepaid | 500 | |||||||||||||
Empire Wind and Beacon Wind assets [member] | Renewables [member] | ||||||||||||||
Divestments [Line Items] | ||||||||||||||
Gain (loss) on disposal of assets or discontinued operations | $ 1,100 |
Total revenues and other inco_3
Total revenues and other income - Revenues from contracts with customers and other revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | $ 150,262 | $ 88,247 | $ 45,088 |
Taxes paid in kind | 412 | 345 | 93 |
Physically settled commodity derivatives | (2,534) | (1,075) | 209 |
Gains (losses) on change in fair value of derivatives | (1,745) | (708) | 448 |
Change in fair value of trading inventory | (194) | 0 | 0 |
Other revenues | 319 | 276 | 256 |
Total other revenues | (1,258) | 497 | 665 |
Revenues | 149,004 | 88,744 | 45,753 |
Net income/(loss) from equity accounted investments | 620 | 259 | 53 |
Other Income | 1,182 | 1,921 | 12 |
Total revenues and other income | 150,806 | 90,924 | 45,818 |
Commodity [member] | |||
Disclosure of geographical areas [line items] | |||
Gains (losses) on change in fair value of derivatives | $ 739 | $ 951 | $ 108 |
Norway [member] | |||
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 84% | 81% | 80% |
United States [member] | |||
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 13% | 13% | 14% |
Crude oil [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | $ 58,524 | $ 38,307 | $ 24,509 |
Natural gas [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 65,232 | 28,050 | 7,213 |
Refined products [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 11,093 | 11,473 | 6,534 |
Natural gas liquids [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 9,240 | 8,490 | 5,069 |
Natural gas liquids [Member] | European [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 58,239 | 24,900 | 5,839 |
Natural gas liquids [Member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 2,884 | 1,783 | 1,010 |
Natural gas liquids [Member] | Other incl LNG [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 4,109 | 1,368 | 363 |
Trasnsportation [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 1,470 | 921 | 1,083 |
Other sales [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | $ 4,702 | $ 1,006 | $ 681 |
Salaries and personnel expens_3
Salaries and personnel expenses (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Employees | Dec. 31, 2021 USD ($) Employees | Dec. 31, 2020 USD ($) Employees | |
Salaries and personnel expenses [abstract] | |||
Salaries | $ 2,875,000,000 | $ 2,962,000,000 | $ 2,625,000,000 |
Pension costs | 458,000,000 | 488,000,000 | 432,000,000 |
Payroll tax | 433,000,000 | 414,000,000 | 368,000,000 |
Other compensations and social costs | 324,000,000 | 288,000,000 | 283,000,000 |
Total payroll costs | $ 4,090,000,000 | $ 4,152,000,000 | $ 3,707,000,000 |
Average number of employees | Employees | 21,500 | 21,400 | 21,700 |
Part time employees as percentage of total employees | 3% | 3% | 2% |
Remuneration to members of the BoD and the CEC [abstract] | |||
Current employee benefits | $ 12,900,000 | $ 12,200,000 | $ 9,000,000 |
Post-employment benefits | 400,000 | 400,000 | 600,000 |
Other non-current benefits | 0 | 0 | 0 |
Share-based payment benefits | 200,000 | 100,000 | 100,000 |
Total compensation expense | 13,500,000 | 12,700,000 | $ 9,700,000 |
Compensation cost yet to be expensed | 174,000,000 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | 0 | $ 0 | |
2023 programme [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | 78,000,000 | ||
2022 programme [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | 85,000,000 | ||
2021 programme [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | 79,000,000 | ||
2020 programme [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | $ 74,000,000 |
Auditor's remuneration and Re_3
Auditor's remuneration and Research and development expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Total | $ 13.2 | $ 15.5 | $ 11.7 |
Research and development expenditures | 308 | 291 | 254 |
Ernst and Young [Member] | |||
Disclosure of operating segments [line items] | |||
Audit fee | 11.4 | 14.4 | 10.7 |
Audit related fee | 1.8 | 1.1 | 1 |
Tax fee | 0 | 0 | 0 |
Other service fee | 0 | 0 | 0 |
Statoil operated licences [Member] | |||
Disclosure of operating segments [line items] | |||
The audit fees and audit related fees | $ 0.6 | $ 0.5 | $ 0.5 |
Financial items (Details)
Financial items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial items [Abstract] | |||
Foreign currency exchange gains/(losses) derivative financial instruments | $ 797 | $ 870 | $ (1,288) |
Other foreign currency exchange gains/(losses) | 1,291 | (823) | 642 |
Net foreign currency exchange gains/(losses) | 2,088 | 47 | (646) |
Dividends received | 93 | 39 | 44 |
Interest income financial investments, including cash and cash equivalents | 398 | 38 | 108 |
Interest income non-current financial receivables | 30 | 26 | 34 |
Interest income other current financial assets and other financial items | 701 | 48 | 113 |
Interest income and other financial items | 1,222 | 151 | 298 |
Gains (losses) financial investments | (394) | (348) | 456 |
Gains (losses) derivative financial instruments | (1,745) | (708) | 448 |
Interest expense bonds and bank loans and net interest on related derivatives | (1,029) | (896) | (951) |
Interest expense lease liabilities | (90) | (93) | (104) |
Capitalised borrowing costs | 382 | 334 | 308 |
Accretion expense asset retirement obligations | (449) | (453) | (412) |
Interest expense current financial liabilities and other finance expense | (192) | (114) | (232) |
Interest and other finance expenses | (1,379) | (1,223) | (1,392) |
Net financial items | (207) | (2,080) | (836) |
Interest expense from the financial liabilities at amortised cost category | 918 | 990 | 1,031 |
Net interest expense, fair value through profit or loss category | 111 | ||
Net interest income, fair value through profit or loss category | 94 | 79 | |
Fair value gain (loss) from the trading instruments held | (1,760) | (724) | 432 |
Net foreign exchange gain | $ 796 | ||
Net foreign exchange loss | $ 691 | $ 702 |
Income taxes - Significant comp
Income taxes - Significant components of income tax expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax (expense) income [abstract] | |||
Current income tax expense in respect of current year | $ (52,124) | $ (21,271) | $ (1,115) |
Prior period adjustments | (112) | (28) | 313 |
Current income tax expense | (52,236) | (21,299) | (802) |
Origination and reversal of temporary differences | (2,136) | (1,778) | (648) |
Recognition of previously unrecognised deferred tax assets | 4,401 | 126 | 130 |
Change in tax regulations | 0 | 4 | (12) |
Prior period adjustments | 110 | (60) | 94 |
Deferred tax expense | 2,375 | (1,708) | (435) |
Income tax expense | $ (49,861) | $ (23,007) | $ (1,237) |
Income taxes - Reconciliation o
Income taxes - Reconciliation of statutory tax rate to effective tax rate (Details) - USD ($) | 7 Months Ended | 12 Months Ended | 63 Months Ended | ||||
Jan. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2028 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Income/(loss) before tax | $ 78,604,000,000 | $ 31,583,000,000 | $ (4,259,000,000) | ||||
Calculated income tax at statutory rate | (18,168,000,000) | (7,053,000,000) | 1,445,000,000 | ||||
Calculated Norwegian Petroleum tax | (36,952,000,000) | (17,619,000,000) | (2,126,000,000) | ||||
Tax effect uplift | 259,000,000 | 914,000,000 | 1,006,000,000 | ||||
Tax effect of permanent differences regarding divestments | 417,000,000 | 90,000,000 | (9,000,000) | ||||
Tax effect of permanent differences caused by functional currency different from tax currency | 145,000,000 | 150,000,000 | (198,000,000) | ||||
Tax effect of other permanent differences | 403,000,000 | 228,000,000 | 450,000,000 | ||||
Recognition of previously unrecognised deferred tax assets | 4,401,000,000 | 126,000,000 | 130,000,000 | ||||
Change in unrecognised deferred tax assets | (34,000,000) | 619,000,000 | (1,685,000,000) | ||||
Change in tax regulations | 0 | 4,000,000 | (12,000,000) | ||||
Prior period adjustments | (3,000,000) | (88,000,000) | 408,000,000 | ||||
Other items including currency effects | (327,000,000) | (378,000,000) | (647,000,000) | ||||
Income tax expense | $ (49,861,000,000) | $ (23,007,000,000) | $ (1,237,000,000) | ||||
Effective tax rate | 63.40% | 72.80% | (29.00%) | ||||
Corporate tax rate | 23.10% | 22.30% | 33.90% | ||||
Commodity price sensitivity [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Percentage of reasonably possible change, market risk | 30% | 30% | |||||
Norway [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Corporate tax rate | 22% | 22% | |||||
Petroleum tax rate | 56% | 71.80% | |||||
Unrecognised uplift credits | $ 0 | $ 0 | $ 272,000,000 | ||||
Uplift rate, for investments subject to transitional rules | 17.69% | 24% | |||||
Uplift rate | 5.20% | ||||||
Uplift rate, new investments, next fiscal year | 12.40% | ||||||
US [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Recognition of previously unrecognised deferred tax assets | $ 2,738,000,000 | ||||||
Percentage recognition of previously unrecognised deferred tax assets | 90% | ||||||
US [member] | Forecast [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Corporate minimum tax on Book Earnings (BMT) | 15% | ||||||
UK [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
EPL a new temporary tax rate | 25% | ||||||
EPL deductible uplift tax rate | 80% | ||||||
UK [member] | Forecast [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
EPL a new temporary tax rate | 35% | ||||||
EPL deductible uplift tax rate | 29% | ||||||
Minimum [member] | Commodity price sensitivity [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Percentage of reasonably possible change, market risk | (30.00%) | (30.00%) | |||||
Maximum [member] | Commodity price sensitivity [member] | |||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||
Percentage of reasonably possible change, market risk | 30% | 30% |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | $ 20,634 | $ 21,484 | ||
Deferred tax liabilities | (23,813) | (29,140) | ||
Net asset (liability) | (3,179) | (7,655) | $ (6,250) | $ (5,530) |
Tax losses carried forward [member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 8,105 | 5,162 | ||
Deferred tax liabilities | (28) | 0 | ||
Net asset (liability) | 8,077 | 5,162 | ||
Property, plant and equipment and intangible assets [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 694 | 719 | ||
Deferred tax liabilities | (23,356) | (27,136) | ||
Net asset (liability) | (22,662) | (26,417) | ||
Asset retirement obligation [member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 7,356 | 11,256 | ||
Deferred tax liabilities | 0 | 0 | ||
Net asset (liability) | 7,356 | 11,256 | ||
Lease liabilities [member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 1,306 | 1,506 | ||
Deferred tax liabilities | (3) | 0 | ||
Net asset (liability) | 1,303 | 1,506 | ||
Pensions [member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 694 | 804 | ||
Deferred tax liabilities | (12) | (21) | ||
Net asset (liability) | 682 | 783 | ||
Derivatives [member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 1,131 | 21 | ||
Deferred tax liabilities | (3) | (1,453) | ||
Net asset (liability) | 1,128 | (1,432) | ||
Other [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 1,348 | 2,015 | ||
Deferred tax liabilities | (411) | (530) | ||
Net asset (liability) | $ 937 | $ 1,485 |
Income taxes - Changes in Defer
Income taxes - Changes in Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in net deferred tax liability during the year [abstract] | |||
Net deferred tax liability beginning balance | $ 7,655 | $ 6,250 | $ 5,530 |
Charged (credited) to the Consolidated statement of income | (2,375) | 1,708 | 435 |
Charged (credited) to Other comprehensive income | 105 | 35 | (19) |
Acquisitions and disposals | (968) | 36 | 0 |
Foreign currency translation effects and other effects | (1,239) | (374) | 304 |
Net deferred tax liability ending balance | 3,179 | 7,655 | $ 6,250 |
Net deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | 8,732 | 6,259 | |
Deferred tax liabilities | 11,996 | 14,037 | |
Deferred tax assets reported in Assets classified as held for sale | 85 | 122 | |
US, the UK, Norway, Angola, Canada and Brazil [member] | |||
Net deferred tax assets and liabilities [abstract] | |||
Deferred tax assets recognized in entities which have suffered a loss in either the current or preceding period | 1,953 | 4,636 | |
Deferred tax assets | $ 8,817 | $ 6,381 |
Income taxes - Unrecognised def
Income taxes - Unrecognised deferred tax assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, basis | $ 2,558 | $ 2,900 |
Unused tax credits, basis | 0 | 0 |
Tax losses carried forward, basis | 3,458 | 20,552 |
Total unrecognised deferred tax assets, basis | 6,016 | 23,452 |
Deductible temporary differences, unrecognised deferred tax asset | 968 | 1,203 |
Unused tax credits | 129 | 264 |
Tax losses carried forward, unrecognised deferred tax asset | 930 | 5,047 |
Total unrecognised deferred tax assets | $ 2,027 | 6,514 |
Percentage of unrecognised tax losses that can be carried forward indefinitely | 90% | |
Remaining unrecognised tax losses expiry date | after 2027 | |
United States [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognised deferred tax assets | 4,206 | |
Angola [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognised deferred tax assets | $ 636 | $ 749 |
Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognised deferred tax assets | $ 346 |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | $ 62,075 | |
Property plant and equipment ending | 56,498 | $ 62,075 |
Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 212,234 | 215,587 |
Additions and transfers | 10,332 | 9,393 |
Changes in asset retirement obligations | (4,805) | (2,165) |
Disposals at cost | (3,865) | (4,420) |
Assets reclassified to held for sale | (1,664) | |
Effect of changes in foreign exchange | (14,310) | (4,497) |
Property plant and equipment ending | 199,586 | 212,234 |
Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 212,234 | |
Property plant and equipment ending | 212,234 | |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (150,159) | (147,079) |
Assets reclassified to held for sale | 1,367 | |
Depreciation | (8,856) | (10,408) |
Impairment losses | (286) | (2,962) |
Reversal of impairment losses | 3,599 | 1,677 |
Transfers | (8) | (11) |
Accumulated depreciation and impairment disposed assets | 2,359 | 4,118 |
Effect of changes in foreign exchange | 10,264 | 3,138 |
Property plant and equipment ending | (143,088) | (150,159) |
Machinery, equipment and transportation equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 147 | |
Property plant and equipment ending | $ 140 | $ 147 |
Machinery, equipment and transportation equipment [Member] | Maximum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 20 years | 20 years |
Machinery, equipment and transportation equipment [Member] | Minimum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 3 years | 3 years |
Machinery, equipment and transportation equipment [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | $ 1,335 | $ 2,806 |
Additions and transfers | 52 | 39 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (9) | (1,496) |
Assets reclassified to held for sale | 0 | |
Effect of changes in foreign exchange | (36) | (13) |
Property plant and equipment ending | 1,343 | 1,335 |
Machinery, equipment and transportation equipment [Member] | Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 1,335 | |
Property plant and equipment ending | 1,335 | |
Machinery, equipment and transportation equipment [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (1,188) | (2,596) |
Assets reclassified to held for sale | 0 | |
Depreciation | (52) | (68) |
Impairment losses | (8) | (42) |
Reversal of impairment losses | 4 | 0 |
Transfers | (2) | 61 |
Accumulated depreciation and impairment disposed assets | 8 | 1,448 |
Effect of changes in foreign exchange | 34 | 9 |
Property plant and equipment ending | (1,203) | (1,188) |
Production plants and oil and gas assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 45,595 | |
Property plant and equipment ending | 40,493 | 45,595 |
Production plants and oil and gas assets [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 183,358 | 183,082 |
Additions and transfers | 9,390 | 9,439 |
Changes in asset retirement obligations | (4,756) | (2,125) |
Disposals at cost | (3,487) | (1,975) |
Assets reclassified to held for sale | (1,010) | |
Effect of changes in foreign exchange | (12,557) | (4,052) |
Property plant and equipment ending | 171,948 | 183,358 |
Production plants and oil and gas assets [Member] | Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 183,358 | |
Property plant and equipment ending | 183,358 | |
Production plants and oil and gas assets [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (137,763) | (132,427) |
Assets reclassified to held for sale | 825 | |
Depreciation | (7,643) | (9,136) |
Impairment losses | (187) | (2,092) |
Reversal of impairment losses | 2,585 | 1,675 |
Transfers | (20) | (1,319) |
Accumulated depreciation and impairment disposed assets | 2,002 | 1,785 |
Effect of changes in foreign exchange | 9,571 | 2,926 |
Property plant and equipment ending | (131,455) | (137,763) |
Refining and manufacturing plants [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 555 | |
Property plant and equipment ending | $ 1,522 | $ 555 |
Refining and manufacturing plants [member] | Maximum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 20 years | 20 years |
Refining and manufacturing plants [member] | Minimum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 15 years | 15 years |
Refining and manufacturing plants [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | $ 8,481 | $ 9,238 |
Additions and transfers | 378 | 95 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | 2 | (70) |
Assets reclassified to held for sale | (563) | |
Effect of changes in foreign exchange | (576) | (220) |
Property plant and equipment ending | 8,285 | 8,481 |
Refining and manufacturing plants [member] | Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 8,481 | |
Property plant and equipment ending | 8,481 | |
Refining and manufacturing plants [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (7,926) | (8,005) |
Assets reclassified to held for sale | 461 | |
Depreciation | (160) | (232) |
Impairment losses | (39) | (401) |
Reversal of impairment losses | 802 | 0 |
Transfers | 2 | 0 |
Accumulated depreciation and impairment disposed assets | (4) | 59 |
Effect of changes in foreign exchange | 562 | 192 |
Property plant and equipment ending | (6,763) | (7,926) |
Buildings and land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 276 | |
Property plant and equipment ending | $ 224 | $ 276 |
Buildings and land [member] | Maximum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 33 years | 33 years |
Buildings and land [member] | Minimum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 10 years | 10 years |
Buildings and land [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | $ 596 | $ 929 |
Additions and transfers | 6 | 27 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (20) | (353) |
Assets reclassified to held for sale | 0 | |
Effect of changes in foreign exchange | (19) | (6) |
Property plant and equipment ending | 562 | 596 |
Buildings and land [member] | Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 596 | |
Property plant and equipment ending | 596 | |
Buildings and land [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (320) | (524) |
Assets reclassified to held for sale | 0 | |
Depreciation | (33) | (42) |
Impairment losses | 0 | (21) |
Reversal of impairment losses | 0 | 0 |
Transfers | 0 | (61) |
Accumulated depreciation and impairment disposed assets | 5 | 326 |
Effect of changes in foreign exchange | 9 | 2 |
Property plant and equipment ending | (338) | (320) |
Assets under development [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 12,270 | |
Property plant and equipment ending | 10,679 | 12,270 |
Assets under development [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 12,614 | 13,163 |
Additions and transfers | (813) | (355) |
Changes in asset retirement obligations | (48) | (40) |
Disposals at cost | (5) | (25) |
Assets reclassified to held for sale | 0 | |
Effect of changes in foreign exchange | (934) | (130) |
Property plant and equipment ending | 10,815 | 12,614 |
Assets under development [member] | Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 12,614 | |
Property plant and equipment ending | 12,614 | |
Assets under development [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (344) | (1,275) |
Assets reclassified to held for sale | 0 | |
Depreciation | 0 | 0 |
Impairment losses | (49) | (390) |
Reversal of impairment losses | 207 | 0 |
Transfers | 20 | 1,319 |
Accumulated depreciation and impairment disposed assets | 0 | 21 |
Effect of changes in foreign exchange | 30 | (18) |
Property plant and equipment ending | (135) | (344) |
Right of use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 3,231 | |
Property plant and equipment ending | $ 3,439 | $ 3,231 |
Right of use assets [member] | Maximum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 20 years | 20 years |
Right of use assets [member] | Minimum [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 1 year | 1 year |
Right of use assets [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | $ 5,850 | $ 6,370 |
Additions and transfers | 1,319 | 148 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (347) | (501) |
Assets reclassified to held for sale | (91) | |
Effect of changes in foreign exchange | (188) | (77) |
Property plant and equipment ending | 6,633 | 5,850 |
Right of use assets [member] | Cost [member] | As restated [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 5,850 | |
Property plant and equipment ending | 5,850 | |
Right of use assets [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (2,619) | (2,251) |
Assets reclassified to held for sale | 82 | |
Depreciation | (969) | (930) |
Impairment losses | (4) | (17) |
Reversal of impairment losses | 0 | 2 |
Transfers | (8) | (11) |
Accumulated depreciation and impairment disposed assets | 347 | 480 |
Effect of changes in foreign exchange | 59 | 27 |
Property plant and equipment ending | $ (3,194) | $ (2,619) |
Property, plant and equipment -
Property, plant and equipment - Footnote (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Assets transferred to Property, plant and equipment from Intangible assets | $ 982 | $ 1,730 |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right of use Assets | 1,013 | |
Vessels [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right of use Assets | 1,557 | |
Drilling Rigs [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right of use Assets | $ 595 |
Property, plant and equipment_3
Property, plant and equipment - Net impairments/(reversal of impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Net impairment loss | $ 2,487 | $ 1,287 | $ 5,720 |
Impairment loss | 2,504 | ||
Exploration expenses | $ 1,205 | $ 1,004 | $ 3,483 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | $ 6,452 | ||
Expensed exploration expenditures previously capitalised | (342) | $ (171) | $ (2,506) |
Intangibles ending | 5,158 | 6,452 | |
Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 6,816 | 8,505 | |
Additions | 324 | 378 | |
Disposals at cost | (58) | (53) | |
Transfers | (982) | (1,730) | |
Expensed exploration expenditures previously capitalised | (342) | (171) | |
Impairment of goodwill | (3) | (1) | |
Effect of changes in foreign exchange | (213) | (111) | |
Intangibles ending | 5,542 | 6,816 | 8,505 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | (364) | ||
Intangibles ending | (384) | (364) | |
Exploration expenses [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,958 | ||
Intangibles ending | 1,599 | 1,958 | |
Exploration expenses [Member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,958 | 2,261 | |
Additions | 227 | 191 | |
Disposals at cost | (10) | (22) | |
Transfers | (227) | (432) | |
Expensed exploration expenditures previously capitalised | (283) | (19) | |
Impairment of goodwill | 0 | 0 | |
Effect of changes in foreign exchange | (65) | (21) | |
Intangibles ending | 1,599 | 1,958 | 2,261 |
Acquisition costs related to oil and gas prospects [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 2,670 | ||
Intangibles ending | 2,035 | 2,670 | |
Acquisition costs related to oil and gas prospects [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 2,670 | 3,932 | |
Additions | 4 | 36 | |
Disposals at cost | (50) | 1 | |
Transfers | (516) | (1,137) | |
Expensed exploration expenditures previously capitalised | (59) | (152) | |
Impairment of goodwill | 0 | 0 | |
Effect of changes in foreign exchange | (14) | (10) | |
Intangibles ending | 2,035 | 2,670 | 3,932 |
Goodwill [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,467 | ||
Intangibles ending | 1,380 | 1,467 | |
Goodwill [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,467 | 1,481 | |
Additions | 36 | 61 | |
Disposals at cost | 0 | (3) | |
Transfers | 0 | 0 | |
Expensed exploration expenditures previously capitalised | 0 | 0 | |
Impairment of goodwill | (3) | (1) | |
Effect of changes in foreign exchange | (121) | (70) | |
Intangibles ending | 1,380 | 1,467 | 1,481 |
Goodwill [member] | Cost [member] | Exploration and Production Norway [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill related to business acquired in 2019 | 550 | ||
Goodwill [member] | Cost [member] | Marketing, Midstream and Processing (MMP) [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill related to business acquired in 2019 | 410 | ||
Other intangible assets [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 358 | ||
Intangibles ending | 144 | 358 | |
Other intangible assets [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 722 | 831 | |
Additions | 57 | 90 | |
Disposals at cost | 1 | (29) | |
Transfers | (239) | (161) | |
Expensed exploration expenditures previously capitalised | 0 | 0 | |
Impairment of goodwill | 0 | 0 | |
Effect of changes in foreign exchange | (13) | (10) | |
Intangibles ending | 528 | 722 | $ 831 |
Other intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | (364) | ||
Intangibles ending | $ (384) | $ (364) |
Intangible assets - Exploration
Intangible assets - Exploration expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | $ 1,599 | $ 1,958 | |
Exploration expenditures | 1,087 | 1,027 | $ 1,371 |
Expensed exploration expenditures previously capitalised | 342 | 171 | 2,506 |
Capitalised exploration | (224) | (194) | (394) |
Exploration expenses | 1,205 | 1,004 | $ 3,483 |
Less than one year [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | 250 | 234 | |
Between one and five years [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | 340 | 692 | |
More than five years [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | $ 1,009 | $ 1,033 |
Impairments - Narrative (Detail
Impairments - Narrative (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) kr / t | Dec. 31, 2022 USD ($) kr / $ | Dec. 31, 2022 USD ($) kr / € | Dec. 31, 2022 USD ($) $ / £ | Dec. 31, 2021 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Impairment Loss Equity Accounted investments | $ 832 | $ 0 | |||||
The total net impairment losses recognised under IAS 36 | 2,504 | ||||||
Estimated impairment loss due to decline in commodity prices | $ 14,000 | $ 14,000 | $ 14,000 | $ 14,000 | $ 14,000 | $ 14,000 | |
Percentage of estimated decline in commodity prices | 30% | 30% | 30% | 30% | 30% | 30% | |
Base discount rate applied in value in use calculations | 5% | ||||||
MMP [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 7% | 7% | 7% | 7% | 7% | 7% | 7% |
Maximum [member] | E&P- Norway [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 102% | 102% | 102% | 102% | 102% | 102% | 32% |
Maximum [member] | E&P International [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 9% | 9% | 9% | 9% | 9% | 9% | 9% |
Maximum [member] | E&P USA [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 9% | 9% | 9% | 9% | 9% | 9% | 7% |
Minimum [member] | E&P- Norway [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 42% | 42% | 42% | 42% | 42% | 42% | 18% |
Minimum [member] | E&P International [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 8% | 8% | 8% | 8% | 8% | 8% | 5% |
Minimum [member] | E&P USA [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Pre-tax discount rate | 6% | 6% | 6% | 6% | 6% | 6% | 6% |
2025 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Long-term exchange rates | 8.50 | 10 | 1.35 | ||||
2030 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Expected tax increase on carbon emissions maximum | kr / t | 2,000 | ||||||
2030 [member] | E&P- Norway [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Expected tax increase on carbon emissions maximum | kr / t | 2,000 |
Impairments - Net impairments_(
Impairments - Net impairments/(reversal of impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | $ 2,487 | $ 1,287 | $ 5,720 |
The total net impairment losses recognised under IAS 36 | 2,504 | ||
Property, plant and equipment and intangible assets [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | (3,251) | 1,439 | 7,057 |
Property, plant and equipment and intangible assets [Member] | Goodwill [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 3 | 1 | 42 |
Property, plant and equipment and intangible assets [Member] | Other intangible assets [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 0 | 0 | 8 |
Property, plant and equipment and intangible assets [Member] | Acquisition costs related to oil and gas prospects [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 85 | 154 | 657 |
Property, plant and equipment and intangible assets [Member] | Producing and development assets [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | (3,339) | 1,283 | 6,351 |
Property Plant And Equipment [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | (3,313) | 1,285 | 5,671 |
Property Plant And Equipment [member] | Producing and development assets [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | (3,313) | 1,285 | 5,671 |
Intangible assets [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 62 | 154 | 1,386 |
Intangible assets [member] | Goodwill [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 3 | 1 | 42 |
Intangible assets [member] | Other intangible assets [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 0 | 0 | 8 |
Intangible assets [member] | Acquisition costs related to oil and gas prospects [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | 85 | 154 | 657 |
Intangible assets [member] | Producing and development assets [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairment loss/ (reversal) recognized | $ (26) | $ (2) | $ 680 |
Impairments - Carrying amount a
Impairments - Carrying amount after impairment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | $ 9,435 | $ 10,611 |
Net impairement loss (Reversal) | (2,505) | 1,283 |
Europe and Asia [Member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | 1,551 | 1,566 |
Net impairement loss (Reversal) | 295 | 1,609 |
Exploration and Production Norway [Member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | 3,201 | 5,379 |
Net impairement loss (Reversal) | (819) | (1,102) |
Exploration And Production USA [Member] | Onshore [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | 546 | 1,979 |
Net impairement loss (Reversal) | (204) | 48 |
Exploration And Production USA [Member] | Offshore Gulf of Mexico [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | 2,691 | 798 |
Net impairement loss (Reversal) | (882) | 18 |
Marketing, Midstream and Processing (MMP) [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | 1,416 | 868 |
Net impairement loss (Reversal) | (895) | 716 |
Other [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Carrying amount after impairment | 30 | 20 |
Net impairement loss (Reversal) | $ 0 | $ (7) |
Impairments - Price assumptions
Impairments - Price assumptions (Details) - 12 months ended Dec. 31, 2022 | € / t | $ / bbl | $ / MMBTU | € / MWh | kr / $ | kr / € | $ / £ |
2025 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Long-term exchange rates | 8.50 | 10 | 1.35 | ||||
Brent Blend oil price [member] | 2025 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | 75 | ||||||
Brent Blend oil price [member] | 2025 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | (70) | ||||||
Brent Blend oil price [member] | 2030 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | 75 | ||||||
Brent Blend oil price [member] | 2030 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | (75) | ||||||
Brent Blend oil price [member] | 2040 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | 70 | ||||||
Brent Blend oil price [member] | 2040 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | (69) | ||||||
Brent Blend oil price [member] | 2050 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | 65 | ||||||
Brent Blend oil price [member] | 2050 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | $ / bbl | (64) | ||||||
European gas [Member] | 2025 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 20 | ||||||
European gas [Member] | 2025 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (7.3) | ||||||
European gas [Member] | 2030 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 9.5 | ||||||
European gas [Member] | 2030 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (6.8) | ||||||
European gas [Member] | 2040 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 9 | ||||||
European gas [Member] | 2040 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (8.2) | ||||||
European gas [Member] | 2050 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 9 | ||||||
European gas [Member] | 2050 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (7.5) | ||||||
Henry Hub Natural Gas Price [Member] | 2025 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 4 | ||||||
Henry Hub Natural Gas Price [Member] | 2025 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (3.3) | ||||||
Henry Hub Natural Gas Price [Member] | 2030 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 3.7 | ||||||
Henry Hub Natural Gas Price [Member] | 2030 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (3.4) | ||||||
Henry Hub Natural Gas Price [Member] | 2040 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 3.7 | ||||||
Henry Hub Natural Gas Price [Member] | 2040 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (3.6) | ||||||
Henry Hub Natural Gas Price [Member] | 2050 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 3.7 | ||||||
Henry Hub Natural Gas Price [Member] | 2050 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | (3.6) | ||||||
Electricity Germany [Member] | 2025 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | 115 | ||||||
Electricity Germany [Member] | 2025 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | (65) | ||||||
Electricity Germany [Member] | 2030 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | 70 | ||||||
Electricity Germany [Member] | 2030 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | (62) | ||||||
Electricity Germany [Member] | 2040 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | 57 | ||||||
Electricity Germany [Member] | 2040 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | (64) | ||||||
Electricity Germany [Member] | 2050 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | 57 | ||||||
Electricity Germany [Member] | 2050 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / MWh | (64) | ||||||
EU ETS [Member] | 2025 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | 80 | ||||||
EU ETS [Member] | 2025 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | (61) | ||||||
EU ETS [Member] | 2030 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | 80 | ||||||
EU ETS [Member] | 2030 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | (70) | ||||||
EU ETS [Member] | 2040 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | 105 | ||||||
EU ETS [Member] | 2040 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | (89) | ||||||
EU ETS [Member] | 2050 [member] | Maximum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | 130 | ||||||
EU ETS [Member] | 2050 [member] | Minimum [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | € / t | (108) | ||||||
NBP Natural Gas Price [Member] | 2025 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 7.4 | ||||||
NBP Natural Gas Price [Member] | 2030 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 6.9 | ||||||
NBP Natural Gas Price [Member] | 2040 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 8.3 | ||||||
NBP Natural Gas Price [Member] | 2050 [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Estimated crude oil or Gas price per unit | 7.6 |
Joint arrangements and associ_3
Joint arrangements and associates - Joint ventures and other equity accounted investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | |||
Net investment beginning | $ 2,686 | $ 2,270 | |
Net income/(loss) from equity accounted investments | 620 | 259 | $ 53 |
Impairment | (832) | 0 | |
Acqusitions and increase in paid in capital | 337 | 475 | |
Dividends and other distributions | (210) | (230) | |
Other comprehensive income / (loss) | 384 | (58) | |
Divestments, derecognition and decrease in paid in capital | (22) | (31) | |
Other | (205) | 1 | |
Net investment ending | 2,758 | 2,686 | 2,270 |
Equity accounted investments | 2,758 | $ 2,686 | $ 2,262 |
Other equity accounted investments [Member] | |||
Disclosure of associates [line items] | |||
Net investment ending | 600 | ||
Several investments [Member] | Maximum [member] | |||
Disclosure of associates [line items] | |||
Equity accounted investments | $ 600 |
Financial investments and fin_3
Financial investments and financial receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial investments | $ 2,733 | $ 3,346 |
Prepayments and financial receivables | 2,063 | 1,087 |
Financial investments | 29,876 | 21,246 |
Bond Investment [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 1,448 | 1,822 |
Listed equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 794 | 1,131 |
Non-listed equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 491 | 393 |
Interest bearing financial receivables [member] | ||
Disclosure of financial assets [line items] | ||
Prepayments and financial receivables | 1,658 | 707 |
Other interest-bearing receivables [member] | ||
Disclosure of financial assets [line items] | ||
Prepayments and financial receivables | 66 | 276 |
Prepayments and other non-interest-bearing receivables [member] | ||
Disclosure of financial assets [line items] | ||
Prepayments and financial receivables | 339 | 104 |
Time deposits [member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 12,373 | 7,060 |
Interest bearing securities [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 17,504 | 14,186 |
Investment portfolios [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | $ 410 | $ 300 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories [abstract] | ||
Crude oil | $ 2,115 | $ 2,014 |
Petroleum products | 451 | 315 |
Natural gas | 127 | 642 |
Commodity inventories at the lower of cost and net realisable value | 2,693 | 2,971 |
Natural gas held for trading purposes measured at fair value | 1,994 | 0 |
Other | 517 | 424 |
Total inventories | 5,205 | 3,395 |
Inventory write-down | $ 143 | $ 77 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other receivables [abstract] | |||
Trade receivables from contracts with customers | $ 15,213 | $ 13,266 | |
Other current receivables | 992 | 1,436 | |
Collateral receivables | 3,468 | 1,576 | |
Receivables from participation in joint operations and similar arrangements | 661 | 491 | |
Receivables from equity accounted associated companies and other related parties | 1,276 | 423 | |
Total financial trade and other receivables | 21,611 | 17,192 | |
Non-financial trade and other receivables | 841 | 736 | |
Trade and other receivables | [1] | $ 22,452 | $ 17,927 |
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;' >Of which Trade receivables of USD </span><span style='font-family:Arial;font-size:8pt;' >17,334</span><span style='font-family:Arial;font-size:8pt;' > million in 2022 and USD </span><span style='font-family:Arial;font-size:8pt;' >15,237 </span><span style='font-family:Arial;font-size:8pt;' >million in 2021.</span></p></div> |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |||
Cash at bank available | $ 2,220 | $ 2,673 | |
Time deposits | 836 | 1,906 | |
Money Market Funds | 3,106 | 2,714 | |
Interest bearing securities | 3,276 | 4,740 | |
Restricted cash, including collateral deposits | 6,140 | 2,093 | |
Cash and cash equivalents | [1] | 15,579 | 14,126 |
Collateral deposits related to trading activities | $ 6,128 | $ 2,069 | |
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;' >Includes collateral deposits of USD </span><span style='font-family:Arial;font-size:8pt;' >6,128 </span><span style='font-family:Arial;font-size:8pt;' >million for 2022 related to certain requirements set out by exchanges where Equinor is participating. The </span><span style='font-family:Arial;font-size:8pt;' >corresponding figure for 2021 is USD </span><span style='font-family:Arial;font-size:8pt;' >2,069 </span><span style='font-family:Arial;font-size:8pt;' >million.</span></p></div> |
Shareholders' equity and divi_3
Shareholders' equity and dividends - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Jul. 20, 2022 USD ($) | Jul. 20, 2022 NOK (kr) | May 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | May 31, 2022 USD ($) | Feb. 28, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares $ / bbl shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 NOK (kr) kr / shares shares | May 11, 2022 | Dec. 31, 2021 NOK (kr) kr / shares shares | |
Dividends declared per share | $ / shares | $ 2.4000 | $ 0.6300 | |||||||||||
Percentage ownership of entity by shareholders | 67% | ||||||||||||
Payments to acquire or redeem entity's shares | $ 3,315,000,000 | $ 321,000,000 | $ 1,059,000,000 | ||||||||||
Share capital | $ 1,142,036,265 | $ 1,163,987,792 | kr 7,938,675,397.50 | kr 8,144,219,267.50 | |||||||||
Total number of shares issued | shares | 3,175,470,159 | 3,257,687,707 | 3,175,470,159 | 3,257,687,707 | |||||||||
Nominal value per share | kr / shares | kr 2.50 | kr 2.50 | |||||||||||
Increase (decrease) through treasury share transactions, equity | $ (3,380,000,000) | $ (429,000,000) | $ (890,000,000) | ||||||||||
Norwegian State [Member] | |||||||||||||
Percentage ownership of entity by shareholders | 67% | 67% | 67% | ||||||||||
Potential Ordinary Share Transactions [member] | |||||||||||||
Dividends declared per share | $ / shares | $ 0.30 | ||||||||||||
Extraordinary dividend per share | $ / shares | $ 0.60 | ||||||||||||
Share-based Payment Arrangmeent, second, third and fourth tranche [member] | Forecast [member] | |||||||||||||
Percentage ownership of entity by shareholders | 67% | ||||||||||||
Treasury shares employees [member] | |||||||||||||
Treasury shares purchased | $ 72,000,000 | 75,000,000 | |||||||||||
Share buyback programme [member] | |||||||||||||
Agreement to buy treasury shares | $ 3,380,000,000 | $ 429,000,000 | |||||||||||
Nominal value per share | kr / shares | kr 2.50 | ||||||||||||
Number of shares outstanding | shares | 42,619,172 | 13,460,292 | 0 | 42,619,172 | 13,460,292 | ||||||||
Share buyback programme [member] | First tranche [member] | |||||||||||||
Agreement to buy treasury shares | $ 330,000,000 | $ 99,000,000 | |||||||||||
Share buyback programme [member] | Second tranche [member] | |||||||||||||
Agreement to buy treasury shares | 440,000,000 | 330,000,000 | |||||||||||
Share buyback programme [member] | Third tranche [member] | |||||||||||||
Agreement to buy treasury shares | 605,000,000 | 0 | |||||||||||
Share buyback programme [member] | Fourth tranche [member] | |||||||||||||
Agreement to buy treasury shares | 605,000,000 | $ 0 | |||||||||||
Share buy-back programme for 2023 [member] | Potential Ordinary Share Transactions [member] | |||||||||||||
Agreement to buy treasury shares | $ 6,000,000,000 | ||||||||||||
Share buy-back programme for 2023 [member] | Minimum [member] | Potential Ordinary Share Transactions [member] | |||||||||||||
Percent of debt to capital employed | 15% | ||||||||||||
Share buy-back programme for 2023 [member] | Minimum [member] | Potential Ordinary Share Transactions [member] | Brent Blend oil price [member] | |||||||||||||
Estimated crude oil or Gas price per unit | $ / bbl | 50 | ||||||||||||
Share buy-back programme for 2023 [member] | Maximum [member] | Potential Ordinary Share Transactions [member] | |||||||||||||
Percent of debt to capital employed | 30% | ||||||||||||
Share buy-back programme for 2023 [member] | Maximum [member] | Potential Ordinary Share Transactions [member] | Brent Blend oil price [member] | |||||||||||||
Estimated crude oil or Gas price per unit | $ / bbl | 60 | ||||||||||||
Share buy-back programme for 2023 [member] | First tranche [member] | Potential Ordinary Share Transactions [member] | |||||||||||||
Agreement to buy treasury shares | $ 1,000,000,000 | ||||||||||||
Share buy-back programme for 2022 [member] | |||||||||||||
Payments to acquire or redeem entity's shares | $ 1,399,000,000 | kr 13,496,000,000 | |||||||||||
Share buy-back programme for 2022 [member] | Maximum [member] | |||||||||||||
Agreement to buy treasury shares | $ 6,000,000,000 | $ 5,000,000,000 | |||||||||||
Share buy-back programme for 2022 [member] | First tranche [member] | |||||||||||||
Agreement to buy treasury shares | 1,000,000,000 | ||||||||||||
Treasury shares purchased | $ 330,000,000 | ||||||||||||
Share buy-back programme for 2022 [member] | Second tranche [member] | |||||||||||||
Agreement to buy treasury shares | $ 1,333,000,000 | ||||||||||||
Treasury shares purchased | $ 440,000,000 | ||||||||||||
Share buy-back programme for 2022 [member] | Share-based Payment Arrangmeent, second, third and fourth tranche [member] | Forecast [member] | |||||||||||||
Treasury shares purchased | $ 3,350,000,000 | ||||||||||||
Share buy-back programme for 2022 [member] | Third tranche [member] | |||||||||||||
Agreement to buy treasury shares | 1,833,000,000 | ||||||||||||
Treasury shares purchased | $ 605,000,000 | ||||||||||||
Share buy-back programme for 2022 [member] | Fourth tranche [member] | |||||||||||||
Agreement to buy treasury shares | $ 1,833,000,000 | ||||||||||||
Payments to acquire or redeem entity's shares | 475,000,000 | ||||||||||||
Treasury shares purchased | 495,000,000 | ||||||||||||
Increase (decrease) through treasury share transactions, equity | $ (605,000,000) |
Shareholders' equity and divi_4
Shareholders' equity and dividends - Share capital activity (Details) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 NOK (kr) shares kr / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 NOK (kr) kr / shares shares | Dec. 31, 2021 NOK (kr) kr / shares shares | |
Number of shares issued [abstract] | ||||||
Share capital, beginning (shares) | 3,257,687,707 | 3,257,687,707 | ||||
Capital (reduction), shares | (82,217,548) | (82,217,548) | ||||
Share capital, ending (shares) | 3,175,470,159 | 3,175,470,159 | 3,257,687,707 | |||
Nominal value per share | kr / shares | kr 2.50 | kr 2.50 | ||||
Share capital | $ 1,163,987,792 | kr 8,144,219,267.50 | ||||
Nominal value per share during year | kr / shares | kr 2.50 | |||||
Capital reduction | (21,951,527) | kr (205,543,870) | ||||
Share capital | $ 1,142,036,265 | kr 7,938,675,397.50 | $ 1,163,987,792 | |||
Reconciliation of number of shares outstanding [abstract] | ||||||
Number of shares issued | 3,175,470,159 | 3,257,687,707 | 3,175,470,159 | 3,257,687,707 | ||
Share capital | $ 1,142,036,265 | $ 1,163,987,792 | kr 7,938,675,397.50 | kr 8,144,219,267.50 | ||
Share buy-back | $ | $ (3,380,000,000) | $ (429,000,000) | $ (890,000,000) | |||
Common stock outstanding [member] | ||||||
Number of shares issued [abstract] | ||||||
Share capital, ending (shares) | 3,175,470,159 | 3,175,470,159 | ||||
Nominal value per share | kr / shares | kr 2.50 | |||||
Share capital | kr | kr 7,938,675,397.50 | |||||
Reconciliation of number of shares outstanding [abstract] | ||||||
Number Of Shares Authorised | 3,175,470,159 | 3,175,470,159 | ||||
Number of shares issued | 3,175,470,159 | 3,175,470,159 | ||||
Share buy-back programme | (42,619,172) | (42,619,172) | ||||
Employees share saving plan | (10,908,717) | (10,908,717) | ||||
Total outstanding shares | 3,121,942,270 | 3,121,942,270 | ||||
Share capital | kr | kr 7,938,675,397.50 | |||||
Share buy-back | kr | kr (106,547,930) | |||||
Employees share saving plan | kr | kr (27,271,792.50) | |||||
Total outstanding shares, value | kr | kr 7,804,855,675 | |||||
Share buyback programme [member] | ||||||
Number of shares issued [abstract] | ||||||
Nominal value per share | kr / shares | kr 2.50 | |||||
Reconciliation of number of shares outstanding [abstract] | ||||||
Total outstanding shares | 42,619,172 | 13,460,292 | 0 | 42,619,172 | 13,460,292 | |
Employee Share Saving Plan [member] | ||||||
Number of shares issued [abstract] | ||||||
Nominal value per share | kr / shares | kr 2.50 |
Shareholders' equity and divi_5
Shareholders' equity and dividends - Dividends schedule (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) kr / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) kr / shares | |
Dividends decared [abstract] | ||||
Dividends declared | $ 7,549 | $ 7,549 | $ 2,041 | $ 2,041 |
Dividend per share | $ / shares | $ 2.4000 | $ 0.6300 | ||
Dividends paid in cash | $ 5,380 | $ 1,797 | ||
Dividends paid, ordinary shares per share | (per share) | $ 1.6800 | $ 16.4837 | $ 0.5600 | $ 4.8078 |
Shareholders' equity and divi_6
Shareholders' equity and dividends - Share buyback and treasury shares (Details) - Share buyback programme [member] - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share buy-back programme at 1 January | 13,460,292 | 0 |
Purchase | 56,290,671 | 13,460,292 |
Cancellation | (27,131,791) | 0 |
Share buy-back programme at 31 December | 42,619,172 | 13,460,292 |
Shareholders' equity and divi_7
Shareholders' equity and dividends - Equity impact of share buy back programmes (Details) - Share buyback programme [member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Agreement to buy treasury shares | $ 3,380 | $ 429 |
First tranche [member] | ||
Agreement to buy treasury shares | 330 | 99 |
Second tranche [member] | ||
Agreement to buy treasury shares | 440 | 330 |
Third tranche [member] | ||
Agreement to buy treasury shares | 605 | 0 |
Fourth tranche [member] | ||
Agreement to buy treasury shares | 605 | 0 |
Norwegian state share 1 [member] | ||
Agreement to buy treasury shares | $ 1,399 | $ 0 |
Shareholders' equity and divi_8
Shareholders' equity and dividends - Employees share saving plan (Details) - Employee Share Saving Plan [member] - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employees share saving plan [line items] | ||
Share saving plan at 1 January | 12,111,104 | 11,442,491 |
Purchase | 2,127,172 | 3,412,994 |
Allocated to employees | (3,329,559) | (2,744,381) |
Share saving plan at 31 December | 10,908,717 | 12,111,104 |
Finance debt - Non-current fina
Finance debt - Non-current finance debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | $ 26,612 | $ 27,568 |
Unsecured loans | 76 | 87 |
Total finance debt | 26,688 | 27,655 |
Less current portion | 2,547 | 250 |
Non-current finance debt | 24,141 | 27,404 |
United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 17,190 | 17,451 |
Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 7,465 | 7,925 |
Great Britain Pound (GBP) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 1,652 | 1,852 |
Norwegian kroner (NOK) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | $ 304 | $ 340 |
Japanese yen (JPY) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 4.30% | 4.30% |
Unsecured loans | $ 76 | $ 87 |
Fair value based on level 2 inputs [member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 25,097 | 31,237 |
Unsecured loans | 90 | 106 |
Total finance debt | 25,187 | 31,343 |
Less current portion | 2,597 | 268 |
Non-current finance debt | 22,590 | 31,075 |
Fair value based on level 2 inputs [member] | United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 16,167 | 19,655 |
Fair value based on level 2 inputs [member] | Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 6,782 | 8,529 |
Fair value based on level 2 inputs [member] | Great Britain Pound (GBP) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 1,836 | 2,674 |
Fair value based on level 2 inputs [member] | Norwegian kroner (NOK) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 311 | 380 |
Fair value based on level 2 inputs [member] | Japanese yen (JPY) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured loans | $ 90 | $ 106 |
Weighted average [member] | United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 3.82% | 3.88% |
Weighted average [member] | Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 1.42% | 1.42% |
Weighted average [member] | Great Britain Pound (GBP) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 6.08% | 6.08% |
Weighted average [member] | Norwegian kroner (NOK) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 4.18% | 4.18% |
Finance debt - Bonds (Details)
Finance debt - Bonds (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) Bonds | Dec. 31, 2021 USD ($) | |
Disclosure of financial liabilities [line items] | ||
Bonds | $ 26,612 | $ 27,568 |
Pure [abstract] | ||
Number of bonds agreement | Bonds | 38 | |
Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | $ 7,465 | 7,925 |
Pure [abstract] | ||
Bonds not swapped | 797 | |
United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | 17,190 | $ 17,451 |
Unsecured Bonds [Member] | United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | 17,190 | |
Unsecured Bonds [Member] | All other currencies [Member] | ||
Pure [abstract] | ||
Bonds swapped | 8,624 | |
Unsecured bonds, 38 Bond agreements [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | $ 26,302 |
Finance debt - Non-current debt
Finance debt - Non-current debt maturity profile (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | $ 24,141 | $ 27,404 |
Weighted average [member] | ||
Non-current finance debt maturity profile [abstract] | ||
Weighted average maturity (years) | 9 | 10 |
Weighted average [member] | Interest Rate Non Current Debt [Member] | ||
Non-current finance debt maturity profile [abstract] | ||
Weighted average annual interest rate (%) | 3.29% | 3.33% |
Year 2 and 3 [member] | ||
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | $ 4,794 | $ 5,015 |
Year 4 and 5 [member] | ||
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | 4,510 | 4,731 |
After 5 years [member] | ||
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | $ 14,837 | $ 17,659 |
Finance debt - Current finance
Finance debt - Current finance debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current finance debt [abstract] | ||
Collateral liabilities | $ 1,571 | $ 2,271 |
Non-current finance debt due within one year | 2,547 | 250 |
Other including US Commercial paper programme and bank overdraft | 241 | 2,752 |
Total current finance debt | $ 4,359 | $ 5,273 |
Weighted average interest rate (%) | 2.22% | 0.51% |
Commerical paper program issuance | $ 227 | $ 2,600 |
Finance debt - Reconciliation o
Finance debt - Reconciliation of cash flow from financing activities to finance line items in balance sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
New finance debt | $ 0 | $ 0 | $ 8,347 |
Repayment of finance debt | (250) | (2,675) | (2,055) |
Repayment of lease liabilities | (1,366) | (1,238) | (1,277) |
Dividend paid | (5,380) | (1,797) | (2,330) |
Share buy-back | (3,315) | (321) | (1,059) |
Net current finance debt and other financing activities | (5,102) | 1,195 | 1,365 |
Cash flows provided by/(used in) financing activities | (15,414) | (4,836) | 2,991 |
Non-current finance debt [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 27,404 | 29,118 | |
Repayment of finance debt | (250) | (2,675) | |
Net current finance debt and other financing activities | (335) | ||
Cash flows provided by/(used in) financing activities | (250) | (3,010) | |
Transfer to current portion | (2,297) | 1,724 | |
Effects of exchange rate changes | (710) | (422) | |
Other changes | (7) | (6) | |
Net other changes | (3,014) | 1,296 | |
Liabilities arising from financing activities, ending balance | 24,141 | 27,404 | 29,118 |
Current finance debt [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 5,273 | 4,591 | |
Net current finance debt and other financing activities | (2,982) | 2,273 | |
Cash flows provided by/(used in) financing activities | (2,982) | 2,273 | |
Transfer to current portion | 2,297 | (1,724) | |
Effects of exchange rate changes | (78) | (8) | |
Other changes | (151) | 141 | |
Net other changes | 2,068 | (1,591) | |
Liabilities arising from financing activities, ending balance | 4,359 | 5,273 | 4,591 |
Financial receivable collaterals [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | (1,577) | (967) | |
Net current finance debt and other financing activities | (2,038) | (651) | |
Cash flows provided by/(used in) financing activities | (2,038) | (651) | |
Effects of exchange rate changes | 145 | 41 | |
Other changes | 0 | ||
Net other changes | 145 | 41 | |
Liabilities arising from financing activities, ending balance | (3,468) | (1,577) | (967) |
Additional paid in capital share based payment/treasury shares [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | (2,027) | (1,588) | |
Share buy-back | (3,315) | (321) | |
Net current finance debt and other financing activities | (73) | (75) | |
Cash flows provided by/(used in) financing activities | (3,388) | (396) | |
Other changes | 30 | (43) | |
Net other changes | 30 | (43) | |
Liabilities arising from financing activities, ending balance | (5,385) | (2,027) | (1,588) |
Non-controling interest [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 14 | 19 | |
Net current finance debt and other financing activities | (8) | (18) | |
Cash flows provided by/(used in) financing activities | (8) | (18) | |
Effects of exchange rate changes | (3) | (1) | |
Other changes | (2) | 14 | |
Net other changes | (5) | 13 | |
Liabilities arising from financing activities, ending balance | 1 | 14 | 19 |
Dividend payable [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 582 | 357 | |
Dividend paid | (5,380) | (1,797) | |
Cash flows provided by/(used in) financing activities | (5,380) | (1,797) | |
Divdend declared | 7,549 | 2,041 | |
Other changes | 57 | (19) | |
Net other changes | 7,606 | 2,022 | |
Liabilities arising from financing activities, ending balance | 2,808 | 582 | 357 |
Lease liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 3,562 | 4,406 | |
Repayment of lease liabilities | (1,366) | (1,238) | |
Cash flows provided by/(used in) financing activities | (1,366) | (1,238) | |
Effects of exchange rate changes | (149) | (61) | |
New leases | 1,644 | 476 | |
Other changes | (24) | (21) | |
Net other changes | 1,471 | 394 | |
Liabilities arising from financing activities, ending balance | $ 3,667 | 3,562 | 4,406 |
Lease liabilities [member] | Previously stated [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | $ 4,406 | ||
Liabilities arising from financing activities, ending balance | $ 4,406 |
Pensions - Narrative (Details)
Pensions - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) yr | Dec. 31, 2021 USD ($) | |
Disclosure of net defined benefit liability (asset) [abstract] | ||
Description of type of plan | Pension plans in Equinor The main pension plans for Equinor ASA and its most significant subsidiaries are defined contribution plans which includes certain unfunded elements (notional contribution plans | |
Description of nature of benefits provided by plan | Equinor's defined benefit plans are generally based on a minimum of 30 years of service and 66% of the final salary level, including an assumed benefit from the Norwegian National Insurance Scheme. | |
Minimum number of years of service for defined benefit plans | P30Y | |
Defined benefit plan, percentage of final salary level requirement | 66% | |
Maximum age of employees for early retirement premium | yr | 62 | |
Description of early retirement plan premium calculation | Equinor has more than one defined benefit plan, but the disclosure is made in total since the plans are not subject to materially different risks. Pension plans outside Norway are not material and as such not disclosed separately. The tables in this note present pension costs on a gross basis before allocation to licence partners. In the Consolidated statement of income, the pension costs in Equinor ASA are presented net of costs allocated to licence partners. Equinor is also a member of a Norwegian national agreement-based early retirement plan (“AFP”), and the premium is calculated based on the employees' income but limited to 7.1 times the basic amount in the National Insurance scheme (7.1 G). | |
Interest cost and changes in fair value of notional assets | $ 105 | $ 238 |
Interest income from defined benefit plans | $ 116 | $ 106 |
Pensions - Net pension cost (De
Pensions - Net pension cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [abstract] | |||
Notional contributions | $ 57 | $ 60 | $ 55 |
Defined benefit plans | 188 | 216 | 184 |
Defined contribution plans | 213 | 213 | 192 |
Total net pension cost | $ 458 | $ 488 | $ 432 |
Pensions - Changes in pension l
Pensions - Changes in pension liabilities and plan assets during the year (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension liabilities, beginning balance | $ 9,358 | ||
Changes in notional contribution liability | 57 | $ 60 | $ 55 |
Pension liabilities, ending balance | 7,670 | 9,358 | |
Net pension liability | 2,452 | 2,954 | |
Represented by | |||
Asset recognised as non-current pension assets (funded plan) | 1,219 | 1,449 | |
Liability recognised as non-current pension liabilities (unfunded plans) | 3,671 | 4,403 | |
Pension liabilities specified by funded and unfunded pension plans | 7,670 | 9,358 | |
Funded Plan [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension liabilities, beginning balance | 4,955 | ||
Pension liabilities, ending balance | 3,999 | 4,955 | |
Represented by | |||
Pension liabilities specified by funded and unfunded pension plans | 3,999 | 4,955 | |
Unfunded Plan [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension liabilities, beginning balance | 4,403 | ||
Pension liabilities, ending balance | 3,671 | 4,403 | |
Represented by | |||
Pension liabilities specified by funded and unfunded pension plans | 3,671 | 4,403 | |
Defined benefit obligations [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension liabilities, beginning balance | 9,358 | 9,216 | |
Current service cost | 183 | 208 | |
Interest cost | 105 | 238 | |
Actuarial (gains) losses - Financial assumptions | (1,785) | (72) | |
Past service cost | 67 | 63 | |
Benefits paid | (258) | (295) | |
Pension liabilities, ending balance | 7,670 | 9,358 | 9,216 |
Represented by | |||
Pension liabilities specified by funded and unfunded pension plans | 7,670 | 9,358 | 9,216 |
Defined benefit plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Fair value of plan assets, beginning balance | 6,404 | 6,234 | |
Interest income | 116 | 106 | |
Return on plan assets (excluding interest income) | (622) | 291 | |
Company contributions | 104 | 114 | |
Benefits paid | (121) | (137) | |
Other effects | 6 | 0 | |
Foreign currency translation | (669) | (204) | |
Fair value of plan assets, ending balance | $ 5,218 | $ 6,404 | $ 6,234 |
Pensions - Actuarial losses and
Pensions - Actuarial losses and gains recognised directly in Other comprehensive income (OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Actuarial losses and gains recognised directly in Other comprehensive income | |||
Net actuarial (losses) gains recognised in OCI during the year | $ 174 | $ 63 | $ 3 |
Foreign currency translation effects | 287 | 84 | (109) |
Tax effects of actuarial (losses)/gains recognised in OCI | (105) | (35) | 19 |
Items that will not be reclassified to the Consolidated statement of income | 356 | 111 | (87) |
Recognised directly in OCI during the year, net of tax | $ 356 | $ 112 | $ (87) |
Pensions - Actuarial assumption
Pensions - Actuarial assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Weighted-average duration of the defined benefit obligation | 13 years 6 months | 15 years 2 months 12 days |
Discount rate [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Assumptions used to determine benefit costs | 2% | 1.75% |
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 3.75% | 2% |
Rate of compensation increase [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Assumptions used to determine benefit costs | 2.50% | 2% |
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 3.50% | 2.50% |
Expected rate of pension increase [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Assumptions used to determine benefit costs | 1.75% | 1.25% |
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 2.75% | 1.75% |
Expected increase of social security base amount (G-amount) [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Assumptions used to determine benefit costs | 2.25% | 2% |
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 3.25% | 2.25% |
Pensions - Sensitivity analysis
Pensions - Sensitivity analysis (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) yr | |
Discount rate [member] | Low range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to decrease in assumption | $ 553 |
Service cost 2023, decrease | $ 18 |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Discount rate [member] | High range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to increase in assumption | $ (491) |
Service cost 2023, increase | $ (16) |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Expected rate of compensation [member] | Low range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to decrease in assumption | $ (104) |
Service cost 2023, decrease | $ (7) |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Expected rate of compensation [member] | High range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to increase in assumption | $ 109 |
Service cost 2023, increase | $ 8 |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Expected rate of pension increase [member] | Low range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to decrease in assumption | $ (422) |
Service cost 2023, decrease | $ (11) |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Expected rate of pension increase [member] | High range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to increase in assumption | $ 462 |
Service cost 2023, increase | $ 12 |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Mortality assumption [member] | Low range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to decrease in assumption | $ (257) |
Service cost 2023, decrease | $ (5) |
Increase (decrease) in mortality age assumption | yr | (1) |
Mortality assumption [member] | High range value [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, change due to increase in assumption | $ 285 |
Service cost 2023, increase | $ 6 |
Increase (decrease) in mortality age assumption | yr | 1 |
Pensions - Portfolio weighting
Pensions - Portfolio weighting (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 100% | 100% |
Estimated company contributions to be made to Equinor Pension in 2023 | $ 108 | |
Equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 32.90% | 34.10% |
Equity securities [member] | Low range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 29% | |
Equity securities [member] | High range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 38% | |
Equity securities [member] | Level 1 [member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 44% | 61% |
Equity securities [member] | Level 2 [member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 54% | 37% |
Bonds [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 53.10% | 50.20% |
Bonds [Member] | Low range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 46% | |
Bonds [Member] | High range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 59% | |
Bonds [Member] | Level 1 [member] | ||
Disclosure of financial assets [line items] | ||
Percentange of pension assets measured at fair value | 3% | 3% |
Bonds [Member] | Level 2 [member] | ||
Disclosure of financial assets [line items] | ||
Percentange of pension assets measured at fair value | 97% | 97% |
Money market instruments [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 7.40% | 9.10% |
Money market instruments [Member] | Low range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 0% | |
Money market instruments [Member] | High range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 14% | |
Money market instruments [Member] | Level 2 [member] | ||
Disclosure of financial assets [line items] | ||
Percentange of pension assets measured at fair value | 100% | 100% |
Real estate [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 6.60% | 6.60% |
Real estate [Member] | Low range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 5% | |
Real estate [Member] | High range value [member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 10% |
Provisions and other liabilit_3
Provisions and other liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | $ 16,292 | $ 21,603 |
Change in estimates | 1,028 | |
Amounts charged against provisions | $ 2,034 | |
Reasonably possible change in the discount rate | 1.20% | |
Effects of change in the discount rate | $ (5,132) | |
BM-S-8 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Amounts charged against provisions | 1,050 | |
BM-S-8 [Member] | Increase in discount rate [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Effects of change in the discount rate | (1,705) | |
BM-S-8 [Member] | Decrease in discount rate [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Effects of change in the discount rate | 2,190 | |
Asset retirement obligations [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Reduction in obligations | (5,683) | |
Total provision | 11,734 | $ 17,417 |
Change in estimates | (255) | |
Amounts charged against provisions | 204 | |
Effects of change in the discount rate | (4,920) | |
SDFI liability [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Change in estimates | $ 791 |
Provisions and other liabilit_4
Provisions and other liabilities - Asset retirement obligations (ARO) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of other provisions and other liabilities [line items] | |
Non-current portion - beginning period | $ 19,899 |
Current portion, reported as trade, other payables and provisions, beginning | 1,704 |
Provisions and other liabilities at the beginning period | 21,603 |
New or increased provisions and other liabilities | 1,495 |
Change in estimates | 1,028 |
Amounts charged against provisions and other liabilities | (2,034) |
Effects of change in the discount rate | (5,132) |
Reduction due to divestments | (542) |
Accretion expenses | 449 |
Reclassification and transfer | 795 |
Currency translation | (1,370) |
Provisions and other liabilities at ending period | 16,292 |
Non-current portion - ending period | 15,633 |
Current portion, reported as trade, other payables and provisions, ending | 659 |
Asset retirement obligations [member] | |
Disclosure of other provisions and other liabilities [line items] | |
Non-current portion - beginning period | 17,279 |
Current portion, reported as trade, other payables and provisions, beginning | 138 |
Provisions and other liabilities at the beginning period | 17,417 |
New or increased provisions and other liabilities | 998 |
Change in estimates | (255) |
Amounts charged against provisions and other liabilities | (204) |
Effects of change in the discount rate | (4,920) |
Reduction due to divestments | (361) |
Accretion expenses | 387 |
Reclassification and transfer | (46) |
Currency translation | (1,282) |
Provisions and other liabilities at ending period | 11,734 |
Non-current portion - ending period | 11,569 |
Current portion, reported as trade, other payables and provisions, ending | 165 |
Other provisions [Member] | |
Disclosure of other provisions and other liabilities [line items] | |
Non-current portion - beginning period | 2,620 |
Current portion, reported as trade, other payables and provisions, beginning | 1,566 |
Provisions and other liabilities at the beginning period | 4,186 |
New or increased provisions and other liabilities | 497 |
Change in estimates | 1,283 |
Amounts charged against provisions and other liabilities | (1,830) |
Effects of change in the discount rate | (212) |
Reduction due to divestments | (181) |
Accretion expenses | 62 |
Reclassification and transfer | 841 |
Currency translation | (88) |
Provisions and other liabilities at ending period | 4,558 |
Non-current portion - ending period | 4,064 |
Current portion, reported as trade, other payables and provisions, ending | $ 494 |
Provisions and other liabilit_5
Provisions and other liabilities - Expected timing of cash outflows (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | $ 16,292 | $ 21,603 |
2023 - 2027 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,865 | |
2028 - 2032 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 1,437 | |
2033 - 2037 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,216 | |
2038 - 2042 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 3,453 | |
Thereafter [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 2,321 | |
Asset retirement obligations [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 11,734 | $ 17,417 |
Asset retirement obligations [member] | 2023 - 2027 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 1,201 | |
Asset retirement obligations [member] | 2028 - 2032 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 1,239 | |
Asset retirement obligations [member] | 2033 - 2037 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,058 | |
Asset retirement obligations [member] | 2038 - 2042 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 3,429 | |
Asset retirement obligations [member] | Thereafter [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 1,807 | |
Other provisions, including claims and litigations [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,558 | |
Other provisions, including claims and litigations [Member] | 2023 - 2027 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 3,664 | |
Other provisions, including claims and litigations [Member] | 2028 - 2032 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 198 | |
Other provisions, including claims and litigations [Member] | 2033 - 2037 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 158 | |
Other provisions, including claims and litigations [Member] | 2038 - 2042 [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 24 | |
Other provisions, including claims and litigations [Member] | Thereafter [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | $ 514 |
Trade, other payables and pro_3
Trade, other payables and provisions (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Trade payables | $ 6,207 | $ 6,249 |
Non-trade payables and accrued expenses | 2,688 | 2,181 |
Total financial trade and other payables | 12,449 | 12,350 |
Current portion of provisions and other non-financial payables | 903 | 1,960 |
Trade, other payables and provisions | 13,352 | 14,310 |
Joint venture [member] | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 2,074 | 1,876 |
Equity accounted associated companies and other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | $ 1,479 | $ 2,045 |
Leases - Information related to
Leases - Information related to lease payments and lease liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | |||
Lease interest | $ 90 | $ 93 | $ 104 |
Current leases, presented within current Finance debt | 1,258 | 1,113 | |
Noncurrent Leases | 2,409 | 2,449 | |
Short term lease expense | 286 | 160 | |
Lease revenue | 319 | 272 | |
Lease liabilities [member] | |||
Lease liabilities [abstract] | |||
Liabilities arising from financing activities, beginning balance | 3,562 | 4,406 | |
New leases, Including remeasurements and cancelations | 1,644 | 476 | |
Gross lease payments | (1,484) | (1,350) | |
Lease interest | 95 | 91 | |
Lease repayments | (1,389) | (1,259) | |
Foreign currency translation effects | (149) | (61) | |
Liabilities arising from financing activities, ending balance | $ 3,667 | $ 3,562 | $ 4,406 |
Leases - Non-current debt matur
Leases - Non-current debt maturity profile (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | $ 2,409 | $ 2,449 |
Year 2 and 3 [member] | ||
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | 1,360 | 1,164 |
Year 4 and 5 [member] | ||
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | 483 | 586 |
After 5 years [member] | ||
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | $ 566 | $ 699 |
Other commitments, contingent_3
Other commitments, contingent liabilities and contingent assets (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Wells | Dec. 31, 2021 USD ($) | |
Disclosure of other provisions and other liabilities [line items] | ||
Contractual commitments | $ 5,454,000 | |
Trade, other payables and provisions | 13,352,000 | $ 14,310,000 |
Current tax payable | 17,655,000 | 13,119,000 |
Wells committed to drill [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Contractual commitments | $ 566,000 | |
Number of wells, committed to drill | Wells | 40 | |
Average ownership interest in wells committed to drill | 42% | |
Various long term agreements [Member] | Maximum [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Contract Term | 2060 | |
Leases Agreements [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Provisions, net of tax | $ 3,033,000 | |
Agbami redetermination [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Reduction in exposure | (822,000) | |
Guarantees [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | 1,725,000 | |
Claim from Petrofac [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | $ 163,000 | |
Percentage Share of Contingent Liability | 31.85% | |
Claim from Petrofac [member] | Petrofac International (UAE) LLC [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | $ 533,000 | |
Dispute with Brazilian tax authorities [member] | Maximum [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | $ 146,000 | |
KKD oil sands partnership [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Proportion of ownership interest divested | 40% | |
KKD oil sands partnership [Member] | Maximum [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | $ 372,000 | |
Norwegian tax authorities [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Effect of dispute resolution recongised in income | $ 182,000 | |
Current tax payable | 95,000 | |
Internal pricing of certain products of natural gas liquids [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | $ 71,000 | |
New Brazilian law [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Percent of savings from ICMS tax incentives | 10% | |
New Brazilian law [Member] | Maximum [member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Estimated exposure | $ 132,000 |
Other commitments, contingent_4
Other commitments, contingent liabilities and contingent assets - long-term commitments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | $ 14,900 |
2023 [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 2,603 |
2023 [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 2,103 |
2024 [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,892 |
2026 [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,260 |
2027 [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,309 |
Thereafter [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | $ 5,733 |
Related parties - narrative (De
Related parties - narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equinor ASA [member] | |||
Disclosure of transactions between related parties [line items] | |||
Ownership interests held by shareholder | 67% | ||
Equinor ASA [member] | Gassco AS [member] | |||
Disclosure of transactions between related parties [line items] | |||
Settlement of liabilities by entity on behalf of related party, related party transactions | $ 1,210 | $ 1,030 | $ 896 |
Norwegian State [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 1,461 | 435 | |
Non-current payables to related parties | 1,461 | ||
Norwegian State [member] | Oil and gas assets [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases of of goods with related party | $ 12,617 | $ 9,572 | $ 5,108 |
Folketrygdfondet [member] | |||
Disclosure of transactions between related parties [line items] | |||
Ownership interests held by shareholder | 3.40% |
Financial instruments - Classes
Financial instruments - Classes of financial assets instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset [abstract] | |||
Noncurrent Derivative Financial Assets | $ 691 | $ 1,265 | |
Non-current financial investments | 2,733 | 3,346 | |
Prepayments and financial receivables | 2,063 | 1,087 | |
Trade and other receivables | [1] | 22,452 | 17,927 |
Current Derivative Financial Assets | 4,039 | 5,131 | |
Current financial investments | 29,876 | 21,246 | |
Cash and cash equivalents | [2] | 15,579 | 14,126 |
Total | 77,433 | 64,128 | |
Non-financial assets [member] | |||
Asset [abstract] | |||
Prepayments and financial receivables | 404 | 380 | |
Trade and other receivables | 841 | 736 | |
Total | 1,245 | 1,116 | |
Amortised cost [member] | |||
Asset [abstract] | |||
Non-current financial investments | 117 | 253 | |
Prepayments and financial receivables | 1,658 | 707 | |
Trade and other receivables | 21,611 | 17,192 | |
Current financial investments | 29,577 | 20,946 | |
Cash and cash equivalents | 12,473 | 11,412 | |
Total | 65,436 | 50,510 | |
Financial assets at fair value through profit or loss, category [member] | |||
Asset [abstract] | |||
Noncurrent Derivative Financial Assets | 691 | 1,265 | |
Non-current financial investments | 2,616 | 3,093 | |
Current Derivative Financial Assets | 4,039 | 5,131 | |
Current financial investments | 300 | 300 | |
Cash and cash equivalents | 3,106 | 2,714 | |
Total | $ 10,752 | $ 12,503 | |
[1]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;' >Of which Trade receivables of USD </span><span style='font-family:Arial;font-size:8pt;' >17,334</span><span style='font-family:Arial;font-size:8pt;' > million in 2022 and USD </span><span style='font-family:Arial;font-size:8pt;' >15,237 </span><span style='font-family:Arial;font-size:8pt;' >million in 2021.</span></p></div>[2]<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:11pt;' ><span style='font-family:Arial;font-size:8pt;' >Includes collateral deposits of USD </span><span style='font-family:Arial;font-size:8pt;' >6,128 </span><span style='font-family:Arial;font-size:8pt;' >million for 2022 related to certain requirements set out by exchanges where Equinor is participating. The </span><span style='font-family:Arial;font-size:8pt;' >corresponding figure for 2021 is USD </span><span style='font-family:Arial;font-size:8pt;' >2,069 </span><span style='font-family:Arial;font-size:8pt;' >million.</span></p></div> |
Financial instruments - Class_2
Financial instruments - Classes of financial liabilities instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities [abstract] | ||
Non-current finance debt | $ 24,141 | $ 27,404 |
Non-current derivative financial instruments | 2,376 | 767 |
Trade and other payables | 13,352 | 14,310 |
Current finance debt | 4,359 | 5,273 |
Dividend payable | 2,808 | 582 |
Current Derivative Financial Liabilities | 4,106 | 4,609 |
Total | 51,142 | 52,945 |
Non-financial liabilities [member] | ||
Liabilities [abstract] | ||
Trade and other payables | 903 | 1,960 |
Total | 903 | 1,960 |
Amortised cost [member] | ||
Liabilities [abstract] | ||
Non-current finance debt | 24,141 | 27,404 |
Trade and other payables | 12,449 | 12,350 |
Current finance debt | 4,359 | 5,273 |
Dividend payable | 2,808 | 582 |
Total | 43,757 | 45,609 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Liabilities [abstract] | ||
Non-current derivative financial instruments | 2,376 | 767 |
Current Derivative Financial Liabilities | 4,106 | 4,609 |
Total | $ 6,482 | $ 5,376 |
Financial instruments - Fair va
Financial instruments - Fair value heirarchy (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement [line items] | ||
Non-current derivative financial instruments - assets | $ 691 | $ 1,265 |
Current financial investments | 29,876 | 21,246 |
Current derivative financial instruments - assets | 4,039 | 5,131 |
Non-current derivative financial instruments - liabilities | (2,376) | (767) |
Current derivative financial instruments liabilities | (4,106) | (4,609) |
Fair value [member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 2,616 | 3,093 |
Non-current derivative financial instruments - assets | 691 | 1,265 |
Current financial investments | 300 | 300 |
Current derivative financial instruments - assets | 4,039 | 5,131 |
Cash equivalents | 3,106 | 2,714 |
Non-current derivative financial instruments - liabilities | (2,376) | (767) |
Current derivative financial instruments liabilities | (4,106) | (4,609) |
Net fair value | 4,270 | 7,127 |
Level 1 [member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 903 | 860 |
Non-current derivative financial instruments - assets | 0 | 0 |
Current financial investments | 0 | 0 |
Current derivative financial instruments - assets | 25 | 949 |
Non-current derivative financial instruments - liabilities | 0 | 0 |
Current derivative financial instruments liabilities | (60) | (69) |
Net fair value | 868 | 1,740 |
Level 2 [member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 1,222 | 1,840 |
Non-current derivative financial instruments - assets | 97 | 884 |
Current financial investments | 300 | 300 |
Current derivative financial instruments - assets | 3,722 | 4,108 |
Cash equivalents | 3,106 | 2,714 |
Non-current derivative financial instruments - liabilities | (2,352) | (762) |
Current derivative financial instruments liabilities | (3,952) | (4,539) |
Net fair value | 2,143 | 4,545 |
Level 3 [member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 491 | 393 |
Non-current derivative financial instruments - assets | 594 | 380 |
Current derivative financial instruments - assets | 292 | 74 |
Non-current derivative financial instruments - liabilities | (24) | (4) |
Current derivative financial instruments liabilities | (94) | |
Net fair value | $ 1,259 | $ 843 |
Financial instruments - Reconci
Financial instruments - Reconciliation of changes in fair value (Details) - Level 3 [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement [line items] | ||
Opening balance | $ 843 | $ 657 |
Total gains and losses recognised in statement of income, assets | 370 | 108 |
Purchases, assets | 65 | 119 |
Settlement, assets | (71) | (27) |
Transfer to level 1 | 85 | 0 |
Foreign currency translation differences | (57) | (13) |
Closing balance | 1,259 | 843 |
Non-current derivative financial instruments liabilities [Member] | ||
Disclosure of fair value measurement [line items] | ||
Opening balance | (4) | (5) |
Total gains and losses recognised in statement of income, liabilities | (20) | 1 |
Closing balance | (24) | (4) |
Current derivative financial Instruments, liabilities [Member] | ||
Disclosure of fair value measurement [line items] | ||
Opening balance | 0 | 0 |
Total gains and losses recognised in statement of income, liabilities | 0 | 0 |
Puchases, liabilities | (120) | |
Sales, liabilities | 22 | |
Transfer into level 3 | 5 | |
Foreign currency translation differences | (1) | |
Closing balance | (94) | 0 |
Non-current financial investments [Member] | ||
Disclosure of fair value measurement [line items] | ||
Opening balance | 393 | 308 |
Total gains and losses recognised in statement of income, assets | (50) | (23) |
Purchases, assets | 175 | 119 |
Settlement, assets | (7) | (7) |
Transfer to level 1 | 0 | 0 |
Foreign currency translation differences | (19) | (3) |
Closing balance | 492 | 393 |
Non-current derivative financial instruments - assets [Member] | ||
Disclosure of fair value measurement [line items] | ||
Opening balance | 380 | 330 |
Total gains and losses recognised in statement of income, assets | 243 | 58 |
Foreign currency translation differences | (30) | (8) |
Closing balance | 593 | 380 |
Current derivative financial instruments, assets [Member] | ||
Disclosure of fair value measurement [line items] | ||
Opening balance | 74 | 24 |
Total gains and losses recognised in statement of income, assets | 197 | 72 |
Purchases, assets | 10 | |
Sales, assets | 2 | |
Settlement, assets | (64) | (20) |
Transfer into level 3, assets | 80 | |
Foreign currency translation differences | (7) | (2) |
Closing balance | $ 292 | $ 74 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Currency risk sensitivity [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Percentage of reasonably possible change, market risk | 12% | 10% |
Interest rate sensitivity [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Percentage of reasonably possible change, market risk | 1.20% | 0.80% |
Commodity price sensitivity [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Percentage of reasonably possible change, market risk | 30% | 30% |
Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total gains and losses recognised in statement of income, assets | $ 370 | $ 108 |
The amount of increase (decrease) in the fair value of asset | 416 | 370 |
Extrapolation approach [member] | Level 3 [member] | Certain earn-out agreements [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
The amount of increase (decrease) in the fair value of asset | $ 500 | $ 400 |
Subsequent event (Details)
Subsequent event (Details) - Acquisition of interests [member] - Suncor Energy UK [Member] $ in Millions | Mar. 03, 2023 USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | |
Percentage of voting equity interests acquired | 100% |
Total purchase price | $ 850 |
Contingent payments | $ 250 |
Non-operated interest | 29.89% |
Operated interest | 40% |